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)

Scott C. Goebel, 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, 2009

Item 1. Reports to Stockholders

Fidelity's
Broadly Diversified International Equity
Funds

Fidelity® Diversified International Fund

Fidelity International Capital Appreciation Fund
(formerly Fidelity Aggressive International Fund)

Fidelity Overseas Fund

Fidelity Worldwide Fund

Semiannual Report

April 30, 2009

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Diversified International Fund	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to Financial Statements
	<Click Here>	Report of Independent Registered Public Accounting Firm
International Capital Appreciation Fund	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to Financial Statements
Overseas Fund	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to Financial Statements
Worldwide Fund	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	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 http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC 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 holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by 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

Diversified International

Shareholder Expense Example

As a shareholder of the 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 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, 2008 to April 30, 2009).

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.

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.

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Diversified International	1.02%
Actual		$ 1,000.00	$ 971.00	$ 4.98
Hypothetical ^A		$ 1,000.00	$ 1,019.74	$ 5.11
Class K	.77%
Actual		$ 1,000.00	$ 972.50	$ 3.77
Hypothetical ^A		$ 1,000.00	$ 1,020.98	$ 3.86

^A 5% return per year before expenses

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

Semiannual Report

Diversified International

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	United Kingdom	17.3%
	Japan	15.4%
	Switzerland	11.3%
	United States of America	8.6%
	Germany	7.9%
	France	7.7%
	Canada	6.4%
	Spain	4.0%
	Italy	2.9%
	Other	18.5%

fid320

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

As of October 31, 2008
	United Kingdom	15.6%
	Switzerland	12.7%
	United States of America	12.2%
	Japan	10.6%
	Germany	9.7%
	France	7.1%
	Canada	6.9%
	Spain	3.9%
	Australia	3.1%
	Other	18.2%

fid332

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	97.2	94.1
Short-Term Investments and Net Other Assets	2.8	5.9
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Nestle SA (Reg.) (Switzerland, Food Products)	2.4	2.9
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	1.9	1.7
Telefonica SA (Spain, Diversified Telecommunication Services)	1.9	2.0
E.ON AG (Germany, Electric Utilities)	1.6	2.2
Toyota Motor Corp. sponsored ADR (Japan, Automobiles)	1.6	1.5
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	1.5	1.8
Reckitt Benckiser Group PLC (United Kingdom, Household Products)	1.4	1.7
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)	1.3	1.3
Mitsubishi UFJ Financial Group, Inc. (Japan, Commercial Banks)	1.2	0.6
Anheuser-Busch InBev NV (Belgium, Beverages)	1.2	0.8
	16.0
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	16.6	17.3
Consumer Staples	11.2	13.8
Health Care	10.7	13.3
Industrials	10.8	11.1
Consumer Discretionary	10.5	6.9
Information Technology	9.8	7.4
Energy	9.5	7.7
Materials	7.4	5.5
Telecommunication Services	6.7	5.8
Utilities	4.0	5.2

Semiannual Report

Diversified International

Investments April 30, 2009

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
Australia - 2.8%
AMP Ltd.	9,120,417		$ 34,417,253
BHP Billiton Ltd. sponsored ADR (d)	5,901,000		284,074,140
Brambles Ltd.	4,000,000		17,217,728
Computershare Ltd.	2,000,000		13,291,388
CSL Ltd.	10,100,000		252,770,498
Newcrest Mining Ltd.	2,500,000		54,423,435
QBE Insurance Group Ltd.	7,578,885		120,076,133
TOTAL AUSTRALIA			776,270,575
Belgium - 1.2%
Anheuser-Busch InBev NV (d)	10,332,600		316,219,878
Anheuser-Busch InBev NV (strip VVPR) (a)	5,339,200		13,955
TOTAL BELGIUM			316,233,833
Bermuda - 0.6%
Clear Media Ltd. (a)	22,325,000		6,733,395
Covidien Ltd.	1,950,000		64,311,000
Huabao International Holdings Ltd.	21,290,000		15,048,901
Seadrill Ltd.	8,625,000		92,038,617
TOTAL BERMUDA			178,131,913
Brazil - 0.9%
BR Malls Participacoes SA (a)	3,161,900		23,682,262
Itau Unibanco Banco Multiplo SA ADR	4,900,000		67,277,000
Petroleo Brasileiro SA - Petrobras sponsored ADR	1,300,000		43,641,000
Redecard SA	2,710,600		34,146,656
Vivo Participacoes SA sponsored ADR	5,000,000		79,800,000
TOTAL BRAZIL			248,546,918
Canada - 6.4%
Agnico-Eagle Mines Ltd. (Canada)	896,500		39,631,573
Barrick Gold Corp.	1,286,600		37,252,906
Canadian Imperial Bank of Commerce	550,000		24,691,808
Canadian Natural Resources Ltd.	5,700,000		262,775,613
Canadian Pacific Railway Ltd.	2,900,000		103,775,403
EnCana Corp.	4,500,000		206,247,643
Flint Energy Services Ltd. (a)	1,000,000		5,631,678
Niko Resources Ltd. (e)	3,885,100		196,623,666
Open Text Corp. (a)	750,000		24,701,446
OZ Optics Ltd. unit (a)(f)	102,000		481,440
Petro-Canada	500,000		15,780,432
Petrobank Energy & Resources Ltd. (a)(e)	5,475,000		117,690,132
Research In Motion Ltd. (a)	2,900,000		201,550,012
Rogers Communications, Inc. Class B (non-vtg.)	2,250,000		55,285,984
Royal Bank of Canada	700,000		24,814,582
Shoppers Drug Mart Corp.	600,000		21,697,046
Silver Wheaton Corp. (a)	4,408,000		33,801,131
Sun Life Financial, Inc.	1,200,000		28,057,825
Suncor Energy, Inc.	8,400,000		211,399,120
Toronto-Dominion Bank	600,000		23,683,218
Trican Well Service Ltd. (e)	7,425,000		57,184,790

	Shares		Value
Ultra Petroleum Corp. (a)	1,000,000		$ 42,800,000
Westernzagros Resources Ltd. (a)	7,000,000		4,634,402
Yamana Gold, Inc.	2,945,900		23,108,003
TOTAL CANADA			1,763,299,853
Cayman Islands - 0.0%
China Medical Technologies, Inc. sponsored ADR	300,000		5,862,000
China - 0.2%
China Coal Energy Co. Ltd. (H Shares)	20,000,000		17,069,033
China Shenhua Energy Co. Ltd. (H Shares)	10,000,000		27,648,178
Focus Media Holding Ltd. ADR (a)(d)	2,300,000		14,490,000
Global Bio-Chem Technology Group Co. Ltd.	36,981,600		5,020,510
TOTAL CHINA			64,227,721
Denmark - 1.2%
Carlsberg AS Series B (d)	1,589,433		76,415,424
Genmab AS (a)	750,000		28,904,151
Novo Nordisk AS Series B	3,346,800		159,235,136
Vestas Wind Systems AS (a)(f)	845,000		55,756,012
TOTAL DENMARK			320,310,723
Finland - 0.4%
Nokia Corp. sponsored ADR	6,900,000		97,566,000
Nokian Tyres PLC	800,000		12,630,287
TOTAL FINLAND			110,196,287
France - 7.7%
Accor SA	1,150,000		48,645,472
Alstom SA	1,562,270		97,362,172
AXA SA sponsored ADR (d)	9,000,000		154,620,000
BNP Paribas SA	2,264,876		119,200,184
Bouygues SA (d)	2,600,000		110,886,235
Cap Gemini SA (d)	6,300,000		235,433,091
Carrefour SA (d)	1,000,000		40,536,253
CNP Assurances (d)	400,000		31,529,883
Credit Agricole SA	82,000		1,198,649
Danone	599,550		28,511,029
Dassault Aviation SA (d)	36,265		14,682,014
Electricite de France	850,000		39,362,229
Essilor International SA	2,100,000		90,452,954
Financiere Marc de Lacharriere SA (Fimalac)	1,350,000		63,991,716
GDF Suez (d)	3,239,000		115,560,206
L'Air Liquide SA	14,500		1,179,532
LVMH Moet Hennessy - Louis Vuitton	900,000		67,930,917
Neopost SA	600,000		50,795,910
Nexans SA	500,406		23,177,302
Pernod Ricard SA	2,350,000		138,770,858
Pernod Ricard SA rights 4/29/09 (a)	2,350,000		10,030,278
PPR SA (d)	2,300,000		176,163,251
Renault SA	1,028,200		32,960,221
Common Stocks - continued
	Shares		Value
France - continued
Sanofi-Aventis (d)	1,150,000		$ 66,055,290
Schneider Electric SA (d)	500,000		38,039,149
Societe Generale Series A	1,534,100		78,384,842
Total SA Series B	3,545,300		177,344,818
Vallourec SA	14,900		1,628,163
Vivendi (d)	2,500,000		67,204,844
TOTAL FRANCE			2,121,637,462
Germany - 7.7%
adidas AG (d)	2,150,000		80,416,062
Allianz AG sponsored ADR (d)	16,000,000		144,960,000
BASF AG (d)	1,922,500		71,781,297
Bayer AG (d)	2,520,860		123,904,413
Bayerische Motoren Werke AG (BMW)	1,522,600		52,233,586
Daimler AG (Reg.)	1,018,000		36,344,009
Deutsche Bank AG	30,100		1,578,171
Deutsche Boerse AG	760,400		55,649,959
E.ON AG (d)	13,266,740		444,546,250
Fresenius Medical Care AG & Co. KGaA (d)	2,182,700		84,862,482
Fresenius SE (d)	3,000,000		122,950,988
GEA Group AG	4,500,000		58,574,227
GFK AG	1,600,000		37,136,217
K&S AG	10,350		616,117
Linde AG	2,715,100		214,069,043
Munich Re Group (Reg.) (d)	1,500,000		205,107,810
RWE AG (d)	1,190,000		84,897,474
SAP AG	500,000		19,044,758
Siemens AG:
(Reg.)	27,000		1,807,189
sponsored ADR (d)	3,700,300		247,661,079
Volkswagen AG	100,000		31,264,418
TOTAL GERMANY			2,119,405,549
Hong Kong - 0.9%
China Mobile (Hong Kong) Ltd. sponsored ADR	1,350,000		58,266,000
China Unicom (Hong Kong) Ltd. sponsored ADR	1,750,000		20,247,500
Esprit Holdings Ltd.	7,000,000		42,890,732
Hong Kong Exchange & Clearing Ltd.	2,000,000		23,036,762
Hutchison Whampoa Ltd.	10,000,000		58,899,658
Li & Fung Ltd.	5,000,000		14,047,066
Sun Hung Kai Properties Ltd.	3,000,000		31,013,267
TOTAL HONG KONG			248,400,985
India - 2.0%
Bharti Airtel Ltd. (a)	5,100,000		77,728,879
HDFC Bank Ltd.	400,000		8,923,456
Infosys Technologies Ltd.	5,800,000		177,463,830
Reliance Industries Ltd.	4,500,000		164,933,016
Satyam Computer Services Ltd.	18,000,000		17,050,769

	Shares		Value
State Bank of India	4,000,000		$ 103,877,211
Union Bank of India	1,500,000		4,989,948
TOTAL INDIA			554,967,109
Indonesia - 0.2%
PT Indosat Tbk sponsored ADR	1,198,644		31,224,676
PT Perusahaan Gas Negara Tbk Series B	130,000,000		31,811,884
TOTAL INDONESIA			63,036,560
Ireland - 1.2%
CRH PLC	5,808,713		150,969,472
Ryanair Holdings PLC sponsored ADR (a)(d)	6,225,000		170,253,750
TOTAL IRELAND			321,223,222
Israel - 0.3%
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,600,000		70,224,000
Italy - 2.7%
A2A SpA	10,000,000		16,432,531
ENI SpA	47,800		1,025,475
ENI SpA sponsored ADR	5,200,000		221,988,000
Fiat SpA	26,357,100		257,608,849
Finmeccanica SpA	110,500		1,556,220
Impregilo SpA	8,000,000		22,642,277
Intesa Sanpaolo SpA	34,486,700		109,840,695
Prysmian SpA	2,000,000		24,312,191
UniCredit SpA	31,000,000		75,464,175
TOTAL ITALY			730,870,413
Japan - 15.4%
Canon, Inc. sponsored ADR (d)	7,150,000		216,001,500
Daiichi Sankyo Kabushiki Kaisha	3,093,600		51,741,012
Daiwa Securities Group, Inc.	6,000,000		31,441,064
Denso Corp.	5,875,900		138,934,842
East Japan Railway Co.	1,350,000		76,090,893
FamilyMart Co. Ltd.	2,000,000		55,048,866
Fanuc Ltd.	1,700,000		122,706,887
Fast Retailing Co. Ltd.	400,000		42,050,296
Honda Motor Co. Ltd.	5,000,000		146,571,804
Hoya Corp.	1,999,500		34,696,540
Ibiden Co. Ltd.	1,000,000		29,249,992
Japan Tobacco, Inc.	35,575		89,401,033
JSR Corp.	4,000,000		48,749,955
Kao Corp.	1,300,000		24,320,357
Keyence Corp.	880,000		155,444,310
Konica Minolta Holdings, Inc.	6,500,000		53,707,181
Kubota Corp.	8,000,000		48,095,662
Kyocera Corp.	813,700		63,211,562
Mitsubishi Corp.	8,500,000		130,843,512
Mitsubishi Estate Co. Ltd.	3,500,000		45,760,624
Mitsubishi UFJ Financial Group, Inc.	62,250,000		339,651,631
Mitsui & Co. Ltd.	12,250,000		129,963,332
Common Stocks - continued
	Shares		Value
Japan - continued
Mitsui Fudosan Co. Ltd.	2,500,000		$ 31,464,129
Murata Manufacturing Co. Ltd.	2,480,800		100,568,902
NGK Insulators Ltd.	5,500,000		84,370,813
Nikon Corp.	4,300,000		57,003,417
Nintendo Co. Ltd.	280,000		75,375,999
Nippon Telegraph & Telephone Corp.	1,600,000		60,304,089
Nitto Denko Corp.	2,570,100		59,875,034
Nomura Holdings, Inc.	18,000,000		108,649,481
NTT DoCoMo, Inc.	30,000		41,872,298
Omron Corp.	2,382,000		35,610,705
Promise Co. Ltd.	1,500,000		19,825,655
Rakuten, Inc.	85,000		43,254,274
Ricoh Co. Ltd.	4,000,000		49,468,043
ROHM Co. Ltd.	1,451,100		89,016,439
Sankyo Co. Ltd. (Gunma)	1,100,000		55,814,849
Seven & i Holdings Co., Ltd.	4,500,000		101,710,638
Sharp Corp.	5,894,000		62,077,990
Shin-Etsu Chemical Co., Ltd.	500,000		24,307,557
Sony Corp. sponsored ADR	2,000,000		51,720,000
Sony Financial Holdings, Inc.	38,379		120,779,610
Sumitomo Corp.	5,000,000		43,533,691
Sumitomo Metal Industries Ltd.	12,500,000		29,289,084
Sumitomo Mitsui Financial Group, Inc.	4,500,000		156,104,860
TDK Corp.	1,476,700		67,361,813
THK Co. Ltd.	5,000,000		69,360,942
Tokai Carbon Co. Ltd.	6,000,000		26,913,974
Tokyo Electron Ltd.	900,000		41,167,065
Toyota Motor Corp. sponsored ADR (d)	5,400,000		427,464,000
Yahoo! Japan Corp. (d)	100,000		24,969,756
TOTAL JAPAN			4,232,917,962
Korea (South) - 1.3%
Amorepacific Corp.	139,531		74,678,600
LG Household & Health Care Ltd.	200,000		27,621,297
NHN Corp. (a)	1,000,000		121,674,552
Samsung Electronics Co. Ltd.	280,000		129,702,724
TOTAL KOREA (SOUTH)			353,677,173
Luxembourg - 0.5%
ArcelorMittal SA (NY Shares) Class A	1,750,000		41,265,000
SES SA FDR (France) unit	5,630,000		101,604,441
TOTAL LUXEMBOURG			142,869,441
Malaysia - 0.1%
DiGi.com Bhd	6,500,000		40,716,292
Mexico - 0.6%
America Movil SAB de CV Series L sponsored ADR	2,925,000		96,086,250
Grupo Televisa SA de CV (CPO) sponsored ADR	3,700,000		57,276,000
TOTAL MEXICO			153,362,250

	Shares		Value
Netherlands - 0.8%
Akzo Nobel NV	755,800		$ 31,599,316
Gemalto NV (a)	1,700,000		53,514,277
Koninklijke KPN NV	8,702,900		104,601,299
Unilever NV (Certificaten Van Aandelen)	2,000,000		39,564,359
TOTAL NETHERLANDS			229,279,251
Netherlands Antilles - 0.5%
Schlumberger Ltd. (NY Shares)	2,890,200		141,590,898
Norway - 0.6%
DnB Nor ASA	6,475,200		40,297,133
Pronova BioPharma ASA (a)	13,141,107		32,959,719
Telenor ASA	13,000,000		80,835,986
TOTAL NORWAY			154,092,838
Papua New Guinea - 0.5%
Lihir Gold Ltd. (a)	66,000,000		143,965,800
Russia - 0.0%
Lukoil Oil Co. sponsored ADR	17,000		750,040
South Africa - 0.7%
Impala Platinum Holdings Ltd.	7,000,000		133,788,744
MTN Group Ltd.	4,500,000		58,441,606
TOTAL SOUTH AFRICA			192,230,350
Spain - 4.0%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)	2,641,935		28,585,737
Banco Santander SA	150,000		1,425,149
Banco Santander SA sponsored ADR (d)	9,700,000		88,755,000
Enagas SA	5,000,649		86,917,637
Grupo Acciona SA	290,000		29,641,546
Grupo Ferrovial SA	2,300,000		66,677,924
Iberdrola SA	7,000,000		55,109,106
Inditex SA	3,400,000		144,930,011
Red Electrica Corporacion SA	1,700,000		71,130,510
Repsol YPF SA	13,200		250,835
Telefonica SA	27,546,700		521,765,288
TOTAL SPAIN			1,095,188,743
Sweden - 0.4%
Assa Abloy AB (B Shares)	2,499,600		29,423,234
Svenska Cellulosa AB (SCA) (B Shares) (d)	2,867,000		27,638,452
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d)	4,700,000		40,091,000
TOTAL SWEDEN			97,152,686
Switzerland - 11.3%
ABB Ltd. (Reg.)	4,155,221		58,807,271
Actelion Ltd. (Reg.) (a)	4,327,040		197,086,710
Alcon, Inc.	1,400,000		128,814,000
ARYZTA AG (a)	2,000,000		57,911,490
Common Stocks - continued
	Shares		Value
Switzerland - continued
Compagnie Financiere Richemont Series A	50,000		$ 894,845
Credit Suisse Group (Reg.)	1,500,000		57,421,548
Geberit AG (Reg.)	8,500		905,651
Julius Baer Holding Ltd.	923,741		30,295,073
Kuehne & Nagel International AG	1,200,000		90,165,474
Lonza Group AG	613,900		56,303,252
Nestle SA (Reg.)	20,121,121		655,710,425
Nobel Biocare Holding AG (Switzerland)	1,600,000		32,609,363
Novartis AG:
(Reg.)	22,805		862,904
sponsored ADR	4,350,000		164,908,500
Roche Holding AG (participation certificate)	3,312,277		417,582,054
Schindler Holding AG (Reg.)	1,300,000		67,198,980
SGS Societe Generale de Surveillance Holding SA (Reg.)	132,800		148,885,125
Sonova Holding AG	2,300,000		148,786,318
Sulzer AG (Reg.)	885,300		48,103,813
Swiss Reinsurance Co. (Reg.)	28,500		676,330
Syngenta AG:
sponsored ADR	3,000,000		127,950,000
(Switzerland)	7,420		1,583,683
Tecan Group AG (e)	1,100,000		34,930,201
Transocean Ltd. (a)	1,400,000		94,472,000
UBS AG (NY Shares)	15,000,000		204,600,000
Zurich Financial Services AG (Reg.)	1,502,143		279,070,670
TOTAL SWITZERLAND			3,106,535,680
Taiwan - 0.6%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	30,000,000		86,581,007
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	8,000,000		84,560,000
TOTAL TAIWAN			171,141,007
United Kingdom - 17.3%
Aberdeen Asset Management PLC	11,000,000		21,323,818
AstraZeneca PLC (United Kingdom)	4,800,000		168,011,052
BAE Systems PLC	5,652,600		29,722,968
Barclays PLC	12,900,000		52,355,606
Bellway PLC	2,450,000		25,801,854
BG Group PLC	7,657,000		122,220,174
BHP Billiton PLC	4,093,000		84,918,373
Bovis Homes Group PLC (e)	7,250,000		49,080,936
BP PLC sponsored ADR	4,003,300		169,980,118
British American Tobacco PLC:
(United Kingdom)	1,344,200		32,405,702
sponsored ADR	4,830,000		234,834,600
British Land Co. PLC	6,468,000		40,797,441
Cadbury PLC	9,000,000		67,270,819
Capita Group PLC	23,500,451		236,858,081
Centrica PLC	3,437,500		11,488,506

	Shares		Value
easyJet PLC (a)(e)	29,000,000		$ 134,765,321
Experian PLC	16,500,000		108,606,090
HSBC Holdings PLC:
(United Kingdom) (Reg.)	345,271		2,454,461
sponsored ADR (d)	10,050,000		357,780,000
Imperial Tobacco Group PLC	5,696,600		129,926,274
Inchcape PLC (d)	121,790,000		28,241,383
Informa PLC (e)	27,000,000		117,965,087
International Power PLC	22,504,800		82,212,545
Johnson Matthey PLC	1,000,000		17,652,031
Kingfisher PLC	15,000,000		40,817,990
Man Group PLC	40,300,000		148,903,514
Marks & Spencer Group PLC	5,000,000		24,761,985
Misys PLC	15,000,355		30,604,504
National Grid PLC	8,000,000		66,442,685
NEXT PLC	1,500,000		35,864,068
Pearson PLC	7,000,000		72,203,452
Persimmon PLC (d)	4,200,000		23,417,602
Prudential PLC	15,300,000		87,906,512
Reckitt Benckiser Group PLC	9,540,500		374,373,583
Redrow PLC	4,650,000		13,690,327
Rio Tinto PLC:
(Reg.)	59,500		2,416,660
sponsored ADR (d)	1,000,000		162,950,000
Royal Dutch Shell PLC:
Class A (United Kingdom)	161,000		3,705,258
Class A sponsored ADR	1,900,000		86,792,000
Class B ADR	2,150,000		97,825,000
SSL International PLC	1,500,000		10,512,450
Standard Chartered PLC (United Kingdom)	10,129,600		156,639,105
Tesco PLC	59,000,000		292,224,983
Vodafone Group PLC	725,000		1,332,029
Vodafone Group PLC sponsored ADR	29,000,000		532,150,000
Wolseley PLC	2,027,000		36,340,216
WPP PLC	10,000,000		68,393,760
Xstrata PLC	7,500,000		66,096,406
TOTAL UNITED KINGDOM			4,763,037,329
United States of America - 5.8%
Allergan, Inc.	3,350,000		156,311,000
American Capital Ltd.	1,937,926		5,988,191
AMETEK, Inc.	900,000		28,989,000
Bank of New York Mellon Corp.	1,977,700		50,391,796
Baxter International, Inc.	550,000		26,675,000
C.R. Bard, Inc.	900,000		64,467,000
Coach, Inc.	2,512,500		61,556,250
Cummins, Inc.	1,100,000		37,400,000
Danaher Corp.	450,000		26,298,000
Express Scripts, Inc. (a)	650,000		41,580,500
Goldman Sachs Group, Inc.	1,178,000		151,373,000
Common Stocks - continued
	Shares		Value
United States of America - continued
Google, Inc. Class A (sub. vtg.) (a)	306,800		$ 121,483,596
Henry Schein, Inc. (a)	900,000		36,936,000
JPMorgan Chase & Co.	4,434,900		146,351,700
Medco Health Solutions, Inc. (a)	800,000		34,840,000
Morgan Stanley	3,290,400		77,785,056
Newmont Mining Corp.	1,000,000		40,240,000
Philip Morris International, Inc.	4,000,000		144,800,000
PNC Financial Services Group, Inc.	992,600		39,406,220
Synthes, Inc.	1,129,968		114,295,871
Titanium Metals Corp. (d)	2,000,000		13,580,000
Visa, Inc.	1,800,000		116,928,000
Wells Fargo & Co.	2,531,180		50,648,912
TOTAL UNITED STATES OF AMERICA			1,588,325,092
TOTAL COMMON STOCKS (Cost $30,335,931,663)		26,619,677,955
Preferred Stocks - 0.4%

Convertible Preferred Stocks - 0.0%
Canada - 0.0%
MetroPhotonics, Inc. Series 2 (a)(f)	198,000		2
Nonconvertible Preferred Stocks - 0.4%
Germany - 0.2%
Bayerische Motoren Werke AG (BMW) (non-vtg.)	792,000		16,477,942
Porsche Automobil Holding SE	499,520		35,636,963
TOTAL GERMANY			52,114,905
Italy - 0.2%
Fiat SpA	2,209,000		12,666,777
Intesa Sanpaolo SpA	22,000,000		48,845,177
TOTAL ITALY			61,511,954
TOTAL NONCONVERTIBLE PREFERRED STOCKS			113,626,859
TOTAL PREFERRED STOCKS (Cost $201,983,143)		113,626,861

Government Obligations - 0.1%
	Principal Amount
United States of America - 0.1%
U.S. Treasury Bills, yield at date of purchase 0.18% to 0.29% 5/14/09 to 5/28/09 (Cost $14,498,294)	$ 14,500,000	14,499,761

Money Market Funds - 9.9%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	653,110,639		$ 653,110,639
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	2,061,557,162		2,061,557,162
TOTAL MONEY MARKET FUNDS (Cost $2,714,667,801)		2,714,667,801
TOTAL INVESTMENT PORTFOLIO - 107.2% (Cost $33,267,080,901)		29,462,472,378
NET OTHER ASSETS - (7.2)%		(1,974,292,130)
NET ASSETS - 100%		$ 27,488,180,248

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.

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

(e) Affiliated company

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $56,237,454 or 0.2% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
MetroPhotonics, Inc. Series 2	9/29/00	$ 1,980,000
OZ Optics Ltd. unit	8/18/00	$ 1,505,520
Vestas Wind Systems AS	4/29/09	$ 48,547,670

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	$ 7,200,999
Fidelity Securities Lending Cash Central Fund	9,172,911
Total	$ 16,373,910

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	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Bovis Homes Group PLC	$ 36,892,190	$ 2,746,800	$ -	$ -	$ 49,080,936
easyJet PLC	149,638,996	4,142,767	8,126,292	-	134,765,321
European Capital Ltd.	13,349,451	-	-	-	-
Flint Energy Services Ltd.	20,173,329	-	11,966,493	-	-
Informa PLC	91,463,882	-	-	-	117,965,087
Niko Resources Ltd.	194,858,186	-	28,014,495	187,160	196,623,666
Petrobank Energy & Resources Ltd.	89,650,025	13,088,112	-	-	117,690,132
Tecan Group AG	49,374,624	-	-	730,944	34,930,201
Trican Well Service Ltd.	69,582,435	-	-	258,213	57,184,790
Total	$ 714,983,118	$ 19,977,679	$ 48,107,280	$ 1,176,317	$ 708,240,133

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 29,462,472,378	$ 12,541,135,737	$ 16,920,855,199	$ 481,442

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 16,942,832
Total Realized Gain (Loss)	(72,993,522)
Total Unrealized Gain (Loss)	69,036,260
Cost of Purchases	-
Proceeds of Sales	(12,504,128)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 481,442

The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At October 31, 2008, the Fund had a capital loss carryforward of approximately $956,782,987 all of which will expire on October 31, 2016.

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, 2009
Assets
Investment in securities, at value (including securities loaned of $2,004,722,035) - See accompanying schedule: Unaffiliated issuers (cost $29,297,576,088)	$ 26,039,564,444
Fidelity Central Funds (cost $2,714,667,801)	2,714,667,801
Other affiliated issuers (cost $1,254,837,012)	708,240,133
Total Investments (cost $33,267,080,901)		$ 29,462,472,378
Foreign currency held at value (cost $14)		14
Receivable for investments sold		335,842,712
Receivable for fund shares sold		33,047,206
Dividends receivable		119,948,773
Distributions receivable from Fidelity Central Funds		5,327,939
Prepaid expenses		233,976
Other receivables		1,730,832
Total assets		29,958,603,830

Liabilities
Payable for investments purchased	$ 334,506,403
Payable for fund shares redeemed	50,048,973
Accrued management fee	15,708,653
Other affiliated payables	6,530,476
Other payables and accrued expenses	2,071,915
Collateral on securities loaned, at value	2,061,557,162
Total liabilities		2,470,423,582

Net Assets		$ 27,488,180,248
Net Assets consist of:
Paid in capital		$ 36,863,613,209
Undistributed net investment income		175,752,318
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(5,744,787,135)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(3,806,398,144)
Net Assets		$ 27,488,180,248
Diversified International: Net Asset Value, offering price and redemption price per share ($24,504,891,493 ÷ 1,167,775,505 shares)		$ 20.98

Class K: Net Asset Value, offering price and redemption price per share ($2,983,288,755 ÷ 142,185,941 shares)		$ 20.98

Statement of Operations

	Six months ended April 30, 2009
Investment Income
Dividends (including $1,176,317 earned from other affiliated issuers)		$ 376,844,069
Interest		55,380
Income from Fidelity Central Funds		16,373,910
		393,273,359
Less foreign taxes withheld		(36,657,140)
Total income		356,616,219

Expenses
Management fee Basic fee	$ 93,551,894
Performance adjustment	(5,650,057)
Transfer agent fees	38,219,708
Accounting and security lending fees	1,258,220
Custodian fees and expenses	2,047,960
Independent trustees' compensation	101,377
Depreciation in deferred trustee compensation account	(184)
Registration fees	102,877
Audit	113,202
Legal	87,553
Miscellaneous	281,503
Total expenses before reductions	130,114,053
Expense reductions	(1,587,564)	128,526,489

Net investment income (loss)		228,089,730
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(4,445,282,150)
Other affiliated issuers	(57,052,957)
Foreign currency transactions	54,731,605
Futures contracts	2,433,055
Total net realized gain (loss)		(4,445,170,447)
Change in net unrealized appreciation (depreciation) on: Investment securities	3,335,807,930
Assets and liabilities in foreign currencies	(48,683,630)
Total change in net unrealized appreciation (depreciation)		3,287,124,300
Net gain (loss)		(1,158,046,147)
Net increase (decrease) in net assets resulting from operations		$ (929,956,417)

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

Semiannual Report

Statement of Changes in Net Assets

	Six months ended April 30, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 228,089,730	$ 752,597,206
Net realized gain (loss)	(4,445,170,447)	(1,222,596,476)
Change in net unrealized appreciation (depreciation)	3,287,124,300	(27,541,183,667)
Net increase (decrease) in net assets resulting from operations	(929,956,417)	(28,011,182,937)
Distributions to shareholders from net investment income	(412,836,807)	(623,834,183)
Distributions to shareholders from net realized gain	-	(3,411,186,315)
Total distributions	(412,836,807)	(4,035,020,498)
Share transactions - net increase (decrease)	(376,940,044)	1,321,563,137
Redemption fees	677,530	1,934,056
Total increase (decrease) in net assets	(1,719,055,738)	(30,722,706,242)

Net Assets
Beginning of period	29,207,235,986	59,929,942,228
End of period (including undistributed net investment income of $175,752,318 and undistributed net investment income of $552,385,607, respectively)	$ 27,488,180,248	$ 29,207,235,986

Financial Highlights - Diversified International

	Six months ended April 30,	Years ended October 31,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 21.96	$ 45.41	$ 37.58	$ 30.80	$ 26.08	$ 22.35
Income from Investment Operations
Net investment income (loss) ^D	.17	.55	.47	.46	.30	.16
Net realized and unrealized gain (loss)	(.84)	(20.96)	10.23	7.33	4.63	3.87
Total from investment operations	(.67)	(20.41)	10.70	7.79	4.93	4.03
Distributions from net investment income	(.31)	(.47)	(.36)	(.28)	(.15)	(.30)
Distributions from net realized gain	-	(2.57)	(2.51)	(.73)	(.06)	-
Total distributions	(.31)	(3.04)	(2.87)	(1.01)	(.21)	(.30)
Redemption fees added to paid in capital ^D,H	-	-	-	-	-	-
Net asset value, end of period	$ 20.98	$ 21.96	$ 45.41	$ 37.58	$ 30.80	$ 26.08
Total Return ^B,C	(2.90)%	(48.04)%	30.37%	25.89%	19.01%	18.20%
Ratios to Average Net Assets ^E,G
Expenses before reductions	1.02% ^A	1.04%	.93%	1.01%	1.10%	1.15%
Expenses net of fee waivers, if any	1.02% ^A	1.04%	.93%	1.01%	1.10%	1.15%
Expenses net of all reductions	1.00% ^A	1.02%	.91%	.97%	1.07%	1.12%
Net investment income (loss)	1.73% ^A	1.53%	1.20%	1.32%	1.02%	.66%
Supplemental Data
Net assets, end of period (000 omitted)	$ 24,504,891	$ 28,274,961	$ 59,929,942	$ 43,965,189	$ 29,637,193	$ 19,902,063
Portfolio turnover rate ^F	59% ^A	49%	51%	59%	41%	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 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 - Class K

	Six months ended April 30,	Year ended October 31,
	2009	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 21.98	$ 38.39
Income from Investment Operations
Net investment income (loss) ^D	.19	.16
Net realized and unrealized gain (loss)	(.83)	(16.57)
Total from investment operations	(.64)	(16.41)
Distributions from net investment income	(.36)	-
Redemption fees added to paid in capital ^D,I	-	-
Net asset value, end of period	$ 20.98	$ 21.98
Total Return ^B,C	(2.75)%	(42.75)%
Ratios to Average Net Assets ^E,H
Expenses before reductions	.77% ^A	.88% ^A
Expenses net of fee waivers, if any	.77% ^A	.88% ^A
Expenses net of all reductions	.75% ^A	.87% ^A
Net investment income (loss)	1.98% ^A	1.45% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,983,289	$ 932,275
Portfolio turnover rate ^F	59% ^A	49%

^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 May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^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, 2009

1. Organization.

Fidelity Diversified International 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 Diversified International and Class K 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. After the commencement of Class K, the Fund began offering conversion privileges between Diversified International and Class K to eligible shareholders of Diversified International. 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 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. On January 15, 2009, the Board of Trustees of Fidelity Diversified International Fund approved the creation of an additional class of shares. The Fund will commence sale of shares of Class F on or about June 26, 2009.

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 held as of period end, if any, 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.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

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. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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, 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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable.

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3. Significant Accounting Policies - continued

Security Valuation - continued

The three levels of the hierarchy under SFAS 157 are described below:

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. 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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. 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), 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.

Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to futures and options 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.

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Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Unrealized appreciation	$ 3,224,030,460
Unrealized depreciation	(7,157,766,666)
Net unrealized appreciation (depreciation)	$ (3,933,736,206)
Cost for federal income tax purposes	$ 33,396,208,584

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 Pronouncement. In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161), was issued and is effective for reporting periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures to provide information about the reasons the Fund invests in derivative instruments, the accounting treatment and the effect derivatives have on financial performance.

4. Operating Policies.

Forward Foreign Currency Contracts. The Fund 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. Losses may arise from changes in the value of foreign currency or if the counterparties do not perform under the contracts' terms. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with a fund's custodian bank in accordance with the forward foreign currency agreement and, if required, is identified. The Fund could experience delays and costs in gaining access to the collateral even though it is held in the Fund's custodian bank.

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.

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 $7,865,042,712 and $7,434,783,723, respectively.

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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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Fidelity Diversified International as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .67% of the Fund's average net assets.

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 Diversified International, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. 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 were as follows:

	Amount	% of Average Net Assets*
Diversified International	37,689,238	.31
Class K	530,470	.06
	$ 38,219,708

* 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 $13,948 for the period.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $82,805 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 $9,172,911.

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Diversified International operating expenses. During the period, this reimbursement reduced the Fund's expenses by $5,675.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,580,502 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

Semiannual Report

Notes to Financial Statements - continued

9. Expense Reductions - continued

period, these credits reduced the Fund's custody expenses by $55. During the period, credits reduced each class' transfer agent expense as noted in the table below.

	Transfer Agent expense reduction
Diversified International	$ 704
Class K	628
Total	$ 1,332

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
From net investment income
Diversified International	$ 394,538,604	$ 623,834,183
Class K	18,298,203	-
Total	$ 412,836,807	$ 623,834,183
From net realized gain
Diversified International	$ -	$ 3,411,186,315

^A Distributions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Diversified International
Shares sold	145,742,639	306,179,666	$ 2,859,261,444	$ 10,595,590,795
Conversion to Class K	(94,364,077)	(43,282,557)	(1,839,040,793)	(933,288,874)
Reinvestment of distributions	20,012,396	95,512,855	380,636,705	3,896,924,337
Shares redeemed	(191,429,526)	(390,314,331)	(3,724,080,833)	(13,365,445,996)
Net increase (decrease)	(120,038,568)	(31,904,367)	$ (2,323,223,477)	$ 193,780,262
Class K
Shares sold	16,406,130	1,216,070	$ 319,032,817	$ 245,180,524
Conversion from Diversified International	94,417,311	43,251,317	1,839,040,793	933,288,874
Reinvestment of distributions	963,570	-	18,298,203	-
Shares redeemed	(12,020,272)	(2,048,185)	(230,088,380)	(50,686,523)
Net increase (decrease)	99,766,739	42,419,202	$ 1,946,283,433	$ 1,127,782,875

^A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

12. 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.

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, 2009, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months then ended and for the year ended October 31, 2008, and the financial highlights for the six months then ended and for each of the five years in the period ended October 31, 2008. 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, 2009, 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, 2009, the results of its operations for the six months then ended, the changes in its net assets for the six months then ended and for the year ended October 31, 2008, and the financial highlights for the six months then ended and for each of the five years in the period ended October 31, 2008, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

June 15, 2009

Semiannual Report

International Capital Appreciation

Shareholder Expense Example

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, 2008 to April 30, 2009).

Actual Expenses

The first line of the accompanying table 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 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 provides information about hypothetical account values and hypothetical expenses based on the 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, 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.

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Actual	.63%	$ 1,000.00	$ 1,072.30	$ 3.24
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,021.67	$ 3.16

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

Semiannual report

International Capital Appreciation

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan	15.0%
	United Kingdom	14.2%
	United States of America	13.4%
	France	9.8%
	Canada	6.1%
	Germany	4.7%
	Switzerland	3.7%
	Spain	3.4%
	Italy	3.1%
	Other	26.6%

fid344

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

As of October 31, 2008
	United Kingdom	15.4%
	United States of America	10.8%
	Japan	10.6%
	Germany	7.8%
	Canada	7.7%
	Switzerland	7.3%
	France	7.1%
	Russia	4.9%
	Spain	3.2%
	Other	25.2%

fid356

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	96.0	96.0
Bonds	0.0	1.1
Short-Term Investments and Net Other Assets	4.0	2.9
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Nestle SA (Reg.) (Switzerland, Food Products)	1.7	3.0
Telefonica SA (Spain, Diversified Telecommunication Services)	1.6	2.2
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)	1.6	2.4
Mitsubishi UFJ Financial Group, Inc. sponsored ADR (Japan, Commercial Banks)	1.5	1.6
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels)	1.4	1.6
Sanofi-Aventis sponsored ADR (France, Pharmaceuticals)	1.4	0.0
Rio Tinto PLC (Reg.) (United Kingdom, Metals & Mining)	1.4	0.0
E.ON AG (Germany, Electric Utilities)	1.4	2.0
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	1.4	0.0
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)	1.4	0.0
	14.8
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	23.5	24.3
Materials	11.7	11.1
Consumer Discretionary	10.8	3.1
Industrials	9.9	13.0
Energy	8.9	11.9
Telecommunication Services	8.0	4.8
Consumer Staples	7.4	9.9
Information Technology	5.9	2.1
Health Care	5.9	8.7
Utilities	4.0	8.2

Semiannual Report

International Capital Appreciation

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.3%
	Shares		Value
Australia - 1.3%
CSL Ltd.	60,199		$ 1,506,587
Woolworths Ltd.	69,296		1,346,290
TOTAL AUSTRALIA			2,852,877
Austria - 0.5%
OMV AG	33,400		1,034,461
Belgium - 1.2%
Anheuser-Busch InBev NV (d)	84,000		2,570,744
Bermuda - 0.7%
Vostok Nafta Investment Ltd. SDR (a)	509,500		1,603,642
Brazil - 2.4%
Companhia Vale do Rio Doce (PN-A) sponsored ADR	164,400		2,257,212
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)	110,000		2,967,800
TOTAL BRAZIL			5,225,012
Canada - 6.1%
Addax Petroleum, Inc.	47,500		1,307,270
Agnico-Eagle Mines Ltd. (Canada)	32,500		1,436,727
Canadian Natural Resources Ltd.	45,700		2,106,815
Consolidated Thompson Iron Mines Ltd. (a)	462,400		972,658
First Uranium Corp. (a)	194,400		1,045,923
Goldcorp, Inc.	68,400		1,869,858
Sherritt International Corp.	233,700		1,004,719
Suncor Energy, Inc.	100,100		2,519,173
Teck Resources Ltd. Class B (sub. vtg.)	115,900		1,217,035
TOTAL CANADA			13,480,178
Cayman Islands - 0.9%
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	135,300		2,020,029
China - 0.5%
NetEase.com, Inc. sponsored ADR (a)	34,000		1,026,120
Cyprus - 0.2%
AFI Development PLC GDR (Reg. S)	433,800		558,940
Denmark - 1.7%
Danske Bank AS (a)	108,800		1,193,273
Novo Nordisk AS Series B	53,861		2,562,616
TOTAL DENMARK			3,755,889
France - 9.8%
Air France KLM (Reg.)	110,100		1,222,088
Atos Origin SA	33,962		1,046,726
AXA SA sponsored ADR	121,900		2,094,242
BNP Paribas SA	45,700		2,405,186
Bouygues SA (d)	43,600		1,859,477
Iliad Group SA	10,500		1,102,552
Laurent-Perrier Group	19,200		1,125,999
Nexity	38,000		1,225,440
Pernod Ricard SA	21,954		1,296,415

	Shares		Value
Renault SA	39,900		$ 1,279,044
Saft Groupe SA	57,900		1,771,668
Sanofi-Aventis sponsored ADR (d)	110,488		3,173,215
Societe Generale Series A	39,900		2,038,691
TOTAL FRANCE			21,640,743
Germany - 4.7%
Daimler AG	51,900		1,852,830
Deutsche Bank AG (NY Shares)	30,500		1,599,115
E.ON AG (d)	91,300		3,059,310
MAN AG	22,700		1,394,010
Metro AG (d)	28,900		1,216,154
Q-Cells SE (a)(d)	56,800		1,204,763
TOTAL GERMANY			10,326,182
Greece - 0.9%
Public Power Corp. of Greece	101,700		1,959,922
Hong Kong - 0.7%
CNOOC Ltd.	1,457,000		1,626,477
India - 1.9%
Bharti Airtel Ltd. (a)	73,085		1,113,885
ICICI Bank Ltd. sponsored ADR	62,100		1,281,123
Reliance Industries Ltd.	46,655		1,709,989
TOTAL INDIA			4,104,997
Ireland - 1.0%
CRH PLC sponsored ADR (d)	89,600		2,304,512
Israel - 1.3%
Teva Pharmaceutical Industries Ltd. sponsored ADR	66,400		2,914,296
Italy - 1.9%
Intesa Sanpaolo SpA	543,700		1,731,693
UniCredit SpA	997,200		2,427,512
TOTAL ITALY			4,159,205
Japan - 15.0%
Canon, Inc. sponsored ADR	54,400		1,643,424
East Japan Railway Co.	38,800		2,186,909
Honda Motor Co. Ltd. sponsored ADR	70,100		2,037,106
Japan Retail Fund Investment Corp.	353		1,234,782
Komatsu Ltd.	95,500		1,191,792
Mazda Motor Corp.	456,000		1,135,828
Mitsubishi Corp.	95,500		1,470,065
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	628,942		3,408,866
Mitsui & Co. Ltd.	224,100		2,377,533
Nintendo Co. Ltd. ADR	49,300		1,658,945
Nomura Holdings, Inc.	234,200		1,413,650
Ricoh Co. Ltd.	84,000		1,038,829
ROHM Co. Ltd.	19,700		1,208,479
Sharp Corp.	128,000		1,348,148
SHIMANO, Inc.	27,500		813,784
Shin-Etsu Chemical Co., Ltd.	29,700		1,443,869
Softbank Corp.	81,500		1,289,655
Common Stocks - continued
	Shares		Value
Japan - continued
Sony Corp. sponsored ADR	66,400		$ 1,717,104
Sumitomo Mitsui Financial Group, Inc.	36,900		1,280,060
Suzuki Motor Corp.	61,100		1,152,692
THK Co. Ltd.	75,600		1,048,737
Tokyo Ohka Kogyo Co. Ltd.	62,800		1,062,765
TOTAL JAPAN			33,163,022
Luxembourg - 2.5%
ArcelorMittal SA (NY Shares) Class A	64,400		1,518,552
Evraz Group SA GDR	111,788		1,470,012
Millicom International Cellular SA	24,200		1,172,732
SES SA FDR (France) unit	71,800		1,295,772
TOTAL LUXEMBOURG			5,457,068
Netherlands - 1.3%
Gemalto NV (a)	32,100		1,010,475
Koninklijke Ahold NV	166,200		1,820,427
TOTAL NETHERLANDS			2,830,902
Norway - 1.8%
DnB Nor ASA	199,300		1,240,304
Renewable Energy Corp. AS (a)(d)	159,300		1,438,815
Telenor ASA	192,500		1,196,994
TOTAL NORWAY			3,876,113
Russia - 1.6%
OAO TMK unit	181,950		1,276,343
PIK Group GDR (Reg. S) unit (a)	352,800		629,733
Vimpel Communications sponsored ADR	165,900		1,562,778
TOTAL RUSSIA			3,468,854
Singapore - 0.6%
Olam International Ltd.	1,058,000		1,264,883
South Africa - 1.6%
MTN Group Ltd.	179,500		2,331,171
Naspers Ltd. Class N	63,700		1,298,503
TOTAL SOUTH AFRICA			3,629,674
Spain - 3.4%
EDP Renovaveis SA	141,600		1,154,251
Gas Natural SDG SA Series E	68,700		1,089,059
Iberdrola SA	204,300		1,608,399
Telefonica SA	190,800		3,613,965
TOTAL SPAIN			7,465,674
Switzerland - 3.7%
Credit Suisse Group sponsored ADR	55,800		2,136,024
Nestle SA (Reg.)	111,683		3,639,548
UBS AG (NY Shares)	169,900		2,317,436
TOTAL SWITZERLAND			8,093,008
Taiwan - 2.0%
HTC Corp.	93,000		1,258,936

	Shares		Value
MediaTek, Inc.	128,000		$ 1,330,747
Taiwan Semiconductor Manufacturing Co. Ltd.	1,097,000		1,855,744
TOTAL TAIWAN			4,445,427
United Kingdom - 14.2%
AstraZeneca PLC sponsored ADR	82,200		2,874,534
Barclays PLC Sponsored ADR (d)	165,000		2,641,650
BG Group PLC	200,600		3,201,955
British Airways PLC	466,200		1,009,126
Cairn Energy PLC (a)	53,200		1,667,351
HSBC Holdings PLC sponsored ADR	100,400		3,574,240
Informa PLC	293,500		1,282,324
Reckitt Benckiser Group PLC	52,700		2,067,972
Rio Tinto PLC (Reg.)	75,700		3,074,641
Royal Bank of Scotland Group PLC sponsored ADR	133,500		1,634,040
Standard Chartered PLC (United Kingdom)	108,100		1,671,605
Vedanta Resources PLC	72,800		1,138,305
Vodafone Group PLC sponsored ADR	165,700		3,040,595
Xstrata PLC	284,000		2,502,851
TOTAL UNITED KINGDOM			31,381,189
United States of America - 8.9%
Bank of America Corp.	169,700		1,515,421
Capital One Financial Corp.	77,500		1,297,350
Centex Corp.	98,500		1,077,590
D.R. Horton, Inc.	176,300		2,300,715
First Solar, Inc. (a)	7,300		1,367,217
Goldman Sachs Group, Inc.	8,400		1,079,400
JPMorgan Chase & Co.	33,900		1,118,700
Meritage Homes Corp. (a)	97,104		2,020,734
Morgan Stanley	50,000		1,182,000
NYSE Euronext	48,100		1,114,477
PNC Financial Services Group, Inc.	36,800		1,460,960
SunTrust Banks, Inc.	79,900		1,153,756
United States Steel Corp.	56,400		1,497,420
Wells Fargo & Co.	77,000		1,540,770
TOTAL UNITED STATES OF AMERICA			19,726,510
TOTAL COMMON STOCKS (Cost $199,953,593)		207,966,550
Preferred Stocks - 1.7%

Convertible Preferred Stocks - 0.5%
United States of America - 0.5%
Citigroup, Inc. Series T, 6.50%	35,600		1,123,625
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - 1.2%
Italy - 1.2%
Fiat SpA (Risparmio Shares)	197,500		$ 1,192,464
Telecom Italia SpA (Risparmio Shares)	1,558,500		1,391,944
TOTAL ITALY			2,584,408
TOTAL PREFERRED STOCKS (Cost $3,401,774)		3,708,033
Money Market Funds - 10.7%

Fidelity Cash Central Fund, 0.53% (b)	5,179,379		5,179,379
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	18,299,693		18,299,693
TOTAL MONEY MARKET FUNDS (Cost $23,479,072)		23,479,072
TOTAL INVESTMENT PORTFOLIO - 106.7% (Cost $226,834,439)			235,153,655
NET OTHER ASSETS - (6.7)%			(14,723,534)
NET ASSETS - 100%		$ 220,430,121

Legend

(a) Non-income producing

(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	$ 18,704
Fidelity Securities Lending Cash Central Fund	404,943
Total	$ 423,647

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 235,153,655	$ 118,702,052	$ 116,451,603	$ -

Income Tax Information

At October 31, 2008, the Fund had a capital loss carryforward of approximately $160,032,733 all of which will expire on October 31, 2016.

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

Semiannual Report

International Capital Appreciation

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $17,755,627) - See accompanying schedule: Unaffiliated issuers (cost $203,355,367)	$ 211,674,583
Fidelity Central Funds (cost $23,479,072)	23,479,072
Total Investments (cost $226,834,439)		$ 235,153,655
Foreign currency held at value (cost $31,917)		31,571
Receivable for investments sold		9,587,718
Receivable for fund shares sold		1,560,732
Dividends receivable		1,116,468
Distributions receivable from Fidelity Central Funds		65,204
Prepaid expenses		1,678
Other receivables		412,052
Total assets		247,929,078

Liabilities
Payable for investments purchased	$ 8,931,476
Payable for fund shares redeemed	130,904
Accrued management fee	44,673
Other affiliated payables	56,247
Other payables and accrued expenses	35,964
Collateral on securities loaned, at value	18,299,693
Total liabilities		27,498,957

Net Assets		$ 220,430,121
Net Assets consist of:
Paid in capital		$ 476,145,139
Undistributed net investment income		1,794,051
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(265,764,909)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		8,255,840
Net Assets, for 27,819,808 shares outstanding		$ 220,430,121
Net Asset Value, offering price and redemption price per share ($220,430,121 ÷ 27,819,808 shares)		$ 7.92

Statement of Operations

Six months ended April 30, 2009 (Unaudited)

Investment Income
Dividends		$ 2,704,832
Interest		226,635
Income from Fidelity Central Funds (including $404,943 from security lending)		423,647
		3,355,114
Less foreign taxes withheld		(205,017)
Total income		3,150,097

Expenses
Management fee Basic fee	$ 660,535
Performance adjustment	(485,376)
Transfer agent fees	261,742
Accounting and security lending fees	48,871
Custodian fees and expenses	35,329
Independent trustees' compensation	713
Registration fees	10,465
Audit	45,542
Legal	639
Miscellaneous	2,127
Total expenses before reductions	580,587
Expense reductions	(38,197)	542,390
Net investment income (loss)		2,607,707
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(103,331,011)
Foreign currency transactions	(112,849)
Total net realized gain (loss)		(103,443,860)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $109,858)	113,982,563
Assets and liabilities in foreign currencies	(6,481)
Total change in net unrealized appreciation (depreciation)		113,976,082
Net gain (loss)		10,532,222
Net increase (decrease) in net assets resulting from operations		$ 13,139,929

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

Semiannual Report

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,607,707	$ 6,093,619
Net realized gain (loss)	(103,443,860)	(151,658,059)
Change in net unrealized appreciation (depreciation)	113,976,082	(155,008,762)
Net increase (decrease) in net assets resulting from operations	13,139,929	(300,573,202)
Distributions to shareholders from net investment income	(813,634)	(5,367,651)
Distributions to shareholders from net realized gain	-	(91,658,633)
Total distributions	(813,634)	(97,026,284)
Share transactions Proceeds from sales of shares	31,224,096	80,650,507
Reinvestment of distributions	789,571	93,225,308
Cost of shares redeemed	(28,656,933)	(318,648,389)
Net increase (decrease) in net assets resulting from share transactions	3,356,734	(144,772,574)
Redemption fees	4,084	20,218
Total increase (decrease) in net assets	15,687,113	(542,351,842)

Net Assets
Beginning of period	204,743,008	747,094,850
End of period (including undistributed net investment income of $1,794,051 and distributions in excess of net investment income of $22, respectively)	$ 220,430,121	$ 204,743,008
Other Information Shares
Sold	4,392,890	5,806,116
Issued in reinvestment of distributions	121,286	5,991,344
Redeemed	(4,295,562)	(22,909,358)
Net increase (decrease)	218,614	(11,111,898)

Financial Highlights

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 7.42	$ 19.30	$ 18.14	$ 17.19	$ 15.21	$ 14.36
Income from Investment Operations
Net investment income (loss) ^D	.10	.19	.20	.24	.20	.04
Net realized and unrealized gain (loss)	.43	(9.54)	3.80	2.70	1.83	.91
Total from investment operations	.53	(9.35)	4.00	2.94	2.03	.95
Distributions from net investment income	(.03)	(.14)	(.20)	(.23)	(.05)	(.10)
Distributions from net realized gain	-	(2.39)	(2.64)	(1.77)	-	-
Total distributions	(.03)	(2.53)	(2.84)	(2.00)	(.05)	(.10)
Redemption fees added to paid in capital ^D	- ^H	- ^H	- ^H	.01	- ^H	- ^H
Net asset value, end of period	$ 7.92	$ 7.42	$ 19.30	$ 18.14	$ 17.19	$ 15.21
Total Return ^{B, C}	7.23%	(55.30)%	24.81%	18.26%	13.37%	6.65%
Ratios to Average Net Assets ^{E, G}
Expenses before reductions	.63% ^A	.89%	.85%	.87%	.97%	1.24%
Expenses net of fee waivers, if any	.63% ^A	.89%	.85%	.87%	.97%	1.24%
Expenses net of all reductions	.59% ^A	.72%	.79%	.75%	.84%	1.16%
Net investment income (loss)	2.83% ^A	1.39%	1.11%	1.36%	1.20%	.27%
Supplemental Data
Net assets, end of period (000 omitted)	$ 220,430	$ 204,743	$ 747,095	$ 476,147	$ 695,714	$ 721,144
Portfolio turnover rate ^F	318% ^A	387%	138%	176%	185%	161%
^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

Notes to Financial Statements

For the period ended April 30, 2009 (Unaudited)

1. Organization.

Fidelity International Capital Appreciation Fund (the Fund) (formerly Fidelity Aggressive International 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.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

Semiannual Report

3. Significant Accounting Policies - continued

Foreign Currency - 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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. 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.

Book-tax differences are primarily due to, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, deferred trustees compensation 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	$ 27,943,000
Unrealized depreciation	(31,286,340)
Net unrealized appreciation (depreciation)	$ (3,343,340)
Cost for federal income tax purposes	$ 238,496,995

4. Operating Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $295,233,386 and $293,165,770, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .19% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .28% of average net assets.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $579 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.

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 $37,730 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 $467.

10. Other.

Semiannual Report

Overseas

Shareholder Expense Example

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Overseas	1.03%
Actual		$ 1,000.00	$ 959.30	$ 5.00
Hypothetical^A		$ 1,000.00	$ 1,019.69	$ 5.16
Class K	.78%
Actual		$ 1,000.00	$ 960.70	$ 3.79
Hypothetical^A		$ 1,000.00	$ 1,020.93	$ 3.91

^A 5% return per year before expenses

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

Semiannual Report

Overseas

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	United Kingdom	23.2%
	Japan	15.0%
	France	14.3%
	Germany	9.7%
	United States of America	6.4%
	Switzerland	6.3%
	Belgium	5.5%
	Hong Kong	4.2%
	Spain	3.9%
	Other	11.5%

fid368

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

As of October 31, 2008
	United Kingdom	22.3%
	Japan	16.0%
	France	14.8%
	Germany	10.2%
	Switzerland	7.4%
	Hong Kong	5.5%
	United States of America	5.4%
	Italy	4.3%
	Indonesia	2.8%
	Other	11.3%

fid380

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	95.6	99.0
Short-Term Investments and Net Other Assets	4.4	1.0
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Anheuser-Busch InBev NV (Belgium, Beverages)	5.5	0.0
China Unicom (Hong Kong) Ltd. sponsored ADR (Hong Kong, Diversified Telecommunication Services)	3.3	4.7
Pernod Ricard SA (France, Beverages)	2.9	3.3
Xstrata PLC (United Kingdom, Metals & Mining)	2.0	0.0
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)	2.0	1.1
Royal Dutch Shell PLC Class B ADR (United Kingdom, Oil, Gas & Consumable Fuels)	1.9	2.2
Deutsche Boerse AG (Germany, Diversified Financial Services)	1.9	0.8
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	1.9	0.8
Rio Tinto PLC (Reg.) (United Kingdom, Metals & Mining)	1.8	1.2
Nestle SA (Reg.) (Switzerland, Food Products)	1.7	1.4
	24.9
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	19.2	19.2
Consumer Staples	16.1	13.1
Telecommunication Services	10.5	13.5
Consumer Discretionary	10.1	10.5
Materials	8.7	5.8
Health Care	8.5	12.8
Energy	7.6	8.2
Industrials	6.6	5.4
Information Technology	4.9	5.8
Utilities	3.4	4.7

Semiannual Report

Overseas

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.6%
	Shares		Value
Australia - 0.4%
Qantas Airways Ltd.	16,437,024		$ 23,663,693
Belgium - 5.5%
Anheuser-Busch InBev NV (d)	9,998,840		306,005,452
Anheuser-Busch InBev NV (strip VVPR) (a)	6,312,640		16,500
TOTAL BELGIUM			306,021,952
Bermuda - 0.9%
Willis Group Holdings Ltd.	1,706,200		46,937,562
Brazil - 1.6%
Petroleo Brasileiro SA - Petrobras sponsored ADR	1,055,900		35,446,563
Vivo Participacoes SA sponsored ADR	3,400,940		54,279,002
TOTAL BRAZIL			89,725,565
Canada - 0.2%
Harry Winston Diamond Corp.	2,819,774		11,839,152
Finland - 0.6%
Nokia Corp. sponsored ADR (d)	2,265,600		32,035,584
France - 14.3%
Accor SA	374,000		15,820,354
Alstom SA	1,083,700		67,537,228
AXA SA	2,474,900		41,571,491
BNP Paribas SA	1,039,600		54,714,038
Carrefour SA (d)	1,299,300		52,668,753
Compagnie de St. Gobain (d)	990,084		35,510,060
GDF Suez (d)	1,055,000		37,640,018
L'Oreal SA (d)	273,200		19,539,335
Lafarge SA (a)(d)	115,056		6,089,744
Lafarge SA (Bearer) (d)	249,300		14,063,880
Pernod Ricard SA (d)	2,713,584		160,241,013
Pernod Ricard SA rights 4/29/09 (a)(d)	2,713,584		11,582,128
PPR SA (d)	510,700		39,115,901
Sanofi-Aventis (d)	896,900		51,517,382
Societe Generale Series A	666,400		34,049,709
Sodexo SA ADR	1,310,400		62,637,120
Total SA Series B	1,083,100		54,179,385
Unibail-Rodamco	252,500		37,644,238
TOTAL FRANCE			796,121,777
Germany - 9.7%
adidas AG (d)	439,900		16,453,500
Allianz AG (Reg.) (d)	412,200		37,344,221
BASF AG (d)	939,900		35,093,493
Bayer AG	690,900		33,958,871
Daimler AG	1,983,400		70,807,380
Deutsche Boerse AG	1,454,983		106,483,093
E.ON AG	1,789,073		59,948,841
Linde AG	615,800		48,552,067
Munich Re Group (Reg.) (d)	268,376		36,697,342
RWE AG	155,000		11,058,074

	Shares		Value
SAP AG	1,812,300		$ 69,029,629
TUI AG (d)	1,516,500		16,518,961
TOTAL GERMANY			541,945,472
Hong Kong - 4.2%
China Unicom (Hong Kong) Ltd. sponsored ADR (d)	16,102,400		186,304,768
Hutchison Whampoa Ltd.	8,144,000		47,967,882
TOTAL HONG KONG			234,272,650
Indonesia - 0.8%
PT Indosat Tbk sponsored ADR (d)	1,788,856		46,599,699
Ireland - 0.3%
CRH PLC	637,100		16,558,341
CRH PLC sponsored ADR	50,000		1,286,000
TOTAL IRELAND			17,844,341
Italy - 2.5%
ENI SpA	3,804,700		81,623,976
ENI SpA sponsored ADR	116,500		4,973,385
Intesa Sanpaolo SpA	10,040,200		31,978,199
UniCredit SpA	7,273,100		17,705,113
TOTAL ITALY			136,280,673
Japan - 15.0%
Bridgestone Corp.	1,704,500		25,413,442
Canon, Inc. sponsored ADR	1,362,700		41,167,167
Citizen Holdings Co. Ltd.	3,576,000		16,364,430
Daiichi Sankyo Kabushiki Kaisha	2,456,800		41,090,418
East Japan Railway Co.	329,500		18,571,814
Japan Tobacco, Inc.	21,261		53,429,525
JFE Holdings, Inc.	631,500		17,252,653
Komatsu Ltd.	1,019,400		12,721,598
Mazda Motor Corp.	10,756,000		26,791,603
Mitsubishi Corp.	2,307,700		35,523,244
Mitsubishi UFJ Financial Group, Inc.	16,422,800		89,606,920
Mitsui & Co. Ltd.	4,308,400		45,708,899
Nissan Motor Co. Ltd.	4,242,500		22,149,286
Nomura Holdings, Inc.	7,960,900		48,052,648
NTT DoCoMo, Inc.	33,867		47,269,637
Omron Corp.	2,802,100		41,891,165
Promise Co. Ltd. (d)	1,229,500		16,250,429
Ricoh Co. Ltd.	3,932,000		48,627,086
Sony Financial Holdings, Inc.	7,256		22,834,802
Sumitomo Mitsui Financial Group, Inc.	908,500		31,515,837
T&D Holdings, Inc.	1,292,000		38,637,335
THK Co. Ltd.	1,291,500		17,915,931
Toyota Motor Corp. sponsored ADR	968,700		76,682,292
TOTAL JAPAN			835,468,161
Luxembourg - 2.1%
ArcelorMittal SA (NY Shares) Class A (d)	2,946,900		69,487,902
Millicom International Cellular SA	972,800		47,141,888
TOTAL LUXEMBOURG			116,629,790
Common Stocks - continued
	Shares		Value
Netherlands - 1.0%
Akzo Nobel NV	682,200		$ 28,522,167
Koninklijke Ahold NV	2,450,000		26,835,413
TOTAL NETHERLANDS			55,357,580
Netherlands Antilles - 0.5%
Schlumberger Ltd. (NY Shares)	564,000		27,630,360
Russia - 0.6%
Vimpel Communications sponsored ADR	3,557,200		33,508,824
Spain - 3.9%
Banco Bilbao Vizcaya Argentaria SA	1,677,019		18,170,150
Gas Natural SDG SA Series E	1,600,000		25,363,826
Iberdrola SA	6,714,100		52,858,292
Repsol YPF SA sponsored ADR	2,565,100		48,326,484
Telefonica SA	254,900		4,828,091
Telefonica SA sponsored ADR	1,183,100		66,596,699
TOTAL SPAIN			216,143,542
Switzerland - 6.3%
Actelion Ltd. (Reg.) (a)	887,356		40,417,023
Nestle SA (Reg.)	2,855,330		93,049,968
Novartis AG sponsored ADR	1,060,800		40,214,928
Roche Holding AG (participation certificate)	717,507		90,456,821
Sonova Holding AG	349,830		22,630,399
UBS AG (For. Reg.)	2,805,320		38,525,129
Zurich Financial Services AG (Reg.)	123,661		22,973,950
TOTAL SWITZERLAND			348,268,218
United Kingdom - 23.2%
BAE Systems PLC	7,236,300		38,050,510
Barclays PLC	11,547,500		46,866,385
BG Group PLC	2,687,800		42,902,362
British Land Co. PLC	6,353,300		40,073,961
British Sky Broadcasting Group PLC (BSkyB)	3,495,900		24,878,021
Experian PLC	4,923,800		32,409,374
GlaxoSmithKline PLC	4,056,300		62,456,680
HSBC Holdings PLC:
(United Kingdom) (Reg.)	1,831,183		13,017,504
sponsored ADR (d)	2,726,085		97,048,626
Imperial Tobacco Group PLC	2,989,200		68,176,740
ITV PLC	35,006,000		16,430,169
Kingfisher PLC	9,805,600		26,682,992
Lloyds TSB Group PLC	18,163,000		29,449,417
Misys PLC	11,932,200		24,344,695
Pearson PLC	1,592,900		16,430,411
Prudential PLC	2,389,100		13,726,631
Rexam PLC	4,242,700		19,645,004

	Shares		Value
Rio Tinto PLC (Reg.)	2,492,000		$ 101,215,389
Royal Dutch Shell PLC Class B ADR (d)	2,352,000		107,016,000
Shire PLC	3,014,000		37,672,165
Smith & Nephew PLC	2,276,900		16,013,453
Standard Chartered PLC (United Kingdom)	2,748,332		42,498,841
Unilever PLC	3,260,700		63,467,178
Vodafone Group PLC sponsored ADR	5,795,700		106,351,095
William Hill PLC (d)	18,402,400		59,067,512
WPP PLC	4,879,500		33,372,735
Xstrata PLC	12,651,700		111,497,587
TOTAL UNITED KINGDOM			1,290,761,437
United States of America - 2.0%
Allergan, Inc.	324,400		15,136,504
Baxter International, Inc.	431,900		20,947,150
Estee Lauder Companies, Inc. Class A	1,261,300		37,712,870
Hess Corp.	340,800		18,672,432
Markel Corp. (a)	65,800		18,884,600
TOTAL UNITED STATES OF AMERICA			111,353,556
TOTAL COMMON STOCKS (Cost $5,864,965,734)		5,318,409,588
Money Market Funds - 20.7%

Fidelity Cash Central Fund, 0.53% (b)	213,415,758		213,415,758
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	939,464,237		939,464,237
TOTAL MONEY MARKET FUNDS (Cost $1,152,879,995)		1,152,879,995
TOTAL INVESTMENT PORTFOLIO - 116.3% (Cost $7,017,845,729)			6,471,289,583
NET OTHER ASSETS - (16.3)%			(908,260,568)
NET ASSETS - 100%		$ 5,563,029,015

Legend

(a) Non-income producing

(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	$ 1,040,469
Fidelity Securities Lending Cash Central Fund	2,266,699
Total	$ 3,307,168

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 6,471,289,583	$ 2,602,215,724	$ 3,869,073,859	$ -

Income Tax Information

At October 31, 2008, the Fund had a capital loss carryforward of approximately $859,201,568 all of which will expire on October 31, 2016.

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

Semiannual Report

Overseas

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $904,910,497) - See accompanying schedule: Unaffiliated issuers (cost $5,864,965,734)	$ 5,318,409,588
Fidelity Central Funds (cost $1,152,879,995)	1,152,879,995
Total Investments (cost $7,017,845,729)		$ 6,471,289,583
Cash		41,889
Foreign currency held at value (cost $25)		29
Receivable for investments sold		45,761,813
Receivable for fund shares sold		5,360,032
Dividends receivable		26,291,999
Distributions receivable from Fidelity Central Funds		1,217,258
Prepaid expenses		43,513
Other affiliated receivables		321
Other receivables		577,730
Total assets		6,550,584,167

Liabilities
Payable for investments purchased	$ 41,130,368
Payable for fund shares redeemed	2,356,185
Accrued management fee	3,010,177
Other affiliated payables	1,423,197
Other payables and accrued expenses	170,988
Collateral on securities loaned, at value	939,464,237
Total liabilities		987,555,152

Net Assets		$ 5,563,029,015
Net Assets consist of:
Paid in capital		$ 8,599,552,387
Undistributed net investment income		32,237,172
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(2,522,137,753)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(546,622,791)
Net Assets		$ 5,563,029,015
Overseas: Net Asset Value, offering price and redemption price per share ($5,276,761,214 ÷ 219,879,111 shares)		$ 24.00

Class K: Net Asset Value, offering price and redemption price per share ($286,267,801 ÷ 11,929,937 shares)		$ 24.00

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 82,808,955
Interest		45,510
Income from Fidelity Central Funds		3,307,168
		86,161,633
Less foreign taxes withheld		(7,327,872)
Total income		78,833,761

Expenses
Management fee Basic fee	$ 18,360,377
Performance adjustment	(1,285,711)
Transfer agent fees	7,688,093
Accounting and security lending fees	799,918
Custodian fees and expenses	297,914
Independent trustees' compensation	19,521
Depreciation in deferred trustee compensation account	(1,344)
Registration fees	40,470
Audit	56,375
Legal	15,467
Miscellaneous	102,544
Total expenses before reductions	26,093,624
Expense reductions	(721,476)	25,372,148
Net investment income (loss)		53,461,613
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(1,617,769,397)
Foreign currency transactions	718,510
Total net realized gain (loss)		(1,617,050,887)
Change in net unrealized appreciation (depreciation) on: Investment securities	1,358,134,100
Assets and liabilities in foreign currencies	67,426
Total change in net unrealized appreciation (depreciation)		1,358,201,526
Net gain (loss)		(258,849,361)
Net increase (decrease) in net assets resulting from operations		$ (205,387,748)

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

Semiannual Report

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 53,461,613	$ 108,130,289
Net realized gain (loss)	(1,617,050,887)	(902,937,259)
Change in net unrealized appreciation (depreciation)	1,358,201,526	(4,444,954,236)
Net increase (decrease) in net assets resulting from operations	(205,387,748)	(5,239,761,206)
Distributions to shareholders from net investment income	(81,536,915)	(93,919,303)
Distributions to shareholders from net realized gain	-	(947,430,820)
Total distributions	(81,536,915)	(1,041,350,123)
Share transactions - net increase (decrease)	340,719,434	2,246,479,755
Redemption fees	56,076	456,294
Total increase (decrease) in net assets	53,850,847	(4,034,175,280)

Net Assets
Beginning of period	5,509,178,168	9,543,353,448
End of period (including undistributed net investment income of $32,237,172 and undistributed net investment income of $101,205,874, respectively)	$ 5,563,029,015	$ 5,509,178,168

Financial Highlights - Overseas

	Six months ended April 30,2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 25.43	$ 58.39	$ 47.08	$ 37.65	$ 32.21	$ 29.19
Income from Investment Operations
Net investment income (loss) ^D	.24	.55	.70	.63	.39	.17 ^G
Net realized and unrealized gain (loss)	(1.30)	(27.19)	15.80	9.37	5.35	3.15
Total from investment operations	(1.06)	(26.64)	16.50	10.00	5.74	3.32
Distributions from net investment income	(.37)	(.57)	(.55)	(.41)	(.19)	(.30)
Distributions from net realized gain	-	(5.75)	(4.64)	(.16)	(.11)	-
Total distributions	(.37)	(6.32)	(5.19)	(.57)	(.30)	(.30)
Redemption fees added to paid in capital ^{D, I}	-	-	-	-	-	-
Net asset value, end of period	$ 24.00	$ 25.43	$ 58.39	$ 47.08	$ 37.65	$ 32.21
Total Return ^{B, C}	(4.07)%	(50.88)%	38.79%	26.83%	17.90%	11.45%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	1.03% ^A	1.13%	.95%	1.00%	.93%	1.05%
Expenses net of fee waivers, if any	1.03% ^A	1.13%	.95%	1.00%	.93%	1.05%
Expenses net of all reductions	1.00% ^A	1.10%	.91%	.90%	.86%	1.01%
Net investment income (loss)	2.08% ^A	1.33%	1.43%	1.43%	1.11%	.55% ^G
Supplemental Data
Net assets, end of period (000 omitted)	$ 5,276,761	$ 5,464,901	$ 9,543,353	$ 7,217,287	$ 4,733,797	$ 4,182,103
Portfolio turnover rate ^F	105% ^A	113%	87%	132%	87%	79%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D 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 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. ^I Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class K

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 25.45	$ 45.00
Income from Investment Operations
Net investment income (loss) ^D	.26	.13
Net realized and unrealized gain (loss)	(1.29)	(19.68)
Total from investment operations	(1.03)	(19.55)
Distributions from net investment income	(.42)	-
Redemption fees added to paid in capital ^{D, I}	-	-
Net asset value, end of period	$ 24.00	$ 25.45
Total Return ^{B, C}	(3.93)%	(43.44)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.78% ^A	.96% ^A
Expenses net of fee waivers, if any	.78% ^A	.96% ^A
Expenses net of all reductions	.75% ^A	.93% ^A
Net investment income (loss)	2.33% ^A	1.08% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 286,268	$ 44,277
Portfolio turnover rate ^F	105% ^A	113%

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2009 (Unaudited)

1. Organization.

Fidelity Overseas 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 Overseas and Class K 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. After the commencement of Class K, the Fund began offering conversion privileges between Overseas and Class K to eligible shareholders of Overseas. 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. The Fund's investments in emerging markets can be subject to social, economic, regulatory and political uncertainties and can be extremely volatile. On January 15, 2009, the Board of Trustees of Fidelity Overseas Fund approved the creation of an additional class of shares. The Fund will commence sale of shares of Class F on or about June 26, 2009.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation 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	$ 548,170,338
Unrealized depreciation	(1,212,430,655)
Net unrealized appreciation (depreciation)	$ (664,260,317)
Cost for federal income tax purposes	$ 7,135,549,900

Semiannual Report

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $2,770,948,649 and $2,638,346,685, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Fidelity Overseas, as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .67% of the Fund's average net assets.

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 Overseas, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. 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 were as follows:

	Amount	% of Average Net Assets*
Overseas	$ 7,628,294	.31
Class K	59,799	.06
	$ 7,688,093

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $15,977 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.

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Overseas operating expenses. During the period, this reimbursement reduced the Fund's expenses by $3,625.

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 $714,199 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 $3,645. During the period, credits reduced each class' transfer agent expense as noted in the table below.

	Transfer Agent expense reduction
Class K	$ 7

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
From net investment income
Overseas	$ 78,759,206	$ 93,919,303
Class K	2,777,709	-
Total	$ 81,536,915	$ 93,919,303
From net realized gain
Overseas	$ -	$ 947,430,820

^A Distributions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Overseas
Shares sold	30,646,628	76,040,831	$ 688,095,653	$ 2,985,572,846
Conversion to Class K	(10,319,878)	(1,789,301)	(238,320,481)	(50,752,081)
Reinvestment of distributions	3,481,398	20,825,405	78,087,784	1,030,024,482
Shares redeemed	(18,804,961)	(43,642,881)	(422,998,538)	(1,767,850,377)
Net increase (decrease)	5,003,187	51,434,054	$ 104,864,418	$ 2,196,994,870

Semiannual Report

11. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Class K
Shares sold	1,029,652	23,823	$ 23,030,461	$ 671,729
Conversion from Overseas	10,320,533	1,787,998	238,320,481	50,752,081
Reinvestment of distributions	123,950	-	2,777,709	-
Shares redeemed	(1,283,630)	(72,389)	(28,273,635)	(1,938,925)
Net increase (decrease)	10,190,505	1,739,432	$ 235,855,016	$ 49,484,885

^A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

12. Other.

At the end of the period, Fidelity Freedom 2020 Fund was the owner of record of approximately 12% of the total outstanding shares of the Fund. The Fidelity Freedom Funds were the owners of record, in the aggregate of approximately 51% of the total outstanding shares of the Fund.

Semiannual Report

Worldwide

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including 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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2008 to April 30, 2009) for Worldwide and for the entire period (February 19, 2009 to April 30, 2009) for Class A, Class T, Class B, Class C and Institutional Class. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (November 1, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value	Ending Account Value April 30, 2009	Expenses Paid During Period
Class A	1.50%
Actual		$ 1,000.00	$ 1,125.90	$ 3.10 ^B
Hypothetical^A		$ 1,000.00	$ 1,017.36	$ 7.50 ^C
Class T	1.74%
Actual		$ 1,000.00	$ 1,125.90	$ 3.60 ^B
Hypothetical^A		$ 1,000.00	$ 1,016.17	$ 8.70 ^C
Class B	2.25%
Actual		$ 1,000.00	$ 1,125.00	$ 4.65 ^B
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23 ^C
Class C	2.25%
Actual		$ 1,000.00	$ 1,125.00	$ 4.65 ^B
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23 ^C
	Annualized Expense Ratio	Beginning Account Value	Ending Account Value April 30, 2009	Expenses Paid During Period
Worldwide	1.28%
Actual		$ 1,000.00	$ 928.00	$ 6.12 ^B
Hypothetical^A		$ 1,000.00	$ 1,018.45	$ 6.41 ^C
Institutional Class	1.23%
Actual		$ 1,000.00	$ 1,126.80	$ 2.54 ^B
Hypothetical^A		$ 1,000.00	$ 1,018.70	$ 6.16 ^C

^A 5% return per year before expenses

^B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period) for Worldwide and multiplied by 71/365 (to reflect the period February 19, 2009 to April 30, 2009) for Class A, Class T, Class B, Class C and Institutional Class.

^C Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Worldwide

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	United States of America	47.8%
	Japan	11.2%
	United Kingdom	10.3%
	Germany	5.3%
	France	5.2%
	Switzerland	5.1%
	Australia	1.7%
	Netherlands	1.4%
	China	1.3%
	Other	10.7%

fid392

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

As of October 31, 2008
	United States of America	54.0%
	United Kingdom	11.6%
	Switzerland	7.0%
	Japan	6.9%
	Germany	5.8%
	France	2.9%
	Australia	2.5%
	Spain	1.9%
	Italy	0.9%
	Other	6.5%

fid404

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	97.8	94.6
Bonds	0.7	0.0
Short-Term Investments and Net Other Assets	1.5	5.4
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Google, Inc. Class A (sub. vtg.) (United States of America, Internet Software & Services)	2.3	2.2
Union Pacific Corp. (United States of America, Road & Rail)	2.2	3.8
QUALCOMM, Inc. (United States of America, Communications Equipment)	2.2	1.3
Total SA sponsored ADR (France, Oil, Gas & Consumable Fuels)	2.2	0.0
JPMorgan Chase & Co. (United States of America, Diversified Financial Services)	2.1	0.0
Apple, Inc. (United States of America, Computers & Peripherals)	2.0	2.2
Gilead Sciences, Inc. (United States of America, Biotechnology)	1.7	0.7
Temple-Inland, Inc. (United States of America, Containers & Packaging)	1.6	0.0
Avnet, Inc. (United States of America, Electronic Equipment & Components)	1.5	0.0
Oracle Corp. (United States of America, Software)	1.3	2.0
	19.1
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	19.7	12.6
Financials	19.7	19.3
Consumer Discretionary	12.0	8.9
Industrials	9.4	8.9
Health Care	8.7	15.6
Energy	8.2	6.3
Materials	7.8	4.2
Consumer Staples	5.8	11.2
Telecommunication Services	4.7	3.9
Utilities	0.9	3.7

Semiannual Report

Worldwide

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%
	Shares		Value
Australia - 1.7%
ABB Grain Ltd.	87,967		$ 557,738
Billabong International Ltd.	233,401		1,781,912
Commonwealth Bank of Australia	95,320		2,433,375
CSL Ltd.	54,536		1,364,861
Macquarie Group Ltd.	49,400		1,202,559
Newcrest Mining Ltd.	13,087		284,896
QBE Insurance Group Ltd.	141,373		2,239,844
Wesfarmers Ltd.	203,618		3,351,867
Woolworths Ltd.	48,407		940,457
TOTAL AUSTRALIA			14,157,509
Belgium - 0.4%
Anheuser-Busch InBev NV	121,600		3,721,458
Bermuda - 0.1%
Aquarius Platinum Ltd. (United Kingdom) (a)	81,666		307,726
Huabao International Holdings Ltd.	1,060,000		749,264
TOTAL BERMUDA			1,056,990
Brazil - 0.7%
BM&F BOVESPA SA	182,298		750,215
Petroleo Brasileiro SA - Petrobras sponsored ADR	46,900		1,574,433
Redecard SA	125,500		1,580,980
Vivo Participacoes SA sponsored ADR	105,925		1,690,563
TOTAL BRAZIL			5,596,191
Canada - 1.1%
Canadian Natural Resources Ltd.	48,100		2,217,457
Niko Resources Ltd.	32,300		1,634,693
Open Text Corp. (a)	44,600		1,468,913
Petro-Canada	27,200		858,455
Petrobank Energy & Resources Ltd. (a)	46,800		1,006,009
Suncor Energy, Inc.	64,800		1,630,793
TOTAL CANADA			8,816,320
Cayman Islands - 0.5%
Belle International Holdings Ltd.	2,458,000		1,872,697
China Dongxiang Group Co. Ltd.	3,481,000		1,690,527
Want Want China Holdings Ltd.	1,008,000		502,617
TOTAL CAYMAN ISLANDS			4,065,841
China - 1.3%
BYD Co. Ltd. (H Shares)	278,500		731,636
Changyou.com Ltd. (A Shares) ADR	37,500		1,153,125
China Merchants Bank Co. Ltd. (H Shares)	544,500		972,872
China Telecom Corp. Ltd. (H Shares)	3,790,000		1,865,692
Industrial & Commercial Bank of China Ltd.	1,793,000		1,020,006
Li Ning Co. Ltd.	473,500		968,999

	Shares		Value
Tencent Holdings Ltd.	197,200		$ 1,742,975
ZTE Corp. (H Shares)	701,584		2,365,312
TOTAL CHINA			10,820,617
Cyprus - 0.0%
Aisi Realty Public Ltd. (a)	583,060		46,854
Denmark - 0.5%
Novo Nordisk AS Series B	62,700		2,983,161
Vestas Wind Systems AS (a)	15,800		1,025,547
TOTAL DENMARK			4,008,708
Finland - 0.2%
Nokia Corp. sponsored ADR	133,500		1,887,690
France - 5.2%
Accor SA	26,700		1,129,421
Alstom SA	37,600		2,343,268
AXA SA	177,900		2,988,229
BNP Paribas SA	97,782		5,146,256
Cap Gemini SA	39,200		1,464,917
Iliad Group SA	11,100		1,165,555
LVMH Moet Hennessy - Louis Vuitton	15,300		1,154,826
Orpea (a)	32,100		1,312,243
PPR SA	28,050		2,148,426
Sanofi-Aventis	26,900		1,545,119
Schneider Electric SA (d)	22,600		1,719,370
Societe Generale Series A	44,885		2,293,399
Total SA:
Series B	120,500		6,027,713
sponsored ADR	241,200		11,992,464
Unibail-Rodamco	6,800		1,013,785
TOTAL FRANCE			43,444,991
Germany - 4.8%
Allianz AG (Reg.)	23,900		2,165,276
Bayerische Motoren Werke AG (BMW)	50,600		1,735,859
Daimler AG (Reg.)	58,300		2,081,391
Deutsche Bank AG	47,800		2,506,198
Deutsche Bank AG (NY Shares)	130,000		6,815,900
Deutsche Boerse AG	39,100		2,861,538
E.ON AG	180,400		6,044,902
Fresenius Medical Care AG & Co. KGaA (d)	58,100		2,258,904
GEA Group AG	134,400		1,749,417
Gerresheimer AG	36,700		875,314
MAN AG	41,700		2,560,803
Munich Re Group (Reg.)	33,900		4,635,436
Siemens AG (Reg.)	47,500		3,179,314
Wincor Nixdorf AG	10,700		531,376
TOTAL GERMANY			40,001,628
Greece - 0.1%
Public Power Corp. of Greece	37,400		720,758
Hong Kong - 0.4%
Cheung Kong Holdings Ltd.	224,000		2,310,694
Common Stocks - continued
	Shares		Value
Hong Kong - continued
Hang Lung Properties Ltd.	237,000		$ 665,661
Techtronic Industries Co. Ltd.	379,000		224,140
TOTAL HONG KONG			3,200,495
India - 0.4%
Bharti Airtel Ltd. (a)	114,455		1,744,404
Infosys Technologies Ltd.	42,311		1,294,599
Titan Industries Ltd.	12,639		191,259
TOTAL INDIA			3,230,262
Ireland - 0.4%
CRH PLC	68,200		1,772,530
Paddy Power PLC (Ireland)	82,700		1,522,688
TOTAL IRELAND			3,295,218
Israel - 0.4%
Nice Systems Ltd. sponsored ADR (a)	52,600		1,347,086
Teva Pharmaceutical Industries Ltd. sponsored ADR	45,300		1,988,217
TOTAL ISRAEL			3,335,303
Italy - 0.3%
Fiat SpA	232,500		2,272,407
Japan - 9.6%
Asics Corp.	224,000		1,456,528
Canon Marketing Japan, Inc.	132,200		1,598,970
Canon, Inc.	110,450		3,306,133
Daiwa Securities Group, Inc.	401,000		2,101,311
Denso Corp.	83,900		1,983,804
Eisai Co. Ltd.	34,200		918,009
Fanuc Ltd.	19,200		1,385,866
Fast Retailing Co. Ltd.	7,600		798,956
Honda Motor Co. Ltd.	113,700		3,333,043
JTEKT Corp.	93,600		903,008
Keyence Corp.	5,100		900,870
Misumi Group, Inc.	28,800		388,954
Mitsubishi Corp.	93,300		1,436,200
Mitsubishi UFJ Financial Group, Inc.	1,316,200		7,181,518
Mitsui & Co. Ltd.	128,400		1,362,228
Murata Manufacturing Co. Ltd.	30,500		1,236,436
NGK Insulators Ltd.	91,000		1,395,953
Nichi-iko Pharmaceutical Co. Ltd.	15,200		410,503
Nippon Building Fund, Inc.	157		1,275,905
Nippon Electric Glass Co. Ltd.	115,000		936,044
Nippon Steel Corp.	277,000		931,542
Nissan Motor Co. Ltd.	397,600		2,075,794
Nitori Co. Ltd.	5,400		303,926
Nomura Holdings, Inc.	639,000		3,857,057
NSK Ltd.	187,000		832,566
Omron Corp.	56,800		849,155
Point, Inc.	12,340		550,030
Promise Co. Ltd.	156,100		2,063,190
Rakuten, Inc.	4,160		2,116,915

	Shares		Value
Ricoh Co. Ltd.	241,000		$ 2,980,450
Sawai Pharmaceutical Co. Ltd.	9,100		421,846
Seven & i Holdings Co., Ltd.	51,800		1,170,802
Shin-Etsu Chemical Co., Ltd.	43,300		2,105,034
SMC Corp.	6,100		598,542
Softbank Corp.	142,000		2,247,007
Sony Corp. sponsored ADR	68,100		1,761,066
Sony Financial Holdings, Inc.	503		1,582,953
Sumitomo Mitsui Financial Group, Inc.	97,900		3,396,148
THK Co. Ltd.	100,600		1,395,542
Tokio Marine Holdings, Inc.	94,600		2,495,546
Tokyo Electron Ltd.	72,300		3,307,088
Toyota Motor Corp.	174,100		6,892,410
Tsumura & Co.	28,700		786,174
USS Co. Ltd.	18,810		852,612
TOTAL JAPAN			79,883,634
Korea (South) - 0.3%
NHN Corp. (a)	12,068		1,468,368
Samsung Electronics Co. Ltd.	2,169		1,004,733
TOTAL KOREA (SOUTH)			2,473,101
Luxembourg - 0.6%
ArcelorMittal SA (NY Shares) Class A	70,200		1,655,316
SES SA (A Shares) FDR unit	146,242		2,597,793
Tenaris SA	54,700		687,837
TOTAL LUXEMBOURG			4,940,946
Mexico - 0.1%
America Movil SAB de CV Series L sponsored ADR	22,500		739,125
Netherlands - 1.4%
Akzo Nobel NV	39,300		1,643,098
ASML Holding NV:
(Netherlands)	87,800		1,841,914
(NY Shares)	55,000		1,163,250
Gemalto NV (a)	61,300		1,929,662
James Hardie Industries NV unit	304,018		1,016,837
Koninklijke Ahold NV	130,600		1,430,492
Koninklijke KPN NV	85,400		1,026,434
Royal DSM NV	52,000		1,612,208
TOTAL NETHERLANDS			11,663,895
Netherlands Antilles - 0.5%
Schlumberger Ltd. (NY Shares)	78,000		3,821,220
Norway - 0.1%
Pronova BioPharma ASA (a)	296,200		742,911
Papua New Guinea - 0.2%
Oil Search Ltd.	510,037		1,902,450
Russia - 0.2%
OAO Gazprom sponsored ADR	85,400		1,511,580
Common Stocks - continued
	Shares		Value
Singapore - 0.2%
Ascendas Real Estate Investment Trust (A-REIT)	455,000		$ 411,820
Singapore Exchange Ltd.	330,000		1,397,568
TOTAL SINGAPORE			1,809,388
South Africa - 0.5%
MTN Group Ltd.	301,900		3,920,782
Spain - 1.2%
Banco Santander SA	191,400		1,818,491
Inditex SA	23,800		1,014,510
Red Electrica Corporacion SA	16,400		686,200
Telefonica SA	333,900		6,324,439
TOTAL SPAIN			9,843,640
Sweden - 0.3%
H&M Hennes & Mauritz AB (B Shares)	50,500		2,247,876
Switzerland - 5.1%
Actelion Ltd. (Reg.) (a)	73,636		3,353,950
BB BIOTECH AG	20,274		1,179,225
Credit Suisse Group sponsored ADR	83,600		3,200,208
Nestle SA (Reg.)	214,177		6,979,636
Nobel Biocare Holding AG (Switzerland)	59,700		1,216,737
Noble Corp.	204,000		5,575,320
Novartis AG sponsored ADR	24,100		913,631
Partners Group Holding	14,770		1,290,178
Roche Holding AG (participation certificate)	50,315		6,343,262
Sonova Holding AG	32,712		2,116,130
Syngenta AG (Switzerland)	9,050		1,931,581
UBS AG (For. Reg.)	164,736		2,262,300
Weatherford International Ltd. (a)	201,000		3,342,630
Zurich Financial Services AG (Reg.)	16,380		3,043,104
TOTAL SWITZERLAND			42,747,892
Taiwan - 0.6%
Taiwan Semiconductor Manufacturing Co. Ltd.	1,711,000		2,894,419
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	170,000		1,796,900
TOTAL TAIWAN			4,691,319
United Kingdom - 10.3%
Aberdeen Asset Management PLC	1,207,400		2,340,580
Aegis Group PLC	435,400		582,670
AstraZeneca PLC (United Kingdom)	70,700		2,474,663
Autonomy Corp. PLC (a)	105,100		2,204,084
BAE Systems PLC	251,200		1,320,881
Barclays PLC	487,600		1,978,961
BG Group PLC	144,200		2,301,704
BG Group PLC sponsored ADR	11,900		943,908
BHP Billiton PLC	346,600		7,190,987
BP PLC	399,400		2,821,364

	Shares		Value
British American Tobacco PLC (United Kingdom)	64,435		$ 1,553,386
Capita Group PLC	168,419		1,697,474
Carphone Warehouse Group PLC	320,600		701,826
Compass Group PLC	366,600		1,742,524
Cookson Group PLC	1,787,700		510,468
DSG International PLC	663,400		417,683
DSG International PLC	592,700		262,945
HSBC Holdings PLC:
(Hong Kong) (Reg.)	73,238		513,361
(United Kingdom) (Reg.)	1,019,957		7,250,665
Imperial Tobacco Group PLC	93,500		2,132,519
Informa PLC	504,100		2,202,452
InterContinental Hotel Group PLC	121,900		1,157,722
Man Group PLC	761,300		2,812,909
Misys PLC	451,700		921,582
NEXT PLC	74,500		1,781,249
Prudential PLC	376,900		2,165,488
Reckitt Benckiser Group PLC	84,000		3,296,198
Rio Tinto PLC (Reg.)	106,600		4,329,679
Royal Bank of Scotland Group PLC	579,508		353,544
Royal Dutch Shell PLC Class B	308,300		6,974,391
SSL International PLC	282,500		1,979,845
Standard Chartered PLC (United Kingdom)	250,064		3,866,866
Vodafone Group PLC	3,488,500		6,409,356
Vodafone Group PLC sponsored ADR	69,412		1,273,710
William Morrison Supermarkets PLC	332,700		1,204,693
Wolseley PLC	137,952		2,473,214
WPP PLC	164,900		1,127,813
Xstrata PLC	44,000		387,766
TOTAL UNITED KINGDOM			85,661,130
United States of America - 45.8%
3M Co.	45,000		2,592,000
Albemarle Corp.	25,000		670,500
Amazon.com, Inc. (a)	27,800		2,238,456
American Eagle Outfitters, Inc.	53,000		785,460
American Express Co.	32,000		807,040
Apple, Inc. (a)	131,600		16,559,228
Applied Materials, Inc.	92,000		1,123,320
Ashland, Inc.	35,000		768,600
AutoNation, Inc. (a)	39,000		690,690
AutoZone, Inc. (a)	2,000		332,780
Avnet, Inc. (a)	587,400		12,858,186
Baker Hughes, Inc.	13,000		462,540
Bank of America Corp.	257,900		2,303,047
Bemis Co., Inc.	13,000		312,520
Biogen Idec, Inc. (a)	49,900		2,412,166
BorgWarner, Inc.	313,800		9,084,510
Boston Private Financial Holdings, Inc.	35,000		161,350
Burlington Northern Santa Fe Corp.	48,000		3,239,040
Caterpillar, Inc.	51,000		1,814,580
Celanese Corp. Class A	242,000		5,043,280
Common Stocks - continued
	Shares		Value
United States of America - continued
Cephalon, Inc. (a)(d)	82,200		$ 5,393,142
Charles Schwab Corp.	48,000		887,040
Chevron Corp.	76,700		5,069,870
Cisco Systems, Inc. (a)	534,700		10,330,404
CME Group, Inc.	4,300		951,805
Coach, Inc.	64,000		1,568,000
Comcast Corp. Class A (special) (non-vtg.)	62,000		910,160
CSX Corp.	13,000		384,670
Cummins, Inc.	31,600		1,074,400
Dendreon Corp. (a)	40,000		848,000
Dow Chemical Co.	65,000		1,040,000
Eaton Corp.	129,000		5,650,200
Express Scripts, Inc. (a)	161,000		10,299,170
Fidelity National Financial, Inc. Class A	285,900		5,183,367
FMC Corp.	120,300		5,862,219
Ford Motor Co. (a)	210,000		1,255,800
Freeport-McMoRan Copper & Gold, Inc. Class B	121,600		5,186,240
General Electric Co.	401,900		5,084,035
Gilead Sciences, Inc. (a)	309,000		14,152,200
Goldman Sachs Group, Inc.	36,000		4,626,000
Google, Inc. Class A (sub. vtg.) (a)	47,700		18,887,768
Hewitt Associates, Inc. Class A (a)	82,000		2,571,520
Illinois Tool Works, Inc.	38,000		1,246,400
International Business Machines Corp.	55,800		5,759,118
JCPenney Co., Inc.	24,000		736,560
JPMorgan Chase & Co.	517,400		17,074,200
KLA-Tencor Corp.	41,000		1,137,340
Kohl's Corp. (a)	67,000		3,038,450
Lam Research Corp. (a)	131,000		3,652,280
Las Vegas Sands Corp. (a)	70,000		547,400
Louisiana-Pacific Corp.	223,000		907,610
Marriott International, Inc. Class A	73,000		1,719,880
McDonald's Corp.	48,000		2,557,920
McGraw-Hill Companies, Inc.	64,000		1,929,600
Mead Johnson Nutrition Co. Class A	13,300		375,725
Microsoft Corp.	75,000		1,519,500
Morgan Stanley	435,000		10,283,400
National Oilwell Varco, Inc. (a)	7,000		211,960
Nordstrom, Inc.	33,000		746,790
Norfolk Southern Corp.	15,000		535,200
Novellus Systems, Inc. (a)	125,000		2,257,500
O'Reilly Automotive, Inc. (a)	39,000		1,515,150
Occidental Petroleum Corp.	12,000		675,480
Omnicom Group, Inc.	5,000		157,350
Oracle Corp.	576,900		11,157,246
Owens-Illinois, Inc. (a)	35,000		853,650
PACCAR, Inc.	139,800		4,954,512
Packaging Corp. of America	50,000		793,500
Pactiv Corp. (a)	13,000		284,180
Parker Hannifin Corp.	31,000		1,405,850
Patterson-UTI Energy, Inc.	58,000		737,180

	Shares		Value
Philip Morris International, Inc.	92,000		$ 3,330,400
PNC Financial Services Group, Inc.	35,000		1,389,500
Procter & Gamble Co.	20,000		988,800
Pulte Homes, Inc.	49,390		568,479
QUALCOMM, Inc.	422,800		17,892,896
Quidel Corp. (a)	9,700		112,908
Qwest Communications International, Inc.	150,000		583,500
Regal-Beloit Corp.	28,300		1,149,829
Rock-Tenn Co. Class A	26,000		981,760
Rockwell Automation, Inc.	13,000		410,670
Rosetta Stone, Inc.	2,000		59,900
Sealed Air Corp.	123,000		2,344,380
Simon Property Group, Inc.	41,000		2,115,600
Southwestern Energy Co. (a)	107,000		3,837,020
Sprint Nextel Corp. (a)	2,007,000		8,750,520
Temple-Inland, Inc.	1,093,300		13,054,002
Tenet Healthcare Corp. (a)	200,000		450,000
Teradyne, Inc. (a)	375,000		2,227,500
The Coca-Cola Co.	233,600		10,056,480
The DIRECTV Group, Inc. (a)	261,400		6,464,422
The Travelers Companies, Inc.	32,000		1,316,480
The Walt Disney Co.	30,000		657,000
TJX Companies, Inc.	122,000		3,412,340
Union Pacific Corp.	375,600		18,456,984
Varian Semiconductor Equipment Associates, Inc. (a)	60,649		1,552,008
Visa, Inc.	115,700		7,515,872
Wal-Mart Stores, Inc.	117,600		5,927,040
Walgreen Co.	62,000		1,948,660
Wells Fargo & Co.	467,900		9,362,679
Wilmington Trust Corp., Delaware	181,000		2,626,310
Wyndham Worldwide Corp.	25,000		292,000
TOTAL UNITED STATES OF AMERICA			380,082,173
TOTAL COMMON STOCKS (Cost $824,929,216)		792,362,302
Nonconvertible Preferred Stocks - 0.7%

Germany - 0.5%
Fresenius SE (non-vtg.)	79,700		4,066,332
Italy - 0.2%
Intesa Sanpaolo SpA	864,400		1,919,171
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $8,760,456)		5,985,503

Convertible Bonds - 0.7%
	Principal Amount
Bermuda - 0.1%
Ingersoll-Rand Global Holding Co. Ltd. 4.5% 4/15/12	$ 890,000		1,238,613
Convertible Bonds - continued
	Principal Amount		Value
Luxembourg - 0.1%
ArcelorMittal SA 5% 5/15/14	$ 460,000		$ 475,028
United States of America - 0.5%
Alcoa, Inc. 5.25% 3/15/14	560,000		883,400
Johnson Controls, Inc. 6.5% 9/30/12	620,000		1,115,450
Micron Technology, Inc. 4.25% 10/15/13	320,000		372,800
Sunpower Corp. 4.75% 4/15/14	530,000		623,969
Textron, Inc. 4.5% 5/1/13	330,000		357,819
United States Steel Corp. 4% 5/15/14	770,000		821,975
TOTAL UNITED STATES OF AMERICA			4,175,413
TOTAL CONVERTIBLE BONDS (Cost $4,543,650)		5,889,054
Government Obligations - 0.2%

United States of America - 0.2%
U.S. Treasury Bills, yield at date of purchase 0.06% to 0.22% 5/7/09 to 5/28/09 (e) (Cost $1,594,804)	1,595,000		1,594,965

Money Market Funds - 3.2%
	Shares
Fidelity Cash Central Fund, 0.53% (b)	21,869,561		21,869,561
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	4,665,950		4,665,950
TOTAL MONEY MARKET FUNDS (Cost $26,535,511)		26,535,511
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $866,363,637)			832,367,335
NET OTHER ASSETS - (0.3)%			(2,618,775)
NET ASSETS - 100%		$ 829,748,560

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
44 Nikkei 225 Index Contracts (Japan)	June 2009	$ 3,953,953	$ 424,780
106 TOPIX 150 Index Contracts (Japan)	June 2009	9,041,635	1,359,243
TOTAL EQUITY INDEX CONTRACTS		$ 12,995,588	$ 1,784,023

The face value of futures purchased as a percentage of net assets - 1.6%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $1,564,965.

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	$ 248,376
Fidelity Securities Lending Cash Central Fund	41,797
Total	$ 290,173

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 832,367,335	$ 495,271,826	$ 337,095,509	$ -
Other Financial Instruments*	$ 1,784,023	$ 1,784,023	$ -	$ -

* Other financial instruments include Futures Contracts.

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 336,547
Total Realized Gain (Loss)	(1,382,609)
Total Unrealized Gain (Loss)	1,180,463
Cost of Purchases	-
Proceeds of Sales	(134,401)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ -

Income Tax Information

At October 31, 2008, the Fund had a capital loss carryforward of approximately $115,059,396 all of which will expire on October 31, 2016.

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

Semiannual Report

Worldwide Fund

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $4,520,646) - See accompanying schedule: Unaffiliated issuers (cost $839,828,126)	$ 805,831,824
Fidelity Central Funds (cost $26,535,511)	26,535,511
Total Investments (cost $866,363,637)		$ 832,367,335
Foreign currency held at value (cost $46,089)		46,447
Receivable for investments sold		41,982,015
Receivable for fund shares sold		659,782
Dividends receivable		2,566,815
Interest receivable		11,081
Distributions receivable from Fidelity Central Funds		20,115
Receivable for daily variation on futures contracts		496,865
Prepaid expenses		7,408
Other receivables		117,651
Total assets		878,275,514

Liabilities
Payable to custodian bank	$ 45,354
Payable for investments purchased	42,207,066
Payable for fund shares redeemed	720,562
Accrued management fee	576,475
Distribution fees payable	262
Other affiliated payables	231,529
Other payables and accrued expenses	79,756
Collateral on securities loaned, at value	4,665,950
Total liabilities		48,526,954

Net Assets		$ 829,748,560
Net Assets consist of:
Paid in capital		$ 1,198,985,391
Undistributed net investment income		3,220,558
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(340,183,429)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(32,273,960)
Net Assets		$ 829,748,560

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($148,111 ÷ 12,086 shares)		$ 12.25

Maximum offering price per share (100/94.25 of $12.25)		$ 13.00
Class T: Net Asset Value and redemption price per share ($112,684 ÷ 9,199 shares)		$ 12.25

Maximum offering price per share (100/96.50 of $12.25)		$ 12.69
Class B: Net Asset Value, offering price and redemption price per share ($121,437 ÷ 9,924 shares)		$ 12.24

Class C: Net Asset Value, offering price and redemption price per share ($124,855 ÷ 10,203 shares)		$ 12.24


Worldwide: Net Asset Value, offering price and redemption price per share ($829,128,774 ÷ 67,641,268 shares)		$ 12.26

Institutional Class: Net Asset Value, offering price and redemption price per share ($112,699 ÷ 9,191 shares)		$ 12.26

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

Semiannual Report

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 10,902,640
Interest		13,849
Income from Fidelity Central Funds		290,173
		11,206,662
Less foreign taxes withheld		(476,468)
Total income		10,730,194

Expenses
Management fee Basic fee	$ 2,879,647
Performance adjustment	645,595
Transfer agent fees	1,239,076
Distribution fees	563
Accounting and security lending fees	192,708
Custodian fees and expenses	72,347
Independent trustees' compensation	2,924
Registration fees	87,482
Audit	39,162
Legal	2,564
Miscellaneous	8,851
Total expenses before reductions	5,170,919
Expense reductions	(131,441)	5,039,478
Net investment income (loss)		5,690,716
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(191,977,593)
Foreign currency transactions	(339,908)
Futures contracts	(1,613,932)
Total net realized gain (loss)		(193,931,433)
Change in net unrealized appreciation (depreciation) on: Investment securities	114,980,429
Assets and liabilities in foreign currencies	(18,298)
Futures contracts	1,784,023
Total change in net unrealized appreciation (depreciation)		116,746,154
Net gain (loss)		(77,185,279)
Net increase (decrease) in net assets resulting from operations		$ (71,494,563)

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 5,690,716	$ 12,367,196
Net realized gain (loss)	(193,931,433)	(143,763,130)
Change in net unrealized appreciation (depreciation)	116,746,154	(564,532,626)
Net increase (decrease) in net assets resulting from operations	(71,494,563)	(695,928,560)
Distributions to shareholders from net investment income	(11,746,083)	(8,541,065)
Distributions to shareholders from net realized gain	-	(169,398,247)
Total distributions	(11,746,083)	(177,939,312)
Share transactions - net increase (decrease)	(21,915,478)	35,066,852
Redemption fees	19,337	83,803
Total increase (decrease) in net assets	(105,136,787)	(838,717,217)

Net Assets
Beginning of period	934,885,347	1,773,602,564
End of period (including undistributed net investment income of $3,220,558 and undistributed net investment income of $10,091,805, respectively)	$ 829,748,560	$ 934,885,347

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

Semiannual Report

Financial Highlights - Class A

	Period ended April 30, 2009^H
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss) ^E	.04
Net realized and unrealized gain (loss)	1.33
Total from investment operations	1.37
Redemption fees added to paid in capital ^{E, J}	-
Net asset value, end of period	$ 12.25
Total Return^{B, C, D}	12.59%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.50% ^A
Expenses net of fee waivers, if any	1.50% ^A
Expenses net of all reductions	1.48% ^A
Net investment income (loss)	1.87% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 148
Portfolio turnover rate ^G	267% ^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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. ^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.

Financial Highlights - Class T

	Period ended April 30, 2009^H
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss) ^E	.03
Net realized and unrealized gain (loss)	1.34
Total from investment operations	1.37
Redemption fees added to paid in capital ^{E, J}	-
Net asset value, end of period	$ 12.25
Total Return ^{B,C, D}	12.59%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.74% ^A
Expenses net of fee waivers, if any	1.74%^A
Expenses net of all reductions	1.72%^A
Net investment income (loss)	1.59%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 113
Portfolio turnover rate ^G	267%^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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. ^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

	Period ended April 30, 2009^G
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss) ^D	.02
Net realized and unrealized gain (loss)	1.34
Total from investment operations	1.36
Redemption fees added to paid in capital ^{D, I}	-
Net asset value, end of period	$ 12.24
Total Return ^{B, C}	12.50%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	2.25% ^A
Expenses net of fee waivers, if any	2.25% ^A
Expenses net of all reductions	2.23% ^A
Net investment income (loss)	1.09% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 121
Portfolio turnover rate ^F	267% ^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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. ^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.

Financial Highlights - Class C

	Period ended April 30, 2009^G
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss) ^D	.02
Net realized and unrealized gain (loss)	1.34
Total from investment operations	1.36
Redemption fees added to paid in capital^{D, I}	-
Net asset value, end of period	$ 12.24
Total Return^{B, C}	12.50%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	2.25% ^A
Expenses net of fee waivers, if any	2.25% ^A
Expenses net of all reductions	2.23% ^A
Net investment income (loss)	1.07% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 125
Portfolio turnover rate ^F	267% ^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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. ^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 - Worldwide

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 13.40	$ 25.18	$ 21.82	$ 19.05	$ 16.72	$ 15.30
Income from Investment Operations
Net investment income (loss) ^D	.08	.16	.14	.17	.15 ^G	.05 ^H
Net realized and unrealized gain (loss)	(1.05)	(9.44)	6.05	3.74	2.30	1.44
Total from investment operations	(0.97)	(9.28)	6.19	3.91	2.45	1.49
Distributions from net investment income	(.17)	(.12)	(.17)	(.10)	(.10)	(.07)
Distributions from net realized gain	-	(2.38)	(2.66)	(1.04)	(.02)	-
Total distributions	(.17)	(2.50)	(2.83)	(1.14)	(.12)	(.07)
Redemption fees added to paid in capital ^{D, J}	-	-	-	-	-	-
Net asset value, end of period	$ 12.26	$ 13.40	$ 25.18	$ 21.82	$ 19.05	$ 16.72
Total Return ^{B, C}	(7.20)%	(40.66)%	31.87%	21.31%	14.71%	9.77%
Ratios to Average Net Assets ^{E, I}
Expenses before reductions	1.29% ^A	1.21%	1.04%	1.08%	1.07%	1.23%
Expenses net of fee waivers, if any	1.28%^A	1.21%	1.04%	1.08%	1.07%	1.23%
Expenses net of all reductions	1.26%^A	1.19%	1.02%	1.02%	1.01%	1.19%
Net investment income (loss)	1.42%^A	.84%	.66%	.85%	.82% ^G	.29% ^H
Supplemental Data
Net assets, end of period (000 omitted)	$ 829,129	$ 934,885	$ 1,773,603	$ 1,328,219	$ 1,181,044	$ 1,064,162
Portfolio turnover rate ^F	267%^A	264%	128%	205%	93%	95%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E 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 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.

Financial Highlights - Institutional Class

	Period ended April 30, 2009^G
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss) ^D	.05
Net realized and unrealized gain (loss)	1.33
Total from investment operations	1.38
Redemption fees added to paid in capital^{D, I}	-
Net asset value, end of period	$ 12.26
Total Return^{B, C}	12.68%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	1.23% ^A
Expenses net of fee waivers, if any	1.23%^A
Expenses net of all reductions	1.21%^A
Net investment income (loss)	2.10%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 113
Portfolio turnover rate ^F	267%^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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. ^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, 2009 (Unaudited)

1. Organization.

Fidelity Worldwide 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, Worldwide 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. The Fund commenced sale of Class A, Class T, Class B, Class C, and Institutional Class shares and the existing class was designated Worldwide on February 19, 2009. 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.

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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, 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.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

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, 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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

The three levels of the hierarchy under SFAS 157 are described below:

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Book-tax differences are primarily due to futures and options transactions, 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.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Unrealized appreciation	$ 71,860,193
Unrealized depreciation	(136,640,711)
Net unrealized appreciation (depreciation)	$ (64,780,518)
Cost for federal income tax purposes	$ 897,147,853

4. Operating Policies.

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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,026,526,266 and $1,028,074,738, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20 of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .88% 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, except for the Institutional Class. 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	-%	.25%	$ 55	$ 50
Class T	.25%	.25%	99	99
Class B	.75%	.25%	203	202
Class C	.75%	.25%	206	199
			$ 563	$ 550

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	$ 150
Class T	3
Total	$ 153

* 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 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 were as follows:

	Amount	% of Average Net Assets*
Class A	$ 65	.29
Class T	53	.26
Class B	57	.28
Class C	58	.28
Worldwide	1,238,794	.31
Institutional Class	49	.24
	$ 1,239,076

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $2,569 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

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 is 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 $41,797.

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Worldwide operating expenses. During the period, this reimbursement reduced the Fund's expenses by $57,475.

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 $73,426 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 $540.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Worldwide	$ 11,746,083	$ 8,541,065
From net realized gain
Worldwide	$ -	$ 169,398,247

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
Class A ^A
Shares sold	12,086	-	$ 133,845	$ -
Class T ^A
Shares sold	9,199	-	$ 100,097	$ -
Class B ^A
Shares sold	9,924	-	$ 108,670	$ -
Class C ^A
Shares sold	10,203	-	$ 111,994	$ -
Worldwide
Shares sold	5,281,716	15,425,394	$ 61,622,080	$ 303,265,276
Reinvestment of distributions	959,834	7,926,720	11,413,264	172,247,752
Shares redeemed	(8,347,452)	(24,051,522)	(95,505,428)	(440,446,176)
Net increase (decrease)	(2,105,902)	(699,408)	$ (22,470,084)	$ 35,066,852
Institutional Class ^A
Shares sold	9,191	-	$ 100,000	$ -

^A Share transactions are for the period February 19, 2009 (commencement of sale of shares) to April 30, 2009.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

12. Other.

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

fid406 For mutual fund and brokerage trading.

fid408 For quotes.*

fid410 For account balances and holdings.

fid412 To review orders and mutual fund activity.

fid414 To change your PIN.

fid416 fid418 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

2000 Avenue of the Stars
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

16656 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

398 West El Camino Real
Sunnyvale, CA

111 South Westlake Blvd
Thousand Oaks, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6326 Canoga Avenue
Woodland Hills, CA

Colorado

281 East Flatiron Circle
Broomfield, CO

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

175 East Altamonte Drive
Altamonte Springs, FL

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

8880 Tamiami Trail, North
Naples, FL

230 Royal Palm Way
Palm Beach, 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

401 North Michigan Avenue
Chicago, IL

One Skokie Valley Road
Highland Park, IL

1415 West 22nd Street
Oak Brook, IL

15105 S LaGrange Road
Orland Park, IL

1572 East Golf Road
Schaumburg, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

8480 Keystone Crossing
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

610 York Road
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

200 Endicott Street
Danvers, MA

405 Cochituate Road
Framingham, MA

551 Boston Turnpike
Shrewsbury, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 Old N. Woodward Ave.
Birmingham, MI

30200 Northwestern Hwy.
Farmington Hills, MI

43420 Grand River Avenue
Novi, MI

Minnesota

7740 France Avenue South
Edina, MN

8342 3rd Street North
Oakdale, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

501 Route 73 South
Marlton, NJ

150 Essex Street
Millburn, NJ

35 Morris Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New Mexico

2261 Q Street NE
Albuquerque, NM

New York

1130 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

1800 Crocker Road
Westlake, 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

10 Memorial Boulevard
Providence, RI

Tennessee

3018 Peoples Street
Johnson City, TN

7628 West Farmington Blvd.
Germantown, TN

2035 Mallory Lane
Franklin, 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

1701 Lake Robbins Drive
The Woodlands, 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

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

10500 NE 8th Street
Bellevue, WA

1518 6th Avenue
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

16020 West Bluemound Road
Brookfield, WI

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company
Fidelity Investments Japan Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.

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

Custodians

JPMorgan Chase Bank
New York, NY

Diversified International Fund, Overseas Fund, and Worldwide Fund

The Northern Trust Company
Chicago, IL

International Capital Appreciation 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®) fid420 1-800-544-5555

Automated line for quickest service

fid423

IBD-USAN-0609
1.784910.106

Fidelity
Diversified International
Fund -
Class K

Semiannual Report

April 30, 2009

(2_fidelity_logos) (Registered_Trademark)

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>

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 LLC 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.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

Diversified International

Shareholder Expense Example

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Diversified International	1.02%
Actual		$ 1,000.00	$ 971.00	$ 4.98
Hypothetical ^A		$ 1,000.00	$ 1,019.74	$ 5.11
Class K	.77%
Actual		$ 1,000.00	$ 972.50	$ 3.77
Hypothetical ^A		$ 1,000.00	$ 1,020.98	$ 3.86

^A 5% return per year before expenses

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

Semiannual Report

Diversified International

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	United Kingdom	17.3%
	Japan	15.4%
	Switzerland	11.3%
	United States of America	8.6%
	Germany	7.9%
	France	7.7%
	Canada	6.4%
	Spain	4.0%
	Italy	2.9%
	Other	18.5%

fid452

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

As of October 31, 2008
	United Kingdom	15.6%
	Switzerland	12.7%
	United States of America	12.2%
	Japan	10.6%
	Germany	9.7%
	France	7.1%
	Canada	6.9%
	Spain	3.9%
	Australia	3.1%
	Other	18.2%

fid464

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	97.2	94.1
Short-Term Investments and Net Other Assets	2.8	5.9
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Nestle SA (Reg.) (Switzerland, Food Products)	2.4	2.9
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	1.9	1.7
Telefonica SA (Spain, Diversified Telecommunication Services)	1.9	2.0
E.ON AG (Germany, Electric Utilities)	1.6	2.2
Toyota Motor Corp. sponsored ADR (Japan, Automobiles)	1.6	1.5
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	1.5	1.8
Reckitt Benckiser Group PLC (United Kingdom, Household Products)	1.4	1.7
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)	1.3	1.3
Mitsubishi UFJ Financial Group, Inc. (Japan, Commercial Banks)	1.2	0.6
Anheuser-Busch InBev NV (Belgium, Beverages)	1.2	0.8
	16.0
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	16.6	17.3
Consumer Staples	11.2	13.8
Health Care	10.7	13.3
Industrials	10.8	11.1
Consumer Discretionary	10.5	6.9
Information Technology	9.8	7.4
Energy	9.5	7.7
Materials	7.4	5.5
Telecommunication Services	6.7	5.8
Utilities	4.0	5.2

Semiannual Report

Diversified International

Investments April 30, 2009

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
Australia - 2.8%
AMP Ltd.	9,120,417		$ 34,417,253
BHP Billiton Ltd. sponsored ADR (d)	5,901,000		284,074,140
Brambles Ltd.	4,000,000		17,217,728
Computershare Ltd.	2,000,000		13,291,388
CSL Ltd.	10,100,000		252,770,498
Newcrest Mining Ltd.	2,500,000		54,423,435
QBE Insurance Group Ltd.	7,578,885		120,076,133
TOTAL AUSTRALIA			776,270,575
Belgium - 1.2%
Anheuser-Busch InBev NV (d)	10,332,600		316,219,878
Anheuser-Busch InBev NV (strip VVPR) (a)	5,339,200		13,955
TOTAL BELGIUM			316,233,833
Bermuda - 0.6%
Clear Media Ltd. (a)	22,325,000		6,733,395
Covidien Ltd.	1,950,000		64,311,000
Huabao International Holdings Ltd.	21,290,000		15,048,901
Seadrill Ltd.	8,625,000		92,038,617
TOTAL BERMUDA			178,131,913
Brazil - 0.9%
BR Malls Participacoes SA (a)	3,161,900		23,682,262
Itau Unibanco Banco Multiplo SA ADR	4,900,000		67,277,000
Petroleo Brasileiro SA - Petrobras sponsored ADR	1,300,000		43,641,000
Redecard SA	2,710,600		34,146,656
Vivo Participacoes SA sponsored ADR	5,000,000		79,800,000
TOTAL BRAZIL			248,546,918
Canada - 6.4%
Agnico-Eagle Mines Ltd. (Canada)	896,500		39,631,573
Barrick Gold Corp.	1,286,600		37,252,906
Canadian Imperial Bank of Commerce	550,000		24,691,808
Canadian Natural Resources Ltd.	5,700,000		262,775,613
Canadian Pacific Railway Ltd.	2,900,000		103,775,403
EnCana Corp.	4,500,000		206,247,643
Flint Energy Services Ltd. (a)	1,000,000		5,631,678
Niko Resources Ltd. (e)	3,885,100		196,623,666
Open Text Corp. (a)	750,000		24,701,446
OZ Optics Ltd. unit (a)(f)	102,000		481,440
Petro-Canada	500,000		15,780,432
Petrobank Energy & Resources Ltd. (a)(e)	5,475,000		117,690,132
Research In Motion Ltd. (a)	2,900,000		201,550,012
Rogers Communications, Inc. Class B (non-vtg.)	2,250,000		55,285,984
Royal Bank of Canada	700,000		24,814,582
Shoppers Drug Mart Corp.	600,000		21,697,046
Silver Wheaton Corp. (a)	4,408,000		33,801,131
Sun Life Financial, Inc.	1,200,000		28,057,825
Suncor Energy, Inc.	8,400,000		211,399,120
Toronto-Dominion Bank	600,000		23,683,218
Trican Well Service Ltd. (e)	7,425,000		57,184,790

	Shares		Value
Ultra Petroleum Corp. (a)	1,000,000		$ 42,800,000
Westernzagros Resources Ltd. (a)	7,000,000		4,634,402
Yamana Gold, Inc.	2,945,900		23,108,003
TOTAL CANADA			1,763,299,853
Cayman Islands - 0.0%
China Medical Technologies, Inc. sponsored ADR	300,000		5,862,000
China - 0.2%
China Coal Energy Co. Ltd. (H Shares)	20,000,000		17,069,033
China Shenhua Energy Co. Ltd. (H Shares)	10,000,000		27,648,178
Focus Media Holding Ltd. ADR (a)(d)	2,300,000		14,490,000
Global Bio-Chem Technology Group Co. Ltd.	36,981,600		5,020,510
TOTAL CHINA			64,227,721
Denmark - 1.2%
Carlsberg AS Series B (d)	1,589,433		76,415,424
Genmab AS (a)	750,000		28,904,151
Novo Nordisk AS Series B	3,346,800		159,235,136
Vestas Wind Systems AS (a)(f)	845,000		55,756,012
TOTAL DENMARK			320,310,723
Finland - 0.4%
Nokia Corp. sponsored ADR	6,900,000		97,566,000
Nokian Tyres PLC	800,000		12,630,287
TOTAL FINLAND			110,196,287
France - 7.7%
Accor SA	1,150,000		48,645,472
Alstom SA	1,562,270		97,362,172
AXA SA sponsored ADR (d)	9,000,000		154,620,000
BNP Paribas SA	2,264,876		119,200,184
Bouygues SA (d)	2,600,000		110,886,235
Cap Gemini SA (d)	6,300,000		235,433,091
Carrefour SA (d)	1,000,000		40,536,253
CNP Assurances (d)	400,000		31,529,883
Credit Agricole SA	82,000		1,198,649
Danone	599,550		28,511,029
Dassault Aviation SA (d)	36,265		14,682,014
Electricite de France	850,000		39,362,229
Essilor International SA	2,100,000		90,452,954
Financiere Marc de Lacharriere SA (Fimalac)	1,350,000		63,991,716
GDF Suez (d)	3,239,000		115,560,206
L'Air Liquide SA	14,500		1,179,532
LVMH Moet Hennessy - Louis Vuitton	900,000		67,930,917
Neopost SA	600,000		50,795,910
Nexans SA	500,406		23,177,302
Pernod Ricard SA	2,350,000		138,770,858
Pernod Ricard SA rights 4/29/09 (a)	2,350,000		10,030,278
PPR SA (d)	2,300,000		176,163,251
Renault SA	1,028,200		32,960,221
Common Stocks - continued
	Shares		Value
France - continued
Sanofi-Aventis (d)	1,150,000		$ 66,055,290
Schneider Electric SA (d)	500,000		38,039,149
Societe Generale Series A	1,534,100		78,384,842
Total SA Series B	3,545,300		177,344,818
Vallourec SA	14,900		1,628,163
Vivendi (d)	2,500,000		67,204,844
TOTAL FRANCE			2,121,637,462
Germany - 7.7%
adidas AG (d)	2,150,000		80,416,062
Allianz AG sponsored ADR (d)	16,000,000		144,960,000
BASF AG (d)	1,922,500		71,781,297
Bayer AG (d)	2,520,860		123,904,413
Bayerische Motoren Werke AG (BMW)	1,522,600		52,233,586
Daimler AG (Reg.)	1,018,000		36,344,009
Deutsche Bank AG	30,100		1,578,171
Deutsche Boerse AG	760,400		55,649,959
E.ON AG (d)	13,266,740		444,546,250
Fresenius Medical Care AG & Co. KGaA (d)	2,182,700		84,862,482
Fresenius SE (d)	3,000,000		122,950,988
GEA Group AG	4,500,000		58,574,227
GFK AG	1,600,000		37,136,217
K&S AG	10,350		616,117
Linde AG	2,715,100		214,069,043
Munich Re Group (Reg.) (d)	1,500,000		205,107,810
RWE AG (d)	1,190,000		84,897,474
SAP AG	500,000		19,044,758
Siemens AG:
(Reg.)	27,000		1,807,189
sponsored ADR (d)	3,700,300		247,661,079
Volkswagen AG	100,000		31,264,418
TOTAL GERMANY			2,119,405,549
Hong Kong - 0.9%
China Mobile (Hong Kong) Ltd. sponsored ADR	1,350,000		58,266,000
China Unicom (Hong Kong) Ltd. sponsored ADR	1,750,000		20,247,500
Esprit Holdings Ltd.	7,000,000		42,890,732
Hong Kong Exchange & Clearing Ltd.	2,000,000		23,036,762
Hutchison Whampoa Ltd.	10,000,000		58,899,658
Li & Fung Ltd.	5,000,000		14,047,066
Sun Hung Kai Properties Ltd.	3,000,000		31,013,267
TOTAL HONG KONG			248,400,985
India - 2.0%
Bharti Airtel Ltd. (a)	5,100,000		77,728,879
HDFC Bank Ltd.	400,000		8,923,456
Infosys Technologies Ltd.	5,800,000		177,463,830
Reliance Industries Ltd.	4,500,000		164,933,016
Satyam Computer Services Ltd.	18,000,000		17,050,769

	Shares		Value
State Bank of India	4,000,000		$ 103,877,211
Union Bank of India	1,500,000		4,989,948
TOTAL INDIA			554,967,109
Indonesia - 0.2%
PT Indosat Tbk sponsored ADR	1,198,644		31,224,676
PT Perusahaan Gas Negara Tbk Series B	130,000,000		31,811,884
TOTAL INDONESIA			63,036,560
Ireland - 1.2%
CRH PLC	5,808,713		150,969,472
Ryanair Holdings PLC sponsored ADR (a)(d)	6,225,000		170,253,750
TOTAL IRELAND			321,223,222
Israel - 0.3%
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,600,000		70,224,000
Italy - 2.7%
A2A SpA	10,000,000		16,432,531
ENI SpA	47,800		1,025,475
ENI SpA sponsored ADR	5,200,000		221,988,000
Fiat SpA	26,357,100		257,608,849
Finmeccanica SpA	110,500		1,556,220
Impregilo SpA	8,000,000		22,642,277
Intesa Sanpaolo SpA	34,486,700		109,840,695
Prysmian SpA	2,000,000		24,312,191
UniCredit SpA	31,000,000		75,464,175
TOTAL ITALY			730,870,413
Japan - 15.4%
Canon, Inc. sponsored ADR (d)	7,150,000		216,001,500
Daiichi Sankyo Kabushiki Kaisha	3,093,600		51,741,012
Daiwa Securities Group, Inc.	6,000,000		31,441,064
Denso Corp.	5,875,900		138,934,842
East Japan Railway Co.	1,350,000		76,090,893
FamilyMart Co. Ltd.	2,000,000		55,048,866
Fanuc Ltd.	1,700,000		122,706,887
Fast Retailing Co. Ltd.	400,000		42,050,296
Honda Motor Co. Ltd.	5,000,000		146,571,804
Hoya Corp.	1,999,500		34,696,540
Ibiden Co. Ltd.	1,000,000		29,249,992
Japan Tobacco, Inc.	35,575		89,401,033
JSR Corp.	4,000,000		48,749,955
Kao Corp.	1,300,000		24,320,357
Keyence Corp.	880,000		155,444,310
Konica Minolta Holdings, Inc.	6,500,000		53,707,181
Kubota Corp.	8,000,000		48,095,662
Kyocera Corp.	813,700		63,211,562
Mitsubishi Corp.	8,500,000		130,843,512
Mitsubishi Estate Co. Ltd.	3,500,000		45,760,624
Mitsubishi UFJ Financial Group, Inc.	62,250,000		339,651,631
Mitsui & Co. Ltd.	12,250,000		129,963,332
Common Stocks - continued
	Shares		Value
Japan - continued
Mitsui Fudosan Co. Ltd.	2,500,000		$ 31,464,129
Murata Manufacturing Co. Ltd.	2,480,800		100,568,902
NGK Insulators Ltd.	5,500,000		84,370,813
Nikon Corp.	4,300,000		57,003,417
Nintendo Co. Ltd.	280,000		75,375,999
Nippon Telegraph & Telephone Corp.	1,600,000		60,304,089
Nitto Denko Corp.	2,570,100		59,875,034
Nomura Holdings, Inc.	18,000,000		108,649,481
NTT DoCoMo, Inc.	30,000		41,872,298
Omron Corp.	2,382,000		35,610,705
Promise Co. Ltd.	1,500,000		19,825,655
Rakuten, Inc.	85,000		43,254,274
Ricoh Co. Ltd.	4,000,000		49,468,043
ROHM Co. Ltd.	1,451,100		89,016,439
Sankyo Co. Ltd. (Gunma)	1,100,000		55,814,849
Seven & i Holdings Co., Ltd.	4,500,000		101,710,638
Sharp Corp.	5,894,000		62,077,990
Shin-Etsu Chemical Co., Ltd.	500,000		24,307,557
Sony Corp. sponsored ADR	2,000,000		51,720,000
Sony Financial Holdings, Inc.	38,379		120,779,610
Sumitomo Corp.	5,000,000		43,533,691
Sumitomo Metal Industries Ltd.	12,500,000		29,289,084
Sumitomo Mitsui Financial Group, Inc.	4,500,000		156,104,860
TDK Corp.	1,476,700		67,361,813
THK Co. Ltd.	5,000,000		69,360,942
Tokai Carbon Co. Ltd.	6,000,000		26,913,974
Tokyo Electron Ltd.	900,000		41,167,065
Toyota Motor Corp. sponsored ADR (d)	5,400,000		427,464,000
Yahoo! Japan Corp. (d)	100,000		24,969,756
TOTAL JAPAN			4,232,917,962
Korea (South) - 1.3%
Amorepacific Corp.	139,531		74,678,600
LG Household & Health Care Ltd.	200,000		27,621,297
NHN Corp. (a)	1,000,000		121,674,552
Samsung Electronics Co. Ltd.	280,000		129,702,724
TOTAL KOREA (SOUTH)			353,677,173
Luxembourg - 0.5%
ArcelorMittal SA (NY Shares) Class A	1,750,000		41,265,000
SES SA FDR (France) unit	5,630,000		101,604,441
TOTAL LUXEMBOURG			142,869,441
Malaysia - 0.1%
DiGi.com Bhd	6,500,000		40,716,292
Mexico - 0.6%
America Movil SAB de CV Series L sponsored ADR	2,925,000		96,086,250
Grupo Televisa SA de CV (CPO) sponsored ADR	3,700,000		57,276,000
TOTAL MEXICO			153,362,250

	Shares		Value
Netherlands - 0.8%
Akzo Nobel NV	755,800		$ 31,599,316
Gemalto NV (a)	1,700,000		53,514,277
Koninklijke KPN NV	8,702,900		104,601,299
Unilever NV (Certificaten Van Aandelen)	2,000,000		39,564,359
TOTAL NETHERLANDS			229,279,251
Netherlands Antilles - 0.5%
Schlumberger Ltd. (NY Shares)	2,890,200		141,590,898
Norway - 0.6%
DnB Nor ASA	6,475,200		40,297,133
Pronova BioPharma ASA (a)	13,141,107		32,959,719
Telenor ASA	13,000,000		80,835,986
TOTAL NORWAY			154,092,838
Papua New Guinea - 0.5%
Lihir Gold Ltd. (a)	66,000,000		143,965,800
Russia - 0.0%
Lukoil Oil Co. sponsored ADR	17,000		750,040
South Africa - 0.7%
Impala Platinum Holdings Ltd.	7,000,000		133,788,744
MTN Group Ltd.	4,500,000		58,441,606
TOTAL SOUTH AFRICA			192,230,350
Spain - 4.0%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)	2,641,935		28,585,737
Banco Santander SA	150,000		1,425,149
Banco Santander SA sponsored ADR (d)	9,700,000		88,755,000
Enagas SA	5,000,649		86,917,637
Grupo Acciona SA	290,000		29,641,546
Grupo Ferrovial SA	2,300,000		66,677,924
Iberdrola SA	7,000,000		55,109,106
Inditex SA	3,400,000		144,930,011
Red Electrica Corporacion SA	1,700,000		71,130,510
Repsol YPF SA	13,200		250,835
Telefonica SA	27,546,700		521,765,288
TOTAL SPAIN			1,095,188,743
Sweden - 0.4%
Assa Abloy AB (B Shares)	2,499,600		29,423,234
Svenska Cellulosa AB (SCA) (B Shares) (d)	2,867,000		27,638,452
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d)	4,700,000		40,091,000
TOTAL SWEDEN			97,152,686
Switzerland - 11.3%
ABB Ltd. (Reg.)	4,155,221		58,807,271
Actelion Ltd. (Reg.) (a)	4,327,040		197,086,710
Alcon, Inc.	1,400,000		128,814,000
ARYZTA AG (a)	2,000,000		57,911,490
Common Stocks - continued
	Shares		Value
Switzerland - continued
Compagnie Financiere Richemont Series A	50,000		$ 894,845
Credit Suisse Group (Reg.)	1,500,000		57,421,548
Geberit AG (Reg.)	8,500		905,651
Julius Baer Holding Ltd.	923,741		30,295,073
Kuehne & Nagel International AG	1,200,000		90,165,474
Lonza Group AG	613,900		56,303,252
Nestle SA (Reg.)	20,121,121		655,710,425
Nobel Biocare Holding AG (Switzerland)	1,600,000		32,609,363
Novartis AG:
(Reg.)	22,805		862,904
sponsored ADR	4,350,000		164,908,500
Roche Holding AG (participation certificate)	3,312,277		417,582,054
Schindler Holding AG (Reg.)	1,300,000		67,198,980
SGS Societe Generale de Surveillance Holding SA (Reg.)	132,800		148,885,125
Sonova Holding AG	2,300,000		148,786,318
Sulzer AG (Reg.)	885,300		48,103,813
Swiss Reinsurance Co. (Reg.)	28,500		676,330
Syngenta AG:
sponsored ADR	3,000,000		127,950,000
(Switzerland)	7,420		1,583,683
Tecan Group AG (e)	1,100,000		34,930,201
Transocean Ltd. (a)	1,400,000		94,472,000
UBS AG (NY Shares)	15,000,000		204,600,000
Zurich Financial Services AG (Reg.)	1,502,143		279,070,670
TOTAL SWITZERLAND			3,106,535,680
Taiwan - 0.6%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	30,000,000		86,581,007
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	8,000,000		84,560,000
TOTAL TAIWAN			171,141,007
United Kingdom - 17.3%
Aberdeen Asset Management PLC	11,000,000		21,323,818
AstraZeneca PLC (United Kingdom)	4,800,000		168,011,052
BAE Systems PLC	5,652,600		29,722,968
Barclays PLC	12,900,000		52,355,606
Bellway PLC	2,450,000		25,801,854
BG Group PLC	7,657,000		122,220,174
BHP Billiton PLC	4,093,000		84,918,373
Bovis Homes Group PLC (e)	7,250,000		49,080,936
BP PLC sponsored ADR	4,003,300		169,980,118
British American Tobacco PLC:
(United Kingdom)	1,344,200		32,405,702
sponsored ADR	4,830,000		234,834,600
British Land Co. PLC	6,468,000		40,797,441
Cadbury PLC	9,000,000		67,270,819
Capita Group PLC	23,500,451		236,858,081
Centrica PLC	3,437,500		11,488,506

	Shares		Value
easyJet PLC (a)(e)	29,000,000		$ 134,765,321
Experian PLC	16,500,000		108,606,090
HSBC Holdings PLC:
(United Kingdom) (Reg.)	345,271		2,454,461
sponsored ADR (d)	10,050,000		357,780,000
Imperial Tobacco Group PLC	5,696,600		129,926,274
Inchcape PLC (d)	121,790,000		28,241,383
Informa PLC (e)	27,000,000		117,965,087
International Power PLC	22,504,800		82,212,545
Johnson Matthey PLC	1,000,000		17,652,031
Kingfisher PLC	15,000,000		40,817,990
Man Group PLC	40,300,000		148,903,514
Marks & Spencer Group PLC	5,000,000		24,761,985
Misys PLC	15,000,355		30,604,504
National Grid PLC	8,000,000		66,442,685
NEXT PLC	1,500,000		35,864,068
Pearson PLC	7,000,000		72,203,452
Persimmon PLC (d)	4,200,000		23,417,602
Prudential PLC	15,300,000		87,906,512
Reckitt Benckiser Group PLC	9,540,500		374,373,583
Redrow PLC	4,650,000		13,690,327
Rio Tinto PLC:
(Reg.)	59,500		2,416,660
sponsored ADR (d)	1,000,000		162,950,000
Royal Dutch Shell PLC:
Class A (United Kingdom)	161,000		3,705,258
Class A sponsored ADR	1,900,000		86,792,000
Class B ADR	2,150,000		97,825,000
SSL International PLC	1,500,000		10,512,450
Standard Chartered PLC (United Kingdom)	10,129,600		156,639,105
Tesco PLC	59,000,000		292,224,983
Vodafone Group PLC	725,000		1,332,029
Vodafone Group PLC sponsored ADR	29,000,000		532,150,000
Wolseley PLC	2,027,000		36,340,216
WPP PLC	10,000,000		68,393,760
Xstrata PLC	7,500,000		66,096,406
TOTAL UNITED KINGDOM			4,763,037,329
United States of America - 5.8%
Allergan, Inc.	3,350,000		156,311,000
American Capital Ltd.	1,937,926		5,988,191
AMETEK, Inc.	900,000		28,989,000
Bank of New York Mellon Corp.	1,977,700		50,391,796
Baxter International, Inc.	550,000		26,675,000
C.R. Bard, Inc.	900,000		64,467,000
Coach, Inc.	2,512,500		61,556,250
Cummins, Inc.	1,100,000		37,400,000
Danaher Corp.	450,000		26,298,000
Express Scripts, Inc. (a)	650,000		41,580,500
Goldman Sachs Group, Inc.	1,178,000		151,373,000
Common Stocks - continued
	Shares		Value
United States of America - continued
Google, Inc. Class A (sub. vtg.) (a)	306,800		$ 121,483,596
Henry Schein, Inc. (a)	900,000		36,936,000
JPMorgan Chase & Co.	4,434,900		146,351,700
Medco Health Solutions, Inc. (a)	800,000		34,840,000
Morgan Stanley	3,290,400		77,785,056
Newmont Mining Corp.	1,000,000		40,240,000
Philip Morris International, Inc.	4,000,000		144,800,000
PNC Financial Services Group, Inc.	992,600		39,406,220
Synthes, Inc.	1,129,968		114,295,871
Titanium Metals Corp. (d)	2,000,000		13,580,000
Visa, Inc.	1,800,000		116,928,000
Wells Fargo & Co.	2,531,180		50,648,912
TOTAL UNITED STATES OF AMERICA			1,588,325,092
TOTAL COMMON STOCKS (Cost $30,335,931,663)		26,619,677,955
Preferred Stocks - 0.4%

Convertible Preferred Stocks - 0.0%
Canada - 0.0%
MetroPhotonics, Inc. Series 2 (a)(f)	198,000		2
Nonconvertible Preferred Stocks - 0.4%
Germany - 0.2%
Bayerische Motoren Werke AG (BMW) (non-vtg.)	792,000		16,477,942
Porsche Automobil Holding SE	499,520		35,636,963
TOTAL GERMANY			52,114,905
Italy - 0.2%
Fiat SpA	2,209,000		12,666,777
Intesa Sanpaolo SpA	22,000,000		48,845,177
TOTAL ITALY			61,511,954
TOTAL NONCONVERTIBLE PREFERRED STOCKS			113,626,859
TOTAL PREFERRED STOCKS (Cost $201,983,143)		113,626,861

Government Obligations - 0.1%
	Principal Amount
United States of America - 0.1%
U.S. Treasury Bills, yield at date of purchase 0.18% to 0.29% 5/14/09 to 5/28/09 (Cost $14,498,294)	$ 14,500,000	14,499,761

Money Market Funds - 9.9%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	653,110,639		$ 653,110,639
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	2,061,557,162		2,061,557,162
TOTAL MONEY MARKET FUNDS (Cost $2,714,667,801)		2,714,667,801
TOTAL INVESTMENT PORTFOLIO - 107.2% (Cost $33,267,080,901)		29,462,472,378
NET OTHER ASSETS - (7.2)%		(1,974,292,130)
NET ASSETS - 100%		$ 27,488,180,248

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
MetroPhotonics, Inc. Series 2	9/29/00	$ 1,980,000
OZ Optics Ltd. unit	8/18/00	$ 1,505,520
Vestas Wind Systems AS	4/29/09	$ 48,547,670

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	$ 7,200,999
Fidelity Securities Lending Cash Central Fund	9,172,911
Total	$ 16,373,910

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Bovis Homes Group PLC	$ 36,892,190	$ 2,746,800	$ -	$ -	$ 49,080,936
easyJet PLC	149,638,996	4,142,767	8,126,292	-	134,765,321
European Capital Ltd.	13,349,451	-	-	-	-
Flint Energy Services Ltd.	20,173,329	-	11,966,493	-	-
Informa PLC	91,463,882	-	-	-	117,965,087
Niko Resources Ltd.	194,858,186	-	28,014,495	187,160	196,623,666
Petrobank Energy & Resources Ltd.	89,650,025	13,088,112	-	-	117,690,132
Tecan Group AG	49,374,624	-	-	730,944	34,930,201
Trican Well Service Ltd.	69,582,435	-	-	258,213	57,184,790
Total	$ 714,983,118	$ 19,977,679	$ 48,107,280	$ 1,176,317	$ 708,240,133

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 29,462,472,378	$ 12,541,135,737	$ 16,920,855,199	$ 481,442

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 16,942,832
Total Realized Gain (Loss)	(72,993,522)
Total Unrealized Gain (Loss)	69,036,260
Cost of Purchases	-
Proceeds of Sales	(12,504,128)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 481,442

Income Tax Information

At October 31, 2008, the Fund had a capital loss carryforward of approximately $956,782,987 all of which will expire on October 31, 2016.

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, 2009
Assets
Investment in securities, at value (including securities loaned of $2,004,722,035) - See accompanying schedule: Unaffiliated issuers (cost $29,297,576,088)	$ 26,039,564,444
Fidelity Central Funds (cost $2,714,667,801)	2,714,667,801
Other affiliated issuers (cost $1,254,837,012)	708,240,133
Total Investments (cost $33,267,080,901)		$ 29,462,472,378
Foreign currency held at value (cost $14)		14
Receivable for investments sold		335,842,712
Receivable for fund shares sold		33,047,206
Dividends receivable		119,948,773
Distributions receivable from Fidelity Central Funds		5,327,939
Prepaid expenses		233,976
Other receivables		1,730,832
Total assets		29,958,603,830

Liabilities
Payable for investments purchased	$ 334,506,403
Payable for fund shares redeemed	50,048,973
Accrued management fee	15,708,653
Other affiliated payables	6,530,476
Other payables and accrued expenses	2,071,915
Collateral on securities loaned, at value	2,061,557,162
Total liabilities		2,470,423,582

Net Assets		$ 27,488,180,248
Net Assets consist of:
Paid in capital		$ 36,863,613,209
Undistributed net investment income		175,752,318
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(5,744,787,135)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(3,806,398,144)
Net Assets		$ 27,488,180,248
Diversified International: Net Asset Value, offering price and redemption price per share ($24,504,891,493 ÷ 1,167,775,505 shares)		$ 20.98

Class K: Net Asset Value, offering price and redemption price per share ($2,983,288,755 ÷ 142,185,941 shares)		$ 20.98

Statement of Operations

	Six months ended April 30, 2009
Investment Income
Dividends (including $1,176,317 earned from other affiliated issuers)		$ 376,844,069
Interest		55,380
Income from Fidelity Central Funds		16,373,910
		393,273,359
Less foreign taxes withheld		(36,657,140)
Total income		356,616,219

Expenses
Management fee Basic fee	$ 93,551,894
Performance adjustment	(5,650,057)
Transfer agent fees	38,219,708
Accounting and security lending fees	1,258,220
Custodian fees and expenses	2,047,960
Independent trustees' compensation	101,377
Depreciation in deferred trustee compensation account	(184)
Registration fees	102,877
Audit	113,202
Legal	87,553
Miscellaneous	281,503
Total expenses before reductions	130,114,053
Expense reductions	(1,587,564)	128,526,489

Net investment income (loss)		228,089,730
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(4,445,282,150)
Other affiliated issuers	(57,052,957)
Foreign currency transactions	54,731,605
Futures contracts	2,433,055
Total net realized gain (loss)		(4,445,170,447)
Change in net unrealized appreciation (depreciation) on: Investment securities	3,335,807,930
Assets and liabilities in foreign currencies	(48,683,630)
Total change in net unrealized appreciation (depreciation)		3,287,124,300
Net gain (loss)		(1,158,046,147)
Net increase (decrease) in net assets resulting from operations		$ (929,956,417)

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

Semiannual Report

Statement of Changes in Net Assets

	Six months ended April 30, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 228,089,730	$ 752,597,206
Net realized gain (loss)	(4,445,170,447)	(1,222,596,476)
Change in net unrealized appreciation (depreciation)	3,287,124,300	(27,541,183,667)
Net increase (decrease) in net assets resulting from operations	(929,956,417)	(28,011,182,937)
Distributions to shareholders from net investment income	(412,836,807)	(623,834,183)
Distributions to shareholders from net realized gain	-	(3,411,186,315)
Total distributions	(412,836,807)	(4,035,020,498)
Share transactions - net increase (decrease)	(376,940,044)	1,321,563,137
Redemption fees	677,530	1,934,056
Total increase (decrease) in net assets	(1,719,055,738)	(30,722,706,242)

Net Assets
Beginning of period	29,207,235,986	59,929,942,228
End of period (including undistributed net investment income of $175,752,318 and undistributed net investment income of $552,385,607, respectively)	$ 27,488,180,248	$ 29,207,235,986

Financial Highlights - Diversified International

	Six months ended April 30,	Years ended October 31,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 21.96	$ 45.41	$ 37.58	$ 30.80	$ 26.08	$ 22.35
Income from Investment Operations
Net investment income (loss) ^D	.17	.55	.47	.46	.30	.16
Net realized and unrealized gain (loss)	(.84)	(20.96)	10.23	7.33	4.63	3.87
Total from investment operations	(.67)	(20.41)	10.70	7.79	4.93	4.03
Distributions from net investment income	(.31)	(.47)	(.36)	(.28)	(.15)	(.30)
Distributions from net realized gain	-	(2.57)	(2.51)	(.73)	(.06)	-
Total distributions	(.31)	(3.04)	(2.87)	(1.01)	(.21)	(.30)
Redemption fees added to paid in capital ^D,H	-	-	-	-	-	-
Net asset value, end of period	$ 20.98	$ 21.96	$ 45.41	$ 37.58	$ 30.80	$ 26.08
Total Return ^B,C	(2.90)%	(48.04)%	30.37%	25.89%	19.01%	18.20%
Ratios to Average Net Assets ^E,G
Expenses before reductions	1.02% ^A	1.04%	.93%	1.01%	1.10%	1.15%
Expenses net of fee waivers, if any	1.02% ^A	1.04%	.93%	1.01%	1.10%	1.15%
Expenses net of all reductions	1.00% ^A	1.02%	.91%	.97%	1.07%	1.12%
Net investment income (loss)	1.73% ^A	1.53%	1.20%	1.32%	1.02%	.66%
Supplemental Data
Net assets, end of period (000 omitted)	$ 24,504,891	$ 28,274,961	$ 59,929,942	$ 43,965,189	$ 29,637,193	$ 19,902,063
Portfolio turnover rate ^F	59% ^A	49%	51%	59%	41%	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 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 - Class K

	Six months ended April 30,	Year ended October 31,
	2009	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 21.98	$ 38.39
Income from Investment Operations
Net investment income (loss) ^D	.19	.16
Net realized and unrealized gain (loss)	(.83)	(16.57)
Total from investment operations	(.64)	(16.41)
Distributions from net investment income	(.36)	-
Redemption fees added to paid in capital ^D,I	-	-
Net asset value, end of period	$ 20.98	$ 21.98
Total Return ^B,C	(2.75)%	(42.75)%
Ratios to Average Net Assets ^E,H
Expenses before reductions	.77% ^A	.88% ^A
Expenses net of fee waivers, if any	.77% ^A	.88% ^A
Expenses net of all reductions	.75% ^A	.87% ^A
Net investment income (loss)	1.98% ^A	1.45% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,983,289	$ 932,275
Portfolio turnover rate ^F	59% ^A	49%

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2009

1. Organization.

2. Investments in Fidelity Central Funds.

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.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

The three levels of the hierarchy under SFAS 157 are described below:

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Semiannual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Unrealized appreciation	$ 3,224,030,460
Unrealized depreciation	(7,157,766,666)
Net unrealized appreciation (depreciation)	$ (3,933,736,206)
Cost for federal income tax purposes	$ 33,396,208,584

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $7,865,042,712 and $7,434,783,723, respectively.

Semiannual Report

6. Fees and Other Transactions with Affiliates.

	Amount	% of Average Net Assets*
Diversified International	37,689,238	.31
Class K	530,470	.06
	$ 38,219,708

* Annualized

7. Committed Line of Credit.

8. Security Lending.

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Diversified International operating expenses. During the period, this reimbursement reduced the Fund's expenses by $5,675.

Semiannual Report

Notes to Financial Statements - continued

9. Expense Reductions - continued

period, these credits reduced the Fund's custody expenses by $55. During the period, credits reduced each class' transfer agent expense as noted in the table below.

	Transfer Agent expense reduction
Diversified International	$ 704
Class K	628
Total	$ 1,332

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
From net investment income
Diversified International	$ 394,538,604	$ 623,834,183
Class K	18,298,203	-
Total	$ 412,836,807	$ 623,834,183
From net realized gain
Diversified International	$ -	$ 3,411,186,315

^A Distributions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Diversified International
Shares sold	145,742,639	306,179,666	$ 2,859,261,444	$ 10,595,590,795
Conversion to Class K	(94,364,077)	(43,282,557)	(1,839,040,793)	(933,288,874)
Reinvestment of distributions	20,012,396	95,512,855	380,636,705	3,896,924,337
Shares redeemed	(191,429,526)	(390,314,331)	(3,724,080,833)	(13,365,445,996)
Net increase (decrease)	(120,038,568)	(31,904,367)	$ (2,323,223,477)	$ 193,780,262
Class K
Shares sold	16,406,130	1,216,070	$ 319,032,817	$ 245,180,524
Conversion from Diversified International	94,417,311	43,251,317	1,839,040,793	933,288,874
Reinvestment of distributions	963,570	-	18,298,203	-
Shares redeemed	(12,020,272)	(2,048,185)	(230,088,380)	(50,686,523)
Net increase (decrease)	99,766,739	42,419,202	$ 1,946,283,433	$ 1,127,782,875

^A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

12. Other.

Semiannual Report

Report of Independent Registered Public Accounting Firm

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

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

June 15, 2009

Semiannual Report

Investments

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
FIL Investment Advisors
FIL Investment Advisors (U.K.) Ltd.
Fidelity Investments Japan Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

DIF-K-USAN-0609
1.863007.100

fid466

Fidelity®
Overseas
Fund -
Class K

Semiannual Report

April 30, 2009

(2_fidelity_logos) (Registered_Trademark)

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.

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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

Overseas

Shareholder Expense Example

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Overseas	1.03%
Actual		$ 1,000.00	$ 959.30	$ 5.00
Hypothetical^A		$ 1,000.00	$ 1,019.69	$ 5.16
Class K	.78%
Actual		$ 1,000.00	$ 960.70	$ 3.79
Hypothetical^A		$ 1,000.00	$ 1,020.93	$ 3.91

^A 5% return per year before expenses

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

Portfolio/Sector

Overseas

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	United Kingdom	23.2%
	Japan	15.0%
	France	14.3%
	Germany	9.7%
	United States of America	6.4%
	Switzerland	6.3%
	Belgium	5.5%
	Hong Kong	4.2%
	Spain	3.9%
	Other	11.5%

fid484

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

As of October 31, 2008
	United Kingdom	22.3%
	Japan	16.0%
	France	14.8%
	Germany	10.2%
	Switzerland	7.4%
	Hong Kong	5.5%
	United States of America	5.4%
	Italy	4.3%
	Indonesia	2.8%
	Other	11.3%

fid496

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	95.6	99.0
Short-Term Investments and Net Other Assets	4.4	1.0
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Anheuser-Busch InBev NV (Belgium, Beverages)	5.5	0.0
China Unicom (Hong Kong) Ltd. sponsored ADR (Hong Kong, Diversified Telecommunication Services)	3.3	4.7
Pernod Ricard SA (France, Beverages)	2.9	3.3
Xstrata PLC (United Kingdom, Metals & Mining)	2.0	0.0
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)	2.0	1.1
Royal Dutch Shell PLC Class B ADR (United Kingdom, Oil, Gas & Consumable Fuels)	1.9	2.2
Deutsche Boerse AG (Germany, Diversified Financial Services)	1.9	0.8
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	1.9	0.8
Rio Tinto PLC (Reg.) (United Kingdom, Metals & Mining)	1.8	1.2
Nestle SA (Reg.) (Switzerland, Food Products)	1.7	1.4
	24.9
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	19.2	19.2
Consumer Staples	16.1	13.1
Telecommunication Services	10.5	13.5
Consumer Discretionary	10.1	10.5
Materials	8.7	5.8
Health Care	8.5	12.8
Energy	7.6	8.2
Industrials	6.6	5.4
Information Technology	4.9	5.8
Utilities	3.4	4.7

Semiannual Report

Overseas

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.6%
	Shares		Value
Australia - 0.4%
Qantas Airways Ltd.	16,437,024		$ 23,663,693
Belgium - 5.5%
Anheuser-Busch InBev NV (d)	9,998,840		306,005,452
Anheuser-Busch InBev NV (strip VVPR) (a)	6,312,640		16,500
TOTAL BELGIUM			306,021,952
Bermuda - 0.9%
Willis Group Holdings Ltd.	1,706,200		46,937,562
Brazil - 1.6%
Petroleo Brasileiro SA - Petrobras sponsored ADR	1,055,900		35,446,563
Vivo Participacoes SA sponsored ADR	3,400,940		54,279,002
TOTAL BRAZIL			89,725,565
Canada - 0.2%
Harry Winston Diamond Corp.	2,819,774		11,839,152
Finland - 0.6%
Nokia Corp. sponsored ADR (d)	2,265,600		32,035,584
France - 14.3%
Accor SA	374,000		15,820,354
Alstom SA	1,083,700		67,537,228
AXA SA	2,474,900		41,571,491
BNP Paribas SA	1,039,600		54,714,038
Carrefour SA (d)	1,299,300		52,668,753
Compagnie de St. Gobain (d)	990,084		35,510,060
GDF Suez (d)	1,055,000		37,640,018
L'Oreal SA (d)	273,200		19,539,335
Lafarge SA (a)(d)	115,056		6,089,744
Lafarge SA (Bearer) (d)	249,300		14,063,880
Pernod Ricard SA (d)	2,713,584		160,241,013
Pernod Ricard SA rights 4/29/09 (a)(d)	2,713,584		11,582,128
PPR SA (d)	510,700		39,115,901
Sanofi-Aventis (d)	896,900		51,517,382
Societe Generale Series A	666,400		34,049,709
Sodexo SA ADR	1,310,400		62,637,120
Total SA Series B	1,083,100		54,179,385
Unibail-Rodamco	252,500		37,644,238
TOTAL FRANCE			796,121,777
Germany - 9.7%
adidas AG (d)	439,900		16,453,500
Allianz AG (Reg.) (d)	412,200		37,344,221
BASF AG (d)	939,900		35,093,493
Bayer AG	690,900		33,958,871
Daimler AG	1,983,400		70,807,380
Deutsche Boerse AG	1,454,983		106,483,093
E.ON AG	1,789,073		59,948,841
Linde AG	615,800		48,552,067
Munich Re Group (Reg.) (d)	268,376		36,697,342
RWE AG	155,000		11,058,074

	Shares		Value
SAP AG	1,812,300		$ 69,029,629
TUI AG (d)	1,516,500		16,518,961
TOTAL GERMANY			541,945,472
Hong Kong - 4.2%
China Unicom (Hong Kong) Ltd. sponsored ADR (d)	16,102,400		186,304,768
Hutchison Whampoa Ltd.	8,144,000		47,967,882
TOTAL HONG KONG			234,272,650
Indonesia - 0.8%
PT Indosat Tbk sponsored ADR (d)	1,788,856		46,599,699
Ireland - 0.3%
CRH PLC	637,100		16,558,341
CRH PLC sponsored ADR	50,000		1,286,000
TOTAL IRELAND			17,844,341
Italy - 2.5%
ENI SpA	3,804,700		81,623,976
ENI SpA sponsored ADR	116,500		4,973,385
Intesa Sanpaolo SpA	10,040,200		31,978,199
UniCredit SpA	7,273,100		17,705,113
TOTAL ITALY			136,280,673
Japan - 15.0%
Bridgestone Corp.	1,704,500		25,413,442
Canon, Inc. sponsored ADR	1,362,700		41,167,167
Citizen Holdings Co. Ltd.	3,576,000		16,364,430
Daiichi Sankyo Kabushiki Kaisha	2,456,800		41,090,418
East Japan Railway Co.	329,500		18,571,814
Japan Tobacco, Inc.	21,261		53,429,525
JFE Holdings, Inc.	631,500		17,252,653
Komatsu Ltd.	1,019,400		12,721,598
Mazda Motor Corp.	10,756,000		26,791,603
Mitsubishi Corp.	2,307,700		35,523,244
Mitsubishi UFJ Financial Group, Inc.	16,422,800		89,606,920
Mitsui & Co. Ltd.	4,308,400		45,708,899
Nissan Motor Co. Ltd.	4,242,500		22,149,286
Nomura Holdings, Inc.	7,960,900		48,052,648
NTT DoCoMo, Inc.	33,867		47,269,637
Omron Corp.	2,802,100		41,891,165
Promise Co. Ltd. (d)	1,229,500		16,250,429
Ricoh Co. Ltd.	3,932,000		48,627,086
Sony Financial Holdings, Inc.	7,256		22,834,802
Sumitomo Mitsui Financial Group, Inc.	908,500		31,515,837
T&D Holdings, Inc.	1,292,000		38,637,335
THK Co. Ltd.	1,291,500		17,915,931
Toyota Motor Corp. sponsored ADR	968,700		76,682,292
TOTAL JAPAN			835,468,161
Luxembourg - 2.1%
ArcelorMittal SA (NY Shares) Class A (d)	2,946,900		69,487,902
Millicom International Cellular SA	972,800		47,141,888
TOTAL LUXEMBOURG			116,629,790
Common Stocks - continued
	Shares		Value
Netherlands - 1.0%
Akzo Nobel NV	682,200		$ 28,522,167
Koninklijke Ahold NV	2,450,000		26,835,413
TOTAL NETHERLANDS			55,357,580
Netherlands Antilles - 0.5%
Schlumberger Ltd. (NY Shares)	564,000		27,630,360
Russia - 0.6%
Vimpel Communications sponsored ADR	3,557,200		33,508,824
Spain - 3.9%
Banco Bilbao Vizcaya Argentaria SA	1,677,019		18,170,150
Gas Natural SDG SA Series E	1,600,000		25,363,826
Iberdrola SA	6,714,100		52,858,292
Repsol YPF SA sponsored ADR	2,565,100		48,326,484
Telefonica SA	254,900		4,828,091
Telefonica SA sponsored ADR	1,183,100		66,596,699
TOTAL SPAIN			216,143,542
Switzerland - 6.3%
Actelion Ltd. (Reg.) (a)	887,356		40,417,023
Nestle SA (Reg.)	2,855,330		93,049,968
Novartis AG sponsored ADR	1,060,800		40,214,928
Roche Holding AG (participation certificate)	717,507		90,456,821
Sonova Holding AG	349,830		22,630,399
UBS AG (For. Reg.)	2,805,320		38,525,129
Zurich Financial Services AG (Reg.)	123,661		22,973,950
TOTAL SWITZERLAND			348,268,218
United Kingdom - 23.2%
BAE Systems PLC	7,236,300		38,050,510
Barclays PLC	11,547,500		46,866,385
BG Group PLC	2,687,800		42,902,362
British Land Co. PLC	6,353,300		40,073,961
British Sky Broadcasting Group PLC (BSkyB)	3,495,900		24,878,021
Experian PLC	4,923,800		32,409,374
GlaxoSmithKline PLC	4,056,300		62,456,680
HSBC Holdings PLC:
(United Kingdom) (Reg.)	1,831,183		13,017,504
sponsored ADR (d)	2,726,085		97,048,626
Imperial Tobacco Group PLC	2,989,200		68,176,740
ITV PLC	35,006,000		16,430,169
Kingfisher PLC	9,805,600		26,682,992
Lloyds TSB Group PLC	18,163,000		29,449,417
Misys PLC	11,932,200		24,344,695
Pearson PLC	1,592,900		16,430,411
Prudential PLC	2,389,100		13,726,631
Rexam PLC	4,242,700		19,645,004

	Shares		Value
Rio Tinto PLC (Reg.)	2,492,000		$ 101,215,389
Royal Dutch Shell PLC Class B ADR (d)	2,352,000		107,016,000
Shire PLC	3,014,000		37,672,165
Smith & Nephew PLC	2,276,900		16,013,453
Standard Chartered PLC (United Kingdom)	2,748,332		42,498,841
Unilever PLC	3,260,700		63,467,178
Vodafone Group PLC sponsored ADR	5,795,700		106,351,095
William Hill PLC (d)	18,402,400		59,067,512
WPP PLC	4,879,500		33,372,735
Xstrata PLC	12,651,700		111,497,587
TOTAL UNITED KINGDOM			1,290,761,437
United States of America - 2.0%
Allergan, Inc.	324,400		15,136,504
Baxter International, Inc.	431,900		20,947,150
Estee Lauder Companies, Inc. Class A	1,261,300		37,712,870
Hess Corp.	340,800		18,672,432
Markel Corp. (a)	65,800		18,884,600
TOTAL UNITED STATES OF AMERICA			111,353,556
TOTAL COMMON STOCKS (Cost $5,864,965,734)		5,318,409,588
Money Market Funds - 20.7%

Fidelity Cash Central Fund, 0.53% (b)	213,415,758		213,415,758
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	939,464,237		939,464,237
TOTAL MONEY MARKET FUNDS (Cost $1,152,879,995)		1,152,879,995
TOTAL INVESTMENT PORTFOLIO - 116.3% (Cost $7,017,845,729)			6,471,289,583
NET OTHER ASSETS - (16.3)%			(908,260,568)
NET ASSETS - 100%		$ 5,563,029,015

Legend

(a) Non-income producing

(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	$ 1,040,469
Fidelity Securities Lending Cash Central Fund	2,266,699
Total	$ 3,307,168

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 6,471,289,583	$ 2,602,215,724	$ 3,869,073,859	$ -

Income Tax Information

At October 31, 2008, the Fund had a capital loss carryforward of approximately $859,201,568 all of which will expire on October 31, 2016.

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

Semiannual Report

Overseas

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $904,910,497) - See accompanying schedule: Unaffiliated issuers (cost $5,864,965,734)	$ 5,318,409,588
Fidelity Central Funds (cost $1,152,879,995)	1,152,879,995
Total Investments (cost $7,017,845,729)		$ 6,471,289,583
Cash		41,889
Foreign currency held at value (cost $25)		29
Receivable for investments sold		45,761,813
Receivable for fund shares sold		5,360,032
Dividends receivable		26,291,999
Distributions receivable from Fidelity Central Funds		1,217,258
Prepaid expenses		43,513
Other affiliated receivables		321
Other receivables		577,730
Total assets		6,550,584,167

Liabilities
Payable for investments purchased	$ 41,130,368
Payable for fund shares redeemed	2,356,185
Accrued management fee	3,010,177
Other affiliated payables	1,423,197
Other payables and accrued expenses	170,988
Collateral on securities loaned, at value	939,464,237
Total liabilities		987,555,152

Net Assets		$ 5,563,029,015
Net Assets consist of:
Paid in capital		$ 8,599,552,387
Undistributed net investment income		32,237,172
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(2,522,137,753)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(546,622,791)
Net Assets		$ 5,563,029,015
Overseas: Net Asset Value, offering price and redemption price per share ($5,276,761,214 ÷ 219,879,111 shares)		$ 24.00

Class K: Net Asset Value, offering price and redemption price per share ($286,267,801 ÷ 11,929,937 shares)		$ 24.00

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 82,808,955
Interest		45,510
Income from Fidelity Central Funds		3,307,168
		86,161,633
Less foreign taxes withheld		(7,327,872)
Total income		78,833,761

Expenses
Management fee Basic fee	$ 18,360,377
Performance adjustment	(1,285,711)
Transfer agent fees	7,688,093
Accounting and security lending fees	799,918
Custodian fees and expenses	297,914
Independent trustees' compensation	19,521
Depreciation in deferred trustee compensation account	(1,344)
Registration fees	40,470
Audit	56,375
Legal	15,467
Miscellaneous	102,544
Total expenses before reductions	26,093,624
Expense reductions	(721,476)	25,372,148
Net investment income (loss)		53,461,613
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(1,617,769,397)
Foreign currency transactions	718,510
Total net realized gain (loss)		(1,617,050,887)
Change in net unrealized appreciation (depreciation) on: Investment securities	1,358,134,100
Assets and liabilities in foreign currencies	67,426
Total change in net unrealized appreciation (depreciation)		1,358,201,526
Net gain (loss)		(258,849,361)
Net increase (decrease) in net assets resulting from operations		$ (205,387,748)

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

Semiannual Report

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 53,461,613	$ 108,130,289
Net realized gain (loss)	(1,617,050,887)	(902,937,259)
Change in net unrealized appreciation (depreciation)	1,358,201,526	(4,444,954,236)
Net increase (decrease) in net assets resulting from operations	(205,387,748)	(5,239,761,206)
Distributions to shareholders from net investment income	(81,536,915)	(93,919,303)
Distributions to shareholders from net realized gain	-	(947,430,820)
Total distributions	(81,536,915)	(1,041,350,123)
Share transactions - net increase (decrease)	340,719,434	2,246,479,755
Redemption fees	56,076	456,294
Total increase (decrease) in net assets	53,850,847	(4,034,175,280)

Net Assets
Beginning of period	5,509,178,168	9,543,353,448
End of period (including undistributed net investment income of $32,237,172 and undistributed net investment income of $101,205,874, respectively)	$ 5,563,029,015	$ 5,509,178,168

Financial Highlights - Overseas

	Six months ended April 30,2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 25.43	$ 58.39	$ 47.08	$ 37.65	$ 32.21	$ 29.19
Income from Investment Operations
Net investment income (loss) ^D	.24	.55	.70	.63	.39	.17 ^G
Net realized and unrealized gain (loss)	(1.30)	(27.19)	15.80	9.37	5.35	3.15
Total from investment operations	(1.06)	(26.64)	16.50	10.00	5.74	3.32
Distributions from net investment income	(.37)	(.57)	(.55)	(.41)	(.19)	(.30)
Distributions from net realized gain	-	(5.75)	(4.64)	(.16)	(.11)	-
Total distributions	(.37)	(6.32)	(5.19)	(.57)	(.30)	(.30)
Redemption fees added to paid in capital ^{D, I}	-	-	-	-	-	-
Net asset value, end of period	$ 24.00	$ 25.43	$ 58.39	$ 47.08	$ 37.65	$ 32.21
Total Return ^{B, C}	(4.07)%	(50.88)%	38.79%	26.83%	17.90%	11.45%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	1.03% ^A	1.13%	.95%	1.00%	.93%	1.05%
Expenses net of fee waivers, if any	1.03% ^A	1.13%	.95%	1.00%	.93%	1.05%
Expenses net of all reductions	1.00% ^A	1.10%	.91%	.90%	.86%	1.01%
Net investment income (loss)	2.08% ^A	1.33%	1.43%	1.43%	1.11%	.55% ^G
Supplemental Data
Net assets, end of period (000 omitted)	$ 5,276,761	$ 5,464,901	$ 9,543,353	$ 7,217,287	$ 4,733,797	$ 4,182,103
Portfolio turnover rate ^F	105% ^A	113%	87%	132%	87%	79%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D 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 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. ^I Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class K

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 25.45	$ 45.00
Income from Investment Operations
Net investment income (loss) ^D	.26	.13
Net realized and unrealized gain (loss)	(1.29)	(19.68)
Total from investment operations	(1.03)	(19.55)
Distributions from net investment income	(.42)	-
Redemption fees added to paid in capital ^{D, I}	-	-
Net asset value, end of period	$ 24.00	$ 25.45
Total Return ^{B, C}	(3.93)%	(43.44)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.78% ^A	.96% ^A
Expenses net of fee waivers, if any	.78% ^A	.96% ^A
Expenses net of all reductions	.75% ^A	.93% ^A
Net investment income (loss)	2.33% ^A	1.08% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 286,268	$ 44,277
Portfolio turnover rate ^F	105% ^A	113%

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation 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	$ 548,170,338
Unrealized depreciation	(1,212,430,655)
Net unrealized appreciation (depreciation)	$ (664,260,317)
Cost for federal income tax purposes	$ 7,135,549,900

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $2,770,948,649 and $2,638,346,685, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Fidelity Overseas, as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .67% of the Fund's average net assets.

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 Overseas, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. 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 were as follows:

	Amount	% of Average Net Assets*
Overseas	$ 7,628,294	.31
Class K	59,799	.06
	$ 7,688,093

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $15,977 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

8. Security Lending.

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Overseas operating expenses. During the period, this reimbursement reduced the Fund's expenses by $3,625.

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 $714,199 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 $3,645. During the period, credits reduced each class' transfer agent expense as noted in the table below.

	Transfer Agent expense reduction
Class K	$ 7

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
From net investment income
Overseas	$ 78,759,206	$ 93,919,303
Class K	2,777,709	-
Total	$ 81,536,915	$ 93,919,303
From net realized gain
Overseas	$ -	$ 947,430,820

^A Distributions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Overseas
Shares sold	30,646,628	76,040,831	$ 688,095,653	$ 2,985,572,846
Conversion to Class K	(10,319,878)	(1,789,301)	(238,320,481)	(50,752,081)
Reinvestment of distributions	3,481,398	20,825,405	78,087,784	1,030,024,482
Shares redeemed	(18,804,961)	(43,642,881)	(422,998,538)	(1,767,850,377)
Net increase (decrease)	5,003,187	51,434,054	$ 104,864,418	$ 2,196,994,870

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Class K
Shares sold	1,029,652	23,823	$ 23,030,461	$ 671,729
Conversion from Overseas	10,320,533	1,787,998	238,320,481	50,752,081
Reinvestment of distributions	123,950	-	2,777,709	-
Shares redeemed	(1,283,630)	(72,389)	(28,273,635)	(1,938,925)
Net increase (decrease)	10,190,505	1,739,432	$ 235,855,016	$ 49,484,885

^A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

12. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.
Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors (U.K.) Ltd.
Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

OVE-K-USAN-0609
1.863321.100

fid466

Fidelity Advisor
Worldwide Fund
Class A, Class T, Class B, and Class C

Semiannual Report

April 30, 2009

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

(2_fidelity_logos) (Registered_Trademark)

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 http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

Worldwide

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value	Ending Account Value April 30, 2009	Expenses Paid During Period
Class A	1.50%
Actual		$ 1,000.00	$ 1,125.90	$ 3.10 ^B
Hypothetical^A		$ 1,000.00	$ 1,017.36	$ 7.50 ^C
Class T	1.74%
Actual		$ 1,000.00	$ 1,125.90	$ 3.60 ^B
Hypothetical^A		$ 1,000.00	$ 1,016.17	$ 8.70 ^C
Class B	2.25%
Actual		$ 1,000.00	$ 1,125.00	$ 4.65 ^B
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23 ^C
Class C	2.25%
Actual		$ 1,000.00	$ 1,125.00	$ 4.65 ^B
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23 ^C
	Annualized Expense Ratio	Beginning Account Value	Ending Account Value April 30, 2009	Expenses Paid During Period
Worldwide	1.28%
Actual		$ 1,000.00	$ 928.00	$ 6.12 ^B
Hypothetical^A		$ 1,000.00	$ 1,018.45	$ 6.41 ^C
Institutional Class	1.23%
Actual		$ 1,000.00	$ 1,126.80	$ 2.54 ^B
Hypothetical^A		$ 1,000.00	$ 1,018.70	$ 6.16 ^C

^A 5% return per year before expenses

^C Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Worldwide

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	United States of America	47.8%
	Japan	11.2%
	United Kingdom	10.3%
	Germany	5.3%
	France	5.2%
	Switzerland	5.1%
	Australia	1.7%
	Netherlands	1.4%
	China	1.3%
	Other	10.7%

fid515

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

As of October 31, 2008
	United States of America	54.0%
	United Kingdom	11.6%
	Switzerland	7.0%
	Japan	6.9%
	Germany	5.8%
	France	2.9%
	Australia	2.5%
	Spain	1.9%
	Italy	0.9%
	Other	6.5%

fid527

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	97.8	94.6
Bonds	0.7	0.0
Short-Term Investments and Net Other Assets	1.5	5.4
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Google, Inc. Class A (sub. vtg.) (United States of America, Internet Software & Services)	2.3	2.2
Union Pacific Corp. (United States of America, Road & Rail)	2.2	3.8
QUALCOMM, Inc. (United States of America, Communications Equipment)	2.2	1.3
Total SA sponsored ADR (France, Oil, Gas & Consumable Fuels)	2.2	0.0
JPMorgan Chase & Co. (United States of America, Diversified Financial Services)	2.1	0.0
Apple, Inc. (United States of America, Computers & Peripherals)	2.0	2.2
Gilead Sciences, Inc. (United States of America, Biotechnology)	1.7	0.7
Temple-Inland, Inc. (United States of America, Containers & Packaging)	1.6	0.0
Avnet, Inc. (United States of America, Electronic Equipment & Components)	1.5	0.0
Oracle Corp. (United States of America, Software)	1.3	2.0
	19.1
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	19.7	12.6
Financials	19.7	19.3
Consumer Discretionary	12.0	8.9
Industrials	9.4	8.9
Health Care	8.7	15.6
Energy	8.2	6.3
Materials	7.8	4.2
Consumer Staples	5.8	11.2
Telecommunication Services	4.7	3.9
Utilities	0.9	3.7

Semiannual Report

Worldwide

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%
	Shares		Value
Australia - 1.7%
ABB Grain Ltd.	87,967		$ 557,738
Billabong International Ltd.	233,401		1,781,912
Commonwealth Bank of Australia	95,320		2,433,375
CSL Ltd.	54,536		1,364,861
Macquarie Group Ltd.	49,400		1,202,559
Newcrest Mining Ltd.	13,087		284,896
QBE Insurance Group Ltd.	141,373		2,239,844
Wesfarmers Ltd.	203,618		3,351,867
Woolworths Ltd.	48,407		940,457
TOTAL AUSTRALIA			14,157,509
Belgium - 0.4%
Anheuser-Busch InBev NV	121,600		3,721,458
Bermuda - 0.1%
Aquarius Platinum Ltd. (United Kingdom) (a)	81,666		307,726
Huabao International Holdings Ltd.	1,060,000		749,264
TOTAL BERMUDA			1,056,990
Brazil - 0.7%
BM&F BOVESPA SA	182,298		750,215
Petroleo Brasileiro SA - Petrobras sponsored ADR	46,900		1,574,433
Redecard SA	125,500		1,580,980
Vivo Participacoes SA sponsored ADR	105,925		1,690,563
TOTAL BRAZIL			5,596,191
Canada - 1.1%
Canadian Natural Resources Ltd.	48,100		2,217,457
Niko Resources Ltd.	32,300		1,634,693
Open Text Corp. (a)	44,600		1,468,913
Petro-Canada	27,200		858,455
Petrobank Energy & Resources Ltd. (a)	46,800		1,006,009
Suncor Energy, Inc.	64,800		1,630,793
TOTAL CANADA			8,816,320
Cayman Islands - 0.5%
Belle International Holdings Ltd.	2,458,000		1,872,697
China Dongxiang Group Co. Ltd.	3,481,000		1,690,527
Want Want China Holdings Ltd.	1,008,000		502,617
TOTAL CAYMAN ISLANDS			4,065,841
China - 1.3%
BYD Co. Ltd. (H Shares)	278,500		731,636
Changyou.com Ltd. (A Shares) ADR	37,500		1,153,125
China Merchants Bank Co. Ltd. (H Shares)	544,500		972,872
China Telecom Corp. Ltd. (H Shares)	3,790,000		1,865,692
Industrial & Commercial Bank of China Ltd.	1,793,000		1,020,006
Li Ning Co. Ltd.	473,500		968,999

	Shares		Value
Tencent Holdings Ltd.	197,200		$ 1,742,975
ZTE Corp. (H Shares)	701,584		2,365,312
TOTAL CHINA			10,820,617
Cyprus - 0.0%
Aisi Realty Public Ltd. (a)	583,060		46,854
Denmark - 0.5%
Novo Nordisk AS Series B	62,700		2,983,161
Vestas Wind Systems AS (a)	15,800		1,025,547
TOTAL DENMARK			4,008,708
Finland - 0.2%
Nokia Corp. sponsored ADR	133,500		1,887,690
France - 5.2%
Accor SA	26,700		1,129,421
Alstom SA	37,600		2,343,268
AXA SA	177,900		2,988,229
BNP Paribas SA	97,782		5,146,256
Cap Gemini SA	39,200		1,464,917
Iliad Group SA	11,100		1,165,555
LVMH Moet Hennessy - Louis Vuitton	15,300		1,154,826
Orpea (a)	32,100		1,312,243
PPR SA	28,050		2,148,426
Sanofi-Aventis	26,900		1,545,119
Schneider Electric SA (d)	22,600		1,719,370
Societe Generale Series A	44,885		2,293,399
Total SA:
Series B	120,500		6,027,713
sponsored ADR	241,200		11,992,464
Unibail-Rodamco	6,800		1,013,785
TOTAL FRANCE			43,444,991
Germany - 4.8%
Allianz AG (Reg.)	23,900		2,165,276
Bayerische Motoren Werke AG (BMW)	50,600		1,735,859
Daimler AG (Reg.)	58,300		2,081,391
Deutsche Bank AG	47,800		2,506,198
Deutsche Bank AG (NY Shares)	130,000		6,815,900
Deutsche Boerse AG	39,100		2,861,538
E.ON AG	180,400		6,044,902
Fresenius Medical Care AG & Co. KGaA (d)	58,100		2,258,904
GEA Group AG	134,400		1,749,417
Gerresheimer AG	36,700		875,314
MAN AG	41,700		2,560,803
Munich Re Group (Reg.)	33,900		4,635,436
Siemens AG (Reg.)	47,500		3,179,314
Wincor Nixdorf AG	10,700		531,376
TOTAL GERMANY			40,001,628
Greece - 0.1%
Public Power Corp. of Greece	37,400		720,758
Hong Kong - 0.4%
Cheung Kong Holdings Ltd.	224,000		2,310,694
Common Stocks - continued
	Shares		Value
Hong Kong - continued
Hang Lung Properties Ltd.	237,000		$ 665,661
Techtronic Industries Co. Ltd.	379,000		224,140
TOTAL HONG KONG			3,200,495
India - 0.4%
Bharti Airtel Ltd. (a)	114,455		1,744,404
Infosys Technologies Ltd.	42,311		1,294,599
Titan Industries Ltd.	12,639		191,259
TOTAL INDIA			3,230,262
Ireland - 0.4%
CRH PLC	68,200		1,772,530
Paddy Power PLC (Ireland)	82,700		1,522,688
TOTAL IRELAND			3,295,218
Israel - 0.4%
Nice Systems Ltd. sponsored ADR (a)	52,600		1,347,086
Teva Pharmaceutical Industries Ltd. sponsored ADR	45,300		1,988,217
TOTAL ISRAEL			3,335,303
Italy - 0.3%
Fiat SpA	232,500		2,272,407
Japan - 9.6%
Asics Corp.	224,000		1,456,528
Canon Marketing Japan, Inc.	132,200		1,598,970
Canon, Inc.	110,450		3,306,133
Daiwa Securities Group, Inc.	401,000		2,101,311
Denso Corp.	83,900		1,983,804
Eisai Co. Ltd.	34,200		918,009
Fanuc Ltd.	19,200		1,385,866
Fast Retailing Co. Ltd.	7,600		798,956
Honda Motor Co. Ltd.	113,700		3,333,043
JTEKT Corp.	93,600		903,008
Keyence Corp.	5,100		900,870
Misumi Group, Inc.	28,800		388,954
Mitsubishi Corp.	93,300		1,436,200
Mitsubishi UFJ Financial Group, Inc.	1,316,200		7,181,518
Mitsui & Co. Ltd.	128,400		1,362,228
Murata Manufacturing Co. Ltd.	30,500		1,236,436
NGK Insulators Ltd.	91,000		1,395,953
Nichi-iko Pharmaceutical Co. Ltd.	15,200		410,503
Nippon Building Fund, Inc.	157		1,275,905
Nippon Electric Glass Co. Ltd.	115,000		936,044
Nippon Steel Corp.	277,000		931,542
Nissan Motor Co. Ltd.	397,600		2,075,794
Nitori Co. Ltd.	5,400		303,926
Nomura Holdings, Inc.	639,000		3,857,057
NSK Ltd.	187,000		832,566
Omron Corp.	56,800		849,155
Point, Inc.	12,340		550,030
Promise Co. Ltd.	156,100		2,063,190
Rakuten, Inc.	4,160		2,116,915

	Shares		Value
Ricoh Co. Ltd.	241,000		$ 2,980,450
Sawai Pharmaceutical Co. Ltd.	9,100		421,846
Seven & i Holdings Co., Ltd.	51,800		1,170,802
Shin-Etsu Chemical Co., Ltd.	43,300		2,105,034
SMC Corp.	6,100		598,542
Softbank Corp.	142,000		2,247,007
Sony Corp. sponsored ADR	68,100		1,761,066
Sony Financial Holdings, Inc.	503		1,582,953
Sumitomo Mitsui Financial Group, Inc.	97,900		3,396,148
THK Co. Ltd.	100,600		1,395,542
Tokio Marine Holdings, Inc.	94,600		2,495,546
Tokyo Electron Ltd.	72,300		3,307,088
Toyota Motor Corp.	174,100		6,892,410
Tsumura & Co.	28,700		786,174
USS Co. Ltd.	18,810		852,612
TOTAL JAPAN			79,883,634
Korea (South) - 0.3%
NHN Corp. (a)	12,068		1,468,368
Samsung Electronics Co. Ltd.	2,169		1,004,733
TOTAL KOREA (SOUTH)			2,473,101
Luxembourg - 0.6%
ArcelorMittal SA (NY Shares) Class A	70,200		1,655,316
SES SA (A Shares) FDR unit	146,242		2,597,793
Tenaris SA	54,700		687,837
TOTAL LUXEMBOURG			4,940,946
Mexico - 0.1%
America Movil SAB de CV Series L sponsored ADR	22,500		739,125
Netherlands - 1.4%
Akzo Nobel NV	39,300		1,643,098
ASML Holding NV:
(Netherlands)	87,800		1,841,914
(NY Shares)	55,000		1,163,250
Gemalto NV (a)	61,300		1,929,662
James Hardie Industries NV unit	304,018		1,016,837
Koninklijke Ahold NV	130,600		1,430,492
Koninklijke KPN NV	85,400		1,026,434
Royal DSM NV	52,000		1,612,208
TOTAL NETHERLANDS			11,663,895
Netherlands Antilles - 0.5%
Schlumberger Ltd. (NY Shares)	78,000		3,821,220
Norway - 0.1%
Pronova BioPharma ASA (a)	296,200		742,911
Papua New Guinea - 0.2%
Oil Search Ltd.	510,037		1,902,450
Russia - 0.2%
OAO Gazprom sponsored ADR	85,400		1,511,580
Common Stocks - continued
	Shares		Value
Singapore - 0.2%
Ascendas Real Estate Investment Trust (A-REIT)	455,000		$ 411,820
Singapore Exchange Ltd.	330,000		1,397,568
TOTAL SINGAPORE			1,809,388
South Africa - 0.5%
MTN Group Ltd.	301,900		3,920,782
Spain - 1.2%
Banco Santander SA	191,400		1,818,491
Inditex SA	23,800		1,014,510
Red Electrica Corporacion SA	16,400		686,200
Telefonica SA	333,900		6,324,439
TOTAL SPAIN			9,843,640
Sweden - 0.3%
H&M Hennes & Mauritz AB (B Shares)	50,500		2,247,876
Switzerland - 5.1%
Actelion Ltd. (Reg.) (a)	73,636		3,353,950
BB BIOTECH AG	20,274		1,179,225
Credit Suisse Group sponsored ADR	83,600		3,200,208
Nestle SA (Reg.)	214,177		6,979,636
Nobel Biocare Holding AG (Switzerland)	59,700		1,216,737
Noble Corp.	204,000		5,575,320
Novartis AG sponsored ADR	24,100		913,631
Partners Group Holding	14,770		1,290,178
Roche Holding AG (participation certificate)	50,315		6,343,262
Sonova Holding AG	32,712		2,116,130
Syngenta AG (Switzerland)	9,050		1,931,581
UBS AG (For. Reg.)	164,736		2,262,300
Weatherford International Ltd. (a)	201,000		3,342,630
Zurich Financial Services AG (Reg.)	16,380		3,043,104
TOTAL SWITZERLAND			42,747,892
Taiwan - 0.6%
Taiwan Semiconductor Manufacturing Co. Ltd.	1,711,000		2,894,419
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	170,000		1,796,900
TOTAL TAIWAN			4,691,319
United Kingdom - 10.3%
Aberdeen Asset Management PLC	1,207,400		2,340,580
Aegis Group PLC	435,400		582,670
AstraZeneca PLC (United Kingdom)	70,700		2,474,663
Autonomy Corp. PLC (a)	105,100		2,204,084
BAE Systems PLC	251,200		1,320,881
Barclays PLC	487,600		1,978,961
BG Group PLC	144,200		2,301,704
BG Group PLC sponsored ADR	11,900		943,908
BHP Billiton PLC	346,600		7,190,987
BP PLC	399,400		2,821,364

	Shares		Value
British American Tobacco PLC (United Kingdom)	64,435		$ 1,553,386
Capita Group PLC	168,419		1,697,474
Carphone Warehouse Group PLC	320,600		701,826
Compass Group PLC	366,600		1,742,524
Cookson Group PLC	1,787,700		510,468
DSG International PLC	663,400		417,683
DSG International PLC	592,700		262,945
HSBC Holdings PLC:
(Hong Kong) (Reg.)	73,238		513,361
(United Kingdom) (Reg.)	1,019,957		7,250,665
Imperial Tobacco Group PLC	93,500		2,132,519
Informa PLC	504,100		2,202,452
InterContinental Hotel Group PLC	121,900		1,157,722
Man Group PLC	761,300		2,812,909
Misys PLC	451,700		921,582
NEXT PLC	74,500		1,781,249
Prudential PLC	376,900		2,165,488
Reckitt Benckiser Group PLC	84,000		3,296,198
Rio Tinto PLC (Reg.)	106,600		4,329,679
Royal Bank of Scotland Group PLC	579,508		353,544
Royal Dutch Shell PLC Class B	308,300		6,974,391
SSL International PLC	282,500		1,979,845
Standard Chartered PLC (United Kingdom)	250,064		3,866,866
Vodafone Group PLC	3,488,500		6,409,356
Vodafone Group PLC sponsored ADR	69,412		1,273,710
William Morrison Supermarkets PLC	332,700		1,204,693
Wolseley PLC	137,952		2,473,214
WPP PLC	164,900		1,127,813
Xstrata PLC	44,000		387,766
TOTAL UNITED KINGDOM			85,661,130
United States of America - 45.8%
3M Co.	45,000		2,592,000
Albemarle Corp.	25,000		670,500
Amazon.com, Inc. (a)	27,800		2,238,456
American Eagle Outfitters, Inc.	53,000		785,460
American Express Co.	32,000		807,040
Apple, Inc. (a)	131,600		16,559,228
Applied Materials, Inc.	92,000		1,123,320
Ashland, Inc.	35,000		768,600
AutoNation, Inc. (a)	39,000		690,690
AutoZone, Inc. (a)	2,000		332,780
Avnet, Inc. (a)	587,400		12,858,186
Baker Hughes, Inc.	13,000		462,540
Bank of America Corp.	257,900		2,303,047
Bemis Co., Inc.	13,000		312,520
Biogen Idec, Inc. (a)	49,900		2,412,166
BorgWarner, Inc.	313,800		9,084,510
Boston Private Financial Holdings, Inc.	35,000		161,350
Burlington Northern Santa Fe Corp.	48,000		3,239,040
Caterpillar, Inc.	51,000		1,814,580
Celanese Corp. Class A	242,000		5,043,280
Common Stocks - continued
	Shares		Value
United States of America - continued
Cephalon, Inc. (a)(d)	82,200		$ 5,393,142
Charles Schwab Corp.	48,000		887,040
Chevron Corp.	76,700		5,069,870
Cisco Systems, Inc. (a)	534,700		10,330,404
CME Group, Inc.	4,300		951,805
Coach, Inc.	64,000		1,568,000
Comcast Corp. Class A (special) (non-vtg.)	62,000		910,160
CSX Corp.	13,000		384,670
Cummins, Inc.	31,600		1,074,400
Dendreon Corp. (a)	40,000		848,000
Dow Chemical Co.	65,000		1,040,000
Eaton Corp.	129,000		5,650,200
Express Scripts, Inc. (a)	161,000		10,299,170
Fidelity National Financial, Inc. Class A	285,900		5,183,367
FMC Corp.	120,300		5,862,219
Ford Motor Co. (a)	210,000		1,255,800
Freeport-McMoRan Copper & Gold, Inc. Class B	121,600		5,186,240
General Electric Co.	401,900		5,084,035
Gilead Sciences, Inc. (a)	309,000		14,152,200
Goldman Sachs Group, Inc.	36,000		4,626,000
Google, Inc. Class A (sub. vtg.) (a)	47,700		18,887,768
Hewitt Associates, Inc. Class A (a)	82,000		2,571,520
Illinois Tool Works, Inc.	38,000		1,246,400
International Business Machines Corp.	55,800		5,759,118
JCPenney Co., Inc.	24,000		736,560
JPMorgan Chase & Co.	517,400		17,074,200
KLA-Tencor Corp.	41,000		1,137,340
Kohl's Corp. (a)	67,000		3,038,450
Lam Research Corp. (a)	131,000		3,652,280
Las Vegas Sands Corp. (a)	70,000		547,400
Louisiana-Pacific Corp.	223,000		907,610
Marriott International, Inc. Class A	73,000		1,719,880
McDonald's Corp.	48,000		2,557,920
McGraw-Hill Companies, Inc.	64,000		1,929,600
Mead Johnson Nutrition Co. Class A	13,300		375,725
Microsoft Corp.	75,000		1,519,500
Morgan Stanley	435,000		10,283,400
National Oilwell Varco, Inc. (a)	7,000		211,960
Nordstrom, Inc.	33,000		746,790
Norfolk Southern Corp.	15,000		535,200
Novellus Systems, Inc. (a)	125,000		2,257,500
O'Reilly Automotive, Inc. (a)	39,000		1,515,150
Occidental Petroleum Corp.	12,000		675,480
Omnicom Group, Inc.	5,000		157,350
Oracle Corp.	576,900		11,157,246
Owens-Illinois, Inc. (a)	35,000		853,650
PACCAR, Inc.	139,800		4,954,512
Packaging Corp. of America	50,000		793,500
Pactiv Corp. (a)	13,000		284,180
Parker Hannifin Corp.	31,000		1,405,850
Patterson-UTI Energy, Inc.	58,000		737,180

	Shares		Value
Philip Morris International, Inc.	92,000		$ 3,330,400
PNC Financial Services Group, Inc.	35,000		1,389,500
Procter & Gamble Co.	20,000		988,800
Pulte Homes, Inc.	49,390		568,479
QUALCOMM, Inc.	422,800		17,892,896
Quidel Corp. (a)	9,700		112,908
Qwest Communications International, Inc.	150,000		583,500
Regal-Beloit Corp.	28,300		1,149,829
Rock-Tenn Co. Class A	26,000		981,760
Rockwell Automation, Inc.	13,000		410,670
Rosetta Stone, Inc.	2,000		59,900
Sealed Air Corp.	123,000		2,344,380
Simon Property Group, Inc.	41,000		2,115,600
Southwestern Energy Co. (a)	107,000		3,837,020
Sprint Nextel Corp. (a)	2,007,000		8,750,520
Temple-Inland, Inc.	1,093,300		13,054,002
Tenet Healthcare Corp. (a)	200,000		450,000
Teradyne, Inc. (a)	375,000		2,227,500
The Coca-Cola Co.	233,600		10,056,480
The DIRECTV Group, Inc. (a)	261,400		6,464,422
The Travelers Companies, Inc.	32,000		1,316,480
The Walt Disney Co.	30,000		657,000
TJX Companies, Inc.	122,000		3,412,340
Union Pacific Corp.	375,600		18,456,984
Varian Semiconductor Equipment Associates, Inc. (a)	60,649		1,552,008
Visa, Inc.	115,700		7,515,872
Wal-Mart Stores, Inc.	117,600		5,927,040
Walgreen Co.	62,000		1,948,660
Wells Fargo & Co.	467,900		9,362,679
Wilmington Trust Corp., Delaware	181,000		2,626,310
Wyndham Worldwide Corp.	25,000		292,000
TOTAL UNITED STATES OF AMERICA			380,082,173
TOTAL COMMON STOCKS (Cost $824,929,216)		792,362,302
Nonconvertible Preferred Stocks - 0.7%

Germany - 0.5%
Fresenius SE (non-vtg.)	79,700		4,066,332
Italy - 0.2%
Intesa Sanpaolo SpA	864,400		1,919,171
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $8,760,456)		5,985,503

Convertible Bonds - 0.7%
	Principal Amount
Bermuda - 0.1%
Ingersoll-Rand Global Holding Co. Ltd. 4.5% 4/15/12	$ 890,000		1,238,613
Convertible Bonds - continued
	Principal Amount		Value
Luxembourg - 0.1%
ArcelorMittal SA 5% 5/15/14	$ 460,000		$ 475,028
United States of America - 0.5%
Alcoa, Inc. 5.25% 3/15/14	560,000		883,400
Johnson Controls, Inc. 6.5% 9/30/12	620,000		1,115,450
Micron Technology, Inc. 4.25% 10/15/13	320,000		372,800
Sunpower Corp. 4.75% 4/15/14	530,000		623,969
Textron, Inc. 4.5% 5/1/13	330,000		357,819
United States Steel Corp. 4% 5/15/14	770,000		821,975
TOTAL UNITED STATES OF AMERICA			4,175,413
TOTAL CONVERTIBLE BONDS (Cost $4,543,650)		5,889,054
Government Obligations - 0.2%

United States of America - 0.2%
U.S. Treasury Bills, yield at date of purchase 0.06% to 0.22% 5/7/09 to 5/28/09 (e) (Cost $1,594,804)	1,595,000		1,594,965

Money Market Funds - 3.2%
	Shares
Fidelity Cash Central Fund, 0.53% (b)	21,869,561		21,869,561
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	4,665,950		4,665,950
TOTAL MONEY MARKET FUNDS (Cost $26,535,511)		26,535,511
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $866,363,637)			832,367,335
NET OTHER ASSETS - (0.3)%			(2,618,775)
NET ASSETS - 100%		$ 829,748,560

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
44 Nikkei 225 Index Contracts (Japan)	June 2009	$ 3,953,953	$ 424,780
106 TOPIX 150 Index Contracts (Japan)	June 2009	9,041,635	1,359,243
TOTAL EQUITY INDEX CONTRACTS		$ 12,995,588	$ 1,784,023

The face value of futures purchased as a percentage of net assets - 1.6%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $1,564,965.

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	$ 248,376
Fidelity Securities Lending Cash Central Fund	41,797
Total	$ 290,173

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 832,367,335	$ 495,271,826	$ 337,095,509	$ -
Other Financial Instruments*	$ 1,784,023	$ 1,784,023	$ -	$ -

* Other financial instruments include Futures Contracts.

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 336,547
Total Realized Gain (Loss)	(1,382,609)
Total Unrealized Gain (Loss)	1,180,463
Cost of Purchases	-
Proceeds of Sales	(134,401)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ -

Income Tax Information

At October 31, 2008, the Fund had a capital loss carryforward of approximately $115,059,396 all of which will expire on October 31, 2016.

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

Semiannual Report

Worldwide Fund

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $4,520,646) - See accompanying schedule: Unaffiliated issuers (cost $839,828,126)	$ 805,831,824
Fidelity Central Funds (cost $26,535,511)	26,535,511
Total Investments (cost $866,363,637)		$ 832,367,335
Foreign currency held at value (cost $46,089)		46,447
Receivable for investments sold		41,982,015
Receivable for fund shares sold		659,782
Dividends receivable		2,566,815
Interest receivable		11,081
Distributions receivable from Fidelity Central Funds		20,115
Receivable for daily variation on futures contracts		496,865
Prepaid expenses		7,408
Other receivables		117,651
Total assets		878,275,514

Liabilities
Payable to custodian bank	$ 45,354
Payable for investments purchased	42,207,066
Payable for fund shares redeemed	720,562
Accrued management fee	576,475
Distribution fees payable	262
Other affiliated payables	231,529
Other payables and accrued expenses	79,756
Collateral on securities loaned, at value	4,665,950
Total liabilities		48,526,954

Net Assets		$ 829,748,560
Net Assets consist of:
Paid in capital		$ 1,198,985,391
Undistributed net investment income		3,220,558
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(340,183,429)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(32,273,960)
Net Assets		$ 829,748,560

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($148,111 ÷ 12,086 shares)		$ 12.25

Maximum offering price per share (100/94.25 of $12.25)		$ 13.00
Class T: Net Asset Value and redemption price per share ($112,684 ÷ 9,199 shares)		$ 12.25

Maximum offering price per share (100/96.50 of $12.25)		$ 12.69
Class B: Net Asset Value, offering price and redemption price per share ($121,437 ÷ 9,924 shares)		$ 12.24

Class C: Net Asset Value, offering price and redemption price per share ($124,855 ÷ 10,203 shares)		$ 12.24


Worldwide: Net Asset Value, offering price and redemption price per share ($829,128,774 ÷ 67,641,268 shares)		$ 12.26

Institutional Class: Net Asset Value, offering price and redemption price per share ($112,699 ÷ 9,191 shares)		$ 12.26

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

Semiannual Report

Worldwide
Financial Statements - continued

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 10,902,640
Interest		13,849
Income from Fidelity Central Funds		290,173
		11,206,662
Less foreign taxes withheld		(476,468)
Total income		10,730,194

Expenses
Management fee Basic fee	$ 2,879,647
Performance adjustment	645,595
Transfer agent fees	1,239,076
Distribution fees	563
Accounting and security lending fees	192,708
Custodian fees and expenses	72,347
Independent trustees' compensation	2,924
Registration fees	87,482
Audit	39,162
Legal	2,564
Miscellaneous	8,851
Total expenses before reductions	5,170,919
Expense reductions	(131,441)	5,039,478
Net investment income (loss)		5,690,716
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(191,977,593)
Foreign currency transactions	(339,908)
Futures contracts	(1,613,932)
Total net realized gain (loss)		(193,931,433)
Change in net unrealized appreciation (depreciation) on: Investment securities	114,980,429
Assets and liabilities in foreign currencies	(18,298)
Futures contracts	1,784,023
Total change in net unrealized appreciation (depreciation)		116,746,154
Net gain (loss)		(77,185,279)
Net increase (decrease) in net assets resulting from operations		$ (71,494,563)

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 5,690,716	$ 12,367,196
Net realized gain (loss)	(193,931,433)	(143,763,130)
Change in net unrealized appreciation (depreciation)	116,746,154	(564,532,626)
Net increase (decrease) in net assets resulting from operations	(71,494,563)	(695,928,560)
Distributions to shareholders from net investment income	(11,746,083)	(8,541,065)
Distributions to shareholders from net realized gain	-	(169,398,247)
Total distributions	(11,746,083)	(177,939,312)
Share transactions - net increase (decrease)	(21,915,478)	35,066,852
Redemption fees	19,337	83,803
Total increase (decrease) in net assets	(105,136,787)	(838,717,217)

Net Assets
Beginning of period	934,885,347	1,773,602,564
End of period (including undistributed net investment income of $3,220,558 and undistributed net investment income of $10,091,805, respectively)	$ 829,748,560	$ 934,885,347

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

Semiannual Report

Financial Highlights - Class A

	Period ended April 30, 2009^H
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss) ^E	.04
Net realized and unrealized gain (loss)	1.33
Total from investment operations	1.37
Redemption fees added to paid in capital ^{E, J}	-
Net asset value, end of period	$ 12.25
Total Return^{B, C, D}	12.59%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.50% ^A
Expenses net of fee waivers, if any	1.50% ^A
Expenses net of all reductions	1.48% ^A
Net investment income (loss)	1.87% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 148
Portfolio turnover rate ^G	267% ^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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. ^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.

Financial Highlights - Class T

	Period ended April 30, 2009^H
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss) ^E	.03
Net realized and unrealized gain (loss)	1.34
Total from investment operations	1.37
Redemption fees added to paid in capital ^{E, J}	-
Net asset value, end of period	$ 12.25
Total Return ^{B,C, D}	12.59%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.74% ^A
Expenses net of fee waivers, if any	1.74%^A
Expenses net of all reductions	1.72%^A
Net investment income (loss)	1.59%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 113
Portfolio turnover rate ^G	267%^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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. ^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

	Period ended April 30, 2009^G
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss) ^D	.02
Net realized and unrealized gain (loss)	1.34
Total from investment operations	1.36
Redemption fees added to paid in capital ^{D, I}	-
Net asset value, end of period	$ 12.24
Total Return ^{B, C}	12.50%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	2.25% ^A
Expenses net of fee waivers, if any	2.25% ^A
Expenses net of all reductions	2.23% ^A
Net investment income (loss)	1.09% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 121
Portfolio turnover rate ^F	267% ^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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. ^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.

Financial Highlights - Class C

	Period ended April 30, 2009^G
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss) ^D	.02
Net realized and unrealized gain (loss)	1.34
Total from investment operations	1.36
Redemption fees added to paid in capital^{D, I}	-
Net asset value, end of period	$ 12.24
Total Return^{B, C}	12.50%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	2.25% ^A
Expenses net of fee waivers, if any	2.25% ^A
Expenses net of all reductions	2.23% ^A
Net investment income (loss)	1.07% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 125
Portfolio turnover rate ^F	267% ^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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. ^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 - Worldwide

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 13.40	$ 25.18	$ 21.82	$ 19.05	$ 16.72	$ 15.30
Income from Investment Operations
Net investment income (loss) ^D	.08	.16	.14	.17	.15 ^G	.05 ^H
Net realized and unrealized gain (loss)	(1.05)	(9.44)	6.05	3.74	2.30	1.44
Total from investment operations	(0.97)	(9.28)	6.19	3.91	2.45	1.49
Distributions from net investment income	(.17)	(.12)	(.17)	(.10)	(.10)	(.07)
Distributions from net realized gain	-	(2.38)	(2.66)	(1.04)	(.02)	-
Total distributions	(.17)	(2.50)	(2.83)	(1.14)	(.12)	(.07)
Redemption fees added to paid in capital ^{D, J}	-	-	-	-	-	-
Net asset value, end of period	$ 12.26	$ 13.40	$ 25.18	$ 21.82	$ 19.05	$ 16.72
Total Return ^{B, C}	(7.20)%	(40.66)%	31.87%	21.31%	14.71%	9.77%
Ratios to Average Net Assets ^{E, I}
Expenses before reductions	1.29% ^A	1.21%	1.04%	1.08%	1.07%	1.23%
Expenses net of fee waivers, if any	1.28%^A	1.21%	1.04%	1.08%	1.07%	1.23%
Expenses net of all reductions	1.26%^A	1.19%	1.02%	1.02%	1.01%	1.19%
Net investment income (loss)	1.42%^A	.84%	.66%	.85%	.82% ^G	.29% ^H
Supplemental Data
Net assets, end of period (000 omitted)	$ 829,129	$ 934,885	$ 1,773,603	$ 1,328,219	$ 1,181,044	$ 1,064,162
Portfolio turnover rate ^F	267%^A	264%	128%	205%	93%	95%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E 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 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.

Financial Highlights - Institutional Class

	Period ended April 30, 2009^G
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss) ^D	.05
Net realized and unrealized gain (loss)	1.33
Total from investment operations	1.38
Redemption fees added to paid in capital^{D, I}	-
Net asset value, end of period	$ 12.26
Total Return^{B, C}	12.68%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	1.23% ^A
Expenses net of fee waivers, if any	1.23%^A
Expenses net of all reductions	1.21%^A
Net investment income (loss)	2.10%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 113
Portfolio turnover rate ^F	267%^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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. ^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, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

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, 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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

The three levels of the hierarchy under SFAS 157 are described below:

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Book-tax differences are primarily due to futures and options transactions, 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Unrealized appreciation	$ 71,860,193
Unrealized depreciation	(136,640,711)
Net unrealized appreciation (depreciation)	$ (64,780,518)
Cost for federal income tax purposes	$ 897,147,853

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,026,526,266 and $1,028,074,738, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20 of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .88% of the Fund's average net assets.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 55	$ 50
Class T	.25%	.25%	99	99
Class B	.75%	.25%	203	202
Class C	.75%	.25%	206	199
			$ 563	$ 550

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

	Retained by FDC
Class A	$ 150
Class T	3
Total	$ 153

* 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 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 were as follows:

	Amount	% of Average Net Assets*
Class A	$ 65	.29
Class T	53	.26
Class B	57	.28
Class C	58	.28
Worldwide	1,238,794	.31
Institutional Class	49	.24
	$ 1,239,076

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $2,569 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 is 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 $41,797.

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Worldwide operating expenses. During the period, this reimbursement reduced the Fund's expenses by $57,475.

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 $73,426 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 $540.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Worldwide	$ 11,746,083	$ 8,541,065
From net realized gain
Worldwide	$ -	$ 169,398,247

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
Class A ^A
Shares sold	12,086	-	$ 133,845	$ -
Class T ^A
Shares sold	9,199	-	$ 100,097	$ -
Class B ^A
Shares sold	9,924	-	$ 108,670	$ -
Class C ^A
Shares sold	10,203	-	$ 111,994	$ -
Worldwide
Shares sold	5,281,716	15,425,394	$ 61,622,080	$ 303,265,276
Reinvestment of distributions	959,834	7,926,720	11,413,264	172,247,752
Shares redeemed	(8,347,452)	(24,051,522)	(95,505,428)	(440,446,176)
Net increase (decrease)	(2,105,902)	(699,408)	$ (22,470,084)	$ 35,066,852
Institutional Class ^A
Shares sold	9,191	-	$ 100,000	$ -

^A Share transactions are for the period February 19, 2009 (commencement of sale of shares) to April 30, 2009.

Semiannual Report

12. Other.

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

Fidelity Investment Japan Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

AWLD-USAN-0609
1.883449.100

fid466

Fidelity Advisor
Worldwide Fund
Institutional Class

Semiannual Report

April 30, 2009

Institutional Class is a class of
Fidelity® Worldwide Fund

(2_fidelity_logos) (Registered_Trademark)

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 http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

Worldwide

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value	Ending Account Value April 30, 2009	Expenses Paid During Period
Class A	1.50%
Actual		$ 1,000.00	$ 1,125.90	$ 3.10 ^B
Hypothetical^A		$ 1,000.00	$ 1,017.36	$ 7.50 ^C
Class T	1.74%
Actual		$ 1,000.00	$ 1,125.90	$ 3.60 ^B
Hypothetical^A		$ 1,000.00	$ 1,016.17	$ 8.70 ^C
Class B	2.25%
Actual		$ 1,000.00	$ 1,125.00	$ 4.65 ^B
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23 ^C
Class C	2.25%
Actual		$ 1,000.00	$ 1,125.00	$ 4.65 ^B
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23 ^C
	Annualized Expense Ratio	Beginning Account Value	Ending Account Value April 30, 2009	Expenses Paid During Period
Worldwide	1.28%
Actual		$ 1,000.00	$ 928.00	$ 6.12 ^B
Hypothetical^A		$ 1,000.00	$ 1,018.45	$ 6.41 ^C
Institutional Class	1.23%
Actual		$ 1,000.00	$ 1,126.80	$ 2.54 ^B
Hypothetical^A		$ 1,000.00	$ 1,018.70	$ 6.16 ^C

^A 5% return per year before expenses

^C Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Worldwide

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	United States of America	47.8%
	Japan	11.2%
	United Kingdom	10.3%
	Germany	5.3%
	France	5.2%
	Switzerland	5.1%
	Australia	1.7%
	Netherlands	1.4%
	China	1.3%
	Other	10.7%

fid546

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

As of October 31, 2008
	United States of America	54.0%
	United Kingdom	11.6%
	Switzerland	7.0%
	Japan	6.9%
	Germany	5.8%
	France	2.9%
	Australia	2.5%
	Spain	1.9%
	Italy	0.9%
	Other	6.5%

fid558

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	97.8	94.6
Bonds	0.7	0.0
Short-Term Investments and Net Other Assets	1.5	5.4
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Google, Inc. Class A (sub. vtg.) (United States of America, Internet Software & Services)	2.3	2.2
Union Pacific Corp. (United States of America, Road & Rail)	2.2	3.8
QUALCOMM, Inc. (United States of America, Communications Equipment)	2.2	1.3
Total SA sponsored ADR (France, Oil, Gas & Consumable Fuels)	2.2	0.0
JPMorgan Chase & Co. (United States of America, Diversified Financial Services)	2.1	0.0
Apple, Inc. (United States of America, Computers & Peripherals)	2.0	2.2
Gilead Sciences, Inc. (United States of America, Biotechnology)	1.7	0.7
Temple-Inland, Inc. (United States of America, Containers & Packaging)	1.6	0.0
Avnet, Inc. (United States of America, Electronic Equipment & Components)	1.5	0.0
Oracle Corp. (United States of America, Software)	1.3	2.0
	19.1
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	19.7	12.6
Financials	19.7	19.3
Consumer Discretionary	12.0	8.9
Industrials	9.4	8.9
Health Care	8.7	15.6
Energy	8.2	6.3
Materials	7.8	4.2
Consumer Staples	5.8	11.2
Telecommunication Services	4.7	3.9
Utilities	0.9	3.7

Semiannual Report

Worldwide

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%
	Shares		Value
Australia - 1.7%
ABB Grain Ltd.	87,967		$ 557,738
Billabong International Ltd.	233,401		1,781,912
Commonwealth Bank of Australia	95,320		2,433,375
CSL Ltd.	54,536		1,364,861
Macquarie Group Ltd.	49,400		1,202,559
Newcrest Mining Ltd.	13,087		284,896
QBE Insurance Group Ltd.	141,373		2,239,844
Wesfarmers Ltd.	203,618		3,351,867
Woolworths Ltd.	48,407		940,457
TOTAL AUSTRALIA			14,157,509
Belgium - 0.4%
Anheuser-Busch InBev NV	121,600		3,721,458
Bermuda - 0.1%
Aquarius Platinum Ltd. (United Kingdom) (a)	81,666		307,726
Huabao International Holdings Ltd.	1,060,000		749,264
TOTAL BERMUDA			1,056,990
Brazil - 0.7%
BM&F BOVESPA SA	182,298		750,215
Petroleo Brasileiro SA - Petrobras sponsored ADR	46,900		1,574,433
Redecard SA	125,500		1,580,980
Vivo Participacoes SA sponsored ADR	105,925		1,690,563
TOTAL BRAZIL			5,596,191
Canada - 1.1%
Canadian Natural Resources Ltd.	48,100		2,217,457
Niko Resources Ltd.	32,300		1,634,693
Open Text Corp. (a)	44,600		1,468,913
Petro-Canada	27,200		858,455
Petrobank Energy & Resources Ltd. (a)	46,800		1,006,009
Suncor Energy, Inc.	64,800		1,630,793
TOTAL CANADA			8,816,320
Cayman Islands - 0.5%
Belle International Holdings Ltd.	2,458,000		1,872,697
China Dongxiang Group Co. Ltd.	3,481,000		1,690,527
Want Want China Holdings Ltd.	1,008,000		502,617
TOTAL CAYMAN ISLANDS			4,065,841
China - 1.3%
BYD Co. Ltd. (H Shares)	278,500		731,636
Changyou.com Ltd. (A Shares) ADR	37,500		1,153,125
China Merchants Bank Co. Ltd. (H Shares)	544,500		972,872
China Telecom Corp. Ltd. (H Shares)	3,790,000		1,865,692
Industrial & Commercial Bank of China Ltd.	1,793,000		1,020,006
Li Ning Co. Ltd.	473,500		968,999

	Shares		Value
Tencent Holdings Ltd.	197,200		$ 1,742,975
ZTE Corp. (H Shares)	701,584		2,365,312
TOTAL CHINA			10,820,617
Cyprus - 0.0%
Aisi Realty Public Ltd. (a)	583,060		46,854
Denmark - 0.5%
Novo Nordisk AS Series B	62,700		2,983,161
Vestas Wind Systems AS (a)	15,800		1,025,547
TOTAL DENMARK			4,008,708
Finland - 0.2%
Nokia Corp. sponsored ADR	133,500		1,887,690
France - 5.2%
Accor SA	26,700		1,129,421
Alstom SA	37,600		2,343,268
AXA SA	177,900		2,988,229
BNP Paribas SA	97,782		5,146,256
Cap Gemini SA	39,200		1,464,917
Iliad Group SA	11,100		1,165,555
LVMH Moet Hennessy - Louis Vuitton	15,300		1,154,826
Orpea (a)	32,100		1,312,243
PPR SA	28,050		2,148,426
Sanofi-Aventis	26,900		1,545,119
Schneider Electric SA (d)	22,600		1,719,370
Societe Generale Series A	44,885		2,293,399
Total SA:
Series B	120,500		6,027,713
sponsored ADR	241,200		11,992,464
Unibail-Rodamco	6,800		1,013,785
TOTAL FRANCE			43,444,991
Germany - 4.8%
Allianz AG (Reg.)	23,900		2,165,276
Bayerische Motoren Werke AG (BMW)	50,600		1,735,859
Daimler AG (Reg.)	58,300		2,081,391
Deutsche Bank AG	47,800		2,506,198
Deutsche Bank AG (NY Shares)	130,000		6,815,900
Deutsche Boerse AG	39,100		2,861,538
E.ON AG	180,400		6,044,902
Fresenius Medical Care AG & Co. KGaA (d)	58,100		2,258,904
GEA Group AG	134,400		1,749,417
Gerresheimer AG	36,700		875,314
MAN AG	41,700		2,560,803
Munich Re Group (Reg.)	33,900		4,635,436
Siemens AG (Reg.)	47,500		3,179,314
Wincor Nixdorf AG	10,700		531,376
TOTAL GERMANY			40,001,628
Greece - 0.1%
Public Power Corp. of Greece	37,400		720,758
Hong Kong - 0.4%
Cheung Kong Holdings Ltd.	224,000		2,310,694
Common Stocks - continued
	Shares		Value
Hong Kong - continued
Hang Lung Properties Ltd.	237,000		$ 665,661
Techtronic Industries Co. Ltd.	379,000		224,140
TOTAL HONG KONG			3,200,495
India - 0.4%
Bharti Airtel Ltd. (a)	114,455		1,744,404
Infosys Technologies Ltd.	42,311		1,294,599
Titan Industries Ltd.	12,639		191,259
TOTAL INDIA			3,230,262
Ireland - 0.4%
CRH PLC	68,200		1,772,530
Paddy Power PLC (Ireland)	82,700		1,522,688
TOTAL IRELAND			3,295,218
Israel - 0.4%
Nice Systems Ltd. sponsored ADR (a)	52,600		1,347,086
Teva Pharmaceutical Industries Ltd. sponsored ADR	45,300		1,988,217
TOTAL ISRAEL			3,335,303
Italy - 0.3%
Fiat SpA	232,500		2,272,407
Japan - 9.6%
Asics Corp.	224,000		1,456,528
Canon Marketing Japan, Inc.	132,200		1,598,970
Canon, Inc.	110,450		3,306,133
Daiwa Securities Group, Inc.	401,000		2,101,311
Denso Corp.	83,900		1,983,804
Eisai Co. Ltd.	34,200		918,009
Fanuc Ltd.	19,200		1,385,866
Fast Retailing Co. Ltd.	7,600		798,956
Honda Motor Co. Ltd.	113,700		3,333,043
JTEKT Corp.	93,600		903,008
Keyence Corp.	5,100		900,870
Misumi Group, Inc.	28,800		388,954
Mitsubishi Corp.	93,300		1,436,200
Mitsubishi UFJ Financial Group, Inc.	1,316,200		7,181,518
Mitsui & Co. Ltd.	128,400		1,362,228
Murata Manufacturing Co. Ltd.	30,500		1,236,436
NGK Insulators Ltd.	91,000		1,395,953
Nichi-iko Pharmaceutical Co. Ltd.	15,200		410,503
Nippon Building Fund, Inc.	157		1,275,905
Nippon Electric Glass Co. Ltd.	115,000		936,044
Nippon Steel Corp.	277,000		931,542
Nissan Motor Co. Ltd.	397,600		2,075,794
Nitori Co. Ltd.	5,400		303,926
Nomura Holdings, Inc.	639,000		3,857,057
NSK Ltd.	187,000		832,566
Omron Corp.	56,800		849,155
Point, Inc.	12,340		550,030
Promise Co. Ltd.	156,100		2,063,190
Rakuten, Inc.	4,160		2,116,915

	Shares		Value
Ricoh Co. Ltd.	241,000		$ 2,980,450
Sawai Pharmaceutical Co. Ltd.	9,100		421,846
Seven & i Holdings Co., Ltd.	51,800		1,170,802
Shin-Etsu Chemical Co., Ltd.	43,300		2,105,034
SMC Corp.	6,100		598,542
Softbank Corp.	142,000		2,247,007
Sony Corp. sponsored ADR	68,100		1,761,066
Sony Financial Holdings, Inc.	503		1,582,953
Sumitomo Mitsui Financial Group, Inc.	97,900		3,396,148
THK Co. Ltd.	100,600		1,395,542
Tokio Marine Holdings, Inc.	94,600		2,495,546
Tokyo Electron Ltd.	72,300		3,307,088
Toyota Motor Corp.	174,100		6,892,410
Tsumura & Co.	28,700		786,174
USS Co. Ltd.	18,810		852,612
TOTAL JAPAN			79,883,634
Korea (South) - 0.3%
NHN Corp. (a)	12,068		1,468,368
Samsung Electronics Co. Ltd.	2,169		1,004,733
TOTAL KOREA (SOUTH)			2,473,101
Luxembourg - 0.6%
ArcelorMittal SA (NY Shares) Class A	70,200		1,655,316
SES SA (A Shares) FDR unit	146,242		2,597,793
Tenaris SA	54,700		687,837
TOTAL LUXEMBOURG			4,940,946
Mexico - 0.1%
America Movil SAB de CV Series L sponsored ADR	22,500		739,125
Netherlands - 1.4%
Akzo Nobel NV	39,300		1,643,098
ASML Holding NV:
(Netherlands)	87,800		1,841,914
(NY Shares)	55,000		1,163,250
Gemalto NV (a)	61,300		1,929,662
James Hardie Industries NV unit	304,018		1,016,837
Koninklijke Ahold NV	130,600		1,430,492
Koninklijke KPN NV	85,400		1,026,434
Royal DSM NV	52,000		1,612,208
TOTAL NETHERLANDS			11,663,895
Netherlands Antilles - 0.5%
Schlumberger Ltd. (NY Shares)	78,000		3,821,220
Norway - 0.1%
Pronova BioPharma ASA (a)	296,200		742,911
Papua New Guinea - 0.2%
Oil Search Ltd.	510,037		1,902,450
Russia - 0.2%
OAO Gazprom sponsored ADR	85,400		1,511,580
Common Stocks - continued
	Shares		Value
Singapore - 0.2%
Ascendas Real Estate Investment Trust (A-REIT)	455,000		$ 411,820
Singapore Exchange Ltd.	330,000		1,397,568
TOTAL SINGAPORE			1,809,388
South Africa - 0.5%
MTN Group Ltd.	301,900		3,920,782
Spain - 1.2%
Banco Santander SA	191,400		1,818,491
Inditex SA	23,800		1,014,510
Red Electrica Corporacion SA	16,400		686,200
Telefonica SA	333,900		6,324,439
TOTAL SPAIN			9,843,640
Sweden - 0.3%
H&M Hennes & Mauritz AB (B Shares)	50,500		2,247,876
Switzerland - 5.1%
Actelion Ltd. (Reg.) (a)	73,636		3,353,950
BB BIOTECH AG	20,274		1,179,225
Credit Suisse Group sponsored ADR	83,600		3,200,208
Nestle SA (Reg.)	214,177		6,979,636
Nobel Biocare Holding AG (Switzerland)	59,700		1,216,737
Noble Corp.	204,000		5,575,320
Novartis AG sponsored ADR	24,100		913,631
Partners Group Holding	14,770		1,290,178
Roche Holding AG (participation certificate)	50,315		6,343,262
Sonova Holding AG	32,712		2,116,130
Syngenta AG (Switzerland)	9,050		1,931,581
UBS AG (For. Reg.)	164,736		2,262,300
Weatherford International Ltd. (a)	201,000		3,342,630
Zurich Financial Services AG (Reg.)	16,380		3,043,104
TOTAL SWITZERLAND			42,747,892
Taiwan - 0.6%
Taiwan Semiconductor Manufacturing Co. Ltd.	1,711,000		2,894,419
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	170,000		1,796,900
TOTAL TAIWAN			4,691,319
United Kingdom - 10.3%
Aberdeen Asset Management PLC	1,207,400		2,340,580
Aegis Group PLC	435,400		582,670
AstraZeneca PLC (United Kingdom)	70,700		2,474,663
Autonomy Corp. PLC (a)	105,100		2,204,084
BAE Systems PLC	251,200		1,320,881
Barclays PLC	487,600		1,978,961
BG Group PLC	144,200		2,301,704
BG Group PLC sponsored ADR	11,900		943,908
BHP Billiton PLC	346,600		7,190,987
BP PLC	399,400		2,821,364

	Shares		Value
British American Tobacco PLC (United Kingdom)	64,435		$ 1,553,386
Capita Group PLC	168,419		1,697,474
Carphone Warehouse Group PLC	320,600		701,826
Compass Group PLC	366,600		1,742,524
Cookson Group PLC	1,787,700		510,468
DSG International PLC	663,400		417,683
DSG International PLC	592,700		262,945
HSBC Holdings PLC:
(Hong Kong) (Reg.)	73,238		513,361
(United Kingdom) (Reg.)	1,019,957		7,250,665
Imperial Tobacco Group PLC	93,500		2,132,519
Informa PLC	504,100		2,202,452
InterContinental Hotel Group PLC	121,900		1,157,722
Man Group PLC	761,300		2,812,909
Misys PLC	451,700		921,582
NEXT PLC	74,500		1,781,249
Prudential PLC	376,900		2,165,488
Reckitt Benckiser Group PLC	84,000		3,296,198
Rio Tinto PLC (Reg.)	106,600		4,329,679
Royal Bank of Scotland Group PLC	579,508		353,544
Royal Dutch Shell PLC Class B	308,300		6,974,391
SSL International PLC	282,500		1,979,845
Standard Chartered PLC (United Kingdom)	250,064		3,866,866
Vodafone Group PLC	3,488,500		6,409,356
Vodafone Group PLC sponsored ADR	69,412		1,273,710
William Morrison Supermarkets PLC	332,700		1,204,693
Wolseley PLC	137,952		2,473,214
WPP PLC	164,900		1,127,813
Xstrata PLC	44,000		387,766
TOTAL UNITED KINGDOM			85,661,130
United States of America - 45.8%
3M Co.	45,000		2,592,000
Albemarle Corp.	25,000		670,500
Amazon.com, Inc. (a)	27,800		2,238,456
American Eagle Outfitters, Inc.	53,000		785,460
American Express Co.	32,000		807,040
Apple, Inc. (a)	131,600		16,559,228
Applied Materials, Inc.	92,000		1,123,320
Ashland, Inc.	35,000		768,600
AutoNation, Inc. (a)	39,000		690,690
AutoZone, Inc. (a)	2,000		332,780
Avnet, Inc. (a)	587,400		12,858,186
Baker Hughes, Inc.	13,000		462,540
Bank of America Corp.	257,900		2,303,047
Bemis Co., Inc.	13,000		312,520
Biogen Idec, Inc. (a)	49,900		2,412,166
BorgWarner, Inc.	313,800		9,084,510
Boston Private Financial Holdings, Inc.	35,000		161,350
Burlington Northern Santa Fe Corp.	48,000		3,239,040
Caterpillar, Inc.	51,000		1,814,580
Celanese Corp. Class A	242,000		5,043,280
Common Stocks - continued
	Shares		Value
United States of America - continued
Cephalon, Inc. (a)(d)	82,200		$ 5,393,142
Charles Schwab Corp.	48,000		887,040
Chevron Corp.	76,700		5,069,870
Cisco Systems, Inc. (a)	534,700		10,330,404
CME Group, Inc.	4,300		951,805
Coach, Inc.	64,000		1,568,000
Comcast Corp. Class A (special) (non-vtg.)	62,000		910,160
CSX Corp.	13,000		384,670
Cummins, Inc.	31,600		1,074,400
Dendreon Corp. (a)	40,000		848,000
Dow Chemical Co.	65,000		1,040,000
Eaton Corp.	129,000		5,650,200
Express Scripts, Inc. (a)	161,000		10,299,170
Fidelity National Financial, Inc. Class A	285,900		5,183,367
FMC Corp.	120,300		5,862,219
Ford Motor Co. (a)	210,000		1,255,800
Freeport-McMoRan Copper & Gold, Inc. Class B	121,600		5,186,240
General Electric Co.	401,900		5,084,035
Gilead Sciences, Inc. (a)	309,000		14,152,200
Goldman Sachs Group, Inc.	36,000		4,626,000
Google, Inc. Class A (sub. vtg.) (a)	47,700		18,887,768
Hewitt Associates, Inc. Class A (a)	82,000		2,571,520
Illinois Tool Works, Inc.	38,000		1,246,400
International Business Machines Corp.	55,800		5,759,118
JCPenney Co., Inc.	24,000		736,560
JPMorgan Chase & Co.	517,400		17,074,200
KLA-Tencor Corp.	41,000		1,137,340
Kohl's Corp. (a)	67,000		3,038,450
Lam Research Corp. (a)	131,000		3,652,280
Las Vegas Sands Corp. (a)	70,000		547,400
Louisiana-Pacific Corp.	223,000		907,610
Marriott International, Inc. Class A	73,000		1,719,880
McDonald's Corp.	48,000		2,557,920
McGraw-Hill Companies, Inc.	64,000		1,929,600
Mead Johnson Nutrition Co. Class A	13,300		375,725
Microsoft Corp.	75,000		1,519,500
Morgan Stanley	435,000		10,283,400
National Oilwell Varco, Inc. (a)	7,000		211,960
Nordstrom, Inc.	33,000		746,790
Norfolk Southern Corp.	15,000		535,200
Novellus Systems, Inc. (a)	125,000		2,257,500
O'Reilly Automotive, Inc. (a)	39,000		1,515,150
Occidental Petroleum Corp.	12,000		675,480
Omnicom Group, Inc.	5,000		157,350
Oracle Corp.	576,900		11,157,246
Owens-Illinois, Inc. (a)	35,000		853,650
PACCAR, Inc.	139,800		4,954,512
Packaging Corp. of America	50,000		793,500
Pactiv Corp. (a)	13,000		284,180
Parker Hannifin Corp.	31,000		1,405,850
Patterson-UTI Energy, Inc.	58,000		737,180

	Shares		Value
Philip Morris International, Inc.	92,000		$ 3,330,400
PNC Financial Services Group, Inc.	35,000		1,389,500
Procter & Gamble Co.	20,000		988,800
Pulte Homes, Inc.	49,390		568,479
QUALCOMM, Inc.	422,800		17,892,896
Quidel Corp. (a)	9,700		112,908
Qwest Communications International, Inc.	150,000		583,500
Regal-Beloit Corp.	28,300		1,149,829
Rock-Tenn Co. Class A	26,000		981,760
Rockwell Automation, Inc.	13,000		410,670
Rosetta Stone, Inc.	2,000		59,900
Sealed Air Corp.	123,000		2,344,380
Simon Property Group, Inc.	41,000		2,115,600
Southwestern Energy Co. (a)	107,000		3,837,020
Sprint Nextel Corp. (a)	2,007,000		8,750,520
Temple-Inland, Inc.	1,093,300		13,054,002
Tenet Healthcare Corp. (a)	200,000		450,000
Teradyne, Inc. (a)	375,000		2,227,500
The Coca-Cola Co.	233,600		10,056,480
The DIRECTV Group, Inc. (a)	261,400		6,464,422
The Travelers Companies, Inc.	32,000		1,316,480
The Walt Disney Co.	30,000		657,000
TJX Companies, Inc.	122,000		3,412,340
Union Pacific Corp.	375,600		18,456,984
Varian Semiconductor Equipment Associates, Inc. (a)	60,649		1,552,008
Visa, Inc.	115,700		7,515,872
Wal-Mart Stores, Inc.	117,600		5,927,040
Walgreen Co.	62,000		1,948,660
Wells Fargo & Co.	467,900		9,362,679
Wilmington Trust Corp., Delaware	181,000		2,626,310
Wyndham Worldwide Corp.	25,000		292,000
TOTAL UNITED STATES OF AMERICA			380,082,173
TOTAL COMMON STOCKS (Cost $824,929,216)		792,362,302
Nonconvertible Preferred Stocks - 0.7%

Germany - 0.5%
Fresenius SE (non-vtg.)	79,700		4,066,332
Italy - 0.2%
Intesa Sanpaolo SpA	864,400		1,919,171
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $8,760,456)		5,985,503

Convertible Bonds - 0.7%
	Principal Amount
Bermuda - 0.1%
Ingersoll-Rand Global Holding Co. Ltd. 4.5% 4/15/12	$ 890,000		1,238,613
Convertible Bonds - continued
	Principal Amount		Value
Luxembourg - 0.1%
ArcelorMittal SA 5% 5/15/14	$ 460,000		$ 475,028
United States of America - 0.5%
Alcoa, Inc. 5.25% 3/15/14	560,000		883,400
Johnson Controls, Inc. 6.5% 9/30/12	620,000		1,115,450
Micron Technology, Inc. 4.25% 10/15/13	320,000		372,800
Sunpower Corp. 4.75% 4/15/14	530,000		623,969
Textron, Inc. 4.5% 5/1/13	330,000		357,819
United States Steel Corp. 4% 5/15/14	770,000		821,975
TOTAL UNITED STATES OF AMERICA			4,175,413
TOTAL CONVERTIBLE BONDS (Cost $4,543,650)		5,889,054
Government Obligations - 0.2%

United States of America - 0.2%
U.S. Treasury Bills, yield at date of purchase 0.06% to 0.22% 5/7/09 to 5/28/09 (e) (Cost $1,594,804)	1,595,000		1,594,965

Money Market Funds - 3.2%
	Shares
Fidelity Cash Central Fund, 0.53% (b)	21,869,561		21,869,561
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	4,665,950		4,665,950
TOTAL MONEY MARKET FUNDS (Cost $26,535,511)		26,535,511
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $866,363,637)			832,367,335
NET OTHER ASSETS - (0.3)%			(2,618,775)
NET ASSETS - 100%		$ 829,748,560

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
44 Nikkei 225 Index Contracts (Japan)	June 2009	$ 3,953,953	$ 424,780
106 TOPIX 150 Index Contracts (Japan)	June 2009	9,041,635	1,359,243
TOTAL EQUITY INDEX CONTRACTS		$ 12,995,588	$ 1,784,023

The face value of futures purchased as a percentage of net assets - 1.6%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $1,564,965.

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	$ 248,376
Fidelity Securities Lending Cash Central Fund	41,797
Total	$ 290,173

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 832,367,335	$ 495,271,826	$ 337,095,509	$ -
Other Financial Instruments*	$ 1,784,023	$ 1,784,023	$ -	$ -

* Other financial instruments include Futures Contracts.

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 336,547
Total Realized Gain (Loss)	(1,382,609)
Total Unrealized Gain (Loss)	1,180,463
Cost of Purchases	-
Proceeds of Sales	(134,401)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ -

Income Tax Information

At October 31, 2008, the Fund had a capital loss carryforward of approximately $115,059,396 all of which will expire on October 31, 2016.

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

Semiannual Report

Worldwide Fund

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $4,520,646) - See accompanying schedule: Unaffiliated issuers (cost $839,828,126)	$ 805,831,824
Fidelity Central Funds (cost $26,535,511)	26,535,511
Total Investments (cost $866,363,637)		$ 832,367,335
Foreign currency held at value (cost $46,089)		46,447
Receivable for investments sold		41,982,015
Receivable for fund shares sold		659,782
Dividends receivable		2,566,815
Interest receivable		11,081
Distributions receivable from Fidelity Central Funds		20,115
Receivable for daily variation on futures contracts		496,865
Prepaid expenses		7,408
Other receivables		117,651
Total assets		878,275,514

Liabilities
Payable to custodian bank	$ 45,354
Payable for investments purchased	42,207,066
Payable for fund shares redeemed	720,562
Accrued management fee	576,475
Distribution fees payable	262
Other affiliated payables	231,529
Other payables and accrued expenses	79,756
Collateral on securities loaned, at value	4,665,950
Total liabilities		48,526,954

Net Assets		$ 829,748,560
Net Assets consist of:
Paid in capital		$ 1,198,985,391
Undistributed net investment income		3,220,558
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(340,183,429)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(32,273,960)
Net Assets		$ 829,748,560

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($148,111 ÷ 12,086 shares)		$ 12.25

Maximum offering price per share (100/94.25 of $12.25)		$ 13.00
Class T: Net Asset Value and redemption price per share ($112,684 ÷ 9,199 shares)		$ 12.25

Maximum offering price per share (100/96.50 of $12.25)		$ 12.69
Class B: Net Asset Value, offering price and redemption price per share ($121,437 ÷ 9,924 shares)		$ 12.24

Class C: Net Asset Value, offering price and redemption price per share ($124,855 ÷ 10,203 shares)		$ 12.24


Worldwide: Net Asset Value, offering price and redemption price per share ($829,128,774 ÷ 67,641,268 shares)		$ 12.26

Institutional Class: Net Asset Value, offering price and redemption price per share ($112,699 ÷ 9,191 shares)		$ 12.26

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

Semiannual Report

Worldwide
Financial Statements - continued

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 10,902,640
Interest		13,849
Income from Fidelity Central Funds		290,173
		11,206,662
Less foreign taxes withheld		(476,468)
Total income		10,730,194

Expenses
Management fee Basic fee	$ 2,879,647
Performance adjustment	645,595
Transfer agent fees	1,239,076
Distribution fees	563
Accounting and security lending fees	192,708
Custodian fees and expenses	72,347
Independent trustees' compensation	2,924
Registration fees	87,482
Audit	39,162
Legal	2,564
Miscellaneous	8,851
Total expenses before reductions	5,170,919
Expense reductions	(131,441)	5,039,478
Net investment income (loss)		5,690,716
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(191,977,593)
Foreign currency transactions	(339,908)
Futures contracts	(1,613,932)
Total net realized gain (loss)		(193,931,433)
Change in net unrealized appreciation (depreciation) on: Investment securities	114,980,429
Assets and liabilities in foreign currencies	(18,298)
Futures contracts	1,784,023
Total change in net unrealized appreciation (depreciation)		116,746,154
Net gain (loss)		(77,185,279)
Net increase (decrease) in net assets resulting from operations		$ (71,494,563)

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 5,690,716	$ 12,367,196
Net realized gain (loss)	(193,931,433)	(143,763,130)
Change in net unrealized appreciation (depreciation)	116,746,154	(564,532,626)
Net increase (decrease) in net assets resulting from operations	(71,494,563)	(695,928,560)
Distributions to shareholders from net investment income	(11,746,083)	(8,541,065)
Distributions to shareholders from net realized gain	-	(169,398,247)
Total distributions	(11,746,083)	(177,939,312)
Share transactions - net increase (decrease)	(21,915,478)	35,066,852
Redemption fees	19,337	83,803
Total increase (decrease) in net assets	(105,136,787)	(838,717,217)

Net Assets
Beginning of period	934,885,347	1,773,602,564
End of period (including undistributed net investment income of $3,220,558 and undistributed net investment income of $10,091,805, respectively)	$ 829,748,560	$ 934,885,347

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

Semiannual Report

Financial Highlights - Class A

	Period ended April 30, 2009^H
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss) ^E	.04
Net realized and unrealized gain (loss)	1.33
Total from investment operations	1.37
Redemption fees added to paid in capital ^{E, J}	-
Net asset value, end of period	$ 12.25
Total Return^{B, C, D}	12.59%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.50% ^A
Expenses net of fee waivers, if any	1.50% ^A
Expenses net of all reductions	1.48% ^A
Net investment income (loss)	1.87% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 148
Portfolio turnover rate ^G	267% ^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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. ^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.

Financial Highlights - Class T

	Period ended April 30, 2009^H
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss) ^E	.03
Net realized and unrealized gain (loss)	1.34
Total from investment operations	1.37
Redemption fees added to paid in capital ^{E, J}	-
Net asset value, end of period	$ 12.25
Total Return ^{B,C, D}	12.59%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.74% ^A
Expenses net of fee waivers, if any	1.74%^A
Expenses net of all reductions	1.72%^A
Net investment income (loss)	1.59%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 113
Portfolio turnover rate ^G	267%^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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. ^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

	Period ended April 30, 2009^G
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss) ^D	.02
Net realized and unrealized gain (loss)	1.34
Total from investment operations	1.36
Redemption fees added to paid in capital ^{D, I}	-
Net asset value, end of period	$ 12.24
Total Return ^{B, C}	12.50%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	2.25% ^A
Expenses net of fee waivers, if any	2.25% ^A
Expenses net of all reductions	2.23% ^A
Net investment income (loss)	1.09% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 121
Portfolio turnover rate ^F	267% ^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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. ^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.

Financial Highlights - Class C

	Period ended April 30, 2009^G
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss) ^D	.02
Net realized and unrealized gain (loss)	1.34
Total from investment operations	1.36
Redemption fees added to paid in capital^{D, I}	-
Net asset value, end of period	$ 12.24
Total Return^{B, C}	12.50%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	2.25% ^A
Expenses net of fee waivers, if any	2.25% ^A
Expenses net of all reductions	2.23% ^A
Net investment income (loss)	1.07% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 125
Portfolio turnover rate ^F	267% ^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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. ^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 - Worldwide

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 13.40	$ 25.18	$ 21.82	$ 19.05	$ 16.72	$ 15.30
Income from Investment Operations
Net investment income (loss) ^D	.08	.16	.14	.17	.15 ^G	.05 ^H
Net realized and unrealized gain (loss)	(1.05)	(9.44)	6.05	3.74	2.30	1.44
Total from investment operations	(0.97)	(9.28)	6.19	3.91	2.45	1.49
Distributions from net investment income	(.17)	(.12)	(.17)	(.10)	(.10)	(.07)
Distributions from net realized gain	-	(2.38)	(2.66)	(1.04)	(.02)	-
Total distributions	(.17)	(2.50)	(2.83)	(1.14)	(.12)	(.07)
Redemption fees added to paid in capital ^{D, J}	-	-	-	-	-	-
Net asset value, end of period	$ 12.26	$ 13.40	$ 25.18	$ 21.82	$ 19.05	$ 16.72
Total Return ^{B, C}	(7.20)%	(40.66)%	31.87%	21.31%	14.71%	9.77%
Ratios to Average Net Assets ^{E, I}
Expenses before reductions	1.29% ^A	1.21%	1.04%	1.08%	1.07%	1.23%
Expenses net of fee waivers, if any	1.28%^A	1.21%	1.04%	1.08%	1.07%	1.23%
Expenses net of all reductions	1.26%^A	1.19%	1.02%	1.02%	1.01%	1.19%
Net investment income (loss)	1.42%^A	.84%	.66%	.85%	.82% ^G	.29% ^H
Supplemental Data
Net assets, end of period (000 omitted)	$ 829,129	$ 934,885	$ 1,773,603	$ 1,328,219	$ 1,181,044	$ 1,064,162
Portfolio turnover rate ^F	267%^A	264%	128%	205%	93%	95%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E 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 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.

Financial Highlights - Institutional Class

	Period ended April 30, 2009^G
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss) ^D	.05
Net realized and unrealized gain (loss)	1.33
Total from investment operations	1.38
Redemption fees added to paid in capital^{D, I}	-
Net asset value, end of period	$ 12.26
Total Return^{B, C}	12.68%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	1.23% ^A
Expenses net of fee waivers, if any	1.23%^A
Expenses net of all reductions	1.21%^A
Net investment income (loss)	2.10%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 113
Portfolio turnover rate ^F	267%^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 For the period February 19, 2009 (commencement of sale of shares) to April 30, 2009. ^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, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

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, 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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

The three levels of the hierarchy under SFAS 157 are described below:

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Book-tax differences are primarily due to futures and options transactions, 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Unrealized appreciation	$ 71,860,193
Unrealized depreciation	(136,640,711)
Net unrealized appreciation (depreciation)	$ (64,780,518)
Cost for federal income tax purposes	$ 897,147,853

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,026,526,266 and $1,028,074,738, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20 of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .88% of the Fund's average net assets.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 55	$ 50
Class T	.25%	.25%	99	99
Class B	.75%	.25%	203	202
Class C	.75%	.25%	206	199
			$ 563	$ 550

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

	Retained by FDC
Class A	$ 150
Class T	3
Total	$ 153

* 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 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 were as follows:

	Amount	% of Average Net Assets*
Class A	$ 65	.29
Class T	53	.26
Class B	57	.28
Class C	58	.28
Worldwide	1,238,794	.31
Institutional Class	49	.24
	$ 1,239,076

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $2,569 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 is 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 $41,797.

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Worldwide operating expenses. During the period, this reimbursement reduced the Fund's expenses by $57,475.

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 $73,426 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 $540.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Worldwide	$ 11,746,083	$ 8,541,065
From net realized gain
Worldwide	$ -	$ 169,398,247

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
Class A ^A
Shares sold	12,086	-	$ 133,845	$ -
Class T ^A
Shares sold	9,199	-	$ 100,097	$ -
Class B ^A
Shares sold	9,924	-	$ 108,670	$ -
Class C ^A
Shares sold	10,203	-	$ 111,994	$ -
Worldwide
Shares sold	5,281,716	15,425,394	$ 61,622,080	$ 303,265,276
Reinvestment of distributions	959,834	7,926,720	11,413,264	172,247,752
Shares redeemed	(8,347,452)	(24,051,522)	(95,505,428)	(440,446,176)
Net increase (decrease)	(2,105,902)	(699,408)	$ (22,470,084)	$ 35,066,852
Institutional Class ^A
Shares sold	9,191	-	$ 100,000	$ -

^A Share transactions are for the period February 19, 2009 (commencement of sale of shares) to April 30, 2009.

Semiannual Report

12. Other.

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

Fidelity Investments Japan Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

AWLDI-USAN-0609
1.883439.100

fid466

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, 2009

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Canada Fund	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to Financial Statements
China Region Fund	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to Financial Statements
Emerging Markets Fund	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to Financial Statements
Shareholder Expense Example	<Click Here>	An example of Shareholder Expenses
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

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 LLC or an affiliated company.

Semiannual Report

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 holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

Canada

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 and redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.49%
Actual		$ 1,000.00	$ 949.30	$ 7.20
Hypothetical^A		$ 1,000.00	$ 1,017.41	$ 7.45
Class T	1.73%
Actual		$ 1,000.00	$ 948.00	$ 8.36
Hypothetical^A		$ 1,000.00	$ 1,016.22	$ 8.65
Class B	2.23%
Actual		$ 1,000.00	$ 945.90	$ 10.76
Hypothetical^A		$ 1,000.00	$ 1,013.74	$ 11.13
Class C	2.22%
Actual		$ 1,000.00	$ 945.80	$ 10.71
Hypothetical^A		$ 1,000.00	$ 1,013.79	$ 11.08
Canada	1.24%
Actual		$ 1,000.00	$ 950.60	$ 6.00
Hypothetical^A		$ 1,000.00	$ 1,018.65	$ 6.21
Institutional Class	1.21%
Actual		$ 1,000.00	$ 950.50	$ 5.85
Hypothetical^A		$ 1,000.00	$ 1,018.79	$ 6.06

^A 5% return per year before expenses

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

Semiannual Report

Canada

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Canada	89.1%
	United States of America	10.4%
	Netherlands Antilles	0.5%

fid606

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

As of October 31, 2008
	Canada	92.8%
	United States of America	7.2%

fid610

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	95.8	98.5
Short-Term Investments and Net Other Assets	4.2	1.5
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Royal Bank of Canada (Commercial Banks)	5.8	6.5
Toronto-Dominion Bank (Commercial Banks)	5.6	6.2
Research In Motion Ltd. (Communications Equipment)	4.3	3.4
Canadian National Railway Co. (Road & Rail)	3.8	4.3
Manulife Financial Corp. (Insurance)	3.8	3.3
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)	3.8	5.2
EnCana Corp. (Oil, Gas & Consumable Fuels)	3.6	6.2
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)	3.4	2.5
Canadian Imperial Bank of Commerce (Commercial Banks)	3.2	1.2
Potash Corp. of Saskatchewan, Inc. (Chemicals)	3.0	3.5
	40.3
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	30.0	27.8
Energy	26.3	28.8
Materials	14.9	11.3
Industrials	6.2	7.7
Information Technology	6.2	5.3
Telecommunication Services	5.4	7.0
Consumer Staples	3.3	5.7
Consumer Discretionary	2.3	3.1
Utilities	0.8	0.4
Health Care	0.4	1.4

Semiannual Report

Canada

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares		Value
CONSUMER DISCRETIONARY - 2.3%
Distributors - 0.1%
Uni-Select, Inc.	100,000		$ 2,325,581
Hotels, Restaurants & Leisure - 0.4%
Tim Hortons, Inc.	400,000		9,716,000
Media - 1.2%
Astral Media, Inc. Class A (non-vtg.)	290,000		7,660,423
Corus Entertainment, Inc. Class B (non-vtg.) (d)	400,000		5,329,981
Quebecor, Inc. Class B (sub. vtg.)	150,000		1,935,889
Shaw Communications, Inc. Class B	500,000		7,751,938
Thomson Reuters Corp.	300,000		8,422,376
Yellow Pages Income Fund (d)	100,000		476,011
			31,576,618
Specialty Retail - 0.6%
AutoZone, Inc. (a)	70,000		11,647,300
PetSmart, Inc.	100,000		2,288,000
			13,935,300
TOTAL CONSUMER DISCRETIONARY			57,553,499
CONSUMER STAPLES - 3.3%
Food & Staples Retailing - 3.2%
George Weston Ltd.	130,000		6,452,881
Loblaw Companies Ltd.	500,000		13,471,611
Metro, Inc. Class A (sub. vtg.)	990,000		30,697,674
Shoppers Drug Mart Corp.	850,000		30,737,482
			81,359,648
Food Products - 0.1%
Viterra, Inc. (a)	309,300		2,255,110
TOTAL CONSUMER STAPLES			83,614,758
ENERGY - 26.3%
Energy Equipment & Services - 0.5%
Schlumberger Ltd. (NY Shares)	250,000		12,247,500
Oil, Gas & Consumable Fuels - 25.8%
ARC Energy Trust unit	200,000		2,597,947
Cameco Corp.	1,450,000		33,295,621
Canadian Natural Resources Ltd.	2,070,000		95,429,038
Canadian Oil Sands Trust	200,000		4,129,897
Enbridge, Inc.	1,208,900		37,333,304
EnCana Corp.	2,000,000		91,665,619
Enerplus Resources Fund Series G	200,000		3,814,792
Hess Corp.	210,000		11,505,900
Husky Energy, Inc.	600,000		14,536,769
Imperial Oil Ltd.	900,000		32,168,448
Keyera Facilities Income Fund	1,050,000		13,577,624
Nexen, Inc.	2,350,000		44,745,024
Niko Resources Ltd.	140,000		7,085,355
Occidental Petroleum Corp.	150,000		8,443,500
Petro-Canada	1,470,000		46,394,469

	Shares		Value
Petrobank Energy & Resources Ltd. (a)	250,000		$ 5,373,979
Suncor Energy, Inc.	3,450,000		86,824,639
Talisman Energy, Inc.	4,200,000		52,620,993
TransCanada Corp.	2,200,000		54,905,510
Uranium One, Inc. (a)	400,000		1,106,223
Valero Energy Corp.	300,000		5,952,000
			653,506,651
TOTAL ENERGY			665,754,151
FINANCIALS - 30.0%
Capital Markets - 1.0%
Goldman Sachs Group, Inc.	100,000		12,850,000
IGM Financial, Inc.	300,000		8,942,803
T. Rowe Price Group, Inc.	100,000		3,852,000
			25,644,803
Commercial Banks - 19.8%
Bank of Montreal (d)	1,609,300		53,272,449
Bank of Nova Scotia	2,600,000		73,952,650
Canadian Imperial Bank of Commerce	1,784,600		80,118,183
Royal Bank of Canada	4,140,000		146,760,529
Toronto-Dominion Bank	3,565,000		140,717,788
Wells Fargo & Co.	300,000		6,003,000
			500,824,599
Diversified Financial Services - 0.3%
Onex Corp. (sub. vtg.)	250,000		4,035,198
TMX Group, Inc.	145,000		3,899,476
			7,934,674
Insurance - 7.6%
Fairfax Financial Holdings Ltd.	30,800		8,146,223
ING Canada, Inc.	441,100		12,775,542
Manulife Financial Corp.	5,700,000		97,065,996
Power Corp. of Canada (sub. vtg.)	1,500,000		28,045,255
Sun Life Financial, Inc.	2,000,000		46,763,042
			192,796,058
Real Estate Investment Trusts - 0.2%
RioCan (REIT)	350,000		4,012,571
Real Estate Management & Development - 1.1%
Brookfield Asset Management, Inc. Class A (d)	1,850,000		28,341,085
TOTAL FINANCIALS			759,553,790
HEALTH CARE - 0.4%
Pharmaceuticals - 0.4%
Allergan, Inc.	200,000		9,332,000
INDUSTRIALS - 6.2%
Aerospace & Defense - 0.9%
Bombardier, Inc. Class B (sub. vtg.)	4,100,000		12,988,058
United Technologies Corp.	200,000		9,768,000
			22,756,058
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Air Freight & Logistics - 0.3%
United Parcel Service, Inc. Class B	130,000		$ 6,804,200
Airlines - 0.0%
WestJet Airlines Ltd. (a)	100,000		978,839
Construction & Engineering - 0.2%
SNC-Lavalin Group, Inc.	165,000		4,805,154
Industrial Conglomerates - 0.2%
Textron, Inc.	500,000		5,365,000
Road & Rail - 4.6%
Canadian National Railway Co.	2,420,000		97,834,318
Canadian Pacific Railway Ltd.	550,000		19,681,542
			117,515,860
TOTAL INDUSTRIALS			158,225,111
INFORMATION TECHNOLOGY - 6.2%
Communications Equipment - 4.3%
Research In Motion Ltd. (a)	1,570,000		109,115,007
Computers & Peripherals - 0.6%
Apple, Inc. (a)	100,000		12,583,000
Hewlett-Packard Co.	80,000		2,878,400
			15,461,400
Internet Software & Services - 0.4%
Google, Inc. Class A (sub. vtg.) (a)	15,000		5,939,550
Open Text Corp. (a)	100,000		3,293,526
			9,233,076
IT Services - 0.9%
CGI Group, Inc. Class A (sub. vtg.) (a)	2,190,000		19,417,725
MasterCard, Inc. Class A	25,000		4,586,250
			24,003,975
TOTAL INFORMATION TECHNOLOGY			157,813,458
MATERIALS - 14.9%
Chemicals - 4.2%
Agrium, Inc.	460,000		19,737,691
Monsanto Co.	130,000		11,035,700
Potash Corp. of Saskatchewan, Inc.	880,000		75,591,871
			106,365,262
Metals & Mining - 10.7%
Agnico-Eagle Mines Ltd. (Canada)	524,700		23,195,412
Barrick Gold Corp.	2,500,000		72,386,340
First Quantum Minerals Ltd.	600,000		23,205,531
Freeport-McMoRan Copper & Gold, Inc. Class B	300,000		12,795,000
Goldcorp, Inc.	2,400,000		65,609,051
Kinross Gold Corp.	2,250,000		34,676,304

	Shares		Value
Teck Resources Ltd. Class B (sub. vtg.)	1,800,000		$ 18,901,320
Yamana Gold, Inc.	2,700,000		21,179,133
			271,948,091
TOTAL MATERIALS			378,313,353
TELECOMMUNICATION SERVICES - 5.4%
Diversified Telecommunication Services - 3.2%
BCE, Inc.	3,150,000		67,342,552
TELUS Corp.	550,000		13,435,994
			80,778,546
Wireless Telecommunication Services - 2.2%
Rogers Communications, Inc. Class B (non-vtg.)	2,300,000		56,514,561
TOTAL TELECOMMUNICATION SERVICES			137,293,107
UTILITIES - 0.8%
Electric Utilities - 0.5%
Fortis, Inc.	650,000		12,065,787
Multi-Utilities - 0.3%
Canadian Utilities Ltd. Class A (non-vtg.)	175,000		5,059,711
CMS Energy Corp.	350,000		4,207,000
			9,266,711
TOTAL UTILITIES			21,332,498
TOTAL COMMON STOCKS (Cost $2,494,703,575)		2,428,785,725
Money Market Funds - 7.8%

Fidelity Cash Central Fund, 0.53% (b)	120,208,316		120,208,316
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	76,120,510		76,120,510
TOTAL MONEY MARKET FUNDS (Cost $196,328,826)		196,328,826
TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $2,691,032,401)			2,625,114,551
NET OTHER ASSETS - (3.6)%			(91,010,720)
NET ASSETS - 100%		$ 2,534,103,831

Legend

(a) Non-income producing

(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	$ 459,338
Fidelity Securities Lending Cash Central Fund	1,636,068
Total	$ 2,095,406

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 2,625,114,551	$ 2,625,114,551	$ -	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $109,618,723 all of which will expire on October 31, 2016.

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

Semiannual Report

Canada

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $73,451,097) - See accompanying schedule: Unaffiliated issuers (cost $2,494,703,575)	$ 2,428,785,725
Fidelity Central Funds (cost $196,328,826)	196,328,826
Total Investments (cost $2,691,032,401)		$ 2,625,114,551
Cash		53,614
Foreign currency held at value (cost $2,369,563)		2,391,974
Receivable for investments sold		50,734,820
Receivable for fund shares sold		3,900,379
Dividends receivable		2,756,874
Distributions receivable from Fidelity Central Funds		340,896
Prepaid expenses		23,549
Other receivables		106,316
Total assets		2,685,422,973

Liabilities
Payable for investments purchased	$ 70,472,381
Payable for fund shares redeemed	2,193,795
Accrued management fee	1,741,706
Distribution fees payable	30,554
Other affiliated payables	706,581
Other payables and accrued expenses	53,615
Collateral on securities loaned, at value	76,120,510
Total liabilities		151,319,142

Net Assets		$ 2,534,103,831
Net Assets consist of:
Paid in capital		$ 3,226,019,081
Undistributed net investment income		10,884,860
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(636,770,940)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(66,029,170)
Net Assets		$ 2,534,103,831

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($49,633,665 ÷ 1,371,928 shares)		$ 36.18

Maximum offering price per share (100/94.25 of $36.18)		$ 38.39
Class T: Net Asset Value and redemption price per share ($12,671,791 ÷ 350,802 shares)		$ 36.12

Maximum offering price per share (100/96.50 of $36.12)		$ 37.43
Class B: Net Asset Value and offering price per share ($5,192,935 ÷ 144,831 shares)^A		$ 35.86

Class C: Net Asset Value and offering price per share ($14,127,392 ÷ 394,716 shares)^A		$ 35.79

Canada: Net Asset Value, offering price and redemption price per share ($2,443,638,891 ÷ 67,305,447 shares)		$ 36.31

Institutional Class: Net Asset Value, offering price and redemption price per share ($8,839,157 ÷ 243,824 shares)		$ 36.25

^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

Fidelity Canada Fund
Financial Statements - continued

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 36,549,762
Interest		372
Income from Fidelity Central Funds (including $1,636,068 from security lending)		2,095,406
		38,645,540
Less foreign taxes withheld		(5,246,944)
Total income		33,398,596

Expenses
Management fee Basic fee	$ 8,616,003
Performance adjustment	1,809,169
Transfer agent fees	3,683,365
Distribution fees	182,184
Accounting and security lending fees	530,175
Custodian fees and expenses	102,237
Independent trustees' compensation	9,320
Registration fees	88,754
Audit	36,932
Legal	7,760
Miscellaneous	26,678
Total expenses before reductions	15,092,577
Expense reductions	(374,012)	14,718,565
Net investment income (loss)		18,680,031
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(466,460,292)
Foreign currency transactions	(141,616)
Total net realized gain (loss)		(466,601,908)
Change in net unrealized appreciation (depreciation) on: Investment securities	275,752,885
Assets and liabilities in foreign currencies	(77,886)
Total change in net unrealized appreciation (depreciation)		275,674,999
Net gain (loss)		(190,926,909)
Net increase (decrease) in net assets resulting from operations		$ (172,246,878)

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 18,680,031	$ 46,066,725
Net realized gain (loss)	(466,601,908)	(175,687,217)
Change in net unrealized appreciation (depreciation)	275,674,999	(2,181,002,870)
Net increase (decrease) in net assets resulting from operations	(172,246,878)	(2,310,623,362)
Distributions to shareholders from net investment income	(10,179,809)	(28,915,979)
Distributions to shareholders from net realized gain	-	(235,022,630)
Total distributions	(10,179,809)	(263,938,609)
Share transactions - net increase (decrease)	(162,496,913)	507,012,286
Redemption fees	324,476	3,308,433
Total increase (decrease) in net assets	(344,599,124)	(2,064,241,252)

Net Assets
Beginning of period	2,878,702,955	4,942,944,207
End of period (including undistributed net investment income of $10,884,860 and undistributed net investment income of $26,382,786, respectively)	$ 2,534,103,831	$ 2,878,702,955

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 38.20	$ 70.16	$ 54.00
Income from Investment Operations
Net investment income (loss) ^E	.22	.39	.19
Net realized and unrealized gain (loss)	(2.17)	(28.71)	15.96
Total from investment operations	(1.95)	(28.32)	16.15
Distributions from net investment income	(.07)	(.41)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	(.07)	(3.68)	-
Redemption fees added to paid in capital ^E	- ^J	.04	.01
Net asset value, end of period	$ 36.18	$ 38.20	$ 70.16
Total Return ^{B, C, D}	(5.07)%	(42.23)%	29.93%
Ratios to Average Net Asset ^{F, I}
Expenses before reductions	1.49% ^A	1.34%	1.23% ^A
Expenses net of fee waivers, if any	1.49% ^A	1.34%	1.23% ^A
Expenses net of all reductions	1.46% ^A	1.31%	1.22% ^A
Net investment income (loss)	1.33% ^A	.69%	.63% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 49,634	$ 56,242	$ 20,912
Portfolio turnover rate ^G	109% ^A	63%	42%

^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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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.

Financial Highlights - Class T

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 38.10	$ 70.09	$ 54.00
Income from Investment Operations
Net investment income (loss) ^E	.18	.23	.09
Net realized and unrealized gain (loss)	(2.16)	(28.66)	15.99
Total from investment operations	(1.98)	(28.43)	16.08
Distributions from net investment income	-	(.33)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	-	(3.60)	-
Redemption fees added to paid in capital ^E	- ^J	.04	.01
Net asset value, end of period	$ 36.12	$ 38.10	$ 70.09
Total Return ^{B, C, D}	(5.20)%	(42.40)%	29.80%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.73% ^A	1.63%	1.48% ^A
Expenses net of fee waivers, if any	1.73% ^A	1.63%	1.48% ^A
Expenses net of all reductions	1.70% ^A	1.60%	1.47% ^A
Net investment income (loss)	1.08% ^A	.40%	.30% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 12,672	$ 14,963	$ 14,522
Portfolio turnover rate ^G	109% ^A	63%	42%

^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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.91	$ 69.88	$ 54.00
Income from Investment Operations
Net investment income (loss) ^E	.10	(.06)	(.06)
Net realized and unrealized gain (loss)	(2.15)	(28.54)	15.93
Total from investment operations	(2.05)	(28.60)	15.87
Distributions from net investment income	-	(.14)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	-	(3.41)	-
Redemption fees added to paid in capital ^E	- ^J	.04	.01
Net asset value, end of period	$ 35.86	$ 37.91	$ 69.88
Total Return ^{B, C, D}	(5.41)%	(42.68)%	29.41%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.23% ^A	2.13%	2.00% ^A
Expenses net of fee waivers, if any	2.23% ^A	2.13%	2.00% ^A
Expenses net of all reductions	2.20% ^A	2.10%	1.99% ^A
Net investment income (loss)	.59% ^A	(.10)%	(.21)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 5,193	$ 5,615	$ 4,078
Portfolio turnover rate ^G	109% ^A	63%	42%

^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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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.

Financial Highlights - Class C

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.84	$ 69.91	$ 54.00
Income from Investment Operations
Net investment income (loss) ^E	.10	(.05)	(.04)
Net realized and unrealized gain (loss)	(2.15)	(28.52)	15.94
Total from investment operations	(2.05)	(28.57)	15.90
Distributions from net investment income	-	(.27)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	-	(3.54)	-
Redemption fees added to paid in capital ^E	- ^J	.04	.01
Net asset value, end of period	$ 35.79	$ 37.84	$ 69.91
Total Return ^{B, C, D}	(5.42)%	(42.69)%	29.46%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.22% ^A	2.13%	1.99% ^A
Expenses net of fee waivers, if any	2.22% ^A	2.13%	1.99% ^A
Expenses net of all reductions	2.19% ^A	2.10%	1.97% ^A
Net investment income (loss)	.59% ^A	(.10)%	(.15)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 14,127	$ 16,716	$ 8,752
Portfolio turnover rate ^G	109% ^A	63%	42%

^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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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 - Canada

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 38.37	$ 70.25	$ 49.48	$ 39.14	$ 31.87	$ 25.13
Income from Investment Operations
Net investment income (loss) ^D	.26	.58	.52	.34	.20	.10
Net realized and unrealized gain (loss)	(2.18)	(28.83)	21.62	10.15	7.12	6.74
Total from investment operations	(1.92)	(28.25)	22.14	10.49	7.32	6.84
Distributions from net investment income	(.14)	(.40)	(.36)	(.16)	(.08)	(.13)
Distributions from net realized gain	-	(3.27)	(1.03)	(.01)	-	-
Total distributions	(.14)	(3.67)	(1.39)	(.17)	(.08)	(.13)
Redemption fees added to paid in capital ^D	- ^H	.04	.02	.02	.03	.03
Net asset value, end of period	$ 36.31	$ 38.37	$ 70.25	$ 49.48	$ 39.14	$ 31.87
Total Return ^{B, C}	(4.94)%	(42.06)%	46.03%	26.93%	23.11%	27.45%
Ratios to Average Net Assets ^{E, G}
Expenses before reductions	1.24% ^A	1.03%	.96%	1.00%	1.08%	1.20%
Expenses net of fee waivers, if any	1.24% ^A	1.03%	.96%	1.00%	1.08%	1.20%
Expenses net of all reductions	1.21% ^A	1.00%	94%	97%	1.04%	1.15%
Net investment income (loss)	1.57% ^A	1.00%	.94%	.74%	.55%	.34%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,443,639	$ 2,776,298	$ 4,890,617	$ 3,136,927	$ 1,722,516	$ 413,319
Portfolio turnover rate ^F	109% ^A	63%	42%	50%	24%	47%
^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.

Financial Highlights - Institutional Class

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 38.31	$ 70.25	$ 54.00
Income from Investment Operations
Net investment income (loss) ^D	.27	.52	.25
Net realized and unrealized gain (loss)	(2.19)	(28.78)	15.99
Total from investment operations	(1.92)	(28.26)	16.24
Distributions from net investment income	(.14)	(.45)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	(.14)	(3.72)	-
Redemption fees added to paid in capital ^D	- ^I	.04	.01
Net asset value, end of period	$ 36.25	$ 38.31	$ 70.25
Total Return ^{B, C}	(4.95)%	(42.11)%	30.09%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	1.21% ^A	1.11%	1.01% ^A
Expenses net of fee waivers, if any	1.21% ^A	1.11%	1.01% ^A
Expenses net of all reductions	1.18% ^A	1.08%	.99% ^A
Net investment income (loss)	1.61% ^A	.92%	.83% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 8,839	$ 8,870	$ 4,064
Portfolio turnover rate ^F	109% ^A	63%	42%

^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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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

Canada

Notes to Financial Statements

For the period ended April 30, 2009 (Unaudited)

1. Organization.

Fidelity Canada 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, Canada, 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.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Semiannual Report

Canada

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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 distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to foreign currency transactions, 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:

Unrealized appreciation	$ 305,646,744
Unrealized depreciation	(453,640,637)
Net unrealized appreciation (depreciation)	$ (147,993,893)
Cost for federal income tax purposes	$ 2,773,108,444

Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.

Semiannual Report

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,274,194,668 and $1,490,225,713, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Canada as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .87% 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%	$ 59,317	$ 1,452
Class T	.25%	.25%	31,200	448
Class B	.75%	.25%	24,273	18,255
Class C	.75%	.25%	67,394	33,415
			$ 182,184	$ 53,570

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

	Retained by FDC
Class A	$ 13,936
Class T	2,962
Class B*	9,254
Class C*	6,725
	$ 32,877

* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Semiannual Report

Canada

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 71,268	.30
Class T	18,489	.30
Class B	7,138	.29
Class C	19,243	.29
Canada	3,556,257	.31
Institutional Class	10,970	.27
	$ 3,683,365

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $7,769 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.

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 $373,776 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 $236.

Semiannual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Class A	$ 107,706	$ 171,586
Class T	-	73,859
Class B	-	8,835
Class C	-	45,389
Canada	10,039,163	28,579,259
Institutional Class	32,940	37,051
Total	$ 10,179,809	$ 28,915,979
From net realized gain
Class A	$ -	$ 1,361,853
Class T	-	736,334
Class B	-	209,359
Class C	-	549,710
Canada	-	231,896,136
Institutional Class	-	269,238
Total	$ -	$ 235,022,630

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
Class A
Shares sold	225,047	1,623,645	$ 7,625,539	$ 96,358,055
Reinvestment of distributions	3,241	24,107	102,530	1,454,159
Shares redeemed	(328,770)	(473,393)	(10,668,743)	(24,545,534)
Net increase (decrease)	(100,482)	1,174,359	$ (2,940,674)	$ 73,266,680
Class T
Shares sold	66,538	281,102	$ 2,229,602	$ 16,813,582
Reinvestment of distributions	-	13,222	-	797,422
Shares redeemed	(108,495)	(108,759)	(3,493,084)	(5,550,777)
Net increase (decrease)	(41,957)	185,565	$ (1,263,482)	$ 12,060,227
Class B
Shares sold	25,389	143,582	$ 847,819	$ 8,590,562
Reinvestment of distributions	-	2,917	-	175,839
Shares redeemed	(28,668)	(56,743)	(939,147)	(3,089,676)
Net increase (decrease)	(3,279)	89,756	$ (91,328)	$ 5,676,725
Class C
Shares sold	75,430	454,502	$ 2,424,990	$ 27,139,418
Reinvestment of distributions	-	8,472	-	509,854
Shares redeemed	(122,470)	(146,400)	(4,002,089)	(7,449,898)
Net increase (decrease)	(47,040)	316,574	$ (1,577,099)	$ 20,199,374
Canada
Shares sold	6,805,275	34,673,241	$ 232,011,641	$ 2,070,491,480
Reinvestment of distributions	306,492	3,970,249	9,628,844	239,922,156
Shares redeemed	(12,161,010)	(35,906,020)	(398,811,969)	(1,927,559,508)
Net increase (decrease)	(5,049,243)	2,737,470	$ (157,171,484)	$ 382,854,128
Institutional Class
Shares sold	84,701	377,605	$ 2,874,667	$ 22,481,855
Reinvestment of distributions	737	4,721	23,131	285,066
Shares redeemed	(73,168)	(208,616)	(2,350,644)	(9,811,769)
Net increase (decrease)	12,270	173,710	$ 547,154	$ 12,955,152

Semiannual Report

Canada

Notes to Financial Statements (Unaudited) - continued

12. Other.

Semiannual Report

China Region

Shareholder Expense Example

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.37%
Actual		$ 1,000.00	$ 1,167.80	$ 7.36
Hypothetical ^A		$ 1,000.00	$ 1,018.00	$ 6.85
Class T	1.65%
Actual		$ 1,000.00	$ 1,166.10	$ 8.86
Hypothetical ^A		$ 1,000.00	$ 1,016.61	$ 8.25
Class B	2.14%
Actual		$ 1,000.00	$ 1,163.50	$ 11.48
Hypothetical ^A		$ 1,000.00	$ 1,014.18	$ 10.69
Class C	2.14%
Actual		$ 1,000.00	$ 1,163.10	$ 11.48
Hypothetical ^A		$ 1,000.00	$ 1,014.18	$ 10.69
China Region	1.16%
Actual		$ 1,000.00	$ 1,169.30	$ 6.24
Hypothetical ^A		$ 1,000.00	$ 1,019.04	$ 5.81
Institutional Class	1.13%
Actual		$ 1,000.00	$ 1,168.80	$ 6.08
Hypothetical ^A		$ 1,000.00	$ 1,019.19	$ 5.66

^A 5% return per year before expenses

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

Semiannual Report

China Region

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Hong Kong	34.5%
	China	33.9%
	Taiwan	22.1%
	Cayman Islands	5.4%
	Singapore	3.8%
	United States of America	0.2%
	Bermuda	0.1%

fid620

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

As of October 31, 2008
	Hong Kong	37.0%
	Taiwan	29.4%
	China	24.1%
	United States of America	7.9%
	Cayman Islands	1.4%
	Indonesia	0.2%
	Bermuda	0.0%

fid629

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	99.8	92.1
Short-Term Investments and Net Other Assets	0.2	7.9
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
China Mobile (Hong Kong) Ltd. (Wireless Telecommunication Services)	5.4	8.6
China Life Insurance Co. Ltd. (H Shares) (Insurance)	5.2	3.5
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)	5.1	9.8
Industrial & Commercial Bank of China Ltd. (Commercial Banks)	4.8	5.0
Cheung Kong Holdings Ltd. (Real Estate Management & Development)	4.1	3.2
Bank of China (H Shares) (Commercial Banks)	4.1	0.0
Yuanta Financial Holding Co. Ltd. (Diversified Financial Services)	3.6	0.0
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Electronic Equipment & Components)	3.1	2.4
Hong Kong Exchange & Clearing Ltd. (Diversified Financial Services)	3.0	1.7
Sun Hung Kai Properties Ltd. (Real Estate Management & Development)	2.9	1.2
	41.3
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	46.7	27.7
Information Technology	17.6	21.1
Energy	7.0	8.5
Telecommunication Services	7.0	17.6
Industrials	6.8	3.6
Consumer Discretionary	6.8	1.9
Materials	2.1	2.2
Consumer Staples	1.6	1.5
Utilities	0.4	8.0

Semiannual Report

China Region

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value
CONSUMER DISCRETIONARY - 6.8%
Auto Components - 0.5%
Xinyi Glass Holdings Co. Ltd.	7,414,000		$ 4,603,209
Automobiles - 1.2%
Dongfeng Motor Group Co. Ltd. (H Shares)	13,322,000		9,913,505
Geely Automobile Holdings Ltd.	17,025,000		2,283,910
			12,197,415
Distributors - 0.9%
Li & Fung Ltd.	3,278,000		9,209,256
Household Durables - 0.3%
Techtronic Industries Co. Ltd.	5,535,000		3,273,385
Leisure Equipment & Products - 0.2%
Li Ning Co. Ltd.	946,500		1,936,976
Multiline Retail - 0.8%
Golden Eagle Retail Group Ltd. (H Shares)	4,792,000		3,868,171
New World Department Store China Ltd.	4,351,000		2,439,589
Parkson Retail Group Ltd.	800,000		1,004,692
			7,312,452
Specialty Retail - 1.4%
Esprit Holdings Ltd.	2,198,400		13,470,141
Textiles, Apparel & Luxury Goods - 1.5%
Anta Sports Products Ltd.	6,661,000		5,608,798
China Dongxiang Group Co. Ltd.	13,030,000		6,327,943
Weiqiao Textile Co. Ltd. (H Shares)	8,223,500		3,264,040
			15,200,781
TOTAL CONSUMER DISCRETIONARY			67,203,615
CONSUMER STAPLES - 1.6%
Food & Staples Retailing - 1.2%
Dairy Farm International Holdings Ltd.	2,269,800		12,234,222
Food Products - 0.0%
Want Want China Holdings Ltd.	234,000		116,679
Personal Products - 0.4%
Hengan International Group Co. Ltd.	874,000		3,644,944
TOTAL CONSUMER STAPLES			15,995,845
ENERGY - 7.0%
Oil, Gas & Consumable Fuels - 7.0%
China Petroleum & Chemical Corp. (H Shares)	27,576,000		21,433,267
CNOOC Ltd.	19,852,000		22,161,168
PetroChina Co. Ltd. (H Shares)	29,076,000		25,341,742
			68,936,177
FINANCIALS - 46.7%
Commercial Banks - 15.0%
Bank of China (H Shares)	108,039,000		40,058,212

	Shares		Value
BOC Hong Kong Holdings Ltd.	9,646,000		$ 13,623,837
China Construction Bank Corp. (H Shares)	46,778,000		27,005,799
Chinatrust Financial Holding Co. Ltd.	18,943,000		8,655,416
Hang Seng Bank Ltd.	971,400		10,766,722
Industrial & Commercial Bank of China Ltd.	83,059,000		47,250,779
Wing Hang Bank Ltd.	46,000		271,641
			147,632,406
Diversified Financial Services - 7.4%
China Everbright Ltd.	4,172,000		8,073,484
Hong Kong Exchange & Clearing Ltd.	2,601,000		29,959,309
Yuanta Financial Holding Co. Ltd.	60,359,000		35,287,646
			73,320,439
Insurance - 6.4%
China Life Insurance Co. Ltd. (H Shares)	14,603,000		51,284,484
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	1,846,000		11,403,663
			62,688,147
Real Estate Management & Development - 17.9%
Cheung Kong Holdings Ltd.	3,938,000		40,622,825
China Overseas Land & Investment Ltd.	12,555,920		21,868,837
China Resources Land Ltd.	10,952,000		19,587,270
Farglory Land Development Co. Ltd.	4,761,000		6,103,214
Guangzhou R&F Properties Co. Ltd. (H Shares)	3,350,800		5,387,933
Hang Lung Properties Ltd.	5,650,000		15,869,144
Henderson Land Development Co. Ltd.	1,662,000		7,741,623
Hysan Development Co. Ltd.	992,000		1,801,603
Kerry Properties Ltd.	922,000		2,784,107
New World China Land Ltd.	5,163,200		2,009,529
New World Development Co. Ltd.	3,114,000		4,072,916
Shimao Property Holdings Ltd.	10,605,500		11,778,249
Sino-Ocean Land Holdings Ltd.	11,649,000		8,560,316
Sun Hung Kai Properties Ltd.	2,757,000		28,501,192
			176,688,758
TOTAL FINANCIALS			460,329,750
INDUSTRIALS - 6.8%
Airlines - 0.1%
Air China Ltd. (H Shares)	3,114,000		1,455,451
Construction & Engineering - 0.7%
China Communications Construction Co. Ltd. (H Shares)	2,635,000		3,125,319
China Railway Construction Corp. Ltd. (H Shares) (a)	2,516,500		3,477,227
			6,602,546
Electrical Equipment - 2.2%
China High Speed Transmission Equipment Group Co. Ltd.	5,074,000		9,065,168
Young Fast Optoelectron Co. Ltd.	1,454,000		12,788,276
			21,853,444
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Industrial Conglomerates - 2.6%
Beijing Enterprises Holdings Ltd.	568,500		$ 2,499,122
Far Eastern Textile Ltd.	6,426,000		5,993,114
Hutchison Whampoa Ltd.	2,961,000		17,440,189
			25,932,425
Marine - 0.8%
China Cosco Holdings Co. Ltd. (H Shares)	2,149,000		1,740,410
Shun Tak Holdings Ltd.	14,216,000		6,273,308
			8,013,718
Transportation Infrastructure - 0.4%
China Merchants Holdings International Co. Ltd.	898,000		2,112,334
Cosco Pacific Ltd.	1,540,000		1,461,434
			3,573,768
TOTAL INDUSTRIALS			67,431,352
INFORMATION TECHNOLOGY - 17.6%
Communications Equipment - 0.5%
ZTE Corp. (H Shares)	1,348,820		4,547,395
Computers & Peripherals - 1.8%
Acer, Inc.	7,146,000		13,653,173
HTC Corp.	329,000		4,453,654
			18,106,827
Electronic Equipment & Components - 5.6%
AU Optronics Corp.	5,336,000		5,674,916
BYD Co. Ltd. (H Shares)	807,300		2,120,824
Delta Electronics, Inc.	2,048,000		4,469,025
Hon Hai Precision Industry Co. Ltd. (Foxconn)	10,520,674		30,363,018
Kingboard Chemical Holdings Ltd.	436,500		1,058,134
Kingboard Laminates Holdings Ltd.	7,440,000		2,945,544
Largan Precision Co. Ltd.	1,030,000		8,260,864
			54,892,325
Internet Software & Services - 2.1%
Tencent Holdings Ltd.	2,357,000		20,832,618
Semiconductors & Semiconductor Equipment - 7.3%
MediaTek, Inc.	924,000		9,606,327
Siliconware Precision Industries Co. Ltd.	6,782,000		8,793,879
Taiwan Semiconductor Manufacturing Co. Ltd.	29,608,443		50,087,232
United Microelectronics Corp.	8,894,000		3,358,118
			71,845,556

	Shares		Value
Software - 0.3%
Changyou.com Ltd. (A Shares) ADR	107,430		$ 3,303,473
TOTAL INFORMATION TECHNOLOGY			173,528,194
MATERIALS - 2.1%
Chemicals - 1.1%
Formosa Plastics Corp.	5,317,000		9,364,890
Huabao International Holdings Ltd.	1,205,000		851,758
			10,216,648
Construction Materials - 0.7%
Anhui Conch Cement Co. Ltd. (H Shares) (a)	554,000		3,672,152
China National Building Materials Co. Ltd. (H Shares)	1,540,000		3,218,944
			6,891,096
Paper & Forest Products - 0.3%
Shandong Chenming Paper Holdings Ltd.:
(B Shares)	4,722,500		2,327,720
(H Shares)	2,104,500		973,993
			3,301,713
TOTAL MATERIALS			20,409,457
TELECOMMUNICATION SERVICES - 7.0%
Diversified Telecommunication Services - 1.5%
China Telecom Corp. Ltd. (H Shares)	29,024,000		14,287,561
China Unicom (Hong Kong) Ltd.	1,000		1,159
			14,288,720
Wireless Telecommunication Services - 5.5%
China Mobile (Hong Kong) Ltd.	6,212,500		53,646,379
Hutchison Telecommunications Hong Kong Holdings Ltd.	2,234,000		210,427
Hutchison Telecommunications International Ltd.	2,234,000		406,848
			54,263,654
TOTAL TELECOMMUNICATION SERVICES			68,552,374
UTILITIES - 0.4%
Independent Power Producers & Energy Traders - 0.4%
China Resources Power Holdings Co. Ltd.	1,908,000		4,275,569
TOTAL COMMON STOCKS (Cost $950,646,777)		946,662,333

Government Obligations - 0.5%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.19% to 0.21% 5/14/09 to 5/21/09 (c) (Cost $5,099,424)	$ 5,100,000	5,099,899

Money Market Funds - 3.0%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b) (Cost $29,069,567)	29,069,567		$ 29,069,567
TOTAL INVESTMENT PORTFOLIO - 99.5% (Cost $984,815,768)			980,831,799
NET OTHER ASSETS - 0.5%			5,243,940
NET ASSETS - 100%		$ 986,075,739

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
1,595 MSCI Taiwan Stock Index Contracts (Singapore)	May 2009	$ 37,131,600	$ 3,325,561

The face value of futures purchased as a percentage of net assets - 3.8%

Legend

(a) Non-income producing

(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $4,399,908.

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	$ 188,670
Fidelity Securities Lending Cash Central Fund	70,581
Total	$ 259,251

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 980,831,799	$ 46,934,982	$ 933,686,390	$ 210,427
Other Financial Instruments*	$ 3,325,561	$ 3,325,561	$ -	$ -

*Other financial instruments include Futures Contracts.

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 3,377,416
Total Realized Gain (Loss)	(2,615,311)
Total Unrealized Gain (Loss)	3,181,059
Cost of Purchases	903,606
Proceeds of Sales	(4,636,343)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 210,427

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $148,402,224 all of which will expire on October 31, 2016.

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, 2009 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $955,746,201)	$ 951,762,232
Fidelity Central Funds (cost $29,069,567)	29,069,567
Total Investments (cost $984,815,768)		$ 980,831,799
Foreign currency held at value (cost $5,067)		5,175
Receivable for investments sold		2,352,318
Receivable for fund shares sold		4,354,637
Dividends receivable		1,896,126
Distributions receivable from Fidelity Central Funds		16,861
Receivable for daily variation on futures contracts		3,891,800
Prepaid expenses		6,016
Other receivables		231,144
Total assets		993,585,876

Liabilities
Payable for investments purchased	$ 5,526,050
Payable for fund shares redeemed	1,109,383
Accrued management fee	544,788
Distribution fees payable	1,519
Other affiliated payables	254,513
Other payables and accrued expenses	73,884
Total liabilities		7,510,137

Net Assets		$ 986,075,739
Net Assets consist of:
Paid in capital		$ 1,280,743,745
Undistributed net investment income		428,589
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(294,483,394)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(613,201)
Net Assets		$ 986,075,739

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($1,956,958 ÷ 101,560.1 shares)		$ 19.27

Maximum offering price per share (100/94.25 of $19.27)		$ 20.45
Class T: Net Asset Value and redemption price per share ($765,300 ÷ 39,756.5 shares)		$ 19.25

Maximum offering price per share (100/96.50 of $19.25)		$ 19.95
Class B: Net Asset Value and offering price per share ($494,927 ÷ 25,770.6 shares) ^A		$ 19.21

Class C: Net Asset Value and offering price per share ($1,029,147 ÷ 53,645.3 shares) ^A		$ 19.18


China Region: Net Asset Value, offering price and redemption price per share ($981,297,603 ÷ 50,827,371.5 shares)		$ 19.31

Institutional Class: Net Asset Value, offering price and redemption price per share ($531,804 ÷ 27,549.5 shares)		$ 19.30

^ARedemption 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

Financial Statements - continued

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 6,021,343
Interest		3,039
Income from Fidelity Central Funds (including $70,581 from security lending)		259,251
		6,283,633
Less foreign taxes withheld		(91,131)
Total income		6,192,502

Expenses
Management fee	$ 2,759,937
Transfer agent fees	1,144,320
Distribution fees	4,576
Accounting and security lending fees	186,172
Custodian fees and expenses	266,287
Independent trustees' compensation	2,850
Registration fees	72,616
Audit	37,847
Legal	2,117
Miscellaneous	7,440
Total expenses before reductions	4,484,162
Expense reductions	(376,148)	4,108,014
Net investment income (loss)		2,084,488
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(148,995,318)
Foreign currency transactions	(521,053)
Futures contracts	8,511,070
Total net realized gain (loss)		(141,005,301)
Change in net unrealized appreciation (depreciation) on: Investment securities	269,544,710
Assets and liabilities in foreign currencies	78,938
Futures contracts	3,325,561
Total change in net unrealized appreciation (depreciation)		272,949,209
Net gain (loss)		131,943,908
Net increase (decrease) in net assets resulting from operations		$ 134,028,396

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,084,488	$ 20,232,414
Net realized gain (loss)	(141,005,301)	(151,826,882)
Change in net unrealized appreciation (depreciation)	272,949,209	(900,567,403)
Net increase (decrease) in net assets resulting from operations	134,028,396	(1,032,161,871)
Distributions to shareholders from net investment income	(7,631,813)	(15,794,709)
Distributions to shareholders from net realized gain	-	(223,593,729)
Total distributions	(7,631,813)	(239,388,438)
Share transactions - net increase (decrease)	118,304,742	(34,409,565)
Redemption fees	191,192	2,616,118
Total increase (decrease) in net assets	244,892,517	(1,303,343,756)

Net Assets
Beginning of period	741,183,222	2,044,526,978
End of period (including undistributed net investment income of $428,589 and undistributed net investment income of $6,027,366, respectively)	$ 986,075,739	$ 741,183,222

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 16.67	$ 29.28
Income from Investment Operations
Net investment income (loss) ^E	.03	.28
Net realized and unrealized gain (loss)	2.73	(12.91)
Total from investment operations	2.76	(12.63)
Distributions from net investment income	(.16)	-
Redemption fees added to paid in capital ^E	- ^J	.02
Net asset value, end of period	$ 19.27	$ 16.67
Total Return ^B,C,D	16.78%	(43.07)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.37% ^A	1.44% ^A
Expenses net of fee waivers, if any	1.37% ^A	1.44% ^A
Expenses net of all reductions	1.28% ^A	1.30% ^A
Net investment income (loss)	.33% ^A	2.63% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,957	$ 340
Portfolio turnover rate ^G	153% ^A	133%

^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 May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^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.

Financial Highlights - Class T

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 16.65	$ 29.28
Income from Investment Operations
Net investment income (loss) ^E	- ^J	.26
Net realized and unrealized gain (loss)	2.74	(12.91)
Total from investment operations	2.74	(12.65)
Distributions from net investment income	(.14)	-
Redemption fees added to paid in capital ^E	- ^J	.02
Net asset value, end of period	$ 19.25	$ 16.65
Total Return ^B,C,D	16.61%	(43.14)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.65% ^A	1.68% ^A
Expenses net of fee waivers, if any	1.65% ^A	1.68% ^A
Expenses net of all reductions	1.55% ^A	1.53% ^A
Net investment income (loss)	.05% ^A	2.40% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 765	$ 107
Portfolio turnover rate ^G	153% ^A	133%

^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 May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 16.61	$ 29.28
Income from Investment Operations
Net investment income (loss) ^E	(.04)	.20
Net realized and unrealized gain (loss)	2.74	(12.89)
Total from investment operations	2.70	(12.69)
Distributions from net investment income	(.10)	-
Redemption fees added to paid in capital ^E	- ^J	.02
Net asset value, end of period	$ 19.21	$ 16.61
Total Return ^B,C,D	16.35%	(43.27)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	2.14% ^A	2.17% ^A
Expenses net of fee waivers, if any	2.14% ^A	2.17% ^A
Expenses net of all reductions	2.05% ^A	2.02% ^A
Net investment income (loss)	(.44)% ^A	1.91% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 495	$ 155
Portfolio turnover rate ^G	153% ^A	133%

^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 May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^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.

Financial Highlights - Class C

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 16.61	$ 29.28
Income from Investment Operations
Net investment income (loss) ^E	(.04)	.20
Net realized and unrealized gain (loss)	2.73	(12.89)
Total from investment operations	2.69	(12.69)
Distributions from net investment income	(.12)	-
Redemption fees added to paid in capital ^E	- ^J	.02
Net asset value, end of period	$ 19.18	$ 16.61
Total Return ^B,C,D	16.31%	(43.27)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	2.14% ^A	2.13% ^A
Expenses net of fee waivers, if any	2.14% ^A	2.13% ^A
Expenses net of all reductions	2.04% ^A	1.98% ^A
Net investment income (loss)	(.44)% ^A	1.95% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,029	$ 233
Portfolio turnover rate ^G	153% ^A	133%

^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 May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^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 - China Region

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 16.69	$ 41.52	$ 22.94	$ 17.74	$ 15.88	$ 15.14
Income from Investment Operations
Net investment income (loss) ^D	.04	.39	.46	.42	.36	.25
Net realized and unrealized gain (loss)	2.75	(20.42)	18.58	4.99	1.75	.73
Total from investment operations	2.79	(20.03)	19.04	5.41	2.11	.98
Distributions from net investment income	(.17)	(.32)	(.29)	(.22)	(.26)	(.26)
Distributions from net realized gain	-	(4.53)	(.20)	-	-	-
Total distributions	(.17)	(4.85)	(.49)	(.22)	(.26)	(.26)
Redemption fees added to paid in capital ^D	- ^H	.05	.03	.01	.01	.02
Net asset value, end of period	$ 19.31	$ 16.69	$ 41.52	$ 22.94	$ 17.74	$ 15.88
Total Return ^B,C	16.93%	(53.75)%	84.73%	30.83%	13.44%	6.71%
Ratios to Average Net Assets ^E,G
Expenses before reductions	1.16% ^A	1.11%	1.08%	1.14%	1.16%	1.22%
Expenses net of fee waivers, if any	1.16% ^A	1.11%	1.08%	1.14%	1.16%	1.22%
Expenses net of all reductions	1.06% ^A	.96%	.92%	1.08%	1.12%	1.22%
Net investment income (loss)	.54% ^A	1.45%	1.64%	1.99%	2.04%	1.64%
Supplemental Data
Net assets, end of period (000 omitted)	$ 981,298	$ 740,289	$ 2,044,527	$ 734,793	$ 396,905	$ 296,004
Portfolio turnover rate ^F	153% ^A	133%	173%	36%	44%	101%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D 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.

Financial Highlights - Institutional Class

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 16.70	$ 29.28
Income from Investment Operations
Net investment income (loss) ^D	.05	.34
Net realized and unrealized gain (loss)	2.73	(12.94)
Total from investment operations	2.78	(12.60)
Distributions from net investment income	(.18)	-
Redemption fees added to paid in capital ^D	- ^I	.02
Net asset value, end of period	$ 19.30	$ 16.70
Total Return ^B,C	16.88%	(42.96)%
Ratios to Average Net Assets ^E,H
Expenses before reductions	1.13% ^A	1.05% ^A
Expenses net of fee waivers, if any	1.13% ^A	1.05% ^A
Expenses net of all reductions	1.03% ^A	.91% ^A
Net investment income (loss)	.57% ^A	3.02% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 532	$ 60
Portfolio turnover rate ^F	153% ^A	133%

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

Semiannual Report

China Region

Notes to Financial Statements

For the period ended April 30, 2009 (Unaudited)

1. Organization.

Fidelity China Region 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, China Region 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.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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.

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, if any, is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. 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.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, deferred trustees compensation 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	$ 107,245,660
Unrealized depreciation	(119,557,541)
Net unrealized appreciation (depreciation)	$ (12,311,881)
Cost for federal income tax purposes	$ 993,143,680

Semiannual Report

China Region

Notes to Financial Statements (Unaudited) - continued

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $705,222,596 and $561,464,477, respectively.

6. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	0%	.25%	$ 846	$ 132
Class T	.25%	.25%	640	138
Class B	.75%	.25%	1,051	858
Class C	.75%	.25%	2,039	1,266
			$ 4,576	$ 2,394

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	$ 1,875
Class T	1,045
Class B*	9
Class C*	38
	$ 2,967

* 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 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 were as follows:

	Amount	% of Average Net Assets*
Class A	$ 906	.26
Class T	381	.29
Class B	304	.29
Class C	589	.29
China Region	1,141,887	.30
Institutional Class	253	.26
	$ 1,144,320

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $2,296 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. At period end, there were no security loans outstanding. 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.

Semiannual Report

China Region

Notes to Financial Statements (Unaudited) - continued

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of China Region's operating expenses. During the period, this reimbursement reduced the class' expenses by $15,625.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Class A	$ 4,014	$ -
Class T	973	-
Class B	969	-
Class C	1,793	-
China Region	7,623,415	15,794,709
Institutional Class	649	-
Total	$ 7,631,813	$ 15,794,709
From net realized gain
China Region	$ -	$ 223,593,729

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Class A
Shares sold	85,138	30,242	$ 1,466,163	$ 750,104
Reinvestment of distributions	220	-	3,532	-
Shares redeemed	(4,210)	(9,830)	(70,452)	(195,417)
Net increase (decrease)	81,148	20,412	$ 1,399,243	$ 554,687
Class T
Shares sold	33,651	6,603	$ 578,396	$ 171,008
Reinvestment of distributions	61	-	973	-
Shares redeemed	(388)	(170)	(6,048)	(3,942)
Net increase (decrease)	33,324	6,433	$ 573,321	$ 167,066
Class B
Shares sold	17,905	9,379	$ 316,093	$ 239,439
Reinvestment of distributions	60	-	969	-
Shares redeemed	(1,504)	(69)	(23,221)	(1,147)
Net increase (decrease)	16,461	9,310	$ 293,841	$ 238,292
Class C
Shares sold	41,170	16,209	$ 714,711	$ 359,453
Reinvestment of distributions	112	-	1,793	-
Shares redeemed	(1,653)	(2,193)	(25,022)	(34,305)
Net increase (decrease)	39,629	14,016	$ 691,482	$ 325,148
China Region
Shares sold	12,544,768	24,232,728	$ 214,152,440	$ 702,714,867
Reinvestment of distributions	454,390	7,102,996	7,297,501	228,787,494
Shares redeemed	(6,528,447)	(36,222,341)	(106,508,988)	(967,305,455)
Net increase (decrease)	6,470,711	(4,886,617)	$ 114,940,953	$ (35,803,094)

Semiannual Report

11. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Institutional Class
Shares sold	24,097	5,359	$ 407,843	$ 145,686
Reinvestment of distributions	40	-	649	-
Shares redeemed	(155)	(1,791)	(2,590)	(37,350)
Net increase (decrease)	23,982	3,568	$ 405,902	$ 108,336

^A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

12. Other.

Semiannual Report

Emerging Markets

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Emerging Markets	1.14%
Actual		$ 1,000.00	$ 1,077.20	$ 5.87
Hypothetical^A		$ 1,000.00	$ 1,019.14	$ 5.71
Class K	.91%
Actual		$ 1,000.00	$ 1,078.60	$ 4.69
Hypothetical^A		$ 1,000.00	$ 1,020.28	$ 4.56

^A 5% return per year before expenses

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

Semiannual Report

Emerging Markets

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Brazil	13.1%
	Korea (South)	11.9%
	China	9.6%
	Taiwan	8.8%
	South Africa	8.0%
	Russia	6.6%
	India	6.5%
	Hong Kong	6.3%
	Indonesia	3.9%
	Other	25.3%

fid641

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


As of October 31, 2008
	Brazil	15.0%
	South Africa	9.3%
	Russia	8.9%
	Korea (South)	8.5%
	China	6.6%
	India	6.5%
	United States of America	5.7%
	Taiwan	5.5%
	Hong Kong	4.9%
	Other	29.1%

fid653

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	97.9	95.1
Short-Term Investments and Net Other Assets	2.1	4.9
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)	3.8	3.6
Companhia Vale do Rio Doce (PN-A) sponsored ADR (Brazil, Metals & Mining)	2.7	2.7
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)	2.5	2.7
China Mobile (Hong Kong) Ltd. (Hong Kong, Wireless Telecommunication Services)	2.3	2.2
Teva Pharmaceutical Industries Ltd. sponsored ADR (Israel, Pharmaceuticals)	2.0	0.5
Industrial & Commercial Bank of China Ltd. (China, Commercial Banks)	2.0	1.9
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment)	1.9	0.0
America Movil SAB de CV Series L sponsored ADR (Mexico, Wireless Telecommunication Services)	1.8	1.9
China Construction Bank Corp. (H Shares) (China, Commercial Banks)	1.7	1.8
OAO Gazprom sponsored ADR (Russia, Oil, Gas & Consumable Fuels)	1.6	3.2
	22.3
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	22.0	24.9
Energy	14.5	15.7
Information Technology	14.3	10.0
Materials	12.6	11.2
Consumer Discretionary	9.3	4.9
Telecommunication Services	8.8	10.3
Industrials	5.6	5.9
Consumer Staples	5.0	6.0
Utilities	3.3	4.8
Health Care	2.5	1.4

Semiannual Report

Emerging Markets

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
Australia - 0.2%
Sino Gold Mining Ltd. (a)	1,099,122		$ 4,355,485
Austria - 0.4%
Erste Bank AG (d)	260,400		5,431,962
Raiffeisen International Bank-Holding AG (d)	129,400		4,459,619
TOTAL AUSTRIA			9,891,581
Bermuda - 1.5%
Aquarius Platinum Ltd. (a)	250,391		928,502
Aquarius Platinum Ltd.:
(Australia)	2,253,523		8,356,537
(United Kingdom) (a)	731,222		2,755,316
Credicorp Ltd. (NY Shares)	216,700		10,839,334
Huabao International Holdings Ltd.	4,530,000		3,202,044
Ports Design Ltd.	5,846,500		8,878,280
TOTAL BERMUDA			34,960,013
Brazil - 13.1%
America Latina Logistica SA unit	1,736,400		8,924,363
Banco ABC Brasil SA	804,300		2,574,407
Banco Bradesco SA:
(PN)	2,090,100		25,995,437
(PN) sponsored ADR	67,000		822,760
Companhia de Saneamento de Minas Gerais	19,364		209,936
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.)	572,600		8,617,630
Companhia Siderurgica Nacional SA (CSN) sponsored ADR (d)	990,400		18,342,208
Companhia Vale do Rio Doce (PN-A) sponsored ADR	4,512,300		61,953,882
GVT Holding SA (a)	667,300		8,824,306
Itau Unibanco Banco Multiplo SA ADR	243,542		3,343,832
Localiza Rent a Car SA	240,400		1,246,547
Lojas Renner SA	264,500		2,401,962
MRV Engenharia e Participacoes SA	615,700		6,112,095
Net Servicos de Comunicacao SA sponsored ADR (d)	1,268,366		10,324,499
OGX Petroleo e Gas Participacoes SA	36,000		15,127,753
PDG Realty S.A. Empreendimentos e Participacoes	605,100		5,771,685
Perdigao SA (ON)	464,900		6,855,678
Petroleo Brasileiro SA - Petrobras:
(PN) (non-vtg.)	3,175,400		43,007,544
(PN) sponsored ADR (non-vtg.)	1,628,100		43,926,138
sponsored ADR	334,900		11,242,593
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	1,121,779		9,804,348
TOTAL BRAZIL			295,429,603
Canada - 0.3%
Addax Petroleum, Inc.	253,400		6,973,942

	Shares		Value
Cayman Islands - 1.3%
Anta Sports Products Ltd.	4,560,000		$ 3,839,681
Chaoda Modern Agriculture (Holdings) Ltd.	11,371,905		6,430,265
China Dongxiang Group Co. Ltd.	18,345,000		8,909,141
Integra Group Holdings unit (a)	2,905,100		4,879,406
Want Want China Holdings Ltd.	6,432,400		3,207,377
Yingli Green Energy Holding Co. Ltd. ADR (a)(d)	321,600		2,244,768
TOTAL CAYMAN ISLANDS			29,510,638
China - 9.6%
Baidu.com, Inc. sponsored ADR (a)	44,100		10,270,890
China BlueChemical Ltd. (H shares)	4,412,000		2,340,380
China Coal Energy Co. Ltd. (H Shares)	7,758,700		6,621,675
China Construction Bank Corp. (H Shares)	67,368,000		38,892,785
China Gas Holdings Ltd.	15,880,000		2,912,230
China Merchants Bank Co. Ltd. (H Shares)	7,864,500		14,051,707
China National Materials Co. Ltd. (a)	3,005,000		2,284,279
China South Locomotive & Rolling Stock Corp. Ltd. (H Shares)	16,773,000		7,524,855
China Yurun Food Group Ltd.	6,719,000		7,957,711
Golden Eagle Retail Group Ltd. (H Shares) (d)	13,396,000		10,813,442
Industrial & Commercial Bank of China Ltd.	79,901,000		45,454,250
NetEase.com, Inc. sponsored ADR (a)	72,400		2,185,032
PICC Property & Casualty Co. Ltd. (H Shares) (a)	11,420,000		6,446,042
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	3,401,000		21,009,674
Shanda Interactive Entertainment Ltd. sponsored ADR (a)	90,700		4,338,181
Tencent Holdings Ltd.	1,813,200		16,026,178
Yantai Changyu Pioneer Wine Co. (B Shares)	1,602,950		7,005,363
ZTE Corp. (H Shares)	3,291,080		11,095,507
TOTAL CHINA			217,230,181
Cyprus - 0.0%
XXI Century Investments Public Ltd. (a)	332,965		162,922
Czech Republic - 1.6%
Ceske Energeticke Zavody AS	502,400		20,740,316
Komercni Banka AS (d)	105,200		14,251,007
Philip Morris CR AS	1,502		404,118
TOTAL CZECH REPUBLIC			35,395,441
Egypt - 0.8%
Commercial International Bank Ltd. sponsored GDR	1,439,719		9,934,061
Eastern Tobacco Co.	106,882		2,940,488
Telecom Egypt SAE	1,971,000		5,548,466
TOTAL EGYPT			18,423,015
Common Stocks - continued
	Shares		Value
Hong Kong - 6.3%
China Mobile (Hong Kong) Ltd.	6,016,900		$ 51,957,325
China Overseas Land & Investment Ltd.	7,550,000		13,149,950
China Resources Power Holdings Co. Ltd.	6,241,500		13,986,354
CNOOC Ltd.	25,752,000		28,747,451
CNPC (Hong Kong) Ltd.	23,346,000		11,583,492
Hong Kong Exchange & Clearing Ltd.	389,900		4,491,017
Shanghai Industrial Holdings Ltd. (H Shares)	3,141,000		10,701,896
Sino-Ocean Land Holdings Ltd.	9,831,500		7,224,718
TOTAL HONG KONG			141,842,203
Hungary - 0.6%
OTP Bank Ltd. (a)	1,040,000		13,599,137
India - 6.5%
Bharat Heavy Electricals Ltd.	437,498		14,663,414
Bharti Airtel Ltd. (a)	789,704		12,035,844
DLF Ltd.	968,134		4,516,444
Educomp Solutions Ltd.	133,429		6,704,845
Housing Development Finance Corp. Ltd.	702,668		24,575,989
ICICI Bank Ltd.	1,759,035		17,129,695
Infosys Technologies Ltd. sponsored ADR	767,600		23,649,756
ITC Ltd.	1,500		5,724
Jain Irrigation Systems Ltd.	719,177		7,280,442
Mahindra & Mahindra Ltd.	756,877		7,475,791
Maruti Suzuki India Ltd.	338,125		5,586,166
Power Finance Corp. Ltd.	739,047		2,303,027
Reliance Industries Ltd.	242,641		8,893,225
Rural Electrification Corp. Ltd.	1,132,196		2,366,325
Tata Power Co. Ltd.	570,489		10,359,421
TOTAL INDIA			147,546,108
Indonesia - 3.9%
PT Astra International Tbk	10,323,500		17,489,289
PT Bank Central Asia Tbk	35,680,500		11,249,894
PT Bank Rakyat Indonesia Tbk	33,185,000		18,115,174
PT Bumi Resources Tbk	62,344,000		8,684,185
PT Perusahaan Gas Negara Tbk Series B	61,120,600		14,956,626
PT Telkomunikasi Indonesia Tbk:
Series B	19,015,500		14,049,152
sponsored ADR (d)	87,400		2,511,876
TOTAL INDONESIA			87,056,196
Ireland - 0.3%
Dragon Oil PLC (a)	1,750,860		6,651,882
Israel - 3.6%
Cellcom Israel Ltd.	290,100		6,321,279
Check Point Software Technologies Ltd. (a)	416,700		9,654,939
Israel Chemicals Ltd.	1,685,400		14,173,234

	Shares		Value
Nice Systems Ltd. sponsored ADR (a)	170,448		$ 4,365,173
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,040,400		45,663,156
TOTAL ISRAEL			80,177,781
Italy - 0.4%
UniCredit SpA	3,403,700		8,285,723
Kazakhstan - 0.6%
JSC Halyk Bank of Kazakhstan unit	851,400		3,150,180
KazMunaiGas Exploration & Production JSC (Reg. S) GDR	617,059		10,958,968
TOTAL KAZAKHSTAN			14,109,148
Korea (South) - 11.9%
Hana Financial Group, Inc.	924,030		15,978,930
Hynix Semiconductor, Inc. (a)	809,330		9,119,216
Hyundai Engineering & Construction Co. Ltd.	163,572		7,743,436
Hyundai Heavy Industries Co. Ltd.	32,202		5,795,355
Hyundai Industrial Development & Construction Co.	348,490		10,907,361
Hyundai Mobis	244,657		18,799,162
Hyundai Motor Co.	322,127		17,265,814
Korea Exchange Bank	1,422,780		8,126,995
LG Electronics, Inc.	203,245		16,857,575
MegaStudy Co. Ltd.	53,231		9,038,445
NHN Corp. (a)	112,396		13,675,733
POSCO	61,534		19,115,031
POSCO sponsored ADR (d)	146,700		11,291,499
Samsung C&T Corp.	179,130		6,209,282
Samsung Card Co. Ltd.	76,760		2,300,399
Samsung Electronics Co. Ltd.	119,800		55,494,237
Samsung Securities Co. Ltd.	107,818		5,559,632
Shinhan Financial Group Co. Ltd.	1,080,240		26,829,682
Taewoong Co. Ltd.	119,920		8,867,328
TOTAL KOREA (SOUTH)			268,975,112
Luxembourg - 0.4%
ArcelorMittal SA (NY Shares) Class A	89,000		2,098,620
Evraz Group SA GDR	512,300		6,736,745
TOTAL LUXEMBOURG			8,835,365
Malaysia - 0.0%
DiGi.com Bhd	51,200		320,719
Parkson Holdings Bhd	10,410		12,164
Public Bank Bhd	4,609		10,810
TOTAL MALAYSIA			343,693
Mexico - 3.3%
America Movil SAB de CV Series L sponsored ADR	1,219,800		40,070,430
Corporacion Geo SA de CV Series B (a)	2,415,200		3,164,751
Fomento Economico Mexicano SAB de CV sponsored ADR	441,700		12,504,527
Common Stocks - continued
	Shares		Value
Mexico - continued
Grupo Televisa SA de CV (CPO) sponsored ADR	699,741		$ 10,831,991
Wal-Mart de Mexico SA de CV Series V	3,257,700		8,884,315
TOTAL MEXICO			75,456,014
Netherlands - 0.2%
X5 Retail Group NV GDR (Reg. S) (a)	357,250		4,787,150
Papua New Guinea - 0.3%
Oil Search Ltd.	1,720,345		6,416,926
Peru - 0.5%
Compania de Minas Buenaventura SA sponsored ADR	525,200		11,113,232
Russia - 6.6%
Bank St. Petersburg OJSC	221,969		189,690
Lukoil Oil Co. sponsored ADR	728,710		32,150,685
Magnit OJSC GDR (Reg. S) (a)	829,400		6,593,730
Mobile TeleSystems OJSC sponsored ADR	456,400		15,125,096
OAO Gazprom sponsored ADR	2,089,059		36,976,344
OJSC MMC Norilsk Nickel sponsored ADR	1,234,280		10,182,810
OJSC Oil Company Rosneft GDR (Reg. S)	3,962,000		20,439,578
Polymetal JSC GDR (Reg. S) (a)	1,041,600		6,404,393
RusHydro OJSC (a)	106,670,400		2,935,847
Sberbank (Savings Bank of the Russian Federation)	11,179,800		9,221,334
Uralkali JSC	1,542,600		3,623,612
Wimm-Bill-Dann Foods OJSC sponsored ADR (a)(d)	122,175		5,457,557
TOTAL RUSSIA			149,300,676
Singapore - 0.2%
Singapore Exchange Ltd.	809,000		3,426,160
South Africa - 8.0%
Absa Group Ltd.	1,135,671		13,101,274
African Bank Investments Ltd.	3,731,999		11,828,703
African Rainbow Minerals Ltd.	762,561		10,305,589
AngloGold Ashanti Ltd.	366,600		11,264,589
AngloGold Ashanti Ltd. sponsored ADR	52,000		1,601,600
Aspen Pharmacare Holdings Ltd.	1,838,877		9,333,925
Aveng Ltd.	2,765,000		10,577,682
Exxaro Resources Ltd.	293,657		2,153,534
Harmony Gold Mining Co. Ltd. sponsored ADR (a)	672,600		6,268,632
Illovo Sugar Ltd.	2,331,176		7,118,062
Impala Platinum Holdings Ltd.	650,298		12,428,936
JD Group Ltd.	2,543,062		10,194,218
Mr. Price Group Ltd.	4,017,571		12,301,164
MTN Group Ltd.	2,696,800		35,023,405
Mvelaphanda Resources Ltd. (a)	1,001,846		3,640,201
New Clicks Holdings Ltd.	1,209,000		2,332,013

	Shares		Value
Raubex Group Ltd.	3,580,386		$ 9,243,114
Shoprite Holdings Ltd.	1,796,835		10,768,018
TOTAL SOUTH AFRICA			179,484,659
Taiwan - 8.8%
Acer, Inc.	7,972,000		15,231,331
Advanced Semiconductor Engineering, Inc.	7,156,000		3,971,383
Advanced Semiconductor Engineering, Inc. sponsored ADR	2,894,400		8,770,032
Asia Cement Corp.	12,057,000		12,410,157
Chinatrust Financial Holding Co. Ltd.	9,741,000		4,450,848
First Financial Holding Co. Ltd.	12,717,588		6,715,066
Fubon Financial Holding Co. Ltd.	7,182,000		5,564,972
Hon Hai Precision Industry Co. Ltd. (Foxconn)	9,593,302		27,686,592
HTC Corp.	1,411,300		19,104,688
MediaTek, Inc.	1,668,000		17,341,292
Siliconware Precision Industries Co. Ltd.	11,277,633		14,623,141
Taiwan Mobile Co. Ltd.	4,067,000		6,419,909
Taiwan Semiconductor Manufacturing Co. Ltd.	15,017,000		25,403,564
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	1,599,162		16,903,142
United Microelectronics Corp.	9,849,000		3,718,699
United Microelectronics Corp. sponsored ADR (d)	1,838,700		5,608,035
Wistron Corp.	4,141,000		5,235,754
TOTAL TAIWAN			199,158,605
Thailand - 1.1%
Minor International PCL (For. Reg.)	1,316,574		238,800
PTT Exploration & Production PCL (For. Reg.)	3,355,100		9,841,373
Siam Commercial Bank PCL (For. Reg.)	8,170,500		13,951,329
Total Access Communication PCL (For. Reg.)	105,200		83,480
TOTAL THAILAND			24,114,982
Turkey - 2.9%
Anadolu Efes Biracilik ve Malt Sanyii AS	1,392,665		9,921,188
Bim Birlesik Magazalar AS JSC	136,310		3,747,939
Enka Insaat ve Sanayi AS	1,930,963		8,265,644
Tofas Turk Otomobil Fabrikasi AS	2,912,293		3,530,604
Tupras-Turkiye Petrol Rafinerileri AS	713,700		7,135,885
Turkiye Garanti Bankasi AS (a)	9,490,895		19,927,766
Turkiye Halk Bankasi	1,363,000		4,769,755
Turkiye Is Bankasi AS Series C	2,686,000		7,754,613
TOTAL TURKEY			65,053,394
United Kingdom - 1.3%
Cairn Energy PLC (a)	239,416		7,503,583
Hikma Pharmaceuticals PLC	353,723		2,028,520
Randgold Resources Ltd. sponsored ADR	182,500		8,833,000
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Standard Chartered PLC (United Kingdom)	388,400		$ 6,006,025
Xstrata PLC	570,600		5,028,615
TOTAL UNITED KINGDOM			29,399,743
United States of America - 1.4%
Central European Distribution Corp. (a)	532,030		11,917,472
CTC Media, Inc. (a)	1,236,617		9,695,077
Freeport-McMoRan Copper & Gold, Inc. Class B	253,700		10,820,305
TOTAL UNITED STATES OF AMERICA			32,432,854
TOTAL COMMON STOCKS (Cost $2,190,779,224)		2,209,899,564
Money Market Funds - 2.6%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	23,230,562		$ 23,230,562
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	35,820,209		35,820,209
TOTAL MONEY MARKET FUNDS (Cost $59,050,771)		59,050,771

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $2,249,829,995)

2,268,950,335

NET OTHER ASSETS - (0.5)%			(11,045,212)
NET ASSETS - 100%		$ 2,257,905,123

Legend

(a) Non-income producing

(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	$ 246,675
Fidelity Securities Lending Cash Central Fund	482,763
Total	$ 729,438

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 2,268,950,335	$ 1,305,769,446	$ 963,180,889	$ -

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 10,123,190
Total Realized Gain (Loss)	(4,456,897)
Total Unrealized Gain (Loss)	3,830,789
Cost of Purchases	376,985
Proceeds of Sales	(1,189,882)
Amortization/Accretion	-
Transfer in/out of Level 3	(8,684,185)
Ending Balance	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $515,443,831 all of which will expire on October 31, 2016.

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, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $35,914,120) - See accompanying schedule: Unaffiliated issuers (cost $2,190,779,224)	$ 2,209,899,564
Fidelity Central Funds (cost $59,050,771)	59,050,771
Total Investments (cost $2,249,829,995)		$ 2,268,950,335
Cash		796,172
Foreign currency held at value (cost $1,618,623)		1,613,276
Receivable for investments sold		54,182,240
Receivable for fund shares sold		5,089,440
Dividends receivable		7,952,668
Interest receivable		5,675
Distributions receivable from Fidelity Central Funds		81,629
Prepaid expenses		18,020
Other receivables		1,425,898
Total assets		2,340,115,353

Liabilities
Payable for investments purchased	$ 41,827,615
Payable for fund shares redeemed	2,540,934
Accrued management fee	1,280,483
Other affiliated payables	576,492
Other payables and accrued expenses	164,497
Collateral on securities loaned, at value	35,820,209
Total liabilities		82,210,230

Net Assets		$ 2,257,905,123
Net Assets consist of:
Paid in capital		$ 3,602,287,730
Undistributed net investment income		3,636,434
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(1,367,088,725)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		19,069,684
Net Assets		$ 2,257,905,123

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)
Emerging Markets: Net Asset Value, offering price and redemption price per share ($2,114,979,107 ÷ 146,151,285 shares)		$ 14.47

Class K: Net Asset Value, offering price and redemption price per share ($142,926,016 ÷ 9,889,012 shares)		$ 14.45

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

Semiannual Report

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 21,168,449
Interest		20,777
Income from Fidelity Central Funds (including $482,763 from security lending)		729,438
		21,918,664
Less foreign taxes withheld		(1,612,900)
Total income		20,305,764

Expenses
Management fee	$ 7,034,333
Transfer agent fees	2,673,372
Accounting and security lending fees	439,229
Custodian fees and expenses	718,084
Independent trustees' compensation	7,336
Registration fees	48,056
Audit	69,773
Legal	6,807
Interest	941
Miscellaneous	22,184
Total expenses before reductions	11,020,115
Expense reductions	(467,847)	10,552,268
Net investment income (loss)		9,753,496
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(813,813,637)
Foreign currency transactions	(3,155,199)
Total net realized gain (loss)		(816,968,836)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $984,917)	945,494,368
Assets and liabilities in foreign currencies	948,583
Total change in net unrealized appreciation (depreciation)		946,442,951
Net gain (loss)		129,474,115
Net increase (decrease) in net assets resulting from operations		$ 139,227,611

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 9,753,496	$ 78,601,138
Net realized gain (loss)	(816,968,836)	(545,285,593)
Change in net unrealized appreciation (depreciation)	946,442,951	(3,581,772,253)
Net increase (decrease) in net assets resulting from operations	139,227,611	(4,048,456,708)
Distributions to shareholders from net investment income	(37,630,351)	(34,024,353)
Distributions to shareholders from net realized gain	-	(245,333,468)
Total distributions	(37,630,351)	(279,357,821)
Share transactions - net increase (decrease)	(17,989,715)	(112,421,513)
Redemption fees	673,897	4,815,140
Total increase (decrease) in net assets	84,281,442	(4,435,420,902)

Net Assets
Beginning of period	2,173,623,681	6,609,044,583
End of period (including undistributed net investment income of $3,636,434 and undistributed net investment income of $43,729,580, respectively)	$ 2,257,905,123	$ 2,173,623,681

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

Semiannual Report

Financial Highlights - Emerging Markets

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 13.71	$ 37.55	$ 22.04	$ 15.71	$ 11.30	$ 9.81
Income from Investment Operations
Net investment income (loss)^D	.06	.42^G	.25	.21	.21	.14
Net realized and unrealized gain (loss)	.94	(22.73)	15.44	6.31	4.30	1.46
Total from investment operations	1.00	(22.31)	15.69	6.52	4.51	1.60
Distributions from net investment income	(.24)	(.19)	(.20)	(.21)	(.11)	(.12)
Distributions from net realized gain	-	(1.37)	-	-	-	-
Total distributions	(.24)	(1.56)	(.20)	(.21)	(.11)	(.12)
Redemption fees added to paid in capital^D	-^I	.03	.02	.02	.01	.01
Net asset value, end of period	$ 14.47	$ 13.71	$ 37.55	$ 22.04	$ 15.71	$ 11.30
Total Return^B,C	7.72%	(61.84)%	71.81%	41.96%	40.25%	16.48%
Ratios to Average Net Assets^E,H
Expenses before reductions	1.14%^A	1.07%	1.05%	1.11%	1.16%	1.23%
Expenses net of fee waivers, if any	1.14%^A	1.07%	1.05%	1.11%	1.16%	1.23%
Expenses net of all reductions	1.09%^A	1.02%	.99%	1.01%	1.07%	1.18%
Net investment income (loss)	.98%^A	1.47%^G	.89%	1.04%	1.53%	1.27%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,114,979	$ 2,086,196	$ 6,609,045	$ 3,005,145	$ 1,392,223	$ 604,550
Portfolio turnover rate^F	112%^A	63%	52%	66%	68%	112%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DCalculated based on average shares outstanding during the period. ^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. ^GInvestment income per share reflects a special dividend which amounted to $.09 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.17%. ^HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^IAmount represents less than $.01 per share.

Financial Highlights - Class K

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 13.72	$ 31.99
Income from Investment Operations
Net investment income (loss)^D	.08	.15^G
Net realized and unrealized gain (loss)	.93	(18.43)
Total from investment operations	1.01	(18.28)
Distributions from net investment income	(.28)	-
Redemption fees added to paid in capital^D	-^J	.01
Net asset value, end of period	$ 14.45	$ 13.72
Total Return^B,C	7.86%	(57.11)%
Ratios to Average Net Assets^E,I
Expenses before reductions	.91%^A	.92%^A
Expenses net of fee waivers, if any	.91%^A	.92%^A
Expenses net of all reductions	.86%^A	.87%^A
Net investment income (loss)	1.21%^A	2.02%^A,G
Supplemental Data
Net assets, end of period (000 omitted)	$ 142,926	$ 87,427
Portfolio turnover rate^F	112%^A	63%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DCalculated based on average shares outstanding during the period. ^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. ^GInvestment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.71%. ^HFor the period May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^IExpense 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. ^JAmount represents less than $.01 per share.

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

Semiannual Report

Emerging Markets

Notes to Financial Statements

For the period ended April 30, 2009 (Unaudited)

1. Organization.

Fidelity Emerging Markets 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 Emerging Markets and Class K 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. After the commencement of Class K, the Fund began offering conversion privileges between Emerging Markets and Class K to eligible shareholders of Emerging Markets. 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 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.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Semiannual Report

Emerging Markets

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value is included at the end of the Fund's Schedule of Investments.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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:

Unrealized appreciation	$ 332,632,306
Unrealized depreciation	(382,630,239)
Net unrealized appreciation (depreciation)	$ (49,997,933)
Cost for federal income tax purposes	$ 2,318,948,268

Semiannual Report

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,095,389,112 and $1,085,095,409, respectively.

6. Fees and Other Transactions with Affiliates.

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 Emerging Markets. FIIOC receives an asset-based fee of Class K's average net assets. 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 were as follows:

	Amount	% of Average Net Assets*
Emerging Markets	$ 2,642,060	.28
Class K	31,312	.06
	$ 2,673,372

* Annualized

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	$ 9,891,875	.43%	$ 941

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $6,184 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

Emerging Markets

Notes to Financial Statements (Unaudited) - continued

8. Security Lending.

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Emerging Market's operating expenses. During the period, this reimbursement reduced the class' expenses by $5,065.

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 $462,489 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 $293.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Emerging Markets	$ 35,658,333	$ 34,024,353
Class K	1,972,018	-
Total	$ 37,630,351	$ 34,024,353
From net realized gain
Emerging Markets	$ -	$ 245,333,468

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Emerging Markets
Shares sold	24,842,261	88,151,350	$ 316,133,716	$ 2,616,256,871
Conversion to Class K	(2,095,288)	(6,470,724)	(24,961,409)	(122,161,593)
Reinvestment of distributions	2,953,743	7,825,864	34,381,577	270,227,076
Shares redeemed	(31,714,162)	(113,371,134)	(386,713,661)	(2,997,083,479)
Net increase (decrease)	(6,013,446)	(23,864,644)	$ (61,159,777)	$ (232,761,125)
Class K
Shares sold	2,665,111	379,643	$ 33,663,594	$ 5,848,087
Conversion from Emerging Markets	2,096,883	6,466,184	24,961,409	122,161,593
Reinvestment of distributions	169,855	-	1,972,018	-
Shares redeemed	(1,413,075)	(475,589)	(17,426,959)	(7,670,068)
Net increase (decrease)	3,518,774	6,370,238	$ 43,170,062	$ 120,339,612

^A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

Semiannual Report

12. Other.

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, 2008 to April 30, 2009).

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.

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Europe	1.08%
Actual		$ 1,000.00	$ 967.40	$ 5.27
Hypothetical^A		$ 1,000.00	$ 1,019.44	$ 5.41
Europe Capital Appreciation	1.12%
Actual		$ 1,000.00	$ 970.50	$ 5.47
Hypothetical^A		$ 1,000.00	$ 1,019.24	$ 5.61
Japan	.84%
Actual		$ 1,000.00	$ 975.40	$ 4.11
Hypothetical^A		$ 1,000.00	$ 1,020.63	$ 4.21
Japan Smaller Companies	1.20%
Actual		$ 1,000.00	$ 925.50	$ 5.73
Hypothetical^A		$ 1,000.00	$ 1,018.84	$ 6.01
Latin America	1.10%
Actual		$ 1,000.00	$ 1,162.60	$ 5.90
Hypothetical ^A		$ 1,000.00	$ 1,019.34	$ 5.51
Nordic	1.14%
Actual		$ 1,000.00	$ 993.40	$ 5.63
Hypothetical ^A		$ 1,000.00	$ 1,019.14	$ 5.71
Pacific Basin	.66%
Actual		$ 1,000.00	$ 1,094.60	$ 3.43
Hypothetical ^A		$ 1,000.00	$ 1,021.52	$ 3.31
	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Southeast Asia	1.40%
Actual		$ 1,000.00	$ 1,068.60	$ 7.18
Hypothetical ^A		$ 1,000.00	$ 1,017.85	$ 7.00

^A 5% return per year before expenses

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

Semiannual Report

Europe

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	United Kingdom	32.9%
	France	13.2%
	Switzerland	11.9%
	Germany	11.4%
	United States of America	5.8%
	Spain	4.8%
	Italy	3.7%
	Netherlands	3.1%
	Sweden	1.9%
	Other	11.3%

fid665

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

As of October 31, 2008
	Switzerland	29.6%
	United Kingdom	23.8%
	France	11.6%
	Germany	11.0%
	Sweden	6.8%
	Spain	4.3%
	Denmark	3.6%
	Italy	2.4%
	United States of America	2.4%
	Other	4.5%

fid677

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	96.7	97.6
Short-Term Investments and Net Other Assets	3.3	2.4
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Nestle SA (Reg.) (Switzerland, Food Products)	3.2	5.3
HSBC Holdings PLC (United Kingdom) (Reg.) (United Kingdom, Commercial Banks)	2.8	2.8
Telefonica SA (Spain, Diversified Telecommunication Services)	2.4	2.1
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)	2.4	2.8
Total SA Series B (France, Oil, Gas & Consumable Fuels)	2.4	1.3
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels)	2.3	2.7
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	2.3	5.5
Royal Dutch Shell PLC Class A (Netherlands) (United Kingdom, Oil, Gas & Consumable Fuels)	2.2	2.8
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels)	2.0	1.4
Rio Tinto PLC (Reg.) (United Kingdom, Metals & Mining)	1.7	0.0
	23.7
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	20.8	14.5
Consumer Discretionary	13.1	5.4
Energy	12.8	11.2
Health Care	10.8	20.0
Consumer Staples	9.5	12.0
Industrials	8.5	11.6
Telecommunication Services	6.8	6.0
Materials	6.3	6.7
Information Technology	4.2	3.0
Utilities	3.9	7.2

Semiannual Report

Europe

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%
	Shares		Value
Australia - 0.1%
Billabong International Ltd.	198,735		$ 1,517,252
Belgium - 1.8%
Anheuser-Busch InBev NV (d)	1,024,700		31,360,017
Gimv NV	13,741		685,386
Umicore SA (d)	561,800		11,007,416
TOTAL BELGIUM			43,052,819
Bermuda - 0.7%
Seadrill Ltd.	428,300		4,570,451
Signet Jewelers Ltd. (United Kingdom)	770,969		12,208,115
TOTAL BERMUDA			16,778,566
Brazil - 0.7%
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)	589,800		15,912,804
Canada - 0.8%
Petrobank Energy & Resources Ltd. (a)	523,800		11,259,560
Suncor Energy, Inc.	340,300		8,564,181
TOTAL CANADA			19,823,741
Cayman Islands - 0.2%
China Dongxiang Group Co. Ltd.	9,739,000		4,729,688
Denmark - 1.7%
Genmab AS (a)	282,000		10,867,961
Novo Nordisk AS Series B	498,100		23,698,763
Vestas Wind Systems AS (a)	117,000		7,594,240
TOTAL DENMARK			42,160,964
Finland - 1.9%
Nokia Corp. (d)	2,369,300		33,643,338
Nokian Tyres PLC	484,861		7,654,917
Stora Enso Oyj (R Shares)	811,800		4,632,417
TOTAL FINLAND			45,930,672
France - 13.2%
Accor SA	18,800		795,248
AXA SA (d)	1,265,000		21,248,509
BNP Paribas SA	668,000		35,156,769
Bouygues SA (d)	385,200		16,428,222
Danone (d)	375,900		17,875,566
Essilor International SA	336,200		14,481,087
GDF Suez (d)	455,500		16,251,211
L'Oreal SA (d)	174,500		12,480,285
PPR SA (d)	279,600		21,415,324
Renault SA	388,300		12,447,436
Sanofi-Aventis (d)	627,000		36,014,493
Schneider Electric SA (d)	279,100		21,233,453
Societe Generale Series A	182,200		9,309,509
Total SA:
Series B	815,600		40,798,362
sponsored ADR	343,400		17,073,848

	Shares		Value
Unibail-Rodamco	121,700		$ 18,143,777
Vallourec SA	58,600		6,403,380
TOTAL FRANCE			317,556,479
Germany - 11.4%
Allianz AG (Reg.)	63,600		5,761,991
Bayerische Motoren Werke AG (BMW) (d)	650,800		22,326,033
Daimler AG (Reg.)	580,800		20,735,364
Deutsche Bank AG	222,500		11,665,880
Deutsche Boerse AG	193,700		14,175,956
Deutsche Post AG	552,100		6,313,359
E.ON AG (d)	1,197,700		40,132,922
Fresenius Medical Care AG & Co. KGaA (d)	506,300		19,684,737
Fresenius SE	58,200		2,385,249
MAN AG	138,300		8,493,024
Munich Re Group (Reg.) (d)	227,700		31,135,366
RWE AG (d)	166,600		11,885,646
Salzgitter AG	60,000		4,229,577
SAP AG	650,900		24,792,466
Siemens AG (Reg.)	505,100		33,807,824
Wincor Nixdorf AG	322,600		16,020,744
TOTAL GERMANY			273,546,138
Hong Kong - 0.3%
Esprit Holdings Ltd.	1,063,300		6,515,102
Ireland - 1.5%
CRH PLC	998,242		25,944,485
Ryanair Holdings PLC sponsored ADR (a)	403,600		11,038,460
TOTAL IRELAND			36,982,945
Italy - 3.6%
ENI SpA	1,316,900		28,252,060
ENI SpA sponsored ADR	113,600		4,849,584
Fiat SpA	2,362,200		23,087,655
Intesa Sanpaolo SpA	9,920,700		31,597,589
TOTAL ITALY			87,786,888
Netherlands - 3.1%
Akzo Nobel NV (d)	310,400		12,977,544
ASML Holding NV (Netherlands)	464,400		9,742,423
Koninklijke Ahold NV	1,846,100		20,220,757
Koninklijke KPN NV	2,622,600		31,521,374
TOTAL NETHERLANDS			74,462,098
Norway - 0.6%
Det Norske Oljeselskap ASA (DNO) (A Shares) (a)	1,664,000		1,405,577
DnB Nor ASA	1,763,400		10,974,173
Pronova BioPharma ASA (a)	1,150,000		2,884,360
TOTAL NORWAY			15,264,110
Papua New Guinea - 0.4%
Lihir Gold Ltd. (a)	4,142,709		9,036,491
Common Stocks - continued
	Shares		Value
South Africa - 0.6%
MTN Group Ltd.	1,049,300		$ 13,627,284
Spain - 4.8%
Banco Santander SA	1,436,900		13,651,981
Iberdrola SA	3,239,000		25,499,770
Inditex SA	444,600		18,951,730
Telefonica SA	3,103,800		58,789,441
TOTAL SPAIN			116,892,922
Sweden - 1.9%
H&M Hennes & Mauritz AB (B Shares)	725,300		32,284,845
Lundin Petroleum AB (a)	1,138,240		7,400,515
Telefonaktiebolaget LM Ericsson (B Shares)	801,000		6,802,472
TOTAL SWEDEN			46,487,832
Switzerland - 11.9%
ABB Ltd. (Reg.)	390,738		5,529,967
Actelion Ltd. (Reg.) (a)	266,450		12,136,184
Credit Suisse Group (Reg.)	915,883		35,060,946
Nestle SA (Reg.)	2,394,962		78,047,422
Nobel Biocare Holding AG (Switzerland)	425,329		8,668,567
Novartis AG (Reg.)	541,561		20,491,784
Roche Holding AG (participation certificate)	432,432		54,517,132
Schindler Holding AG (participation certificate)	173,674		9,102,208
Sonova Holding AG	134,396		8,694,037
UBS AG:
(For. Reg.)	377,515		5,184,369
(NY Shares)	1,645,200		22,440,528
Zurich Financial Services AG (Reg.)	138,050		25,647,163
TOTAL SWITZERLAND			285,520,307
United Kingdom - 32.9%
Aberdeen Asset Management PLC	5,345,300		10,362,018
Aegis Group PLC	5,878,200		7,866,442
AstraZeneca PLC (United Kingdom)	835,100		29,230,423
Autonomy Corp. PLC (a)	472,000		9,898,454
BAE Systems PLC	3,132,100		16,469,467
Barclays PLC	6,185,500		25,104,310
Barratt Developments PLC	1,016,100		2,073,744
Bellway PLC	897,600		9,452,957
BG Group PLC	3,034,900		48,442,733
BHP Billiton PLC	1,071,100		22,222,348
Bovis Homes Group PLC	1,481,400		10,028,758
BP PLC	7,831,700		55,323,178

	Shares		Value
British Land Co. PLC	734,900		$ 4,635,442
Burberry Group PLC	2,175,300		12,943,200
Cairn Energy PLC (a)	319,500		10,013,511
Capita Group PLC	1,465,616		14,771,759
easyJet PLC (a)	377,000		1,751,949
Experian PLC	2,701,600		17,782,437
HSBC Holdings PLC (United Kingdom) (Reg.)	9,522,037		67,690,205
Imperial Tobacco Group PLC	820,300		18,709,146
Informa PLC	1,744,300		7,620,982
InterContinental Hotel Group PLC	1,030,200		9,784,130
Kesa Electricals PLC	6,038,200		11,766,720
Man Group PLC	4,594,400		16,975,740
Marks & Spencer Group PLC	1,877,500		9,298,125
NEXT PLC	353,000		8,440,011
Persimmon PLC (d)	3,200,600		17,845,328
Prudential PLC	4,111,800		23,624,444
Reckitt Benckiser Group PLC	715,800		28,088,319
Redrow PLC	3,576,400		10,529,481
Rio Tinto PLC (Reg.)	992,400		40,307,445
Royal Dutch Shell PLC Class A (Netherlands)	2,275,600		52,176,458
SSL International PLC	1,806,000		12,656,990
Standard Chartered PLC (United Kingdom)	1,806,386		27,933,056
Tesco PLC	2,739,873		13,570,497
Tomkins PLC	4,024,100		10,269,490
Vodafone Group PLC	31,636,400		58,124,968
Wolseley PLC (d)	999,368		17,916,748
Xstrata PLC	2,254,800		19,871,223
TOTAL UNITED KINGDOM			791,572,636
United States of America - 2.5%
Allergan, Inc.	108,100		5,043,946
CME Group, Inc.	28,100		6,219,935
Coach, Inc.	250,900		6,147,050
Goldman Sachs Group, Inc.	72,100		9,264,850
Molson Coors Brewing Co. Class B	186,000		7,114,500
Morgan Stanley	271,100		6,408,804
Tiffany & Co., Inc.	224,000		6,482,560
Virgin Media, Inc.	572,000		4,415,840
Wells Fargo & Co.	484,900		9,702,849
TOTAL UNITED STATES OF AMERICA			60,800,334
TOTAL COMMON STOCKS (Cost $2,334,228,254)		2,325,958,072
Nonconvertible Preferred Stocks - 0.1%

Italy - 0.1%
Telecom Italia SpA (Risparmio Shares) (Cost $2,244,071)	2,121,200		1,894,508
Money Market Funds - 19.4%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	82,005,539		$ 82,005,539
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	385,365,783		385,365,783
TOTAL MONEY MARKET FUNDS (Cost $467,371,322)		467,371,322
TOTAL INVESTMENT PORTFOLIO - 116.1% (Cost $2,803,843,647)			2,795,223,902
NET OTHER ASSETS - (16.1)%			(387,079,171)
NET ASSETS - 100%		$ 2,408,144,731

Legend

(a) Non-income producing

(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	$ 388,457
Fidelity Securities Lending Cash Central Fund	1,237,725
Total	$ 1,626,182

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 2,795,223,902	$ 629,864,364	$ 2,165,359,538	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $413,142,102 all of which will expire on October 31, 2016.

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

Semiannual Report

Europe

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $372,225,771) - See accompanying schedule: Unaffiliated issuers (cost $2,336,472,325)	$ 2,327,852,580
Fidelity Central Funds (cost $467,371,322)	467,371,322
Total Investments (cost $2,803,843,647)		$ 2,795,223,902
Foreign currency held at value (cost $5,706,415)		5,702,053
Receivable for investments sold		20,863,783
Receivable for fund shares sold		303,267
Dividends receivable		14,626,084
Distributions receivable from Fidelity Central Funds		915,129
Prepaid expenses		22,016
Other receivables		226,495
Total assets		2,837,882,729

Liabilities
Payable for investments purchased	$ 41,442,015
Payable for fund shares redeemed	744,648
Accrued management fee	1,398,573
Other affiliated payables	697,083
Other payables and accrued expenses	89,896
Collateral on securities loaned, at value	385,365,783
Total liabilities		429,737,998

Net Assets		$ 2,408,144,731
Net Assets consist of:
Paid in capital		$ 3,826,625,075
Undistributed net investment income		25,762,807
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(1,435,438,306)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(8,804,845)
Net Assets, for 109,429,454 shares outstanding		$ 2,408,144,731
Net Asset Value, offering price and redemption price per share ($2,408,144,731 ÷ 109,429,454 shares)		$ 22.01

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 49,206,928
Interest		63,942
Income from Fidelity Central Funds (including $1,237,725 from security lending)		1,626,182
		50,897,052
Less foreign taxes withheld		(4,672,770)
Total income		46,224,282

Expenses
Management fee Basic fee	$ 8,588,551
Performance adjustment	(193,382)
Transfer agent fees	3,754,383
Accounting and security lending fees	526,179
Custodian fees and expenses	154,279
Independent trustees' compensation	8,925
Registration fees	16,867
Audit	40,138
Legal	7,146
Interest	15,097
Miscellaneous	25,774
Total expenses before reductions	12,943,957
Expense reductions	(495,517)	12,448,440
Net investment income (loss)		33,775,842
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(984,880,663)
Foreign currency transactions	(3,746,052)
Total net realized gain (loss)		(988,626,715)
Change in net unrealized appreciation (depreciation) on: Investment securities	842,782,218
Assets and liabilities in foreign currencies	103,995
Total change in net unrealized appreciation (depreciation)		842,886,213
Net gain (loss)		(145,740,502)
Net increase (decrease) in net assets resulting from operations		$ (111,964,660)

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

Semiannual Report

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 33,775,842	$ 83,218,454
Net realized gain (loss)	(988,626,715)	(442,006,354)
Change in net unrealized appreciation (depreciation)	842,886,213	(2,076,378,916)
Net increase (decrease) in net assets resulting from operations	(111,964,660)	(2,435,166,816)
Distributions to shareholders from net investment income	(84,199,497)	(75,717,658)
Distributions to shareholders from net realized gain	-	(358,785,158)
Total distributions	(84,199,497)	(434,502,816)
Share transactions Proceeds from sales of shares	26,172,901	375,372,349
Reinvestment of distributions	83,348,751	429,703,172
Cost of shares redeemed	(256,995,509)	(648,311,121)
Net increase (decrease) in net assets resulting from share transactions	(147,473,857)	156,764,400
Redemption fees	10,805	54,655
Total increase (decrease) in net assets	(343,627,209)	(2,712,850,577)

Net Assets
Beginning of period	2,751,771,940	5,464,622,517
End of period (including undistributed net investment income of $25,762,807 and undistributed net investment income of $79,011,426, respectively)	$ 2,408,144,731	$ 2,751,771,940
Other Information Shares
Sold	1,254,681	9,585,310
Issued in reinvestment of distributions	4,111,927	10,002,402
Redeemed	(12,682,657)	(17,978,503)
Net increase (decrease)	(7,316,049)	1,609,209

Financial Highlights

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 23.57	$ 47.46	$ 42.31	$ 37.26	$ 30.42	$ 24.37
Income from Investment Operations
Net investment income (loss) ^D	.29	.68	.69	.58	.33	.09
Net realized and unrealized gain (loss)	(1.12)	(20.84)	9.99	8.74	6.68	6.25
Total from investment operations	(.83)	(20.16)	10.68	9.32	7.01	6.34
Distributions from net investment income	(.73)	(.65)	(.46)	(.30)	(.09)	(.29)
Distributions from net realized gain	-	(3.08)	(5.07)	(3.97)	(.08)	-
Total distributions	(.73)	(3.73)	(5.53)	(4.27)	(.17)	(.29)
Redemption fees added to paid in capital ^D,H	-	-	-	-	-	-
Net asset value, end of period	$ 22.01	$ 23.57	$ 47.46	$ 42.31	$ 37.26	$ 30.42
Total Return ^B,C,I	(3.26)%	(46.03)%	28.33%	27.40%	23.12%	26.20%
Ratios to Average Net Assets ^E,G
Expenses before reductions	1.08% ^A	1.00%	1.06%	1.16%	1.15%	1.11%
Expenses net of fee waivers, if any	1.08% ^A	1.00%	1.06%	1.16%	1.15%	1.11%
Expenses net of all reductions	1.04% ^A	.95%	1.01%	1.05%	1.07%	1.05%
Net investment income (loss)	2.83% ^A	1.82%	1.65%	1.48%	.95%	.32%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,408,145	$ 2,751,772	$ 5,464,623	$ 4,033,263	$ 2,547,812	$ 1,845,440
Portfolio turnover rate ^F	172% ^A	100%	100%	127%	99%	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 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. ^I Total returns do not include the effect of the former contingent deferred sales charge.

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

Semiannual Report

Europe Capital Appreciation

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	United Kingdom	33.4%
	France	13.0%
	Switzerland	12.0%
	Germany	11.7%
	United States of America	4.9%
	Spain	4.9%
	Italy	3.7%
	Netherlands	3.2%
	Finland	1.9%
	Other	11.3%

fid689

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

As of October 31, 2008
	United Kingdom	27.9%
	Switzerland	17.8%
	Germany	14.2%
	France	11.7%
	United States of America	6.7%
	Italy	4.5%
	Netherlands	4.0%
	Spain	3.6%
	Canada	1.4%
	Other	8.2%

fid701

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	97.6	95.3
Short-Term Investments and Net Other Assets	2.4	4.7
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Nestle SA (Reg.) (Switzerland, Food Products)	3.3	4.8
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)	2.7	2.5
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)	2.7	2.1
Telefonica SA sponsored ADR (Spain, Diversified Telecommunication Services)	2.4	2.6
Total SA sponsored ADR (France, Oil, Gas & Consumable Fuels)	2.4	3.3
Royal Dutch Shell PLC Class A (United Kingdom, Oil, Gas & Consumable Fuels)	2.3	2.3
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels)	2.3	1.0
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	2.2	2.9
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels)	1.9	0.6
E.ON AG (Germany, Electric Utilities)	1.8	2.6
	24.0
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	20.7	21.1
Consumer Discretionary	13.4	9.3
Energy	12.7	10.8
Health Care	10.6	16.3
Consumer Staples	9.6	13.5
Industrials	8.8	4.3
Telecommunication Services	7.0	6.5
Materials	6.4	4.8
Information Technology	4.3	2.6
Utilities	4.1	6.1

Semiannual Report

Europe Capital Appreciation

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%
	Shares		Value
Australia - 0.1%
Billabong International Ltd.	35,062		$ 267,683
Belgium - 1.9%
Anheuser-Busch InBev NV (d)	190,680		5,835,589
Anheuser-Busch InBev NV (strip VVPR) (a)	103,680		271
Gimv NV	2,400		119,709
Umicore SA (d)	102,700		2,012,214
TOTAL BELGIUM			7,967,783
Bermuda - 0.7%
Seadrill Ltd.	75,600		806,738
Signet Jewelers Ltd. (United Kingdom)	137,396		2,175,634
TOTAL BERMUDA			2,982,372
Brazil - 0.7%
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)	108,400		2,924,632
Canada - 0.8%
Petrobank Energy & Resources Ltd. (a)	97,400		2,093,702
Suncor Energy, Inc.	58,200		1,464,694
TOTAL CANADA			3,558,396
Cayman Islands - 0.2%
China Dongxiang Group Co. Ltd.	1,719,000		834,822
Denmark - 1.7%
Genmab AS (a)	49,000		1,888,405
Novo Nordisk AS Series B	86,500		4,115,525
Vestas Wind Systems AS (a)	20,600		1,337,106
TOTAL DENMARK			7,341,036
Finland - 1.9%
Nokia Corp. (d)	299,750		4,256,359
Nokia Corp. sponsored ADR	117,150		1,656,501
Nokian Tyres PLC	82,938		1,309,413
Stora Enso Oyj (R Shares)	143,300		817,720
TOTAL FINLAND			8,039,993
France - 13.0%
Accor SA	3,300		139,591
AXA SA (d)	216,300		3,633,243
BNP Paribas SA	113,900		5,994,545
Bouygues SA (d)	71,000		3,028,047
Danone (d)	67,300		3,200,387
Essilor International SA	51,600		2,222,558
GDF Suez (d)	78,200		2,789,999
L'Oreal SA	30,200		2,159,912
PPR SA (d)	48,300		3,699,428
Renault SA	65,700		2,106,095
Sanofi-Aventis (d)	109,700		6,301,100
Schneider Electric SA (d)	48,500		3,689,797
Societe Generale Series A	31,000		1,583,945
Total SA sponsored ADR	202,300		10,058,356

	Shares		Value
Unibail-Rodamco	23,100		$ 3,443,889
Vallourec SA	10,200		1,114,581
TOTAL FRANCE			55,165,473
Germany - 11.7%
Allianz AG (Reg.)	10,400		942,212
Bayerische Motoren Werke AG (BMW) (d)	116,200		3,986,302
Daimler AG (Reg.)	103,100		3,680,813
Deutsche Bank AG	39,300		2,060,535
Deutsche Boerse AG	34,200		2,502,931
Deutsche Post AG	100,600		1,150,378
E.ON AG (d)	223,200		7,479,058
Fresenius Medical Care AG & Co. KGaA (d)	57,600		2,239,464
Fresenius SE	42,400		1,737,707
MAN AG	24,400		1,498,408
Munich Re Group (Reg.) (d)	40,100		5,483,215
RWE AG (d)	26,900		1,919,111
Salzgitter AG	10,400		733,127
SAP AG	88,800		3,382,349
SAP AG sponsored ADR	28,200		1,074,138
Siemens AG (Reg.)	98,200		6,572,814
Wincor Nixdorf AG	60,600		3,009,476
TOTAL GERMANY			49,452,038
Hong Kong - 0.3%
Esprit Holdings Ltd.	196,800		1,205,842
Ireland - 1.7%
CRH PLC	184,114		4,785,155
Ryanair Holdings PLC sponsored ADR (a)	81,300		2,223,555
TOTAL IRELAND			7,008,710
Italy - 3.6%
ENI SpA sponsored ADR	134,600		5,746,074
Fiat SpA	413,300		4,039,509
Intesa Sanpaolo SpA	1,713,500		5,457,525
TOTAL ITALY			15,243,108
Netherlands - 3.2%
Akzo Nobel NV	57,000		2,383,119
ASML Holding NV (Netherlands)	84,400		1,770,587
Koninklijke Ahold NV	335,200		3,671,523
Koninklijke KPN NV (d)	470,100		5,650,194
TOTAL NETHERLANDS			13,475,423
Norway - 0.6%
Det Norske Oljeselskap ASA (DNO) (A Shares) (a)	283,000		239,049
DnB Nor ASA	311,600		1,939,181
Pronova BioPharma ASA (a)	182,824		458,548
TOTAL NORWAY			2,636,778
Papua New Guinea - 0.3%
Lihir Gold Ltd. (a)	668,034		1,457,183
Common Stocks - continued
	Shares		Value
South Africa - 0.5%
MTN Group Ltd.	178,000		$ 2,311,690
Spain - 4.9%
Banco Santander SA	240,900		2,288,790
Iberdrola SA	616,100		4,850,389
Inditex SA	77,700		3,312,077
Telefonica SA sponsored ADR	182,000		10,244,780
TOTAL SPAIN			20,696,036
Sweden - 1.8%
H&M Hennes & Mauritz AB (B Shares)	112,900		5,025,450
Lundin Petroleum AB (a)	201,000		1,306,845
Telefonaktiebolaget LM Ericsson (B Shares)	138,000		1,171,961
TOTAL SWEDEN			7,504,256
Switzerland - 12.0%
ABB Ltd. (Reg.)	72,118		1,020,659
Actelion Ltd. (Reg.) (a)	46,914		2,136,825
Credit Suisse Group (Reg.)	161,608		6,186,521
Nestle SA (Reg.)	423,648		13,805,918
Nobel Biocare Holding AG (Switzerland)	72,201		1,471,518
Novartis AG (Reg.)	89,053		3,369,620
Roche Holding AG (participation certificate)	73,553		9,272,900
Schindler Holding AG (participation certificate)	32,198		1,687,489
Sonova Holding AG	26,283		1,700,239
UBS AG:
(For. Reg.)	305,538		4,195,917
(NY Shares)	123,675		1,686,927
Zurich Financial Services AG (Reg.)	23,833		4,427,735
TOTAL SWITZERLAND			50,962,268
United Kingdom - 33.4%
Aberdeen Asset Management PLC	929,700		1,802,250
Aegis Group PLC	1,055,000		1,411,843
AstraZeneca PLC (United Kingdom)	149,800		5,243,345
Autonomy Corp. PLC (a)	80,600		1,690,287
BAE Systems PLC	577,900		3,038,761
Barclays PLC	1,092,600		4,434,398
Barratt Developments PLC	179,500		366,339
Bellway PLC	207,800		2,188,418
BG Group PLC	512,300		8,177,275
BHP Billiton PLC	185,900		3,856,908
Bovis Homes Group PLC	302,300		2,046,506
BP PLC	774,300		5,469,660

	Shares		Value
BP PLC sponsored ADR	98,100		$ 4,165,326
British Land Co. PLC	130,000		819,986
Burberry Group PLC	383,000		2,278,879
Cairn Energy PLC (a)	54,800		1,717,497
Capita Group PLC	267,000		2,691,059
easyJet PLC (a)	164,400		763,980
Experian PLC	476,100		3,133,779
HSBC Holdings PLC sponsored ADR (d)	317,158		11,290,825
Imperial Tobacco Group PLC	133,100		3,035,703
Informa PLC	349,600		1,527,429
InterContinental Hotel Group PLC	182,000		1,728,511
Kesa Electricals PLC	1,064,500		2,074,405
Man Group PLC	805,187		2,975,066
Marks & Spencer Group PLC	317,200		1,570,900
NEXT PLC	64,600		1,544,546
Persimmon PLC (d)	571,800		3,188,139
Prudential PLC	731,100		4,200,552
Reckitt Benckiser Group PLC	118,500		4,649,994
Redrow PLC (d)	599,500		1,765,022
Rio Tinto PLC (Reg.)	177,700		7,217,486
Royal Dutch Shell PLC Class A (United Kingdom)	424,600		9,771,754
SSL International PLC	367,200		2,573,448
Standard Chartered PLC (United Kingdom)	326,134		5,043,174
Tesco PLC	561,800		2,782,576
Tomkins PLC	710,800		1,813,959
Vodafone Group PLC	2,897,200		5,322,972
Vodafone Group PLC sponsored ADR	322,750		5,922,463
Wolseley PLC (d)	168,188		3,015,288
Xstrata PLC	389,400		3,431,725
TOTAL UNITED KINGDOM			141,742,433
United States of America - 2.5%
Allergan, Inc.	18,700		872,542
CME Group, Inc.	5,000		1,106,750
Coach, Inc.	45,600		1,117,200
Goldman Sachs Group, Inc.	13,200		1,696,200
Molson Coors Brewing Co. Class B	31,600		1,208,700
Morgan Stanley	50,300		1,189,092
Tiffany & Co., Inc.	35,900		1,038,946
Virgin Media, Inc.	113,300		874,676
Wells Fargo & Co.	83,200		1,664,832
TOTAL UNITED STATES OF AMERICA			10,768,938
TOTAL COMMON STOCKS (Cost $476,697,771)		413,546,893
Nonconvertible Preferred Stocks - 0.1%

Italy - 0.1%
Telecom Italia SpA (Risparmio Shares) (Cost $388,020)	366,770		327,573
Money Market Funds - 20.8%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	10,082,463		$ 10,082,463
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	78,201,701		78,201,701
TOTAL MONEY MARKET FUNDS (Cost $88,284,164)		88,284,164
TOTAL INVESTMENT PORTFOLIO - 118.4% (Cost $565,369,955)			502,158,630
NET OTHER ASSETS - (18.4)%			(78,176,903)
NET ASSETS - 100%		$ 423,981,727

Legend

(a) Non-income producing

(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	$ 63,839
Fidelity Securities Lending Cash Central Fund	301,554
Total	$ 365,393

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 502,158,630	$ 161,329,941	$ 340,828,689	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $193,924,656 all of which will expire on October 31, 2016.

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, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $75,598,595) - See accompanying schedule: Unaffiliated issuers (cost $477,085,791)	$ 413,874,466
Fidelity Central Funds (cost $88,284,164)	88,284,164
Total Investments (cost $565,369,955)		$ 502,158,630
Foreign currency held at value (cost $789,336)		788,030
Receivable for investments sold		3,731,403
Receivable for fund shares sold		144,276
Dividends receivable		3,419,067
Distributions receivable from Fidelity Central Funds		169,412
Prepaid expenses		4,078
Other receivables		32,462
Total assets		510,447,358

Liabilities
Payable for investments purchased	$ 7,322,072
Payable for fund shares redeemed	243,662
Accrued management fee	204,366
Other affiliated payables	123,075
Other payables and accrued expenses	370,755
Collateral on securities loaned, at value	78,201,701
Total liabilities		86,465,631

Net Assets		$ 423,981,727
Net Assets consist of:
Paid in capital		$ 845,311,704
Undistributed net investment income		4,620,698
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(362,365,968)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(63,584,707)
Net Assets, for 32,027,566 shares outstanding		$ 423,981,727
Net Asset Value, offering price and redemption price per share ($423,981,727 ÷ 32,027,566 shares)		$ 13.24

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 8,719,908
Income from Fidelity Central Funds (including $301,554 from security lending)		365,393
		9,085,301
Less foreign taxes withheld		(872,014)
Total income		8,213,287

Expenses
Management fee Basic fee	$ 1,503,159
Performance adjustment	(15,822)
Transfer agent fees	638,433
Accounting and security lending fees	110,450
Custodian fees and expenses	52,285
Independent trustees' compensation	1,582
Registration fees	16,648
Audit	27,618
Legal	1,386
Miscellaneous	4,946
Total expenses before reductions	2,340,685
Expense reductions	(22,953)	2,317,732
Net investment income (loss)		5,895,555
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(159,127,312)
Foreign currency transactions	(204,082)
Total net realized gain (loss)		(159,331,394)
Change in net unrealized appreciation (depreciation) on: Investment securities	133,704,940
Assets and liabilities in foreign currencies	31,425
Total change in net unrealized appreciation (depreciation)		133,736,365
Net gain (loss)		(25,595,029)
Net increase (decrease) in net assets resulting from operations		$ (19,699,474)

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

Semiannual Report

Fund Name
Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 5,895,555	$ 20,632,466
Net realized gain (loss)	(159,331,394)	(202,418,252)
Change in net unrealized appreciation (depreciation)	133,736,365	(360,937,464)
Net increase (decrease) in net assets resulting from operations	(19,699,474)	(542,723,250)
Distributions to shareholders from net investment income	(18,820,678)	(22,837,060)
Distributions to shareholders from net realized gain	-	(172,118,248)
Total distributions	(18,820,678)	(194,955,308)
Share transactions Proceeds from sales of shares	15,739,301	94,959,353
Reinvestment of distributions	17,852,290	184,197,685
Cost of shares redeemed	(64,746,131)	(413,295,649)
Net increase (decrease) in net assets resulting from share transactions	(31,154,540)	(134,138,611)
Redemption fees	2,315	21,939
Total increase (decrease) in net assets	(69,672,377)	(871,795,230)

Net Assets
Beginning of period	493,654,104	1,365,449,334
End of period (including undistributed net investment income of $4,620,698 and undistributed net investment income of $17,579,785, respectively)	$ 423,981,727	$ 493,654,104
Other Information Shares
Sold	1,261,732	3,880,339
Issued in reinvestment of distributions	1,466,910	6,817,087
Redeemed	(5,284,428)	(17,925,334)
Net increase (decrease)	(2,555,786)	(7,227,908)

Financial Highlights

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 14.27	$ 32.66	$ 27.47	$ 23.15	$ 19.63	$ 17.26
Income from Investment Operations
Net investment income (loss) ^D	.18	.50	.62	.38 ^G	.37	.13 ^H
Net realized and unrealized gain (loss)	(.65)	(14.11)	7.04	6.85	3.38	2.46
Total from investment operations	(.47)	(13.61)	7.66	7.23	3.75	2.59
Distributions from net investment income	(.56)	(.56)	(.22)	(.30)	(.17)	(.22)
Distributions from net realized gain	-	(4.22)	(2.25)	(2.62)	(.06)	-
Total distributions	(.56)	(4.78)	(2.47)	(2.92)	(.23)	(.22)
Redemption fees added to paid in capital ^D	- ^J	- ^J	- ^J	.01	- ^J	- ^J
Net asset value, end of period	$ 13.24	$ 14.27	$ 32.66	$ 27.47	$ 23.15	$ 19.63
Total Return ^B,C	(2.95)%	(48.58)%	29.95%	34.81%	19.24%	15.13%
Ratios to Average Net Assets ^E,I
Expenses before reductions	1.12% ^A	1.16%	1.05%	1.09%	.95%	1.22%
Expenses net of fee waivers, if any	1.12% ^A	1.16%	1.05%	1.09%	.95%	1.22%
Expenses net of all reductions	1.11% ^A	1.12%	1.01%	.99%	.84%	1.15%
Net investment income (loss)	2.82% ^A	2.11%	2.15%	1.51% ^G	1.66%	.69% ^H
Supplemental Data
Net assets, end of period (000 omitted)	$ 423,982	$ 493,654	$ 1,365,449	$ 1,070,464	$ 492,788	$ 407,362
Portfolio turnover rate ^F	121% ^A	112%	161%	143%	133%	119%
^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 (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan	93.2%
	United States of America	6.8%

fid705

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

As of October 31, 2008
	Japan	95.5%
	United States of America	4.5%

fid709

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	93.2	95.5
Short-Term Investments and Net Other Assets	6.8	4.5
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Canon, Inc. (Office Electronics)	7.0	7.9
Toyota Motor Corp. (Automobiles)	6.5	8.5
Mitsubishi UFJ Financial Group, Inc. (Commercial Banks)	3.7	3.7
Yamaha Motor Co. Ltd. (Automobiles)	2.9	4.1
Honda Motor Co. Ltd. (Automobiles)	2.5	4.1
NTT DoCoMo, Inc. (Wireless Telecommunication Services)	2.3	0.7
Nippon Electric Glass Co. Ltd. (Electronic Equipment & Components)	2.3	0.9
Stanley Electric Co. Ltd. (Auto Components)	2.3	1.6
Sekisui House Ltd. (Household Durables)	2.2	2.1
Nikon Corp. (Leisure Equipment & Products)	2.2	0.7
	33.9
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	28.1	27.4
Information Technology	19.4	20.5
Financials	18.8	19.2
Industrials	16.2	19.0
Materials	4.5	6.3
Telecommunication Services	3.2	1.5
Consumer Staples	1.8	1.1
Health Care	1.2	0.5

Semiannual Report

Japan

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.2%
	Shares		Value
CONSUMER DISCRETIONARY - 28.1%
Auto Components - 5.8%
Bridgestone Corp.	466,700		$ 6,958,318
Denso Corp.	651,300		15,399,898
NGK Spark Plug Co. Ltd.	226,000		2,181,051
NOK Corp.	407,100		4,740,113
Stanley Electric Co. Ltd.	1,493,200		21,209,978
Toyoda Gosei Co. Ltd.	216,700		4,263,553
			54,752,911
Automobiles - 11.9%
Honda Motor Co. Ltd.	829,600		24,319,194
Toyota Motor Corp.	1,550,900		61,398,270
Yamaha Motor Co. Ltd.	2,585,200		27,335,082
			113,052,546
Hotels, Restaurants & Leisure - 0.4%
Saizeriya Co. Ltd. (c)	312,600		3,549,984
Household Durables - 2.7%
Haseko Corp.	1,787,500		1,126,567
Sekisui House Ltd.	2,357,000		20,346,863
Sony Corp.	161,100		4,187,084
			25,660,514
Leisure Equipment & Products - 2.2%
Nikon Corp.	1,533,000		20,322,381
Media - 1.5%
Fuji Media Holdings, Inc.	13,046		14,548,330
Multiline Retail - 1.4%
Isetan Mitsukoshi Holdings Ltd. (c)	666,940		5,607,896
J Front Retailing Co. Ltd.	254,000		1,043,587
Marui Group Co. Ltd.	265,500		1,468,938
Takashimaya Co. Ltd.	747,000		4,664,410
			12,784,831
Specialty Retail - 2.2%
Nishimatsuya Chain Co. Ltd.	643,900		5,165,997
Yamada Denki Co. Ltd.	340,170		15,672,721
			20,838,718
TOTAL CONSUMER DISCRETIONARY			265,510,215
CONSUMER STAPLES - 1.8%
Food & Staples Retailing - 1.5%
Seven & i Holdings Co., Ltd.	632,700		14,300,516
Personal Products - 0.3%
Kose Corp.	112,800		2,272,052
TOTAL CONSUMER STAPLES			16,572,568
FINANCIALS - 18.8%
Capital Markets - 2.3%
Daiwa Securities Group, Inc.	1,415,000		7,414,851

	Shares		Value
Matsui Securities Co. Ltd. (c)	751,800		$ 5,330,762
Nomura Holdings, Inc.	1,460,600		8,816,302
			21,561,915
Commercial Banks - 7.5%
Chiba Bank Ltd.	1,098,000		5,446,893
Mitsubishi UFJ Financial Group, Inc.	6,437,500		35,124,616
Sumitomo Mitsui Financial Group, Inc.	470,200		16,311,223
Sumitomo Trust & Banking Co. Ltd.	3,399,000		14,227,313
			71,110,045
Consumer Finance - 2.8%
Aeon Credit Service Co. Ltd.	243,800		2,781,036
Credit Saison Co. Ltd.	678,400		7,623,138
ORIX Corp.	235,800		11,046,159
Promise Co. Ltd. (c)	383,350		5,066,777
			26,517,110
Insurance - 3.0%
Sompo Japan Insurance, Inc.	2,539,000		15,305,262
T&D Holdings, Inc.	452,250		13,524,563
			28,829,825
Real Estate Investment Trusts - 1.1%
Japan Real Estate Investment Corp.	851		6,022,638
Nomura Real Estate Office Fund, Inc.	812		4,208,423
			10,231,061
Real Estate Management & Development - 2.1%
Mitsubishi Estate Co. Ltd.	1,200,000		15,689,357
Mitsui Fudosan Co. Ltd.	321,000		4,039,994
			19,729,351
TOTAL FINANCIALS			177,979,307
HEALTH CARE - 1.2%
Pharmaceuticals - 1.2%
Astellas Pharma, Inc.	153,400		4,989,386
Daiichi Sankyo Kabushiki Kaisha	359,800		6,017,719
			11,007,105
INDUSTRIALS - 16.2%
Air Freight & Logistics - 0.5%
Yamato Holdings Co. Ltd.	468,000		5,216,863
Building Products - 2.3%
Asahi Glass Co. Ltd.	1,692,000		10,112,609
Daikin Industries Ltd.	431,200		11,603,427
			21,716,036
Electrical Equipment - 2.7%
Mitsubishi Electric Corp.	1,259,000		6,706,909
Sumitomo Electric Industries Ltd.	1,899,400		18,508,540
			25,215,449
Machinery - 5.2%
Daifuku Co. Ltd.	554,000		3,331,843
Fanuc Ltd.	64,900		4,684,516
JTEKT Corp.	114,800		1,107,536
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Kubota Corp.	2,298,000		$ 13,815,479
NGK Insulators Ltd.	683,000		10,477,321
NSK Ltd.	1,239,000		5,516,307
THK Co. Ltd.	462,100		6,410,338
Toshiba Machine Co. Ltd. (c)	1,276,000		3,787,608
			49,130,948
Marine - 0.2%
Mitsui O.S.K. Lines Ltd.	411,000		2,349,250
Road & Rail - 1.1%
East Japan Railway Co.	183,900		10,365,271
Trading Companies & Distributors - 2.7%
Mitsubishi Corp.	566,900		8,726,493
Mitsui & Co. Ltd.	878,000		9,314,923
Sumitomo Corp.	898,500		7,823,004
			25,864,420
Transportation Infrastructure - 1.5%
The Sumitomo Warehouse Co. Ltd.	3,869,000		13,904,164
TOTAL INDUSTRIALS			153,762,401
INFORMATION TECHNOLOGY - 19.4%
Computers & Peripherals - 0.4%
Fujitsu Ltd.	903,000		3,869,402
Electronic Equipment & Components - 9.0%
Fujifilm Holdings Corp.	158,700		4,084,109
Horiba Ltd.	362,500		6,617,237
Ibiden Co. Ltd.	349,200		10,214,097
Kyocera Corp.	87,300		6,781,823
Nidec Sankyo Corp. (c)	569,000		2,160,956
Nippon Electric Glass Co. Ltd.	2,643,000		21,512,730
Omron Corp.	286,400		4,281,657
Topcon Corp. (c)	147,600		693,733
Yamatake Corp.	464,000		7,778,552
Yaskawa Electric Corp.	2,265,000		10,543,325
Yokogawa Electric Corp.	2,105,500		10,868,352
			85,536,571
Internet Software & Services - 0.2%
Yahoo! Japan Corp.	8,670		2,164,878
Office Electronics - 8.6%
Canon, Inc.	2,198,100		65,796,382
Konica Minolta Holdings, Inc.	1,147,000		9,477,252
Ricoh Co. Ltd.	448,000		5,540,421
			80,814,055
Semiconductors & Semiconductor Equipment - 1.2%
ROHM Co. Ltd.	73,800		4,527,195
Tokyo Electron Ltd.	150,700		6,893,196
			11,420,391
TOTAL INFORMATION TECHNOLOGY			183,805,297

	Shares		Value
MATERIALS - 4.5%
Chemicals - 3.7%
JSR Corp.	897,700		$ 10,940,709
Nissan Chemical Industries Co. Ltd.	534,000		4,454,823
Nitto Denko Corp.	516,100		12,023,464
Shin-Etsu Chemical Co., Ltd.	103,500		5,031,664
Zeon Corp.	776,000		2,375,921
			34,826,581
Metals & Mining - 0.8%
Sumitomo Metal Industries Ltd.	3,382,000		7,924,454
TOTAL MATERIALS			42,751,035
TELECOMMUNICATION SERVICES - 3.2%
Wireless Telecommunication Services - 3.2%
KDDI Corp.	1,874		8,429,553
NTT DoCoMo, Inc.	15,544		21,695,433
			30,124,986
TOTAL COMMON STOCKS (Cost $1,195,680,377)		881,512,914
Money Market Funds - 8.6%

Fidelity Cash Central Fund, 0.53% (a)	68,044,924		68,044,924
Fidelity Securities Lending Cash Central Fund, 0.28% (a)(b)	13,372,202		13,372,202
TOTAL MONEY MARKET FUNDS (Cost $81,417,126)		81,417,126
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $1,277,097,503)			962,930,040
NET OTHER ASSETS - (1.8)%			(16,578,312)
NET ASSETS - 100%		$ 946,351,728

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.

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	$ 159,888
Fidelity Securities Lending Cash Central Fund	277,062
Total	$ 436,950

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 962,930,040	$ 81,417,126	$ 881,512,914	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $151,185,501 all of which will expire on October 31, 2016.

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

Semiannual Report

Japan

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $12,534,684) - See accompanying schedule: Unaffiliated issuers (cost $1,195,680,377)	$ 881,512,914
Fidelity Central Funds (cost $81,417,126)	81,417,126
Total Investments (cost $1,277,097,503)		$ 962,930,040
Receivable for investments sold		11,994,311
Receivable for fund shares sold		253,892
Dividends receivable		7,721,934
Distributions receivable from Fidelity Central Funds		60,099
Prepaid expenses		7,772
Other receivables		49,528
Total assets		983,017,576

Liabilities
Payable for investments purchased	$ 22,098,953
Payable for fund shares redeemed	427,244
Accrued management fee	452,079
Other affiliated payables	272,882
Other payables and accrued expenses	42,488
Collateral on securities loaned, at value	13,372,202
Total liabilities		36,665,848

Net Assets		$ 946,351,728
Net Assets consist of:
Paid in capital		$ 1,664,935,658
Undistributed net investment income		4,638,240
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(408,920,935)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(314,301,235)
Net Assets, for 109,185,169 shares outstanding		$ 946,351,728
Net Asset Value, offering price and redemption price per share ($946,351,728 ÷ 109,185,169 shares)		$ 8.67

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 10,680,560
Income from Fidelity Central Funds (including $277,062 from security lending)		436,950
		11,117,510
Less foreign taxes withheld		(776,957)
Total income		10,340,553

Expenses
Management fee Basic fee	$ 3,269,599
Performance adjustment	(1,229,066)
Transfer agent fees	1,415,655
Accounting and security lending fees	219,060
Custodian fees and expenses	66,139
Independent trustees' compensation	3,423
Registration fees	17,782
Audit	37,811
Legal	2,519
Miscellaneous	9,398
Total expenses before reductions	3,812,320
Expense reductions	(95,313)	3,717,007
Net investment income (loss)		6,623,546
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(232,409,212)
Foreign currency transactions	1,174,398
Total net realized gain (loss)		(231,234,814)
Change in net unrealized appreciation (depreciation) on: Investment securities	194,738,103
Assets and liabilities in foreign currencies	(689,493)
Total change in net unrealized appreciation (depreciation)		194,048,610
Net gain (loss)		(37,186,204)
Net increase (decrease) in net assets resulting from operations		$ (30,562,658)

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

Semiannual Report

Fidelity Japan Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 6,623,546	$ 10,956,375
Net realized gain (loss)	(231,234,814)	(163,728,497)
Change in net unrealized appreciation (depreciation)	194,048,610	(600,965,862)
Net increase (decrease) in net assets resulting from operations	(30,562,658)	(753,737,984)
Distributions to shareholders from net investment income	(12,255,123)	(3,964,749)
Distributions to shareholders from net realized gain	(1,114,103)	(236,930,224)
Total distributions	(13,369,226)	(240,894,973)
Share transactions Proceeds from sales of shares	24,505,276	356,021,629
Reinvestment of distributions	12,626,051	222,101,843
Cost of shares redeemed	(72,249,178)	(337,905,099)
Net increase (decrease) in net assets resulting from share transactions	(35,117,851)	240,218,373
Redemption fees	67,069	298,104
Total increase (decrease) in net assets	(78,982,666)	(754,116,480)

Net Assets
Beginning of period	1,025,334,394	1,779,450,874
End of period (including undistributed net investment income of $4,638,240 and undistributed net investment income of $10,323,711, respectively)	$ 946,351,728	$ 1,025,334,394
Other Information Shares
Sold	2,979,769	26,690,591
Issued in reinvestment of distributions	1,672,325	14,488,052
Redeemed	(8,987,245)	(26,534,675)
Net increase (decrease)	(4,335,151)	14,643,968

Financial Highlights

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 9.03	$ 18.00	$ 16.85	$ 15.00	$ 11.63	$ 11.19
Income from Investment Operations
Net investment income (loss) ^D	.06	.10	.04	.01	.03	(.01)
Net realized and unrealized gain (loss)	(.30)	(6.64)	1.35	1.85	3.34	.45
Total from investment operations	(.24)	(6.54)	1.39	1.86	3.37	.44
Distributions from net investment income	(.11)	(.04)	(.01)	(.02)	-	(.01)
Distributions from net realized gain	(.01)	(2.39)	(.23)	(.01)	-	-
Total distributions	(.12)	(2.43)	(.24)	(.03)	-	(.01)
Redemption fees added to paid in capital ^D	- ^H	- ^H	- ^H	.02	- ^H	.01
Net asset value, end of period	$ 8.67	$ 9.03	$ 18.00	$ 16.85	$ 15.00	$ 11.63
Total Return ^B,C	(2.46)%	(41.88)%	8.36%	12.54%	28.98%	4.03%
Ratios to Average Net Assets ^E,G
Expenses before reductions	.84% ^A	1.12%	1.08%	1.08%	1.03%	1.04%
Expenses net of fee waivers, if any	.84% ^A	1.12%	1.08%	1.08%	1.03%	1.04%
Expenses net of all reductions	.82% ^A	1.10%	1.06%	1.05%	1.02%	1.04%
Net investment income (loss)	1.46% ^A	.72%	.24%	.08%	.20%	(.04)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 946,352	$ 1,025,334	$ 1,779,451	$ 1,763,387	$ 1,075,145	$ 647,453
Portfolio turnover rate ^F	91% ^A	78%	158%	78%	74%	99%
^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

Japan Smaller Companies

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan	98.9%
	United States of America	1.1%

fid713

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

As of October 31, 2008
	Japan	95.9%
	United States of America	4.0%
	Cayman Islands	0.1%

fid718

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	98.9	96.0
Short-Term Investments and Net Other Assets	1.1	4.0
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Rakuten, Inc. (Internet & Catalog Retail)	6.9	4.0
Daikin Industries Ltd. (Building Products)	6.4	0.5
Stanley Electric Co. Ltd. (Auto Components)	5.2	0.0
ORIX Corp. (Consumer Finance)	4.3	0.0
Nomura Holdings, Inc. (Capital Markets)	3.8	0.0
Point, Inc. (Specialty Retail)	3.3	0.0
Toyoda Gosei Co. Ltd. (Auto Components)	3.3	0.0
Ryohin Keikaku Co. Ltd. (Multiline Retail)	3.2	0.0
Sony Corp. (Household Durables)	3.1	0.0
Goldcrest Co. Ltd. (Household Durables)	2.9	0.0
	42.4
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	46.5	23.6
Financials	19.7	9.7
Industrials	11.6	8.2
Information Technology	9.8	15.1
Materials	8.6	4.0
Consumer Staples	2.7	13.3
Health Care	0.0	17.1
Utilities	0.0	4.1
Telecommunication Services	0.0	0.9

Semiannual Report

Japan Smaller Companies

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
CONSUMER DISCRETIONARY - 46.5%
Auto Components - 14.3%
Aisin Seiki Co. Ltd.	244,800		$ 5,028,584
Calsonic Kansei Corp.	1,768,000		3,312,712
H-One Co. Ltd.	162,700		521,350
Koito Manufacturing Co. Ltd.	772,000		7,041,180
Nippon Seiki Co. Ltd.	301,000		2,715,581
Stanley Electric Co. Ltd.	1,162,900		16,518,272
Toyoda Gosei Co. Ltd.	526,900		10,366,711
			45,504,390
Automobiles - 3.4%
Isuzu Motors Ltd.	1,314,000		2,194,149
Nissan Motor Co. Ltd.	1,440,700		7,521,621
Yachiyo Industry Co. Ltd.	171,000		1,128,845
			10,844,615
Hotels, Restaurants & Leisure - 0.6%
Accordia Golf Co. Ltd.	705		410,602
Kappa Create Co. Ltd.	71,350		1,283,373
Pacific Golf Group International Holdings KK	518		215,821
			1,909,796
Household Durables - 8.5%
Arnest One Corp. (d)	945,100		1,572,255
Goldcrest Co. Ltd. (d)	406,410		9,319,300
Haseko Corp.	9,385,500		5,915,183
Meiwa Estate Co. Ltd.	67,100		226,300
Sony Corp.	385,900		10,029,769
			27,062,807
Internet & Catalog Retail - 7.6%
Rakuten, Inc. (d)	42,763		21,760,968
Start Today Co. Ltd. (d)	2,605		2,299,310
			24,060,278
Leisure Equipment & Products - 0.1%
Aruze Corp.	57,300		480,744
Media - 1.8%
CyberAgent, Inc. (d)	8,570		5,582,847
Multiline Retail - 3.7%
J Front Retailing Co. Ltd.	297,000		1,220,257
Ryohin Keikaku Co. Ltd.	269,200		10,288,316
Zakkaya Bulldog Co. Ltd.	71,300		208,887
			11,717,460
Specialty Retail - 6.5%
Alpen Co. Ltd.	211,800		3,498,309
Megane TOP Co. Ltd.	621,790		5,972,573
Nitori Co. Ltd.	9,200		517,799
Point, Inc.	235,650		10,503,605
Village Vanguard Co. Ltd.	81		186,081
			20,678,367
TOTAL CONSUMER DISCRETIONARY			147,841,304

	Shares		Value
CONSUMER STAPLES - 2.7%
Food & Staples Retailing - 0.3%
Create SD Holdings Co. Ltd.	51,000		$ 829,411
Food Products - 0.3%
Frente Co. Ltd.	53,200		859,373
Household Products - 2.1%
Pigeon Corp. (d)	273,500		6,846,255
TOTAL CONSUMER STAPLES			8,535,039
FINANCIALS - 19.7%
Capital Markets - 5.1%
Daiwa Securities Group, Inc.	245,000		1,283,843
JAFCO Co. Ltd.	120,100		2,684,433
Japan Asia Investment Co. Ltd. (d)	100,000		77,295
Nomura Holdings, Inc.	2,000,800		12,076,994
			16,122,565
Commercial Banks - 0.5%
Sumitomo Mitsui Financial Group, Inc.	46,000		1,595,739
Consumer Finance - 5.7%
Credit Saison Co. Ltd.	144,900		1,628,232
JACCS Co. Ltd.	1,298,000		2,733,513
ORIX Corp.	290,740		13,619,849
			17,981,594
Diversified Financial Services - 3.7%
Japan Securities Finance Co. Ltd.	491,500		2,718,970
Osaka Securities Exchange Co. Ltd.	2,856		9,073,218
			11,792,188
Insurance - 2.6%
Aioi Insurance Co. Ltd.	853,000		3,745,124
Fuji Fire & Marine Insurance Co. Ltd.	2,179,000		2,241,218
T&D Holdings, Inc.	76,950		2,301,194
			8,287,536
Real Estate Investment Trusts - 1.0%
Kenedix Realty Investment Corp.	970		2,311,066
ORIX JREIT, Inc.	223		836,733
			3,147,799
Real Estate Management & Development - 1.1%
Airport Facilities Co. Ltd.	189,900		971,399
Joint Corp.	2,600		3,944
Shoei Co.	362,600		2,469,811
Toho Real Estate Co. Ltd.	40,900		198,648
			3,643,802
TOTAL FINANCIALS			62,571,223
INDUSTRIALS - 11.6%
Building Products - 8.8%
Central Glass Co. Ltd.	162,000		615,125
Daikin Industries Ltd.	758,800		20,419,017
Nichias Corp.	1,353,000		3,040,536
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Building Products - continued
Nippon Sheet Glass Co. Ltd.	1,337,000		$ 3,789,079
Shinko Kogyo Co. Ltd.	37,000		78,096
			27,941,853
Construction & Engineering - 0.1%
Yahagi Construction Co. Ltd.	61,000		332,685
Electrical Equipment - 0.3%
Fuji Electric Holdings Co. Ltd.	518,000		891,052
Furukawa Electric Co. Ltd.	86,000		257,437
			1,148,489
Machinery - 2.1%
Amada Co. Ltd.	322,000		1,994,456
HIRANO TECSEED Co. Ltd.	158,000		1,363,684
Miura Co. Ltd.	73,500		1,613,666
Nitta Corp.	136,500		1,569,154
Nittoku Engineering Co. Ltd.	3,900		11,239
			6,552,199
Marine - 0.3%
Kawasaki Kisen Kaisha Ltd.	283,000		1,066,564
TOTAL INDUSTRIALS			37,041,790
INFORMATION TECHNOLOGY - 9.8%
Computers & Peripherals - 0.1%
Mutoh Holdings Co. Ltd. (a)	315,000		500,505
Electronic Equipment & Components - 4.0%
Citizen Holdings Co. Ltd.	1,293,000		5,917,004
Horiba Ltd.	67,000		1,223,048
Omron Corp.	66,100		988,190
Origin Electric Co. Ltd.	295,000		755,555
Sunx Ltd.	354,500		969,937
TDK Corp.	44,100		2,011,685
V Technology Co. Ltd.	369		857,230
			12,722,649
Internet Software & Services - 4.0%
GMO Internet, Inc. (d)	319,300		1,004,170
Kakaku.com, Inc. (d)	2,317		7,932,084
mixi, Inc. (a)(d)	651		3,040,462
Zappallas, Inc. (d)	317		658,888
			12,635,604
IT Services - 0.5%
CAC Corp.	85,100		513,778
IT Holdings Corp.	84,600		1,028,083
			1,541,861
Semiconductors & Semiconductor Equipment - 1.2%
Disco Corp. (d)	72,300		2,176,532
Shinko Electric Industries Co.Ltd.	162,100		1,598,758
			3,775,290
TOTAL INFORMATION TECHNOLOGY			31,175,909

	Shares		Value
MATERIALS - 8.6%
Chemicals - 4.5%
C. Uyemura & Co. Ltd.	194,800		$ 3,911,196
Ishihara Sangyo Kaisha Ltd. (a)	4,143,000		3,103,620
JSR Corp.	211,700		2,580,091
Mitsubishi Rayon Co. Ltd.	852,000		1,774,222
Mitsui Chemicals, Inc.	597,000		1,783,398
Ube Industries Ltd.	537,000		1,012,842
			14,165,369
Construction Materials - 0.4%
Taiheiyo Cement Corp.	752,000		1,320,566
Metals & Mining - 3.7%
Nippon Yakin Kogyo Co. Ltd.	165,000		570,271
Sumitomo Metal Mining Co. Ltd.	565,000		6,311,215
Tokyo Rope Manufacturing Co. Ltd.	795,000		2,108,762
Toyo Kohan Co. Ltd.	305,000		1,206,305
Yamato Kogyo Co. Ltd.	69,600		1,581,293
			11,777,846
TOTAL MATERIALS			27,263,781
TOTAL COMMON STOCKS (Cost $330,694,027)		314,429,046
Money Market Funds - 3.8%

Fidelity Cash Central Fund, 0.53% (b)	1,385,342		1,385,342
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	10,647,143		10,647,143
TOTAL MONEY MARKET FUNDS (Cost $12,032,485)		12,032,485
TOTAL INVESTMENT PORTFOLIO - 102.7% (Cost $342,726,512)			326,461,531
NET OTHER ASSETS - (2.7)%			(8,669,537)
NET ASSETS - 100%		$ 317,791,994

Legend

(a) Non-income producing

(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	$ 23,071
Fidelity Securities Lending Cash Central Fund	489,348
Total	$ 512,419

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 326,461,531	$ 12,032,485	$ 314,429,046	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $58,533,238 all of which will expire on October 31, 2016.

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, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $10,129,383) - See accompanying schedule: Unaffiliated issuers (cost $330,694,027)	$ 314,429,046
Fidelity Central Funds (cost $12,032,485)	12,032,485
Total Investments (cost $342,726,512)		$ 326,461,531
Foreign currency held at value (cost $66,564)		66,564
Receivable for investments sold		975,465
Receivable for fund shares sold		116,247
Dividends receivable		2,374,675
Distributions receivable from Fidelity Central Funds		37,390
Prepaid expenses		3,077
Other receivables		22,034
Total assets		330,056,983

Liabilities
Payable for investments purchased	$ 1,061,854
Payable for fund shares redeemed	236,717
Accrued management fee	186,266
Other affiliated payables	92,921
Other payables and accrued expenses	40,089
Collateral on securities loaned, at value	10,647,142
Total liabilities		12,264,989

Net Assets		$ 317,791,994
Net Assets consist of:
Paid in capital		$ 494,787,137
Undistributed net investment income		1,297,656
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(161,990,173)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(16,302,626)
Net Assets, for 49,522,623 shares outstanding		$ 317,791,994
Net Asset Value, offering price and redemption price per share ($317,791,994 ÷ 49,522,623 shares)		$ 6.42

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 3,172,800
Interest		15
Income from Fidelity Central Funds (including $489,348 from security lending)		512,419
		3,685,234
Less foreign taxes withheld		(206,909)
Total income		3,478,325

Expenses
Management fee	$ 1,196,788
Transfer agent fees	522,783
Accounting and security lending fees	92,313
Custodian fees and expenses	136,379
Independent trustees' compensation	1,307
Registration fees	9,113
Audit	28,853
Legal	1,793
Interest	409
Miscellaneous	3,591
Total expenses before reductions	1,993,329
Expense reductions	(29,657)	1,963,672
Net investment income (loss)		1,514,653
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(99,291,838)
Foreign currency transactions	532,753
Total net realized gain (loss)		(98,759,085)
Change in net unrealized appreciation (depreciation) on: Investment securities	68,503,741
Assets and liabilities in foreign currencies	(232,431)
Total change in net unrealized appreciation (depreciation)		68,271,310
Net gain (loss)		(30,487,775)
Net increase (decrease) in net assets resulting from operations		$ (28,973,122)

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

Semiannual Report

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,514,653	$ 2,597,004
Net realized gain (loss)	(98,759,085)	(62,039,720)
Change in net unrealized appreciation (depreciation)	68,271,310	(271,756,601)
Net increase (decrease) in net assets resulting from operations	(28,973,122)	(331,199,317)
Distributions to shareholders from net investment income	(2,197,996)	(1,282,366)
Distributions to shareholders from net realized gain	(549,498)	(13,464,846)
Total distributions	(2,747,494)	(14,747,212)
Share transactions Proceeds from sales of shares	15,585,060	64,044,453
Reinvestment of distributions	1,683,605	10,772,639
Cost of shares redeemed	(61,704,166)	(146,648,963)
Net increase (decrease) in net assets resulting from share transactions	(44,435,501)	(71,831,871)
Redemption fees	14,262	59,325
Total increase (decrease) in net assets	(76,141,855)	(417,719,075)

Net Assets
Beginning of period	393,933,849	811,652,924
End of period (including undistributed net investment income of $1,297,656 and undistributed net investment income of $2,239,289, respectively)	$ 317,791,994	$ 393,933,849
Other Information Shares
Sold	2,493,304	6,465,046
Issued in reinvestment of distributions	259,816	912,936
Redeemed	(9,624,904)	(15,250,412)
Net increase (decrease)	(6,871,784)	(7,872,430)

Financial Highlights

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 6.99	$ 12.63	$ 13.43	$ 14.25	$ 11.58	$ 10.35
Income from Investment Operations
Net investment income (loss) ^D	.03	.04	.03	.01	.03	.01
Net realized and unrealized gain (loss)	(.55)	(5.45)	(.46)	- ^H	2.69	1.20
Total from investment operations	(.52)	(5.41)	(.43)	.01	2.72	1.21
Distributions from net investment income	(.04)	(.02)	(.01)	(.02)	(.01)	(.02)
Distributions from net realized gain	(.01)	(.21)	(.36)	(.83)	(.05)	-
Total distributions	(.05)	(.23)	(.37)	(.85)	(.06)	(.02)
Redemption fees added to paid in capital ^D	- ^H	- ^H	- ^H	.02	.01	.04
Net asset value, end of period	$ 6.42	$ 6.99	$ 12.63	$ 13.43	$ 14.25	$ 11.58
Total Return ^B,C	(7.45)%	(43.58)%	(3.27)%	(.36)%	23.69%	12.12%
Ratios to Average Net Assets ^E,G
Expenses before reductions	1.20% ^A	1.05%	1.02%	1.02%	1.02%	1.04%
Expenses net of fee waivers, if any	1.20% ^A	1.05%	1.02%	1.02%	1.02%	1.04%
Expenses net of all reductions	1.18% ^A	1.03%	1.00%	1.01%	1.01%	1.04%
Net investment income (loss)	.91% ^A	.44%	.23%	.09%	.22%	.11%
Supplemental Data
Net assets, end of period (000 omitted)	$ 317,792	$ 393,934	$ 811,653	$ 1,217,239	$ 1,406,673	$ 1,279,091
Portfolio turnover rate ^F	273% ^A	86%	76%	98%	65%	57%
^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

Latin America

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Brazil	67.1%
	Mexico	15.4%
	United States of America	9.3%
	Chile	2.7%
	Peru	1.9%
	Bermuda	1.2%
	Canada	0.8%
	Panama	0.5%
	United Kingdom	0.4%
	Other	0.7%

fid730

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

As of October 31, 2008
	Brazil	66.5%
	Mexico	21.6%
	United States of America	4.2%
	Bermuda	2.8%
	Chile	2.6%
	Panama	1.1%
	Peru	0.8%
	Luxembourg	0.3%
	Argentina	0.1%

fid741

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	90.7	96.0
Bonds	0.0	0.0*
Short-Term Investments and Net Other Assets	9.3	4.0

* Amount represents less than 0.1%

Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)	12.0	10.4
Companhia Vale do Rio Doce (PN-A) (Brazil, Metals & Mining)	9.4	7.9
Petroleo Brasileiro SA - Petrobras (ON) (Brazil, Oil, Gas & Consumable Fuels)	8.2	6.2
America Movil SAB de CV Series L sponsored ADR (Mexico, Wireless Telecommunication Services)	7.2	7.4
Itau Unibanco Banco Multiplo SA (Brazil, Commercial Banks)	6.6	0.0
Companhia Vale do Rio Doce sponsored ADR (Brazil, Metals & Mining)	5.0	3.7
Banco Bradesco SA (PN) sponsored ADR (Brazil, Commercial Banks)	3.4	4.1
Vivo Participacoes SA (PN) (Brazil, Wireless Telecommunication Services)	2.7	1.1
Wal-Mart de Mexico SA de CV Series V (Mexico, Food & Staples Retailing)	2.3	2.1
Fomento Economico Mexicano SAB de CV sponsored ADR (Mexico, Beverages)	1.9	1.5
	58.7
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Materials	24.2	20.8
Energy	22.2	16.9
Telecommunication Services	12.5	13.6
Financials	11.5	16.8
Consumer Staples	6.9	6.3
Utilities	5.5	5.9
Consumer Discretionary	3.8	10.3
Industrials	2.6	3.3
Information Technology	1.3	1.7
Health Care	0.2	0.4

Semiannual Report

Latin America

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.7%
	Shares		Value
Bermuda - 1.2%
Dufry South America Ltd. unit	2,522,682		$ 20,901,711
GP Investments, Ltd. unit (a)	2,633,825		8,912,094
TOTAL BERMUDA			29,813,805
Brazil - 67.1%
AES Tiete SA (PN) (non-vtg.)	3,334,600		27,628,868
America Latina Logistica SA unit	3,081,900		15,839,665
Banco Bradesco SA:
(PN)	2,102,912		26,154,785
(PN) sponsored ADR	4,879,600		59,921,488
BM&F BOVESPA SA	3,267,600		13,447,221
Companhia de Bebidas das Americas (AmBev):
(PN) sponsored ADR	763,226		43,030,682
sponsored ADR	66,745		3,033,560
Companhia de Saneamento de Minas Gerais	61,112		662,551
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.)	2,311,200		34,783,560
Companhia Siderurgica Nacional SA (CSN) sponsored ADR	869,900		16,110,548
Companhia Vale do Rio Doce:
(PN-A)	1,402,500		19,713,688
(PN-A) sponsored ADR	15,716,800		215,791,664
sponsored ADR	7,652,900		126,349,379
Eletropaulo Metropolitana SA (PN-B)	1,411,660		18,428,813
Equatorial Energia SA	1,380,600		8,604,485
Gerdau SA sponsored ADR (d)	5,106,400		36,255,440
GVT Holding SA (a)	962,500		12,728,000
Itau Unibanco Banco Multiplo SA	3,663,489		50,924,834
Itau Unibanco Banco Multiplo SA ADR	8,467,257		116,255,439
Net Servicos de Comunicacao SA:
sponsored ADR	167,000		1,359,380
(PN) (a)	4,119,400		33,754,612
OGX Petroleo e Gas Participacoes SA	95,200		40,004,503
Petroleo Brasileiro SA - Petrobras:
(ON)	388,200		6,541,151
(PN) (non-vtg.)	5,890,360		79,778,899
(PN) sponsored ADR (non-vtg.)	8,238,500		222,274,729
sponsored ADR	5,916,620		198,620,933
Profarma Distribuidora de Produtos Farmaceuticos SA	1,144,400		3,846,151
Redecard SA	2,644,000		33,307,666
Souza Cruz Industria Comerico	538,200		11,468,081
Tegma Gestao Logistica	1,967,200		5,945,811
Tele Norte Leste Participacoes SA:
(ON)	667,700		12,603,240
sponsored ADR (non-vtg.)	2,060,000		32,033,000
Terna Participacoes SA unit	1,225,300		20,674,259
Tractebel Energia SA	1,884,100		15,541,811

	Shares		Value
Usinas Siderurgicas de Minas Gerais SA - Usiminas:
(ON)	505,875		$ 6,969,530
(PN-A) (non-vtg.)	2,248,350		33,381,616
Vivo Participacoes SA:
(PN)	138,586		2,230,608
sponsored ADR	4,167,900		66,519,684
Votorantim Celulose e Papel SA:
(PN) (non-vtg.)	96,565		838,947
sponsored ADR (non-vtg.)	2,249,650		19,661,941
TOTAL BRAZIL			1,693,021,222
Canada - 0.8%
Jaguar Mining, Inc. (a)	323,900		1,908,248
Yamana Gold, Inc.	2,214,500		17,370,811
TOTAL CANADA			19,279,059
Chile - 2.7%
Banco Santander Chile sponsored ADR	423,275		14,988,168
CAP SA	1,841,991		29,826,473
Empresa Nacional de Electricidad SA sponsored ADR	347,200		13,315,120
Vina Concha y Toro SA	742,014		1,230,844
Vina Concha y Toro SA sponsored ADR	313,250		10,352,913
TOTAL CHILE			69,713,518
Luxembourg - 0.3%
Millicom International Cellular SA	189,250		9,171,055
Mexico - 15.4%
America Movil SAB de CV Series L sponsored ADR	5,567,295		182,885,641
Empresas ICA Sociedad Controladora SA de CV (a)	6,346,000		11,510,184
Fomento Economico Mexicano SAB de CV sponsored ADR	1,722,995		48,777,988
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR	942,000		19,367,520
Grupo Mexico SA de CV Series B	35,342,708		27,776,494
Grupo Televisa SA de CV (CPO) sponsored ADR	2,673,000		41,378,040
Wal-Mart de Mexico SA de CV Series V (d)	20,844,716		56,847,166
TOTAL MEXICO			388,543,033
Panama - 0.5%
Copa Holdings SA Class A	392,300		12,023,995
Peru - 1.9%
Compania de Minas Buenaventura SA sponsored ADR	2,235,952		47,312,744
Portugal - 0.4%
Galp Energia SGPS SA Class B	736,700		9,766,877
Common Stocks - continued
	Shares		Value
United Kingdom - 0.4%
Fresnillo PLC	1,252,278		$ 9,833,171
TOTAL COMMON STOCKS (Cost $1,870,971,448)		2,288,478,479
Money Market Funds - 8.7%

Fidelity Cash Central Fund, 0.53% (b)	199,778,833		199,778,833
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	18,985,850		18,985,850
TOTAL MONEY MARKET FUNDS (Cost $218,764,683)		218,764,683
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $2,089,736,131)			2,507,243,162
NET OTHER ASSETS - 0.6%			16,036,638
NET ASSETS - 100%		$ 2,523,279,800

Legend

(a) Non-income producing

(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	$ 335,401
Fidelity Securities Lending Cash Central Fund	311,128
Total	$ 646,529

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 2,507,243,162	$ 2,486,980,563	$ 20,262,599	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $156,435,569 all of which will expire on October 31, 2016.

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, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $18,395,982) - See accompanying schedule: Unaffiliated issuers (cost $1,870,971,448)	$ 2,288,478,479
Fidelity Central Funds (cost $218,764,683)	218,764,683
Total Investments (cost $2,089,736,131)		$ 2,507,243,162
Foreign currency held at value (cost $204,105)		205,834
Receivable for investments sold		7,531,265
Receivable for fund shares sold		7,634,045
Dividends receivable		32,169,059
Interest receivable		226
Distributions receivable from Fidelity Central Funds		96,369
Prepaid expenses		19,684
Other receivables		38,041
Total assets		2,554,937,685

Liabilities
Payable for investments purchased	$ 7,981,445
Payable for fund shares redeemed	2,453,230
Accrued management fee	1,438,487
Other affiliated payables	673,053
Other payables and accrued expenses	125,820
Collateral on securities loaned, at value	18,985,850
Total liabilities		31,657,885

Net Assets		$ 2,523,279,800
Net Assets consist of:
Paid in capital		$ 2,795,619,062
Undistributed net investment income		18,662,310
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(708,600,361)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		417,598,789
Net Assets, for 77,040,755 shares outstanding		$ 2,523,279,800
Net Asset Value, offering price and redemption price per share ($2,523,279,800 ÷ 77,040,755 shares)		$ 32.75

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 48,094,699
Interest		45,876
Income from Fidelity Central Funds (including $311,128 from security lending)		646,529
		48,787,104
Less foreign taxes withheld		(3,842,045)
Total income		44,945,059

Expenses
Management fee	$ 7,608,681
Transfer agent fees	3,127,822
Accounting and security lending fees	477,362
Custodian fees and expenses	296,224
Independent trustees' compensation	7,688
Registration fees	36,771
Audit	38,500
Legal	7,022
Miscellaneous	22,414
Total expenses before reductions	11,622,484
Expense reductions	(900)	11,621,584
Net investment income (loss)		33,323,475
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(521,863,846)
Foreign currency transactions	(642,612)
Total net realized gain (loss)		(522,506,458)
Change in net unrealized appreciation (depreciation) on: Investment securities	811,157,315
Assets and liabilities in foreign currencies	676,355
Total change in net unrealized appreciation (depreciation)		811,833,670
Net gain (loss)		289,327,212
Net increase (decrease) in net assets resulting from operations		$ 322,650,687

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, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 33,323,475	$ 77,374,029
Net realized gain (loss)	(522,506,458)	(150,891,457)
Change in net unrealized appreciation (depreciation)	811,833,670	(3,432,385,144)
Net increase (decrease) in net assets resulting from operations	322,650,687	(3,505,902,572)
Distributions to shareholders from net investment income	(34,726,067)	(58,822,488)
Distributions to shareholders from net realized gain	-	(155,654,931)
Total distributions	(34,726,067)	(214,477,419)
Share transactions Proceeds from sales of shares	336,677,899	2,650,547,667
Reinvestment of distributions	33,594,840	207,556,726
Cost of shares redeemed	(361,054,253)	(3,137,930,206)
Net increase (decrease) in net assets resulting from share transactions	9,218,486	(279,825,813)
Redemption fees	530,310	6,121,898
Total increase (decrease) in net assets	297,673,416	(3,994,083,906)

Net Assets
Beginning of period	2,225,606,384	6,219,690,290
End of period (including undistributed net investment income of $18,662,310 and undistributed net investment income of $53,341,043, respectively)	$ 2,523,279,800	$ 2,225,606,384
Other Information Shares
Sold	11,526,864	43,462,745
Issued in reinvestment of distributions	1,344,638	3,206,995
Redeemed	(13,408,823)	(60,698,857)
Net increase (decrease)	(537,321)	(14,029,117)

Financial Highlights

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 28.69	$ 67.90	$ 41.13	$ 29.40	$ 18.10	$ 13.38
Income from Investment Operations
Net investment income (loss) ^D	.44	.83	.68	.82	.57	.40
Net realized and unrealized gain (loss)	4.07	(37.74)	27.43	11.68	10.98	4.53
Total from investment operations	4.51	(36.91)	28.11	12.50	11.55	4.93
Distributions from net investment income	(.46)	(.65)	(.61)	(.46)	(.30)	(.23)
Distributions from net realized gain	-	(1.72)	(.77)	(.38)	-	-
Total distributions	(.46)	(2.37)	(1.38)	(.84)	(.30)	(.23)
Redemption fees added to paid in capital ^D	.01	.07	.04	.07	.05	.02
Net asset value, end of period	$ 32.75	$ 28.69	$ 67.90	$ 41.13	$ 29.40	$ 18.10
Total Return ^B,C	16.26%	(56.20)%	70.35%	43.57%	64.94%	37.47%
Ratios to Average Net Assets ^E,G
Expenses before reductions	1.10% ^A	1.02%	1.00%	1.05%	1.10%	1.19%
Expenses net of fee waivers, if any	1.10% ^A	1.02%	1.00%	1.05%	1.10%	1.19%
Expenses net of all reductions	1.10% ^A	1.00%	.98%	1.02%	1.04%	1.16%
Net investment income (loss)	3.14% ^A	1.41%	1.33%	2.23%	2.38%	2.56%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,523,280	$ 2,225,606	$ 6,219,690	$ 3,122,473	$ 1,384,083	$ 357,335
Portfolio turnover rate ^F	47% ^A	51%	52%	60%	40%	25%
^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.

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

Semiannual Report

Nordic

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Sweden	37.4%
	Finland	25.6%
	Denmark	16.1%
	Norway	15.9%
	Bermuda	2.9%
	United States of America	2.0%
	Iceland	0.1%

fid750

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

As of October 31, 2008
	Sweden	50.0%
	Denmark	17.1%
	Finland	13.0%
	Norway	10.8%
	United Kingdom	5.4%
	United States of America	3.6%
	Iceland	0.1%

fid759

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	96.4
Short-Term Investments and Net Other Assets	2.0	3.6
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Nokia Corp. (Finland, Communications Equipment)	13.3	8.8
Novo Nordisk AS Series B (Denmark, Pharmaceuticals)	7.6	9.3
H&M Hennes & Mauritz AB (B Shares) (Sweden, Specialty Retail)	5.5	5.1
StatoilHydro ASA (Norway, Oil, Gas & Consumable Fuels)	5.2	4.2
Telefonaktiebolaget LM Ericsson (B Shares) (Sweden, Communications Equipment)	4.3	2.6
DnB Nor ASA (Norway, Commercial Banks)	4.0	0.0
Vestas Wind Systems AS (Denmark, Electrical Equipment)	3.9	2.1
Sampo Oyj (A Shares) (Finland, Insurance)	3.8	0.0
TeliaSonera AB (Sweden, Diversified Telecommunication Services)	3.0	2.3
Fortum Oyj (Finland, Electric Utilities)	2.7	1.2
	53.3
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	18.0	18.3
Information Technology	17.6	11.9
Industrials	17.3	12.8
Health Care	10.5	23.4
Energy	8.2	4.2
Materials	7.5	2.4
Consumer Discretionary	6.9	11.2
Telecommunication Services	5.5	9.6
Consumer Staples	3.8	1.4
Utilities	2.7	1.2

Semiannual Report

Nordic

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
Bermuda - 2.9%
Golden Ocean Group Ltd. (d)	1,065,400		$ 803,843
Seadrill Ltd.	625,900		6,679,069
TOTAL BERMUDA			7,482,912
Denmark - 16.1%
A.P. Moller - Maersk AS Series A	513		2,930,373
Carlsberg AS Series B	42,100		2,024,048
Coloplast AS Series B	19,100		1,303,850
Danske Bank AS (a)	240,500		2,637,703
Novo Nordisk AS Series B	405,290		19,283,019
Sydbank AS (a)	179,200		3,010,332
Vestas Wind Systems AS (a)(e)	150,000		9,897,517
William Demant Holding AS (a)	1,850		87,489
TOTAL DENMARK			41,174,331
Finland - 25.6%
Fortum Oyj	345,500		6,966,962
Kesko Oyj (d)	41,900		1,089,235
Kone Oyj (B Shares)	154,660		4,223,616
Neste Oil Oyj (d)	83,400		1,078,517
Nokia Corp.	2,396,850		34,034,539
Nokian Tyres PLC	38,291		604,533
Outokumpu Oyj (A Shares)	163,000		2,427,678
Sampo Oyj (A Shares)	512,600		9,559,852
Stora Enso Oyj (R Shares)	540,300		3,083,142
UPM-Kymmene Corp.	253,700		2,269,730
TOTAL FINLAND			65,337,804
Iceland - 0.1%
Ossur hf (a)	441,370		160,976
Norway - 15.9%
DnB Nor ASA	1,656,100		10,306,412
Norsk Hydro ASA	755,200		3,329,391
Orkla ASA (A Shares)	623,000		4,459,442
StatoilHydro ASA	705,196		13,141,086
Storebrand ASA (A Shares)	795,400		2,885,498
Telenor ASA	669,900		4,165,541
Yara International ASA	81,050		2,171,865
TOTAL NORWAY			40,459,235
Sweden - 37.4%
Assa Abloy AB (B Shares)	104,200		1,226,557
Atlas Copco AB (A Shares)	467,600		4,346,201
Electrolux AB (B Shares)	268,700		3,027,126
Elekta AB (B Shares) (d)	495,100		5,710,851
H&M Hennes & Mauritz AB (B Shares)	315,840		14,058,797
Intrum Justitia AB	162,000		1,407,618
Investor AB (B Shares)	441,800		6,381,852
Meda AB (A Shares)	20,351		135,545
Nordea Bank AB	384,900		2,862,539
Sandvik AB	414,500		2,721,774
Scania AB (B Shares)	265,100		2,810,418

	Shares		Value
Securitas AB (B Shares)	361,600		$ 2,995,662
Skandinaviska Enskilda Banken AB (A Shares)	664,600		2,579,626
SKF AB (B Shares)	558,900		6,127,592
SSAB Svenskt Stal AB:
(A Shares) (d)	282,800		2,693,542
(B Shares)	53,400		478,806
Svenska Cellulosa AB (SCA) (B Shares)	241,200		2,325,216
Svenska Handelsbanken AB (A Shares)	341,100		5,941,127
Swedish Match Co. (d)	473,800		6,760,058
TELE2 AB (B Shares)	248,650		2,343,213
Telefonaktiebolaget LM Ericsson (B Shares)	1,279,000		10,861,875
TeliaSonera AB (d)	1,610,000		7,552,797
TOTAL SWEDEN			95,348,792
TOTAL COMMON STOCKS (Cost $265,617,731)		249,964,050
Money Market Funds - 7.8%

Fidelity Cash Central Fund, 0.53% (b)	2,553,221		2,553,221
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	17,324,401		17,324,401
TOTAL MONEY MARKET FUNDS (Cost $19,877,622)		19,877,622
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.15%, dated 4/30/09 due 5/1/09 (Collateralized by U.S. Government Obligations) # (Cost $5,000)	$ 5,000		5,000
TOTAL INVESTMENT PORTFOLIO - 105.8% (Cost $285,500,353)			269,846,672
NET OTHER ASSETS - (5.8)%			(14,879,455)
NET ASSETS - 100%		$ 254,967,217

Legend

(a) Non-income producing

(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 $9,897,517 or 3.9% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Vestas Wind Systems AS	4/29/09	$ 8,617,930

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

Repurchase Agreement / Counterparty	Value
$5,000 due 5/01/09 at 0.15%
BNP Paribas Securities Corp.	$ 887
Barclays Capital, Inc.	142
Credit Suisse Securities (USA) LLC	184
Deutsche Bank Securities, Inc.	1,872
HSBC Securities (USA), Inc.	1,419
Mizuho Securities USA, Inc.	142
Societe Generale, New York Branch	354
	$ 5,000

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	$ 24,718
Fidelity Securities Lending Cash Central Fund	627,253
Total	$ 651,971

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 269,846,672	$ 29,775,139	$ 239,910,557	$ 160,976

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(166,249)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	327,225
Ending Balance	$ 160,976

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $90,962,421 all of which will expire on October 31, 2016.

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

Semiannual Report

Nordic

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $16,072,704 and repurchase agreements of $5,000) - See accompanying schedule: Unaffiliated issuers (cost $265,622,731)	$ 249,969,050
Fidelity Central Funds (cost $19,877,622)	19,877,622
Total Investments (cost $285,500,353)		$ 269,846,672
Cash		209
Receivable for investments sold		18,195,724
Receivable for fund shares sold		227,635
Dividends receivable		2,443,076
Distributions receivable from Fidelity Central Funds		410,898
Prepaid expenses		2,481
Other receivables		13,466
Total assets		291,140,161

Liabilities
Payable for investments purchased	$ 18,367,404
Payable for fund shares redeemed	233,278
Accrued management fee	143,485
Other affiliated payables	71,175
Other payables and accrued expenses	33,201
Collateral on securities loaned, at value	17,324,401
Total liabilities		36,172,944

Net Assets		$ 254,967,217
Net Assets consist of:
Paid in capital		$ 520,398,721
Undistributed net investment income		4,633,401
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(254,488,635)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(15,576,270)
Net Assets, for 13,146,219 shares outstanding		$ 254,967,217
Net Asset Value, offering price and redemption price per share ($254,967,217 ÷ 13,146,219 shares)		$ 19.39

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 6,378,298
Income from Fidelity Central Funds (including $627,253 from security lending)		651,971
		7,030,269
Less foreign taxes withheld		(928,203)
Total income		6,102,066

Expenses
Management fee	$ 874,700
Transfer agent fees	340,417
Accounting and security lending fees	64,979
Custodian fees and expenses	50,906
Independent trustees' compensation	994
Registration fees	16,257
Audit	28,717
Legal	885
Interest	1,244
Miscellaneous	3,059
Total expenses before reductions	1,382,158
Expense reductions	(41,607)	1,340,551
Net investment income (loss)		4,761,515
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(157,315,946)
Foreign currency transactions	(369,229)
Total net realized gain (loss)		(157,685,175)
Change in net unrealized appreciation (depreciation) on: Investment securities	146,079,269
Assets and liabilities in foreign currencies	135,731
Total change in net unrealized appreciation (depreciation)		146,215,000
Net gain (loss)		(11,470,175)
Net increase (decrease) in net assets resulting from operations		$ (6,708,660)

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, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 4,761,515	$ 14,904,039
Net realized gain (loss)	(157,685,175)	(96,010,239)
Change in net unrealized appreciation (depreciation)	146,215,000	(396,396,455)
Net increase (decrease) in net assets resulting from operations	(6,708,660)	(477,502,655)
Distributions to shareholders from net investment income	(14,502,155)	(32,286,083)
Distributions to shareholders from net realized gain	-	(42,550,440)
Total distributions	(14,502,155)	(74,836,523)
Share transactions Proceeds from sales of shares	19,617,057	227,446,380
Reinvestment of distributions	13,861,510	72,112,684
Cost of shares redeemed	(47,722,952)	(455,024,025)
Net increase (decrease) in net assets resulting from share transactions	(14,244,385)	(155,464,961)
Redemption fees	21,699	478,907
Total increase (decrease) in net assets	(35,433,501)	(707,325,232)

Net Assets
Beginning of period	290,400,718	997,725,950
End of period (including undistributed net investment income of $4,633,401 and undistributed net investment income of $14,374,041, respectively)	$ 254,967,217	$ 290,400,718
Other Information Shares
Sold	1,096,813	5,322,842
Issued in reinvestment of distributions	825,090	1,552,480
Redeemed	(2,772,530)	(11,772,960)
Net increase (decrease)	(850,627)	(4,897,638)

Financial Highlights

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 20.75	$ 52.81	$ 36.58	$ 30.92	$ 24.44	$ 19.49
Income from Investment Operations
Net investment income (loss) ^D	.35	.85	2.39 ^G	.50	.55	.26
Net realized and unrealized gain (loss)	(.65)	(28.93)	14.60	7.94	6.12	4.80
Total from investment operations	(.30)	(28.08)	16.99	8.44	6.67	5.06
Distributions from net investment income	(1.06)	(1.73)	(.29)	(.35)	(.22)	(.15)
Distributions from net realized gain	-	(2.28)	(.51)	(2.49)	-	-
Total distributions	(1.06)	(4.01)	(.80)	(2.84)	(.22)	(.15)
Redemption fees added to paid in capital ^D	- ^I	.03	.04	.06	.03	.04
Net asset value, end of period	$ 19.39	$ 20.75	$ 52.81	$ 36.58	$ 30.92	$ 24.44
Total Return ^B,C	(.66)%	(57.32)%	47.38%	29.68%	27.56%	26.31%
Ratios to Average Net Assets ^E,H
Expenses before reductions	1.14% ^A	1.09%	1.06%	1.14%	1.17%	1.28%
Expenses net of fee waivers, if any	1.14% ^A	1.09%	1.06%	1.14%	1.17%	1.28%
Expenses net of all reductions	1.10% ^A	1.07%	1.03%	1.10%	1.13%	1.24%
Net investment income (loss)	3.91% ^A	2.10%	5.37% ^G	1.49%	1.89%	1.16%
Supplemental Data
Net assets, end of period (000 omitted)	$ 254,967	$ 290,401	$ 997,726	$ 348,482	$ 188,011	$ 116,493
Portfolio turnover rate ^F	141% ^A	72%	62%	67%	76%	90%
^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 $1.62 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.72%. ^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

Pacific Basin

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan	36.7%
	Australia	11.0%
	Korea (South)	8.4%
	China	8.0%
	Cayman Islands	5.7%
	Singapore	5.5%
	Taiwan	4.5%
	Hong Kong	4.3%
	India	3.8%
	Other	12.1%

fid772

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

As of October 31, 2008
	Japan	35.3%
	Australia	11.1%
	Korea (South)	8.3%
	China	6.6%
	Singapore	6.6%
	Hong Kong	4.8%
	Cayman Islands	4.5%
	India	3.8%
	Taiwan	3.4%
	Other	15.6%

fid784

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	98.5	98.0
Short-Term Investments and Net Other Assets	1.5	2.0
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Softbank Corp. (Japan, Wireless Telecommunication Services)	3.0	0.4
Origin Energy Ltd. (Australia, Oil, Gas & Consumable Fuels)	2.6	0.6
Mitsui Sumitomo Insurance Group Holdings, Inc. (Japan, Insurance)	2.4	0.8
Promise Co. Ltd. (Japan, Consumer Finance)	2.2	1.0
ORIX Corp. (Japan, Consumer Finance)	2.0	0.8
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) (China, Insurance)	2.0	0.5
Oil Search Ltd. (Papua New Guinea, Oil, Gas & Consumable Fuels)	2.0	1.9
Mitsubishi UFJ Financial Group, Inc. (Japan, Commercial Banks)	1.8	1.8
NHN Corp. (Korea (South), Internet Software & Services)	1.7	2.2
Digital Garage, Inc. (Japan, IT Services)	1.7	1.4
	21.4
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	21.3	19.6
Financials	19.9	13.6
Industrials	17.4	21.9
Consumer Discretionary	15.1	19.7
Materials	7.6	7.8
Energy	5.9	4.3
Consumer Staples	4.7	5.0
Telecommunication Services	3.0	1.9
Utilities	1.8	0.8
Health Care	1.8	3.4

Semiannual Report

Pacific Basin

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
Australia - 11.0%
Austal Ltd.	1,302,734		$ 2,462,767
BHP Billiton Ltd.	118,000		2,851,968
Brambles Ltd.	387,251		1,666,896
Energy Resources of Australia Ltd.	87,971		1,336,842
Incitec Pivot Ltd.	2,452,975		3,763,308
Iress Market Technology Ltd.	450,437		1,955,251
Macquarie Airports unit	4,560,631		6,002,023
Navitas Ltd.	1,539,768		2,563,805
Origin Energy Ltd.	874,039		10,352,519
Rio Tinto Ltd.	73,313		3,434,498
Seek Ltd. (d)	1,044,086		2,497,620
United Group Ltd.	283,252		1,977,144
Wesfarmers Ltd.	201,543		3,317,709
TOTAL AUSTRALIA			44,182,350
Bermuda - 2.9%
Huabao International Holdings Ltd.	5,530,000		3,908,897
Mingyuan Medicare Development Co. Ltd.	17,200,000		1,253,563
Noble Group Ltd.	4,254,400		3,735,711
Paradise Entertainment Ltd. (a)	102,582,000		421,167
Peace Mark Holdings Ltd. (a)	18,955,750		24
Ports Design Ltd.	927,000		1,407,708
TPV Technology Ltd.	2,864,000		946,035
TOTAL BERMUDA			11,673,105
Cayman Islands - 5.7%
China Dongxiang Group Co. Ltd.	4,139,000		2,010,081
Ctrip.com International Ltd. sponsored ADR (d)	44,900		1,388,308
Kingboard Chemical Holdings Ltd.	1,632,900		3,958,368
Kingdee International Software Group Co. Ltd.	25,848,928		4,389,061
Perfect World Co. Ltd. sponsored ADR Class B (a)	205,275		3,727,794
Regent Pacific Group Ltd. (a)	34,954,000		612,493
SinoCom Software Group Ltd.	15,226,000		1,585,053
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	198,800		2,968,084
Want Want China Holdings Ltd.	2,992,000		1,491,896
Wuxi Pharmatech Cayman, Inc. sponsored ADR (a)	133,600		770,872
TOTAL CAYMAN ISLANDS			22,902,010
China - 8.0%
51job, Inc. sponsored ADR (a)	173,800		1,392,138
AMVIG Holdings Ltd.	5,996,000		3,731,370
China Resources Land Ltd.	2,802,000		5,011,279
China Yurun Food Group Ltd.	1,262,000		1,494,662
Global Bio-Chem Technology Group Co. Ltd.	10,192,000		1,383,635
Li Ning Co. Ltd.	910,500		1,863,303

	Shares		Value
Lianhua Supermarket Holdings Co. (H Shares)	1,020,000		$ 1,209,013
Minth Group Ltd.	1,784,000		1,098,385
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	1,318,500		8,145,032
Royale Furniture Holdings Ltd.	12,247,962		519,591
Tencent Holdings Ltd.	343,600		3,036,948
Yantai Changyu Pioneer Wine Co. (B Shares)	342,000		1,494,641
Zhejiang Expressway Co. Ltd. (H Shares)	2,196,000		1,872,982
TOTAL CHINA			32,252,979
Hong Kong - 4.3%
China State Construction International Holdings Ltd.	15,786,752		3,808,819
Galaxy Entertainment Group Ltd. (a)	7,594,000		1,822,075
Hang Lung Properties Ltd.	900,000		2,527,828
PYI Corp. Ltd. (a)	9,494,539		539,041
PYI Corp. Ltd. warrants 9/25/09 (a)	1,582,423		4,492
REXCAPITAL Financial Holdings Ltd. (a)	48,686,967		2,831,598
Shun Tak Holdings Ltd.	4,500,000		1,985,783
Sino-Ocean Land Holdings Ltd.	3,005,500		2,208,604
Tian An China Investments Co. Ltd.	4,527,800		1,466,719
Tian An China Investments Co. Ltd. warrants 1/2/10 (a)	396,800		505
TOTAL HONG KONG			17,195,464
India - 3.8%
Educomp Solutions Ltd.	55,242		2,775,926
Financial Technologies India Ltd.	146,363		2,098,723
Geodesic Ltd.	776,765		1,141,176
INFO Edge India Ltd.	109,339		1,168,900
Lupin Ltd.	74,628		1,084,801
Max India Ltd. (a)	397,488		1,141,993
NIIT Ltd.	1,940,580		1,035,419
Rallis India Ltd.	124,438		1,310,101
Rural Electrification Corp. Ltd.	445,489		931,086
Suzlon Energy Ltd.	903,338		1,166,053
United Spirits Ltd.	92,077		1,325,099
TOTAL INDIA			15,179,277
Indonesia - 2.0%
PT Bumi Resources Tbk	14,199,000		1,977,845
PT Ciputra Development Tbk (a)	5,203,000		235,054
PT Perusahaan Gas Negara Tbk Series B	23,836,740		5,833,012
TOTAL INDONESIA			8,045,911
Japan - 36.7%
Ai Holdings Corp.	971,400		2,920,346
Canon Marketing Japan, Inc.	86,900		1,051,063
Chiyoda Corp.	316,000		1,901,242
Credit Saison Co. Ltd.	235,200		2,642,928
Denso Corp.	155,100		3,667,318
Digital Garage, Inc. (d)	9,198		6,811,493
Dydo Drinco, Inc.	48,800		1,295,771
Common Stocks - continued
	Shares		Value
Japan - continued
eAccess Ltd.	2,293		$ 1,502,021
Fujitsu Ltd.	664,000		2,845,275
Goldcrest Co. Ltd.	135,080		3,097,490
H.I.S. Co. Ltd. (d)	87,200		1,376,827
Hamakyorex Co. Ltd. (d)	99,600		1,527,353
Haseko Corp.	2,535,500		1,597,991
Internet Initiative Japan, Inc. (d)	1,790		2,542,373
ISE Chemical Corp. (d)	421,000		1,707,573
Ishihara Sangyo Kaisha Ltd. (a)	1,412,000		1,057,763
Japan Excellent, Inc.	1,026		3,721,520
Japan Retail Fund Investment Corp.	398		1,392,191
Kenedix Realty Investment Corp.	1,689		4,024,113
Leopalace21 Corp.	322,800		2,365,203
Micronics Japan Co. Ltd. (d)	551,400		4,866,416
Mitsubishi Gas Chemical Co., Inc.	444,000		2,075,374
Mitsubishi UFJ Financial Group, Inc.	1,302,700		7,107,858
Mitsui Sumitomo Insurance Group Holdings, Inc.	357,700		9,761,805
New City Residence Investment Corp.	1,766		501,526
Nippon Seiki Co. Ltd.	478,000		4,312,451
Nitta Corp.	319,500		3,672,854
Nittoku Engineering Co. Ltd.	506,900		1,460,846
Nomura Holdings, Inc.	404,700		2,442,803
NTT Urban Development Co.	2,261		1,833,408
ORIX Corp.	175,730		8,232,153
Promise Co. Ltd. (d)	658,700		8,706,106
Rakuten, Inc.	4,330		2,203,424
Sankyo Seiko Co. Ltd.	453,600		702,130
SBI Holdings, Inc.	22,060		2,636,227
Sega Sammy Holdings, Inc.	476,700		4,316,306
SHO-BOND Holdings Co. Ltd.	128,800		2,316,330
Softbank Corp.	759,600		12,019,901
Sony Corp.	125,000		3,248,824
Sparx Group Co. Ltd.	6,784		889,755
Take & Give Needs Co. Ltd. (a)(d)	21,443		1,086,408
THK Co. Ltd.	187,100		2,595,486
Tokyo Ohka Kogyo Co. Ltd.	139,000		2,352,298
Toyoda Gosei Co. Ltd.	271,000		5,331,901
USS Co. Ltd.	36,200		1,640,858
Yamato Kogyo Co. Ltd.	100,500		2,283,333
TOTAL JAPAN			147,644,635
Korea (South) - 8.4%
CDNetworks Co. Ltd. (a)	120,643		796,735
Daewoo International Corp.	97,660		2,307,773
Daou Technology, Inc.	525,300		3,251,272
Duzon Digital Ware Co. Ltd.	205,677		1,161,963
eSang Networks Co. Ltd.	130,755		811,336
Infopia Co. Ltd.	139,124		2,879,367
Jinsung T.E.C. Co. Ltd.	378,322		2,471,823
Kyeryong Construction Industrial Co. Ltd.	76,000		1,644,289
NHN Corp. (a)	56,574		6,883,616
Plantynet Co. Ltd.	320,785		1,395,591

	Shares		Value
Samsung Electronics Co. Ltd.	10,257		$ 4,751,289
SFA Engineering Corp.	56,289		2,224,253
Sodiff Advanced Materials Co. Ltd.	18,719		1,192,275
TK Corp. (a)	73,861		2,040,137
TOTAL KOREA (SOUTH)			33,811,719
Malaysia - 1.4%
IJM Corp. Bhd	1,169,700		1,642,837
IJM Land Bhd warrants 9/11/13 (a)	116,970		12,814
JobStreet Corp. Bhd	6,606,750		2,134,203
Muhibbah Engineering (M) Bhd	3,458,000		1,117,051
Parkson Holdings Bhd	748,213		874,316
TOTAL MALAYSIA			5,781,221
Papua New Guinea - 2.0%
Oil Search Ltd.	2,104,216		7,848,774
Philippines - 1.4%
Aboitiz Equity Ventures, Inc.	4,036,000		478,279
Alliance Global Group, Inc. (a)	42,921,542		1,677,599
DMCI Holdings, Inc.	20,794,500		1,902,200
PNOC Energy Development Corp.	21,054,000		1,575,767
TOTAL PHILIPPINES			5,633,845
Singapore - 5.5%
CSE Global Ltd.	7,480,500		2,122,128
GigaMedia Ltd. (a)	252,500		1,679,125
Goodpack Ltd.	11,983,000		6,596,518
Goodpack Ltd. warrants 7/16/09 (a)	1,143,125		2,324
Midas Holdings Ltd.	8,182,000		2,459,298
Olam International Ltd.	3,832,625		4,582,064
Pertama Holdings Ltd.	10,222,000		1,449,929
Raffles Education Corp. Ltd.	10,850,000		3,187,943
Tat Hong Holdings Ltd. warrants 8/2/13 (a)	125,700		4,670
TOTAL SINGAPORE			22,083,999
Taiwan - 4.5%
104 Corp.	479,000		1,038,751
Apex Biotechnology Corp.	808,000		1,385,106
D-Link Corp.	1,515,883		1,094,353
Hon Hai Precision Industry Co. Ltd. (Foxconn)	1,901,081		5,486,584
Powertech Technology, Inc.	1,106,300		2,303,978
Taiwan Semiconductor Manufacturing Co. Ltd.	2,803,000		4,741,705
Tsann Kuen Enterprise Co. Ltd.	2,960,900		2,208,014
TOTAL TAIWAN			18,258,491
Thailand - 0.7%
Asian Property Development PCL (For. Reg.)	10,671,700		1,022,257
Siam Commercial Bank PCL (For. Reg.)	922,152		1,574,597
TOTAL THAILAND			2,596,854
Common Stocks - continued
	Shares		Value
Vietnam - 0.2%
Luks Group (Vietnam Holdings) Co. Ltd.	2,080,000		$ 794,559
TOTAL COMMON STOCKS (Cost $502,431,769)		395,885,193
Money Market Funds - 4.5%

Fidelity Cash Central Fund, 0.53% (b)	4,601,071		4,601,071
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	13,646,907		13,646,907
TOTAL MONEY MARKET FUNDS (Cost $18,247,978)		18,247,978
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $520,679,747)			414,133,171
NET OTHER ASSETS - (3.0)%			(12,065,733)
NET ASSETS - 100%		$ 402,067,438

Legend

(a) Non-income producing

(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	$ 27,646
Fidelity Securities Lending Cash Central Fund	331,651
Total	$ 359,297

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 414,133,171	$ 159,361,266	$ 254,270,355	$ 501,550

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 926,002
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	720,476
Cost of Purchases	654,645
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	(1,799,573)
Ending Balance	$ 501,550

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $161,686 all of which will expire on October 31, 2016.

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, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $13,146,293) - See accompanying schedule: Unaffiliated issuers (cost $502,431,769)	$ 395,885,193
Fidelity Central Funds (cost $18,247,978)	18,247,978
Total Investments (cost $520,679,747)		$ 414,133,171
Foreign currency held at value (cost $23,169)		23,394
Receivable for investments sold		2,923,849
Receivable for fund shares sold		354,226
Dividends receivable		1,351,264
Distributions receivable from Fidelity Central Funds		64,494
Prepaid expenses		3,238
Other receivables		93,667
Total assets		418,947,303

Liabilities
Payable for investments purchased	$ 2,796,101
Payable for fund shares redeemed	171,586
Accrued management fee	101,293
Other affiliated payables	110,027
Other payables and accrued expenses	53,951
Collateral on securities loaned, at value	13,646,907
Total liabilities		16,879,865

Net Assets		$ 402,067,438
Net Assets consist of:
Paid in capital		$ 652,016,104
Undistributed net investment income		1,533,110
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(144,914,009)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(106,567,767)
Net Assets, for 28,774,542 shares outstanding		$ 402,067,438
Net Asset Value, offering price and redemption price per share ($402,067,438 ÷ 28,774,542 shares)		$ 13.97

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 4,616,699
Interest		32
Income from Fidelity Central Funds (including $331,651 from security lending)		359,297
		4,976,028
Less foreign taxes withheld		(242,910)
Total income		4,733,118

Expenses
Management fee Basic fee	$ 1,294,062
Performance adjustment	(924,632)
Transfer agent fees	519,845
Accounting and security lending fees	95,687
Custodian fees and expenses	121,250
Independent trustees' compensation	1,162
Registration fees	18,012
Audit	52,378
Legal	1,176
Miscellaneous	4,221
Total expenses before reductions	1,183,161
Expense reductions	(85,128)	1,098,033
Net investment income (loss)		3,635,085
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(135,344,235)
Foreign currency transactions	(53,582)
Total net realized gain (loss)		(135,397,817)
Change in net unrealized appreciation (depreciation) on: Investment securities	164,634,163
Assets and liabilities in foreign currencies	(102,919)
Total change in net unrealized appreciation (depreciation)		164,531,244
Net gain (loss)		29,133,427
Net increase (decrease) in net assets resulting from operations		$ 32,768,512

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, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,635,085	$ 7,763,363
Net realized gain (loss)	(135,397,817)	(6,703,947)
Change in net unrealized appreciation (depreciation)	164,531,244	(697,749,347)
Net increase (decrease) in net assets resulting from operations	32,768,512	(696,689,931)
Distributions to shareholders from net investment income	(2,101,108)	(7,436,752)
Distributions to shareholders from net realized gain	-	(131,157,223)
Total distributions	(2,101,108)	(138,593,975)
Share transactions Proceeds from sales of shares	24,721,916	164,409,234
Reinvestment of distributions	1,925,373	127,229,315
Cost of shares redeemed	(47,668,256)	(330,830,316)
Net increase (decrease) in net assets resulting from share transactions	(21,020,967)	(39,191,767)
Redemption fees	27,800	355,373
Total increase (decrease) in net assets	9,674,237	(874,120,300)

Net Assets
Beginning of period	392,393,201	1,266,513,501
End of period (including undistributed net investment income of $1,533,110 and undistributed net investment income of $197,805, respectively)	$ 402,067,438	$ 392,393,201
Other Information Shares
Sold	1,982,389	6,162,028
Issued in reinvestment of distributions	166,843	4,129,481
Redeemed	(3,941,047)	(13,662,317)
Net increase (decrease)	(1,791,815)	(3,370,808)

Financial Highlights

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 12.84	$ 37.32	$ 27.36	$ 22.42	$ 17.91	$ 17.06
Income from Investment Operations
Net investment income (loss)^E	.12	.22	.22	.16	.22^H	.07
Net realized and unrealized gain (loss)	1.08	(20.61)	12.16	5.26	4.49	.92
Total from investment operations	1.20	(20.39)	12.38	5.42	4.71	.99
Distributions from net investment income	(.07)	(.22)	(.16)	(.18)	(.08)	(.16)
Distributions from net realized gain	-	(3.88)	(2.27)	(.32)	(.13)	-
Total distributions	(.07)	(4.10)	(2.43)	(.50)	(.21)	(.16)
Redemption fees added to paid in capital^E	-^J	.01	.01	.02	.01	.02
Net asset value, end of period	$ 13.97	$ 12.84	$ 37.32	$ 27.36	$ 22.42	$ 17.91
Total Return^B,C,D	9.46%	(61.02)%	48.86%	24.55%	26.62%	5.98%
Ratios to Average Net Assets^F,I
Expenses before reductions	.66%^A	1.22%	1.19%	1.14%	1.10%	1.20%
Expenses net of fee waivers, if any	.66%^A	1.22%	1.19%	1.14%	1.10%	1.20%
Expenses net of all reductions	.61%^A	1.17%	1.13%	1.08%	1.05%	1.19%
Net investment income (loss)	2.02%^A	.89%	.71%	.60%	1.09%^H	.42%
Supplemental Data
Net assets, end of period (000 omitted)	$ 402,067	$ 392,393	$ 1,266,514	$ 972,805	$ 648,850	$ 445,127
Portfolio turnover rate^G	100%^A	73%	91%	75%	78%	145%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DTotal returns do not include the effect of the former contingent deferred sales charge. ^ECalculated based on average shares outstanding during the period. ^FFees 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. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HInvestment 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%. ^IExpense 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. ^JAmount represents less than $.01 per share.

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

Semiannual Report

Southeast Asia

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Hong Kong	22.8%
	Korea (South)	18.9%
	China	16.6%
	Taiwan	15.1%
	Singapore	6.5%
	Thailand	5.8%
	United States of America	5.1%
	Malaysia	3.4%
	Australia	2.7%
	Other	3.1%

fid796

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

As of October 31, 2008
	Hong Kong	22.3%
	China	17.6%
	Korea (South)	16.2%
	Taiwan	15.0%
	United States of America	8.4%
	Thailand	6.9%
	Singapore	4.8%
	Cayman Islands	2.9%
	Australia	2.6%
	Other	3.3%

fid808

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, Investment Companies and Equity Futures	94.9	91.6
Short-Term Investments and Net Other Assets	5.1	8.4
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Chunghwa Telecom Co. Ltd. (Taiwan, Diversified Telecommunication Services)	3.7	6.0
NHN Corp. (Korea (South), Internet Software & Services)	3.4	3.0
China Life Insurance Co. Ltd. (H Shares) (China, Insurance)	3.4	2.8
Hong Kong Electric Holdings Ltd. (Hong Kong, Electric Utilities)	3.3	4.6
Hutchison Whampoa Ltd. (Hong Kong, Industrial Conglomerates)	3.3	3.1
SK Telecom Co. Ltd. (Korea (South), Wireless Telecommunication Services)	3.2	2.8
Yuanta Financial Holding Co. Ltd. (Taiwan, Diversified Financial Services)	2.7	1.6
KT&G Corp. (Korea (South), Tobacco)	2.6	2.7
China Mobile (Hong Kong) Ltd. (Hong Kong, Wireless Telecommunication Services)	2.6	2.2
China Telecom Corp. Ltd. (H Shares) (China, Diversified Telecommunication Services)	2.4	2.5
	30.6
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	23.4	23.0
Telecommunication Services	20.4	27.4
Industrials	10.4	7.6
Consumer Staples	10.0	3.8
Information Technology	8.2	3.9
Utilities	6.1	8.4
Energy	6.0	8.0
Consumer Discretionary	4.2	6.6
Materials	3.6	2.2
Health Care	1.2	0.7

Semiannual Report

Southeast Asia

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.4%
	Shares		Value
Australia - 2.7%
Atlas Iron Ltd. (a)	1,499,533		$ 1,428,307
Newcrest Mining Ltd.	471,763		10,269,985
OneSteel Ltd.	1,221,990		1,981,375
Rio Tinto Ltd.	100,815		4,722,886
Western Areas NL (a)	67,711		207,762
Woolworths Ltd.	1,177,372		22,874,115
TOTAL AUSTRALIA			41,484,430
Bermuda - 1.5%
Cheung Kong Infrastructure Holdings Ltd.	1,356,000		5,230,807
Huabao International Holdings Ltd.	23,905,000		16,897,322
TOTAL BERMUDA			22,128,129
Canada - 0.5%
Equinox Minerals Ltd. unit (a)	4,292,901		7,366,429
Cayman Islands - 0.2%
Ju Teng International Holdings Ltd.	5,681,000		2,460,710
China - 16.6%
AMVIG Holdings Ltd.	886,000		551,367
Bank of China (H Shares)	46,134,000		17,105,356
China Communications Services Corp. Ltd. (H Shares)	13,572,000		7,967,521
China Life Insurance Co. Ltd. (H Shares)	14,511,000		50,961,388
China Petroleum & Chemical Corp. (H Shares)	34,340,000		26,690,542
China Railway Construction Corp. Ltd. (H Shares) (a)	1,977,000		2,731,762
China Telecom Corp. Ltd. (H Shares)	72,706,000		35,790,773
Dongfang Electric Corp. Ltd.	785,400		2,048,690
Huaneng Power International, Inc. (H Shares)	16,274,000		11,091,007
Industrial & Commercial Bank of China Ltd.	35,476,000		20,181,662
Jiangsu Expressway Co. Ltd. (H Shares)	49,654,000		35,063,167
Parkson Retail Group Ltd.	121,000		151,960
PetroChina Co. Ltd. (H Shares)	40,348,000		35,166,069
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	649,500		4,012,286
Zijin Mining Group Co. Ltd. (H Shares)	4,352,000		3,333,228
TOTAL CHINA			252,846,778
Hong Kong - 21.4%
Beijing Enterprises Holdings Ltd.	2,486,000		10,928,438
BOC Hong Kong Holdings Ltd.	1,433,000		2,023,943
BYD Electronic International Co. Ltd.	2,793,500		1,417,904
Cheung Kong Holdings Ltd.	2,990,000		30,843,638
China Merchants Holdings International Co. Ltd.	316,000		743,316
China Mobile (Hong Kong) Ltd.	4,512,300		38,964,756
China Resources Power Holdings Co. Ltd.	2,476,000		5,548,380
China Unicom (Hong Kong) Ltd.	21,592,000		25,022,609
CLP Holdings Ltd.	3,037,500		20,497,991

	Shares		Value
CNOOC Ltd.	17,500,000		$ 19,535,586
Hang Lung Properties Ltd.	381,000		1,070,114
Hang Seng Bank Ltd.	721,200		7,993,576
Hong Kong Electric Holdings Ltd.	8,559,500		50,530,981
Hong Kong Exchange & Clearing Ltd.	293,200		3,377,189
Hutchison Whampoa Ltd.	8,408,000		49,522,833
Li & Fung Ltd.	2,018,000		5,669,396
PCCW Ltd.	70,937,000		32,043,848
Sa Sa International Holdings Ltd.	24,530,000		8,530,353
Shun Tak Holdings Ltd.	3,894,000		1,718,364
Sun Hung Kai Properties Ltd.	863,000		8,921,483
TOTAL HONG KONG			324,904,698
Indonesia - 0.0%
PT Jakarta International Hotel & Development Tbk (a)	30,891,000		697,776
Korea (South) - 18.8%
Hanmi Pharm Co. Ltd.	110,231		11,816,631
Hyundai Mobis	123,053		9,455,251
Korean Reinsurance Co.	445,840		4,133,964
KT&G Corp.	705,479		38,972,490
LG Electronics, Inc.	15,118		1,253,919
LG Household & Health Care Ltd.	207,202		28,615,940
MegaStudy Co. Ltd.	44,107		7,489,220
MSCI Daily TR Net Emerging Markets Korea Local warrants (UBS Warrant Programme) 9/10/10 (a)	19,465,516		5,121,011
NHN Corp. (a)	423,751		51,559,713
POSCO	1,859		577,483
Samsung C&T Corp.	262,770		9,108,542
Samsung Fire & Marine Insurance Co. Ltd.	220,964		30,257,214
Samsung Securities Co. Ltd.	128,299		6,615,734
Shinhan Financial Group Co. Ltd.	417,282		10,363,941
Shinsegae Co. Ltd.	45,413		16,221,475
SK Telecom Co. Ltd.	342,211		49,135,954
Yuhan Corp.	37,803		5,856,806
TOTAL KOREA (SOUTH)			286,555,288
Malaysia - 3.4%
British American Tobacco (Malaysia) Bhd	1,886,900		23,586,250
DiGi.com Bhd	769,200		4,818,303
IGB Corp. Bhd	2,825,200		1,428,472
IJM Corp. Bhd	110,800		155,618
KLCC Property Holdings Bhd	6,817,000		6,089,343
Malaysian Resources Corp. Bhd	13,660,900		4,374,558
PLUS Expressways Bhd	8,299,500		7,693,357
Telekom Malaysia Bhd	3,061,100		3,284,663
TOTAL MALAYSIA			51,430,564
Papua New Guinea - 0.6%
Lihir Gold Ltd. (a)	4,357,637		9,505,314
Singapore - 6.5%
Ascendas Real Estate Investment Trust (A-REIT)	12,362,500		11,189,294
Common Stocks - continued
	Shares		Value
Singapore - continued
CapitaLand Ltd.	439,000		$ 818,399
CapitaMall Trust	17,301,612		14,607,913
City Developments Ltd.	290,000		1,269,301
DBS Group Holdings Ltd.	57,500		368,963
Midas Holdings Ltd.	9,664,000		2,904,748
Olam International Ltd.	8,786,000		10,504,032
Oversea-Chinese Banking Corp. Ltd.	2,316,000		9,198,298
SembCorp Industries Ltd.	2,785,000		5,135,461
Singapore Exchange Ltd.	37,000		156,697
Singapore Technologies Engineering Ltd.	6,042,000		10,488,308
Singapore Telecommunications Ltd.	2,700,000		4,668,693
SMRT Corp. Ltd.	10,766,000		11,271,395
StarHub Ltd.	9,258,000		11,443,526
United Overseas Bank Ltd.	22,000		170,888
Venture Corp. Ltd.	317,000		1,276,136
Wing Tai Holdings Ltd.	4,786,000		2,844,769
TOTAL SINGAPORE			98,316,821
Taiwan - 15.1%
104 Corp. (d)	1,699,000		3,684,421
Ambassador Hotel	7,609,000		8,651,094
Cathay Financial Holding Co. Ltd.	4,494,000		5,027,380
Chunghwa Telecom Co. Ltd.	29,737,158		56,623,780
Far EasTone Telecommunications Co. Ltd.	22,370,000		25,414,418
Hon Hai Precision Industry Co. Ltd. (Foxconn)	1,649,000		4,759,069
Huaku Development Co. Ltd.	4,246,500		7,364,677
Hung Poo Real Estate Development Co. Ltd.	4,408,447		4,081,284
Kinsus Interconnect Technology Corp.	1,315,000		2,372,648
Powertech Technology, Inc.	8,099,000		16,866,961
President Chain Store Corp.	4,375,000		10,530,531
Quanta Computer, Inc.	1,430,000		2,128,332
Richtek Technology Corp.	523,000		2,639,814
Siliconware Precision Industries Co. Ltd.	728,000		943,961
Taiwan Fertilizer Co. Ltd.	279,000		640,052
Taiwan Semiconductor Manufacturing Co. Ltd.	20,904,105		35,362,507
Young Fast Optoelectron Co. Ltd.	157,000		1,380,852
Yuanta Financial Holding Co. Ltd.	70,654,000		41,306,406
TOTAL TAIWAN			229,778,187
Thailand - 5.8%
Advanced Info Service PCL (For. Reg.)	6,988,000		15,744,538
Asian Property Development PCL (For. Reg.)	1,853,400		177,540
Big C Supercenter PCL:
unit	6,600,205		7,809,510
(For. Reg.)	5,000		5,916
Land & House PCL (For. Reg.)	1,024,100		118,997

	Shares		Value
Major Cineplex Group PCL (For. Reg.)	49,854,100		$ 9,042,546
PTT Exploration & Production PCL (For. Reg.)	1,898,500		5,568,790
PTT PCL (For. Reg.)	637,200		3,422,117
Quality Houses PCL	230,246,545		7,112,618
Siam City Bank PCL:
NVDR	15,561,500		4,388,180
(For. Reg.)	9,306,500		2,624,335
Siam Commercial Bank PCL (For. Reg.)	18,004,800		30,743,636
Ticon Industrial Connection PCL (For. Reg.)	6,895,500		1,377,732
TOTAL THAILAND			88,136,455
United Kingdom - 0.3%
Astro All Asia Networks PLC	5,698,600		4,081,862
TOTAL COMMON STOCKS (Cost $1,522,323,416)		1,419,693,441
Nonconvertible Preferred Stocks - 0.1%

Korea (South) - 0.1%
Samsung Electronics Co. Ltd. (Cost $1,669,476)	8,661		2,249,964
Investment Companies - 1.0%

Hong Kong - 1.0%
Hang Seng H-Share Index ETF (Cost $13,209,443)	1,331,200		15,427,564

Convertible Bonds - 0.0%
		Principal Amount (c)
Singapore - 0.0%
United Engineers Ltd. 1% 3/3/14 (Cost $330,548)	SGD	506,400	343,757
Government Obligations - 0.1%

United States of America - 0.1%
U.S. Treasury Bills, yield at date of purchase 0.17% to 0.19% 5/14/09 to 6/4/09 (e) (Cost $1,299,824)		1,300,000	1,299,956

Money Market Funds - 3.8%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b) (Cost $57,889,471)	57,889,471		$ 57,889,471
TOTAL INVESTMENT PORTFOLIO - 98.4% (Cost $1,596,722,178)			1,496,904,153
NET OTHER ASSETS - 1.6%			23,708,924
NET ASSETS - 100%		$ 1,520,613,077

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
93 Hang Seng Index Contracts (Hong Kong)	May 2009	$ 5,428,165	$ 138,636

The face value of futures purchased as a percentage of net assets - 0.4%

Currency Abbreviation
SGD	-	Singapore dollar

Legend

(a) Non-income producing

(d) Affiliated company

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $1,299,956.

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	$ 653,522
Fidelity Securities Lending Cash Central Fund	57,281
Total	$ 710,803

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
104 Corp.	$ 3,267,485	$ 925,719	$ 707,751	$ -	$ 3,684,421

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 1,496,904,153	$ 632,229,422	$ 864,674,731	$ -
Other Financial Instruments*	$ 138,636	$ 138,636	$ -	$ -

* Other financial instruments include Futures Contracts.

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 39,436,680
Total Realized Gain (Loss)	(44,264,356)
Total Unrealized Gain (Loss)	46,464,043
Cost of Purchases	5,446,577
Proceeds of Sales	(15,039,096)
Amortization/Accretion	-
Transfer in/out of Level 3	(32,043,848)
Ending Balance	$ -

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, 2009 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,533,198,294)	$ 1,435,330,261
Fidelity Central Funds (cost $57,889,471)	57,889,471
Other affiliated issuers (cost $5,634,413)	3,684,421
Total Investments (cost $1,596,722,178)		$ 1,496,904,153
Foreign currency held at value (cost $8,246,059)		8,326,641
Receivable for investments sold		25,911,021
Receivable for fund shares sold		1,447,293
Dividends receivable		5,786,178
Interest receivable		544
Distributions receivable from Fidelity Central Funds		34,803
Receivable for daily variation on futures contracts		188,395
Prepaid expenses		13,423
Other receivables		580,539
Total assets		1,539,192,990

Liabilities
Payable for investments purchased	$ 15,381,133
Payable for fund shares redeemed	1,696,735
Accrued management fee	952,877
Other affiliated payables	452,439
Other payables and accrued expenses	96,729
Total liabilities		18,579,913

Net Assets		$ 1,520,613,077
Net Assets consist of:
Paid in capital		$ 2,316,885,699
Undistributed net investment income		2,931,560
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(699,670,817)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(99,533,365)
Net Assets, for 77,769,077 shares outstanding		$ 1,520,613,077
Net Asset Value, offering price and redemption price per share ($1,520,613,077 ÷ 77,769,077 shares)		$ 19.55

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 17,438,459
Special Dividends		12,281,415
Interest		1,675
Income from Fidelity Central Funds (including $57,281 from security lending)		710,803
		30,432,352
Less foreign taxes withheld		(1,260,016)
Total income		29,172,336

Expenses
Management fee Basic fee	$ 5,301,522
Performance adjustment	1,988,698
Transfer agent fees	2,259,880
Accounting and security lending fees	332,953
Custodian fees and expenses	328,724
Independent trustees' compensation	5,607
Registration fees	30,968
Audit	46,291
Legal	4,884
Miscellaneous	17,189
Total expenses before reductions	10,316,716
Expense reductions	(602,105)	9,714,611
Net investment income (loss)		19,457,725
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(615,365,852)
Other affiliated issuers	(1,060,895)
Foreign currency transactions	(2,397,180)
Futures contracts	(864,533)
Total net realized gain (loss)		(619,688,460)
Change in net unrealized appreciation (depreciation) on: Investment securities	688,529,476
Assets and liabilities in foreign currencies	226,447
Futures contracts	138,636
Total change in net unrealized appreciation (depreciation)		688,894,559
Net gain (loss)		69,206,099
Net increase (decrease) in net assets resulting from operations		$ 88,663,824

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

Semiannual Report

Fidelity Southeast Asia Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 19,457,725	$ 49,720,332
Net realized gain (loss)	(619,688,460)	(49,130,625)
Change in net unrealized appreciation (depreciation)	688,894,559	(3,186,840,853)
Net increase (decrease) in net assets resulting from operations	88,663,824	(3,186,251,146)
Distributions to shareholders from net investment income	(16,525,195)	(35,424,593)
Distributions to shareholders from net realized gain	-	(365,645,497)
Total distributions	(16,525,195)	(401,070,090)
Share transactions Proceeds from sales of shares	119,943,772	1,476,163,760
Reinvestment of distributions	15,822,870	382,538,765
Cost of shares redeemed	(293,117,735)	(2,965,607,006)
Net increase (decrease) in net assets resulting from share transactions	(157,351,093)	(1,106,904,481)
Redemption fees	193,364	5,921,400
Total increase (decrease) in net assets	(85,019,100)	(4,688,304,317)

Net Assets
Beginning of period	1,605,632,177	6,293,936,494
End of period (including undistributed net investment income of $2,931,560 and undistributed net investment income of $22,071,165, respectively)	$ 1,520,613,077	$ 1,605,632,177
Other Information Shares
Sold	6,646,463	40,747,607
Issued in reinvestment of distributions	910,020	9,350,739
Redeemed	(16,597,838)	(90,730,727)
Net increase (decrease)	(9,041,355)	(40,632,381)

Financial Highlights

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 18.50	$ 49.39	$ 25.59	$ 18.70	$ 14.87	$ 13.72
Income from Investment Operations
Net investment income (loss) ^D	.23^G	.44	.33	.33	.30	.16
Net realized and unrealized gain (loss)	1.02	(28.21)	24.95	7.23	3.66	1.10
Total from investment operations	1.25	(27.77)	25.28	7.56	3.96	1.26
Distributions from net investment income	(.20)	(.28)	(.23)	(.26)	(.14)	(.13)
Distributions from net realized gain	-	(2.89)	(1.29)	(.43)	-	-
Total distributions	(.20)	(3.17)	(1.52)	(.69)	(.14)	(.13)
Redemption fees added to paid in capital ^D	- ^I	.05	.04	.02	.01	.02
Net asset value, end of period	$ 19.55	$ 18.50	$ 49.39	$ 25.59	$ 18.70	$ 14.87
Total Return ^B,C	6.86%	(59.64)%	104.22%	41.50%	26.84%	9.39%
Ratios to Average Net Assets ^E,H
Expenses before reductions	1.40% ^A	1.18%	1.08%	1.21%	1.20%	1.21%
Expenses net of fee waivers, if any	1.40% ^A	1.18%	1.08%	1.21%	1.20%	1.21%
Expenses net of all reductions	1.32% ^A	1.04%	.98%	1.04%	1.09%	1.20%
Net investment income (loss)	2.63% ^A,G	1.34%	.96%	1.44%	1.71%	1.11%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,520,613	$ 1,605,632	$ 6,293,936	$ 1,592,948	$ 783,765	$ 464,874
Portfolio turnover rate ^F	165% ^A	147%	72%	100%	109%	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 Investment income per share reflects a special dividend which amounted to $.15 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .97%. ^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

Notes to Financial Statements

For the period ended April 30, 2009 (Unaudited)

1. Organization.

Fidelity Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin American 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 American Fund. Each Fund is authorized to issue an unlimited number of shares. The Fidelity Japan Smaller Companies Fund was closed to most new accounts effective with the close of business on February 28, 2006 and reopened after the close of business on December 31, 2008. Certain Funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. On January 15, 2009, the Board of Trustees of Fidelity Europe Fund, Fidelity Japan Fund and Fidelity Southeast Asia Fund approved the creation of an additional class of shares for each Fund. Europe Fund, Japan Fund and Southeast Asia Fund will each commence sale of shares of Class F on or about June 26, 2009.

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' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, 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.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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, 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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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.

The Funds adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Funds' fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

The aggregate value by input level, as of April 30, 2009, for each Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, if any, is included at the end of each Fund's Schedule of Investments.

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.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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 certain 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. 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.

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. Each Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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.

Book-tax differences are primarily due to futures transactions, capital loss carryforwards, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, deferred trustees compensation 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)
Europe	$ 2,851,784,409	$ 297,585,821	$ (354,146,328)	$ (56,560,507)
Europe Capital Appreciation	575,421,968	33,997,947	(107,261,285)	(73,263,338)
Japan	1,314,468,924	21,824,421	(373,363,305)	(351,538,884)
Japan Smaller Companies	352,156,046	26,326,171	(52,020,686)	(25,694,515)
Latin America	2,107,750,267	736,409,958	(336,917,063)	399,492,895
Nordic	291,131,032	24,032,100	(45,316,460)	(21,284,360)
Pacific Basin	522,114,150	54,410,651	(162,391,630)	(107,980,979)
Southeast Asia	1,642,643,854	100,172,990	(245,912,691)	(145,739,701)

Semiannual Report

3. Significant Accounting Policies - continued

Short-Term Trading (Redemption) Fees. Shares held in 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.

New Accounting Pronouncement. In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161), was issued and is effective for reporting periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures to provide information about the reasons the Funds invest in derivative instruments, the accounting treatment and the effect derivatives have on financial performance.

4. Operating Policies.

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

Futures Contracts. Certain Funds may use futures contracts to manage their exposure to the stock market and to fluctuations in currency values. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. 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 each applicable fund's Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in each applicable fund's Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms.

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 ($)	Sales ($)
Europe	2,021,045,915	2,237,234,561
Europe Capital Appreciation	249,702,959	281,055,072
Japan	399,195,703	458,970,827
Japan Smaller Companies	448,565,968	481,739,312
Latin America	483,235,841	620,565,969
Nordic	170,529,091	189,163,554
Pacific Basin	179,386,921	197,361,224
Southeast Asia	1,107,974,799	1,214,233,256

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 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
Europe	.45%	.27%	.70%
Europe Capital Appreciation	.45%	.27%	.71%
Japan	.45%	.27%	.45%
Japan Smaller Companies	.45%	.27%	.72%
Latin America	.45%	.27%	.72%
Nordic	.45%	.27%	.72%
Pacific Basin	.45%	.27%	.20%
Southeast Asia	.45%	.27%	.99%

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC 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:

Europe	.31%
Europe Capital Appreciation	.31%
Japan	.31%
Japan Smaller Companies	.31%
Latin America	.29%
Nordic	.28%
Pacific Basin	.29%
Southeast Asia	.31%

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, 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
Europe	$ 4,129
Europe Capital Appreciation	1,180
Latin America	91
Southeast Asia	899

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. Each applicable fund's activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Europe	Borrower	$ 175,920,500	.77%	$ 15,097
Japan Smaller Companies	Borrower	3,914,545	.34%	409
Nordic	Borrower	29,001,000	.77%	1,244

Semiannual Report

7. Committed Line of Credit.

Certain Funds participate with other funds managed by FMR in a $3.5 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:

Europe	$ 7,692
Europe Capital Appreciation	1,363
Japan	2,858
Japan Smaller Companies	1,084
Latin America	6,541
Nordic	803
Pacific Basin	1,137
Southeast Asia	4,708

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 in the 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, 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 reduction	Custody expense reduction

Europe	$ 495,517	$ -
Europe Capital Appreciation	22,953	-
Japan	95,313	-
Japan Smaller Companies	29,657	-
Latin America	-	900
Nordic	34,635	6,972
Pacific Basin	85,090	38
Southeast Asia	596,520	5,585

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, FMR or its affiliates were the owners of record of approximately 23% of the total outstanding shares of Japan Smaller Companies. Fidelity Freedom 2020 Fund was the owner of record of approximately 19% and 16% of the total outstanding shares of Europe and Japan, respectively. Fidelity Freedom 2030 Fund was the owner of record of approximately 15% and 13% of the total outstanding shares of Europe and Japan, respectively. The Fidelity Freedom Funds were the owners of record, in the aggregate, of approximately 72% and 62% of the total outstanding shares of Europe and Japan, respectively.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company
Fidelity Investments Japan Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.

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

Custodians

JPMorgan Chase Bank
New York, NY

Emerging Markets Fund, Japan Fund, Pacific Basin Fund

Brown Brothers Harriman & Co.
Boston, MA

China Region Fund, Latin America Fund, Nordic Fund

The Bank of New York Mellon
New York, NY

Canada Fund, Europe Fund

The Northern Trust Company
Chicago, IL

Europe Capital Appreciation Fund, Japan Smaller Companies Fund, Southeast Asia Fund

Fidelity's International Equity Funds

Canada Fund

China Region Fund

Diversified International Fund

Emerging Europe, Middle East, Africa (EMEA) Fund

Emerging Markets Fund

Europe Fund

Europe Capital Appreciation Fund

Global Balanced Fund

Global Commodity Stock Fund

International Capital Appreciation

International Discovery Fund

International Growth 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

Total International Equity

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®) fid420 1-800-544-5555

Automated line for quickest service

Semiannual Report

fid812

TIF-USAN-0609
1.784917.106

Fidelity Advisor
Canada Fund
Class A, Class T, Class B, and Class C

Semiannual Report

April 30, 2009

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

(2_fidelity_logos) (Registered_Trademark)

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 http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

Canada

Shareholder Expense Example

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.49%
Actual		$ 1,000.00	$ 949.30	$ 7.20
Hypothetical^A		$ 1,000.00	$ 1,017.41	$ 7.45
Class T	1.73%
Actual		$ 1,000.00	$ 948.00	$ 8.36
Hypothetical^A		$ 1,000.00	$ 1,016.22	$ 8.65
Class B	2.23%
Actual		$ 1,000.00	$ 945.90	$ 10.76
Hypothetical^A		$ 1,000.00	$ 1,013.74	$ 11.13
Class C	2.22%
Actual		$ 1,000.00	$ 945.80	$ 10.71
Hypothetical^A		$ 1,000.00	$ 1,013.79	$ 11.08
Canada	1.24%
Actual		$ 1,000.00	$ 950.60	$ 6.00
Hypothetical^A		$ 1,000.00	$ 1,018.65	$ 6.21
Institutional Class	1.21%
Actual		$ 1,000.00	$ 950.50	$ 5.85
Hypothetical^A		$ 1,000.00	$ 1,018.79	$ 6.06

^A 5% return per year before expenses

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

Semiannual Report

Canada

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Canada	89.1%
	United States of America	10.4%
	Netherlands Antilles	0.5%

fid823

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

As of October 31, 2008
	Canada	92.8%
	United States of America	7.2%

fid827

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	95.8	98.5
Short-Term Investments and Net Other Assets	4.2	1.5
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Royal Bank of Canada (Commercial Banks)	5.8	6.5
Toronto-Dominion Bank (Commercial Banks)	5.6	6.2
Research In Motion Ltd. (Communications Equipment)	4.3	3.4
Canadian National Railway Co. (Road & Rail)	3.8	4.3
Manulife Financial Corp. (Insurance)	3.8	3.3
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)	3.8	5.2
EnCana Corp. (Oil, Gas & Consumable Fuels)	3.6	6.2
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)	3.4	2.5
Canadian Imperial Bank of Commerce (Commercial Banks)	3.2	1.2
Potash Corp. of Saskatchewan, Inc. (Chemicals)	3.0	3.5
	40.3
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	30.0	27.8
Energy	26.3	28.8
Materials	14.9	11.3
Industrials	6.2	7.7
Information Technology	6.2	5.3
Telecommunication Services	5.4	7.0
Consumer Staples	3.3	5.7
Consumer Discretionary	2.3	3.1
Utilities	0.8	0.4
Health Care	0.4	1.4

Semiannual Report

Canada

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares		Value
CONSUMER DISCRETIONARY - 2.3%
Distributors - 0.1%
Uni-Select, Inc.	100,000		$ 2,325,581
Hotels, Restaurants & Leisure - 0.4%
Tim Hortons, Inc.	400,000		9,716,000
Media - 1.2%
Astral Media, Inc. Class A (non-vtg.)	290,000		7,660,423
Corus Entertainment, Inc. Class B (non-vtg.) (d)	400,000		5,329,981
Quebecor, Inc. Class B (sub. vtg.)	150,000		1,935,889
Shaw Communications, Inc. Class B	500,000		7,751,938
Thomson Reuters Corp.	300,000		8,422,376
Yellow Pages Income Fund (d)	100,000		476,011
			31,576,618
Specialty Retail - 0.6%
AutoZone, Inc. (a)	70,000		11,647,300
PetSmart, Inc.	100,000		2,288,000
			13,935,300
TOTAL CONSUMER DISCRETIONARY			57,553,499
CONSUMER STAPLES - 3.3%
Food & Staples Retailing - 3.2%
George Weston Ltd.	130,000		6,452,881
Loblaw Companies Ltd.	500,000		13,471,611
Metro, Inc. Class A (sub. vtg.)	990,000		30,697,674
Shoppers Drug Mart Corp.	850,000		30,737,482
			81,359,648
Food Products - 0.1%
Viterra, Inc. (a)	309,300		2,255,110
TOTAL CONSUMER STAPLES			83,614,758
ENERGY - 26.3%
Energy Equipment & Services - 0.5%
Schlumberger Ltd. (NY Shares)	250,000		12,247,500
Oil, Gas & Consumable Fuels - 25.8%
ARC Energy Trust unit	200,000		2,597,947
Cameco Corp.	1,450,000		33,295,621
Canadian Natural Resources Ltd.	2,070,000		95,429,038
Canadian Oil Sands Trust	200,000		4,129,897
Enbridge, Inc.	1,208,900		37,333,304
EnCana Corp.	2,000,000		91,665,619
Enerplus Resources Fund Series G	200,000		3,814,792
Hess Corp.	210,000		11,505,900
Husky Energy, Inc.	600,000		14,536,769
Imperial Oil Ltd.	900,000		32,168,448
Keyera Facilities Income Fund	1,050,000		13,577,624
Nexen, Inc.	2,350,000		44,745,024
Niko Resources Ltd.	140,000		7,085,355
Occidental Petroleum Corp.	150,000		8,443,500
Petro-Canada	1,470,000		46,394,469

	Shares		Value
Petrobank Energy & Resources Ltd. (a)	250,000		$ 5,373,979
Suncor Energy, Inc.	3,450,000		86,824,639
Talisman Energy, Inc.	4,200,000		52,620,993
TransCanada Corp.	2,200,000		54,905,510
Uranium One, Inc. (a)	400,000		1,106,223
Valero Energy Corp.	300,000		5,952,000
			653,506,651
TOTAL ENERGY			665,754,151
FINANCIALS - 30.0%
Capital Markets - 1.0%
Goldman Sachs Group, Inc.	100,000		12,850,000
IGM Financial, Inc.	300,000		8,942,803
T. Rowe Price Group, Inc.	100,000		3,852,000
			25,644,803
Commercial Banks - 19.8%
Bank of Montreal (d)	1,609,300		53,272,449
Bank of Nova Scotia	2,600,000		73,952,650
Canadian Imperial Bank of Commerce	1,784,600		80,118,183
Royal Bank of Canada	4,140,000		146,760,529
Toronto-Dominion Bank	3,565,000		140,717,788
Wells Fargo & Co.	300,000		6,003,000
			500,824,599
Diversified Financial Services - 0.3%
Onex Corp. (sub. vtg.)	250,000		4,035,198
TMX Group, Inc.	145,000		3,899,476
			7,934,674
Insurance - 7.6%
Fairfax Financial Holdings Ltd.	30,800		8,146,223
ING Canada, Inc.	441,100		12,775,542
Manulife Financial Corp.	5,700,000		97,065,996
Power Corp. of Canada (sub. vtg.)	1,500,000		28,045,255
Sun Life Financial, Inc.	2,000,000		46,763,042
			192,796,058
Real Estate Investment Trusts - 0.2%
RioCan (REIT)	350,000		4,012,571
Real Estate Management & Development - 1.1%
Brookfield Asset Management, Inc. Class A (d)	1,850,000		28,341,085
TOTAL FINANCIALS			759,553,790
HEALTH CARE - 0.4%
Pharmaceuticals - 0.4%
Allergan, Inc.	200,000		9,332,000
INDUSTRIALS - 6.2%
Aerospace & Defense - 0.9%
Bombardier, Inc. Class B (sub. vtg.)	4,100,000		12,988,058
United Technologies Corp.	200,000		9,768,000
			22,756,058
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Air Freight & Logistics - 0.3%
United Parcel Service, Inc. Class B	130,000		$ 6,804,200
Airlines - 0.0%
WestJet Airlines Ltd. (a)	100,000		978,839
Construction & Engineering - 0.2%
SNC-Lavalin Group, Inc.	165,000		4,805,154
Industrial Conglomerates - 0.2%
Textron, Inc.	500,000		5,365,000
Road & Rail - 4.6%
Canadian National Railway Co.	2,420,000		97,834,318
Canadian Pacific Railway Ltd.	550,000		19,681,542
			117,515,860
TOTAL INDUSTRIALS			158,225,111
INFORMATION TECHNOLOGY - 6.2%
Communications Equipment - 4.3%
Research In Motion Ltd. (a)	1,570,000		109,115,007
Computers & Peripherals - 0.6%
Apple, Inc. (a)	100,000		12,583,000
Hewlett-Packard Co.	80,000		2,878,400
			15,461,400
Internet Software & Services - 0.4%
Google, Inc. Class A (sub. vtg.) (a)	15,000		5,939,550
Open Text Corp. (a)	100,000		3,293,526
			9,233,076
IT Services - 0.9%
CGI Group, Inc. Class A (sub. vtg.) (a)	2,190,000		19,417,725
MasterCard, Inc. Class A	25,000		4,586,250
			24,003,975
TOTAL INFORMATION TECHNOLOGY			157,813,458
MATERIALS - 14.9%
Chemicals - 4.2%
Agrium, Inc.	460,000		19,737,691
Monsanto Co.	130,000		11,035,700
Potash Corp. of Saskatchewan, Inc.	880,000		75,591,871
			106,365,262
Metals & Mining - 10.7%
Agnico-Eagle Mines Ltd. (Canada)	524,700		23,195,412
Barrick Gold Corp.	2,500,000		72,386,340
First Quantum Minerals Ltd.	600,000		23,205,531
Freeport-McMoRan Copper & Gold, Inc. Class B	300,000		12,795,000
Goldcorp, Inc.	2,400,000		65,609,051
Kinross Gold Corp.	2,250,000		34,676,304

	Shares		Value
Teck Resources Ltd. Class B (sub. vtg.)	1,800,000		$ 18,901,320
Yamana Gold, Inc.	2,700,000		21,179,133
			271,948,091
TOTAL MATERIALS			378,313,353
TELECOMMUNICATION SERVICES - 5.4%
Diversified Telecommunication Services - 3.2%
BCE, Inc.	3,150,000		67,342,552
TELUS Corp.	550,000		13,435,994
			80,778,546
Wireless Telecommunication Services - 2.2%
Rogers Communications, Inc. Class B (non-vtg.)	2,300,000		56,514,561
TOTAL TELECOMMUNICATION SERVICES			137,293,107
UTILITIES - 0.8%
Electric Utilities - 0.5%
Fortis, Inc.	650,000		12,065,787
Multi-Utilities - 0.3%
Canadian Utilities Ltd. Class A (non-vtg.)	175,000		5,059,711
CMS Energy Corp.	350,000		4,207,000
			9,266,711
TOTAL UTILITIES			21,332,498
TOTAL COMMON STOCKS (Cost $2,494,703,575)		2,428,785,725
Money Market Funds - 7.8%

Fidelity Cash Central Fund, 0.53% (b)	120,208,316		120,208,316
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	76,120,510		76,120,510
TOTAL MONEY MARKET FUNDS (Cost $196,328,826)		196,328,826
TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $2,691,032,401)			2,625,114,551
NET OTHER ASSETS - (3.6)%			(91,010,720)
NET ASSETS - 100%		$ 2,534,103,831

Legend

(a) Non-income producing

(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	$ 459,338
Fidelity Securities Lending Cash Central Fund	1,636,068
Total	$ 2,095,406

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 2,625,114,551	$ 2,625,114,551	$ -	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $109,618,723 all of which will expire on October 31, 2016.

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

Semiannual Report

Canada

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $73,451,097) - See accompanying schedule: Unaffiliated issuers (cost $2,494,703,575)	$ 2,428,785,725
Fidelity Central Funds (cost $196,328,826)	196,328,826
Total Investments (cost $2,691,032,401)		$ 2,625,114,551
Cash		53,614
Foreign currency held at value (cost $2,369,563)		2,391,974
Receivable for investments sold		50,734,820
Receivable for fund shares sold		3,900,379
Dividends receivable		2,756,874
Distributions receivable from Fidelity Central Funds		340,896
Prepaid expenses		23,549
Other receivables		106,316
Total assets		2,685,422,973

Liabilities
Payable for investments purchased	$ 70,472,381
Payable for fund shares redeemed	2,193,795
Accrued management fee	1,741,706
Distribution fees payable	30,554
Other affiliated payables	706,581
Other payables and accrued expenses	53,615
Collateral on securities loaned, at value	76,120,510
Total liabilities		151,319,142

Net Assets		$ 2,534,103,831
Net Assets consist of:
Paid in capital		$ 3,226,019,081
Undistributed net investment income		10,884,860
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(636,770,940)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(66,029,170)
Net Assets		$ 2,534,103,831

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($49,633,665 ÷ 1,371,928 shares)		$ 36.18

Maximum offering price per share (100/94.25 of $36.18)		$ 38.39
Class T: Net Asset Value and redemption price per share ($12,671,791 ÷ 350,802 shares)		$ 36.12

Maximum offering price per share (100/96.50 of $36.12)		$ 37.43
Class B: Net Asset Value and offering price per share ($5,192,935 ÷ 144,831 shares)^A		$ 35.86

Class C: Net Asset Value and offering price per share ($14,127,392 ÷ 394,716 shares)^A		$ 35.79

Canada: Net Asset Value, offering price and redemption price per share ($2,443,638,891 ÷ 67,305,447 shares)		$ 36.31

Institutional Class: Net Asset Value, offering price and redemption price per share ($8,839,157 ÷ 243,824 shares)		$ 36.25

^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, 2009 (Unaudited)
Investment Income
Dividends		$ 36,549,762
Interest		372
Income from Fidelity Central Funds (including $1,636,068 from security lending)		2,095,406
		38,645,540
Less foreign taxes withheld		(5,246,944)
Total income		33,398,596

Expenses
Management fee Basic fee	$ 8,616,003
Performance adjustment	1,809,169
Transfer agent fees	3,683,365
Distribution fees	182,184
Accounting and security lending fees	530,175
Custodian fees and expenses	102,237
Independent trustees' compensation	9,320
Registration fees	88,754
Audit	36,932
Legal	7,760
Miscellaneous	26,678
Total expenses before reductions	15,092,577
Expense reductions	(374,012)	14,718,565
Net investment income (loss)		18,680,031
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(466,460,292)
Foreign currency transactions	(141,616)
Total net realized gain (loss)		(466,601,908)
Change in net unrealized appreciation (depreciation) on: Investment securities	275,752,885
Assets and liabilities in foreign currencies	(77,886)
Total change in net unrealized appreciation (depreciation)		275,674,999
Net gain (loss)		(190,926,909)
Net increase (decrease) in net assets resulting from operations		$ (172,246,878)

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 18,680,031	$ 46,066,725
Net realized gain (loss)	(466,601,908)	(175,687,217)
Change in net unrealized appreciation (depreciation)	275,674,999	(2,181,002,870)
Net increase (decrease) in net assets resulting from operations	(172,246,878)	(2,310,623,362)
Distributions to shareholders from net investment income	(10,179,809)	(28,915,979)
Distributions to shareholders from net realized gain	-	(235,022,630)
Total distributions	(10,179,809)	(263,938,609)
Share transactions - net increase (decrease)	(162,496,913)	507,012,286
Redemption fees	324,476	3,308,433
Total increase (decrease) in net assets	(344,599,124)	(2,064,241,252)

Net Assets
Beginning of period	2,878,702,955	4,942,944,207
End of period (including undistributed net investment income of $10,884,860 and undistributed net investment income of $26,382,786, respectively)	$ 2,534,103,831	$ 2,878,702,955

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 38.20	$ 70.16	$ 54.00
Income from Investment Operations
Net investment income (loss) ^E	.22	.39	.19
Net realized and unrealized gain (loss)	(2.17)	(28.71)	15.96
Total from investment operations	(1.95)	(28.32)	16.15
Distributions from net investment income	(.07)	(.41)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	(.07)	(3.68)	-
Redemption fees added to paid in capital ^E	- ^J	.04	.01
Net asset value, end of period	$ 36.18	$ 38.20	$ 70.16
Total Return ^{B, C, D}	(5.07)%	(42.23)%	29.93%
Ratios to Average Net Asset ^{F, I}
Expenses before reductions	1.49% ^A	1.34%	1.23% ^A
Expenses net of fee waivers, if any	1.49% ^A	1.34%	1.23% ^A
Expenses net of all reductions	1.46% ^A	1.31%	1.22% ^A
Net investment income (loss)	1.33% ^A	.69%	.63% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 49,634	$ 56,242	$ 20,912
Portfolio turnover rate ^G	109% ^A	63%	42%

^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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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.

Financial Highlights - Class T

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 38.10	$ 70.09	$ 54.00
Income from Investment Operations
Net investment income (loss) ^E	.18	.23	.09
Net realized and unrealized gain (loss)	(2.16)	(28.66)	15.99
Total from investment operations	(1.98)	(28.43)	16.08
Distributions from net investment income	-	(.33)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	-	(3.60)	-
Redemption fees added to paid in capital ^E	- ^J	.04	.01
Net asset value, end of period	$ 36.12	$ 38.10	$ 70.09
Total Return ^{B, C, D}	(5.20)%	(42.40)%	29.80%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.73% ^A	1.63%	1.48% ^A
Expenses net of fee waivers, if any	1.73% ^A	1.63%	1.48% ^A
Expenses net of all reductions	1.70% ^A	1.60%	1.47% ^A
Net investment income (loss)	1.08% ^A	.40%	.30% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 12,672	$ 14,963	$ 14,522
Portfolio turnover rate ^G	109% ^A	63%	42%

^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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.91	$ 69.88	$ 54.00
Income from Investment Operations
Net investment income (loss) ^E	.10	(.06)	(.06)
Net realized and unrealized gain (loss)	(2.15)	(28.54)	15.93
Total from investment operations	(2.05)	(28.60)	15.87
Distributions from net investment income	-	(.14)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	-	(3.41)	-
Redemption fees added to paid in capital ^E	- ^J	.04	.01
Net asset value, end of period	$ 35.86	$ 37.91	$ 69.88
Total Return ^{B, C, D}	(5.41)%	(42.68)%	29.41%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.23% ^A	2.13%	2.00% ^A
Expenses net of fee waivers, if any	2.23% ^A	2.13%	2.00% ^A
Expenses net of all reductions	2.20% ^A	2.10%	1.99% ^A
Net investment income (loss)	.59% ^A	(.10)%	(.21)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 5,193	$ 5,615	$ 4,078
Portfolio turnover rate ^G	109% ^A	63%	42%

^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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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.

Financial Highlights - Class C

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.84	$ 69.91	$ 54.00
Income from Investment Operations
Net investment income (loss) ^E	.10	(.05)	(.04)
Net realized and unrealized gain (loss)	(2.15)	(28.52)	15.94
Total from investment operations	(2.05)	(28.57)	15.90
Distributions from net investment income	-	(.27)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	-	(3.54)	-
Redemption fees added to paid in capital ^E	- ^J	.04	.01
Net asset value, end of period	$ 35.79	$ 37.84	$ 69.91
Total Return ^{B, C, D}	(5.42)%	(42.69)%	29.46%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.22% ^A	2.13%	1.99% ^A
Expenses net of fee waivers, if any	2.22% ^A	2.13%	1.99% ^A
Expenses net of all reductions	2.19% ^A	2.10%	1.97% ^A
Net investment income (loss)	.59% ^A	(.10)%	(.15)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 14,127	$ 16,716	$ 8,752
Portfolio turnover rate ^G	109% ^A	63%	42%

^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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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 - Canada

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 38.37	$ 70.25	$ 49.48	$ 39.14	$ 31.87	$ 25.13
Income from Investment Operations
Net investment income (loss) ^D	.26	.58	.52	.34	.20	.10
Net realized and unrealized gain (loss)	(2.18)	(28.83)	21.62	10.15	7.12	6.74
Total from investment operations	(1.92)	(28.25)	22.14	10.49	7.32	6.84
Distributions from net investment income	(.14)	(.40)	(.36)	(.16)	(.08)	(.13)
Distributions from net realized gain	-	(3.27)	(1.03)	(.01)	-	-
Total distributions	(.14)	(3.67)	(1.39)	(.17)	(.08)	(.13)
Redemption fees added to paid in capital ^D	- ^H	.04	.02	.02	.03	.03
Net asset value, end of period	$ 36.31	$ 38.37	$ 70.25	$ 49.48	$ 39.14	$ 31.87
Total Return ^{B, C}	(4.94)%	(42.06)%	46.03%	26.93%	23.11%	27.45%
Ratios to Average Net Assets ^{E, G}
Expenses before reductions	1.24% ^A	1.03%	.96%	1.00%	1.08%	1.20%
Expenses net of fee waivers, if any	1.24% ^A	1.03%	.96%	1.00%	1.08%	1.20%
Expenses net of all reductions	1.21% ^A	1.00%	94%	97%	1.04%	1.15%
Net investment income (loss)	1.57% ^A	1.00%	.94%	.74%	.55%	.34%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,443,639	$ 2,776,298	$ 4,890,617	$ 3,136,927	$ 1,722,516	$ 413,319
Portfolio turnover rate ^F	109% ^A	63%	42%	50%	24%	47%
^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.

Financial Highlights - Institutional Class

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 38.31	$ 70.25	$ 54.00
Income from Investment Operations
Net investment income (loss) ^D	.27	.52	.25
Net realized and unrealized gain (loss)	(2.19)	(28.78)	15.99
Total from investment operations	(1.92)	(28.26)	16.24
Distributions from net investment income	(.14)	(.45)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	(.14)	(3.72)	-
Redemption fees added to paid in capital ^D	- ^I	.04	.01
Net asset value, end of period	$ 36.25	$ 38.31	$ 70.25
Total Return ^{B, C}	(4.95)%	(42.11)%	30.09%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	1.21% ^A	1.11%	1.01% ^A
Expenses net of fee waivers, if any	1.21% ^A	1.11%	1.01% ^A
Expenses net of all reductions	1.18% ^A	1.08%	.99% ^A
Net investment income (loss)	1.61% ^A	.92%	.83% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 8,839	$ 8,870	$ 4,064
Portfolio turnover rate ^F	109% ^A	63%	42%

^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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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

Canada

Notes to Financial Statements

For the period ended April 30, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Semiannual Report

Canada

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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 distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Unrealized appreciation	$ 305,646,744
Unrealized depreciation	(453,640,637)
Net unrealized appreciation (depreciation)	$ (147,993,893)
Cost for federal income tax purposes	$ 2,773,108,444

Semiannual Report

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,274,194,668 and $1,490,225,713, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Canada as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .87% of the Fund's average net assets.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	0%	.25%	$ 59,317	$ 1,452
Class T	.25%	.25%	31,200	448
Class B	.75%	.25%	24,273	18,255
Class C	.75%	.25%	67,394	33,415
			$ 182,184	$ 53,570

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

	Retained by FDC
Class A	$ 13,936
Class T	2,962
Class B*	9,254
Class C*	6,725
	$ 32,877

* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Semiannual Report

Canada

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 71,268	.30
Class T	18,489	.30
Class B	7,138	.29
Class C	19,243	.29
Canada	3,556,257	.31
Institutional Class	10,970	.27
	$ 3,683,365

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $7,769 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.

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 $373,776 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 $236.

Semiannual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Class A	$ 107,706	$ 171,586
Class T	-	73,859
Class B	-	8,835
Class C	-	45,389
Canada	10,039,163	28,579,259
Institutional Class	32,940	37,051
Total	$ 10,179,809	$ 28,915,979
From net realized gain
Class A	$ -	$ 1,361,853
Class T	-	736,334
Class B	-	209,359
Class C	-	549,710
Canada	-	231,896,136
Institutional Class	-	269,238
Total	$ -	$ 235,022,630

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
Class A
Shares sold	225,047	1,623,645	$ 7,625,539	$ 96,358,055
Reinvestment of distributions	3,241	24,107	102,530	1,454,159
Shares redeemed	(328,770)	(473,393)	(10,668,743)	(24,545,534)
Net increase (decrease)	(100,482)	1,174,359	$ (2,940,674)	$ 73,266,680
Class T
Shares sold	66,538	281,102	$ 2,229,602	$ 16,813,582
Reinvestment of distributions	-	13,222	-	797,422
Shares redeemed	(108,495)	(108,759)	(3,493,084)	(5,550,777)
Net increase (decrease)	(41,957)	185,565	$ (1,263,482)	$ 12,060,227
Class B
Shares sold	25,389	143,582	$ 847,819	$ 8,590,562
Reinvestment of distributions	-	2,917	-	175,839
Shares redeemed	(28,668)	(56,743)	(939,147)	(3,089,676)
Net increase (decrease)	(3,279)	89,756	$ (91,328)	$ 5,676,725
Class C
Shares sold	75,430	454,502	$ 2,424,990	$ 27,139,418
Reinvestment of distributions	-	8,472	-	509,854
Shares redeemed	(122,470)	(146,400)	(4,002,089)	(7,449,898)
Net increase (decrease)	(47,040)	316,574	$ (1,577,099)	$ 20,199,374
Canada
Shares sold	6,805,275	34,673,241	$ 232,011,641	$ 2,070,491,480
Reinvestment of distributions	306,492	3,970,249	9,628,844	239,922,156
Shares redeemed	(12,161,010)	(35,906,020)	(398,811,969)	(1,927,559,508)
Net increase (decrease)	(5,049,243)	2,737,470	$ (157,171,484)	$ 382,854,128
Institutional Class
Shares sold	84,701	377,605	$ 2,874,667	$ 22,481,855
Reinvestment of distributions	737	4,721	23,131	285,066
Shares redeemed	(73,168)	(208,616)	(2,350,644)	(9,811,769)
Net increase (decrease)	12,270	173,710	$ 547,154	$ 12,955,152

Semiannual Report

Canada

Notes to Financial Statements (Unaudited) - continued

12. Other.

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

Fidelity Investment Japan Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

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 Bank of New York Mellon
New York, New York

ACAN-USAN-0609
1.843167.101

fid466

Fidelity Advisor
Canada Fund
Institutional Class

Semiannual Report

April 30, 2009

Institutional Class is a class of
Fidelity® Canada Fund

(2_fidelity_logos) (Registered_Trademark)

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 http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

Canada

Shareholder Expense Example

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.49%
Actual		$ 1,000.00	$ 949.30	$ 7.20
Hypothetical^A		$ 1,000.00	$ 1,017.41	$ 7.45
Class T	1.73%
Actual		$ 1,000.00	$ 948.00	$ 8.36
Hypothetical^A		$ 1,000.00	$ 1,016.22	$ 8.65
Class B	2.23%
Actual		$ 1,000.00	$ 945.90	$ 10.76
Hypothetical^A		$ 1,000.00	$ 1,013.74	$ 11.13
Class C	2.22%
Actual		$ 1,000.00	$ 945.80	$ 10.71
Hypothetical^A		$ 1,000.00	$ 1,013.79	$ 11.08
Canada	1.24%
Actual		$ 1,000.00	$ 950.60	$ 6.00
Hypothetical^A		$ 1,000.00	$ 1,018.65	$ 6.21
Institutional Class	1.21%
Actual		$ 1,000.00	$ 950.50	$ 5.85
Hypothetical^A		$ 1,000.00	$ 1,018.79	$ 6.06

^A 5% return per year before expenses

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

Semiannual Report

Canada

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Canada	89.1%
	United States of America	10.4%
	Netherlands Antilles	0.5%

fid839

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

As of October 31, 2008
	Canada	92.8%
	United States of America	7.2%

fid843

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	95.8	98.5
Short-Term Investments and Net Other Assets	4.2	1.5
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Royal Bank of Canada (Commercial Banks)	5.8	6.5
Toronto-Dominion Bank (Commercial Banks)	5.6	6.2
Research In Motion Ltd. (Communications Equipment)	4.3	3.4
Canadian National Railway Co. (Road & Rail)	3.8	4.3
Manulife Financial Corp. (Insurance)	3.8	3.3
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)	3.8	5.2
EnCana Corp. (Oil, Gas & Consumable Fuels)	3.6	6.2
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)	3.4	2.5
Canadian Imperial Bank of Commerce (Commercial Banks)	3.2	1.2
Potash Corp. of Saskatchewan, Inc. (Chemicals)	3.0	3.5
	40.3
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	30.0	27.8
Energy	26.3	28.8
Materials	14.9	11.3
Industrials	6.2	7.7
Information Technology	6.2	5.3
Telecommunication Services	5.4	7.0
Consumer Staples	3.3	5.7
Consumer Discretionary	2.3	3.1
Utilities	0.8	0.4
Health Care	0.4	1.4

Semiannual Report

Canada

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares		Value
CONSUMER DISCRETIONARY - 2.3%
Distributors - 0.1%
Uni-Select, Inc.	100,000		$ 2,325,581
Hotels, Restaurants & Leisure - 0.4%
Tim Hortons, Inc.	400,000		9,716,000
Media - 1.2%
Astral Media, Inc. Class A (non-vtg.)	290,000		7,660,423
Corus Entertainment, Inc. Class B (non-vtg.) (d)	400,000		5,329,981
Quebecor, Inc. Class B (sub. vtg.)	150,000		1,935,889
Shaw Communications, Inc. Class B	500,000		7,751,938
Thomson Reuters Corp.	300,000		8,422,376
Yellow Pages Income Fund (d)	100,000		476,011
			31,576,618
Specialty Retail - 0.6%
AutoZone, Inc. (a)	70,000		11,647,300
PetSmart, Inc.	100,000		2,288,000
			13,935,300
TOTAL CONSUMER DISCRETIONARY			57,553,499
CONSUMER STAPLES - 3.3%
Food & Staples Retailing - 3.2%
George Weston Ltd.	130,000		6,452,881
Loblaw Companies Ltd.	500,000		13,471,611
Metro, Inc. Class A (sub. vtg.)	990,000		30,697,674
Shoppers Drug Mart Corp.	850,000		30,737,482
			81,359,648
Food Products - 0.1%
Viterra, Inc. (a)	309,300		2,255,110
TOTAL CONSUMER STAPLES			83,614,758
ENERGY - 26.3%
Energy Equipment & Services - 0.5%
Schlumberger Ltd. (NY Shares)	250,000		12,247,500
Oil, Gas & Consumable Fuels - 25.8%
ARC Energy Trust unit	200,000		2,597,947
Cameco Corp.	1,450,000		33,295,621
Canadian Natural Resources Ltd.	2,070,000		95,429,038
Canadian Oil Sands Trust	200,000		4,129,897
Enbridge, Inc.	1,208,900		37,333,304
EnCana Corp.	2,000,000		91,665,619
Enerplus Resources Fund Series G	200,000		3,814,792
Hess Corp.	210,000		11,505,900
Husky Energy, Inc.	600,000		14,536,769
Imperial Oil Ltd.	900,000		32,168,448
Keyera Facilities Income Fund	1,050,000		13,577,624
Nexen, Inc.	2,350,000		44,745,024
Niko Resources Ltd.	140,000		7,085,355
Occidental Petroleum Corp.	150,000		8,443,500
Petro-Canada	1,470,000		46,394,469

	Shares		Value
Petrobank Energy & Resources Ltd. (a)	250,000		$ 5,373,979
Suncor Energy, Inc.	3,450,000		86,824,639
Talisman Energy, Inc.	4,200,000		52,620,993
TransCanada Corp.	2,200,000		54,905,510
Uranium One, Inc. (a)	400,000		1,106,223
Valero Energy Corp.	300,000		5,952,000
			653,506,651
TOTAL ENERGY			665,754,151
FINANCIALS - 30.0%
Capital Markets - 1.0%
Goldman Sachs Group, Inc.	100,000		12,850,000
IGM Financial, Inc.	300,000		8,942,803
T. Rowe Price Group, Inc.	100,000		3,852,000
			25,644,803
Commercial Banks - 19.8%
Bank of Montreal (d)	1,609,300		53,272,449
Bank of Nova Scotia	2,600,000		73,952,650
Canadian Imperial Bank of Commerce	1,784,600		80,118,183
Royal Bank of Canada	4,140,000		146,760,529
Toronto-Dominion Bank	3,565,000		140,717,788
Wells Fargo & Co.	300,000		6,003,000
			500,824,599
Diversified Financial Services - 0.3%
Onex Corp. (sub. vtg.)	250,000		4,035,198
TMX Group, Inc.	145,000		3,899,476
			7,934,674
Insurance - 7.6%
Fairfax Financial Holdings Ltd.	30,800		8,146,223
ING Canada, Inc.	441,100		12,775,542
Manulife Financial Corp.	5,700,000		97,065,996
Power Corp. of Canada (sub. vtg.)	1,500,000		28,045,255
Sun Life Financial, Inc.	2,000,000		46,763,042
			192,796,058
Real Estate Investment Trusts - 0.2%
RioCan (REIT)	350,000		4,012,571
Real Estate Management & Development - 1.1%
Brookfield Asset Management, Inc. Class A (d)	1,850,000		28,341,085
TOTAL FINANCIALS			759,553,790
HEALTH CARE - 0.4%
Pharmaceuticals - 0.4%
Allergan, Inc.	200,000		9,332,000
INDUSTRIALS - 6.2%
Aerospace & Defense - 0.9%
Bombardier, Inc. Class B (sub. vtg.)	4,100,000		12,988,058
United Technologies Corp.	200,000		9,768,000
			22,756,058
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Air Freight & Logistics - 0.3%
United Parcel Service, Inc. Class B	130,000		$ 6,804,200
Airlines - 0.0%
WestJet Airlines Ltd. (a)	100,000		978,839
Construction & Engineering - 0.2%
SNC-Lavalin Group, Inc.	165,000		4,805,154
Industrial Conglomerates - 0.2%
Textron, Inc.	500,000		5,365,000
Road & Rail - 4.6%
Canadian National Railway Co.	2,420,000		97,834,318
Canadian Pacific Railway Ltd.	550,000		19,681,542
			117,515,860
TOTAL INDUSTRIALS			158,225,111
INFORMATION TECHNOLOGY - 6.2%
Communications Equipment - 4.3%
Research In Motion Ltd. (a)	1,570,000		109,115,007
Computers & Peripherals - 0.6%
Apple, Inc. (a)	100,000		12,583,000
Hewlett-Packard Co.	80,000		2,878,400
			15,461,400
Internet Software & Services - 0.4%
Google, Inc. Class A (sub. vtg.) (a)	15,000		5,939,550
Open Text Corp. (a)	100,000		3,293,526
			9,233,076
IT Services - 0.9%
CGI Group, Inc. Class A (sub. vtg.) (a)	2,190,000		19,417,725
MasterCard, Inc. Class A	25,000		4,586,250
			24,003,975
TOTAL INFORMATION TECHNOLOGY			157,813,458
MATERIALS - 14.9%
Chemicals - 4.2%
Agrium, Inc.	460,000		19,737,691
Monsanto Co.	130,000		11,035,700
Potash Corp. of Saskatchewan, Inc.	880,000		75,591,871
			106,365,262
Metals & Mining - 10.7%
Agnico-Eagle Mines Ltd. (Canada)	524,700		23,195,412
Barrick Gold Corp.	2,500,000		72,386,340
First Quantum Minerals Ltd.	600,000		23,205,531
Freeport-McMoRan Copper & Gold, Inc. Class B	300,000		12,795,000
Goldcorp, Inc.	2,400,000		65,609,051
Kinross Gold Corp.	2,250,000		34,676,304

	Shares		Value
Teck Resources Ltd. Class B (sub. vtg.)	1,800,000		$ 18,901,320
Yamana Gold, Inc.	2,700,000		21,179,133
			271,948,091
TOTAL MATERIALS			378,313,353
TELECOMMUNICATION SERVICES - 5.4%
Diversified Telecommunication Services - 3.2%
BCE, Inc.	3,150,000		67,342,552
TELUS Corp.	550,000		13,435,994
			80,778,546
Wireless Telecommunication Services - 2.2%
Rogers Communications, Inc. Class B (non-vtg.)	2,300,000		56,514,561
TOTAL TELECOMMUNICATION SERVICES			137,293,107
UTILITIES - 0.8%
Electric Utilities - 0.5%
Fortis, Inc.	650,000		12,065,787
Multi-Utilities - 0.3%
Canadian Utilities Ltd. Class A (non-vtg.)	175,000		5,059,711
CMS Energy Corp.	350,000		4,207,000
			9,266,711
TOTAL UTILITIES			21,332,498
TOTAL COMMON STOCKS (Cost $2,494,703,575)		2,428,785,725
Money Market Funds - 7.8%

Fidelity Cash Central Fund, 0.53% (b)	120,208,316		120,208,316
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	76,120,510		76,120,510
TOTAL MONEY MARKET FUNDS (Cost $196,328,826)		196,328,826
TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $2,691,032,401)			2,625,114,551
NET OTHER ASSETS - (3.6)%			(91,010,720)
NET ASSETS - 100%		$ 2,534,103,831

Legend

(a) Non-income producing

(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	$ 459,338
Fidelity Securities Lending Cash Central Fund	1,636,068
Total	$ 2,095,406

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 2,625,114,551	$ 2,625,114,551	$ -	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $109,618,723 all of which will expire on October 31, 2016.

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

Semiannual Report

Canada

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $73,451,097) - See accompanying schedule: Unaffiliated issuers (cost $2,494,703,575)	$ 2,428,785,725
Fidelity Central Funds (cost $196,328,826)	196,328,826
Total Investments (cost $2,691,032,401)		$ 2,625,114,551
Cash		53,614
Foreign currency held at value (cost $2,369,563)		2,391,974
Receivable for investments sold		50,734,820
Receivable for fund shares sold		3,900,379
Dividends receivable		2,756,874
Distributions receivable from Fidelity Central Funds		340,896
Prepaid expenses		23,549
Other receivables		106,316
Total assets		2,685,422,973

Liabilities
Payable for investments purchased	$ 70,472,381
Payable for fund shares redeemed	2,193,795
Accrued management fee	1,741,706
Distribution fees payable	30,554
Other affiliated payables	706,581
Other payables and accrued expenses	53,615
Collateral on securities loaned, at value	76,120,510
Total liabilities		151,319,142

Net Assets		$ 2,534,103,831
Net Assets consist of:
Paid in capital		$ 3,226,019,081
Undistributed net investment income		10,884,860
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(636,770,940)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(66,029,170)
Net Assets		$ 2,534,103,831

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($49,633,665 ÷ 1,371,928 shares)		$ 36.18

Maximum offering price per share (100/94.25 of $36.18)		$ 38.39
Class T: Net Asset Value and redemption price per share ($12,671,791 ÷ 350,802 shares)		$ 36.12

Maximum offering price per share (100/96.50 of $36.12)		$ 37.43
Class B: Net Asset Value and offering price per share ($5,192,935 ÷ 144,831 shares)^A		$ 35.86

Class C: Net Asset Value and offering price per share ($14,127,392 ÷ 394,716 shares)^A		$ 35.79

Canada: Net Asset Value, offering price and redemption price per share ($2,443,638,891 ÷ 67,305,447 shares)		$ 36.31

Institutional Class: Net Asset Value, offering price and redemption price per share ($8,839,157 ÷ 243,824 shares)		$ 36.25

^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, 2009 (Unaudited)
Investment Income
Dividends		$ 36,549,762
Interest		372
Income from Fidelity Central Funds (including $1,636,068 from security lending)		2,095,406
		38,645,540
Less foreign taxes withheld		(5,246,944)
Total income		33,398,596

Expenses
Management fee Basic fee	$ 8,616,003
Performance adjustment	1,809,169
Transfer agent fees	3,683,365
Distribution fees	182,184
Accounting and security lending fees	530,175
Custodian fees and expenses	102,237
Independent trustees' compensation	9,320
Registration fees	88,754
Audit	36,932
Legal	7,760
Miscellaneous	26,678
Total expenses before reductions	15,092,577
Expense reductions	(374,012)	14,718,565
Net investment income (loss)		18,680,031
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(466,460,292)
Foreign currency transactions	(141,616)
Total net realized gain (loss)		(466,601,908)
Change in net unrealized appreciation (depreciation) on: Investment securities	275,752,885
Assets and liabilities in foreign currencies	(77,886)
Total change in net unrealized appreciation (depreciation)		275,674,999
Net gain (loss)		(190,926,909)
Net increase (decrease) in net assets resulting from operations		$ (172,246,878)

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 18,680,031	$ 46,066,725
Net realized gain (loss)	(466,601,908)	(175,687,217)
Change in net unrealized appreciation (depreciation)	275,674,999	(2,181,002,870)
Net increase (decrease) in net assets resulting from operations	(172,246,878)	(2,310,623,362)
Distributions to shareholders from net investment income	(10,179,809)	(28,915,979)
Distributions to shareholders from net realized gain	-	(235,022,630)
Total distributions	(10,179,809)	(263,938,609)
Share transactions - net increase (decrease)	(162,496,913)	507,012,286
Redemption fees	324,476	3,308,433
Total increase (decrease) in net assets	(344,599,124)	(2,064,241,252)

Net Assets
Beginning of period	2,878,702,955	4,942,944,207
End of period (including undistributed net investment income of $10,884,860 and undistributed net investment income of $26,382,786, respectively)	$ 2,534,103,831	$ 2,878,702,955

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 38.20	$ 70.16	$ 54.00
Income from Investment Operations
Net investment income (loss) ^E	.22	.39	.19
Net realized and unrealized gain (loss)	(2.17)	(28.71)	15.96
Total from investment operations	(1.95)	(28.32)	16.15
Distributions from net investment income	(.07)	(.41)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	(.07)	(3.68)	-
Redemption fees added to paid in capital ^E	- ^J	.04	.01
Net asset value, end of period	$ 36.18	$ 38.20	$ 70.16
Total Return ^{B, C, D}	(5.07)%	(42.23)%	29.93%
Ratios to Average Net Asset ^{F, I}
Expenses before reductions	1.49% ^A	1.34%	1.23% ^A
Expenses net of fee waivers, if any	1.49% ^A	1.34%	1.23% ^A
Expenses net of all reductions	1.46% ^A	1.31%	1.22% ^A
Net investment income (loss)	1.33% ^A	.69%	.63% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 49,634	$ 56,242	$ 20,912
Portfolio turnover rate ^G	109% ^A	63%	42%

^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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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.

Financial Highlights - Class T

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 38.10	$ 70.09	$ 54.00
Income from Investment Operations
Net investment income (loss) ^E	.18	.23	.09
Net realized and unrealized gain (loss)	(2.16)	(28.66)	15.99
Total from investment operations	(1.98)	(28.43)	16.08
Distributions from net investment income	-	(.33)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	-	(3.60)	-
Redemption fees added to paid in capital ^E	- ^J	.04	.01
Net asset value, end of period	$ 36.12	$ 38.10	$ 70.09
Total Return ^{B, C, D}	(5.20)%	(42.40)%	29.80%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.73% ^A	1.63%	1.48% ^A
Expenses net of fee waivers, if any	1.73% ^A	1.63%	1.48% ^A
Expenses net of all reductions	1.70% ^A	1.60%	1.47% ^A
Net investment income (loss)	1.08% ^A	.40%	.30% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 12,672	$ 14,963	$ 14,522
Portfolio turnover rate ^G	109% ^A	63%	42%

^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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.91	$ 69.88	$ 54.00
Income from Investment Operations
Net investment income (loss) ^E	.10	(.06)	(.06)
Net realized and unrealized gain (loss)	(2.15)	(28.54)	15.93
Total from investment operations	(2.05)	(28.60)	15.87
Distributions from net investment income	-	(.14)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	-	(3.41)	-
Redemption fees added to paid in capital ^E	- ^J	.04	.01
Net asset value, end of period	$ 35.86	$ 37.91	$ 69.88
Total Return ^{B, C, D}	(5.41)%	(42.68)%	29.41%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.23% ^A	2.13%	2.00% ^A
Expenses net of fee waivers, if any	2.23% ^A	2.13%	2.00% ^A
Expenses net of all reductions	2.20% ^A	2.10%	1.99% ^A
Net investment income (loss)	.59% ^A	(.10)%	(.21)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 5,193	$ 5,615	$ 4,078
Portfolio turnover rate ^G	109% ^A	63%	42%

^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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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.

Financial Highlights - Class C

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.84	$ 69.91	$ 54.00
Income from Investment Operations
Net investment income (loss) ^E	.10	(.05)	(.04)
Net realized and unrealized gain (loss)	(2.15)	(28.52)	15.94
Total from investment operations	(2.05)	(28.57)	15.90
Distributions from net investment income	-	(.27)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	-	(3.54)	-
Redemption fees added to paid in capital ^E	- ^J	.04	.01
Net asset value, end of period	$ 35.79	$ 37.84	$ 69.91
Total Return ^{B, C, D}	(5.42)%	(42.69)%	29.46%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.22% ^A	2.13%	1.99% ^A
Expenses net of fee waivers, if any	2.22% ^A	2.13%	1.99% ^A
Expenses net of all reductions	2.19% ^A	2.10%	1.97% ^A
Net investment income (loss)	.59% ^A	(.10)%	(.15)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 14,127	$ 16,716	$ 8,752
Portfolio turnover rate ^G	109% ^A	63%	42%

^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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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 - Canada

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 38.37	$ 70.25	$ 49.48	$ 39.14	$ 31.87	$ 25.13
Income from Investment Operations
Net investment income (loss) ^D	.26	.58	.52	.34	.20	.10
Net realized and unrealized gain (loss)	(2.18)	(28.83)	21.62	10.15	7.12	6.74
Total from investment operations	(1.92)	(28.25)	22.14	10.49	7.32	6.84
Distributions from net investment income	(.14)	(.40)	(.36)	(.16)	(.08)	(.13)
Distributions from net realized gain	-	(3.27)	(1.03)	(.01)	-	-
Total distributions	(.14)	(3.67)	(1.39)	(.17)	(.08)	(.13)
Redemption fees added to paid in capital ^D	- ^H	.04	.02	.02	.03	.03
Net asset value, end of period	$ 36.31	$ 38.37	$ 70.25	$ 49.48	$ 39.14	$ 31.87
Total Return ^{B, C}	(4.94)%	(42.06)%	46.03%	26.93%	23.11%	27.45%
Ratios to Average Net Assets ^{E, G}
Expenses before reductions	1.24% ^A	1.03%	.96%	1.00%	1.08%	1.20%
Expenses net of fee waivers, if any	1.24% ^A	1.03%	.96%	1.00%	1.08%	1.20%
Expenses net of all reductions	1.21% ^A	1.00%	94%	97%	1.04%	1.15%
Net investment income (loss)	1.57% ^A	1.00%	.94%	.74%	.55%	.34%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,443,639	$ 2,776,298	$ 4,890,617	$ 3,136,927	$ 1,722,516	$ 413,319
Portfolio turnover rate ^F	109% ^A	63%	42%	50%	24%	47%
^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.

Financial Highlights - Institutional Class

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 38.31	$ 70.25	$ 54.00
Income from Investment Operations
Net investment income (loss) ^D	.27	.52	.25
Net realized and unrealized gain (loss)	(2.19)	(28.78)	15.99
Total from investment operations	(1.92)	(28.26)	16.24
Distributions from net investment income	(.14)	(.45)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	(.14)	(3.72)	-
Redemption fees added to paid in capital ^D	- ^I	.04	.01
Net asset value, end of period	$ 36.25	$ 38.31	$ 70.25
Total Return ^{B, C}	(4.95)%	(42.11)%	30.09%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	1.21% ^A	1.11%	1.01% ^A
Expenses net of fee waivers, if any	1.21% ^A	1.11%	1.01% ^A
Expenses net of all reductions	1.18% ^A	1.08%	.99% ^A
Net investment income (loss)	1.61% ^A	.92%	.83% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 8,839	$ 8,870	$ 4,064
Portfolio turnover rate ^F	109% ^A	63%	42%

^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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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

Canada

Notes to Financial Statements

For the period ended April 30, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Semiannual Report

Canada

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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 distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Unrealized appreciation	$ 305,646,744
Unrealized depreciation	(453,640,637)
Net unrealized appreciation (depreciation)	$ (147,993,893)
Cost for federal income tax purposes	$ 2,773,108,444

Semiannual Report

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,274,194,668 and $1,490,225,713, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Canada as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .87% of the Fund's average net assets.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	0%	.25%	$ 59,317	$ 1,452
Class T	.25%	.25%	31,200	448
Class B	.75%	.25%	24,273	18,255
Class C	.75%	.25%	67,394	33,415
			$ 182,184	$ 53,570

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

	Retained by FDC
Class A	$ 13,936
Class T	2,962
Class B*	9,254
Class C*	6,725
	$ 32,877

* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Semiannual Report

Canada

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 71,268	.30
Class T	18,489	.30
Class B	7,138	.29
Class C	19,243	.29
Canada	3,556,257	.31
Institutional Class	10,970	.27
	$ 3,683,365

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $7,769 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.

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 $373,776 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 $236.

Semiannual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Class A	$ 107,706	$ 171,586
Class T	-	73,859
Class B	-	8,835
Class C	-	45,389
Canada	10,039,163	28,579,259
Institutional Class	32,940	37,051
Total	$ 10,179,809	$ 28,915,979
From net realized gain
Class A	$ -	$ 1,361,853
Class T	-	736,334
Class B	-	209,359
Class C	-	549,710
Canada	-	231,896,136
Institutional Class	-	269,238
Total	$ -	$ 235,022,630

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
Class A
Shares sold	225,047	1,623,645	$ 7,625,539	$ 96,358,055
Reinvestment of distributions	3,241	24,107	102,530	1,454,159
Shares redeemed	(328,770)	(473,393)	(10,668,743)	(24,545,534)
Net increase (decrease)	(100,482)	1,174,359	$ (2,940,674)	$ 73,266,680
Class T
Shares sold	66,538	281,102	$ 2,229,602	$ 16,813,582
Reinvestment of distributions	-	13,222	-	797,422
Shares redeemed	(108,495)	(108,759)	(3,493,084)	(5,550,777)
Net increase (decrease)	(41,957)	185,565	$ (1,263,482)	$ 12,060,227
Class B
Shares sold	25,389	143,582	$ 847,819	$ 8,590,562
Reinvestment of distributions	-	2,917	-	175,839
Shares redeemed	(28,668)	(56,743)	(939,147)	(3,089,676)
Net increase (decrease)	(3,279)	89,756	$ (91,328)	$ 5,676,725
Class C
Shares sold	75,430	454,502	$ 2,424,990	$ 27,139,418
Reinvestment of distributions	-	8,472	-	509,854
Shares redeemed	(122,470)	(146,400)	(4,002,089)	(7,449,898)
Net increase (decrease)	(47,040)	316,574	$ (1,577,099)	$ 20,199,374
Canada
Shares sold	6,805,275	34,673,241	$ 232,011,641	$ 2,070,491,480
Reinvestment of distributions	306,492	3,970,249	9,628,844	239,922,156
Shares redeemed	(12,161,010)	(35,906,020)	(398,811,969)	(1,927,559,508)
Net increase (decrease)	(5,049,243)	2,737,470	$ (157,171,484)	$ 382,854,128
Institutional Class
Shares sold	84,701	377,605	$ 2,874,667	$ 22,481,855
Reinvestment of distributions	737	4,721	23,131	285,066
Shares redeemed	(73,168)	(208,616)	(2,350,644)	(9,811,769)
Net increase (decrease)	12,270	173,710	$ 547,154	$ 12,955,152

Semiannual Report

Canada

Notes to Financial Statements (Unaudited) - continued

12. Other.

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

Fidelity Investments Japan Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.

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 Bank of New York Mellon
New York, New York

ACANI-USAN-0609
1.843160.101

fid466

Fidelity Advisor
China Region Fund -
Class A, Class T, Class B, and Class C

Semiannual Report

April 30, 2009

Class A, Class T, Class B, and Class C are
classes of Fidelity® China Region Fund

(2_fidelity_logos) (Registered_Trademark)

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 http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

China Region

Shareholder Expense Example

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.37%
Actual		$ 1,000.00	$ 1,167.80	$ 7.36
Hypothetical ^A		$ 1,000.00	$ 1,018.00	$ 6.85
Class T	1.65%
Actual		$ 1,000.00	$ 1,166.10	$ 8.86
Hypothetical ^A		$ 1,000.00	$ 1,016.61	$ 8.25
Class B	2.14%
Actual		$ 1,000.00	$ 1,163.50	$ 11.48
Hypothetical ^A		$ 1,000.00	$ 1,014.18	$ 10.69
Class C	2.14%
Actual		$ 1,000.00	$ 1,163.10	$ 11.48
Hypothetical ^A		$ 1,000.00	$ 1,014.18	$ 10.69
China Region	1.16%
Actual		$ 1,000.00	$ 1,169.30	$ 6.24
Hypothetical ^A		$ 1,000.00	$ 1,019.04	$ 5.81
Institutional Class	1.13%
Actual		$ 1,000.00	$ 1,168.80	$ 6.08
Hypothetical ^A		$ 1,000.00	$ 1,019.19	$ 5.66

^A 5% return per year before expenses

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

Semiannual Report

China Region

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Hong Kong	34.5%
	China	33.9%
	Taiwan	22.1%
	Cayman Islands	5.4%
	Singapore	3.8%
	United States of America	0.2%
	Bermuda	0.1%

fid866

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

As of October 31, 2008
	Hong Kong	37.0%
	Taiwan	29.4%
	China	24.1%
	United States of America	7.9%
	Cayman Islands	1.4%
	Indonesia	0.2%
	Bermuda	0.0%

fid875

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	99.8	92.1
Short-Term Investments and Net Other Assets	0.2	7.9
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
China Mobile (Hong Kong) Ltd. (Wireless Telecommunication Services)	5.4	8.6
China Life Insurance Co. Ltd. (H Shares) (Insurance)	5.2	3.5
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)	5.1	9.8
Industrial & Commercial Bank of China Ltd. (Commercial Banks)	4.8	5.0
Cheung Kong Holdings Ltd. (Real Estate Management & Development)	4.1	3.2
Bank of China (H Shares) (Commercial Banks)	4.1	0.0
Yuanta Financial Holding Co. Ltd. (Diversified Financial Services)	3.6	0.0
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Electronic Equipment & Components)	3.1	2.4
Hong Kong Exchange & Clearing Ltd. (Diversified Financial Services)	3.0	1.7
Sun Hung Kai Properties Ltd. (Real Estate Management & Development)	2.9	1.2
	41.3
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	46.7	27.7
Information Technology	17.6	21.1
Energy	7.0	8.5
Telecommunication Services	7.0	17.6
Industrials	6.8	3.6
Consumer Discretionary	6.8	1.9
Materials	2.1	2.2
Consumer Staples	1.6	1.5
Utilities	0.4	8.0

Semiannual Report

China Region

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value
CONSUMER DISCRETIONARY - 6.8%
Auto Components - 0.5%
Xinyi Glass Holdings Co. Ltd.	7,414,000		$ 4,603,209
Automobiles - 1.2%
Dongfeng Motor Group Co. Ltd. (H Shares)	13,322,000		9,913,505
Geely Automobile Holdings Ltd.	17,025,000		2,283,910
			12,197,415
Distributors - 0.9%
Li & Fung Ltd.	3,278,000		9,209,256
Household Durables - 0.3%
Techtronic Industries Co. Ltd.	5,535,000		3,273,385
Leisure Equipment & Products - 0.2%
Li Ning Co. Ltd.	946,500		1,936,976
Multiline Retail - 0.8%
Golden Eagle Retail Group Ltd. (H Shares)	4,792,000		3,868,171
New World Department Store China Ltd.	4,351,000		2,439,589
Parkson Retail Group Ltd.	800,000		1,004,692
			7,312,452
Specialty Retail - 1.4%
Esprit Holdings Ltd.	2,198,400		13,470,141
Textiles, Apparel & Luxury Goods - 1.5%
Anta Sports Products Ltd.	6,661,000		5,608,798
China Dongxiang Group Co. Ltd.	13,030,000		6,327,943
Weiqiao Textile Co. Ltd. (H Shares)	8,223,500		3,264,040
			15,200,781
TOTAL CONSUMER DISCRETIONARY			67,203,615
CONSUMER STAPLES - 1.6%
Food & Staples Retailing - 1.2%
Dairy Farm International Holdings Ltd.	2,269,800		12,234,222
Food Products - 0.0%
Want Want China Holdings Ltd.	234,000		116,679
Personal Products - 0.4%
Hengan International Group Co. Ltd.	874,000		3,644,944
TOTAL CONSUMER STAPLES			15,995,845
ENERGY - 7.0%
Oil, Gas & Consumable Fuels - 7.0%
China Petroleum & Chemical Corp. (H Shares)	27,576,000		21,433,267
CNOOC Ltd.	19,852,000		22,161,168
PetroChina Co. Ltd. (H Shares)	29,076,000		25,341,742
			68,936,177
FINANCIALS - 46.7%
Commercial Banks - 15.0%
Bank of China (H Shares)	108,039,000		40,058,212

	Shares		Value
BOC Hong Kong Holdings Ltd.	9,646,000		$ 13,623,837
China Construction Bank Corp. (H Shares)	46,778,000		27,005,799
Chinatrust Financial Holding Co. Ltd.	18,943,000		8,655,416
Hang Seng Bank Ltd.	971,400		10,766,722
Industrial & Commercial Bank of China Ltd.	83,059,000		47,250,779
Wing Hang Bank Ltd.	46,000		271,641
			147,632,406
Diversified Financial Services - 7.4%
China Everbright Ltd.	4,172,000		8,073,484
Hong Kong Exchange & Clearing Ltd.	2,601,000		29,959,309
Yuanta Financial Holding Co. Ltd.	60,359,000		35,287,646
			73,320,439
Insurance - 6.4%
China Life Insurance Co. Ltd. (H Shares)	14,603,000		51,284,484
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	1,846,000		11,403,663
			62,688,147
Real Estate Management & Development - 17.9%
Cheung Kong Holdings Ltd.	3,938,000		40,622,825
China Overseas Land & Investment Ltd.	12,555,920		21,868,837
China Resources Land Ltd.	10,952,000		19,587,270
Farglory Land Development Co. Ltd.	4,761,000		6,103,214
Guangzhou R&F Properties Co. Ltd. (H Shares)	3,350,800		5,387,933
Hang Lung Properties Ltd.	5,650,000		15,869,144
Henderson Land Development Co. Ltd.	1,662,000		7,741,623
Hysan Development Co. Ltd.	992,000		1,801,603
Kerry Properties Ltd.	922,000		2,784,107
New World China Land Ltd.	5,163,200		2,009,529
New World Development Co. Ltd.	3,114,000		4,072,916
Shimao Property Holdings Ltd.	10,605,500		11,778,249
Sino-Ocean Land Holdings Ltd.	11,649,000		8,560,316
Sun Hung Kai Properties Ltd.	2,757,000		28,501,192
			176,688,758
TOTAL FINANCIALS			460,329,750
INDUSTRIALS - 6.8%
Airlines - 0.1%
Air China Ltd. (H Shares)	3,114,000		1,455,451
Construction & Engineering - 0.7%
China Communications Construction Co. Ltd. (H Shares)	2,635,000		3,125,319
China Railway Construction Corp. Ltd. (H Shares) (a)	2,516,500		3,477,227
			6,602,546
Electrical Equipment - 2.2%
China High Speed Transmission Equipment Group Co. Ltd.	5,074,000		9,065,168
Young Fast Optoelectron Co. Ltd.	1,454,000		12,788,276
			21,853,444
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Industrial Conglomerates - 2.6%
Beijing Enterprises Holdings Ltd.	568,500		$ 2,499,122
Far Eastern Textile Ltd.	6,426,000		5,993,114
Hutchison Whampoa Ltd.	2,961,000		17,440,189
			25,932,425
Marine - 0.8%
China Cosco Holdings Co. Ltd. (H Shares)	2,149,000		1,740,410
Shun Tak Holdings Ltd.	14,216,000		6,273,308
			8,013,718
Transportation Infrastructure - 0.4%
China Merchants Holdings International Co. Ltd.	898,000		2,112,334
Cosco Pacific Ltd.	1,540,000		1,461,434
			3,573,768
TOTAL INDUSTRIALS			67,431,352
INFORMATION TECHNOLOGY - 17.6%
Communications Equipment - 0.5%
ZTE Corp. (H Shares)	1,348,820		4,547,395
Computers & Peripherals - 1.8%
Acer, Inc.	7,146,000		13,653,173
HTC Corp.	329,000		4,453,654
			18,106,827
Electronic Equipment & Components - 5.6%
AU Optronics Corp.	5,336,000		5,674,916
BYD Co. Ltd. (H Shares)	807,300		2,120,824
Delta Electronics, Inc.	2,048,000		4,469,025
Hon Hai Precision Industry Co. Ltd. (Foxconn)	10,520,674		30,363,018
Kingboard Chemical Holdings Ltd.	436,500		1,058,134
Kingboard Laminates Holdings Ltd.	7,440,000		2,945,544
Largan Precision Co. Ltd.	1,030,000		8,260,864
			54,892,325
Internet Software & Services - 2.1%
Tencent Holdings Ltd.	2,357,000		20,832,618
Semiconductors & Semiconductor Equipment - 7.3%
MediaTek, Inc.	924,000		9,606,327
Siliconware Precision Industries Co. Ltd.	6,782,000		8,793,879
Taiwan Semiconductor Manufacturing Co. Ltd.	29,608,443		50,087,232
United Microelectronics Corp.	8,894,000		3,358,118
			71,845,556

	Shares		Value
Software - 0.3%
Changyou.com Ltd. (A Shares) ADR	107,430		$ 3,303,473
TOTAL INFORMATION TECHNOLOGY			173,528,194
MATERIALS - 2.1%
Chemicals - 1.1%
Formosa Plastics Corp.	5,317,000		9,364,890
Huabao International Holdings Ltd.	1,205,000		851,758
			10,216,648
Construction Materials - 0.7%
Anhui Conch Cement Co. Ltd. (H Shares) (a)	554,000		3,672,152
China National Building Materials Co. Ltd. (H Shares)	1,540,000		3,218,944
			6,891,096
Paper & Forest Products - 0.3%
Shandong Chenming Paper Holdings Ltd.:
(B Shares)	4,722,500		2,327,720
(H Shares)	2,104,500		973,993
			3,301,713
TOTAL MATERIALS			20,409,457
TELECOMMUNICATION SERVICES - 7.0%
Diversified Telecommunication Services - 1.5%
China Telecom Corp. Ltd. (H Shares)	29,024,000		14,287,561
China Unicom (Hong Kong) Ltd.	1,000		1,159
			14,288,720
Wireless Telecommunication Services - 5.5%
China Mobile (Hong Kong) Ltd.	6,212,500		53,646,379
Hutchison Telecommunications Hong Kong Holdings Ltd.	2,234,000		210,427
Hutchison Telecommunications International Ltd.	2,234,000		406,848
			54,263,654
TOTAL TELECOMMUNICATION SERVICES			68,552,374
UTILITIES - 0.4%
Independent Power Producers & Energy Traders - 0.4%
China Resources Power Holdings Co. Ltd.	1,908,000		4,275,569
TOTAL COMMON STOCKS (Cost $950,646,777)		946,662,333

Government Obligations - 0.5%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.19% to 0.21% 5/14/09 to 5/21/09 (c) (Cost $5,099,424)	$ 5,100,000	5,099,899

Money Market Funds - 3.0%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b) (Cost $29,069,567)	29,069,567		$ 29,069,567
TOTAL INVESTMENT PORTFOLIO - 99.5% (Cost $984,815,768)			980,831,799
NET OTHER ASSETS - 0.5%			5,243,940
NET ASSETS - 100%		$ 986,075,739

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
1,595 MSCI Taiwan Stock Index Contracts (Singapore)	May 2009	$ 37,131,600	$ 3,325,561

The face value of futures purchased as a percentage of net assets - 3.8%

Legend

(a) Non-income producing

(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $4,399,908.

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	$ 188,670
Fidelity Securities Lending Cash Central Fund	70,581
Total	$ 259,251

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 980,831,799	$ 46,934,982	$ 933,686,390	$ 210,427
Other Financial Instruments*	$ 3,325,561	$ 3,325,561	$ -	$ -

*Other financial instruments include Futures Contracts.

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 3,377,416
Total Realized Gain (Loss)	(2,615,311)
Total Unrealized Gain (Loss)	3,181,059
Cost of Purchases	903,606
Proceeds of Sales	(4,636,343)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 210,427

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $148,402,224 all of which will expire on October 31, 2016.

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, 2009 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $955,746,201)	$ 951,762,232
Fidelity Central Funds (cost $29,069,567)	29,069,567
Total Investments (cost $984,815,768)		$ 980,831,799
Foreign currency held at value (cost $5,067)		5,175
Receivable for investments sold		2,352,318
Receivable for fund shares sold		4,354,637
Dividends receivable		1,896,126
Distributions receivable from Fidelity Central Funds		16,861
Receivable for daily variation on futures contracts		3,891,800
Prepaid expenses		6,016
Other receivables		231,144
Total assets		993,585,876

Liabilities
Payable for investments purchased	$ 5,526,050
Payable for fund shares redeemed	1,109,383
Accrued management fee	544,788
Distribution fees payable	1,519
Other affiliated payables	254,513
Other payables and accrued expenses	73,884
Total liabilities		7,510,137

Net Assets		$ 986,075,739
Net Assets consist of:
Paid in capital		$ 1,280,743,745
Undistributed net investment income		428,589
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(294,483,394)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(613,201)
Net Assets		$ 986,075,739

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($1,956,958 ÷ 101,560.1 shares)		$ 19.27

Maximum offering price per share (100/94.25 of $19.27)		$ 20.45
Class T: Net Asset Value and redemption price per share ($765,300 ÷ 39,756.5 shares)		$ 19.25

Maximum offering price per share (100/96.50 of $19.25)		$ 19.95
Class B: Net Asset Value and offering price per share ($494,927 ÷ 25,770.6 shares) ^A		$ 19.21

Class C: Net Asset Value and offering price per share ($1,029,147 ÷ 53,645.3 shares) ^A		$ 19.18


China Region: Net Asset Value, offering price and redemption price per share ($981,297,603 ÷ 50,827,371.5 shares)		$ 19.31

Institutional Class: Net Asset Value, offering price and redemption price per share ($531,804 ÷ 27,549.5 shares)		$ 19.30

^ARedemption 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

Financial Statements - continued

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 6,021,343
Interest		3,039
Income from Fidelity Central Funds (including $70,581 from security lending)		259,251
		6,283,633
Less foreign taxes withheld		(91,131)
Total income		6,192,502

Expenses
Management fee	$ 2,759,937
Transfer agent fees	1,144,320
Distribution fees	4,576
Accounting and security lending fees	186,172
Custodian fees and expenses	266,287
Independent trustees' compensation	2,850
Registration fees	72,616
Audit	37,847
Legal	2,117
Miscellaneous	7,440
Total expenses before reductions	4,484,162
Expense reductions	(376,148)	4,108,014
Net investment income (loss)		2,084,488
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(148,995,318)
Foreign currency transactions	(521,053)
Futures contracts	8,511,070
Total net realized gain (loss)		(141,005,301)
Change in net unrealized appreciation (depreciation) on: Investment securities	269,544,710
Assets and liabilities in foreign currencies	78,938
Futures contracts	3,325,561
Total change in net unrealized appreciation (depreciation)		272,949,209
Net gain (loss)		131,943,908
Net increase (decrease) in net assets resulting from operations		$ 134,028,396

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,084,488	$ 20,232,414
Net realized gain (loss)	(141,005,301)	(151,826,882)
Change in net unrealized appreciation (depreciation)	272,949,209	(900,567,403)
Net increase (decrease) in net assets resulting from operations	134,028,396	(1,032,161,871)
Distributions to shareholders from net investment income	(7,631,813)	(15,794,709)
Distributions to shareholders from net realized gain	-	(223,593,729)
Total distributions	(7,631,813)	(239,388,438)
Share transactions - net increase (decrease)	118,304,742	(34,409,565)
Redemption fees	191,192	2,616,118
Total increase (decrease) in net assets	244,892,517	(1,303,343,756)

Net Assets
Beginning of period	741,183,222	2,044,526,978
End of period (including undistributed net investment income of $428,589 and undistributed net investment income of $6,027,366, respectively)	$ 986,075,739	$ 741,183,222

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 16.67	$ 29.28
Income from Investment Operations
Net investment income (loss) ^E	.03	.28
Net realized and unrealized gain (loss)	2.73	(12.91)
Total from investment operations	2.76	(12.63)
Distributions from net investment income	(.16)	-
Redemption fees added to paid in capital ^E	- ^J	.02
Net asset value, end of period	$ 19.27	$ 16.67
Total Return ^B,C,D	16.78%	(43.07)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.37% ^A	1.44% ^A
Expenses net of fee waivers, if any	1.37% ^A	1.44% ^A
Expenses net of all reductions	1.28% ^A	1.30% ^A
Net investment income (loss)	.33% ^A	2.63% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,957	$ 340
Portfolio turnover rate ^G	153% ^A	133%

^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 May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^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.

Financial Highlights - Class T

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 16.65	$ 29.28
Income from Investment Operations
Net investment income (loss) ^E	- ^J	.26
Net realized and unrealized gain (loss)	2.74	(12.91)
Total from investment operations	2.74	(12.65)
Distributions from net investment income	(.14)	-
Redemption fees added to paid in capital ^E	- ^J	.02
Net asset value, end of period	$ 19.25	$ 16.65
Total Return ^B,C,D	16.61%	(43.14)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.65% ^A	1.68% ^A
Expenses net of fee waivers, if any	1.65% ^A	1.68% ^A
Expenses net of all reductions	1.55% ^A	1.53% ^A
Net investment income (loss)	.05% ^A	2.40% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 765	$ 107
Portfolio turnover rate ^G	153% ^A	133%

^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 May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 16.61	$ 29.28
Income from Investment Operations
Net investment income (loss) ^E	(.04)	.20
Net realized and unrealized gain (loss)	2.74	(12.89)
Total from investment operations	2.70	(12.69)
Distributions from net investment income	(.10)	-
Redemption fees added to paid in capital ^E	- ^J	.02
Net asset value, end of period	$ 19.21	$ 16.61
Total Return ^B,C,D	16.35%	(43.27)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	2.14% ^A	2.17% ^A
Expenses net of fee waivers, if any	2.14% ^A	2.17% ^A
Expenses net of all reductions	2.05% ^A	2.02% ^A
Net investment income (loss)	(.44)% ^A	1.91% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 495	$ 155
Portfolio turnover rate ^G	153% ^A	133%

^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 May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^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.

Financial Highlights - Class C

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 16.61	$ 29.28
Income from Investment Operations
Net investment income (loss) ^E	(.04)	.20
Net realized and unrealized gain (loss)	2.73	(12.89)
Total from investment operations	2.69	(12.69)
Distributions from net investment income	(.12)	-
Redemption fees added to paid in capital ^E	- ^J	.02
Net asset value, end of period	$ 19.18	$ 16.61
Total Return ^B,C,D	16.31%	(43.27)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	2.14% ^A	2.13% ^A
Expenses net of fee waivers, if any	2.14% ^A	2.13% ^A
Expenses net of all reductions	2.04% ^A	1.98% ^A
Net investment income (loss)	(.44)% ^A	1.95% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,029	$ 233
Portfolio turnover rate ^G	153% ^A	133%

^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 May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^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 - China Region

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 16.69	$ 41.52	$ 22.94	$ 17.74	$ 15.88	$ 15.14
Income from Investment Operations
Net investment income (loss) ^D	.04	.39	.46	.42	.36	.25
Net realized and unrealized gain (loss)	2.75	(20.42)	18.58	4.99	1.75	.73
Total from investment operations	2.79	(20.03)	19.04	5.41	2.11	.98
Distributions from net investment income	(.17)	(.32)	(.29)	(.22)	(.26)	(.26)
Distributions from net realized gain	-	(4.53)	(.20)	-	-	-
Total distributions	(.17)	(4.85)	(.49)	(.22)	(.26)	(.26)
Redemption fees added to paid in capital ^D	- ^H	.05	.03	.01	.01	.02
Net asset value, end of period	$ 19.31	$ 16.69	$ 41.52	$ 22.94	$ 17.74	$ 15.88
Total Return ^B,C	16.93%	(53.75)%	84.73%	30.83%	13.44%	6.71%
Ratios to Average Net Assets ^E,G
Expenses before reductions	1.16% ^A	1.11%	1.08%	1.14%	1.16%	1.22%
Expenses net of fee waivers, if any	1.16% ^A	1.11%	1.08%	1.14%	1.16%	1.22%
Expenses net of all reductions	1.06% ^A	.96%	.92%	1.08%	1.12%	1.22%
Net investment income (loss)	.54% ^A	1.45%	1.64%	1.99%	2.04%	1.64%
Supplemental Data
Net assets, end of period (000 omitted)	$ 981,298	$ 740,289	$ 2,044,527	$ 734,793	$ 396,905	$ 296,004
Portfolio turnover rate ^F	153% ^A	133%	173%	36%	44%	101%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D 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.

Financial Highlights - Institutional Class

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 16.70	$ 29.28
Income from Investment Operations
Net investment income (loss) ^D	.05	.34
Net realized and unrealized gain (loss)	2.73	(12.94)
Total from investment operations	2.78	(12.60)
Distributions from net investment income	(.18)	-
Redemption fees added to paid in capital ^D	- ^I	.02
Net asset value, end of period	$ 19.30	$ 16.70
Total Return ^B,C	16.88%	(42.96)%
Ratios to Average Net Assets ^E,H
Expenses before reductions	1.13% ^A	1.05% ^A
Expenses net of fee waivers, if any	1.13% ^A	1.05% ^A
Expenses net of all reductions	1.03% ^A	.91% ^A
Net investment income (loss)	.57% ^A	3.02% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 532	$ 60
Portfolio turnover rate ^F	153% ^A	133%

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

Semiannual Report

China Region

Notes to Financial Statements

For the period ended April 30, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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.

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, if any, is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. 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.

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

Unrealized appreciation	$ 107,245,660
Unrealized depreciation	(119,557,541)
Net unrealized appreciation (depreciation)	$ (12,311,881)
Cost for federal income tax purposes	$ 993,143,680

Semiannual Report

China Region

Notes to Financial Statements (Unaudited) - continued

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $705,222,596 and $561,464,477, respectively.

6. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	0%	.25%	$ 846	$ 132
Class T	.25%	.25%	640	138
Class B	.75%	.25%	1,051	858
Class C	.75%	.25%	2,039	1,266
			$ 4,576	$ 2,394

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	$ 1,875
Class T	1,045
Class B*	9
Class C*	38
	$ 2,967

* 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 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 were as follows:

	Amount	% of Average Net Assets*
Class A	$ 906	.26
Class T	381	.29
Class B	304	.29
Class C	589	.29
China Region	1,141,887	.30
Institutional Class	253	.26
	$ 1,144,320

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $2,296 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. At period end, there were no security loans outstanding. 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.

Semiannual Report

China Region

Notes to Financial Statements (Unaudited) - continued

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of China Region's operating expenses. During the period, this reimbursement reduced the class' expenses by $15,625.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Class A	$ 4,014	$ -
Class T	973	-
Class B	969	-
Class C	1,793	-
China Region	7,623,415	15,794,709
Institutional Class	649	-
Total	$ 7,631,813	$ 15,794,709
From net realized gain
China Region	$ -	$ 223,593,729

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Class A
Shares sold	85,138	30,242	$ 1,466,163	$ 750,104
Reinvestment of distributions	220	-	3,532	-
Shares redeemed	(4,210)	(9,830)	(70,452)	(195,417)
Net increase (decrease)	81,148	20,412	$ 1,399,243	$ 554,687
Class T
Shares sold	33,651	6,603	$ 578,396	$ 171,008
Reinvestment of distributions	61	-	973	-
Shares redeemed	(388)	(170)	(6,048)	(3,942)
Net increase (decrease)	33,324	6,433	$ 573,321	$ 167,066
Class B
Shares sold	17,905	9,379	$ 316,093	$ 239,439
Reinvestment of distributions	60	-	969	-
Shares redeemed	(1,504)	(69)	(23,221)	(1,147)
Net increase (decrease)	16,461	9,310	$ 293,841	$ 238,292
Class C
Shares sold	41,170	16,209	$ 714,711	$ 359,453
Reinvestment of distributions	112	-	1,793	-
Shares redeemed	(1,653)	(2,193)	(25,022)	(34,305)
Net increase (decrease)	39,629	14,016	$ 691,482	$ 325,148
China Region
Shares sold	12,544,768	24,232,728	$ 214,152,440	$ 702,714,867
Reinvestment of distributions	454,390	7,102,996	7,297,501	228,787,494
Shares redeemed	(6,528,447)	(36,222,341)	(106,508,988)	(967,305,455)
Net increase (decrease)	6,470,711	(4,886,617)	$ 114,940,953	$ (35,803,094)

Semiannual Report

11. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Institutional Class
Shares sold	24,097	5,359	$ 407,843	$ 145,686
Reinvestment of distributions	40	-	649	-
Shares redeemed	(155)	(1,791)	(2,590)	(37,350)
Net increase (decrease)	23,982	3,568	$ 405,902	$ 108,336

^A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

12. Other.

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

Fidelity Investments Japan Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Japan) Inc.
Fidelity Management & Research
(Hong Kong) 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

Brown Brothers Harriman & Co.,
Boston, MA

AHKC-USAN-0609
1.861461.100

fid466

Fidelity Advisor
China Region Fund -
Institutional Class

Semiannual Report

April 30, 2009

Institutional Class is a class of
Fidelity® China Region Fund

(2_fidelity_logos) (Registered_Trademark)

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 http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

China Region

Shareholder Expense Example

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.37%
Actual		$ 1,000.00	$ 1,167.80	$ 7.36
Hypothetical ^A		$ 1,000.00	$ 1,018.00	$ 6.85
Class T	1.65%
Actual		$ 1,000.00	$ 1,166.10	$ 8.86
Hypothetical ^A		$ 1,000.00	$ 1,016.61	$ 8.25
Class B	2.14%
Actual		$ 1,000.00	$ 1,163.50	$ 11.48
Hypothetical ^A		$ 1,000.00	$ 1,014.18	$ 10.69
Class C	2.14%
Actual		$ 1,000.00	$ 1,163.10	$ 11.48
Hypothetical ^A		$ 1,000.00	$ 1,014.18	$ 10.69
China Region	1.16%
Actual		$ 1,000.00	$ 1,169.30	$ 6.24
Hypothetical ^A		$ 1,000.00	$ 1,019.04	$ 5.81
Institutional Class	1.13%
Actual		$ 1,000.00	$ 1,168.80	$ 6.08
Hypothetical ^A		$ 1,000.00	$ 1,019.19	$ 5.66

^A 5% return per year before expenses

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

Semiannual Report

China Region

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Hong Kong	34.5%
	China	33.9%
	Taiwan	22.1%
	Cayman Islands	5.4%
	Singapore	3.8%
	United States of America	0.2%
	Bermuda	0.1%

fid891

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

As of October 31, 2008
	Hong Kong	37.0%
	Taiwan	29.4%
	China	24.1%
	United States of America	7.9%
	Cayman Islands	1.4%
	Indonesia	0.2%
	Bermuda	0.0%

fid900

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	99.8	92.1
Short-Term Investments and Net Other Assets	0.2	7.9
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
China Mobile (Hong Kong) Ltd. (Wireless Telecommunication Services)	5.4	8.6
China Life Insurance Co. Ltd. (H Shares) (Insurance)	5.2	3.5
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)	5.1	9.8
Industrial & Commercial Bank of China Ltd. (Commercial Banks)	4.8	5.0
Cheung Kong Holdings Ltd. (Real Estate Management & Development)	4.1	3.2
Bank of China (H Shares) (Commercial Banks)	4.1	0.0
Yuanta Financial Holding Co. Ltd. (Diversified Financial Services)	3.6	0.0
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Electronic Equipment & Components)	3.1	2.4
Hong Kong Exchange & Clearing Ltd. (Diversified Financial Services)	3.0	1.7
Sun Hung Kai Properties Ltd. (Real Estate Management & Development)	2.9	1.2
	41.3
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	46.7	27.7
Information Technology	17.6	21.1
Energy	7.0	8.5
Telecommunication Services	7.0	17.6
Industrials	6.8	3.6
Consumer Discretionary	6.8	1.9
Materials	2.1	2.2
Consumer Staples	1.6	1.5
Utilities	0.4	8.0

Semiannual Report

China Region

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value
CONSUMER DISCRETIONARY - 6.8%
Auto Components - 0.5%
Xinyi Glass Holdings Co. Ltd.	7,414,000		$ 4,603,209
Automobiles - 1.2%
Dongfeng Motor Group Co. Ltd. (H Shares)	13,322,000		9,913,505
Geely Automobile Holdings Ltd.	17,025,000		2,283,910
			12,197,415
Distributors - 0.9%
Li & Fung Ltd.	3,278,000		9,209,256
Household Durables - 0.3%
Techtronic Industries Co. Ltd.	5,535,000		3,273,385
Leisure Equipment & Products - 0.2%
Li Ning Co. Ltd.	946,500		1,936,976
Multiline Retail - 0.8%
Golden Eagle Retail Group Ltd. (H Shares)	4,792,000		3,868,171
New World Department Store China Ltd.	4,351,000		2,439,589
Parkson Retail Group Ltd.	800,000		1,004,692
			7,312,452
Specialty Retail - 1.4%
Esprit Holdings Ltd.	2,198,400		13,470,141
Textiles, Apparel & Luxury Goods - 1.5%
Anta Sports Products Ltd.	6,661,000		5,608,798
China Dongxiang Group Co. Ltd.	13,030,000		6,327,943
Weiqiao Textile Co. Ltd. (H Shares)	8,223,500		3,264,040
			15,200,781
TOTAL CONSUMER DISCRETIONARY			67,203,615
CONSUMER STAPLES - 1.6%
Food & Staples Retailing - 1.2%
Dairy Farm International Holdings Ltd.	2,269,800		12,234,222
Food Products - 0.0%
Want Want China Holdings Ltd.	234,000		116,679
Personal Products - 0.4%
Hengan International Group Co. Ltd.	874,000		3,644,944
TOTAL CONSUMER STAPLES			15,995,845
ENERGY - 7.0%
Oil, Gas & Consumable Fuels - 7.0%
China Petroleum & Chemical Corp. (H Shares)	27,576,000		21,433,267
CNOOC Ltd.	19,852,000		22,161,168
PetroChina Co. Ltd. (H Shares)	29,076,000		25,341,742
			68,936,177
FINANCIALS - 46.7%
Commercial Banks - 15.0%
Bank of China (H Shares)	108,039,000		40,058,212

	Shares		Value
BOC Hong Kong Holdings Ltd.	9,646,000		$ 13,623,837
China Construction Bank Corp. (H Shares)	46,778,000		27,005,799
Chinatrust Financial Holding Co. Ltd.	18,943,000		8,655,416
Hang Seng Bank Ltd.	971,400		10,766,722
Industrial & Commercial Bank of China Ltd.	83,059,000		47,250,779
Wing Hang Bank Ltd.	46,000		271,641
			147,632,406
Diversified Financial Services - 7.4%
China Everbright Ltd.	4,172,000		8,073,484
Hong Kong Exchange & Clearing Ltd.	2,601,000		29,959,309
Yuanta Financial Holding Co. Ltd.	60,359,000		35,287,646
			73,320,439
Insurance - 6.4%
China Life Insurance Co. Ltd. (H Shares)	14,603,000		51,284,484
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	1,846,000		11,403,663
			62,688,147
Real Estate Management & Development - 17.9%
Cheung Kong Holdings Ltd.	3,938,000		40,622,825
China Overseas Land & Investment Ltd.	12,555,920		21,868,837
China Resources Land Ltd.	10,952,000		19,587,270
Farglory Land Development Co. Ltd.	4,761,000		6,103,214
Guangzhou R&F Properties Co. Ltd. (H Shares)	3,350,800		5,387,933
Hang Lung Properties Ltd.	5,650,000		15,869,144
Henderson Land Development Co. Ltd.	1,662,000		7,741,623
Hysan Development Co. Ltd.	992,000		1,801,603
Kerry Properties Ltd.	922,000		2,784,107
New World China Land Ltd.	5,163,200		2,009,529
New World Development Co. Ltd.	3,114,000		4,072,916
Shimao Property Holdings Ltd.	10,605,500		11,778,249
Sino-Ocean Land Holdings Ltd.	11,649,000		8,560,316
Sun Hung Kai Properties Ltd.	2,757,000		28,501,192
			176,688,758
TOTAL FINANCIALS			460,329,750
INDUSTRIALS - 6.8%
Airlines - 0.1%
Air China Ltd. (H Shares)	3,114,000		1,455,451
Construction & Engineering - 0.7%
China Communications Construction Co. Ltd. (H Shares)	2,635,000		3,125,319
China Railway Construction Corp. Ltd. (H Shares) (a)	2,516,500		3,477,227
			6,602,546
Electrical Equipment - 2.2%
China High Speed Transmission Equipment Group Co. Ltd.	5,074,000		9,065,168
Young Fast Optoelectron Co. Ltd.	1,454,000		12,788,276
			21,853,444
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Industrial Conglomerates - 2.6%
Beijing Enterprises Holdings Ltd.	568,500		$ 2,499,122
Far Eastern Textile Ltd.	6,426,000		5,993,114
Hutchison Whampoa Ltd.	2,961,000		17,440,189
			25,932,425
Marine - 0.8%
China Cosco Holdings Co. Ltd. (H Shares)	2,149,000		1,740,410
Shun Tak Holdings Ltd.	14,216,000		6,273,308
			8,013,718
Transportation Infrastructure - 0.4%
China Merchants Holdings International Co. Ltd.	898,000		2,112,334
Cosco Pacific Ltd.	1,540,000		1,461,434
			3,573,768
TOTAL INDUSTRIALS			67,431,352
INFORMATION TECHNOLOGY - 17.6%
Communications Equipment - 0.5%
ZTE Corp. (H Shares)	1,348,820		4,547,395
Computers & Peripherals - 1.8%
Acer, Inc.	7,146,000		13,653,173
HTC Corp.	329,000		4,453,654
			18,106,827
Electronic Equipment & Components - 5.6%
AU Optronics Corp.	5,336,000		5,674,916
BYD Co. Ltd. (H Shares)	807,300		2,120,824
Delta Electronics, Inc.	2,048,000		4,469,025
Hon Hai Precision Industry Co. Ltd. (Foxconn)	10,520,674		30,363,018
Kingboard Chemical Holdings Ltd.	436,500		1,058,134
Kingboard Laminates Holdings Ltd.	7,440,000		2,945,544
Largan Precision Co. Ltd.	1,030,000		8,260,864
			54,892,325
Internet Software & Services - 2.1%
Tencent Holdings Ltd.	2,357,000		20,832,618
Semiconductors & Semiconductor Equipment - 7.3%
MediaTek, Inc.	924,000		9,606,327
Siliconware Precision Industries Co. Ltd.	6,782,000		8,793,879
Taiwan Semiconductor Manufacturing Co. Ltd.	29,608,443		50,087,232
United Microelectronics Corp.	8,894,000		3,358,118
			71,845,556

	Shares		Value
Software - 0.3%
Changyou.com Ltd. (A Shares) ADR	107,430		$ 3,303,473
TOTAL INFORMATION TECHNOLOGY			173,528,194
MATERIALS - 2.1%
Chemicals - 1.1%
Formosa Plastics Corp.	5,317,000		9,364,890
Huabao International Holdings Ltd.	1,205,000		851,758
			10,216,648
Construction Materials - 0.7%
Anhui Conch Cement Co. Ltd. (H Shares) (a)	554,000		3,672,152
China National Building Materials Co. Ltd. (H Shares)	1,540,000		3,218,944
			6,891,096
Paper & Forest Products - 0.3%
Shandong Chenming Paper Holdings Ltd.:
(B Shares)	4,722,500		2,327,720
(H Shares)	2,104,500		973,993
			3,301,713
TOTAL MATERIALS			20,409,457
TELECOMMUNICATION SERVICES - 7.0%
Diversified Telecommunication Services - 1.5%
China Telecom Corp. Ltd. (H Shares)	29,024,000		14,287,561
China Unicom (Hong Kong) Ltd.	1,000		1,159
			14,288,720
Wireless Telecommunication Services - 5.5%
China Mobile (Hong Kong) Ltd.	6,212,500		53,646,379
Hutchison Telecommunications Hong Kong Holdings Ltd.	2,234,000		210,427
Hutchison Telecommunications International Ltd.	2,234,000		406,848
			54,263,654
TOTAL TELECOMMUNICATION SERVICES			68,552,374
UTILITIES - 0.4%
Independent Power Producers & Energy Traders - 0.4%
China Resources Power Holdings Co. Ltd.	1,908,000		4,275,569
TOTAL COMMON STOCKS (Cost $950,646,777)		946,662,333

Government Obligations - 0.5%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.19% to 0.21% 5/14/09 to 5/21/09 (c) (Cost $5,099,424)	$ 5,100,000	5,099,899

Money Market Funds - 3.0%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b) (Cost $29,069,567)	29,069,567		$ 29,069,567
TOTAL INVESTMENT PORTFOLIO - 99.5% (Cost $984,815,768)			980,831,799
NET OTHER ASSETS - 0.5%			5,243,940
NET ASSETS - 100%		$ 986,075,739

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
1,595 MSCI Taiwan Stock Index Contracts (Singapore)	May 2009	$ 37,131,600	$ 3,325,561

The face value of futures purchased as a percentage of net assets - 3.8%

Legend

(a) Non-income producing

(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $4,399,908.

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	$ 188,670
Fidelity Securities Lending Cash Central Fund	70,581
Total	$ 259,251

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 980,831,799	$ 46,934,982	$ 933,686,390	$ 210,427
Other Financial Instruments*	$ 3,325,561	$ 3,325,561	$ -	$ -

*Other financial instruments include Futures Contracts.

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 3,377,416
Total Realized Gain (Loss)	(2,615,311)
Total Unrealized Gain (Loss)	3,181,059
Cost of Purchases	903,606
Proceeds of Sales	(4,636,343)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 210,427

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $148,402,224 all of which will expire on October 31, 2016.

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, 2009 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $955,746,201)	$ 951,762,232
Fidelity Central Funds (cost $29,069,567)	29,069,567
Total Investments (cost $984,815,768)		$ 980,831,799
Foreign currency held at value (cost $5,067)		5,175
Receivable for investments sold		2,352,318
Receivable for fund shares sold		4,354,637
Dividends receivable		1,896,126
Distributions receivable from Fidelity Central Funds		16,861
Receivable for daily variation on futures contracts		3,891,800
Prepaid expenses		6,016
Other receivables		231,144
Total assets		993,585,876

Liabilities
Payable for investments purchased	$ 5,526,050
Payable for fund shares redeemed	1,109,383
Accrued management fee	544,788
Distribution fees payable	1,519
Other affiliated payables	254,513
Other payables and accrued expenses	73,884
Total liabilities		7,510,137

Net Assets		$ 986,075,739
Net Assets consist of:
Paid in capital		$ 1,280,743,745
Undistributed net investment income		428,589
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(294,483,394)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(613,201)
Net Assets		$ 986,075,739

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($1,956,958 ÷ 101,560.1 shares)		$ 19.27

Maximum offering price per share (100/94.25 of $19.27)		$ 20.45
Class T: Net Asset Value and redemption price per share ($765,300 ÷ 39,756.5 shares)		$ 19.25

Maximum offering price per share (100/96.50 of $19.25)		$ 19.95
Class B: Net Asset Value and offering price per share ($494,927 ÷ 25,770.6 shares) ^A		$ 19.21

Class C: Net Asset Value and offering price per share ($1,029,147 ÷ 53,645.3 shares) ^A		$ 19.18


China Region: Net Asset Value, offering price and redemption price per share ($981,297,603 ÷ 50,827,371.5 shares)		$ 19.31

Institutional Class: Net Asset Value, offering price and redemption price per share ($531,804 ÷ 27,549.5 shares)		$ 19.30

^ARedemption 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

Financial Statements - continued

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 6,021,343
Interest		3,039
Income from Fidelity Central Funds (including $70,581 from security lending)		259,251
		6,283,633
Less foreign taxes withheld		(91,131)
Total income		6,192,502

Expenses
Management fee	$ 2,759,937
Transfer agent fees	1,144,320
Distribution fees	4,576
Accounting and security lending fees	186,172
Custodian fees and expenses	266,287
Independent trustees' compensation	2,850
Registration fees	72,616
Audit	37,847
Legal	2,117
Miscellaneous	7,440
Total expenses before reductions	4,484,162
Expense reductions	(376,148)	4,108,014
Net investment income (loss)		2,084,488
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(148,995,318)
Foreign currency transactions	(521,053)
Futures contracts	8,511,070
Total net realized gain (loss)		(141,005,301)
Change in net unrealized appreciation (depreciation) on: Investment securities	269,544,710
Assets and liabilities in foreign currencies	78,938
Futures contracts	3,325,561
Total change in net unrealized appreciation (depreciation)		272,949,209
Net gain (loss)		131,943,908
Net increase (decrease) in net assets resulting from operations		$ 134,028,396

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,084,488	$ 20,232,414
Net realized gain (loss)	(141,005,301)	(151,826,882)
Change in net unrealized appreciation (depreciation)	272,949,209	(900,567,403)
Net increase (decrease) in net assets resulting from operations	134,028,396	(1,032,161,871)
Distributions to shareholders from net investment income	(7,631,813)	(15,794,709)
Distributions to shareholders from net realized gain	-	(223,593,729)
Total distributions	(7,631,813)	(239,388,438)
Share transactions - net increase (decrease)	118,304,742	(34,409,565)
Redemption fees	191,192	2,616,118
Total increase (decrease) in net assets	244,892,517	(1,303,343,756)

Net Assets
Beginning of period	741,183,222	2,044,526,978
End of period (including undistributed net investment income of $428,589 and undistributed net investment income of $6,027,366, respectively)	$ 986,075,739	$ 741,183,222

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 16.67	$ 29.28
Income from Investment Operations
Net investment income (loss) ^E	.03	.28
Net realized and unrealized gain (loss)	2.73	(12.91)
Total from investment operations	2.76	(12.63)
Distributions from net investment income	(.16)	-
Redemption fees added to paid in capital ^E	- ^J	.02
Net asset value, end of period	$ 19.27	$ 16.67
Total Return ^B,C,D	16.78%	(43.07)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.37% ^A	1.44% ^A
Expenses net of fee waivers, if any	1.37% ^A	1.44% ^A
Expenses net of all reductions	1.28% ^A	1.30% ^A
Net investment income (loss)	.33% ^A	2.63% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,957	$ 340
Portfolio turnover rate ^G	153% ^A	133%

^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 May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^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.

Financial Highlights - Class T

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 16.65	$ 29.28
Income from Investment Operations
Net investment income (loss) ^E	- ^J	.26
Net realized and unrealized gain (loss)	2.74	(12.91)
Total from investment operations	2.74	(12.65)
Distributions from net investment income	(.14)	-
Redemption fees added to paid in capital ^E	- ^J	.02
Net asset value, end of period	$ 19.25	$ 16.65
Total Return ^B,C,D	16.61%	(43.14)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.65% ^A	1.68% ^A
Expenses net of fee waivers, if any	1.65% ^A	1.68% ^A
Expenses net of all reductions	1.55% ^A	1.53% ^A
Net investment income (loss)	.05% ^A	2.40% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 765	$ 107
Portfolio turnover rate ^G	153% ^A	133%

^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 May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 16.61	$ 29.28
Income from Investment Operations
Net investment income (loss) ^E	(.04)	.20
Net realized and unrealized gain (loss)	2.74	(12.89)
Total from investment operations	2.70	(12.69)
Distributions from net investment income	(.10)	-
Redemption fees added to paid in capital ^E	- ^J	.02
Net asset value, end of period	$ 19.21	$ 16.61
Total Return ^B,C,D	16.35%	(43.27)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	2.14% ^A	2.17% ^A
Expenses net of fee waivers, if any	2.14% ^A	2.17% ^A
Expenses net of all reductions	2.05% ^A	2.02% ^A
Net investment income (loss)	(.44)% ^A	1.91% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 495	$ 155
Portfolio turnover rate ^G	153% ^A	133%

^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 May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^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.

Financial Highlights - Class C

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 16.61	$ 29.28
Income from Investment Operations
Net investment income (loss) ^E	(.04)	.20
Net realized and unrealized gain (loss)	2.73	(12.89)
Total from investment operations	2.69	(12.69)
Distributions from net investment income	(.12)	-
Redemption fees added to paid in capital ^E	- ^J	.02
Net asset value, end of period	$ 19.18	$ 16.61
Total Return ^B,C,D	16.31%	(43.27)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	2.14% ^A	2.13% ^A
Expenses net of fee waivers, if any	2.14% ^A	2.13% ^A
Expenses net of all reductions	2.04% ^A	1.98% ^A
Net investment income (loss)	(.44)% ^A	1.95% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,029	$ 233
Portfolio turnover rate ^G	153% ^A	133%

^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 May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^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 - China Region

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 16.69	$ 41.52	$ 22.94	$ 17.74	$ 15.88	$ 15.14
Income from Investment Operations
Net investment income (loss) ^D	.04	.39	.46	.42	.36	.25
Net realized and unrealized gain (loss)	2.75	(20.42)	18.58	4.99	1.75	.73
Total from investment operations	2.79	(20.03)	19.04	5.41	2.11	.98
Distributions from net investment income	(.17)	(.32)	(.29)	(.22)	(.26)	(.26)
Distributions from net realized gain	-	(4.53)	(.20)	-	-	-
Total distributions	(.17)	(4.85)	(.49)	(.22)	(.26)	(.26)
Redemption fees added to paid in capital ^D	- ^H	.05	.03	.01	.01	.02
Net asset value, end of period	$ 19.31	$ 16.69	$ 41.52	$ 22.94	$ 17.74	$ 15.88
Total Return ^B,C	16.93%	(53.75)%	84.73%	30.83%	13.44%	6.71%
Ratios to Average Net Assets ^E,G
Expenses before reductions	1.16% ^A	1.11%	1.08%	1.14%	1.16%	1.22%
Expenses net of fee waivers, if any	1.16% ^A	1.11%	1.08%	1.14%	1.16%	1.22%
Expenses net of all reductions	1.06% ^A	.96%	.92%	1.08%	1.12%	1.22%
Net investment income (loss)	.54% ^A	1.45%	1.64%	1.99%	2.04%	1.64%
Supplemental Data
Net assets, end of period (000 omitted)	$ 981,298	$ 740,289	$ 2,044,527	$ 734,793	$ 396,905	$ 296,004
Portfolio turnover rate ^F	153% ^A	133%	173%	36%	44%	101%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D 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.

Financial Highlights - Institutional Class

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 16.70	$ 29.28
Income from Investment Operations
Net investment income (loss) ^D	.05	.34
Net realized and unrealized gain (loss)	2.73	(12.94)
Total from investment operations	2.78	(12.60)
Distributions from net investment income	(.18)	-
Redemption fees added to paid in capital ^D	- ^I	.02
Net asset value, end of period	$ 19.30	$ 16.70
Total Return ^B,C	16.88%	(42.96)%
Ratios to Average Net Assets ^E,H
Expenses before reductions	1.13% ^A	1.05% ^A
Expenses net of fee waivers, if any	1.13% ^A	1.05% ^A
Expenses net of all reductions	1.03% ^A	.91% ^A
Net investment income (loss)	.57% ^A	3.02% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 532	$ 60
Portfolio turnover rate ^F	153% ^A	133%

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

Semiannual Report

China Region

Notes to Financial Statements

For the period ended April 30, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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.

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, if any, is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. 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.

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

Unrealized appreciation	$ 107,245,660
Unrealized depreciation	(119,557,541)
Net unrealized appreciation (depreciation)	$ (12,311,881)
Cost for federal income tax purposes	$ 993,143,680

Semiannual Report

China Region

Notes to Financial Statements (Unaudited) - continued

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $705,222,596 and $561,464,477, respectively.

6. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	0%	.25%	$ 846	$ 132
Class T	.25%	.25%	640	138
Class B	.75%	.25%	1,051	858
Class C	.75%	.25%	2,039	1,266
			$ 4,576	$ 2,394

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	$ 1,875
Class T	1,045
Class B*	9
Class C*	38
	$ 2,967

* 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 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 were as follows:

	Amount	% of Average Net Assets*
Class A	$ 906	.26
Class T	381	.29
Class B	304	.29
Class C	589	.29
China Region	1,141,887	.30
Institutional Class	253	.26
	$ 1,144,320

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $2,296 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. At period end, there were no security loans outstanding. 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.

Semiannual Report

China Region

Notes to Financial Statements (Unaudited) - continued

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of China Region's operating expenses. During the period, this reimbursement reduced the class' expenses by $15,625.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Class A	$ 4,014	$ -
Class T	973	-
Class B	969	-
Class C	1,793	-
China Region	7,623,415	15,794,709
Institutional Class	649	-
Total	$ 7,631,813	$ 15,794,709
From net realized gain
China Region	$ -	$ 223,593,729

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Class A
Shares sold	85,138	30,242	$ 1,466,163	$ 750,104
Reinvestment of distributions	220	-	3,532	-
Shares redeemed	(4,210)	(9,830)	(70,452)	(195,417)
Net increase (decrease)	81,148	20,412	$ 1,399,243	$ 554,687
Class T
Shares sold	33,651	6,603	$ 578,396	$ 171,008
Reinvestment of distributions	61	-	973	-
Shares redeemed	(388)	(170)	(6,048)	(3,942)
Net increase (decrease)	33,324	6,433	$ 573,321	$ 167,066
Class B
Shares sold	17,905	9,379	$ 316,093	$ 239,439
Reinvestment of distributions	60	-	969	-
Shares redeemed	(1,504)	(69)	(23,221)	(1,147)
Net increase (decrease)	16,461	9,310	$ 293,841	$ 238,292
Class C
Shares sold	41,170	16,209	$ 714,711	$ 359,453
Reinvestment of distributions	112	-	1,793	-
Shares redeemed	(1,653)	(2,193)	(25,022)	(34,305)
Net increase (decrease)	39,629	14,016	$ 691,482	$ 325,148
China Region
Shares sold	12,544,768	24,232,728	$ 214,152,440	$ 702,714,867
Reinvestment of distributions	454,390	7,102,996	7,297,501	228,787,494
Shares redeemed	(6,528,447)	(36,222,341)	(106,508,988)	(967,305,455)
Net increase (decrease)	6,470,711	(4,886,617)	$ 114,940,953	$ (35,803,094)

Semiannual Report

11. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Institutional Class
Shares sold	24,097	5,359	$ 407,843	$ 145,686
Reinvestment of distributions	40	-	649	-
Shares redeemed	(155)	(1,791)	(2,590)	(37,350)
Net increase (decrease)	23,982	3,568	$ 405,902	$ 108,336

^A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

12. Other.

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

Fidelity Investments Japan Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.

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

Brown Brothers Harriman & Co.,
Boston, MA

AHKCI-USAN-0609
1.861453.100

fid466

Fidelity®
Emerging Markets
Fund -
Class K

Semiannual Report

April 30, 2009

(2_fidelity_logos) (Registered_Trademark)

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.

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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

Emerging Markets

Shareholder Expense Example

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Emerging Markets	1.14%
Actual		$ 1,000.00	$ 1,077.20	$ 5.87
Hypothetical^A		$ 1,000.00	$ 1,019.14	$ 5.71
Class K	.91%
Actual		$ 1,000.00	$ 1,078.60	$ 4.69
Hypothetical^A		$ 1,000.00	$ 1,020.28	$ 4.56

^A 5% return per year before expenses

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

Semiannual Report

Emerging Markets

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Brazil	13.1%
	Korea (South)	11.9%
	China	9.6%
	Taiwan	8.8%
	South Africa	8.0%
	Russia	6.6%
	India	6.5%
	Hong Kong	6.3%
	Indonesia	3.9%
	Other	25.3%

fid919

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


As of October 31, 2008
	Brazil	15.0%
	South Africa	9.3%
	Russia	8.9%
	Korea (South)	8.5%
	China	6.6%
	India	6.5%
	United States of America	5.7%
	Taiwan	5.5%
	Hong Kong	4.9%
	Other	29.1%

fid931

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	97.9	95.1
Short-Term Investments and Net Other Assets	2.1	4.9
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)	3.8	3.6
Companhia Vale do Rio Doce (PN-A) sponsored ADR (Brazil, Metals & Mining)	2.7	2.7
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)	2.5	2.7
China Mobile (Hong Kong) Ltd. (Hong Kong, Wireless Telecommunication Services)	2.3	2.2
Teva Pharmaceutical Industries Ltd. sponsored ADR (Israel, Pharmaceuticals)	2.0	0.5
Industrial & Commercial Bank of China Ltd. (China, Commercial Banks)	2.0	1.9
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment)	1.9	0.0
America Movil SAB de CV Series L sponsored ADR (Mexico, Wireless Telecommunication Services)	1.8	1.9
China Construction Bank Corp. (H Shares) (China, Commercial Banks)	1.7	1.8
OAO Gazprom sponsored ADR (Russia, Oil, Gas & Consumable Fuels)	1.6	3.2
	22.3
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	22.0	24.9
Energy	14.5	15.7
Information Technology	14.3	10.0
Materials	12.6	11.2
Consumer Discretionary	9.3	4.9
Telecommunication Services	8.8	10.3
Industrials	5.6	5.9
Consumer Staples	5.0	6.0
Utilities	3.3	4.8
Health Care	2.5	1.4

Semiannual Report

Emerging Markets

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
Australia - 0.2%
Sino Gold Mining Ltd. (a)	1,099,122		$ 4,355,485
Austria - 0.4%
Erste Bank AG (d)	260,400		5,431,962
Raiffeisen International Bank-Holding AG (d)	129,400		4,459,619
TOTAL AUSTRIA			9,891,581
Bermuda - 1.5%
Aquarius Platinum Ltd. (a)	250,391		928,502
Aquarius Platinum Ltd.:
(Australia)	2,253,523		8,356,537
(United Kingdom) (a)	731,222		2,755,316
Credicorp Ltd. (NY Shares)	216,700		10,839,334
Huabao International Holdings Ltd.	4,530,000		3,202,044
Ports Design Ltd.	5,846,500		8,878,280
TOTAL BERMUDA			34,960,013
Brazil - 13.1%
America Latina Logistica SA unit	1,736,400		8,924,363
Banco ABC Brasil SA	804,300		2,574,407
Banco Bradesco SA:
(PN)	2,090,100		25,995,437
(PN) sponsored ADR	67,000		822,760
Companhia de Saneamento de Minas Gerais	19,364		209,936
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.)	572,600		8,617,630
Companhia Siderurgica Nacional SA (CSN) sponsored ADR (d)	990,400		18,342,208
Companhia Vale do Rio Doce (PN-A) sponsored ADR	4,512,300		61,953,882
GVT Holding SA (a)	667,300		8,824,306
Itau Unibanco Banco Multiplo SA ADR	243,542		3,343,832
Localiza Rent a Car SA	240,400		1,246,547
Lojas Renner SA	264,500		2,401,962
MRV Engenharia e Participacoes SA	615,700		6,112,095
Net Servicos de Comunicacao SA sponsored ADR (d)	1,268,366		10,324,499
OGX Petroleo e Gas Participacoes SA	36,000		15,127,753
PDG Realty S.A. Empreendimentos e Participacoes	605,100		5,771,685
Perdigao SA (ON)	464,900		6,855,678
Petroleo Brasileiro SA - Petrobras:
(PN) (non-vtg.)	3,175,400		43,007,544
(PN) sponsored ADR (non-vtg.)	1,628,100		43,926,138
sponsored ADR	334,900		11,242,593
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	1,121,779		9,804,348
TOTAL BRAZIL			295,429,603
Canada - 0.3%
Addax Petroleum, Inc.	253,400		6,973,942

	Shares		Value
Cayman Islands - 1.3%
Anta Sports Products Ltd.	4,560,000		$ 3,839,681
Chaoda Modern Agriculture (Holdings) Ltd.	11,371,905		6,430,265
China Dongxiang Group Co. Ltd.	18,345,000		8,909,141
Integra Group Holdings unit (a)	2,905,100		4,879,406
Want Want China Holdings Ltd.	6,432,400		3,207,377
Yingli Green Energy Holding Co. Ltd. ADR (a)(d)	321,600		2,244,768
TOTAL CAYMAN ISLANDS			29,510,638
China - 9.6%
Baidu.com, Inc. sponsored ADR (a)	44,100		10,270,890
China BlueChemical Ltd. (H shares)	4,412,000		2,340,380
China Coal Energy Co. Ltd. (H Shares)	7,758,700		6,621,675
China Construction Bank Corp. (H Shares)	67,368,000		38,892,785
China Gas Holdings Ltd.	15,880,000		2,912,230
China Merchants Bank Co. Ltd. (H Shares)	7,864,500		14,051,707
China National Materials Co. Ltd. (a)	3,005,000		2,284,279
China South Locomotive & Rolling Stock Corp. Ltd. (H Shares)	16,773,000		7,524,855
China Yurun Food Group Ltd.	6,719,000		7,957,711
Golden Eagle Retail Group Ltd. (H Shares) (d)	13,396,000		10,813,442
Industrial & Commercial Bank of China Ltd.	79,901,000		45,454,250
NetEase.com, Inc. sponsored ADR (a)	72,400		2,185,032
PICC Property & Casualty Co. Ltd. (H Shares) (a)	11,420,000		6,446,042
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	3,401,000		21,009,674
Shanda Interactive Entertainment Ltd. sponsored ADR (a)	90,700		4,338,181
Tencent Holdings Ltd.	1,813,200		16,026,178
Yantai Changyu Pioneer Wine Co. (B Shares)	1,602,950		7,005,363
ZTE Corp. (H Shares)	3,291,080		11,095,507
TOTAL CHINA			217,230,181
Cyprus - 0.0%
XXI Century Investments Public Ltd. (a)	332,965		162,922
Czech Republic - 1.6%
Ceske Energeticke Zavody AS	502,400		20,740,316
Komercni Banka AS (d)	105,200		14,251,007
Philip Morris CR AS	1,502		404,118
TOTAL CZECH REPUBLIC			35,395,441
Egypt - 0.8%
Commercial International Bank Ltd. sponsored GDR	1,439,719		9,934,061
Eastern Tobacco Co.	106,882		2,940,488
Telecom Egypt SAE	1,971,000		5,548,466
TOTAL EGYPT			18,423,015
Common Stocks - continued
	Shares		Value
Hong Kong - 6.3%
China Mobile (Hong Kong) Ltd.	6,016,900		$ 51,957,325
China Overseas Land & Investment Ltd.	7,550,000		13,149,950
China Resources Power Holdings Co. Ltd.	6,241,500		13,986,354
CNOOC Ltd.	25,752,000		28,747,451
CNPC (Hong Kong) Ltd.	23,346,000		11,583,492
Hong Kong Exchange & Clearing Ltd.	389,900		4,491,017
Shanghai Industrial Holdings Ltd. (H Shares)	3,141,000		10,701,896
Sino-Ocean Land Holdings Ltd.	9,831,500		7,224,718
TOTAL HONG KONG			141,842,203
Hungary - 0.6%
OTP Bank Ltd. (a)	1,040,000		13,599,137
India - 6.5%
Bharat Heavy Electricals Ltd.	437,498		14,663,414
Bharti Airtel Ltd. (a)	789,704		12,035,844
DLF Ltd.	968,134		4,516,444
Educomp Solutions Ltd.	133,429		6,704,845
Housing Development Finance Corp. Ltd.	702,668		24,575,989
ICICI Bank Ltd.	1,759,035		17,129,695
Infosys Technologies Ltd. sponsored ADR	767,600		23,649,756
ITC Ltd.	1,500		5,724
Jain Irrigation Systems Ltd.	719,177		7,280,442
Mahindra & Mahindra Ltd.	756,877		7,475,791
Maruti Suzuki India Ltd.	338,125		5,586,166
Power Finance Corp. Ltd.	739,047		2,303,027
Reliance Industries Ltd.	242,641		8,893,225
Rural Electrification Corp. Ltd.	1,132,196		2,366,325
Tata Power Co. Ltd.	570,489		10,359,421
TOTAL INDIA			147,546,108
Indonesia - 3.9%
PT Astra International Tbk	10,323,500		17,489,289
PT Bank Central Asia Tbk	35,680,500		11,249,894
PT Bank Rakyat Indonesia Tbk	33,185,000		18,115,174
PT Bumi Resources Tbk	62,344,000		8,684,185
PT Perusahaan Gas Negara Tbk Series B	61,120,600		14,956,626
PT Telkomunikasi Indonesia Tbk:
Series B	19,015,500		14,049,152
sponsored ADR (d)	87,400		2,511,876
TOTAL INDONESIA			87,056,196
Ireland - 0.3%
Dragon Oil PLC (a)	1,750,860		6,651,882
Israel - 3.6%
Cellcom Israel Ltd.	290,100		6,321,279
Check Point Software Technologies Ltd. (a)	416,700		9,654,939
Israel Chemicals Ltd.	1,685,400		14,173,234

	Shares		Value
Nice Systems Ltd. sponsored ADR (a)	170,448		$ 4,365,173
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,040,400		45,663,156
TOTAL ISRAEL			80,177,781
Italy - 0.4%
UniCredit SpA	3,403,700		8,285,723
Kazakhstan - 0.6%
JSC Halyk Bank of Kazakhstan unit	851,400		3,150,180
KazMunaiGas Exploration & Production JSC (Reg. S) GDR	617,059		10,958,968
TOTAL KAZAKHSTAN			14,109,148
Korea (South) - 11.9%
Hana Financial Group, Inc.	924,030		15,978,930
Hynix Semiconductor, Inc. (a)	809,330		9,119,216
Hyundai Engineering & Construction Co. Ltd.	163,572		7,743,436
Hyundai Heavy Industries Co. Ltd.	32,202		5,795,355
Hyundai Industrial Development & Construction Co.	348,490		10,907,361
Hyundai Mobis	244,657		18,799,162
Hyundai Motor Co.	322,127		17,265,814
Korea Exchange Bank	1,422,780		8,126,995
LG Electronics, Inc.	203,245		16,857,575
MegaStudy Co. Ltd.	53,231		9,038,445
NHN Corp. (a)	112,396		13,675,733
POSCO	61,534		19,115,031
POSCO sponsored ADR (d)	146,700		11,291,499
Samsung C&T Corp.	179,130		6,209,282
Samsung Card Co. Ltd.	76,760		2,300,399
Samsung Electronics Co. Ltd.	119,800		55,494,237
Samsung Securities Co. Ltd.	107,818		5,559,632
Shinhan Financial Group Co. Ltd.	1,080,240		26,829,682
Taewoong Co. Ltd.	119,920		8,867,328
TOTAL KOREA (SOUTH)			268,975,112
Luxembourg - 0.4%
ArcelorMittal SA (NY Shares) Class A	89,000		2,098,620
Evraz Group SA GDR	512,300		6,736,745
TOTAL LUXEMBOURG			8,835,365
Malaysia - 0.0%
DiGi.com Bhd	51,200		320,719
Parkson Holdings Bhd	10,410		12,164
Public Bank Bhd	4,609		10,810
TOTAL MALAYSIA			343,693
Mexico - 3.3%
America Movil SAB de CV Series L sponsored ADR	1,219,800		40,070,430
Corporacion Geo SA de CV Series B (a)	2,415,200		3,164,751
Fomento Economico Mexicano SAB de CV sponsored ADR	441,700		12,504,527
Common Stocks - continued
	Shares		Value
Mexico - continued
Grupo Televisa SA de CV (CPO) sponsored ADR	699,741		$ 10,831,991
Wal-Mart de Mexico SA de CV Series V	3,257,700		8,884,315
TOTAL MEXICO			75,456,014
Netherlands - 0.2%
X5 Retail Group NV GDR (Reg. S) (a)	357,250		4,787,150
Papua New Guinea - 0.3%
Oil Search Ltd.	1,720,345		6,416,926
Peru - 0.5%
Compania de Minas Buenaventura SA sponsored ADR	525,200		11,113,232
Russia - 6.6%
Bank St. Petersburg OJSC	221,969		189,690
Lukoil Oil Co. sponsored ADR	728,710		32,150,685
Magnit OJSC GDR (Reg. S) (a)	829,400		6,593,730
Mobile TeleSystems OJSC sponsored ADR	456,400		15,125,096
OAO Gazprom sponsored ADR	2,089,059		36,976,344
OJSC MMC Norilsk Nickel sponsored ADR	1,234,280		10,182,810
OJSC Oil Company Rosneft GDR (Reg. S)	3,962,000		20,439,578
Polymetal JSC GDR (Reg. S) (a)	1,041,600		6,404,393
RusHydro OJSC (a)	106,670,400		2,935,847
Sberbank (Savings Bank of the Russian Federation)	11,179,800		9,221,334
Uralkali JSC	1,542,600		3,623,612
Wimm-Bill-Dann Foods OJSC sponsored ADR (a)(d)	122,175		5,457,557
TOTAL RUSSIA			149,300,676
Singapore - 0.2%
Singapore Exchange Ltd.	809,000		3,426,160
South Africa - 8.0%
Absa Group Ltd.	1,135,671		13,101,274
African Bank Investments Ltd.	3,731,999		11,828,703
African Rainbow Minerals Ltd.	762,561		10,305,589
AngloGold Ashanti Ltd.	366,600		11,264,589
AngloGold Ashanti Ltd. sponsored ADR	52,000		1,601,600
Aspen Pharmacare Holdings Ltd.	1,838,877		9,333,925
Aveng Ltd.	2,765,000		10,577,682
Exxaro Resources Ltd.	293,657		2,153,534
Harmony Gold Mining Co. Ltd. sponsored ADR (a)	672,600		6,268,632
Illovo Sugar Ltd.	2,331,176		7,118,062
Impala Platinum Holdings Ltd.	650,298		12,428,936
JD Group Ltd.	2,543,062		10,194,218
Mr. Price Group Ltd.	4,017,571		12,301,164
MTN Group Ltd.	2,696,800		35,023,405
Mvelaphanda Resources Ltd. (a)	1,001,846		3,640,201
New Clicks Holdings Ltd.	1,209,000		2,332,013

	Shares		Value
Raubex Group Ltd.	3,580,386		$ 9,243,114
Shoprite Holdings Ltd.	1,796,835		10,768,018
TOTAL SOUTH AFRICA			179,484,659
Taiwan - 8.8%
Acer, Inc.	7,972,000		15,231,331
Advanced Semiconductor Engineering, Inc.	7,156,000		3,971,383
Advanced Semiconductor Engineering, Inc. sponsored ADR	2,894,400		8,770,032
Asia Cement Corp.	12,057,000		12,410,157
Chinatrust Financial Holding Co. Ltd.	9,741,000		4,450,848
First Financial Holding Co. Ltd.	12,717,588		6,715,066
Fubon Financial Holding Co. Ltd.	7,182,000		5,564,972
Hon Hai Precision Industry Co. Ltd. (Foxconn)	9,593,302		27,686,592
HTC Corp.	1,411,300		19,104,688
MediaTek, Inc.	1,668,000		17,341,292
Siliconware Precision Industries Co. Ltd.	11,277,633		14,623,141
Taiwan Mobile Co. Ltd.	4,067,000		6,419,909
Taiwan Semiconductor Manufacturing Co. Ltd.	15,017,000		25,403,564
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	1,599,162		16,903,142
United Microelectronics Corp.	9,849,000		3,718,699
United Microelectronics Corp. sponsored ADR (d)	1,838,700		5,608,035
Wistron Corp.	4,141,000		5,235,754
TOTAL TAIWAN			199,158,605
Thailand - 1.1%
Minor International PCL (For. Reg.)	1,316,574		238,800
PTT Exploration & Production PCL (For. Reg.)	3,355,100		9,841,373
Siam Commercial Bank PCL (For. Reg.)	8,170,500		13,951,329
Total Access Communication PCL (For. Reg.)	105,200		83,480
TOTAL THAILAND			24,114,982
Turkey - 2.9%
Anadolu Efes Biracilik ve Malt Sanyii AS	1,392,665		9,921,188
Bim Birlesik Magazalar AS JSC	136,310		3,747,939
Enka Insaat ve Sanayi AS	1,930,963		8,265,644
Tofas Turk Otomobil Fabrikasi AS	2,912,293		3,530,604
Tupras-Turkiye Petrol Rafinerileri AS	713,700		7,135,885
Turkiye Garanti Bankasi AS (a)	9,490,895		19,927,766
Turkiye Halk Bankasi	1,363,000		4,769,755
Turkiye Is Bankasi AS Series C	2,686,000		7,754,613
TOTAL TURKEY			65,053,394
United Kingdom - 1.3%
Cairn Energy PLC (a)	239,416		7,503,583
Hikma Pharmaceuticals PLC	353,723		2,028,520
Randgold Resources Ltd. sponsored ADR	182,500		8,833,000
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Standard Chartered PLC (United Kingdom)	388,400		$ 6,006,025
Xstrata PLC	570,600		5,028,615
TOTAL UNITED KINGDOM			29,399,743
United States of America - 1.4%
Central European Distribution Corp. (a)	532,030		11,917,472
CTC Media, Inc. (a)	1,236,617		9,695,077
Freeport-McMoRan Copper & Gold, Inc. Class B	253,700		10,820,305
TOTAL UNITED STATES OF AMERICA			32,432,854
TOTAL COMMON STOCKS (Cost $2,190,779,224)		2,209,899,564
Money Market Funds - 2.6%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	23,230,562		$ 23,230,562
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	35,820,209		35,820,209
TOTAL MONEY MARKET FUNDS (Cost $59,050,771)		59,050,771

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $2,249,829,995)

2,268,950,335

NET OTHER ASSETS - (0.5)%			(11,045,212)
NET ASSETS - 100%		$ 2,257,905,123

Legend

(a) Non-income producing

(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	$ 246,675
Fidelity Securities Lending Cash Central Fund	482,763
Total	$ 729,438

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 2,268,950,335	$ 1,305,769,446	$ 963,180,889	$ -

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 10,123,190
Total Realized Gain (Loss)	(4,456,897)
Total Unrealized Gain (Loss)	3,830,789
Cost of Purchases	376,985
Proceeds of Sales	(1,189,882)
Amortization/Accretion	-
Transfer in/out of Level 3	(8,684,185)
Ending Balance	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $515,443,831 all of which will expire on October 31, 2016.

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, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $35,914,120) - See accompanying schedule: Unaffiliated issuers (cost $2,190,779,224)	$ 2,209,899,564
Fidelity Central Funds (cost $59,050,771)	59,050,771
Total Investments (cost $2,249,829,995)		$ 2,268,950,335
Cash		796,172
Foreign currency held at value (cost $1,618,623)		1,613,276
Receivable for investments sold		54,182,240
Receivable for fund shares sold		5,089,440
Dividends receivable		7,952,668
Interest receivable		5,675
Distributions receivable from Fidelity Central Funds		81,629
Prepaid expenses		18,020
Other receivables		1,425,898
Total assets		2,340,115,353

Liabilities
Payable for investments purchased	$ 41,827,615
Payable for fund shares redeemed	2,540,934
Accrued management fee	1,280,483
Other affiliated payables	576,492
Other payables and accrued expenses	164,497
Collateral on securities loaned, at value	35,820,209
Total liabilities		82,210,230

Net Assets		$ 2,257,905,123
Net Assets consist of:
Paid in capital		$ 3,602,287,730
Undistributed net investment income		3,636,434
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(1,367,088,725)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		19,069,684
Net Assets		$ 2,257,905,123

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)
Emerging Markets: Net Asset Value, offering price and redemption price per share ($2,114,979,107 ÷ 146,151,285 shares)		$ 14.47

Class K: Net Asset Value, offering price and redemption price per share ($142,926,016 ÷ 9,889,012 shares)		$ 14.45

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

Semiannual Report

Fidelity Emerging Markets Fund
Financial Statements - continued

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 21,168,449
Interest		20,777
Income from Fidelity Central Funds (including $482,763 from security lending)		729,438
		21,918,664
Less foreign taxes withheld		(1,612,900)
Total income		20,305,764

Expenses
Management fee	$ 7,034,333
Transfer agent fees	2,673,372
Accounting and security lending fees	439,229
Custodian fees and expenses	718,084
Independent trustees' compensation	7,336
Registration fees	48,056
Audit	69,773
Legal	6,807
Interest	941
Miscellaneous	22,184
Total expenses before reductions	11,020,115
Expense reductions	(467,847)	10,552,268
Net investment income (loss)		9,753,496
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(813,813,637)
Foreign currency transactions	(3,155,199)
Total net realized gain (loss)		(816,968,836)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $984,917)	945,494,368
Assets and liabilities in foreign currencies	948,583
Total change in net unrealized appreciation (depreciation)		946,442,951
Net gain (loss)		129,474,115
Net increase (decrease) in net assets resulting from operations		$ 139,227,611

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 9,753,496	$ 78,601,138
Net realized gain (loss)	(816,968,836)	(545,285,593)
Change in net unrealized appreciation (depreciation)	946,442,951	(3,581,772,253)
Net increase (decrease) in net assets resulting from operations	139,227,611	(4,048,456,708)
Distributions to shareholders from net investment income	(37,630,351)	(34,024,353)
Distributions to shareholders from net realized gain	-	(245,333,468)
Total distributions	(37,630,351)	(279,357,821)
Share transactions - net increase (decrease)	(17,989,715)	(112,421,513)
Redemption fees	673,897	4,815,140
Total increase (decrease) in net assets	84,281,442	(4,435,420,902)

Net Assets
Beginning of period	2,173,623,681	6,609,044,583
End of period (including undistributed net investment income of $3,636,434 and undistributed net investment income of $43,729,580, respectively)	$ 2,257,905,123	$ 2,173,623,681

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

Semiannual Report

Financial Highlights - Emerging Markets

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 13.71	$ 37.55	$ 22.04	$ 15.71	$ 11.30	$ 9.81
Income from Investment Operations
Net investment income (loss)^D	.06	.42^G	.25	.21	.21	.14
Net realized and unrealized gain (loss)	.94	(22.73)	15.44	6.31	4.30	1.46
Total from investment operations	1.00	(22.31)	15.69	6.52	4.51	1.60
Distributions from net investment income	(.24)	(.19)	(.20)	(.21)	(.11)	(.12)
Distributions from net realized gain	-	(1.37)	-	-	-	-
Total distributions	(.24)	(1.56)	(.20)	(.21)	(.11)	(.12)
Redemption fees added to paid in capital^D	-^I	.03	.02	.02	.01	.01
Net asset value, end of period	$ 14.47	$ 13.71	$ 37.55	$ 22.04	$ 15.71	$ 11.30
Total Return^B,C	7.72%	(61.84)%	71.81%	41.96%	40.25%	16.48%
Ratios to Average Net Assets^E,H
Expenses before reductions	1.14%^A	1.07%	1.05%	1.11%	1.16%	1.23%
Expenses net of fee waivers, if any	1.14%^A	1.07%	1.05%	1.11%	1.16%	1.23%
Expenses net of all reductions	1.09%^A	1.02%	.99%	1.01%	1.07%	1.18%
Net investment income (loss)	.98%^A	1.47%^G	.89%	1.04%	1.53%	1.27%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,114,979	$ 2,086,196	$ 6,609,045	$ 3,005,145	$ 1,392,223	$ 604,550
Portfolio turnover rate^F	112%^A	63%	52%	66%	68%	112%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DCalculated based on average shares outstanding during the period. ^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. ^GInvestment income per share reflects a special dividend which amounted to $.09 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.17%. ^HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^IAmount represents less than $.01 per share.

Financial Highlights - Class K

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 13.72	$ 31.99
Income from Investment Operations
Net investment income (loss)^D	.08	.15^G
Net realized and unrealized gain (loss)	.93	(18.43)
Total from investment operations	1.01	(18.28)
Distributions from net investment income	(.28)	-
Redemption fees added to paid in capital^D	-^J	.01
Net asset value, end of period	$ 14.45	$ 13.72
Total Return^B,C	7.86%	(57.11)%
Ratios to Average Net Assets^E,I
Expenses before reductions	.91%^A	.92%^A
Expenses net of fee waivers, if any	.91%^A	.92%^A
Expenses net of all reductions	.86%^A	.87%^A
Net investment income (loss)	1.21%^A	2.02%^A,G
Supplemental Data
Net assets, end of period (000 omitted)	$ 142,926	$ 87,427
Portfolio turnover rate^F	112%^A	63%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^DCalculated based on average shares outstanding during the period. ^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. ^GInvestment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.71%. ^HFor the period May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^IExpense 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. ^JAmount represents less than $.01 per share.

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

Semiannual Report

Emerging Markets

Notes to Financial Statements

For the period ended April 30, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

The aggregate value by input level, as of April 30, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value is included at the end of the Fund's Schedule of Investments.

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

Unrealized appreciation	$ 332,632,306
Unrealized depreciation	(382,630,239)
Net unrealized appreciation (depreciation)	$ (49,997,933)
Cost for federal income tax purposes	$ 2,318,948,268

Semiannual Report

Emerging Markets

Notes to Financial Statements (Unaudited) - continued

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,095,389,112 and $1,085,095,409, respectively.

6. Fees and Other Transactions with Affiliates.

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 Emerging Markets. FIIOC receives an asset-based fee of Class K's average net assets. 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 were as follows:

	Amount	% of Average Net Assets*
Emerging Markets	$ 2,642,060	.28
Class K	31,312	.06
	$ 2,673,372

* Annualized

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 9,891,875	.43%	$ 941

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $6,184 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

8. Security Lending.

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Emerging Market's operating expenses. During the period, this reimbursement reduced the class' expenses by $5,065.

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 $462,489 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 $293.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Emerging Markets	$ 35,658,333	$ 34,024,353
Class K	1,972,018	-
Total	$ 37,630,351	$ 34,024,353
From net realized gain
Emerging Markets	$ -	$ 245,333,468

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Emerging Markets
Shares sold	24,842,261	88,151,350	$ 316,133,716	$ 2,616,256,871
Conversion to Class K	(2,095,288)	(6,470,724)	(24,961,409)	(122,161,593)
Reinvestment of distributions	2,953,743	7,825,864	34,381,577	270,227,076
Shares redeemed	(31,714,162)	(113,371,134)	(386,713,661)	(2,997,083,479)
Net increase (decrease)	(6,013,446)	(23,864,644)	$ (61,159,777)	$ (232,761,125)
Class K
Shares sold	2,665,111	379,643	$ 33,663,594	$ 5,848,087
Conversion from Emerging Markets	2,096,883	6,466,184	24,961,409	122,161,593
Reinvestment of distributions	169,855	-	1,972,018	-
Shares redeemed	(1,413,075)	(475,589)	(17,426,959)	(7,670,068)
Net increase (decrease)	3,518,774	6,370,238	$ 43,170,062	$ 120,339,612

^A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

Semiannual Report

Emerging Markets

Notes to Financial Statements (Unaudited) - continued

12. Other.

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
Fidelity Investments Japan Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.

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

Custodians

JPMorgan Chase Bank
New York, NY

Fidelity's International Equity Funds

International Capital Appreciation Fund

Canada Fund

China Region Fund

Diversified International Fund

Emerging Markets Fund

Europe Fund

Europe Capital Appreciation Fund

Global Balanced Fund

Global Commodity Stock Fund

International Discovery Fund

International Growth 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

Total International Equity

Worldwide Fund

Corporate Headquarters

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

EMF-K-USAN-0609
1.863017.100

fid466

Fidelity®
Emerging Europe,
Middle East, Africa (EMEA)
Fund

Semiannual Report

April 30, 2009

(2_fidelity_logos) (Registered_Trademark)

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.

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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.50%
Actual		$ 1,000.00	$ 1,171.40	$ 8.08
Hypothetical^A		$ 1,000.00	$ 1,017.36	$ 7.50
Class T	1.75%
Actual		$ 1,000.00	$ 1,168.60	$ 9.41
Hypothetical^A		$ 1,000.00	$ 1,016.12	$ 8.75
Class B	2.25%
Actual		$ 1,000.00	$ 1,169.10	$ 12.10
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23
Class C	2.25%
Actual		$ 1,000.00	$ 1,169.10	$ 12.10
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23
Emerging Europe, Middle East, Africa (EMEA)	1.25%
Actual		$ 1,000.00	$ 1,173.10	$ 6.74
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26
Institutional Class	1.25%
Actual		$ 1,000.00	$ 1,173.10	$ 6.74
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26

^A 5% return per year before expenses

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

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	South Africa 34.5%
	Russia 27.3%
	United States of America* 10.3%
	Israel 6.7%
	Egypt 4.3%
	Czech Republic 4.3%
	Nigeria 2.5%
	Turkey 2.4%
	Canada 1.9%
	Other 5.8%

fid960

As of October 31, 2008
	South Africa 38.1%
	Russia 30.8%
	Israel 7.2%
	Czech Republic 5.7%
	United States of America* 3.9%
	Egypt 3.4%
	Turkey 2.4%
	Kenya 2.2%
	Nigeria 2.0%
	Other 4.3%

fid972

* Includes short-term investments and net other assets.

Semiannual Report

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks and Investment Companies	90.0	96.1
Short-Term Investments and Net Other Assets	10.0	3.9
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
OAO Gazprom (Russia, Oil, Gas & Consumable Fuels)	11.8	13.9
MTN Group Ltd. (South Africa, Wireless Telecommunication Services)	8.3	8.9
Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels)	6.2	6.5
Lukoil Oil Co. sponsored ADR (Russia, Oil, Gas & Consumable Fuels)	6.0	6.4
Teva Pharmaceutical Industries Ltd. (Israel, Pharmaceuticals)	5.9	6.7
Sberbank (Savings Bank of the Russian Federation) (Russia, Commercial Banks)	3.7	2.6
Egyptian Co. for Mobile Services (MobiNil) (Egypt, Wireless Telecommunication Services)	3.3	2.2
Ceske Energeticke Zavody AS (Czech Republic, Electric Utilities)	3.2	4.5
Raubex Group Ltd. (South Africa, Construction & Engineering)	3.1	3.6
Harmony Gold Mining Co. Ltd. (South Africa, Metals & Mining)	3.1	4.4
	54.6
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Energy	27.5	29.4
Materials	15.8	16.3
Telecommunication Services	14.1	16.1
Financials	7.9	4.4
Consumer Staples	6.2	7.0
Health Care	6.2	6.7
Industrials	5.7	9.1
Utilities	3.2	4.7
Consumer Discretionary	1.4	1.0
Information Technology	0.5	0.3

Semiannual Report

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 88.5%
	Shares		Value
Australia - 0.5%
Coal of Africa Ltd. (a)	184,100		$ 182,911
International Ferro Metals	149,500		81,466
TOTAL AUSTRALIA			264,377
Canada - 0.4%
Addax Petroleum, Inc.	5,000		137,607
Westernzagros Resources Ltd. (a)	127,500		84,412
TOTAL CANADA			222,019
Cayman Islands - 1.4%
Eurasia Drilling Co. Ltd. GDR (Reg. S)	93,300		677,526
Czech Republic - 4.3%
Ceske Energeticke Zavody AS	39,350		1,624,465
Telefonica O2 Czech Republic AS	24,913		537,022
TOTAL CZECH REPUBLIC			2,161,487
Egypt - 4.3%
EFG-Hermes Holding SAE	74,200		260,767
Egyptian Co. for Mobile Services (MobiNil)	44,544		1,634,229
Orascom Construction Industries SAE	9,580		273,899
TOTAL EGYPT			2,168,895
Israel - 6.7%
Bezeq Israeli Telecommunication Corp. Ltd.	93,600		147,754
Mizrahi Tefahot Bank Ltd.	40,700		227,361
Teva Pharmaceutical Industries Ltd.	67,100		2,972,907
TOTAL ISRAEL			3,348,022
Kenya - 1.7%
Athi River Mining Ltd.	283,422		287,921
British American Tobacco Kenya Ltd.	80,500		144,133
East African Breweries Ltd.	265,118		400,623
TOTAL KENYA			832,677
Nigeria - 2.5%
Guaranty Trust Bank PLC (Reg. S) unit	226,017		802,360
Nigerian Breweries PLC	911,706		264,888
Zenith Bank PLC	1,940,000		188,757
TOTAL NIGERIA			1,256,005
Russia - 27.3%
Comstar United TeleSystems OJSC GDR (Reg. S)	81,000		352,590
Lukoil Oil Co.	5,800		258,881
Common Stocks - continued
	Shares		Value
Russia - continued
Lukoil Oil Co. sponsored ADR	68,500		$ 3,005,946
Novolipetsk Iron & Steel Corp.	19,000		287,212
OAO Gazprom	1,319,100		5,880,929
OAO NOVATEK	45,100		148,819
OAO NOVATEK GDR	3,200		112,193
OAO Tatneft	112,800		324,666
OJSC MMC Norilsk Nickel	1,500		123,712
Polymetal JSC GDR (Reg. S) (a)	149,550		919,525
Sberbank (Savings Bank of the Russian Federation)	2,217,000		1,828,628
Sberbank (Savings Bank of the Russian Federation) GDR	1,100		154,538
Wimm-Bill-Dann Foods OJSC sponsored ADR (a)	5,700		254,619
TOTAL RUSSIA			13,652,258
South Africa - 34.5%
Africa Cellular Towers Ltd. (a)	2,702,300		279,720
African Rainbow Minerals Ltd.	25,200		340,564
AngloGold Ashanti Ltd.	20,800		639,126
Aspen Pharmacare Holdings Ltd.	30,300		153,799
Austro Group Ltd.	411,000		23,088
Aveng Ltd.	76,800		293,803
Buildworks Group Ltd. (a)	1,145,000		50,841
Cashbuild Ltd.	17,200		131,973
DRDGOLD Ltd.	923,454		734,146
Exxaro Resources Ltd.	142,600		1,045,757
Gold Fields Ltd.	67,100		698,133
Harmony Gold Mining Co. Ltd. (a)	164,600		1,532,782
Kumba Iron Ore Ltd.	7,700		146,871
MTN Group Ltd.	320,150		4,157,796
Murray & Roberts Holdings Ltd.	136,500		762,080
New Clicks Holdings Ltd.	171,000		329,838
Paracon Holdings Ltd.	1,953,200		253,047
Raubex Group Ltd.	608,800		1,571,676
Sasol Ltd.	102,900		3,099,260
Shoprite Holdings Ltd.	162,300		972,627
Woolworths Holdings Ltd.	35,400		49,951
TOTAL SOUTH AFRICA			17,266,878
Turkey - 2.4%
Bim Birlesik Magazalar AS JSC	38,000		1,044,837
Eregli Demir ve Celik Fabrikalari TAS	71,000		172,148
TOTAL TURKEY			1,216,985
Common Stocks - continued
	Shares		Value
United Arab Emirates - 0.9%
Dubai Financial Market PJSC	1,203,976		$ 429,394
United Kingdom - 0.8%
Randgold Resources Ltd. sponsored ADR	8,300		401,720
United States of America - 0.3%
CTC Media, Inc. (a)	15,900		124,656
Zambia - 0.5%
Celtel Zambia Ltd.	2,790,201		177,783
Zambeef Products PLC	97,000		51,504
TOTAL ZAMBIA			229,287
TOTAL COMMON STOCKS (Cost $63,885,467)		44,252,186
Investment Companies - 1.5%

Canada - 1.5%
Horizons BetaPro COMEX Gold Bullion Bull Plus ETF (a) (Cost $827,933)	57,600		759,311
Money Market Funds - 10.3%

Fidelity Cash Central Fund, 0.53% (b) (Cost $5,154,795)	5,154,795		5,154,795
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $69,868,195)			50,166,292
NET OTHER ASSETS - (0.3)%			(170,403)
NET ASSETS - 100%		$ 49,995,889

Legend

(a) Non-income producing

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	$ 5,539

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 50,166,292	$ 18,559,872	$ 31,606,420	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $9,997,975 all of which will expire on October 31, 2016.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $64,713,400)	$ 45,011,497
Fidelity Central Funds (cost $5,154,795)	5,154,795
Total Investments (cost $69,868,195)		$ 50,166,292
Receivable for investments sold		788,679
Receivable for fund shares sold		412,823
Dividends receivable		56,029
Distributions receivable from Fidelity Central Funds		1,243
Prepaid expenses		284
Receivable from investment adviser for expense reductions		44,609
Other receivables		5,344
Total assets		51,475,303

Liabilities
Payable to custodian bank	$ 299,550
Payable for investments purchased	1,060,446
Payable for fund shares redeemed	32,787
Accrued management fee	30,930
Distribution fees payable	1,942
Other affiliated payables	12,491
Other payables and accrued expenses	41,268
Total liabilities		1,479,414

Net Assets		$ 49,995,889
Net Assets consist of:
Paid in capital		$ 85,025,846
Undistributed net investment income		72,819
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(15,399,975)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(19,702,801)
Net Assets		$ 49,995,889

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

Semiannual Report

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($2,037,505 ÷ 368,166 shares)		$ 5.53

Maximum offering price per share (100/94.25 of $5.53)		$ 5.87
Class T: Net Asset Value and redemption price per share ($823,377 ÷ 148,789 shares)		$ 5.53

Maximum offering price per share (100/96.50 of $5.53)		$ 5.73
Class B: Net Asset Value and offering price per share ($578,856 ÷ 104,730 shares)^A		$ 5.53

Class C: Net Asset Value and offering price per share ($1,116,236 ÷ 201,958 shares)^A		$ 5.53

Emerging Europe, Middle East, Africa (EMEA): Net Asset Value, offering price and redemption price per share ($42,437,458 ÷ 7,662,187 shares)		$ 5.54

Institutional Class: Net Asset Value, offering price and redemption price per share ($3,002,457 ÷ 542,132 shares)		$ 5.54

^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

Financial Statements - continued

Statement of Operations

Six months ended April 30, 2009 (Unaudited)

Investment Income
Dividends		$ 382,469
Interest		6
Income from Fidelity Central Funds		5,539
		388,014
Less foreign taxes withheld		(11,415)
Total income		376,599

Expenses
Management fee	$ 155,038
Transfer agent fees	54,665
Distribution fees	9,781
Accounting fees and expenses	9,818
Custodian fees and expenses	31,149
Independent trustees' compensation	134
Registration fees	101,722
Audit	28,882
Legal	14
Miscellaneous	302
Total expenses before reductions	391,505
Expense reductions	(145,453)	246,052
Net investment income (loss)		130,547
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(5,132,758)
Foreign currency transactions	2,278
Total net realized gain (loss)		(5,130,480)
Change in net unrealized appreciation (depreciation) on: Investment securities	11,671,474
Assets and liabilities in foreign currencies	857
Total change in net unrealized appreciation (depreciation)		11,672,331
Net gain (loss)		6,541,851
Net increase (decrease) in net assets resulting from operations		$ 6,672,398

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

Semiannual Report

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	For the period May 8, 2008 (commencement of operations) to October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 130,547	$ 351,784
Net realized gain (loss)	(5,130,480)	(10,405,654)
Change in net unrealized appreciation (depreciation)	11,672,331	(31,375,132)
Net increase (decrease) in net assets resulting from operations	6,672,398	(41,429,002)
Distributions to shareholders from net investment income	(273,102)	-
Share transactions - net increase (decrease)	5,185,882	79,670,886
Redemption fees	16,651	152,176
Total increase (decrease) in net assets	11,601,829	38,394,060

Net Assets
Beginning of period	38,394,060	-
End of period (including undistributed net investment income of $72,819 and undistributed net investment income of $215,625, respectively)	$ 49,995,889	$ 38,394,060

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.75	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.01	.04
Net realized and unrealized gain (loss)	.80	(5.31)
Total from investment operations	.81	(5.27)
Distributions from net investment income	(.03)	-
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 5.53	$ 4.75
Total Return^{B, C, D}	17.14%	(52.50)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.26%^A	2.50%^A
Expenses net of fee waivers, if any	1.50%^A	1.50%^A
Expenses net of all reductions	1.49%^A	1.23%^A
Net investment income (loss)	.49%^A	1.20%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,038	$ 1,368
Portfolio turnover rate^G	59%^A	68%

^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 May 8, 2008 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.75	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.01	.04
Net realized and unrealized gain (loss)	.79	(5.31)
Total from investment operations	.80	(5.27)
Distributions from net investment income	(.02)	-
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 5.53	$ 4.75
Total Return^{B, C, D}	16.86%	(52.50)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.52%^A	2.78%^A
Expenses net of fee waivers, if any	1.75%^A	1.75%^A
Expenses net of all reductions	1.74%^A	1.49%^A
Net investment income (loss)	.24%^A	.95%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 823	$ 568
Portfolio turnover rate^G	59%^A	68%

^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.

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

^H For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.73	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.01)	.02
Net realized and unrealized gain (loss)	.81	(5.31)
Total from investment operations	.80	(5.29)
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 5.53	$ 4.73
Total Return^{B, C, D}	16.91%	(52.70)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	3.03%^A	3.32%^A
Expenses net of fee waivers, if any	2.25%^A	2.25%^A
Expenses net of all reductions	2.24%^A	1.99%^A
Net investment income (loss)	(.26)%^A	.45%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 579	$ 487
Portfolio turnover rate^G	59%^A	68%

^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.

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

^H For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.73	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.01)	.02
Net realized and unrealized gain (loss)	.81	(5.31)
Total from investment operations	.80	(5.29)
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 5.53	$ 4.73
Total Return^{B, C, D}	16.91%	(52.70)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	3.02%^A	3.28%^A
Expenses net of fee waivers, if any	2.25%^A	2.25%^A
Expenses net of all reductions	2.24%^A	1.99%^A
Net investment income (loss)	(.26)%^A	.45%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,116	$ 741
Portfolio turnover rate^G	59%^A	68%

^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.

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

^H For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Emerging Europe, Middle East, Africa (EMEA)

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008^G
Selected Per-Share Data
Net asset value, beginning of period	$ 4.76	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.02	.05
Net realized and unrealized gain (loss)	.80	(5.31)
Total from investment operations	.82	(5.26)
Distributions from net investment income	(.04)	-
Redemption fees added to paid in capital^D	-^I	.02
Net asset value, end of period	$ 5.54	$ 4.76
Total Return^{B, C}	17.31%	(52.40)%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	2.01%^A	2.19%^A
Expenses net of fee waivers, if any	1.25%^A	1.25%^A
Expenses net of all reductions	1.24%^A	.98%^A
Net investment income (loss)	.74%^A	1.45%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 42,437	$ 32,535
Portfolio turnover rate^F	59%^A	68%

^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 May 8, 2008 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008^G
Selected Per-Share Data
Net asset value, beginning of period	$ 4.76	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.02	.05
Net realized and unrealized gain (loss)	.80	(5.31)
Total from investment operations	.82	(5.26)
Distributions from net investment income	(.04)	-
Redemption fees added to paid in capital^D	-^I	.02
Net asset value, end of period	$ 5.54	$ 4.76
Total Return^{B, C}	17.31%	(52.40)%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	1.96%^A	2.12%^A
Expenses net of fee waivers, if any	1.25%^A	1.25%^A
Expenses net of all reductions	1.24%^A	.98%^A
Net investment income (loss)	.74%^A	1.46%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,002	$ 2,695
Portfolio turnover rate^F	59%^A	68%

^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.

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

^G For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^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, 2009 (Unaudited)

1. Organization.

Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund (the Fund) is a non-diversified 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, Emerging Europe, Middle East, Africa (EMEA) 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.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

3. Significant Accounting Policies - continued

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	$ 3,666,993
Unrealized depreciation	(24,300,867)
Net unrealized appreciation (depreciation)	$ (20,633,874)
Cost for federal income tax purposes	$ 70,800,166

Short-Term Trading (Redemption) Fees. Shares held in the fund less than 90 days are subject to a redemption fee equal to 1.50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the fund and accounted for as an addition to paid in capital.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $12,693,190 and $11,119,752, respectively.

6. Fees and Other Transactions with Affiliates.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan - continued

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	.00%	.25%	$ 1,870	$ 566
Class T	.25%	.25%	1,536	930
Class B	.75%	.25%	2,425	2,283
Class C	.75%	.25%	3,950	3,274
			$ 9,781	$ 7,053

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

	Retained by FDC
Class A	$ 939
Class T	300
Class B*	192
Class C*	229
	$ 1,660

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 2,264	.30
Class T	965	.31
Class B	748	.31
Class C	1,205	.30
Emerging Europe, Middle East, Africa (EMEA)	46,295	.29
Institutional Class	3,188	.25
	$ 54,665

* Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $69 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

8. 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 A	1.50%	$ 5,719
Class T	1.75%	2,382
Class B	2.25%	1,899
Class C	2.25%	3,079
Emerging Europe, Middle East, Africa (EMEA)	1.25%	122,278
Institutional Class	1.25%	9,290
		$ 144,647

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 $806.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008^A
From net investment income
Class A	$ 8,761	$ -
Class T	2,185	-
Emerging Europe, Middle East, Africa (EMEA)	241,410	-
Institutional Class	20,746	-
Total	$ 273,102	$ -

^A For the period May 8, 2008 (commencement of operations) to April 30, 2008.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008^A	Six months ended April 30, 2009	Year ended October 31, 2008^A
Class A
Shares sold	128,115	344,487	$ 612,001	$ 3,038,678
Reinvestment of distributions	1,833	-	8,321	-
Shares redeemed	(49,734)	(56,535)	(232,407)	(363,899)
Net increase (decrease)	80,214	287,952	$ 387,915	$ 2,674,779
Class T
Shares sold	45,537	130,067	$ 223,011	$ 1,228,022
Reinvestment of distributions	481	-	2,182	-
Shares redeemed	(16,806)	(10,490)	(74,802)	(50,821)
Net increase (decrease)	29,212	119,577	$ 150,391	$ 1,177,201
Class B
Shares sold	18,061	115,650	$ 86,264	$ 1,098,908
Reinvestment of distributions	-	-	-	-
Shares redeemed	(16,279)	(12,702)	(72,372)	(76,194)
Net increase (decrease)	1,782	102,948	$ 13,892	$ 1,022,714
Class C
Shares sold	70,912	174,986	$ 361,273	$ 1,629,690
Reinvestment of distributions	-	-	-	-
Shares redeemed	(25,450)	(18,490)	(118,517)	(109,269)
Net increase (decrease)	45,462	156,496	$ 242,756	$ 1,520,421
Emerging Europe, Middle East, Africa (EMEA)
Shares sold	2,370,885	10,218,704	$ 11,558,301	$ 92,385,312
Reinvestment of distributions	50,835	-	230,791	-
Shares redeemed	(1,597,610)	(3,380,627)	(7,290,256)	(23,437,711)
Net increase (decrease)	824,110	6,838,077	$ 4,498,836	$ 68,947,601
Institutional Class
Shares sold	40,267	598,356	$ 188,979	$ 4,518,354
Reinvestment of distributions	1,053	-	4,781	-
Shares redeemed	(65,690)	(31,854)	(301,668)	(190,184)
Net increase (decrease)	(24,370)	566,502	$ (107,908)	$ 4,328,170

^A For the period May 8, 2008 (commencement of operations) to October 31, 2008.

Semiannual Report

11. Other.

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

Fidelity Investments Japan Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

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

State Street Bank & Trust Company
Quincy, MA

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®) fid420 1-800-544-5555

Automated line for quickest service

EME-USAN-0609
1.861974.100

fid466

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
Emerging Europe,
Middle East, Africa (EMEA)
Fund - Class A, Class T, Class B
and Class C

Semiannual Report

April 30, 2009

Class A, Class T, Class B, and Class C are classes of Fidelity® Emerging Europe,
Middle East, Africa (EMEA) Fund

(2_fidelity_logos) (Registered_Trademark)

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 http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.50%
Actual		$ 1,000.00	$ 1,171.40	$ 8.08
Hypothetical^A		$ 1,000.00	$ 1,017.36	$ 7.50
Class T	1.75%
Actual		$ 1,000.00	$ 1,168.60	$ 9.41
Hypothetical^A		$ 1,000.00	$ 1,016.12	$ 8.75
Class B	2.25%
Actual		$ 1,000.00	$ 1,169.10	$ 12.10
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23
Class C	2.25%
Actual		$ 1,000.00	$ 1,169.10	$ 12.10
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23
Emerging Europe, Middle East, Africa (EMEA)	1.25%
Actual		$ 1,000.00	$ 1,173.10	$ 6.74
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26
Institutional Class	1.25%
Actual		$ 1,000.00	$ 1,173.10	$ 6.74
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26

^A 5% return per year before expenses

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

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	South Africa 34.5%
	Russia 27.3%
	United States of America* 10.3%
	Israel 6.7%
	Egypt 4.3%
	Czech Republic 4.3%
	Nigeria 2.5%
	Turkey 2.4%
	Canada 1.9%
	Other 5.8%

fid993

As of October 31, 2008
	South Africa 38.1%
	Russia 30.8%
	Israel 7.2%
	Czech Republic 5.7%
	United States of America* 3.9%
	Egypt 3.4%
	Turkey 2.4%
	Kenya 2.2%
	Nigeria 2.0%
	Other 4.3%

fid1005

* Includes short-term investments and net other assets.

Semiannual Report

Investment Changes (Unaudited) - continued

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks and Investment Companies	90.0	96.1
Short-Term Investments and Net Other Assets	10.0	3.9
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
OAO Gazprom (Russia, Oil, Gas & Consumable Fuels)	11.8	13.9
MTN Group Ltd. (South Africa, Wireless Telecommunication Services)	8.3	8.9
Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels)	6.2	6.5
Lukoil Oil Co. sponsored ADR (Russia, Oil, Gas & Consumable Fuels)	6.0	6.4
Teva Pharmaceutical Industries Ltd. (Israel, Pharmaceuticals)	5.9	6.7
Sberbank (Savings Bank of the Russian Federation) (Russia, Commercial Banks)	3.7	2.6
Egyptian Co. for Mobile Services (MobiNil) (Egypt, Wireless Telecommunication Services)	3.3	2.2
Ceske Energeticke Zavody AS (Czech Republic, Electric Utilities)	3.2	4.5
Raubex Group Ltd. (South Africa, Construction & Engineering)	3.1	3.6
Harmony Gold Mining Co. Ltd. (South Africa, Metals & Mining)	3.1	4.4
	54.6
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Energy	27.5	29.4
Materials	15.8	16.3
Telecommunication Services	14.1	16.1
Financials	7.9	4.4
Consumer Staples	6.2	7.0
Health Care	6.2	6.7
Industrials	5.7	9.1
Utilities	3.2	4.7
Consumer Discretionary	1.4	1.0
Information Technology	0.5	0.3

Semiannual Report

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 88.5%
	Shares		Value
Australia - 0.5%
Coal of Africa Ltd. (a)	184,100		$ 182,911
International Ferro Metals	149,500		81,466
TOTAL AUSTRALIA			264,377
Canada - 0.4%
Addax Petroleum, Inc.	5,000		137,607
Westernzagros Resources Ltd. (a)	127,500		84,412
TOTAL CANADA			222,019
Cayman Islands - 1.4%
Eurasia Drilling Co. Ltd. GDR (Reg. S)	93,300		677,526
Czech Republic - 4.3%
Ceske Energeticke Zavody AS	39,350		1,624,465
Telefonica O2 Czech Republic AS	24,913		537,022
TOTAL CZECH REPUBLIC			2,161,487
Egypt - 4.3%
EFG-Hermes Holding SAE	74,200		260,767
Egyptian Co. for Mobile Services (MobiNil)	44,544		1,634,229
Orascom Construction Industries SAE	9,580		273,899
TOTAL EGYPT			2,168,895
Israel - 6.7%
Bezeq Israeli Telecommunication Corp. Ltd.	93,600		147,754
Mizrahi Tefahot Bank Ltd.	40,700		227,361
Teva Pharmaceutical Industries Ltd.	67,100		2,972,907
TOTAL ISRAEL			3,348,022
Kenya - 1.7%
Athi River Mining Ltd.	283,422		287,921
British American Tobacco Kenya Ltd.	80,500		144,133
East African Breweries Ltd.	265,118		400,623
TOTAL KENYA			832,677
Nigeria - 2.5%
Guaranty Trust Bank PLC (Reg. S) unit	226,017		802,360
Nigerian Breweries PLC	911,706		264,888
Zenith Bank PLC	1,940,000		188,757
TOTAL NIGERIA			1,256,005
Russia - 27.3%
Comstar United TeleSystems OJSC GDR (Reg. S)	81,000		352,590
Lukoil Oil Co.	5,800		258,881
Common Stocks - continued
	Shares		Value
Russia - continued
Lukoil Oil Co. sponsored ADR	68,500		$ 3,005,946
Novolipetsk Iron & Steel Corp.	19,000		287,212
OAO Gazprom	1,319,100		5,880,929
OAO NOVATEK	45,100		148,819
OAO NOVATEK GDR	3,200		112,193
OAO Tatneft	112,800		324,666
OJSC MMC Norilsk Nickel	1,500		123,712
Polymetal JSC GDR (Reg. S) (a)	149,550		919,525
Sberbank (Savings Bank of the Russian Federation)	2,217,000		1,828,628
Sberbank (Savings Bank of the Russian Federation) GDR	1,100		154,538
Wimm-Bill-Dann Foods OJSC sponsored ADR (a)	5,700		254,619
TOTAL RUSSIA			13,652,258
South Africa - 34.5%
Africa Cellular Towers Ltd. (a)	2,702,300		279,720
African Rainbow Minerals Ltd.	25,200		340,564
AngloGold Ashanti Ltd.	20,800		639,126
Aspen Pharmacare Holdings Ltd.	30,300		153,799
Austro Group Ltd.	411,000		23,088
Aveng Ltd.	76,800		293,803
Buildworks Group Ltd. (a)	1,145,000		50,841
Cashbuild Ltd.	17,200		131,973
DRDGOLD Ltd.	923,454		734,146
Exxaro Resources Ltd.	142,600		1,045,757
Gold Fields Ltd.	67,100		698,133
Harmony Gold Mining Co. Ltd. (a)	164,600		1,532,782
Kumba Iron Ore Ltd.	7,700		146,871
MTN Group Ltd.	320,150		4,157,796
Murray & Roberts Holdings Ltd.	136,500		762,080
New Clicks Holdings Ltd.	171,000		329,838
Paracon Holdings Ltd.	1,953,200		253,047
Raubex Group Ltd.	608,800		1,571,676
Sasol Ltd.	102,900		3,099,260
Shoprite Holdings Ltd.	162,300		972,627
Woolworths Holdings Ltd.	35,400		49,951
TOTAL SOUTH AFRICA			17,266,878
Turkey - 2.4%
Bim Birlesik Magazalar AS JSC	38,000		1,044,837
Eregli Demir ve Celik Fabrikalari TAS	71,000		172,148
TOTAL TURKEY			1,216,985
Common Stocks - continued
	Shares		Value
United Arab Emirates - 0.9%
Dubai Financial Market PJSC	1,203,976		$ 429,394
United Kingdom - 0.8%
Randgold Resources Ltd. sponsored ADR	8,300		401,720
United States of America - 0.3%
CTC Media, Inc. (a)	15,900		124,656
Zambia - 0.5%
Celtel Zambia Ltd.	2,790,201		177,783
Zambeef Products PLC	97,000		51,504
TOTAL ZAMBIA			229,287
TOTAL COMMON STOCKS (Cost $63,885,467)		44,252,186
Investment Companies - 1.5%

Canada - 1.5%
Horizons BetaPro COMEX Gold Bullion Bull Plus ETF (a) (Cost $827,933)	57,600		759,311
Money Market Funds - 10.3%

Fidelity Cash Central Fund, 0.53% (b) (Cost $5,154,795)	5,154,795		5,154,795
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $69,868,195)			50,166,292
NET OTHER ASSETS - (0.3)%			(170,403)
NET ASSETS - 100%		$ 49,995,889

Legend

(a) Non-income producing

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	$ 5,539

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 50,166,292	$ 18,559,872	$ 31,606,420	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $9,997,975 all of which will expire on October 31, 2016.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $64,713,400)	$ 45,011,497
Fidelity Central Funds (cost $5,154,795)	5,154,795
Total Investments (cost $69,868,195)		$ 50,166,292
Receivable for investments sold		788,679
Receivable for fund shares sold		412,823
Dividends receivable		56,029
Distributions receivable from Fidelity Central Funds		1,243
Prepaid expenses		284
Receivable from investment adviser for expense reductions		44,609
Other receivables		5,344
Total assets		51,475,303

Liabilities
Payable to custodian bank	$ 299,550
Payable for investments purchased	1,060,446
Payable for fund shares redeemed	32,787
Accrued management fee	30,930
Distribution fees payable	1,942
Other affiliated payables	12,491
Other payables and accrued expenses	41,268
Total liabilities		1,479,414

Net Assets		$ 49,995,889
Net Assets consist of:
Paid in capital		$ 85,025,846
Undistributed net investment income		72,819
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(15,399,975)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(19,702,801)
Net Assets		$ 49,995,889

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, 2009 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($2,037,505 ÷ 368,166 shares)		$ 5.53

Maximum offering price per share (100/94.25 of $5.53)		$ 5.87
Class T: Net Asset Value and redemption price per share ($823,377 ÷ 148,789 shares)		$ 5.53

Maximum offering price per share (100/96.50 of $5.53)		$ 5.73
Class B: Net Asset Value and offering price per share ($578,856 ÷ 104,730 shares)^A		$ 5.53

Class C: Net Asset Value and offering price per share ($1,116,236 ÷ 201,958 shares)^A		$ 5.53

Emerging Europe, Middle East, Africa (EMEA): Net Asset Value, offering price and redemption price per share ($42,437,458 ÷ 7,662,187 shares)		$ 5.54

Institutional Class: Net Asset Value, offering price and redemption price per share ($3,002,457 ÷ 542,132 shares)		$ 5.54

^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, 2009 (Unaudited)

Investment Income
Dividends		$ 382,469
Interest		6
Income from Fidelity Central Funds		5,539
		388,014
Less foreign taxes withheld		(11,415)
Total income		376,599

Expenses
Management fee	$ 155,038
Transfer agent fees	54,665
Distribution fees	9,781
Accounting fees and expenses	9,818
Custodian fees and expenses	31,149
Independent trustees' compensation	134
Registration fees	101,722
Audit	28,882
Legal	14
Miscellaneous	302
Total expenses before reductions	391,505
Expense reductions	(145,453)	246,052
Net investment income (loss)		130,547
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(5,132,758)
Foreign currency transactions	2,278
Total net realized gain (loss)		(5,130,480)
Change in net unrealized appreciation (depreciation) on: Investment securities	11,671,474
Assets and liabilities in foreign currencies	857
Total change in net unrealized appreciation (depreciation)		11,672,331
Net gain (loss)		6,541,851
Net increase (decrease) in net assets resulting from operations		$ 6,672,398

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, 2009 (Unaudited)	For the period May 8, 2008 (commencement of operations) to October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 130,547	$ 351,784
Net realized gain (loss)	(5,130,480)	(10,405,654)
Change in net unrealized appreciation (depreciation)	11,672,331	(31,375,132)
Net increase (decrease) in net assets resulting from operations	6,672,398	(41,429,002)
Distributions to shareholders from net investment income	(273,102)	-
Share transactions - net increase (decrease)	5,185,882	79,670,886
Redemption fees	16,651	152,176
Total increase (decrease) in net assets	11,601,829	38,394,060

Net Assets
Beginning of period	38,394,060	-
End of period (including undistributed net investment income of $72,819 and undistributed net investment income of $215,625, respectively)	$ 49,995,889	$ 38,394,060

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.75	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.01	.04
Net realized and unrealized gain (loss)	.80	(5.31)
Total from investment operations	.81	(5.27)
Distributions from net investment income	(.03)	-
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 5.53	$ 4.75
Total Return^{B, C, D}	17.14%	(52.50)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.26%^A	2.50%^A
Expenses net of fee waivers, if any	1.50%^A	1.50%^A
Expenses net of all reductions	1.49%^A	1.23%^A
Net investment income (loss)	.49%^A	1.20%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,038	$ 1,368
Portfolio turnover rate^G	59%^A	68%

^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.

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

^H For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.75	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.01	.04
Net realized and unrealized gain (loss)	.79	(5.31)
Total from investment operations	.80	(5.27)
Distributions from net investment income	(.02)	-
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 5.53	$ 4.75
Total Return^{B, C, D}	16.86%	(52.50)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.52%^A	2.78%^A
Expenses net of fee waivers, if any	1.75%^A	1.75%^A
Expenses net of all reductions	1.74%^A	1.49%^A
Net investment income (loss)	.24%^A	.95%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 823	$ 568
Portfolio turnover rate^G	59%^A	68%

^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.

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

^H For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.73	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.01)	.02
Net realized and unrealized gain (loss)	.81	(5.31)
Total from investment operations	.80	(5.29)
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 5.53	$ 4.73
Total Return^{B, C, D}	16.91%	(52.70)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	3.03%^A	3.32%^A
Expenses net of fee waivers, if any	2.25%^A	2.25%^A
Expenses net of all reductions	2.24%^A	1.99%^A
Net investment income (loss)	(.26)%^A	.45%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 579	$ 487
Portfolio turnover rate^G	59%^A	68%

^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.

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

^H For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.73	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.01)	.02
Net realized and unrealized gain (loss)	.81	(5.31)
Total from investment operations	.80	(5.29)
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 5.53	$ 4.73
Total Return^{B, C, D}	16.91%	(52.70)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	3.02%^A	3.28%^A
Expenses net of fee waivers, if any	2.25%^A	2.25%^A
Expenses net of all reductions	2.24%^A	1.99%^A
Net investment income (loss)	(.26)%^A	.45%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,116	$ 741
Portfolio turnover rate^G	59%^A	68%

^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.

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

^H For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Emerging Europe, Middle East, Africa (EMEA)

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008^G
Selected Per-Share Data
Net asset value, beginning of period	$ 4.76	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.02	.05
Net realized and unrealized gain (loss)	.80	(5.31)
Total from investment operations	.82	(5.26)
Distributions from net investment income	(.04)	-
Redemption fees added to paid in capital^D	-^I	.02
Net asset value, end of period	$ 5.54	$ 4.76
Total Return^{B, C}	17.31%	(52.40)%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	2.01%^A	2.19%^A
Expenses net of fee waivers, if any	1.25%^A	1.25%^A
Expenses net of all reductions	1.24%^A	.98%^A
Net investment income (loss)	.74%^A	1.45%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 42,437	$ 32,535
Portfolio turnover rate^F	59%^A	68%

^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.

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

^G For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008^G
Selected Per-Share Data
Net asset value, beginning of period	$ 4.76	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.02	.05
Net realized and unrealized gain (loss)	.80	(5.31)
Total from investment operations	.82	(5.26)
Distributions from net investment income	(.04)	-
Redemption fees added to paid in capital^D	-^I	.02
Net asset value, end of period	$ 5.54	$ 4.76
Total Return^{B, C}	17.31%	(52.40)%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	1.96%^A	2.12%^A
Expenses net of fee waivers, if any	1.25%^A	1.25%^A
Expenses net of all reductions	1.24%^A	.98%^A
Net investment income (loss)	.74%^A	1.46%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,002	$ 2,695
Portfolio turnover rate^F	59%^A	68%

^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.

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

^G For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^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, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

3. Significant Accounting Policies - continued

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	$ 3,666,993
Unrealized depreciation	(24,300,867)
Net unrealized appreciation (depreciation)	$ (20,633,874)
Cost for federal income tax purposes	$ 70,800,166

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $12,693,190 and $11,119,752, respectively.

6. Fees and Other Transactions with Affiliates.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan - continued

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	.00%	.25%	$ 1,870	$ 566
Class T	.25%	.25%	1,536	930
Class B	.75%	.25%	2,425	2,283
Class C	.75%	.25%	3,950	3,274
			$ 9,781	$ 7,053

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

	Retained by FDC
Class A	$ 939
Class T	300
Class B*	192
Class C*	229
	$ 1,660

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 2,264	.30
Class T	965	.31
Class B	748	.31
Class C	1,205	.30
Emerging Europe, Middle East, Africa (EMEA)	46,295	.29
Institutional Class	3,188	.25
	$ 54,665

* Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $69 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

8. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.50%	$ 5,719
Class T	1.75%	2,382
Class B	2.25%	1,899
Class C	2.25%	3,079
Emerging Europe, Middle East, Africa (EMEA)	1.25%	122,278
Institutional Class	1.25%	9,290
		$ 144,647

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008^A
From net investment income
Class A	$ 8,761	$ -
Class T	2,185	-
Emerging Europe, Middle East, Africa (EMEA)	241,410	-
Institutional Class	20,746	-
Total	$ 273,102	$ -

^A For the period May 8, 2008 (commencement of operations) to April 30, 2008.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008^A	Six months ended April 30, 2009	Year ended October 31, 2008^A
Class A
Shares sold	128,115	344,487	$ 612,001	$ 3,038,678
Reinvestment of distributions	1,833	-	8,321	-
Shares redeemed	(49,734)	(56,535)	(232,407)	(363,899)
Net increase (decrease)	80,214	287,952	$ 387,915	$ 2,674,779
Class T
Shares sold	45,537	130,067	$ 223,011	$ 1,228,022
Reinvestment of distributions	481	-	2,182	-
Shares redeemed	(16,806)	(10,490)	(74,802)	(50,821)
Net increase (decrease)	29,212	119,577	$ 150,391	$ 1,177,201
Class B
Shares sold	18,061	115,650	$ 86,264	$ 1,098,908
Reinvestment of distributions	-	-	-	-
Shares redeemed	(16,279)	(12,702)	(72,372)	(76,194)
Net increase (decrease)	1,782	102,948	$ 13,892	$ 1,022,714
Class C
Shares sold	70,912	174,986	$ 361,273	$ 1,629,690
Reinvestment of distributions	-	-	-	-
Shares redeemed	(25,450)	(18,490)	(118,517)	(109,269)
Net increase (decrease)	45,462	156,496	$ 242,756	$ 1,520,421
Emerging Europe, Middle East, Africa (EMEA)
Shares sold	2,370,885	10,218,704	$ 11,558,301	$ 92,385,312
Reinvestment of distributions	50,835	-	230,791	-
Shares redeemed	(1,597,610)	(3,380,627)	(7,290,256)	(23,437,711)
Net increase (decrease)	824,110	6,838,077	$ 4,498,836	$ 68,947,601
Institutional Class
Shares sold	40,267	598,356	$ 188,979	$ 4,518,354
Reinvestment of distributions	1,053	-	4,781	-
Shares redeemed	(65,690)	(31,854)	(301,668)	(190,184)
Net increase (decrease)	(24,370)	566,502	$ (107,908)	$ 4,328,170

^A For the period May 8, 2008 (commencement of operations) to October 31, 2008.

Semiannual Report

11. Other.

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

Fidelity Investments Japan Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

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

State Street Bank & Trust Company
Quincy, MA

AEME-USAN-0609
1.861991.100

fid1007

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
Emerging Europe,
Middle East, Africa (EMEA)
Fund - Institutional Class

Semiannual Report

April 30, 2009

Institutional Class is a class of Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund

(2_fidelity_logos) (Registered_Trademark)

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 http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.50%
Actual		$ 1,000.00	$ 1,171.40	$ 8.08
Hypothetical^A		$ 1,000.00	$ 1,017.36	$ 7.50
Class T	1.75%
Actual		$ 1,000.00	$ 1,168.60	$ 9.41
Hypothetical^A		$ 1,000.00	$ 1,016.12	$ 8.75
Class B	2.25%
Actual		$ 1,000.00	$ 1,169.10	$ 12.10
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23
Class C	2.25%
Actual		$ 1,000.00	$ 1,169.10	$ 12.10
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23
Emerging Europe, Middle East, Africa (EMEA)	1.25%
Actual		$ 1,000.00	$ 1,173.10	$ 6.74
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26
Institutional Class	1.25%
Actual		$ 1,000.00	$ 1,173.10	$ 6.74
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26

^A 5% return per year before expenses

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

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	South Africa 34.5%
	Russia 27.3%
	United States of America* 10.3%
	Israel 6.7%
	Egypt 4.3%
	Czech Republic 4.3%
	Nigeria 2.5%
	Turkey 2.4%
	Canada 1.9%
	Other 5.8%

fid1025

As of October 31, 2008
	South Africa 38.1%
	Russia 30.8%
	Israel 7.2%
	Czech Republic 5.7%
	United States of America* 3.9%
	Egypt 3.4%
	Turkey 2.4%
	Kenya 2.2%
	Nigeria 2.0%
	Other 4.3%

fid1037

* Includes short-term investments and net other assets.

Semiannual Report

Investment Changes (Unaudited) - continued

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks and Investment Companies	90.0	96.1
Short-Term Investments and Net Other Assets	10.0	3.9
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
OAO Gazprom (Russia, Oil, Gas & Consumable Fuels)	11.8	13.9
MTN Group Ltd. (South Africa, Wireless Telecommunication Services)	8.3	8.9
Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels)	6.2	6.5
Lukoil Oil Co. sponsored ADR (Russia, Oil, Gas & Consumable Fuels)	6.0	6.4
Teva Pharmaceutical Industries Ltd. (Israel, Pharmaceuticals)	5.9	6.7
Sberbank (Savings Bank of the Russian Federation) (Russia, Commercial Banks)	3.7	2.6
Egyptian Co. for Mobile Services (MobiNil) (Egypt, Wireless Telecommunication Services)	3.3	2.2
Ceske Energeticke Zavody AS (Czech Republic, Electric Utilities)	3.2	4.5
Raubex Group Ltd. (South Africa, Construction & Engineering)	3.1	3.6
Harmony Gold Mining Co. Ltd. (South Africa, Metals & Mining)	3.1	4.4
	54.6
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Energy	27.5	29.4
Materials	15.8	16.3
Telecommunication Services	14.1	16.1
Financials	7.9	4.4
Consumer Staples	6.2	7.0
Health Care	6.2	6.7
Industrials	5.7	9.1
Utilities	3.2	4.7
Consumer Discretionary	1.4	1.0
Information Technology	0.5	0.3

Semiannual Report

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 88.5%
	Shares		Value
Australia - 0.5%
Coal of Africa Ltd. (a)	184,100		$ 182,911
International Ferro Metals	149,500		81,466
TOTAL AUSTRALIA			264,377
Canada - 0.4%
Addax Petroleum, Inc.	5,000		137,607
Westernzagros Resources Ltd. (a)	127,500		84,412
TOTAL CANADA			222,019
Cayman Islands - 1.4%
Eurasia Drilling Co. Ltd. GDR (Reg. S)	93,300		677,526
Czech Republic - 4.3%
Ceske Energeticke Zavody AS	39,350		1,624,465
Telefonica O2 Czech Republic AS	24,913		537,022
TOTAL CZECH REPUBLIC			2,161,487
Egypt - 4.3%
EFG-Hermes Holding SAE	74,200		260,767
Egyptian Co. for Mobile Services (MobiNil)	44,544		1,634,229
Orascom Construction Industries SAE	9,580		273,899
TOTAL EGYPT			2,168,895
Israel - 6.7%
Bezeq Israeli Telecommunication Corp. Ltd.	93,600		147,754
Mizrahi Tefahot Bank Ltd.	40,700		227,361
Teva Pharmaceutical Industries Ltd.	67,100		2,972,907
TOTAL ISRAEL			3,348,022
Kenya - 1.7%
Athi River Mining Ltd.	283,422		287,921
British American Tobacco Kenya Ltd.	80,500		144,133
East African Breweries Ltd.	265,118		400,623
TOTAL KENYA			832,677
Nigeria - 2.5%
Guaranty Trust Bank PLC (Reg. S) unit	226,017		802,360
Nigerian Breweries PLC	911,706		264,888
Zenith Bank PLC	1,940,000		188,757
TOTAL NIGERIA			1,256,005
Russia - 27.3%
Comstar United TeleSystems OJSC GDR (Reg. S)	81,000		352,590
Lukoil Oil Co.	5,800		258,881
Common Stocks - continued
	Shares		Value
Russia - continued
Lukoil Oil Co. sponsored ADR	68,500		$ 3,005,946
Novolipetsk Iron & Steel Corp.	19,000		287,212
OAO Gazprom	1,319,100		5,880,929
OAO NOVATEK	45,100		148,819
OAO NOVATEK GDR	3,200		112,193
OAO Tatneft	112,800		324,666
OJSC MMC Norilsk Nickel	1,500		123,712
Polymetal JSC GDR (Reg. S) (a)	149,550		919,525
Sberbank (Savings Bank of the Russian Federation)	2,217,000		1,828,628
Sberbank (Savings Bank of the Russian Federation) GDR	1,100		154,538
Wimm-Bill-Dann Foods OJSC sponsored ADR (a)	5,700		254,619
TOTAL RUSSIA			13,652,258
South Africa - 34.5%
Africa Cellular Towers Ltd. (a)	2,702,300		279,720
African Rainbow Minerals Ltd.	25,200		340,564
AngloGold Ashanti Ltd.	20,800		639,126
Aspen Pharmacare Holdings Ltd.	30,300		153,799
Austro Group Ltd.	411,000		23,088
Aveng Ltd.	76,800		293,803
Buildworks Group Ltd. (a)	1,145,000		50,841
Cashbuild Ltd.	17,200		131,973
DRDGOLD Ltd.	923,454		734,146
Exxaro Resources Ltd.	142,600		1,045,757
Gold Fields Ltd.	67,100		698,133
Harmony Gold Mining Co. Ltd. (a)	164,600		1,532,782
Kumba Iron Ore Ltd.	7,700		146,871
MTN Group Ltd.	320,150		4,157,796
Murray & Roberts Holdings Ltd.	136,500		762,080
New Clicks Holdings Ltd.	171,000		329,838
Paracon Holdings Ltd.	1,953,200		253,047
Raubex Group Ltd.	608,800		1,571,676
Sasol Ltd.	102,900		3,099,260
Shoprite Holdings Ltd.	162,300		972,627
Woolworths Holdings Ltd.	35,400		49,951
TOTAL SOUTH AFRICA			17,266,878
Turkey - 2.4%
Bim Birlesik Magazalar AS JSC	38,000		1,044,837
Eregli Demir ve Celik Fabrikalari TAS	71,000		172,148
TOTAL TURKEY			1,216,985
Common Stocks - continued
	Shares		Value
United Arab Emirates - 0.9%
Dubai Financial Market PJSC	1,203,976		$ 429,394
United Kingdom - 0.8%
Randgold Resources Ltd. sponsored ADR	8,300		401,720
United States of America - 0.3%
CTC Media, Inc. (a)	15,900		124,656
Zambia - 0.5%
Celtel Zambia Ltd.	2,790,201		177,783
Zambeef Products PLC	97,000		51,504
TOTAL ZAMBIA			229,287
TOTAL COMMON STOCKS (Cost $63,885,467)		44,252,186
Investment Companies - 1.5%

Canada - 1.5%
Horizons BetaPro COMEX Gold Bullion Bull Plus ETF (a) (Cost $827,933)	57,600		759,311
Money Market Funds - 10.3%

Fidelity Cash Central Fund, 0.53% (b) (Cost $5,154,795)	5,154,795		5,154,795
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $69,868,195)			50,166,292
NET OTHER ASSETS - (0.3)%			(170,403)
NET ASSETS - 100%		$ 49,995,889

Legend

(a) Non-income producing

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	$ 5,539

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 50,166,292	$ 18,559,872	$ 31,606,420	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $9,997,975 all of which will expire on October 31, 2016.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $64,713,400)	$ 45,011,497
Fidelity Central Funds (cost $5,154,795)	5,154,795
Total Investments (cost $69,868,195)		$ 50,166,292
Receivable for investments sold		788,679
Receivable for fund shares sold		412,823
Dividends receivable		56,029
Distributions receivable from Fidelity Central Funds		1,243
Prepaid expenses		284
Receivable from investment adviser for expense reductions		44,609
Other receivables		5,344
Total assets		51,475,303

Liabilities
Payable to custodian bank	$ 299,550
Payable for investments purchased	1,060,446
Payable for fund shares redeemed	32,787
Accrued management fee	30,930
Distribution fees payable	1,942
Other affiliated payables	12,491
Other payables and accrued expenses	41,268
Total liabilities		1,479,414

Net Assets		$ 49,995,889
Net Assets consist of:
Paid in capital		$ 85,025,846
Undistributed net investment income		72,819
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(15,399,975)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(19,702,801)
Net Assets		$ 49,995,889

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, 2009 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($2,037,505 ÷ 368,166 shares)		$ 5.53

Maximum offering price per share (100/94.25 of $5.53)		$ 5.87
Class T: Net Asset Value and redemption price per share ($823,377 ÷ 148,789 shares)		$ 5.53

Maximum offering price per share (100/96.50 of $5.53)		$ 5.73
Class B: Net Asset Value and offering price per share ($578,856 ÷ 104,730 shares)^A		$ 5.53

Class C: Net Asset Value and offering price per share ($1,116,236 ÷ 201,958 shares)^A		$ 5.53

Emerging Europe, Middle East, Africa (EMEA): Net Asset Value, offering price and redemption price per share ($42,437,458 ÷ 7,662,187 shares)		$ 5.54

Institutional Class: Net Asset Value, offering price and redemption price per share ($3,002,457 ÷ 542,132 shares)		$ 5.54

^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, 2009 (Unaudited)

Investment Income
Dividends		$ 382,469
Interest		6
Income from Fidelity Central Funds		5,539
		388,014
Less foreign taxes withheld		(11,415)
Total income		376,599

Expenses
Management fee	$ 155,038
Transfer agent fees	54,665
Distribution fees	9,781
Accounting fees and expenses	9,818
Custodian fees and expenses	31,149
Independent trustees' compensation	134
Registration fees	101,722
Audit	28,882
Legal	14
Miscellaneous	302
Total expenses before reductions	391,505
Expense reductions	(145,453)	246,052
Net investment income (loss)		130,547
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(5,132,758)
Foreign currency transactions	2,278
Total net realized gain (loss)		(5,130,480)
Change in net unrealized appreciation (depreciation) on: Investment securities	11,671,474
Assets and liabilities in foreign currencies	857
Total change in net unrealized appreciation (depreciation)		11,672,331
Net gain (loss)		6,541,851
Net increase (decrease) in net assets resulting from operations		$ 6,672,398

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, 2009 (Unaudited)	For the period May 8, 2008 (commencement of operations) to October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 130,547	$ 351,784
Net realized gain (loss)	(5,130,480)	(10,405,654)
Change in net unrealized appreciation (depreciation)	11,672,331	(31,375,132)
Net increase (decrease) in net assets resulting from operations	6,672,398	(41,429,002)
Distributions to shareholders from net investment income	(273,102)	-
Share transactions - net increase (decrease)	5,185,882	79,670,886
Redemption fees	16,651	152,176
Total increase (decrease) in net assets	11,601,829	38,394,060

Net Assets
Beginning of period	38,394,060	-
End of period (including undistributed net investment income of $72,819 and undistributed net investment income of $215,625, respectively)	$ 49,995,889	$ 38,394,060

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.75	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.01	.04
Net realized and unrealized gain (loss)	.80	(5.31)
Total from investment operations	.81	(5.27)
Distributions from net investment income	(.03)	-
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 5.53	$ 4.75
Total Return^{B, C, D}	17.14%	(52.50)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.26%^A	2.50%^A
Expenses net of fee waivers, if any	1.50%^A	1.50%^A
Expenses net of all reductions	1.49%^A	1.23%^A
Net investment income (loss)	.49%^A	1.20%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,038	$ 1,368
Portfolio turnover rate^G	59%^A	68%

^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.

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

^H For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.75	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.01	.04
Net realized and unrealized gain (loss)	.79	(5.31)
Total from investment operations	.80	(5.27)
Distributions from net investment income	(.02)	-
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 5.53	$ 4.75
Total Return^{B, C, D}	16.86%	(52.50)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.52%^A	2.78%^A
Expenses net of fee waivers, if any	1.75%^A	1.75%^A
Expenses net of all reductions	1.74%^A	1.49%^A
Net investment income (loss)	.24%^A	.95%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 823	$ 568
Portfolio turnover rate^G	59%^A	68%

^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.

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

^H For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.73	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.01)	.02
Net realized and unrealized gain (loss)	.81	(5.31)
Total from investment operations	.80	(5.29)
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 5.53	$ 4.73
Total Return^{B, C, D}	16.91%	(52.70)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	3.03%^A	3.32%^A
Expenses net of fee waivers, if any	2.25%^A	2.25%^A
Expenses net of all reductions	2.24%^A	1.99%^A
Net investment income (loss)	(.26)%^A	.45%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 579	$ 487
Portfolio turnover rate^G	59%^A	68%

^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.

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

^H For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.73	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	(.01)	.02
Net realized and unrealized gain (loss)	.81	(5.31)
Total from investment operations	.80	(5.29)
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 5.53	$ 4.73
Total Return^{B, C, D}	16.91%	(52.70)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	3.02%^A	3.28%^A
Expenses net of fee waivers, if any	2.25%^A	2.25%^A
Expenses net of all reductions	2.24%^A	1.99%^A
Net investment income (loss)	(.26)%^A	.45%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,116	$ 741
Portfolio turnover rate^G	59%^A	68%

^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.

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

^H For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Emerging Europe, Middle East, Africa (EMEA)

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008^G
Selected Per-Share Data
Net asset value, beginning of period	$ 4.76	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.02	.05
Net realized and unrealized gain (loss)	.80	(5.31)
Total from investment operations	.82	(5.26)
Distributions from net investment income	(.04)	-
Redemption fees added to paid in capital^D	-^I	.02
Net asset value, end of period	$ 5.54	$ 4.76
Total Return^{B, C}	17.31%	(52.40)%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	2.01%^A	2.19%^A
Expenses net of fee waivers, if any	1.25%^A	1.25%^A
Expenses net of all reductions	1.24%^A	.98%^A
Net investment income (loss)	.74%^A	1.45%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 42,437	$ 32,535
Portfolio turnover rate^F	59%^A	68%

^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.

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

^G For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008^G
Selected Per-Share Data
Net asset value, beginning of period	$ 4.76	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.02	.05
Net realized and unrealized gain (loss)	.80	(5.31)
Total from investment operations	.82	(5.26)
Distributions from net investment income	(.04)	-
Redemption fees added to paid in capital^D	-^I	.02
Net asset value, end of period	$ 5.54	$ 4.76
Total Return^{B, C}	17.31%	(52.40)%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	1.96%^A	2.12%^A
Expenses net of fee waivers, if any	1.25%^A	1.25%^A
Expenses net of all reductions	1.24%^A	.98%^A
Net investment income (loss)	.74%^A	1.46%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,002	$ 2,695
Portfolio turnover rate^F	59%^A	68%

^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.

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

^G For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^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, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

3. Significant Accounting Policies - continued

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	$ 3,666,993
Unrealized depreciation	(24,300,867)
Net unrealized appreciation (depreciation)	$ (20,633,874)
Cost for federal income tax purposes	$ 70,800,166

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $12,693,190 and $11,119,752, respectively.

6. Fees and Other Transactions with Affiliates.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan - continued

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	.00%	.25%	$ 1,870	$ 566
Class T	.25%	.25%	1,536	930
Class B	.75%	.25%	2,425	2,283
Class C	.75%	.25%	3,950	3,274
			$ 9,781	$ 7,053

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

	Retained by FDC
Class A	$ 939
Class T	300
Class B*	192
Class C*	229
	$ 1,660

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 2,264	.30
Class T	965	.31
Class B	748	.31
Class C	1,205	.30
Emerging Europe, Middle East, Africa (EMEA)	46,295	.29
Institutional Class	3,188	.25
	$ 54,665

* Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $69 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

8. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.50%	$ 5,719
Class T	1.75%	2,382
Class B	2.25%	1,899
Class C	2.25%	3,079
Emerging Europe, Middle East, Africa (EMEA)	1.25%	122,278
Institutional Class	1.25%	9,290
		$ 144,647

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008^A
From net investment income
Class A	$ 8,761	$ -
Class T	2,185	-
Emerging Europe, Middle East, Africa (EMEA)	241,410	-
Institutional Class	20,746	-
Total	$ 273,102	$ -

^A For the period May 8, 2008 (commencement of operations) to April 30, 2008.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008^A	Six months ended April 30, 2009	Year ended October 31, 2008^A
Class A
Shares sold	128,115	344,487	$ 612,001	$ 3,038,678
Reinvestment of distributions	1,833	-	8,321	-
Shares redeemed	(49,734)	(56,535)	(232,407)	(363,899)
Net increase (decrease)	80,214	287,952	$ 387,915	$ 2,674,779
Class T
Shares sold	45,537	130,067	$ 223,011	$ 1,228,022
Reinvestment of distributions	481	-	2,182	-
Shares redeemed	(16,806)	(10,490)	(74,802)	(50,821)
Net increase (decrease)	29,212	119,577	$ 150,391	$ 1,177,201
Class B
Shares sold	18,061	115,650	$ 86,264	$ 1,098,908
Reinvestment of distributions	-	-	-	-
Shares redeemed	(16,279)	(12,702)	(72,372)	(76,194)
Net increase (decrease)	1,782	102,948	$ 13,892	$ 1,022,714
Class C
Shares sold	70,912	174,986	$ 361,273	$ 1,629,690
Reinvestment of distributions	-	-	-	-
Shares redeemed	(25,450)	(18,490)	(118,517)	(109,269)
Net increase (decrease)	45,462	156,496	$ 242,756	$ 1,520,421
Emerging Europe, Middle East, Africa (EMEA)
Shares sold	2,370,885	10,218,704	$ 11,558,301	$ 92,385,312
Reinvestment of distributions	50,835	-	230,791	-
Shares redeemed	(1,597,610)	(3,380,627)	(7,290,256)	(23,437,711)
Net increase (decrease)	824,110	6,838,077	$ 4,498,836	$ 68,947,601
Institutional Class
Shares sold	40,267	598,356	$ 188,979	$ 4,518,354
Reinvestment of distributions	1,053	-	4,781	-
Shares redeemed	(65,690)	(31,854)	(301,668)	(190,184)
Net increase (decrease)	(24,370)	566,502	$ (107,908)	$ 4,328,170

^A For the period May 8, 2008 (commencement of operations) to October 31, 2008.

Semiannual Report

11. Other.

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

Fidelity Investments
Japan Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

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

State Street Bank & Trust Company
Quincy, MA

AEMEI-USAN-0609
1.861983.100

fid1007

Fidelity®
Global Commodity Stock
Fund

Semiannual Report

April 30, 2009

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Summary	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

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).

We invite you to contact us via the Internet, through our Investor Centers or by 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

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 25, 2009 to April 30, 2009). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (November 1, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

	Annualized Expense Ratio	Beginning Account Value	Ending Account Value April 30, 2009	Expenses Paid During Period
Class A	1.50%
Actual		$ 1,000.00	$ 1,059.00	$ 1.57^B
Hypothetical^A		$ 1,000.00	$ 1,017.36	$ 7.50^C
Class T	1.75%
Actual		$ 1,000.00	$ 1,059.00	$ 1.83^B
Hypothetical^A		$ 1,000.00	$ 1,016.12	$ 8.75^C
Class B	2.25%
Actual		$ 1,000.00	$ 1,058.00	$ 2.35^B
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23^C
Class C	2.25%
Actual		$ 1,000.00	$ 1,058.00	$ 2.35^B
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23^C
Global Commodity Stock	1.25%
Actual		$ 1,000.00	$ 1,059.00	$ 1.30^B
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26^C
Institutional Class	1.25%
Actual		$ 1,000.00	$ 1,059.00	$ 1.30^B
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26^C

^A5% return per year before expenses

^BActual expenses are equal to each Class' annualized expense ratio; multiplied by the average account value over the period, multiplied by 37/365 (to reflect the period March 25, 2009 to April 30, 2009).

^CHypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period.)

Semiannual Report

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2009
	% of fund's net assets
BHP Billiton PLC	4.7
Monsanto Co.	4.6
Exxon Mobil Corp.	3.6
Potash Corp. of Saskatchewan, Inc.	2.6
Syngenta AG (Switzerland)	2.4
Rio Tinto PLC (Reg.)	2.3
Chevron Corp.	1.9
Royal Dutch Shell PLC Class A (United Kingdom)	1.9
BP PLC	1.6
Archer Daniels Midland Co.	1.5
	27.1

Top Industries (% of fund's net assets)
As of April 30, 2009
	Metals & Mining 30.5%
	Oil, Gas & Consumable Fuels 27.8%
	Chemicals 16.4%
	Paper & Forest Products 4.8%
	Food Products 3.9%
	All Others* 16.6%

fid1053

* Includes short-term investments and net other assets.

Semiannual Report

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 87.7%
	Shares		Value
CHEMICALS - 16.4%
Diversified Chemicals - 0.2%
FMC Corp.	724		$ 35,281
Fertilizers & Agricultural Chemicals - 16.2%
Agrium, Inc.	3,100		133,015
CF Industries Holdings, Inc.	972		70,033
Fertilizantes Fosfatados SA (PN)	7,200		54,750
Incitec Pivot Ltd.	37,082		56,891
Intrepid Potash, Inc.	1,100		27,159
Israel Chemicals Ltd.	7,900		66,434
K&S AG	2,300		136,915
Monsanto Co.	8,700		738,543
Nufarm Ltd.	2,668		25,665
Potash Corp. of Saskatchewan, Inc.	4,900		420,909
Sinofert Holdings Ltd.	4,000		1,855
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR	1,700		53,567
Syngenta AG (Switzerland)	1,805		385,249
Terra Industries, Inc.	3,600		95,400
The Mosaic Co.	5,500		222,475
Yara International ASA	4,500		120,585
			2,609,445
TOTAL CHEMICALS			2,644,726
CONTAINERS & PACKAGING - 0.9%
Paper Packaging - 0.9%
Packaging Corp. of America	1,200		19,044
Rock-Tenn Co. Class A	1,600		60,416
Smurfit Kappa Group PLC	2,400		7,028
Temple-Inland, Inc.	5,300		63,282
			149,770
ELECTRICAL EQUIPMENT - 0.3%
Electrical Components & Equipment - 0.3%
First Solar, Inc. (a)	60		11,237
Sunpower Corp. Class B (a)	1,300		32,968
			44,205
ENERGY EQUIPMENT & SERVICES - 1.9%
Oil & Gas Drilling - 1.0%
Helmerich & Payne, Inc.	400		12,328
Noble Corp.	3,200		87,456
Common Stocks - continued
	Shares		Value
ENERGY EQUIPMENT & SERVICES - CONTINUED
Oil & Gas Drilling - continued
Seadrill Ltd.	2,800		$ 29,879
Transocean Ltd. (a)	500		33,740
			163,403
Oil & Gas Equipment & Services - 0.9%
Baker Hughes, Inc.	200		7,116
BJ Services Co.	500		6,945
Dril-Quip, Inc. (a)	1,200		41,256
Halliburton Co.	300		6,066
National Oilwell Varco, Inc. (a)	500		15,140
Schlumberger Ltd. (NY Shares)	600		29,394
Weatherford International Ltd. (a)	2,500		41,575
			147,492
TOTAL ENERGY EQUIPMENT & SERVICES			310,895
FOOD PRODUCTS - 3.9%
Agricultural Products - 3.9%
Archer Daniels Midland Co.	10,100		248,662
Bunge Ltd.	3,300		158,433
Chaoda Modern Agriculture (Holdings) Ltd.	18,000		10,178
Corn Products International, Inc.	2,800		66,920
Danisco AS	1,400		45,848
Golden Agri-Resources Ltd.	10,000		2,499
IOI Corp. Bhd	49,200		59,427
PPB Group Bhd	3,700		11,017
Wilmar International Ltd.	11,000		26,599
			629,583
MACHINERY - 0.9%
Construction & Farm Machinery & Heavy Trucks - 0.9%
AGCO Corp. (a)	1,700		41,310
Caterpillar, Inc.	200		7,116
Deere & Co.	1,400		57,764
Jain Irrigation Systems Ltd.	2,965		30,016
			136,206
METALS & MINING - 30.5%
Aluminum - 0.5%
Alcoa, Inc.	4,300		39,001
Common Stocks - continued
	Shares		Value
METALS & MINING - CONTINUED
Aluminum - continued
Aluminum Corp. of China Ltd. (H Shares)	14,000		$ 10,722
Norsk Hydro ASA	7,520		33,153
			82,876
Diversified Metals & Mining - 12.5%
African Rainbow Minerals Ltd.	1,300		17,569
Anglo American PLC (United Kingdom)	8,000		172,082
Antofagasta PLC	2,700		23,163
BHP Billiton PLC	37,000		767,647
Companhia Vale do Rio Doce (PN-A) sponsored ADR	16,600		227,918
Eramet SA	22		4,723
Eurasian Natural Resources Corp. PLC	1,700		14,797
Exxaro Resources Ltd.	3,000		22,001
First Quantum Minerals Ltd.	1,000		38,676
Freeport-McMoRan Copper & Gold, Inc. Class B	2,200		93,830
Grupo Mexico SA de CV Series B	9,723		7,641
Ivanhoe Mines Ltd. (a)	1,800		11,555
OJSC MMC Norilsk Nickel sponsored ADR	3,200		26,400
Rio Tinto PLC (Reg.)	9,000		365,545
Southern Copper Corp.	500		9,285
Sumitomo Metal Mining Co. Ltd.	2,000		22,341
Teck Resources Ltd. Class B (sub. vtg.)	1,800		18,901
Vedanta Resources PLC	2,100		32,836
Xstrata PLC	16,000		141,006
			2,017,916
Gold - 8.4%
Agnico-Eagle Mines Ltd.:
(Canada)	1,900		83,993
(United States)	100		4,411
Andean Resources Ltd. (a)	20,000		23,558
AngloGold Ashanti Ltd. sponsored ADR	2,300		70,840
Barrick Gold Corp.	7,200		208,473
Eldorado Gold Corp. (a)	4,700		37,340
Franco-Nevada Corp.	1,200		25,534
Gold Fields Ltd. sponsored ADR	1,900		19,760
Goldcorp, Inc.	5,200		142,153
Harmony Gold Mining Co. Ltd. sponsored ADR (a)	8,500		79,220
IAMGOLD Corp.	3,100		24,706
Kinross Gold Corp.	7,700		118,670
Lihir Gold Ltd. (a)	22,293		48,628
Newcrest Mining Ltd.	5,582		121,517
Common Stocks - continued
	Shares		Value
METALS & MINING - CONTINUED
Gold - continued
Newmont Mining Corp.	2,700		$ 108,648
Polyus Gold OJSC sponsored ADR	400		9,040
Randgold Resources Ltd. sponsored ADR	1,200		58,080
Red Back Mining, Inc. (a)	4,300		29,766
Royal Gold, Inc.	1,700		61,472
Simmer & Jack Mines Ltd. (a)	22,000		7,075
Yamana Gold, Inc.	6,300		49,418
Zijin Mining Group Co. Ltd. (H Shares)	42,000		32,168
			1,364,470
Precious Metals & Minerals - 1.7%
Anglo Platinum Ltd.	500		26,755
Aquarius Platinum Ltd. (United Kingdom) (a)	5,966		22,480
Compania de Minas Buenaventura SA sponsored ADR	2,100		44,436
Impala Platinum Holdings Ltd.	4,100		78,362
Lonmin PLC	700		14,693
Mvelaphanda Resources Ltd. (a)	2,300		8,357
Northam Platinum Ltd.	2,900		9,591
Pan American Silver Corp. (a)	1,700		28,016
Silver Standard Resources, Inc. (a)	2,600		44,148
			276,838
Steel - 7.4%
Acerinox SA	400		6,091
Allegheny Technologies, Inc.	200		6,546
ArcelorMittal SA (NY Shares) Class A	9,900		233,442
China Steel Corp.	48,000		37,124
Cliffs Natural Resources, Inc.	2,400		55,344
Companhia Siderurgica Nacional SA (CSN)	2,800		51,725
Fortescue Metals Group Ltd. (a)	7,194		12,345
Gerdau SA sponsored ADR	8,700		61,770
Hyundai Steel Co.	300		12,723
JFE Holdings, Inc.	3,800		103,816
Kobe Steel Ltd.	3,000		4,934
Nippon Steel Corp.	23,000		77,348
Nisshin Steel Co. Ltd.	2,000		3,860
Nucor Corp.	2,000		81,380
POSCO	366		113,695
Salzgitter AG	800		56,394
Sims Metal Management Ltd.	447		6,500
SSAB Svenskt Stal AB (B Shares)	1,000		8,966
Steel Dynamics, Inc.	3,000		37,350
Common Stocks - continued
	Shares		Value
METALS & MINING - CONTINUED
Steel - continued
Sumitomo Metal Industries Ltd.	25,000		$ 58,578
Thyssenkrupp AG	2,000		42,447
Tokyo Steel Manufacturing Co. Ltd.	900		9,220
United States Steel Corp.	1,800		47,790
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)	1,800		26,725
voestalpine AG	2,100		40,168
			1,196,281
TOTAL METALS & MINING			4,938,381
OIL, GAS & CONSUMABLE FUELS - 27.8%
Coal & Consumable Fuels - 1.6%
Alpha Natural Resources, Inc. (a)	1,500		30,720
Arch Coal, Inc.	2,200		30,734
Cameco Corp.	500		11,481
China Shenhua Energy Co. Ltd. (H Shares)	2,000		5,530
CONSOL Energy, Inc.	2,100		65,688
Foundation Coal Holdings, Inc.	400		6,496
Massey Energy Co.	5,300		84,323
Paladin Energy Ltd. (a)	500		1,676
Peabody Energy Corp.	600		15,834
			252,482
Integrated Oil & Gas - 19.4%
BG Group PLC	9,800		156,427
BP PLC	36,000		254,304
Chevron Corp.	4,600		304,060
China Petroleum & Chemical Corp. (H Shares)	42,000		32,644
ConocoPhillips	3,500		143,500
ENI SpA	9,000		193,081
Exxon Mobil Corp.	8,700		580,029
Hess Corp.	1,400		76,706
Husky Energy, Inc.	300		7,268
Imperial Oil Ltd.	500		17,871
Lukoil Oil Co. sponsored ADR	700		30,884
Marathon Oil Corp.	2,600		77,220
Murphy Oil Corp.	100		4,771
OAO Gazprom sponsored ADR	3,300		58,410
Occidental Petroleum Corp.	2,600		146,354
OJSC Oil Company Rosneft GDR (Reg. S)	1,100		5,675
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Integrated Oil & Gas - continued
OMV AG	200		$ 6,194
Origin Energy Ltd.	816		9,665
Petro-Canada	2,500		78,902
PetroChina Co. Ltd. (H Shares)	24,000		20,918
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)	7,700		207,746
Repsol YPF SA	1,400		26,604
Royal Dutch Shell PLC Class A (United Kingdom)	13,200		303,785
Sasol Ltd.	700		21,083
StatoilHydro ASA	2,400		44,723
Suncor Energy, Inc.	4,200		105,700
Surgutneftegaz JSC sponsored ADR	830		5,852
Total SA Series B	4,400		220,099
			3,140,475
Oil & Gas Exploration & Production - 6.7%
Anadarko Petroleum Corp.	1,500		64,590
Apache Corp.	500		36,430
Berry Petroleum Co. Class A	1,100		18,128
Cabot Oil & Gas Corp.	1,800		54,342
Cairn Energy PLC (a)	400		12,536
Canadian Natural Resources Ltd.	1,300		59,931
Canadian Oil Sands Trust	300		6,195
Chesapeake Energy Corp.	5,200		102,492
CNOOC Ltd. sponsored ADR	400		44,540
Denbury Resources, Inc. (a)	500		8,140
Devon Energy Corp.	600		31,110
EnCana Corp.	1,100		50,416
EOG Resources, Inc.	600		38,088
Newfield Exploration Co. (a)	500		15,590
Nexen, Inc.	1,300		24,753
Niko Resources Ltd.	100		5,061
Noble Energy, Inc.	300		17,025
OPTI Canada, Inc. (a)	21,800		35,260
Petrobank Energy & Resources Ltd. (a)	4,900		105,330
Petrohawk Energy Corp. (a)	1,400		33,040
Plains Exploration & Production Co. (a)	1,300		24,531
Range Resources Corp.	1,900		75,943
Santos Ltd.	511		6,101
Southwestern Energy Co. (a)	2,200		78,892
Talisman Energy, Inc.	1,500		18,793
Tullow Oil PLC	900		10,620
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Ultra Petroleum Corp. (a)	500		$ 21,400
Whiting Petroleum Corp. (a)	400		13,104
Woodside Petroleum Ltd.	1,271		35,469
XTO Energy, Inc.	1,100		38,126
			1,085,976
Oil & Gas Refining & Marketing - 0.1%
Frontier Oil Corp.	900		11,439
Tesoro Corp.	800		12,200
			23,639
TOTAL OIL, GAS & CONSUMABLE FUELS			4,502,572
PAPER & FOREST PRODUCTS - 4.8%
Forest Products - 1.1%
Sino-Forest Corp. (a)	3,000		26,248
Weyerhaeuser Co.	4,000		141,040
			167,288
Paper Products - 3.7%
Holmen AB (B Shares)	300		6,615
International Paper Co.	6,200		78,492
MeadWestvaco Corp.	500		7,830
Nine Dragons Paper (Holdings) Ltd.	56,000		25,347
Nippon Paper Group, Inc.	1,400		39,745
Oji Paper Co. Ltd.	12,000		51,675
Sappi Ltd.	18,649		49,794
Stora Enso Oyj (R Shares)	13,000		74,183
Suzano Bahia Sul Papel e Celulose SA (a)	1,000		6,351
Svenska Cellulosa AB (SCA) (B Shares)	10,400		100,258
UPM-Kymmene Corp.	11,500		102,885
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	6,500		56,810
			599,985
TOTAL PAPER & FOREST PRODUCTS			767,273
REAL ESTATE INVESTMENT TRUSTS - 0.3%
Specialized REITs - 0.3%
Plum Creek Timber Co., Inc.	500		17,260
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
Specialized REITs - continued
Potlatch Corp.	600		$ 17,646
Rayonier, Inc.	500		19,310
			54,216
TOTAL COMMON STOCKS (Cost $13,535,835)		14,177,827
Money Market Funds - 14.2%

Fidelity Cash Central Fund, 0.53% (b) (Cost $2,305,140)	2,305,140		2,305,140
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $15,840,975)			16,482,967
NET OTHER ASSETS - (1.9)%			(308,430)
NET ASSETS - 100%		$ 16,174,537

Legend

(a) Non-income producing

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	$ 811

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 16,482,967	$ 11,674,677	$ 4,808,290	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	43.0%
United Kingdom	14.6%
Canada	12.3%
Brazil	4.3%
Switzerland	3.4%
South Africa	2.3%
Japan	2.2%
Australia	1.7%
Germany	1.6%
Luxembourg	1.4%
France	1.4%
Bermuda	1.3%
Norway	1.2%
Italy	1.2%
Finland	1.1%
Others (individually less than 1%)	7.0%
	100.0%

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $13,535,835)	$ 14,177,827
Fidelity Central Funds (cost $2,305,140)	2,305,140
Total Investments (cost $15,840,975)		$ 16,482,967
Cash		31
Receivable for investments sold		56,786
Receivable for fund shares sold		457,888
Dividends receivable		11,243
Distributions receivable from Fidelity Central Funds		693
Prepaid expenses		76,768
Receivable from investment adviser for expense reductions		22,383
Other receivables		626
Total assets		17,109,385

Liabilities
Payable for investments purchased	$ 827,242
Payable for fund shares redeemed	7
Accrued management fee	6,376
Distribution fees payable	1,908
Other affiliated payables	3,050
Other payables and accrued expenses	96,265
Total liabilities		934,848

Net Assets		$ 16,174,537
Net Assets consist of:
Paid in capital		$ 15,482,854
Undistributed net investment income		9,059
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		41,457
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		641,167
Net Assets		$ 16,174,537

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, 2009 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($1,185,942 ÷ 111,982 shares)		$ 10.59

Maximum offering price per share (100/94.25 of $10.59)		$ 11.24
Class T: Net Asset Value and redemption price per share ($922,585 ÷ 87,139 shares)		$ 10.59

Maximum offering price per share (100/96.50 of $10.59)		$ 10.97
Class B: Net Asset Value, offering price and redemption price per share ($878,432 ÷ 83,012 shares)^A		$ 10.58

Class C: Net Asset Value, offering price and redemption price per share ($868,200 ÷ 82,045 shares)^A		$ 10.58

Global Commodity Stock: Net Asset Value, offering price and redemption price per share ($11,430,151 ÷ 1,078,950 shares)		$ 10.59

Institutional Class: Net Asset Value, offering price and redemption price per share ($889,227 ÷ 83,944 shares)		$ 10.59

^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

For the period March 25, 2009 (commencement of operations) to April 30, 2009 (Unaudited)

Investment Income
Dividends		$ 24,844
Interest		82
Income from Fidelity Central Funds		811
		25,737
Less foreign taxes withheld		(2,370)
Total income		23,367

Expenses
Management fee	$ 7,044
Transfer agent fees	3,375
Distribution fees	2,316
Accounting fees and expenses	508
Custodian fees and expenses	5,241
Independent trustees' compensation	3
Registration fees	14,858
Audit	7,079
Total expenses before reductions	40,424
Expense reductions	(26,116)	14,308
Net investment income (loss)		9,059
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	41,750
Foreign currency transactions	(293)
Total net realized gain (loss)		41,457
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $636)	641,356
Assets and liabilities in foreign currencies	(189)
Total change in net unrealized appreciation (depreciation)		641,167
Net gain (loss)		682,624
Net increase (decrease) in net assets resulting from operations		$ 691,683

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

	For the period March 25, 2009 (commencement of operations) to April 30, 2009 (Unaudited)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 9,059
Net realized gain (loss)	41,457
Change in net unrealized appreciation (depreciation)	641,167
Net increase (decrease) in net assets resulting from operations	691,683
Share transactions - net increase (decrease)	15,474,226
Redemption fees	8,628
Total increase (decrease) in net assets	16,174,537

Net Assets
Beginning of period	-
End of period (including undistributed net investment income of $9,059)	$ 16,174,537

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

Semiannual Report

Financial Highlights - Class A

	Period ended April 30, 2009^H
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.01
Net realized and unrealized gain (loss)	.57
Total from investment operations	.58
Redemption fees added to paid in capital^E	.01
Net asset value, end of period	$ 10.59
Total Return^{B, C, D}	5.90%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	4.06%^A
Expenses net of fee waivers, if any	1.50%^A
Expenses net of all reductions	1.43%^A
Net investment income (loss)	.89%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,186
Portfolio turnover rate^G	58%^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.

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

^H For the period March 25, 2009 (commencement of operations) to April 30, 2009.

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

Semiannual Report

Financial Highlights - Class T

	Period ended April 30, 2009^H
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.01
Net realized and unrealized gain (loss)	.57
Total from investment operations	.58
Redemption fees added to paid in capital^E	.01
Net asset value, end of period	$ 10.59
Total Return^{B, C, D}	5.90%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	4.27%^A
Expenses net of fee waivers, if any	1.75%^A
Expenses net of all reductions	1.68%^A
Net investment income (loss)	.64%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 923
Portfolio turnover rate^G	58%^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.

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

^H For the period March 25, 2009 (commencement of operations) to April 30, 2009.

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

Semiannual Report

Financial Highlights - Class B

	Period ended April 30, 2009^H
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	-^J
Net realized and unrealized gain (loss)	.57
Total from investment operations	.57
Redemption fees added to paid in capital^E	.01
Net asset value, end of period	$ 10.58
Total Return^{B, C, D}	5.80%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	4.78%^A
Expenses net of fee waivers, if any	2.25%^A
Expenses net of all reductions	2.18%^A
Net investment income (loss)	.14%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 878
Portfolio turnover rate^G	58%^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.

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

^H For the period March 25, 2009 (commencement of operations) to April 30, 2009.

^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

	Period ended April 30, 2009^H
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	-^J
Net realized and unrealized gain (loss)	.57
Total from investment operations	.57
Redemption fees added to paid in capital^E	.01
Net asset value, end of period	$ 10.58
Total Return^{B, C, D}	5.80%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	4.78%^A
Expenses net of fee waivers, if any	2.25%^A
Expenses net of all reductions	2.18%^A
Net investment income (loss)	.14%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 868
Portfolio turnover rate^G	58%^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.

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

^H For the period March 25, 2009 (commencement of operations) to April 30, 2009.

^J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Global Commodity Stock

	Period ended April 30, 2009^G
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.01
Net realized and unrealized gain (loss)	.57
Total from investment operations	.58
Redemption fees added to paid in capital^D	.01
Net asset value, end of period	$ 10.59
Total Return^{B, C}	5.90%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	3.78%^A
Expenses net of fee waivers, if any	1.25%^A
Expenses net of all reductions	1.19%^A
Net investment income (loss)	1.14%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 11,430
Portfolio turnover rate^F	58%^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.

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

^G For the period March 25, 2009 (commencement of operations) to April 30, 2009.

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

Semiannual Report

Financial Highlights - Institutional Class

	Period ended April 30, 2009^G
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.01
Net realized and unrealized gain (loss)	.57
Total from investment operations	.58
Redemption fees added to paid in capital^D	.01
Net asset value, end of period	$ 10.59
Total Return^{B, C}	5.90%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	3.75%^A
Expenses net of fee waivers, if any	1.25%^A
Expenses net of all reductions	1.18%^A
Net investment income (loss)	1.14%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 889
Portfolio turnover rate^F	58%^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.

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

^G For the period March 25, 2009 (commencement of operations) to April 30, 2009.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2009 (Unaudited)

1. Organization.

Fidelity Global Commodity Stock Fund (the Fund) is a non-diversified 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, Global Commodity Stock, 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.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157). SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions expected to be taken in the initial filing of the Fund's federal tax return. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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. The Fund may be subject to a tax imposed on net realized gains on securities of certain foreign countries. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of on the valuation date.

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

Unrealized appreciation	$ 896,799
Unrealized depreciation	(257,646)
Net unrealized appreciation (depreciation)	$ 639,153
Cost for federal income tax purposes	$ 15,843,814

4. Operating Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Operating Policies - continued

Repurchase Agreements - continued

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

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $14,055,141 and $561,059, respectively.

6. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 228	$ 204
Class T	.25%	.25%	428	410
Class B	.75%	.25%	830	829
Class C	.75%	.25%	830	827
			$ 2,316	$ 2,270

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

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

	Retained by FDC
Class A	$ 1,551
Class T	13
	$ 1,564

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 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 were as follows:

	Amount	% of Average Net Assets*
Class A	$ 338	.36
Class T	301	.34
Class B	313	.37
Class C	313	.36
Global Commodity Stock	1,848	.33
Institutional Class	262	.30
	$ 3,375

* Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

7. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser

Class A	1.50%	$ 2,411
Class T	1.75%	2,231
Class B	2.25%	2,172
Class C	2.25%	2,170
Global Commodity Stock	1.25%	14,301
Institutional Class	1.25%	2,175
		$ 25,460

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 $626 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
Class A	$ 6
Class T	6
Class B	6
Class C	6
Institutional Class	6
	$ 30

Semiannual Report

8. Share Transactions.

Transactions for each class of shares were as follows:

	Shares Period ended April 30, 2009^A	Dollars Period ended April 30, 2009^A
Class A
Shares sold	111,982	$ 1,128,217
Class T
Shares sold	87,139	$ 873,398
Class B
Shares sold	83,012	$ 831,539
Class C
Shares sold	82,045	$ 821,023
Global Commodity Stock
Shares sold	1,166,737	$ 11,843,677
Shares redeemed	(87,787)	(863,038)
Net increase (decrease)	1,078,950	$ 10,980,639
Institutional Class
Shares sold	83,944	$ 839,410

^A For the period March 25, 2009 (commencement of operations) to April 30, 2009.

9. Other.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Global Commodity Stock Fund

On November 18, 2008, 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. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

In determining whether to approve the Advisory Contracts for the fund, the Board was aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, may choose to invest in this fund, managed by Fidelity.

Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the background of the fund's portfolio manager and the fund's investment objective and discipline.

Resources Dedicated to Investment Management and Support Services. The Board considered the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.

Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians.

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Semiannual Report

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge.

Investment Performance. Fidelity Global Commodity Stock Fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. Once the fund has been in operation for at least one calendar year, the Board will review the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against a broad-based securities market index and a peer group of mutual funds deemed appropriate by the Board.

Based on its review, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's proposed management fee and the projected total operating expenses of each class of the fund in reviewing the Advisory Contracts. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics. The Board also considered that the projected total operating expenses are comparable to those of similar classes and funds that Fidelity offers to shareholders.

Based on its review, the Board concluded that the fund's management fee and the projected total expenses of each class of the fund were fair and reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

Costs of the Services and Profitability. The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider 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.

Economies of Scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets.

The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be approved.

Semiannual Report

Managing Your Investments

By Phone

(phone_graphic)

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

Press

fid406 For mutual fund and brokerage trading.

fid408 For quotes.*

fid410 For account balances and holdings.

fid412 To review orders and mutual
fund activity.

fid414 To change your PIN.

fid416 fid418 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

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

2000 Avenue of the Stars
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

16656 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

398 West El Camino Real
Sunnyvale, CA

111 South Westlake Blvd
Thousand Oaks, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6326 Canoga Avenue
Woodland Hills, CA

Colorado

281 East Flatiron Circle
Broomfield, CO

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

175 East Altamonte Drive
Altamonte Springs, FL

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

8880 Tamiami Trail, North
Naples, FL

230 Royal Palm Way
Palm Beach, 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

401 North Michigan Avenue
Chicago, IL

One Skokie Valley Road
Highland Park, IL

1415 West 22nd Street
Oak Brook, IL

15105 S LaGrange Road
Orland Park, IL

1572 East Golf Road
Schaumburg, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

8480 Keystone Crossing
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

610 York Road
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

200 Endicott Street
Danvers, MA

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

Semiannual Report

405 Cochituate Road
Framingham, MA

551 Boston Turnpike
Shrewsbury, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 Old N. Woodward Ave.
Birmingham, MI

30200 Northwestern Hwy.
Farmington Hills, MI

43420 Grand River Avenue
Novi, MI

Minnesota

7740 France Avenue South
Edina, MN

8342 3rd Street North
Oakdale, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

501 Route 73 South
Marlton, NJ

150 Essex Street
Millburn, NJ

35 Morris Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New Mexico

2261 Q Street NE
Albuquerque, NM

New York

1130 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

1800 Crocker Road
Westlake, 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

10 Memorial Boulevard
Providence, RI

Tennessee

3018 Peoples Street
Johnson City, TN

7628 West Farmington Blvd.
Germantown, TN

2035 Mallory Lane
Franklin, 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

1701 Lake Robbins Drive
The Woodlands, 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

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

10500 NE 8th Street
Bellevue, WA

1518 6th Avenue
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

16020 West Bluemound Road
Brookfield, WI

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

Fidelity Investments Japan Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

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

State Street Bank and Trust Company
Quincy, MA

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®) fid420 1-800-544-5555

Automated line for quickest service

GCS-USAN-0609
1.879382.100

fid466

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
Global Commodity Stock
Fund - Class A, Class T, Class B
and Class C

Semiannual Report

April 30, 2009

Class A, Class T, Class B, and Class C are classes
of Fidelity® Global Commodity Stock Fund

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Summary	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value	Ending Account Value April 30, 2009	Expenses Paid During Period
Class A	1.50%
Actual		$ 1,000.00	$ 1,059.00	$ 1.57^B
Hypothetical^A		$ 1,000.00	$ 1,017.36	$ 7.50^C
Class T	1.75%
Actual		$ 1,000.00	$ 1,059.00	$ 1.83^B
Hypothetical^A		$ 1,000.00	$ 1,016.12	$ 8.75^C
Class B	2.25%
Actual		$ 1,000.00	$ 1,058.00	$ 2.35^B
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23^C
Class C	2.25%
Actual		$ 1,000.00	$ 1,058.00	$ 2.35^B
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23^C
Global Commodity Stock	1.25%
Actual		$ 1,000.00	$ 1,059.00	$ 1.30^B
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26^C
Institutional Class	1.25%
Actual		$ 1,000.00	$ 1,059.00	$ 1.30^B
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26^C

^A5% return per year before expenses

^CHypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period.)

Semiannual Report

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2009
	% of fund's net assets
BHP Billiton PLC	4.7
Monsanto Co.	4.6
Exxon Mobil Corp.	3.6
Potash Corp. of Saskatchewan, Inc.	2.6
Syngenta AG (Switzerland)	2.4
Rio Tinto PLC (Reg.)	2.3
Chevron Corp.	1.9
Royal Dutch Shell PLC Class A (United Kingdom)	1.9
BP PLC	1.6
Archer Daniels Midland Co.	1.5
	27.1

Top Industries (% of fund's net assets)
As of April 30, 2009
	Metals & Mining 30.5%
	Oil, Gas & Consumable Fuels 27.8%
	Chemicals 16.4%
	Paper & Forest Products 4.8%
	Food Products 3.9%
	All Others* 16.6%

fid1078

* Includes short-term investments and net other assets.

Semiannual Report

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 87.7%
	Shares		Value
CHEMICALS - 16.4%
Diversified Chemicals - 0.2%
FMC Corp.	724		$ 35,281
Fertilizers & Agricultural Chemicals - 16.2%
Agrium, Inc.	3,100		133,015
CF Industries Holdings, Inc.	972		70,033
Fertilizantes Fosfatados SA (PN)	7,200		54,750
Incitec Pivot Ltd.	37,082		56,891
Intrepid Potash, Inc.	1,100		27,159
Israel Chemicals Ltd.	7,900		66,434
K&S AG	2,300		136,915
Monsanto Co.	8,700		738,543
Nufarm Ltd.	2,668		25,665
Potash Corp. of Saskatchewan, Inc.	4,900		420,909
Sinofert Holdings Ltd.	4,000		1,855
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR	1,700		53,567
Syngenta AG (Switzerland)	1,805		385,249
Terra Industries, Inc.	3,600		95,400
The Mosaic Co.	5,500		222,475
Yara International ASA	4,500		120,585
			2,609,445
TOTAL CHEMICALS			2,644,726
CONTAINERS & PACKAGING - 0.9%
Paper Packaging - 0.9%
Packaging Corp. of America	1,200		19,044
Rock-Tenn Co. Class A	1,600		60,416
Smurfit Kappa Group PLC	2,400		7,028
Temple-Inland, Inc.	5,300		63,282
			149,770
ELECTRICAL EQUIPMENT - 0.3%
Electrical Components & Equipment - 0.3%
First Solar, Inc. (a)	60		11,237
Sunpower Corp. Class B (a)	1,300		32,968
			44,205
ENERGY EQUIPMENT & SERVICES - 1.9%
Oil & Gas Drilling - 1.0%
Helmerich & Payne, Inc.	400		12,328
Noble Corp.	3,200		87,456
Common Stocks - continued
	Shares		Value
ENERGY EQUIPMENT & SERVICES - CONTINUED
Oil & Gas Drilling - continued
Seadrill Ltd.	2,800		$ 29,879
Transocean Ltd. (a)	500		33,740
			163,403
Oil & Gas Equipment & Services - 0.9%
Baker Hughes, Inc.	200		7,116
BJ Services Co.	500		6,945
Dril-Quip, Inc. (a)	1,200		41,256
Halliburton Co.	300		6,066
National Oilwell Varco, Inc. (a)	500		15,140
Schlumberger Ltd. (NY Shares)	600		29,394
Weatherford International Ltd. (a)	2,500		41,575
			147,492
TOTAL ENERGY EQUIPMENT & SERVICES			310,895
FOOD PRODUCTS - 3.9%
Agricultural Products - 3.9%
Archer Daniels Midland Co.	10,100		248,662
Bunge Ltd.	3,300		158,433
Chaoda Modern Agriculture (Holdings) Ltd.	18,000		10,178
Corn Products International, Inc.	2,800		66,920
Danisco AS	1,400		45,848
Golden Agri-Resources Ltd.	10,000		2,499
IOI Corp. Bhd	49,200		59,427
PPB Group Bhd	3,700		11,017
Wilmar International Ltd.	11,000		26,599
			629,583
MACHINERY - 0.9%
Construction & Farm Machinery & Heavy Trucks - 0.9%
AGCO Corp. (a)	1,700		41,310
Caterpillar, Inc.	200		7,116
Deere & Co.	1,400		57,764
Jain Irrigation Systems Ltd.	2,965		30,016
			136,206
METALS & MINING - 30.5%
Aluminum - 0.5%
Alcoa, Inc.	4,300		39,001
Common Stocks - continued
	Shares		Value
METALS & MINING - CONTINUED
Aluminum - continued
Aluminum Corp. of China Ltd. (H Shares)	14,000		$ 10,722
Norsk Hydro ASA	7,520		33,153
			82,876
Diversified Metals & Mining - 12.5%
African Rainbow Minerals Ltd.	1,300		17,569
Anglo American PLC (United Kingdom)	8,000		172,082
Antofagasta PLC	2,700		23,163
BHP Billiton PLC	37,000		767,647
Companhia Vale do Rio Doce (PN-A) sponsored ADR	16,600		227,918
Eramet SA	22		4,723
Eurasian Natural Resources Corp. PLC	1,700		14,797
Exxaro Resources Ltd.	3,000		22,001
First Quantum Minerals Ltd.	1,000		38,676
Freeport-McMoRan Copper & Gold, Inc. Class B	2,200		93,830
Grupo Mexico SA de CV Series B	9,723		7,641
Ivanhoe Mines Ltd. (a)	1,800		11,555
OJSC MMC Norilsk Nickel sponsored ADR	3,200		26,400
Rio Tinto PLC (Reg.)	9,000		365,545
Southern Copper Corp.	500		9,285
Sumitomo Metal Mining Co. Ltd.	2,000		22,341
Teck Resources Ltd. Class B (sub. vtg.)	1,800		18,901
Vedanta Resources PLC	2,100		32,836
Xstrata PLC	16,000		141,006
			2,017,916
Gold - 8.4%
Agnico-Eagle Mines Ltd.:
(Canada)	1,900		83,993
(United States)	100		4,411
Andean Resources Ltd. (a)	20,000		23,558
AngloGold Ashanti Ltd. sponsored ADR	2,300		70,840
Barrick Gold Corp.	7,200		208,473
Eldorado Gold Corp. (a)	4,700		37,340
Franco-Nevada Corp.	1,200		25,534
Gold Fields Ltd. sponsored ADR	1,900		19,760
Goldcorp, Inc.	5,200		142,153
Harmony Gold Mining Co. Ltd. sponsored ADR (a)	8,500		79,220
IAMGOLD Corp.	3,100		24,706
Kinross Gold Corp.	7,700		118,670
Lihir Gold Ltd. (a)	22,293		48,628
Newcrest Mining Ltd.	5,582		121,517
Common Stocks - continued
	Shares		Value
METALS & MINING - CONTINUED
Gold - continued
Newmont Mining Corp.	2,700		$ 108,648
Polyus Gold OJSC sponsored ADR	400		9,040
Randgold Resources Ltd. sponsored ADR	1,200		58,080
Red Back Mining, Inc. (a)	4,300		29,766
Royal Gold, Inc.	1,700		61,472
Simmer & Jack Mines Ltd. (a)	22,000		7,075
Yamana Gold, Inc.	6,300		49,418
Zijin Mining Group Co. Ltd. (H Shares)	42,000		32,168
			1,364,470
Precious Metals & Minerals - 1.7%
Anglo Platinum Ltd.	500		26,755
Aquarius Platinum Ltd. (United Kingdom) (a)	5,966		22,480
Compania de Minas Buenaventura SA sponsored ADR	2,100		44,436
Impala Platinum Holdings Ltd.	4,100		78,362
Lonmin PLC	700		14,693
Mvelaphanda Resources Ltd. (a)	2,300		8,357
Northam Platinum Ltd.	2,900		9,591
Pan American Silver Corp. (a)	1,700		28,016
Silver Standard Resources, Inc. (a)	2,600		44,148
			276,838
Steel - 7.4%
Acerinox SA	400		6,091
Allegheny Technologies, Inc.	200		6,546
ArcelorMittal SA (NY Shares) Class A	9,900		233,442
China Steel Corp.	48,000		37,124
Cliffs Natural Resources, Inc.	2,400		55,344
Companhia Siderurgica Nacional SA (CSN)	2,800		51,725
Fortescue Metals Group Ltd. (a)	7,194		12,345
Gerdau SA sponsored ADR	8,700		61,770
Hyundai Steel Co.	300		12,723
JFE Holdings, Inc.	3,800		103,816
Kobe Steel Ltd.	3,000		4,934
Nippon Steel Corp.	23,000		77,348
Nisshin Steel Co. Ltd.	2,000		3,860
Nucor Corp.	2,000		81,380
POSCO	366		113,695
Salzgitter AG	800		56,394
Sims Metal Management Ltd.	447		6,500
SSAB Svenskt Stal AB (B Shares)	1,000		8,966
Steel Dynamics, Inc.	3,000		37,350
Common Stocks - continued
	Shares		Value
METALS & MINING - CONTINUED
Steel - continued
Sumitomo Metal Industries Ltd.	25,000		$ 58,578
Thyssenkrupp AG	2,000		42,447
Tokyo Steel Manufacturing Co. Ltd.	900		9,220
United States Steel Corp.	1,800		47,790
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)	1,800		26,725
voestalpine AG	2,100		40,168
			1,196,281
TOTAL METALS & MINING			4,938,381
OIL, GAS & CONSUMABLE FUELS - 27.8%
Coal & Consumable Fuels - 1.6%
Alpha Natural Resources, Inc. (a)	1,500		30,720
Arch Coal, Inc.	2,200		30,734
Cameco Corp.	500		11,481
China Shenhua Energy Co. Ltd. (H Shares)	2,000		5,530
CONSOL Energy, Inc.	2,100		65,688
Foundation Coal Holdings, Inc.	400		6,496
Massey Energy Co.	5,300		84,323
Paladin Energy Ltd. (a)	500		1,676
Peabody Energy Corp.	600		15,834
			252,482
Integrated Oil & Gas - 19.4%
BG Group PLC	9,800		156,427
BP PLC	36,000		254,304
Chevron Corp.	4,600		304,060
China Petroleum & Chemical Corp. (H Shares)	42,000		32,644
ConocoPhillips	3,500		143,500
ENI SpA	9,000		193,081
Exxon Mobil Corp.	8,700		580,029
Hess Corp.	1,400		76,706
Husky Energy, Inc.	300		7,268
Imperial Oil Ltd.	500		17,871
Lukoil Oil Co. sponsored ADR	700		30,884
Marathon Oil Corp.	2,600		77,220
Murphy Oil Corp.	100		4,771
OAO Gazprom sponsored ADR	3,300		58,410
Occidental Petroleum Corp.	2,600		146,354
OJSC Oil Company Rosneft GDR (Reg. S)	1,100		5,675
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Integrated Oil & Gas - continued
OMV AG	200		$ 6,194
Origin Energy Ltd.	816		9,665
Petro-Canada	2,500		78,902
PetroChina Co. Ltd. (H Shares)	24,000		20,918
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)	7,700		207,746
Repsol YPF SA	1,400		26,604
Royal Dutch Shell PLC Class A (United Kingdom)	13,200		303,785
Sasol Ltd.	700		21,083
StatoilHydro ASA	2,400		44,723
Suncor Energy, Inc.	4,200		105,700
Surgutneftegaz JSC sponsored ADR	830		5,852
Total SA Series B	4,400		220,099
			3,140,475
Oil & Gas Exploration & Production - 6.7%
Anadarko Petroleum Corp.	1,500		64,590
Apache Corp.	500		36,430
Berry Petroleum Co. Class A	1,100		18,128
Cabot Oil & Gas Corp.	1,800		54,342
Cairn Energy PLC (a)	400		12,536
Canadian Natural Resources Ltd.	1,300		59,931
Canadian Oil Sands Trust	300		6,195
Chesapeake Energy Corp.	5,200		102,492
CNOOC Ltd. sponsored ADR	400		44,540
Denbury Resources, Inc. (a)	500		8,140
Devon Energy Corp.	600		31,110
EnCana Corp.	1,100		50,416
EOG Resources, Inc.	600		38,088
Newfield Exploration Co. (a)	500		15,590
Nexen, Inc.	1,300		24,753
Niko Resources Ltd.	100		5,061
Noble Energy, Inc.	300		17,025
OPTI Canada, Inc. (a)	21,800		35,260
Petrobank Energy & Resources Ltd. (a)	4,900		105,330
Petrohawk Energy Corp. (a)	1,400		33,040
Plains Exploration & Production Co. (a)	1,300		24,531
Range Resources Corp.	1,900		75,943
Santos Ltd.	511		6,101
Southwestern Energy Co. (a)	2,200		78,892
Talisman Energy, Inc.	1,500		18,793
Tullow Oil PLC	900		10,620
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Ultra Petroleum Corp. (a)	500		$ 21,400
Whiting Petroleum Corp. (a)	400		13,104
Woodside Petroleum Ltd.	1,271		35,469
XTO Energy, Inc.	1,100		38,126
			1,085,976
Oil & Gas Refining & Marketing - 0.1%
Frontier Oil Corp.	900		11,439
Tesoro Corp.	800		12,200
			23,639
TOTAL OIL, GAS & CONSUMABLE FUELS			4,502,572
PAPER & FOREST PRODUCTS - 4.8%
Forest Products - 1.1%
Sino-Forest Corp. (a)	3,000		26,248
Weyerhaeuser Co.	4,000		141,040
			167,288
Paper Products - 3.7%
Holmen AB (B Shares)	300		6,615
International Paper Co.	6,200		78,492
MeadWestvaco Corp.	500		7,830
Nine Dragons Paper (Holdings) Ltd.	56,000		25,347
Nippon Paper Group, Inc.	1,400		39,745
Oji Paper Co. Ltd.	12,000		51,675
Sappi Ltd.	18,649		49,794
Stora Enso Oyj (R Shares)	13,000		74,183
Suzano Bahia Sul Papel e Celulose SA (a)	1,000		6,351
Svenska Cellulosa AB (SCA) (B Shares)	10,400		100,258
UPM-Kymmene Corp.	11,500		102,885
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	6,500		56,810
			599,985
TOTAL PAPER & FOREST PRODUCTS			767,273
REAL ESTATE INVESTMENT TRUSTS - 0.3%
Specialized REITs - 0.3%
Plum Creek Timber Co., Inc.	500		17,260
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
Specialized REITs - continued
Potlatch Corp.	600		$ 17,646
Rayonier, Inc.	500		19,310
			54,216
TOTAL COMMON STOCKS (Cost $13,535,835)		14,177,827
Money Market Funds - 14.2%

Fidelity Cash Central Fund, 0.53% (b) (Cost $2,305,140)	2,305,140		2,305,140
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $15,840,975)			16,482,967
NET OTHER ASSETS - (1.9)%			(308,430)
NET ASSETS - 100%		$ 16,174,537

Legend

(a) Non-income producing

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	$ 811

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 16,482,967	$ 11,674,677	$ 4,808,290	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	43.0%
United Kingdom	14.6%
Canada	12.3%
Brazil	4.3%
Switzerland	3.4%
South Africa	2.3%
Japan	2.2%
Australia	1.7%
Germany	1.6%
Luxembourg	1.4%
France	1.4%
Bermuda	1.3%
Norway	1.2%
Italy	1.2%
Finland	1.1%
Others (individually less than 1%)	7.0%
	100.0%

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $13,535,835)	$ 14,177,827
Fidelity Central Funds (cost $2,305,140)	2,305,140
Total Investments (cost $15,840,975)		$ 16,482,967
Cash		31
Receivable for investments sold		56,786
Receivable for fund shares sold		457,888
Dividends receivable		11,243
Distributions receivable from Fidelity Central Funds		693
Prepaid expenses		76,768
Receivable from investment adviser for expense reductions		22,383
Other receivables		626
Total assets		17,109,385

Liabilities
Payable for investments purchased	$ 827,242
Payable for fund shares redeemed	7
Accrued management fee	6,376
Distribution fees payable	1,908
Other affiliated payables	3,050
Other payables and accrued expenses	96,265
Total liabilities		934,848

Net Assets		$ 16,174,537
Net Assets consist of:
Paid in capital		$ 15,482,854
Undistributed net investment income		9,059
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		41,457
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		641,167
Net Assets		$ 16,174,537

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

Semiannual Report

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($1,185,942 ÷ 111,982 shares)		$ 10.59

Maximum offering price per share (100/94.25 of $10.59)		$ 11.24
Class T: Net Asset Value and redemption price per share ($922,585 ÷ 87,139 shares)		$ 10.59

Maximum offering price per share (100/96.50 of $10.59)		$ 10.97
Class B: Net Asset Value, offering price and redemption price per share ($878,432 ÷ 83,012 shares)^A		$ 10.58

Class C: Net Asset Value, offering price and redemption price per share ($868,200 ÷ 82,045 shares)^A		$ 10.58

Global Commodity Stock: Net Asset Value, offering price and redemption price per share ($11,430,151 ÷ 1,078,950 shares)		$ 10.59

Institutional Class: Net Asset Value, offering price and redemption price per share ($889,227 ÷ 83,944 shares)		$ 10.59

^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

Financial Statements - continued

Statement of Operations

For the period March 25, 2009 (commencement of operations) to April 30, 2009 (Unaudited)

Investment Income
Dividends		$ 24,844
Interest		82
Income from Fidelity Central Funds		811
		25,737
Less foreign taxes withheld		(2,370)
Total income		23,367

Expenses
Management fee	$ 7,044
Transfer agent fees	3,375
Distribution fees	2,316
Accounting fees and expenses	508
Custodian fees and expenses	5,241
Independent trustees' compensation	3
Registration fees	14,858
Audit	7,079
Total expenses before reductions	40,424
Expense reductions	(26,116)	14,308
Net investment income (loss)		9,059
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	41,750
Foreign currency transactions	(293)
Total net realized gain (loss)		41,457
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $636)	641,356
Assets and liabilities in foreign currencies	(189)
Total change in net unrealized appreciation (depreciation)		641,167
Net gain (loss)		682,624
Net increase (decrease) in net assets resulting from operations		$ 691,683

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

Semiannual Report

Statement of Changes in Net Assets

	For the period March 25, 2009 (commencement of operations) to April 30, 2009 (Unaudited)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 9,059
Net realized gain (loss)	41,457
Change in net unrealized appreciation (depreciation)	641,167
Net increase (decrease) in net assets resulting from operations	691,683
Share transactions - net increase (decrease)	15,474,226
Redemption fees	8,628
Total increase (decrease) in net assets	16,174,537

Net Assets
Beginning of period	-
End of period (including undistributed net investment income of $9,059)	$ 16,174,537

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

Semiannual Report

Financial Highlights - Class A

	Period ended April 30, 2009^H
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.01
Net realized and unrealized gain (loss)	.57
Total from investment operations	.58
Redemption fees added to paid in capital^E	.01
Net asset value, end of period	$ 10.59
Total Return^{B, C, D}	5.90%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	4.06%^A
Expenses net of fee waivers, if any	1.50%^A
Expenses net of all reductions	1.43%^A
Net investment income (loss)	.89%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,186
Portfolio turnover rate^G	58%^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.

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

^H For the period March 25, 2009 (commencement of operations) to April 30, 2009.

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

Semiannual Report

Financial Highlights - Class T

	Period ended April 30, 2009^H
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.01
Net realized and unrealized gain (loss)	.57
Total from investment operations	.58
Redemption fees added to paid in capital^E	.01
Net asset value, end of period	$ 10.59
Total Return^{B, C, D}	5.90%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	4.27%^A
Expenses net of fee waivers, if any	1.75%^A
Expenses net of all reductions	1.68%^A
Net investment income (loss)	.64%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 923
Portfolio turnover rate^G	58%^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.

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

^H For the period March 25, 2009 (commencement of operations) to April 30, 2009.

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

Semiannual Report

Financial Highlights - Class B

	Period ended April 30, 2009^H
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	-^J
Net realized and unrealized gain (loss)	.57
Total from investment operations	.57
Redemption fees added to paid in capital^E	.01
Net asset value, end of period	$ 10.58
Total Return^{B, C, D}	5.80%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	4.78%^A
Expenses net of fee waivers, if any	2.25%^A
Expenses net of all reductions	2.18%^A
Net investment income (loss)	.14%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 878
Portfolio turnover rate^G	58%^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.

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

^H For the period March 25, 2009 (commencement of operations) to April 30, 2009.

^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

	Period ended April 30, 2009^H
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	-^J
Net realized and unrealized gain (loss)	.57
Total from investment operations	.57
Redemption fees added to paid in capital^E	.01
Net asset value, end of period	$ 10.58
Total Return^{B, C, D}	5.80%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	4.78%^A
Expenses net of fee waivers, if any	2.25%^A
Expenses net of all reductions	2.18%^A
Net investment income (loss)	.14%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 868
Portfolio turnover rate^G	58%^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.

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

^H For the period March 25, 2009 (commencement of operations) to April 30, 2009.

^J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Global Commodity Stock

	Period ended April 30, 2009^G
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.01
Net realized and unrealized gain (loss)	.57
Total from investment operations	.58
Redemption fees added to paid in capital^D	.01
Net asset value, end of period	$ 10.59
Total Return^{B, C}	5.90%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	3.78%^A
Expenses net of fee waivers, if any	1.25%^A
Expenses net of all reductions	1.19%^A
Net investment income (loss)	1.14%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 11,430
Portfolio turnover rate^F	58%^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.

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

^G For the period March 25, 2009 (commencement of operations) to April 30, 2009.

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

Semiannual Report

Financial Highlights - Institutional Class

	Period ended April 30, 2009^G
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.01
Net realized and unrealized gain (loss)	.57
Total from investment operations	.58
Redemption fees added to paid in capital^D	.01
Net asset value, end of period	$ 10.59
Total Return^{B, C}	5.90%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	3.75%^A
Expenses net of fee waivers, if any	1.25%^A
Expenses net of all reductions	1.18%^A
Net investment income (loss)	1.14%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 889
Portfolio turnover rate^F	58%^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.

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

^G For the period March 25, 2009 (commencement of operations) to April 30, 2009.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

3. Significant Accounting Policies - continued

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

Unrealized appreciation	$ 896,799
Unrealized depreciation	(257,646)
Net unrealized appreciation (depreciation)	$ 639,153
Cost for federal income tax purposes	$ 15,843,814

4. Operating Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Operating Policies - continued

Repurchase Agreements - continued

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $14,055,141 and $561,059, respectively.

6. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 228	$ 204
Class T	.25%	.25%	428	410
Class B	.75%	.25%	830	829
Class C	.75%	.25%	830	827
			$ 2,316	$ 2,270

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

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

	Retained by FDC
Class A	$ 1,551
Class T	13
	$ 1,564

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 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 were as follows:

	Amount	% of Average Net Assets*
Class A	$ 338	.36
Class T	301	.34
Class B	313	.37
Class C	313	.36
Global Commodity Stock	1,848	.33
Institutional Class	262	.30
	$ 3,375

* Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

7. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser

Class A	1.50%	$ 2,411
Class T	1.75%	2,231
Class B	2.25%	2,172
Class C	2.25%	2,170
Global Commodity Stock	1.25%	14,301
Institutional Class	1.25%	2,175
		$ 25,460

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 $626 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
Class A	$ 6
Class T	6
Class B	6
Class C	6
Institutional Class	6
	$ 30

Semiannual Report

8. Share Transactions.

Transactions for each class of shares were as follows:

	Shares Period ended April 30, 2009^A	Dollars Period ended April 30, 2009^A
Class A
Shares sold	111,982	$ 1,128,217
Class T
Shares sold	87,139	$ 873,398
Class B
Shares sold	83,012	$ 831,539
Class C
Shares sold	82,045	$ 821,023
Global Commodity Stock
Shares sold	1,166,737	$ 11,843,677
Shares redeemed	(87,787)	(863,038)
Net increase (decrease)	1,078,950	$ 10,980,639
Institutional Class
Shares sold	83,944	$ 839,410

^A For the period March 25, 2009 (commencement of operations) to April 30, 2009.

9. Other.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Global Commodity Stock Fund

Semiannual Report

Based on its review, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

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

FIL Investment Advisors

Fidelity Investments Japan Limited

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

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

State Street Bank and Trust Company
Quincy, MA

AGCS-USAN-0609
1.879398.100

fid1007

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
Global Commodity Stock
Fund - Institutional Class

Semiannual Report

April 30, 2009

Institutional Class is a class of
Fidelity® Global Commodity Stock Fund

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Summary	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value	Ending Account Value April 30, 2009	Expenses Paid During Period
Class A	1.50%
Actual		$ 1,000.00	$ 1,059.00	$ 1.57^B
Hypothetical^A		$ 1,000.00	$ 1,017.36	$ 7.50^C
Class T	1.75%
Actual		$ 1,000.00	$ 1,059.00	$ 1.83^B
Hypothetical^A		$ 1,000.00	$ 1,016.12	$ 8.75^C
Class B	2.25%
Actual		$ 1,000.00	$ 1,058.00	$ 2.35^B
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23^C
Class C	2.25%
Actual		$ 1,000.00	$ 1,058.00	$ 2.35^B
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23^C
Global Commodity Stock	1.25%
Actual		$ 1,000.00	$ 1,059.00	$ 1.30^B
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26^C
Institutional Class	1.25%
Actual		$ 1,000.00	$ 1,059.00	$ 1.30^B
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26^C

^A5% return per year before expenses

^CHypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period.)

Semiannual Report

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2009
	% of fund's net assets
BHP Billiton PLC	4.7
Monsanto Co.	4.6
Exxon Mobil Corp.	3.6
Potash Corp. of Saskatchewan, Inc.	2.6
Syngenta AG (Switzerland)	2.4
Rio Tinto PLC (Reg.)	2.3
Chevron Corp.	1.9
Royal Dutch Shell PLC Class A (United Kingdom)	1.9
BP PLC	1.6
Archer Daniels Midland Co.	1.5
	27.1

Top Industries (% of fund's net assets)
As of April 30, 2009
	Metals & Mining 30.5%
	Oil, Gas & Consumable Fuels 27.8%
	Chemicals 16.4%
	Paper & Forest Products 4.8%
	Food Products 3.9%
	All Others* 16.6%

fid1094

* Includes short-term investments and net other assets.

Semiannual Report

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 87.7%
	Shares		Value
CHEMICALS - 16.4%
Diversified Chemicals - 0.2%
FMC Corp.	724		$ 35,281
Fertilizers & Agricultural Chemicals - 16.2%
Agrium, Inc.	3,100		133,015
CF Industries Holdings, Inc.	972		70,033
Fertilizantes Fosfatados SA (PN)	7,200		54,750
Incitec Pivot Ltd.	37,082		56,891
Intrepid Potash, Inc.	1,100		27,159
Israel Chemicals Ltd.	7,900		66,434
K&S AG	2,300		136,915
Monsanto Co.	8,700		738,543
Nufarm Ltd.	2,668		25,665
Potash Corp. of Saskatchewan, Inc.	4,900		420,909
Sinofert Holdings Ltd.	4,000		1,855
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR	1,700		53,567
Syngenta AG (Switzerland)	1,805		385,249
Terra Industries, Inc.	3,600		95,400
The Mosaic Co.	5,500		222,475
Yara International ASA	4,500		120,585
			2,609,445
TOTAL CHEMICALS			2,644,726
CONTAINERS & PACKAGING - 0.9%
Paper Packaging - 0.9%
Packaging Corp. of America	1,200		19,044
Rock-Tenn Co. Class A	1,600		60,416
Smurfit Kappa Group PLC	2,400		7,028
Temple-Inland, Inc.	5,300		63,282
			149,770
ELECTRICAL EQUIPMENT - 0.3%
Electrical Components & Equipment - 0.3%
First Solar, Inc. (a)	60		11,237
Sunpower Corp. Class B (a)	1,300		32,968
			44,205
ENERGY EQUIPMENT & SERVICES - 1.9%
Oil & Gas Drilling - 1.0%
Helmerich & Payne, Inc.	400		12,328
Noble Corp.	3,200		87,456
Common Stocks - continued
	Shares		Value
ENERGY EQUIPMENT & SERVICES - CONTINUED
Oil & Gas Drilling - continued
Seadrill Ltd.	2,800		$ 29,879
Transocean Ltd. (a)	500		33,740
			163,403
Oil & Gas Equipment & Services - 0.9%
Baker Hughes, Inc.	200		7,116
BJ Services Co.	500		6,945
Dril-Quip, Inc. (a)	1,200		41,256
Halliburton Co.	300		6,066
National Oilwell Varco, Inc. (a)	500		15,140
Schlumberger Ltd. (NY Shares)	600		29,394
Weatherford International Ltd. (a)	2,500		41,575
			147,492
TOTAL ENERGY EQUIPMENT & SERVICES			310,895
FOOD PRODUCTS - 3.9%
Agricultural Products - 3.9%
Archer Daniels Midland Co.	10,100		248,662
Bunge Ltd.	3,300		158,433
Chaoda Modern Agriculture (Holdings) Ltd.	18,000		10,178
Corn Products International, Inc.	2,800		66,920
Danisco AS	1,400		45,848
Golden Agri-Resources Ltd.	10,000		2,499
IOI Corp. Bhd	49,200		59,427
PPB Group Bhd	3,700		11,017
Wilmar International Ltd.	11,000		26,599
			629,583
MACHINERY - 0.9%
Construction & Farm Machinery & Heavy Trucks - 0.9%
AGCO Corp. (a)	1,700		41,310
Caterpillar, Inc.	200		7,116
Deere & Co.	1,400		57,764
Jain Irrigation Systems Ltd.	2,965		30,016
			136,206
METALS & MINING - 30.5%
Aluminum - 0.5%
Alcoa, Inc.	4,300		39,001
Common Stocks - continued
	Shares		Value
METALS & MINING - CONTINUED
Aluminum - continued
Aluminum Corp. of China Ltd. (H Shares)	14,000		$ 10,722
Norsk Hydro ASA	7,520		33,153
			82,876
Diversified Metals & Mining - 12.5%
African Rainbow Minerals Ltd.	1,300		17,569
Anglo American PLC (United Kingdom)	8,000		172,082
Antofagasta PLC	2,700		23,163
BHP Billiton PLC	37,000		767,647
Companhia Vale do Rio Doce (PN-A) sponsored ADR	16,600		227,918
Eramet SA	22		4,723
Eurasian Natural Resources Corp. PLC	1,700		14,797
Exxaro Resources Ltd.	3,000		22,001
First Quantum Minerals Ltd.	1,000		38,676
Freeport-McMoRan Copper & Gold, Inc. Class B	2,200		93,830
Grupo Mexico SA de CV Series B	9,723		7,641
Ivanhoe Mines Ltd. (a)	1,800		11,555
OJSC MMC Norilsk Nickel sponsored ADR	3,200		26,400
Rio Tinto PLC (Reg.)	9,000		365,545
Southern Copper Corp.	500		9,285
Sumitomo Metal Mining Co. Ltd.	2,000		22,341
Teck Resources Ltd. Class B (sub. vtg.)	1,800		18,901
Vedanta Resources PLC	2,100		32,836
Xstrata PLC	16,000		141,006
			2,017,916
Gold - 8.4%
Agnico-Eagle Mines Ltd.:
(Canada)	1,900		83,993
(United States)	100		4,411
Andean Resources Ltd. (a)	20,000		23,558
AngloGold Ashanti Ltd. sponsored ADR	2,300		70,840
Barrick Gold Corp.	7,200		208,473
Eldorado Gold Corp. (a)	4,700		37,340
Franco-Nevada Corp.	1,200		25,534
Gold Fields Ltd. sponsored ADR	1,900		19,760
Goldcorp, Inc.	5,200		142,153
Harmony Gold Mining Co. Ltd. sponsored ADR (a)	8,500		79,220
IAMGOLD Corp.	3,100		24,706
Kinross Gold Corp.	7,700		118,670
Lihir Gold Ltd. (a)	22,293		48,628
Newcrest Mining Ltd.	5,582		121,517
Common Stocks - continued
	Shares		Value
METALS & MINING - CONTINUED
Gold - continued
Newmont Mining Corp.	2,700		$ 108,648
Polyus Gold OJSC sponsored ADR	400		9,040
Randgold Resources Ltd. sponsored ADR	1,200		58,080
Red Back Mining, Inc. (a)	4,300		29,766
Royal Gold, Inc.	1,700		61,472
Simmer & Jack Mines Ltd. (a)	22,000		7,075
Yamana Gold, Inc.	6,300		49,418
Zijin Mining Group Co. Ltd. (H Shares)	42,000		32,168
			1,364,470
Precious Metals & Minerals - 1.7%
Anglo Platinum Ltd.	500		26,755
Aquarius Platinum Ltd. (United Kingdom) (a)	5,966		22,480
Compania de Minas Buenaventura SA sponsored ADR	2,100		44,436
Impala Platinum Holdings Ltd.	4,100		78,362
Lonmin PLC	700		14,693
Mvelaphanda Resources Ltd. (a)	2,300		8,357
Northam Platinum Ltd.	2,900		9,591
Pan American Silver Corp. (a)	1,700		28,016
Silver Standard Resources, Inc. (a)	2,600		44,148
			276,838
Steel - 7.4%
Acerinox SA	400		6,091
Allegheny Technologies, Inc.	200		6,546
ArcelorMittal SA (NY Shares) Class A	9,900		233,442
China Steel Corp.	48,000		37,124
Cliffs Natural Resources, Inc.	2,400		55,344
Companhia Siderurgica Nacional SA (CSN)	2,800		51,725
Fortescue Metals Group Ltd. (a)	7,194		12,345
Gerdau SA sponsored ADR	8,700		61,770
Hyundai Steel Co.	300		12,723
JFE Holdings, Inc.	3,800		103,816
Kobe Steel Ltd.	3,000		4,934
Nippon Steel Corp.	23,000		77,348
Nisshin Steel Co. Ltd.	2,000		3,860
Nucor Corp.	2,000		81,380
POSCO	366		113,695
Salzgitter AG	800		56,394
Sims Metal Management Ltd.	447		6,500
SSAB Svenskt Stal AB (B Shares)	1,000		8,966
Steel Dynamics, Inc.	3,000		37,350
Common Stocks - continued
	Shares		Value
METALS & MINING - CONTINUED
Steel - continued
Sumitomo Metal Industries Ltd.	25,000		$ 58,578
Thyssenkrupp AG	2,000		42,447
Tokyo Steel Manufacturing Co. Ltd.	900		9,220
United States Steel Corp.	1,800		47,790
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)	1,800		26,725
voestalpine AG	2,100		40,168
			1,196,281
TOTAL METALS & MINING			4,938,381
OIL, GAS & CONSUMABLE FUELS - 27.8%
Coal & Consumable Fuels - 1.6%
Alpha Natural Resources, Inc. (a)	1,500		30,720
Arch Coal, Inc.	2,200		30,734
Cameco Corp.	500		11,481
China Shenhua Energy Co. Ltd. (H Shares)	2,000		5,530
CONSOL Energy, Inc.	2,100		65,688
Foundation Coal Holdings, Inc.	400		6,496
Massey Energy Co.	5,300		84,323
Paladin Energy Ltd. (a)	500		1,676
Peabody Energy Corp.	600		15,834
			252,482
Integrated Oil & Gas - 19.4%
BG Group PLC	9,800		156,427
BP PLC	36,000		254,304
Chevron Corp.	4,600		304,060
China Petroleum & Chemical Corp. (H Shares)	42,000		32,644
ConocoPhillips	3,500		143,500
ENI SpA	9,000		193,081
Exxon Mobil Corp.	8,700		580,029
Hess Corp.	1,400		76,706
Husky Energy, Inc.	300		7,268
Imperial Oil Ltd.	500		17,871
Lukoil Oil Co. sponsored ADR	700		30,884
Marathon Oil Corp.	2,600		77,220
Murphy Oil Corp.	100		4,771
OAO Gazprom sponsored ADR	3,300		58,410
Occidental Petroleum Corp.	2,600		146,354
OJSC Oil Company Rosneft GDR (Reg. S)	1,100		5,675
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Integrated Oil & Gas - continued
OMV AG	200		$ 6,194
Origin Energy Ltd.	816		9,665
Petro-Canada	2,500		78,902
PetroChina Co. Ltd. (H Shares)	24,000		20,918
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)	7,700		207,746
Repsol YPF SA	1,400		26,604
Royal Dutch Shell PLC Class A (United Kingdom)	13,200		303,785
Sasol Ltd.	700		21,083
StatoilHydro ASA	2,400		44,723
Suncor Energy, Inc.	4,200		105,700
Surgutneftegaz JSC sponsored ADR	830		5,852
Total SA Series B	4,400		220,099
			3,140,475
Oil & Gas Exploration & Production - 6.7%
Anadarko Petroleum Corp.	1,500		64,590
Apache Corp.	500		36,430
Berry Petroleum Co. Class A	1,100		18,128
Cabot Oil & Gas Corp.	1,800		54,342
Cairn Energy PLC (a)	400		12,536
Canadian Natural Resources Ltd.	1,300		59,931
Canadian Oil Sands Trust	300		6,195
Chesapeake Energy Corp.	5,200		102,492
CNOOC Ltd. sponsored ADR	400		44,540
Denbury Resources, Inc. (a)	500		8,140
Devon Energy Corp.	600		31,110
EnCana Corp.	1,100		50,416
EOG Resources, Inc.	600		38,088
Newfield Exploration Co. (a)	500		15,590
Nexen, Inc.	1,300		24,753
Niko Resources Ltd.	100		5,061
Noble Energy, Inc.	300		17,025
OPTI Canada, Inc. (a)	21,800		35,260
Petrobank Energy & Resources Ltd. (a)	4,900		105,330
Petrohawk Energy Corp. (a)	1,400		33,040
Plains Exploration & Production Co. (a)	1,300		24,531
Range Resources Corp.	1,900		75,943
Santos Ltd.	511		6,101
Southwestern Energy Co. (a)	2,200		78,892
Talisman Energy, Inc.	1,500		18,793
Tullow Oil PLC	900		10,620
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Ultra Petroleum Corp. (a)	500		$ 21,400
Whiting Petroleum Corp. (a)	400		13,104
Woodside Petroleum Ltd.	1,271		35,469
XTO Energy, Inc.	1,100		38,126
			1,085,976
Oil & Gas Refining & Marketing - 0.1%
Frontier Oil Corp.	900		11,439
Tesoro Corp.	800		12,200
			23,639
TOTAL OIL, GAS & CONSUMABLE FUELS			4,502,572
PAPER & FOREST PRODUCTS - 4.8%
Forest Products - 1.1%
Sino-Forest Corp. (a)	3,000		26,248
Weyerhaeuser Co.	4,000		141,040
			167,288
Paper Products - 3.7%
Holmen AB (B Shares)	300		6,615
International Paper Co.	6,200		78,492
MeadWestvaco Corp.	500		7,830
Nine Dragons Paper (Holdings) Ltd.	56,000		25,347
Nippon Paper Group, Inc.	1,400		39,745
Oji Paper Co. Ltd.	12,000		51,675
Sappi Ltd.	18,649		49,794
Stora Enso Oyj (R Shares)	13,000		74,183
Suzano Bahia Sul Papel e Celulose SA (a)	1,000		6,351
Svenska Cellulosa AB (SCA) (B Shares)	10,400		100,258
UPM-Kymmene Corp.	11,500		102,885
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	6,500		56,810
			599,985
TOTAL PAPER & FOREST PRODUCTS			767,273
REAL ESTATE INVESTMENT TRUSTS - 0.3%
Specialized REITs - 0.3%
Plum Creek Timber Co., Inc.	500		17,260
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
Specialized REITs - continued
Potlatch Corp.	600		$ 17,646
Rayonier, Inc.	500		19,310
			54,216
TOTAL COMMON STOCKS (Cost $13,535,835)		14,177,827
Money Market Funds - 14.2%

Fidelity Cash Central Fund, 0.53% (b) (Cost $2,305,140)	2,305,140		2,305,140
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $15,840,975)			16,482,967
NET OTHER ASSETS - (1.9)%			(308,430)
NET ASSETS - 100%		$ 16,174,537

Legend

(a) Non-income producing

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	$ 811

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 16,482,967	$ 11,674,677	$ 4,808,290	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	43.0%
United Kingdom	14.6%
Canada	12.3%
Brazil	4.3%
Switzerland	3.4%
South Africa	2.3%
Japan	2.2%
Australia	1.7%
Germany	1.6%
Luxembourg	1.4%
France	1.4%
Bermuda	1.3%
Norway	1.2%
Italy	1.2%
Finland	1.1%
Others (individually less than 1%)	7.0%
	100.0%

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $13,535,835)	$ 14,177,827
Fidelity Central Funds (cost $2,305,140)	2,305,140
Total Investments (cost $15,840,975)		$ 16,482,967
Cash		31
Receivable for investments sold		56,786
Receivable for fund shares sold		457,888
Dividends receivable		11,243
Distributions receivable from Fidelity Central Funds		693
Prepaid expenses		76,768
Receivable from investment adviser for expense reductions		22,383
Other receivables		626
Total assets		17,109,385

Liabilities
Payable for investments purchased	$ 827,242
Payable for fund shares redeemed	7
Accrued management fee	6,376
Distribution fees payable	1,908
Other affiliated payables	3,050
Other payables and accrued expenses	96,265
Total liabilities		934,848

Net Assets		$ 16,174,537
Net Assets consist of:
Paid in capital		$ 15,482,854
Undistributed net investment income		9,059
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		41,457
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		641,167
Net Assets		$ 16,174,537

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

Semiannual Report

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($1,185,942 ÷ 111,982 shares)		$ 10.59

Maximum offering price per share (100/94.25 of $10.59)		$ 11.24
Class T: Net Asset Value and redemption price per share ($922,585 ÷ 87,139 shares)		$ 10.59

Maximum offering price per share (100/96.50 of $10.59)		$ 10.97
Class B: Net Asset Value, offering price and redemption price per share ($878,432 ÷ 83,012 shares)^A		$ 10.58

Class C: Net Asset Value, offering price and redemption price per share ($868,200 ÷ 82,045 shares)^A		$ 10.58

Global Commodity Stock: Net Asset Value, offering price and redemption price per share ($11,430,151 ÷ 1,078,950 shares)		$ 10.59

Institutional Class: Net Asset Value, offering price and redemption price per share ($889,227 ÷ 83,944 shares)		$ 10.59

^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

Financial Statements - continued

Statement of Operations

For the period March 25, 2009 (commencement of operations) to April 30, 2009 (Unaudited)

Investment Income
Dividends		$ 24,844
Interest		82
Income from Fidelity Central Funds		811
		25,737
Less foreign taxes withheld		(2,370)
Total income		23,367

Expenses
Management fee	$ 7,044
Transfer agent fees	3,375
Distribution fees	2,316
Accounting fees and expenses	508
Custodian fees and expenses	5,241
Independent trustees' compensation	3
Registration fees	14,858
Audit	7,079
Total expenses before reductions	40,424
Expense reductions	(26,116)	14,308
Net investment income (loss)		9,059
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	41,750
Foreign currency transactions	(293)
Total net realized gain (loss)		41,457
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $636)	641,356
Assets and liabilities in foreign currencies	(189)
Total change in net unrealized appreciation (depreciation)		641,167
Net gain (loss)		682,624
Net increase (decrease) in net assets resulting from operations		$ 691,683

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

Semiannual Report

Statement of Changes in Net Assets

	For the period March 25, 2009 (commencement of operations) to April 30, 2009 (Unaudited)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 9,059
Net realized gain (loss)	41,457
Change in net unrealized appreciation (depreciation)	641,167
Net increase (decrease) in net assets resulting from operations	691,683
Share transactions - net increase (decrease)	15,474,226
Redemption fees	8,628
Total increase (decrease) in net assets	16,174,537

Net Assets
Beginning of period	-
End of period (including undistributed net investment income of $9,059)	$ 16,174,537

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

Semiannual Report

Financial Highlights - Class A

	Period ended April 30, 2009^H
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.01
Net realized and unrealized gain (loss)	.57
Total from investment operations	.58
Redemption fees added to paid in capital^E	.01
Net asset value, end of period	$ 10.59
Total Return^{B, C, D}	5.90%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	4.06%^A
Expenses net of fee waivers, if any	1.50%^A
Expenses net of all reductions	1.43%^A
Net investment income (loss)	.89%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,186
Portfolio turnover rate^G	58%^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.

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

^H For the period March 25, 2009 (commencement of operations) to April 30, 2009.

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

Semiannual Report

Financial Highlights - Class T

	Period ended April 30, 2009^H
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.01
Net realized and unrealized gain (loss)	.57
Total from investment operations	.58
Redemption fees added to paid in capital^E	.01
Net asset value, end of period	$ 10.59
Total Return^{B, C, D}	5.90%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	4.27%^A
Expenses net of fee waivers, if any	1.75%^A
Expenses net of all reductions	1.68%^A
Net investment income (loss)	.64%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 923
Portfolio turnover rate^G	58%^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.

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

^H For the period March 25, 2009 (commencement of operations) to April 30, 2009.

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

Semiannual Report

Financial Highlights - Class B

	Period ended April 30, 2009^H
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	-^J
Net realized and unrealized gain (loss)	.57
Total from investment operations	.57
Redemption fees added to paid in capital^E	.01
Net asset value, end of period	$ 10.58
Total Return^{B, C, D}	5.80%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	4.78%^A
Expenses net of fee waivers, if any	2.25%^A
Expenses net of all reductions	2.18%^A
Net investment income (loss)	.14%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 878
Portfolio turnover rate^G	58%^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.

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

^H For the period March 25, 2009 (commencement of operations) to April 30, 2009.

^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

	Period ended April 30, 2009^H
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	-^J
Net realized and unrealized gain (loss)	.57
Total from investment operations	.57
Redemption fees added to paid in capital^E	.01
Net asset value, end of period	$ 10.58
Total Return^{B, C, D}	5.80%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	4.78%^A
Expenses net of fee waivers, if any	2.25%^A
Expenses net of all reductions	2.18%^A
Net investment income (loss)	.14%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 868
Portfolio turnover rate^G	58%^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.

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

^H For the period March 25, 2009 (commencement of operations) to April 30, 2009.

^J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Global Commodity Stock

	Period ended April 30, 2009^G
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.01
Net realized and unrealized gain (loss)	.57
Total from investment operations	.58
Redemption fees added to paid in capital^D	.01
Net asset value, end of period	$ 10.59
Total Return^{B, C}	5.90%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	3.78%^A
Expenses net of fee waivers, if any	1.25%^A
Expenses net of all reductions	1.19%^A
Net investment income (loss)	1.14%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 11,430
Portfolio turnover rate^F	58%^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.

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

^G For the period March 25, 2009 (commencement of operations) to April 30, 2009.

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

Semiannual Report

Financial Highlights - Institutional Class

	Period ended April 30, 2009^G
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss)^D	.01
Net realized and unrealized gain (loss)	.57
Total from investment operations	.58
Redemption fees added to paid in capital^D	.01
Net asset value, end of period	$ 10.59
Total Return^{B, C}	5.90%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	3.75%^A
Expenses net of fee waivers, if any	1.25%^A
Expenses net of all reductions	1.18%^A
Net investment income (loss)	1.14%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 889
Portfolio turnover rate^F	58%^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.

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

^G For the period March 25, 2009 (commencement of operations) to April 30, 2009.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

3. Significant Accounting Policies - continued

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

Unrealized appreciation	$ 896,799
Unrealized depreciation	(257,646)
Net unrealized appreciation (depreciation)	$ 639,153
Cost for federal income tax purposes	$ 15,843,814

4. Operating Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Operating Policies - continued

Repurchase Agreements - continued

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $14,055,141 and $561,059, respectively.

6. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 228	$ 204
Class T	.25%	.25%	428	410
Class B	.75%	.25%	830	829
Class C	.75%	.25%	830	827
			$ 2,316	$ 2,270

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

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

	Retained by FDC
Class A	$ 1,551
Class T	13
	$ 1,564

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 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 were as follows:

	Amount	% of Average Net Assets*
Class A	$ 338	.36
Class T	301	.34
Class B	313	.37
Class C	313	.36
Global Commodity Stock	1,848	.33
Institutional Class	262	.30
	$ 3,375

* Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

7. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser

Class A	1.50%	$ 2,411
Class T	1.75%	2,231
Class B	2.25%	2,172
Class C	2.25%	2,170
Global Commodity Stock	1.25%	14,301
Institutional Class	1.25%	2,175
		$ 25,460

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 $626 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
Class A	$ 6
Class T	6
Class B	6
Class C	6
Institutional Class	6
	$ 30

Semiannual Report

8. Share Transactions.

Transactions for each class of shares were as follows:

	Shares Period ended April 30, 2009^A	Dollars Period ended April 30, 2009^A
Class A
Shares sold	111,982	$ 1,128,217
Class T
Shares sold	87,139	$ 873,398
Class B
Shares sold	83,012	$ 831,539
Class C
Shares sold	82,045	$ 821,023
Global Commodity Stock
Shares sold	1,166,737	$ 11,843,677
Shares redeemed	(87,787)	(863,038)
Net increase (decrease)	1,078,950	$ 10,980,639
Institutional Class
Shares sold	83,944	$ 839,410

^A For the period March 25, 2009 (commencement of operations) to April 30, 2009.

9. Other.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Global Commodity Stock Fund

Semiannual Report

Based on its review, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

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

FIL Investment Advisors

Fidelity Investments Japan Limited

FIL Investment Advisors
(U.K.) Ltd.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

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

State Street Bank and Trust Company
Quincy, MA

AGCSI-USAN-0609
1.879391.100

fid1007

Fidelity®
International Discovery
Fund

Semiannual Report

April 30, 2009

(2_fidelity_logos) (Registered_Trademark)

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.

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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

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

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.39%
Actual		$ 1,000.00	$ 958.50	$ 6.75
Hypothetical^A		$ 1,000.00	$ 1,017.90	$ 6.95
Class T	1.64%
Actual		$ 1,000.00	$ 957.10	$ 7.96
Hypothetical^A		$ 1,000.00	$ 1,016.66	$ 8.20
Class B	2.15%
Actual		$ 1,000.00	$ 954.80	$ 10.42
Hypothetical^A		$ 1,000.00	$ 1,014.13	$ 10.74
Class C	2.13%
Actual		$ 1,000.00	$ 954.50	$ 10.32
Hypothetical^A		$ 1,000.00	$ 1,014.23	$ 10.64
International Discovery	1.14%
Actual		$ 1,000.00	$ 959.70	$ 5.54
Hypothetical^A		$ 1,000.00	$ 1,019.14	$ 5.71
Class K	.89%
Actual		$ 1,000.00	$ 960.90	$ 4.33
Hypothetical^A		$ 1,000.00	$ 1,020.38	$ 4.46
Institutional Class	1.09%
Actual		$ 1,000.00	$ 959.90	$ 5.30
Hypothetical^A		$ 1,000.00	$ 1,019.39	$ 5.46

^A 5% return per year before expenses

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

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan 22.9%
	United Kingdom 20.8%
	Germany 9.0%
	Switzerland 8.3%
	France 7.6%
	United States of America 3.6%
	Australia 3.4%
	Netherlands 2.5%
	Spain 2.4%
	Other 19.5%

fid1113

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

As of October 31, 2008
	United Kingdom 22.5%
	Japan 16.0%
	Switzerland 12.5%
	Germany 12.1%
	United States of America 6.9%
	France 5.7%
	Australia 5.0%
	Spain 3.9%
	Italy 2.0%
	Other 13.4%

fid1125

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	97.8	94.3
Short-Term Investments and Net Other Assets	2.2	5.7
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)	1.9	2.0
HSBC Holdings PLC (United Kingdom) (Reg.) (United Kingdom, Commercial Banks)	1.8	1.9
Mitsubishi UFJ Financial Group, Inc. (Japan, Commercial Banks)	1.8	1.4
BHP Billiton PLC (United Kingdom, Metals & Mining)	1.7	1.5
Nestle SA (Reg.) (Switzerland, Food Products)	1.7	3.0
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels)	1.7	2.7
Toyota Motor Corp. (Japan, Automobiles)	1.7	1.5
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	1.6	2.2
Telefonica SA (Spain, Diversified Telecommunication Services)	1.5	1.9
E.ON AG (Germany, Electric Utilities)	1.5	2.2
	16.9
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	23.6	19.8
Consumer Discretionary	14.1	6.7
Information Technology	10.2	7.3
Health Care	9.6	15.8
Energy	7.9	7.5
Industrials	7.2	5.9
Telecommunication Services	7.0	7.7
Consumer Staples	6.4	10.8
Materials	6.3	5.1
Utilities	1.9	5.5

Semiannual Report

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.8%
	Shares		Value (000s)
Australia - 3.4%
ABB Grain Ltd. (d)	1,537,145		$ 9,746
Billabong International Ltd.	4,045,126		30,883
Commonwealth Bank of Australia	1,665,640		42,521
CSL Ltd.	952,963		23,850
Macquarie Group Ltd.	858,400		20,896
Newcrest Mining Ltd.	226,456		4,930
QBE Insurance Group Ltd.	2,479,998		39,292
Wesfarmers Ltd.	3,538,219		58,245
Woolworths Ltd.	871,468		16,931
TOTAL AUSTRALIA			247,294
Belgium - 0.9%
Anheuser-Busch InBev NV (d)	2,119,800		64,875
Bermuda - 0.3%
Aquarius Platinum Ltd. (United Kingdom) (a)	1,418,333		5,344
Huabao International Holdings Ltd.	18,440,000		13,034
TOTAL BERMUDA			18,378
Brazil - 1.4%
BM&F BOVESPA SA	3,185,694		13,110
Petroleo Brasileiro SA - Petrobras sponsored ADR	816,400		27,407
Redecard SA	2,178,500		27,444
Vivo Participacoes SA sponsored ADR	1,874,800		29,922
TOTAL BRAZIL			97,883
Canada - 2.1%
Canadian Natural Resources Ltd.	840,200		38,734
Niko Resources Ltd.	498,400		25,224
Open Text Corp. (a)(d)	784,000		25,821
Petro-Canada	474,800		14,985
Petrobank Energy & Resources Ltd. (a)	813,500		17,487
Suncor Energy, Inc.	1,124,000		28,287
TOTAL CANADA			150,538
Cayman Islands - 1.0%
Belle International Holdings Ltd.	42,872,000		32,663
China Dongxiang Group Co. Ltd.	59,994,000		29,136
Want Want China Holdings Ltd.	17,513,000		8,732
TOTAL CAYMAN ISLANDS			70,531
China - 2.4%
BYD Co. Ltd. (H Shares)	4,827,000		12,681
Changyou.com Ltd. (A Shares) ADR	29,200		898
Common Stocks - continued
	Shares		Value (000s)
China - continued
China Merchants Bank Co. Ltd. (H Shares)	9,459,000		$ 16,901
China Telecom Corp. Ltd. (H Shares)	66,250,000		32,613
Industrial & Commercial Bank of China Ltd.	31,345,000		17,832
Li Ning Co. Ltd.	8,355,000		17,098
Tencent Holdings Ltd.	3,426,200		30,283
ZTE Corp. (H Shares)	12,177,464		41,055
TOTAL CHINA			169,361
Cyprus - 0.0%
Aisi Realty Public Ltd. (a)(e)	10,023,000		805
Denmark - 1.0%
Novo Nordisk AS Series B	1,094,500		52,074
Vestas Wind Systems AS (a)	276,400		17,941
TOTAL DENMARK			70,015
Finland - 0.5%
Nokia Corp. sponsored ADR	2,333,400		32,994
France - 7.6%
Accor SA	463,700		19,615
Alstom SA	656,812		40,933
AXA SA (d)	3,118,066		52,375
BNP Paribas SA	1,702,239		89,589
Cap Gemini SA (d)	684,300		25,573
Iliad Group SA	191,840		20,144
LVMH Moet Hennessy - Louis Vuitton	272,400		20,560
Orpea (a)	560,828		22,927
PPR SA (d)	492,800		37,745
Sanofi-Aventis (d)	466,800		26,813
Schneider Electric SA (d)	393,300		29,922
Societe Generale Series A	779,120		39,809
Total SA Series B	2,104,400		105,267
Unibail-Rodamco	118,400		17,652
TOTAL FRANCE			548,924
Germany - 8.0%
Allianz AG (Reg.) (d)	410,830		37,220
Bayerische Motoren Werke AG (BMW) (d)	882,300		30,268
Daimler AG (Reg.)	999,200		35,673
Deutsche Bank AG	834,900		43,775
Deutsche Boerse AG	673,925		49,321
E.ON AG	3,151,900		105,615
Fresenius Medical Care AG & Co. KGaA (d)	1,015,900		39,498
Common Stocks - continued
	Shares		Value (000s)
Germany - continued
GEA Group AG	2,379,000		$ 30,966
Gerresheimer AG	604,000		14,406
MAN AG	726,000		44,584
Munich Re Group (Reg.) (d)	592,500		81,018
Siemens AG (Reg.)	820,700		54,932
Wincor Nixdorf AG	183,300		9,103
TOTAL GERMANY			576,379
Greece - 0.2%
Public Power Corp. of Greece	652,245		12,570
Hong Kong - 0.8%
Cheung Kong Holdings Ltd.	3,875,000		39,973
Hang Lung Properties Ltd.	4,149,000		11,653
Techtronic Industries Co. Ltd.	6,460,000		3,820
TOTAL HONG KONG			55,446
India - 0.8%
Bharti Airtel Ltd. (a)	2,000,000		30,482
Infosys Technologies Ltd.	718,452		21,983
Titan Industries Ltd.	226,153		3,422
TOTAL INDIA			55,887
Ireland - 0.8%
CRH PLC	1,184,400		30,783
Paddy Power PLC (Ireland)	1,445,597		26,617
TOTAL IRELAND			57,400
Israel - 0.8%
Nice Systems Ltd. sponsored ADR (a)	918,700		23,528
Teva Pharmaceutical Industries Ltd. sponsored ADR	790,500		34,695
TOTAL ISRAEL			58,223
Italy - 0.5%
Fiat SpA	4,035,900		39,446
Japan - 19.3%
Asics Corp.	3,914,000		25,450
Canon Marketing Japan, Inc.	2,296,500		27,776
Canon, Inc.	1,929,350		57,752
Daiwa Securities Group, Inc.	6,962,000		36,482
Denso Corp.	1,461,500		34,557
Eisai Co. Ltd.	609,500		16,360
Fanuc Ltd.	334,300		24,130
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Fast Retailing Co. Ltd.	134,400		$ 14,129
Honda Motor Co. Ltd.	1,974,500		57,881
JTEKT Corp.	1,639,200		15,814
Keyence Corp.	89,500		15,809
Misumi Group, Inc.	504,000		6,807
Mitsubishi Corp.	1,640,800		25,257
Mitsubishi UFJ Financial Group, Inc.	22,998,800		125,487
Mitsui & Co. Ltd.	2,244,000		23,807
Murata Manufacturing Co. Ltd.	528,700		21,433
NGK Insulators Ltd.	1,582,000		24,268
Nichi-iko Pharmaceutical Co. Ltd.	268,400		7,249
Nippon Building Fund, Inc.	2,590		21,048
Nippon Electric Glass Co. Ltd.	1,996,000		16,246
Nippon Steel Corp.	4,858,000		16,337
Nissan Motor Co. Ltd.	6,947,800		36,273
Nitori Co. Ltd.	95,350		5,367
Nomura Holdings, Inc.	11,214,700		67,693
NSK Ltd.	3,271,000		14,563
Omron Corp.	983,300		14,700
Point, Inc.	217,600		9,699
Promise Co. Ltd. (d)	2,724,600		36,011
Rakuten, Inc.	72,690		36,990
Ricoh Co. Ltd.	4,194,000		51,867
Sawai Pharmaceutical Co. Ltd. (d)	160,300		7,431
Seven & i Holdings Co., Ltd.	905,200		20,460
Shin-Etsu Chemical Co., Ltd.	752,400		36,578
SMC Corp.	105,900		10,391
Softbank Corp. (d)	2,491,000		39,418
Sony Corp. sponsored ADR (d)	1,189,100		30,750
Sony Financial Holdings, Inc.	7,546		23,747
Sumitomo Mitsui Financial Group, Inc.	1,711,400		59,368
THK Co. Ltd.	1,760,000		24,415
Tokio Marine Holdings, Inc.	1,642,100		43,319
Tokyo Electron Ltd.	1,263,200		57,780
Toyota Motor Corp.	3,041,600		120,413
Tsumura & Co.	507,800		13,910
USS Co. Ltd.	326,080		14,780
TOTAL JAPAN			1,390,002
Common Stocks - continued
	Shares		Value (000s)
Korea (South) - 0.6%
NHN Corp. (a)	212,392		$ 25,843
Samsung Electronics Co. Ltd.	38,010		17,607
TOTAL KOREA (SOUTH)			43,450
Luxembourg - 1.2%
ArcelorMittal SA (NY Shares) Class A (d)	1,226,100		28,911
SES SA (A Shares) FDR unit	2,524,868		44,851
Tenaris SA	945,300		11,887
TOTAL LUXEMBOURG			85,649
Mexico - 0.2%
America Movil SAB de CV Series L sponsored ADR	405,400		13,317
Netherlands - 2.5%
Akzo Nobel NV	686,300		28,694
ASML Holding NV (Netherlands)	1,536,400		32,231
Gemalto NV (a)(d)	1,074,757		33,832
James Hardie Industries NV unit	5,306,155		17,747
Koninklijke Ahold NV	2,258,600		24,739
Koninklijke KPN NV (d)	1,489,800		17,906
Royal DSM NV	899,500		27,888
TOTAL NETHERLANDS			183,037
Norway - 0.2%
Pronova BioPharma ASA (a)	4,726,590		11,855
Papua New Guinea - 0.5%
Oil Search Ltd.	8,855,875		33,033
Russia - 0.4%
OAO Gazprom sponsored ADR	1,508,300		26,697
Singapore - 0.4%
Ascendas Real Estate Investment Trust (A-REIT)	7,883,000		7,135
Singapore Exchange Ltd.	5,754,250		24,370
TOTAL SINGAPORE			31,505
South Africa - 0.9%
MTN Group Ltd.	5,254,600		68,242
Spain - 2.4%
Banco Santander SA	3,311,500		31,463
Inditex SA	416,900		17,771
Red Electrica Corporacion SA	277,900		11,628
Telefonica SA	5,833,800		110,499
TOTAL SPAIN			171,361
Common Stocks - continued
	Shares		Value (000s)
Sweden - 0.5%
H&M Hennes & Mauritz AB (B Shares)	891,750		$ 39,694
Switzerland - 8.3%
Actelion Ltd. (Reg.) (a)	1,286,795		58,611
BB BIOTECH AG	354,261		20,605
Credit Suisse Group sponsored ADR	1,452,500		55,602
Nestle SA (Reg.)	3,742,549		121,963
Nobel Biocare Holding AG (Switzerland)	1,045,000		21,298
Novartis AG (Reg.)	437,573		16,557
Partners Group Holding	255,836		22,348
Roche Holding AG (participation certificate)	879,208		110,843
Sonova Holding AG	574,683		37,176
Syngenta AG (Switzerland)	181,599		38,759
UBS AG (For. Reg.)	2,862,686		39,313
Zurich Financial Services AG (Reg.)	285,674		53,073
TOTAL SWITZERLAND			596,148
Taiwan - 0.7%
Taiwan Semiconductor Manufacturing Co. Ltd.	29,754,000		50,333
United Kingdom - 20.8%
Aberdeen Asset Management PLC (d)	21,064,600		40,834
Aegis Group PLC	7,593,391		10,162
AstraZeneca PLC (United Kingdom)	1,223,700		42,832
Autonomy Corp. PLC (a)	1,836,100		38,505
BAE Systems PLC	4,387,009		23,068
Barclays PLC	8,483,500		34,431
BG Group PLC	2,519,900		40,222
BG Group PLC sponsored ADR	207,400		16,451
BHP Billiton PLC	6,069,100		125,917
BP PLC	6,979,400		49,303
British American Tobacco PLC (United Kingdom)	1,125,478		27,133
Capita Group PLC	3,272,693		32,985
Carphone Warehouse Group PLC	5,567,300		12,187
Compass Group PLC	6,402,100		30,430
Cookson Group PLC	30,974,600		8,845
DSG INTL PLC	11,467,900		7,220
DSG International PLC (g)	10,246,400		4,546
HSBC Holdings PLC:
(Hong Kong) (Reg.)	1,281,644		8,984
(United Kingdom) (Reg.)	17,822,658		126,698
Imperial Tobacco Group PLC	1,644,800		37,514
Informa PLC	8,669,900		37,879
InterContinental Hotel Group PLC	2,118,900		20,124
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Man Group PLC	13,203,500		$ 48,785
Misys PLC	7,892,600		16,103
NEXT PLC	1,290,800		30,862
Prudential PLC	6,511,200		37,410
Reckitt Benckiser Group PLC	1,467,200		57,574
Rio Tinto PLC (Reg.)	1,879,100		76,322
Royal Bank of Scotland Group PLC	10,165,495		6,202
Royal Dutch Shell PLC Class B	5,374,259		121,577
SSL International PLC	4,962,409		34,778
Standard Chartered PLC (United Kingdom)	4,385,673		67,818
Vodafone Group PLC	73,315,735		134,702
William Morrison Supermarkets PLC	5,814,500		21,054
Wolseley PLC	2,388,864		42,828
WPP PLC	2,864,700		19,593
Xstrata PLC	769,400		6,781
TOTAL UNITED KINGDOM			1,498,659
United States of America - 1.4%
Applied Materials, Inc.	1,598,400		19,516
Cummins, Inc.	273,300		9,292
Goldman Sachs Group, Inc.	190,400		24,466
Morgan Stanley	731,400		17,290
Regal-Beloit Corp.	493,900		20,067
Visa, Inc.	187,600		12,186
TOTAL UNITED STATES OF AMERICA			102,817
TOTAL COMMON STOCKS (Cost $7,971,828)		6,672,748
Nonconvertible Preferred Stocks - 1.4%

Germany - 1.0%
Fresenius SE (non-vtg.) (d)	1,371,100		69,954
Italy - 0.4%
Intesa Sanpaolo SpA	15,194,902		33,736
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $148,385)		103,690

Government Obligations - 0.4%
	Principal Amount (000s)	Value (000s)
United States of America - 0.4%
U.S. Treasury Bills, yield at date of purchase 0.17% to 0.22% 5/14/09 to 5/28/09 (f) (Cost $30,146)	$ 30,150	$ 30,149

Money Market Funds - 10.8%
	Shares
Fidelity Cash Central Fund, 0.53% (b)	357,038,773		357,039
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	422,886,377		422,886
TOTAL MONEY MARKET FUNDS (Cost $779,925)		779,925
TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $8,930,284)			7,586,512
NET OTHER ASSETS - (5.4)%			(391,569)
NET ASSETS - 100%		$ 7,194,943

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
1,759 CME NIKKEI 225 Index Contracts (Japan)	June 2009	$ 78,232	$ 13,233
2,070 TOPIX 150 Index Contracts (Japan)	June 2009	176,568	26,544
TOTAL EQUITY INDEX CONTRACTS		$ 254,800	$ 39,777

The face value of futures purchased as a percentage of net assets - 3.5%

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $22,899,000.

(g) Security or a portion of the security purchased on a delayed delivery or when issued basis.

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	$ 1,970
Fidelity Securities Lending Cash Central Fund	2,151
Total	$ 4,121

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Aisi Realty Public Ltd.	$ 1,469	$ -	$ -	$ -	$ 805

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 7,586,512	$ 1,768,035	$ 5,818,477	$ -
Other Financial Instruments*	$ 39,777	$ 39,777	$ -	$ -

* Other financial instruments include Futures Contracts.

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

(Amounts in thousands)	Investments in Securities
Beginning Balance	$ 6,158
Total Realized Gain (Loss)	(24,765)
Total Unrealized Gain (Loss)	21,068
Cost of Purchases	-
Proceeds of Sales	(2,461)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $637,482,000 all of which will expire on October 31, 2016.

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, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $409,948) - See accompanying schedule: Unaffiliated issuers (cost $8,143,744)	$ 6,805,782
Fidelity Central Funds (cost $779,925)	779,925
Other affiliated issuers (cost $6,615)	805
Total Investments (cost $8,930,284)		$ 7,586,512
Foreign currency held at value (cost $11,200)		11,201
Receivable for investments sold		55,780
Receivable for fund shares sold		8,725
Dividends receivable		36,861
Distributions receivable from Fidelity Central Funds		1,228
Receivable for daily variation on futures contracts		7,309
Prepaid expenses		62
Other receivables		1,176
Total assets		7,708,854

Liabilities
Payable for investments purchased
Regular delivery	$ 74,165
Delayed delivery	4,546
Payable for fund shares redeemed	5,815
Accrued management fee	4,418
Distribution fees payable	131
Other affiliated payables	1,812
Other payables and accrued expenses	138
Collateral on securities loaned, at value	422,886
Total liabilities		513,911

Net Assets		$ 7,194,943
Net Assets consist of:
Paid in capital		$ 10,870,729
Undistributed net investment income		55,513
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(2,426,976)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(1,304,323)
Net Assets		$ 7,194,943

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, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($324,030 ÷ 14,455.5 shares)		$ 22.42

Maximum offering price per share (100/94.25 of $22.42)		$ 23.79
Class T: Net Asset Value and redemption price per share ($58,741 ÷ 2,636.6 shares)		$ 22.28

Maximum offering price per share (100/96.50 of $22.28)		$ 23.09
Class B: Net Asset Value and offering price per share ($12,414 ÷ 559.3 shares)^A		$ 22.20

Class C: Net Asset Value and offering price per share ($41,128 ÷ 1,849.8 shares)^A		$ 22.23

International Discovery: Net Asset Value, offering price and redemption price per share ($6,104,867 ÷ 270,596.2 shares)		$ 22.56

Class K: Net Asset Value, offering price and redemption price per share ($470,471 ÷ 20,890.0 shares)		$ 22.52

Institutional Class: Net Asset Value, offering price and redemption price per share ($183,291 ÷ 8,133.0 shares)		$ 22.54

^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, 2009 (Unaudited)
Investment Income
Dividends		$ 112,334
Interest		39
Income from Fidelity Central Funds		4,121
		116,494
Less foreign taxes withheld		(8,130)
Total income		108,364

Expenses
Management fee Basic fee	$ 24,824
Performance adjustment	2,221
Transfer agent fees	10,268
Distribution fees	800
Accounting and security lending fees	830
Custodian fees and expenses	385
Independent trustees' compensation	27
Registration fees	181
Audit	61
Legal	22
Miscellaneous	69
Total expenses before reductions	39,688
Expense reductions	(1,291)	38,397
Net investment income (loss)		69,967
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(1,675,864)
Foreign currency transactions	(5,353)
Futures contracts	(109,695)
Total net realized gain (loss)		(1,790,912)
Change in net unrealized appreciation (depreciation) on: Investment securities	1,265,742
Assets and liabilities in foreign currencies	(181)
Futures contracts	105,058
Total change in net unrealized appreciation (depreciation)		1,370,619
Net gain (loss)		(420,293)
Net increase (decrease) in net assets resulting from operations		$ (350,326)

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, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 69,967	$ 190,750
Net realized gain (loss)	(1,790,912)	(664,568)
Change in net unrealized appreciation (depreciation)	1,370,619	(6,888,436)
Net increase (decrease) in net assets resulting from operations	(350,326)	(7,362,254)
Distributions to shareholders from net investment income	(107,705)	(129,574)
Distributions to shareholders from net realized gain	-	(528,706)
Total distributions	(107,705)	(658,280)
Share transactions - net increase (decrease)	(144,918)	1,069,130
Redemption fees	235	709
Total increase (decrease) in net assets	(602,714)	(6,950,695)

Net Assets
Beginning of period	7,797,657	14,748,352
End of period (including undistributed net investment income of $55,513 and undistributed net investment income of $120,184, respectively)	$ 7,194,943	$ 7,797,657

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 23.68	$ 47.34	$ 36.47	$ 30.57	$ 27.41
Income from Investment Operations
Net investment income (loss) ^E	.19	.46	.44	.42	.28
Net realized and unrealized gain (loss)	(1.19)	(22.08)	11.76	7.19	2.88
Total from investment operations	(1.00)	(21.62)	12.20	7.61	3.16
Distributions from net investment income	(.26)	(.37)	(.35)	(.31)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	(.26)	(2.04)	(1.33)	(1.71)	-
Redemption fees added to paid in capital ^E,J	-	-	-	-	-
Net asset value, end of period	$ 22.42	$ 23.68	$ 47.34	$ 36.47	$ 30.57
Total Return ^B,C,D	(4.15)%	(47.65)%	34.54%	26.01%	11.53%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.39% ^A	1.32%	1.25%	1.27%	1.42% ^A
Expenses net of fee waivers, if any	1.39% ^A	1.32%	1.25%	1.27%	1.42% ^A
Expenses net of all reductions	1.36% ^A	1.29%	1.22%	1.21%	1.36% ^A
Net investment income (loss)	1.78% ^A	1.27%	1.08%	1.22%	1.15% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 324	$ 380	$ 417	$ 140	$ 2
Portfolio turnover rate ^G	102% ^A	79%	56%	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.

^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.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 23.49	$ 47.06	$ 36.30	$ 30.49	$ 27.41
Income from Investment Operations
Net investment income (loss) ^E	.16	.33	.29	.27	.20
Net realized and unrealized gain (loss)	(1.18)	(21.94)	11.71	7.18	2.88
Total from investment operations	(1.02)	(21.61)	12.00	7.45	3.08
Distributions from net investment income	(.19)	(.29)	(.26)	(.24)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	(.19)	(1.96)	(1.24)	(1.64)	-
Redemption fees added to paid in capital ^E,J	-	-	-	-	-
Net asset value, end of period	$ 22.28	$ 23.49	$ 47.06	$ 36.30	$ 30.49
Total Return ^B,C,D	(4.29)%	(47.84)%	34.08%	25.49%	11.24%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.64% ^A	1.68%	1.63%	1.71%	1.75% ^A
Expenses net of fee waivers, if any	1.64% ^A	1.68%	1.63%	1.71%	1.75% ^A
Expenses net of all reductions	1.61% ^A	1.64%	1.60%	1.65%	1.69% ^A
Net investment income (loss)	1.53% ^A	.91%	.70%	.78%	.83% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 59	$ 64	$ 53	$ 10	$ 2
Portfolio turnover rate ^G	102% ^A	79%	56%	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.

^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.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 23.25	$ 46.70	$ 36.12	$ 30.36	$ 27.41
Income from Investment Operations
Net investment income (loss) ^E	.11	.15	.08	.08	.08
Net realized and unrealized gain (loss)	(1.16)	(21.77)	11.64	7.19	2.87
Total from investment operations	(1.05)	(21.62)	11.72	7.27	2.95
Distributions from net investment income	-	(.16)	(.16)	(.11)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	-	(1.83)	(1.14)	(1.51)	-
Redemption fees added to paid in capital ^E,J	-	-	-	-	-
Net asset value, end of period	$ 22.20	$ 23.25	$ 46.70	$ 36.12	$ 30.36
Total Return ^B,C,D	(4.52)%	(48.11)%	33.37%	24.91%	10.76%
Ratios to Average Net Assets ^F,I
Expenses before reductions	2.15% ^A	2.19%	2.14%	2.27%	2.24% ^A
Expenses net of fee waivers, if any	2.15% ^A	2.19%	2.14%	2.25%	2.24% ^A
Expenses net of all reductions	2.11% ^A	2.15%	2.10%	2.19%	2.18% ^A
Net investment income (loss)	1.02% ^A	.40%	.19%	.24%	.33% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 12	$ 15	$ 17	$ 4	$ 1
Portfolio turnover rate ^G	102% ^A	79%	56%	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.

^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.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected PerShare Data
Net asset value, beginning of period	$ 23.31	$ 46.82	$ 36.19	$ 30.41	$ 27.41
Income from Investment Operations
Net investment income (loss) ^E	.11	.15	.09	.11	.13
Net realized and unrealized gain (loss)	(1.17)	(21.82)	11.66	7.19	2.87
Total from investment operations	(1.06)	(21.67)	11.75	7.30	3.00
Distributions from net investment income	(.02)	(.17)	(.14)	(.12)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	(.02)	(1.84)	(1.12)	(1.52)	-
Redemption fees added to paid in capital ^E,J	-	-	-	-	-
Net asset value, end of period	$ 22.23	$ 23.31	$ 46.82	$ 36.19	$ 30.41
Total Return ^B,C,D	(4.55)%	(48.10)%	33.38%	24.97%	10.94%
Ratios to Average Net Assets ^F,I
Expenses before reductions	2.13% ^A	2.17%	2.11%	2.16%	2.04% ^A
Expenses net of fee waivers, if any	2.13% ^A	2.17%	2.11%	2.16%	2.04% ^A
Expenses net of all reductions	2.09% ^A	2.13%	2.08%	2.11%	1.98% ^A
Net investment income (loss)	1.04% ^A	.42%	.22%	.33%	.53% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 41	$ 36	$ 28	$ 6	$ 2
Portfolio turnover rate ^G	102% ^A	79%	56%	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.

^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.

^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

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 23.88	$ 47.68	$ 36.67	$ 30.65	$ 25.31	$ 21.87
Income from Investment Operations
Net investment income (loss) ^D	.22	.57	.53	.48	.37	.22
Net realized and unrealized gain (loss)	(1.20)	(22.29)	11.84	7.25	5.24	3.40
Total from investment operations	(.98)	(21.72)	12.37	7.73	5.61	3.62
Distributions from net investment income	(.34)	(.41)	(.38)	(.31)	(.15)	(.18)
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	(.12)	-
Total distributions	(.34)	(2.08)	(1.36)	(1.71)	(.27)	(.18)
Redemption fees added to paid in capital ^D,H	-	-	-	-	-	-
Net asset value, end of period	$ 22.56	$ 23.88	$ 47.68	$ 36.67	$ 30.65	$ 25.31
Total Return ^B,C	(4.03)%	(47.55)%	34.85%	26.34%	22.29%	16.65%
Ratios to Average Net Assets ^E,G
Expenses before reductions	1.14% ^A	1.09%	1.04%	1.09%	1.08%	1.10%
Expenses net of fee waivers, if any	1.14% ^A	1.09%	1.04%	1.08%	1.07%	1.10%
Expenses net of all reductions	1.10% ^A	1.05%	1.00%	1.03%	1.01%	1.06%
Net investment income (loss)	2.03% ^A	1.51%	1.30%	1.41%	1.35%	.92%
Supplemental Data
Net assets, end of period (in millions)	$ 6,105	$ 6,999	$ 14,176	$ 8,054	$ 3,949	$ 2,193
Portfolio turnover rate ^F	102% ^A	79%	56%	56%	75%	87%

^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.

^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 - Class K

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 23.90	$ 40.32
Income from Investment Operations
Net investment income (loss) ^D	.24	.10
Net realized and unrealized gain (loss)	(1.20)	(16.52)
Total from investment operations	(.96)	(16.42)
Distributions from net investment income	(.42)	-
Total distributions	(.42)	-
Redemption fees added to paid in capital ^D,I	-	-
Net asset value, end of period	$ 22.52	$ 23.90
Total Return ^B,C	(3.91)%	(40.72)%
Ratios to Average Net Assets ^E,H
Expenses before reductions	.89% ^A	.93% ^A
Expenses net of fee waivers, if any	.89% ^A	.93% ^A
Expenses net of all reductions	.85% ^A	.89% ^A
Net investment income (loss)	2.29% ^A	.83% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 470	$ 145
Portfolio turnover rate ^F	102% ^A	79%

^A Annualized

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

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

^D Calculated based on average shares outstanding during the period.

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

^G For the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 23.91	$ 47.73	$ 36.71	$ 30.68	$ 27.41
Income from Investment Operations
Net investment income (loss) ^D	.22	.53	.55	.51	.38
Net realized and unrealized gain (loss)	(1.20)	(22.24)	11.85	7.25	2.89
Total from investment operations	(.98)	(21.71)	12.40	7.76	3.27
Distributions from net investment income	(.39)	(.44)	(.40)	(.33)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	(.39)	(2.11)	(1.38)	(1.73)	-
Redemption fees added to paid in capital ^D,I	-	-	-	-	-
Net asset value, end of period	$ 22.54	$ 23.91	$ 47.73	$ 36.71	$ 30.68
Total Return ^B,C	(4.01)%	(47.51)%	34.93%	26.45%	11.93%
Ratios to Average Net Assets ^E,H
Expenses before reductions	1.09% ^A	1.05%	.97%	1.00%	.97% ^A
Expenses net of fee waivers, if any	1.09% ^A	1.05%	.97%	1.00%	.97% ^A
Expenses net of all reductions	1.05% ^A	1.01%	.94%	.95%	.90% ^A
Net investment income (loss)	2.08% ^A	1.54%	1.36%	1.49%	1.60% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 183	$ 159	$ 58	$ 28	$ 10
Portfolio turnover rate ^F	102% ^A	79%	56%	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.

^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.

^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, 2009 (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, Class K 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. After the commencement of Class K, the Fund began offering conversion privileges between International Discovery and Class K to eligible shareholders of International Discovery. 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.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments in open-end mutual funds, including the other 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.

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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 distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, deferred trustees compensation and losses deferred due to wash sales.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Unrealized appreciation	$ 557,250
Unrealized depreciation	(2,047,590)
Net unrealized appreciation (depreciation)	$ (1,490,340)
Cost for federal income tax purposes	$ 9,076,852

4. Operating Policies.

Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Operating Policies - continued

Delayed Delivery Transactions and When-Issued Securities - continued

sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Futures Contracts. The Fund may use futures contracts to manage its exposure to the stock markets. 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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,377,441 and $3,375,638, respectively.

6. Fees and Other Transactions with Affiliates.

Semiannual Report

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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the 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 .78% of the Fund's average net assets.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 400	$ 32
Class T	.25%	.25%	144	-
Class B	.75%	.25%	64	48
Class C	.75%	.25%	192	42
International Discovery	-%	-%	-	-
Class K	-%	-%	-	-
			$ 800	$ 122

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

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	$ 33
Class T	7
Class B*	19
Class C*	5
	$ 64

* 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 respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. 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 were as follows:

	Amount	% of Average Net Assets*
Class A	$ 507	.32
Class T	91	.32
Class B	20	.32
Class C	58	.30
International Discovery	9,267	.31
Class K	101	.06
Institutional Class	224	.26
	$ 10,268

* Annualized

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $22 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.

9. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average daily loan balance during the period for which loans were outstanding amounted to $6,500. The weighted average interest rate was .42%. The interest expense amounted to two hundred and thirty dollars under the bank borrowing program. At period end, there were no bank borrowings outstanding.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

10. 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 $1,285 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, these credits reduced the Fund's custody expense by $6.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
From net investment income
Class A	$ 3,982	$ 3,599
Class T	533	387
Class B	-	67
Class C	30	123
International Discovery	96,783	124,823
Class K	3,616	-
Institutional Class	2,761	575
Total	$ 107,705	$ 129,574
From net realized gain
Class A	$ -	$ 16,423
Class T	-	2,244
Class B	-	719
Class C	-	1,185
International Discovery	-	505,958
Institutional Class	-	2,177
Total	$ -	$ 528,706

^A Distributions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

12. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Class A
Shares sold	2,883	13,337	$ 62,183	$ 505,828
Reinvestment of distributions	132	252	2,786	11,025
Shares redeemed	(4,591)	(6,361)	(97,487)	(213,706)
Net increase (decrease)	(1,576)	7,228	$ (32,518)	$ 303,147

Semiannual Report

12. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Class T
Shares sold	697	2,322	$ 14,854	$ 87,236
Reinvestment of distributions	24	59	507	2,571
Shares redeemed	(796)	(800)	(16,573)	(27,654)
Net increase (decrease)	(75)	1,581	$ (1,212)	$ 62,153
Class B
Shares sold	68	487	$ 1,474	$ 18,856
Reinvestment of distributions	-	17	-	721
Shares redeemed	(153)	(228)	(3,152)	(7,554)
Net increase (decrease)	(85)	276	$ (1,678)	$ 12,023
Class C
Shares sold	758	1,350	$ 16,220	$ 51,762
Reinvestment of distributions	1	25	26	1,076
Shares redeemed	(471)	(405)	(9,627)	(13,335)
Net increase (decrease)	288	970	$ 6,619	$ 39,503
International Discovery
Shares sold	32,979	98,885	$ 709,659	$ 3,784,869
Conversion to Class K	(11,617)	(6,197)	(253,755)	(182,264)
Reinvestment of distributions	4,362	13,646	92,471	600,976
Shares redeemed	(48,188)	(110,609)	(1,022,926)	(3,914,448)
Net increase (decrease)	(22,464)	(4,275)	$ (474,551)	$ 289,133
Class K
Shares sold	5,628	215	$ 121,473	$ 6,017
Conversion from International Discovery	11,640	6,197	253,755	182,264
Reinvestment of distributions	171	-	3,616	-
Shares redeemed	(2,623)	(338)	(53,990)	(8,716)
Net increase (decrease)	14,816	6,074	$ 324,854	$ 179,565
Institutional Class
Shares sold	8,310	7,551	$ 176,304	$ 243,799
Reinvestment of distributions	41	42	875	1,852
Shares redeemed	(6,872)	(2,148)	(143,611)	(62,044)
Net increase (decrease)	1,479	5,445	$ 33,568	$ 183,607

^A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

13. Other.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

13. Other - continued

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.

Semiannual Report

Managing Your Investments

By Phone

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Semiannual Report

To Visit Fidelity

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Semiannual Report

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3518 Route 1 North
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530 Broad Street
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Semiannual Report

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Semiannual Report

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fid1136

Fidelity®
International Discovery
Fund -
Class K

Semiannual Report

April 30, 2009

(2_fidelity_logos) (Registered_Trademark)

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.

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NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

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Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.39%
Actual		$ 1,000.00	$ 958.50	$ 6.75
Hypothetical^A		$ 1,000.00	$ 1,017.90	$ 6.95
Class T	1.64%
Actual		$ 1,000.00	$ 957.10	$ 7.96
Hypothetical^A		$ 1,000.00	$ 1,016.66	$ 8.20
Class B	2.15%
Actual		$ 1,000.00	$ 954.80	$ 10.42
Hypothetical^A		$ 1,000.00	$ 1,014.13	$ 10.74
Class C	2.13%
Actual		$ 1,000.00	$ 954.50	$ 10.32
Hypothetical^A		$ 1,000.00	$ 1,014.23	$ 10.64
International Discovery	1.14%
Actual		$ 1,000.00	$ 959.70	$ 5.54
Hypothetical^A		$ 1,000.00	$ 1,019.14	$ 5.71
Class K	.89%
Actual		$ 1,000.00	$ 960.90	$ 4.33
Hypothetical^A		$ 1,000.00	$ 1,020.38	$ 4.46
Institutional Class	1.09%
Actual		$ 1,000.00	$ 959.90	$ 5.30
Hypothetical^A		$ 1,000.00	$ 1,019.39	$ 5.46

^A 5% return per year before expenses

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

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan 22.9%
	United Kingdom 20.8%
	Germany 9.0%
	Switzerland 8.3%
	France 7.6%
	United States of America 3.6%
	Australia 3.4%
	Netherlands 2.5%
	Spain 2.4%
	Other 19.5%

fid1154

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

As of October 31, 2008
	United Kingdom 22.5%
	Japan 16.0%
	Switzerland 12.5%
	Germany 12.1%
	United States of America 6.9%
	France 5.7%
	Australia 5.0%
	Spain 3.9%
	Italy 2.0%
	Other 13.4%

fid1166

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	97.8	94.3
Short-Term Investments and Net Other Assets	2.2	5.7
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)	1.9	2.0
HSBC Holdings PLC (United Kingdom) (Reg.) (United Kingdom, Commercial Banks)	1.8	1.9
Mitsubishi UFJ Financial Group, Inc. (Japan, Commercial Banks)	1.8	1.4
BHP Billiton PLC (United Kingdom, Metals & Mining)	1.7	1.5
Nestle SA (Reg.) (Switzerland, Food Products)	1.7	3.0
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels)	1.7	2.7
Toyota Motor Corp. (Japan, Automobiles)	1.7	1.5
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	1.6	2.2
Telefonica SA (Spain, Diversified Telecommunication Services)	1.5	1.9
E.ON AG (Germany, Electric Utilities)	1.5	2.2
	16.9
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	23.6	19.8
Consumer Discretionary	14.1	6.7
Information Technology	10.2	7.3
Health Care	9.6	15.8
Energy	7.9	7.5
Industrials	7.2	5.9
Telecommunication Services	7.0	7.7
Consumer Staples	6.4	10.8
Materials	6.3	5.1
Utilities	1.9	5.5

Semiannual Report

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.8%
	Shares		Value (000s)
Australia - 3.4%
ABB Grain Ltd. (d)	1,537,145		$ 9,746
Billabong International Ltd.	4,045,126		30,883
Commonwealth Bank of Australia	1,665,640		42,521
CSL Ltd.	952,963		23,850
Macquarie Group Ltd.	858,400		20,896
Newcrest Mining Ltd.	226,456		4,930
QBE Insurance Group Ltd.	2,479,998		39,292
Wesfarmers Ltd.	3,538,219		58,245
Woolworths Ltd.	871,468		16,931
TOTAL AUSTRALIA			247,294
Belgium - 0.9%
Anheuser-Busch InBev NV (d)	2,119,800		64,875
Bermuda - 0.3%
Aquarius Platinum Ltd. (United Kingdom) (a)	1,418,333		5,344
Huabao International Holdings Ltd.	18,440,000		13,034
TOTAL BERMUDA			18,378
Brazil - 1.4%
BM&F BOVESPA SA	3,185,694		13,110
Petroleo Brasileiro SA - Petrobras sponsored ADR	816,400		27,407
Redecard SA	2,178,500		27,444
Vivo Participacoes SA sponsored ADR	1,874,800		29,922
TOTAL BRAZIL			97,883
Canada - 2.1%
Canadian Natural Resources Ltd.	840,200		38,734
Niko Resources Ltd.	498,400		25,224
Open Text Corp. (a)(d)	784,000		25,821
Petro-Canada	474,800		14,985
Petrobank Energy & Resources Ltd. (a)	813,500		17,487
Suncor Energy, Inc.	1,124,000		28,287
TOTAL CANADA			150,538
Cayman Islands - 1.0%
Belle International Holdings Ltd.	42,872,000		32,663
China Dongxiang Group Co. Ltd.	59,994,000		29,136
Want Want China Holdings Ltd.	17,513,000		8,732
TOTAL CAYMAN ISLANDS			70,531
China - 2.4%
BYD Co. Ltd. (H Shares)	4,827,000		12,681
Changyou.com Ltd. (A Shares) ADR	29,200		898
Common Stocks - continued
	Shares		Value (000s)
China - continued
China Merchants Bank Co. Ltd. (H Shares)	9,459,000		$ 16,901
China Telecom Corp. Ltd. (H Shares)	66,250,000		32,613
Industrial & Commercial Bank of China Ltd.	31,345,000		17,832
Li Ning Co. Ltd.	8,355,000		17,098
Tencent Holdings Ltd.	3,426,200		30,283
ZTE Corp. (H Shares)	12,177,464		41,055
TOTAL CHINA			169,361
Cyprus - 0.0%
Aisi Realty Public Ltd. (a)(e)	10,023,000		805
Denmark - 1.0%
Novo Nordisk AS Series B	1,094,500		52,074
Vestas Wind Systems AS (a)	276,400		17,941
TOTAL DENMARK			70,015
Finland - 0.5%
Nokia Corp. sponsored ADR	2,333,400		32,994
France - 7.6%
Accor SA	463,700		19,615
Alstom SA	656,812		40,933
AXA SA (d)	3,118,066		52,375
BNP Paribas SA	1,702,239		89,589
Cap Gemini SA (d)	684,300		25,573
Iliad Group SA	191,840		20,144
LVMH Moet Hennessy - Louis Vuitton	272,400		20,560
Orpea (a)	560,828		22,927
PPR SA (d)	492,800		37,745
Sanofi-Aventis (d)	466,800		26,813
Schneider Electric SA (d)	393,300		29,922
Societe Generale Series A	779,120		39,809
Total SA Series B	2,104,400		105,267
Unibail-Rodamco	118,400		17,652
TOTAL FRANCE			548,924
Germany - 8.0%
Allianz AG (Reg.) (d)	410,830		37,220
Bayerische Motoren Werke AG (BMW) (d)	882,300		30,268
Daimler AG (Reg.)	999,200		35,673
Deutsche Bank AG	834,900		43,775
Deutsche Boerse AG	673,925		49,321
E.ON AG	3,151,900		105,615
Fresenius Medical Care AG & Co. KGaA (d)	1,015,900		39,498
Common Stocks - continued
	Shares		Value (000s)
Germany - continued
GEA Group AG	2,379,000		$ 30,966
Gerresheimer AG	604,000		14,406
MAN AG	726,000		44,584
Munich Re Group (Reg.) (d)	592,500		81,018
Siemens AG (Reg.)	820,700		54,932
Wincor Nixdorf AG	183,300		9,103
TOTAL GERMANY			576,379
Greece - 0.2%
Public Power Corp. of Greece	652,245		12,570
Hong Kong - 0.8%
Cheung Kong Holdings Ltd.	3,875,000		39,973
Hang Lung Properties Ltd.	4,149,000		11,653
Techtronic Industries Co. Ltd.	6,460,000		3,820
TOTAL HONG KONG			55,446
India - 0.8%
Bharti Airtel Ltd. (a)	2,000,000		30,482
Infosys Technologies Ltd.	718,452		21,983
Titan Industries Ltd.	226,153		3,422
TOTAL INDIA			55,887
Ireland - 0.8%
CRH PLC	1,184,400		30,783
Paddy Power PLC (Ireland)	1,445,597		26,617
TOTAL IRELAND			57,400
Israel - 0.8%
Nice Systems Ltd. sponsored ADR (a)	918,700		23,528
Teva Pharmaceutical Industries Ltd. sponsored ADR	790,500		34,695
TOTAL ISRAEL			58,223
Italy - 0.5%
Fiat SpA	4,035,900		39,446
Japan - 19.3%
Asics Corp.	3,914,000		25,450
Canon Marketing Japan, Inc.	2,296,500		27,776
Canon, Inc.	1,929,350		57,752
Daiwa Securities Group, Inc.	6,962,000		36,482
Denso Corp.	1,461,500		34,557
Eisai Co. Ltd.	609,500		16,360
Fanuc Ltd.	334,300		24,130
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Fast Retailing Co. Ltd.	134,400		$ 14,129
Honda Motor Co. Ltd.	1,974,500		57,881
JTEKT Corp.	1,639,200		15,814
Keyence Corp.	89,500		15,809
Misumi Group, Inc.	504,000		6,807
Mitsubishi Corp.	1,640,800		25,257
Mitsubishi UFJ Financial Group, Inc.	22,998,800		125,487
Mitsui & Co. Ltd.	2,244,000		23,807
Murata Manufacturing Co. Ltd.	528,700		21,433
NGK Insulators Ltd.	1,582,000		24,268
Nichi-iko Pharmaceutical Co. Ltd.	268,400		7,249
Nippon Building Fund, Inc.	2,590		21,048
Nippon Electric Glass Co. Ltd.	1,996,000		16,246
Nippon Steel Corp.	4,858,000		16,337
Nissan Motor Co. Ltd.	6,947,800		36,273
Nitori Co. Ltd.	95,350		5,367
Nomura Holdings, Inc.	11,214,700		67,693
NSK Ltd.	3,271,000		14,563
Omron Corp.	983,300		14,700
Point, Inc.	217,600		9,699
Promise Co. Ltd. (d)	2,724,600		36,011
Rakuten, Inc.	72,690		36,990
Ricoh Co. Ltd.	4,194,000		51,867
Sawai Pharmaceutical Co. Ltd. (d)	160,300		7,431
Seven & i Holdings Co., Ltd.	905,200		20,460
Shin-Etsu Chemical Co., Ltd.	752,400		36,578
SMC Corp.	105,900		10,391
Softbank Corp. (d)	2,491,000		39,418
Sony Corp. sponsored ADR (d)	1,189,100		30,750
Sony Financial Holdings, Inc.	7,546		23,747
Sumitomo Mitsui Financial Group, Inc.	1,711,400		59,368
THK Co. Ltd.	1,760,000		24,415
Tokio Marine Holdings, Inc.	1,642,100		43,319
Tokyo Electron Ltd.	1,263,200		57,780
Toyota Motor Corp.	3,041,600		120,413
Tsumura & Co.	507,800		13,910
USS Co. Ltd.	326,080		14,780
TOTAL JAPAN			1,390,002
Common Stocks - continued
	Shares		Value (000s)
Korea (South) - 0.6%
NHN Corp. (a)	212,392		$ 25,843
Samsung Electronics Co. Ltd.	38,010		17,607
TOTAL KOREA (SOUTH)			43,450
Luxembourg - 1.2%
ArcelorMittal SA (NY Shares) Class A (d)	1,226,100		28,911
SES SA (A Shares) FDR unit	2,524,868		44,851
Tenaris SA	945,300		11,887
TOTAL LUXEMBOURG			85,649
Mexico - 0.2%
America Movil SAB de CV Series L sponsored ADR	405,400		13,317
Netherlands - 2.5%
Akzo Nobel NV	686,300		28,694
ASML Holding NV (Netherlands)	1,536,400		32,231
Gemalto NV (a)(d)	1,074,757		33,832
James Hardie Industries NV unit	5,306,155		17,747
Koninklijke Ahold NV	2,258,600		24,739
Koninklijke KPN NV (d)	1,489,800		17,906
Royal DSM NV	899,500		27,888
TOTAL NETHERLANDS			183,037
Norway - 0.2%
Pronova BioPharma ASA (a)	4,726,590		11,855
Papua New Guinea - 0.5%
Oil Search Ltd.	8,855,875		33,033
Russia - 0.4%
OAO Gazprom sponsored ADR	1,508,300		26,697
Singapore - 0.4%
Ascendas Real Estate Investment Trust (A-REIT)	7,883,000		7,135
Singapore Exchange Ltd.	5,754,250		24,370
TOTAL SINGAPORE			31,505
South Africa - 0.9%
MTN Group Ltd.	5,254,600		68,242
Spain - 2.4%
Banco Santander SA	3,311,500		31,463
Inditex SA	416,900		17,771
Red Electrica Corporacion SA	277,900		11,628
Telefonica SA	5,833,800		110,499
TOTAL SPAIN			171,361
Common Stocks - continued
	Shares		Value (000s)
Sweden - 0.5%
H&M Hennes & Mauritz AB (B Shares)	891,750		$ 39,694
Switzerland - 8.3%
Actelion Ltd. (Reg.) (a)	1,286,795		58,611
BB BIOTECH AG	354,261		20,605
Credit Suisse Group sponsored ADR	1,452,500		55,602
Nestle SA (Reg.)	3,742,549		121,963
Nobel Biocare Holding AG (Switzerland)	1,045,000		21,298
Novartis AG (Reg.)	437,573		16,557
Partners Group Holding	255,836		22,348
Roche Holding AG (participation certificate)	879,208		110,843
Sonova Holding AG	574,683		37,176
Syngenta AG (Switzerland)	181,599		38,759
UBS AG (For. Reg.)	2,862,686		39,313
Zurich Financial Services AG (Reg.)	285,674		53,073
TOTAL SWITZERLAND			596,148
Taiwan - 0.7%
Taiwan Semiconductor Manufacturing Co. Ltd.	29,754,000		50,333
United Kingdom - 20.8%
Aberdeen Asset Management PLC (d)	21,064,600		40,834
Aegis Group PLC	7,593,391		10,162
AstraZeneca PLC (United Kingdom)	1,223,700		42,832
Autonomy Corp. PLC (a)	1,836,100		38,505
BAE Systems PLC	4,387,009		23,068
Barclays PLC	8,483,500		34,431
BG Group PLC	2,519,900		40,222
BG Group PLC sponsored ADR	207,400		16,451
BHP Billiton PLC	6,069,100		125,917
BP PLC	6,979,400		49,303
British American Tobacco PLC (United Kingdom)	1,125,478		27,133
Capita Group PLC	3,272,693		32,985
Carphone Warehouse Group PLC	5,567,300		12,187
Compass Group PLC	6,402,100		30,430
Cookson Group PLC	30,974,600		8,845
DSG INTL PLC	11,467,900		7,220
DSG International PLC (g)	10,246,400		4,546
HSBC Holdings PLC:
(Hong Kong) (Reg.)	1,281,644		8,984
(United Kingdom) (Reg.)	17,822,658		126,698
Imperial Tobacco Group PLC	1,644,800		37,514
Informa PLC	8,669,900		37,879
InterContinental Hotel Group PLC	2,118,900		20,124
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Man Group PLC	13,203,500		$ 48,785
Misys PLC	7,892,600		16,103
NEXT PLC	1,290,800		30,862
Prudential PLC	6,511,200		37,410
Reckitt Benckiser Group PLC	1,467,200		57,574
Rio Tinto PLC (Reg.)	1,879,100		76,322
Royal Bank of Scotland Group PLC	10,165,495		6,202
Royal Dutch Shell PLC Class B	5,374,259		121,577
SSL International PLC	4,962,409		34,778
Standard Chartered PLC (United Kingdom)	4,385,673		67,818
Vodafone Group PLC	73,315,735		134,702
William Morrison Supermarkets PLC	5,814,500		21,054
Wolseley PLC	2,388,864		42,828
WPP PLC	2,864,700		19,593
Xstrata PLC	769,400		6,781
TOTAL UNITED KINGDOM			1,498,659
United States of America - 1.4%
Applied Materials, Inc.	1,598,400		19,516
Cummins, Inc.	273,300		9,292
Goldman Sachs Group, Inc.	190,400		24,466
Morgan Stanley	731,400		17,290
Regal-Beloit Corp.	493,900		20,067
Visa, Inc.	187,600		12,186
TOTAL UNITED STATES OF AMERICA			102,817
TOTAL COMMON STOCKS (Cost $7,971,828)		6,672,748
Nonconvertible Preferred Stocks - 1.4%

Germany - 1.0%
Fresenius SE (non-vtg.) (d)	1,371,100		69,954
Italy - 0.4%
Intesa Sanpaolo SpA	15,194,902		33,736
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $148,385)		103,690

Government Obligations - 0.4%
	Principal Amount (000s)	Value (000s)
United States of America - 0.4%
U.S. Treasury Bills, yield at date of purchase 0.17% to 0.22% 5/14/09 to 5/28/09 (f) (Cost $30,146)	$ 30,150	$ 30,149

Money Market Funds - 10.8%
	Shares
Fidelity Cash Central Fund, 0.53% (b)	357,038,773		357,039
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	422,886,377		422,886
TOTAL MONEY MARKET FUNDS (Cost $779,925)		779,925
TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $8,930,284)			7,586,512
NET OTHER ASSETS - (5.4)%			(391,569)
NET ASSETS - 100%		$ 7,194,943

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
1,759 CME NIKKEI 225 Index Contracts (Japan)	June 2009	$ 78,232	$ 13,233
2,070 TOPIX 150 Index Contracts (Japan)	June 2009	176,568	26,544
TOTAL EQUITY INDEX CONTRACTS		$ 254,800	$ 39,777

The face value of futures purchased as a percentage of net assets - 3.5%

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $22,899,000.

(g) Security or a portion of the security purchased on a delayed delivery or when issued basis.

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	$ 1,970
Fidelity Securities Lending Cash Central Fund	2,151
Total	$ 4,121

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Aisi Realty Public Ltd.	$ 1,469	$ -	$ -	$ -	$ 805

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 7,586,512	$ 1,768,035	$ 5,818,477	$ -
Other Financial Instruments*	$ 39,777	$ 39,777	$ -	$ -

* Other financial instruments include Futures Contracts.

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

(Amounts in thousands)	Investments in Securities
Beginning Balance	$ 6,158
Total Realized Gain (Loss)	(24,765)
Total Unrealized Gain (Loss)	21,068
Cost of Purchases	-
Proceeds of Sales	(2,461)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $637,482,000 all of which will expire on October 31, 2016.

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, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $409,948) - See accompanying schedule: Unaffiliated issuers (cost $8,143,744)	$ 6,805,782
Fidelity Central Funds (cost $779,925)	779,925
Other affiliated issuers (cost $6,615)	805
Total Investments (cost $8,930,284)		$ 7,586,512
Foreign currency held at value (cost $11,200)		11,201
Receivable for investments sold		55,780
Receivable for fund shares sold		8,725
Dividends receivable		36,861
Distributions receivable from Fidelity Central Funds		1,228
Receivable for daily variation on futures contracts		7,309
Prepaid expenses		62
Other receivables		1,176
Total assets		7,708,854

Liabilities
Payable for investments purchased
Regular delivery	$ 74,165
Delayed delivery	4,546
Payable for fund shares redeemed	5,815
Accrued management fee	4,418
Distribution fees payable	131
Other affiliated payables	1,812
Other payables and accrued expenses	138
Collateral on securities loaned, at value	422,886
Total liabilities		513,911

Net Assets		$ 7,194,943
Net Assets consist of:
Paid in capital		$ 10,870,729
Undistributed net investment income		55,513
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(2,426,976)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(1,304,323)
Net Assets		$ 7,194,943

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, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($324,030 ÷ 14,455.5 shares)		$ 22.42

Maximum offering price per share (100/94.25 of $22.42)		$ 23.79
Class T: Net Asset Value and redemption price per share ($58,741 ÷ 2,636.6 shares)		$ 22.28

Maximum offering price per share (100/96.50 of $22.28)		$ 23.09
Class B: Net Asset Value and offering price per share ($12,414 ÷ 559.3 shares)^A		$ 22.20

Class C: Net Asset Value and offering price per share ($41,128 ÷ 1,849.8 shares)^A		$ 22.23

International Discovery: Net Asset Value, offering price and redemption price per share ($6,104,867 ÷ 270,596.2 shares)		$ 22.56

Class K: Net Asset Value, offering price and redemption price per share ($470,471 ÷ 20,890.0 shares)		$ 22.52

Institutional Class: Net Asset Value, offering price and redemption price per share ($183,291 ÷ 8,133.0 shares)		$ 22.54

^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, 2009 (Unaudited)
Investment Income
Dividends		$ 112,334
Interest		39
Income from Fidelity Central Funds		4,121
		116,494
Less foreign taxes withheld		(8,130)
Total income		108,364

Expenses
Management fee Basic fee	$ 24,824
Performance adjustment	2,221
Transfer agent fees	10,268
Distribution fees	800
Accounting and security lending fees	830
Custodian fees and expenses	385
Independent trustees' compensation	27
Registration fees	181
Audit	61
Legal	22
Miscellaneous	69
Total expenses before reductions	39,688
Expense reductions	(1,291)	38,397
Net investment income (loss)		69,967
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(1,675,864)
Foreign currency transactions	(5,353)
Futures contracts	(109,695)
Total net realized gain (loss)		(1,790,912)
Change in net unrealized appreciation (depreciation) on: Investment securities	1,265,742
Assets and liabilities in foreign currencies	(181)
Futures contracts	105,058
Total change in net unrealized appreciation (depreciation)		1,370,619
Net gain (loss)		(420,293)
Net increase (decrease) in net assets resulting from operations		$ (350,326)

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, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 69,967	$ 190,750
Net realized gain (loss)	(1,790,912)	(664,568)
Change in net unrealized appreciation (depreciation)	1,370,619	(6,888,436)
Net increase (decrease) in net assets resulting from operations	(350,326)	(7,362,254)
Distributions to shareholders from net investment income	(107,705)	(129,574)
Distributions to shareholders from net realized gain	-	(528,706)
Total distributions	(107,705)	(658,280)
Share transactions - net increase (decrease)	(144,918)	1,069,130
Redemption fees	235	709
Total increase (decrease) in net assets	(602,714)	(6,950,695)

Net Assets
Beginning of period	7,797,657	14,748,352
End of period (including undistributed net investment income of $55,513 and undistributed net investment income of $120,184, respectively)	$ 7,194,943	$ 7,797,657

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 23.68	$ 47.34	$ 36.47	$ 30.57	$ 27.41
Income from Investment Operations
Net investment income (loss) ^E	.19	.46	.44	.42	.28
Net realized and unrealized gain (loss)	(1.19)	(22.08)	11.76	7.19	2.88
Total from investment operations	(1.00)	(21.62)	12.20	7.61	3.16
Distributions from net investment income	(.26)	(.37)	(.35)	(.31)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	(.26)	(2.04)	(1.33)	(1.71)	-
Redemption fees added to paid in capital ^E,J	-	-	-	-	-
Net asset value, end of period	$ 22.42	$ 23.68	$ 47.34	$ 36.47	$ 30.57
Total Return ^B,C,D	(4.15)%	(47.65)%	34.54%	26.01%	11.53%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.39% ^A	1.32%	1.25%	1.27%	1.42% ^A
Expenses net of fee waivers, if any	1.39% ^A	1.32%	1.25%	1.27%	1.42% ^A
Expenses net of all reductions	1.36% ^A	1.29%	1.22%	1.21%	1.36% ^A
Net investment income (loss)	1.78% ^A	1.27%	1.08%	1.22%	1.15% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 324	$ 380	$ 417	$ 140	$ 2
Portfolio turnover rate ^G	102% ^A	79%	56%	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.

^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.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 23.49	$ 47.06	$ 36.30	$ 30.49	$ 27.41
Income from Investment Operations
Net investment income (loss) ^E	.16	.33	.29	.27	.20
Net realized and unrealized gain (loss)	(1.18)	(21.94)	11.71	7.18	2.88
Total from investment operations	(1.02)	(21.61)	12.00	7.45	3.08
Distributions from net investment income	(.19)	(.29)	(.26)	(.24)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	(.19)	(1.96)	(1.24)	(1.64)	-
Redemption fees added to paid in capital ^E,J	-	-	-	-	-
Net asset value, end of period	$ 22.28	$ 23.49	$ 47.06	$ 36.30	$ 30.49
Total Return ^B,C,D	(4.29)%	(47.84)%	34.08%	25.49%	11.24%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.64% ^A	1.68%	1.63%	1.71%	1.75% ^A
Expenses net of fee waivers, if any	1.64% ^A	1.68%	1.63%	1.71%	1.75% ^A
Expenses net of all reductions	1.61% ^A	1.64%	1.60%	1.65%	1.69% ^A
Net investment income (loss)	1.53% ^A	.91%	.70%	.78%	.83% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 59	$ 64	$ 53	$ 10	$ 2
Portfolio turnover rate ^G	102% ^A	79%	56%	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.

^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.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 23.25	$ 46.70	$ 36.12	$ 30.36	$ 27.41
Income from Investment Operations
Net investment income (loss) ^E	.11	.15	.08	.08	.08
Net realized and unrealized gain (loss)	(1.16)	(21.77)	11.64	7.19	2.87
Total from investment operations	(1.05)	(21.62)	11.72	7.27	2.95
Distributions from net investment income	-	(.16)	(.16)	(.11)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	-	(1.83)	(1.14)	(1.51)	-
Redemption fees added to paid in capital ^E,J	-	-	-	-	-
Net asset value, end of period	$ 22.20	$ 23.25	$ 46.70	$ 36.12	$ 30.36
Total Return ^B,C,D	(4.52)%	(48.11)%	33.37%	24.91%	10.76%
Ratios to Average Net Assets ^F,I
Expenses before reductions	2.15% ^A	2.19%	2.14%	2.27%	2.24% ^A
Expenses net of fee waivers, if any	2.15% ^A	2.19%	2.14%	2.25%	2.24% ^A
Expenses net of all reductions	2.11% ^A	2.15%	2.10%	2.19%	2.18% ^A
Net investment income (loss)	1.02% ^A	.40%	.19%	.24%	.33% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 12	$ 15	$ 17	$ 4	$ 1
Portfolio turnover rate ^G	102% ^A	79%	56%	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.

^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.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected PerShare Data
Net asset value, beginning of period	$ 23.31	$ 46.82	$ 36.19	$ 30.41	$ 27.41
Income from Investment Operations
Net investment income (loss) ^E	.11	.15	.09	.11	.13
Net realized and unrealized gain (loss)	(1.17)	(21.82)	11.66	7.19	2.87
Total from investment operations	(1.06)	(21.67)	11.75	7.30	3.00
Distributions from net investment income	(.02)	(.17)	(.14)	(.12)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	(.02)	(1.84)	(1.12)	(1.52)	-
Redemption fees added to paid in capital ^E,J	-	-	-	-	-
Net asset value, end of period	$ 22.23	$ 23.31	$ 46.82	$ 36.19	$ 30.41
Total Return ^B,C,D	(4.55)%	(48.10)%	33.38%	24.97%	10.94%
Ratios to Average Net Assets ^F,I
Expenses before reductions	2.13% ^A	2.17%	2.11%	2.16%	2.04% ^A
Expenses net of fee waivers, if any	2.13% ^A	2.17%	2.11%	2.16%	2.04% ^A
Expenses net of all reductions	2.09% ^A	2.13%	2.08%	2.11%	1.98% ^A
Net investment income (loss)	1.04% ^A	.42%	.22%	.33%	.53% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 41	$ 36	$ 28	$ 6	$ 2
Portfolio turnover rate ^G	102% ^A	79%	56%	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.

^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.

^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

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 23.88	$ 47.68	$ 36.67	$ 30.65	$ 25.31	$ 21.87
Income from Investment Operations
Net investment income (loss) ^D	.22	.57	.53	.48	.37	.22
Net realized and unrealized gain (loss)	(1.20)	(22.29)	11.84	7.25	5.24	3.40
Total from investment operations	(.98)	(21.72)	12.37	7.73	5.61	3.62
Distributions from net investment income	(.34)	(.41)	(.38)	(.31)	(.15)	(.18)
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	(.12)	-
Total distributions	(.34)	(2.08)	(1.36)	(1.71)	(.27)	(.18)
Redemption fees added to paid in capital ^D,H	-	-	-	-	-	-
Net asset value, end of period	$ 22.56	$ 23.88	$ 47.68	$ 36.67	$ 30.65	$ 25.31
Total Return ^B,C	(4.03)%	(47.55)%	34.85%	26.34%	22.29%	16.65%
Ratios to Average Net Assets ^E,G
Expenses before reductions	1.14% ^A	1.09%	1.04%	1.09%	1.08%	1.10%
Expenses net of fee waivers, if any	1.14% ^A	1.09%	1.04%	1.08%	1.07%	1.10%
Expenses net of all reductions	1.10% ^A	1.05%	1.00%	1.03%	1.01%	1.06%
Net investment income (loss)	2.03% ^A	1.51%	1.30%	1.41%	1.35%	.92%
Supplemental Data
Net assets, end of period (in millions)	$ 6,105	$ 6,999	$ 14,176	$ 8,054	$ 3,949	$ 2,193
Portfolio turnover rate ^F	102% ^A	79%	56%	56%	75%	87%

^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.

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

^H Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class K

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 23.90	$ 40.32
Income from Investment Operations
Net investment income (loss) ^D	.24	.10
Net realized and unrealized gain (loss)	(1.20)	(16.52)
Total from investment operations	(.96)	(16.42)
Distributions from net investment income	(.42)	-
Total distributions	(.42)	-
Redemption fees added to paid in capital ^D,I	-	-
Net asset value, end of period	$ 22.52	$ 23.90
Total Return ^B,C	(3.91)%	(40.72)%
Ratios to Average Net Assets ^E,H
Expenses before reductions	.89% ^A	.93% ^A
Expenses net of fee waivers, if any	.89% ^A	.93% ^A
Expenses net of all reductions	.85% ^A	.89% ^A
Net investment income (loss)	2.29% ^A	.83% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 470	$ 145
Portfolio turnover rate ^F	102% ^A	79%

^A Annualized

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

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

^D Calculated based on average shares outstanding during the period.

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

^G For the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 23.91	$ 47.73	$ 36.71	$ 30.68	$ 27.41
Income from Investment Operations
Net investment income (loss) ^D	.22	.53	.55	.51	.38
Net realized and unrealized gain (loss)	(1.20)	(22.24)	11.85	7.25	2.89
Total from investment operations	(.98)	(21.71)	12.40	7.76	3.27
Distributions from net investment income	(.39)	(.44)	(.40)	(.33)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	(.39)	(2.11)	(1.38)	(1.73)	-
Redemption fees added to paid in capital ^D,I	-	-	-	-	-
Net asset value, end of period	$ 22.54	$ 23.91	$ 47.73	$ 36.71	$ 30.68
Total Return ^B,C	(4.01)%	(47.51)%	34.93%	26.45%	11.93%
Ratios to Average Net Assets ^E,H
Expenses before reductions	1.09% ^A	1.05%	.97%	1.00%	.97% ^A
Expenses net of fee waivers, if any	1.09% ^A	1.05%	.97%	1.00%	.97% ^A
Expenses net of all reductions	1.05% ^A	1.01%	.94%	.95%	.90% ^A
Net investment income (loss)	2.08% ^A	1.54%	1.36%	1.49%	1.60% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 183	$ 159	$ 58	$ 28	$ 10
Portfolio turnover rate ^F	102% ^A	79%	56%	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.

^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.

^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, 2009 (Unaudited)

(Amounts in thousands except ratios)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments in open-end mutual funds, including the other 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.

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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 distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Unrealized appreciation	$ 557,250
Unrealized depreciation	(2,047,590)
Net unrealized appreciation (depreciation)	$ (1,490,340)
Cost for federal income tax purposes	$ 9,076,852

4. Operating Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Operating Policies - continued

Delayed Delivery Transactions and When-Issued Securities - continued

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,377,441 and $3,375,638, respectively.

6. Fees and Other Transactions with Affiliates.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 400	$ 32
Class T	.25%	.25%	144	-
Class B	.75%	.25%	64	48
Class C	.75%	.25%	192	42
International Discovery	-%	-%	-	-
Class K	-%	-%	-	-
			$ 800	$ 122

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

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	$ 33
Class T	7
Class B*	19
Class C*	5
	$ 64

* 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 respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. 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 were as follows:

	Amount	% of Average Net Assets*
Class A	$ 507	.32
Class T	91	.32
Class B	20	.32
Class C	58	.30
International Discovery	9,267	.31
Class K	101	.06
Institutional Class	224	.26
	$ 10,268

* Annualized

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $22 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.

9. Bank Borrowings.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

10. 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 $1,285 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, these credits reduced the Fund's custody expense by $6.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
From net investment income
Class A	$ 3,982	$ 3,599
Class T	533	387
Class B	-	67
Class C	30	123
International Discovery	96,783	124,823
Class K	3,616	-
Institutional Class	2,761	575
Total	$ 107,705	$ 129,574
From net realized gain
Class A	$ -	$ 16,423
Class T	-	2,244
Class B	-	719
Class C	-	1,185
International Discovery	-	505,958
Institutional Class	-	2,177
Total	$ -	$ 528,706

^A Distributions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

12. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Class A
Shares sold	2,883	13,337	$ 62,183	$ 505,828
Reinvestment of distributions	132	252	2,786	11,025
Shares redeemed	(4,591)	(6,361)	(97,487)	(213,706)
Net increase (decrease)	(1,576)	7,228	$ (32,518)	$ 303,147

Semiannual Report

12. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Class T
Shares sold	697	2,322	$ 14,854	$ 87,236
Reinvestment of distributions	24	59	507	2,571
Shares redeemed	(796)	(800)	(16,573)	(27,654)
Net increase (decrease)	(75)	1,581	$ (1,212)	$ 62,153
Class B
Shares sold	68	487	$ 1,474	$ 18,856
Reinvestment of distributions	-	17	-	721
Shares redeemed	(153)	(228)	(3,152)	(7,554)
Net increase (decrease)	(85)	276	$ (1,678)	$ 12,023
Class C
Shares sold	758	1,350	$ 16,220	$ 51,762
Reinvestment of distributions	1	25	26	1,076
Shares redeemed	(471)	(405)	(9,627)	(13,335)
Net increase (decrease)	288	970	$ 6,619	$ 39,503
International Discovery
Shares sold	32,979	98,885	$ 709,659	$ 3,784,869
Conversion to Class K	(11,617)	(6,197)	(253,755)	(182,264)
Reinvestment of distributions	4,362	13,646	92,471	600,976
Shares redeemed	(48,188)	(110,609)	(1,022,926)	(3,914,448)
Net increase (decrease)	(22,464)	(4,275)	$ (474,551)	$ 289,133
Class K
Shares sold	5,628	215	$ 121,473	$ 6,017
Conversion from International Discovery	11,640	6,197	253,755	182,264
Reinvestment of distributions	171	-	3,616	-
Shares redeemed	(2,623)	(338)	(53,990)	(8,716)
Net increase (decrease)	14,816	6,074	$ 324,854	$ 179,565
Institutional Class
Shares sold	8,310	7,551	$ 176,304	$ 243,799
Reinvestment of distributions	41	42	875	1,852
Shares redeemed	(6,872)	(2,148)	(143,611)	(62,044)
Net increase (decrease)	1,479	5,445	$ 33,568	$ 183,607

^A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

13. Other.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

13. Other - continued

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

Fidelity Investments
Japan Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

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

IGI-K-USAN-0609
1.863310.100

fid1136

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Discovery
Fund - Class A, Class T, Class B
and Class C

Semiannual Report

April 30, 2009

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

(2_fidelity_logos) (Registered_Trademark)

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 financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.39%
Actual		$ 1,000.00	$ 958.50	$ 6.75
Hypothetical^A		$ 1,000.00	$ 1,017.90	$ 6.95
Class T	1.64%
Actual		$ 1,000.00	$ 957.10	$ 7.96
Hypothetical^A		$ 1,000.00	$ 1,016.66	$ 8.20
Class B	2.15%
Actual		$ 1,000.00	$ 954.80	$ 10.42
Hypothetical^A		$ 1,000.00	$ 1,014.13	$ 10.74
Class C	2.13%
Actual		$ 1,000.00	$ 954.50	$ 10.32
Hypothetical^A		$ 1,000.00	$ 1,014.23	$ 10.64
International Discovery	1.14%
Actual		$ 1,000.00	$ 959.70	$ 5.54
Hypothetical^A		$ 1,000.00	$ 1,019.14	$ 5.71
Class K	.89%
Actual		$ 1,000.00	$ 960.90	$ 4.33
Hypothetical^A		$ 1,000.00	$ 1,020.38	$ 4.46
Institutional Class	1.09%
Actual		$ 1,000.00	$ 959.90	$ 5.30
Hypothetical^A		$ 1,000.00	$ 1,019.39	$ 5.46

^A 5% return per year before expenses

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

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan 22.9%
	United Kingdom 20.8%
	Germany 9.0%
	Switzerland 8.3%
	France 7.6%
	United States of America 3.6%
	Australia 3.4%
	Netherlands 2.5%
	Spain 2.4%
	Other 19.5%

fid1185

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

As of October 31, 2008
	United Kingdom 22.5%
	Japan 16.0%
	Switzerland 12.5%
	Germany 12.1%
	United States of America 6.9%
	France 5.7%
	Australia 5.0%
	Spain 3.9%
	Italy 2.0%
	Other 13.4%

fid1197

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	97.8	94.3
Short-Term Investments and Net Other Assets	2.2	5.7
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)	1.9	2.0
HSBC Holdings PLC (United Kingdom) (Reg.) (United Kingdom, Commercial Banks)	1.8	1.9
Mitsubishi UFJ Financial Group, Inc. (Japan, Commercial Banks)	1.8	1.4
BHP Billiton PLC (United Kingdom, Metals & Mining)	1.7	1.5
Nestle SA (Reg.) (Switzerland, Food Products)	1.7	3.0
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels)	1.7	2.7
Toyota Motor Corp. (Japan, Automobiles)	1.7	1.5
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	1.6	2.2
Telefonica SA (Spain, Diversified Telecommunication Services)	1.5	1.9
E.ON AG (Germany, Electric Utilities)	1.5	2.2
	16.9
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	23.6	19.8
Consumer Discretionary	14.1	6.7
Information Technology	10.2	7.3
Health Care	9.6	15.8
Energy	7.9	7.5
Industrials	7.2	5.9
Telecommunication Services	7.0	7.7
Consumer Staples	6.4	10.8
Materials	6.3	5.1
Utilities	1.9	5.5

Semiannual Report

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.8%
	Shares		Value (000s)
Australia - 3.4%
ABB Grain Ltd. (d)	1,537,145		$ 9,746
Billabong International Ltd.	4,045,126		30,883
Commonwealth Bank of Australia	1,665,640		42,521
CSL Ltd.	952,963		23,850
Macquarie Group Ltd.	858,400		20,896
Newcrest Mining Ltd.	226,456		4,930
QBE Insurance Group Ltd.	2,479,998		39,292
Wesfarmers Ltd.	3,538,219		58,245
Woolworths Ltd.	871,468		16,931
TOTAL AUSTRALIA			247,294
Belgium - 0.9%
Anheuser-Busch InBev NV (d)	2,119,800		64,875
Bermuda - 0.3%
Aquarius Platinum Ltd. (United Kingdom) (a)	1,418,333		5,344
Huabao International Holdings Ltd.	18,440,000		13,034
TOTAL BERMUDA			18,378
Brazil - 1.4%
BM&F BOVESPA SA	3,185,694		13,110
Petroleo Brasileiro SA - Petrobras sponsored ADR	816,400		27,407
Redecard SA	2,178,500		27,444
Vivo Participacoes SA sponsored ADR	1,874,800		29,922
TOTAL BRAZIL			97,883
Canada - 2.1%
Canadian Natural Resources Ltd.	840,200		38,734
Niko Resources Ltd.	498,400		25,224
Open Text Corp. (a)(d)	784,000		25,821
Petro-Canada	474,800		14,985
Petrobank Energy & Resources Ltd. (a)	813,500		17,487
Suncor Energy, Inc.	1,124,000		28,287
TOTAL CANADA			150,538
Cayman Islands - 1.0%
Belle International Holdings Ltd.	42,872,000		32,663
China Dongxiang Group Co. Ltd.	59,994,000		29,136
Want Want China Holdings Ltd.	17,513,000		8,732
TOTAL CAYMAN ISLANDS			70,531
China - 2.4%
BYD Co. Ltd. (H Shares)	4,827,000		12,681
Changyou.com Ltd. (A Shares) ADR	29,200		898
Common Stocks - continued
	Shares		Value (000s)
China - continued
China Merchants Bank Co. Ltd. (H Shares)	9,459,000		$ 16,901
China Telecom Corp. Ltd. (H Shares)	66,250,000		32,613
Industrial & Commercial Bank of China Ltd.	31,345,000		17,832
Li Ning Co. Ltd.	8,355,000		17,098
Tencent Holdings Ltd.	3,426,200		30,283
ZTE Corp. (H Shares)	12,177,464		41,055
TOTAL CHINA			169,361
Cyprus - 0.0%
Aisi Realty Public Ltd. (a)(e)	10,023,000		805
Denmark - 1.0%
Novo Nordisk AS Series B	1,094,500		52,074
Vestas Wind Systems AS (a)	276,400		17,941
TOTAL DENMARK			70,015
Finland - 0.5%
Nokia Corp. sponsored ADR	2,333,400		32,994
France - 7.6%
Accor SA	463,700		19,615
Alstom SA	656,812		40,933
AXA SA (d)	3,118,066		52,375
BNP Paribas SA	1,702,239		89,589
Cap Gemini SA (d)	684,300		25,573
Iliad Group SA	191,840		20,144
LVMH Moet Hennessy - Louis Vuitton	272,400		20,560
Orpea (a)	560,828		22,927
PPR SA (d)	492,800		37,745
Sanofi-Aventis (d)	466,800		26,813
Schneider Electric SA (d)	393,300		29,922
Societe Generale Series A	779,120		39,809
Total SA Series B	2,104,400		105,267
Unibail-Rodamco	118,400		17,652
TOTAL FRANCE			548,924
Germany - 8.0%
Allianz AG (Reg.) (d)	410,830		37,220
Bayerische Motoren Werke AG (BMW) (d)	882,300		30,268
Daimler AG (Reg.)	999,200		35,673
Deutsche Bank AG	834,900		43,775
Deutsche Boerse AG	673,925		49,321
E.ON AG	3,151,900		105,615
Fresenius Medical Care AG & Co. KGaA (d)	1,015,900		39,498
Common Stocks - continued
	Shares		Value (000s)
Germany - continued
GEA Group AG	2,379,000		$ 30,966
Gerresheimer AG	604,000		14,406
MAN AG	726,000		44,584
Munich Re Group (Reg.) (d)	592,500		81,018
Siemens AG (Reg.)	820,700		54,932
Wincor Nixdorf AG	183,300		9,103
TOTAL GERMANY			576,379
Greece - 0.2%
Public Power Corp. of Greece	652,245		12,570
Hong Kong - 0.8%
Cheung Kong Holdings Ltd.	3,875,000		39,973
Hang Lung Properties Ltd.	4,149,000		11,653
Techtronic Industries Co. Ltd.	6,460,000		3,820
TOTAL HONG KONG			55,446
India - 0.8%
Bharti Airtel Ltd. (a)	2,000,000		30,482
Infosys Technologies Ltd.	718,452		21,983
Titan Industries Ltd.	226,153		3,422
TOTAL INDIA			55,887
Ireland - 0.8%
CRH PLC	1,184,400		30,783
Paddy Power PLC (Ireland)	1,445,597		26,617
TOTAL IRELAND			57,400
Israel - 0.8%
Nice Systems Ltd. sponsored ADR (a)	918,700		23,528
Teva Pharmaceutical Industries Ltd. sponsored ADR	790,500		34,695
TOTAL ISRAEL			58,223
Italy - 0.5%
Fiat SpA	4,035,900		39,446
Japan - 19.3%
Asics Corp.	3,914,000		25,450
Canon Marketing Japan, Inc.	2,296,500		27,776
Canon, Inc.	1,929,350		57,752
Daiwa Securities Group, Inc.	6,962,000		36,482
Denso Corp.	1,461,500		34,557
Eisai Co. Ltd.	609,500		16,360
Fanuc Ltd.	334,300		24,130
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Fast Retailing Co. Ltd.	134,400		$ 14,129
Honda Motor Co. Ltd.	1,974,500		57,881
JTEKT Corp.	1,639,200		15,814
Keyence Corp.	89,500		15,809
Misumi Group, Inc.	504,000		6,807
Mitsubishi Corp.	1,640,800		25,257
Mitsubishi UFJ Financial Group, Inc.	22,998,800		125,487
Mitsui & Co. Ltd.	2,244,000		23,807
Murata Manufacturing Co. Ltd.	528,700		21,433
NGK Insulators Ltd.	1,582,000		24,268
Nichi-iko Pharmaceutical Co. Ltd.	268,400		7,249
Nippon Building Fund, Inc.	2,590		21,048
Nippon Electric Glass Co. Ltd.	1,996,000		16,246
Nippon Steel Corp.	4,858,000		16,337
Nissan Motor Co. Ltd.	6,947,800		36,273
Nitori Co. Ltd.	95,350		5,367
Nomura Holdings, Inc.	11,214,700		67,693
NSK Ltd.	3,271,000		14,563
Omron Corp.	983,300		14,700
Point, Inc.	217,600		9,699
Promise Co. Ltd. (d)	2,724,600		36,011
Rakuten, Inc.	72,690		36,990
Ricoh Co. Ltd.	4,194,000		51,867
Sawai Pharmaceutical Co. Ltd. (d)	160,300		7,431
Seven & i Holdings Co., Ltd.	905,200		20,460
Shin-Etsu Chemical Co., Ltd.	752,400		36,578
SMC Corp.	105,900		10,391
Softbank Corp. (d)	2,491,000		39,418
Sony Corp. sponsored ADR (d)	1,189,100		30,750
Sony Financial Holdings, Inc.	7,546		23,747
Sumitomo Mitsui Financial Group, Inc.	1,711,400		59,368
THK Co. Ltd.	1,760,000		24,415
Tokio Marine Holdings, Inc.	1,642,100		43,319
Tokyo Electron Ltd.	1,263,200		57,780
Toyota Motor Corp.	3,041,600		120,413
Tsumura & Co.	507,800		13,910
USS Co. Ltd.	326,080		14,780
TOTAL JAPAN			1,390,002
Common Stocks - continued
	Shares		Value (000s)
Korea (South) - 0.6%
NHN Corp. (a)	212,392		$ 25,843
Samsung Electronics Co. Ltd.	38,010		17,607
TOTAL KOREA (SOUTH)			43,450
Luxembourg - 1.2%
ArcelorMittal SA (NY Shares) Class A (d)	1,226,100		28,911
SES SA (A Shares) FDR unit	2,524,868		44,851
Tenaris SA	945,300		11,887
TOTAL LUXEMBOURG			85,649
Mexico - 0.2%
America Movil SAB de CV Series L sponsored ADR	405,400		13,317
Netherlands - 2.5%
Akzo Nobel NV	686,300		28,694
ASML Holding NV (Netherlands)	1,536,400		32,231
Gemalto NV (a)(d)	1,074,757		33,832
James Hardie Industries NV unit	5,306,155		17,747
Koninklijke Ahold NV	2,258,600		24,739
Koninklijke KPN NV (d)	1,489,800		17,906
Royal DSM NV	899,500		27,888
TOTAL NETHERLANDS			183,037
Norway - 0.2%
Pronova BioPharma ASA (a)	4,726,590		11,855
Papua New Guinea - 0.5%
Oil Search Ltd.	8,855,875		33,033
Russia - 0.4%
OAO Gazprom sponsored ADR	1,508,300		26,697
Singapore - 0.4%
Ascendas Real Estate Investment Trust (A-REIT)	7,883,000		7,135
Singapore Exchange Ltd.	5,754,250		24,370
TOTAL SINGAPORE			31,505
South Africa - 0.9%
MTN Group Ltd.	5,254,600		68,242
Spain - 2.4%
Banco Santander SA	3,311,500		31,463
Inditex SA	416,900		17,771
Red Electrica Corporacion SA	277,900		11,628
Telefonica SA	5,833,800		110,499
TOTAL SPAIN			171,361
Common Stocks - continued
	Shares		Value (000s)
Sweden - 0.5%
H&M Hennes & Mauritz AB (B Shares)	891,750		$ 39,694
Switzerland - 8.3%
Actelion Ltd. (Reg.) (a)	1,286,795		58,611
BB BIOTECH AG	354,261		20,605
Credit Suisse Group sponsored ADR	1,452,500		55,602
Nestle SA (Reg.)	3,742,549		121,963
Nobel Biocare Holding AG (Switzerland)	1,045,000		21,298
Novartis AG (Reg.)	437,573		16,557
Partners Group Holding	255,836		22,348
Roche Holding AG (participation certificate)	879,208		110,843
Sonova Holding AG	574,683		37,176
Syngenta AG (Switzerland)	181,599		38,759
UBS AG (For. Reg.)	2,862,686		39,313
Zurich Financial Services AG (Reg.)	285,674		53,073
TOTAL SWITZERLAND			596,148
Taiwan - 0.7%
Taiwan Semiconductor Manufacturing Co. Ltd.	29,754,000		50,333
United Kingdom - 20.8%
Aberdeen Asset Management PLC (d)	21,064,600		40,834
Aegis Group PLC	7,593,391		10,162
AstraZeneca PLC (United Kingdom)	1,223,700		42,832
Autonomy Corp. PLC (a)	1,836,100		38,505
BAE Systems PLC	4,387,009		23,068
Barclays PLC	8,483,500		34,431
BG Group PLC	2,519,900		40,222
BG Group PLC sponsored ADR	207,400		16,451
BHP Billiton PLC	6,069,100		125,917
BP PLC	6,979,400		49,303
British American Tobacco PLC (United Kingdom)	1,125,478		27,133
Capita Group PLC	3,272,693		32,985
Carphone Warehouse Group PLC	5,567,300		12,187
Compass Group PLC	6,402,100		30,430
Cookson Group PLC	30,974,600		8,845
DSG INTL PLC	11,467,900		7,220
DSG International PLC (g)	10,246,400		4,546
HSBC Holdings PLC:
(Hong Kong) (Reg.)	1,281,644		8,984
(United Kingdom) (Reg.)	17,822,658		126,698
Imperial Tobacco Group PLC	1,644,800		37,514
Informa PLC	8,669,900		37,879
InterContinental Hotel Group PLC	2,118,900		20,124
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Man Group PLC	13,203,500		$ 48,785
Misys PLC	7,892,600		16,103
NEXT PLC	1,290,800		30,862
Prudential PLC	6,511,200		37,410
Reckitt Benckiser Group PLC	1,467,200		57,574
Rio Tinto PLC (Reg.)	1,879,100		76,322
Royal Bank of Scotland Group PLC	10,165,495		6,202
Royal Dutch Shell PLC Class B	5,374,259		121,577
SSL International PLC	4,962,409		34,778
Standard Chartered PLC (United Kingdom)	4,385,673		67,818
Vodafone Group PLC	73,315,735		134,702
William Morrison Supermarkets PLC	5,814,500		21,054
Wolseley PLC	2,388,864		42,828
WPP PLC	2,864,700		19,593
Xstrata PLC	769,400		6,781
TOTAL UNITED KINGDOM			1,498,659
United States of America - 1.4%
Applied Materials, Inc.	1,598,400		19,516
Cummins, Inc.	273,300		9,292
Goldman Sachs Group, Inc.	190,400		24,466
Morgan Stanley	731,400		17,290
Regal-Beloit Corp.	493,900		20,067
Visa, Inc.	187,600		12,186
TOTAL UNITED STATES OF AMERICA			102,817
TOTAL COMMON STOCKS (Cost $7,971,828)		6,672,748
Nonconvertible Preferred Stocks - 1.4%

Germany - 1.0%
Fresenius SE (non-vtg.) (d)	1,371,100		69,954
Italy - 0.4%
Intesa Sanpaolo SpA	15,194,902		33,736
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $148,385)		103,690

Government Obligations - 0.4%
	Principal Amount (000s)	Value (000s)
United States of America - 0.4%
U.S. Treasury Bills, yield at date of purchase 0.17% to 0.22% 5/14/09 to 5/28/09 (f) (Cost $30,146)	$ 30,150	$ 30,149

Money Market Funds - 10.8%
	Shares
Fidelity Cash Central Fund, 0.53% (b)	357,038,773		357,039
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	422,886,377		422,886
TOTAL MONEY MARKET FUNDS (Cost $779,925)		779,925
TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $8,930,284)			7,586,512
NET OTHER ASSETS - (5.4)%			(391,569)
NET ASSETS - 100%		$ 7,194,943

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
1,759 CME NIKKEI 225 Index Contracts (Japan)	June 2009	$ 78,232	$ 13,233
2,070 TOPIX 150 Index Contracts (Japan)	June 2009	176,568	26,544
TOTAL EQUITY INDEX CONTRACTS		$ 254,800	$ 39,777

The face value of futures purchased as a percentage of net assets - 3.5%

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $22,899,000.

(g) Security or a portion of the security purchased on a delayed delivery or when issued basis.

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	$ 1,970
Fidelity Securities Lending Cash Central Fund	2,151
Total	$ 4,121

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Aisi Realty Public Ltd.	$ 1,469	$ -	$ -	$ -	$ 805

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 7,586,512	$ 1,768,035	$ 5,818,477	$ -
Other Financial Instruments*	$ 39,777	$ 39,777	$ -	$ -

* Other financial instruments include Futures Contracts.

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

(Amounts in thousands)	Investments in Securities
Beginning Balance	$ 6,158
Total Realized Gain (Loss)	(24,765)
Total Unrealized Gain (Loss)	21,068
Cost of Purchases	-
Proceeds of Sales	(2,461)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $637,482,000 all of which will expire on October 31, 2016.

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, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $409,948) - See accompanying schedule: Unaffiliated issuers (cost $8,143,744)	$ 6,805,782
Fidelity Central Funds (cost $779,925)	779,925
Other affiliated issuers (cost $6,615)	805
Total Investments (cost $8,930,284)		$ 7,586,512
Foreign currency held at value (cost $11,200)		11,201
Receivable for investments sold		55,780
Receivable for fund shares sold		8,725
Dividends receivable		36,861
Distributions receivable from Fidelity Central Funds		1,228
Receivable for daily variation on futures contracts		7,309
Prepaid expenses		62
Other receivables		1,176
Total assets		7,708,854

Liabilities
Payable for investments purchased
Regular delivery	$ 74,165
Delayed delivery	4,546
Payable for fund shares redeemed	5,815
Accrued management fee	4,418
Distribution fees payable	131
Other affiliated payables	1,812
Other payables and accrued expenses	138
Collateral on securities loaned, at value	422,886
Total liabilities		513,911

Net Assets		$ 7,194,943
Net Assets consist of:
Paid in capital		$ 10,870,729
Undistributed net investment income		55,513
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(2,426,976)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(1,304,323)
Net Assets		$ 7,194,943

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, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($324,030 ÷ 14,455.5 shares)		$ 22.42

Maximum offering price per share (100/94.25 of $22.42)		$ 23.79
Class T: Net Asset Value and redemption price per share ($58,741 ÷ 2,636.6 shares)		$ 22.28

Maximum offering price per share (100/96.50 of $22.28)		$ 23.09
Class B: Net Asset Value and offering price per share ($12,414 ÷ 559.3 shares)^A		$ 22.20

Class C: Net Asset Value and offering price per share ($41,128 ÷ 1,849.8 shares)^A		$ 22.23

International Discovery: Net Asset Value, offering price and redemption price per share ($6,104,867 ÷ 270,596.2 shares)		$ 22.56

Class K: Net Asset Value, offering price and redemption price per share ($470,471 ÷ 20,890.0 shares)		$ 22.52

Institutional Class: Net Asset Value, offering price and redemption price per share ($183,291 ÷ 8,133.0 shares)		$ 22.54

^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, 2009 (Unaudited)
Investment Income
Dividends		$ 112,334
Interest		39
Income from Fidelity Central Funds		4,121
		116,494
Less foreign taxes withheld		(8,130)
Total income		108,364

Expenses
Management fee Basic fee	$ 24,824
Performance adjustment	2,221
Transfer agent fees	10,268
Distribution fees	800
Accounting and security lending fees	830
Custodian fees and expenses	385
Independent trustees' compensation	27
Registration fees	181
Audit	61
Legal	22
Miscellaneous	69
Total expenses before reductions	39,688
Expense reductions	(1,291)	38,397
Net investment income (loss)		69,967
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(1,675,864)
Foreign currency transactions	(5,353)
Futures contracts	(109,695)
Total net realized gain (loss)		(1,790,912)
Change in net unrealized appreciation (depreciation) on: Investment securities	1,265,742
Assets and liabilities in foreign currencies	(181)
Futures contracts	105,058
Total change in net unrealized appreciation (depreciation)		1,370,619
Net gain (loss)		(420,293)
Net increase (decrease) in net assets resulting from operations		$ (350,326)

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, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 69,967	$ 190,750
Net realized gain (loss)	(1,790,912)	(664,568)
Change in net unrealized appreciation (depreciation)	1,370,619	(6,888,436)
Net increase (decrease) in net assets resulting from operations	(350,326)	(7,362,254)
Distributions to shareholders from net investment income	(107,705)	(129,574)
Distributions to shareholders from net realized gain	-	(528,706)
Total distributions	(107,705)	(658,280)
Share transactions - net increase (decrease)	(144,918)	1,069,130
Redemption fees	235	709
Total increase (decrease) in net assets	(602,714)	(6,950,695)

Net Assets
Beginning of period	7,797,657	14,748,352
End of period (including undistributed net investment income of $55,513 and undistributed net investment income of $120,184, respectively)	$ 7,194,943	$ 7,797,657

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 23.68	$ 47.34	$ 36.47	$ 30.57	$ 27.41
Income from Investment Operations
Net investment income (loss) ^E	.19	.46	.44	.42	.28
Net realized and unrealized gain (loss)	(1.19)	(22.08)	11.76	7.19	2.88
Total from investment operations	(1.00)	(21.62)	12.20	7.61	3.16
Distributions from net investment income	(.26)	(.37)	(.35)	(.31)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	(.26)	(2.04)	(1.33)	(1.71)	-
Redemption fees added to paid in capital ^E,J	-	-	-	-	-
Net asset value, end of period	$ 22.42	$ 23.68	$ 47.34	$ 36.47	$ 30.57
Total Return ^B,C,D	(4.15)%	(47.65)%	34.54%	26.01%	11.53%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.39% ^A	1.32%	1.25%	1.27%	1.42% ^A
Expenses net of fee waivers, if any	1.39% ^A	1.32%	1.25%	1.27%	1.42% ^A
Expenses net of all reductions	1.36% ^A	1.29%	1.22%	1.21%	1.36% ^A
Net investment income (loss)	1.78% ^A	1.27%	1.08%	1.22%	1.15% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 324	$ 380	$ 417	$ 140	$ 2
Portfolio turnover rate ^G	102% ^A	79%	56%	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.

^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.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 23.49	$ 47.06	$ 36.30	$ 30.49	$ 27.41
Income from Investment Operations
Net investment income (loss) ^E	.16	.33	.29	.27	.20
Net realized and unrealized gain (loss)	(1.18)	(21.94)	11.71	7.18	2.88
Total from investment operations	(1.02)	(21.61)	12.00	7.45	3.08
Distributions from net investment income	(.19)	(.29)	(.26)	(.24)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	(.19)	(1.96)	(1.24)	(1.64)	-
Redemption fees added to paid in capital ^E,J	-	-	-	-	-
Net asset value, end of period	$ 22.28	$ 23.49	$ 47.06	$ 36.30	$ 30.49
Total Return ^B,C,D	(4.29)%	(47.84)%	34.08%	25.49%	11.24%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.64% ^A	1.68%	1.63%	1.71%	1.75% ^A
Expenses net of fee waivers, if any	1.64% ^A	1.68%	1.63%	1.71%	1.75% ^A
Expenses net of all reductions	1.61% ^A	1.64%	1.60%	1.65%	1.69% ^A
Net investment income (loss)	1.53% ^A	.91%	.70%	.78%	.83% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 59	$ 64	$ 53	$ 10	$ 2
Portfolio turnover rate ^G	102% ^A	79%	56%	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.

^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.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 23.25	$ 46.70	$ 36.12	$ 30.36	$ 27.41
Income from Investment Operations
Net investment income (loss) ^E	.11	.15	.08	.08	.08
Net realized and unrealized gain (loss)	(1.16)	(21.77)	11.64	7.19	2.87
Total from investment operations	(1.05)	(21.62)	11.72	7.27	2.95
Distributions from net investment income	-	(.16)	(.16)	(.11)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	-	(1.83)	(1.14)	(1.51)	-
Redemption fees added to paid in capital ^E,J	-	-	-	-	-
Net asset value, end of period	$ 22.20	$ 23.25	$ 46.70	$ 36.12	$ 30.36
Total Return ^B,C,D	(4.52)%	(48.11)%	33.37%	24.91%	10.76%
Ratios to Average Net Assets ^F,I
Expenses before reductions	2.15% ^A	2.19%	2.14%	2.27%	2.24% ^A
Expenses net of fee waivers, if any	2.15% ^A	2.19%	2.14%	2.25%	2.24% ^A
Expenses net of all reductions	2.11% ^A	2.15%	2.10%	2.19%	2.18% ^A
Net investment income (loss)	1.02% ^A	.40%	.19%	.24%	.33% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 12	$ 15	$ 17	$ 4	$ 1
Portfolio turnover rate ^G	102% ^A	79%	56%	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.

^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.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected PerShare Data
Net asset value, beginning of period	$ 23.31	$ 46.82	$ 36.19	$ 30.41	$ 27.41
Income from Investment Operations
Net investment income (loss) ^E	.11	.15	.09	.11	.13
Net realized and unrealized gain (loss)	(1.17)	(21.82)	11.66	7.19	2.87
Total from investment operations	(1.06)	(21.67)	11.75	7.30	3.00
Distributions from net investment income	(.02)	(.17)	(.14)	(.12)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	(.02)	(1.84)	(1.12)	(1.52)	-
Redemption fees added to paid in capital ^E,J	-	-	-	-	-
Net asset value, end of period	$ 22.23	$ 23.31	$ 46.82	$ 36.19	$ 30.41
Total Return ^B,C,D	(4.55)%	(48.10)%	33.38%	24.97%	10.94%
Ratios to Average Net Assets ^F,I
Expenses before reductions	2.13% ^A	2.17%	2.11%	2.16%	2.04% ^A
Expenses net of fee waivers, if any	2.13% ^A	2.17%	2.11%	2.16%	2.04% ^A
Expenses net of all reductions	2.09% ^A	2.13%	2.08%	2.11%	1.98% ^A
Net investment income (loss)	1.04% ^A	.42%	.22%	.33%	.53% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 41	$ 36	$ 28	$ 6	$ 2
Portfolio turnover rate ^G	102% ^A	79%	56%	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.

^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.

^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

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 23.88	$ 47.68	$ 36.67	$ 30.65	$ 25.31	$ 21.87
Income from Investment Operations
Net investment income (loss) ^D	.22	.57	.53	.48	.37	.22
Net realized and unrealized gain (loss)	(1.20)	(22.29)	11.84	7.25	5.24	3.40
Total from investment operations	(.98)	(21.72)	12.37	7.73	5.61	3.62
Distributions from net investment income	(.34)	(.41)	(.38)	(.31)	(.15)	(.18)
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	(.12)	-
Total distributions	(.34)	(2.08)	(1.36)	(1.71)	(.27)	(.18)
Redemption fees added to paid in capital ^D,H	-	-	-	-	-	-
Net asset value, end of period	$ 22.56	$ 23.88	$ 47.68	$ 36.67	$ 30.65	$ 25.31
Total Return ^B,C	(4.03)%	(47.55)%	34.85%	26.34%	22.29%	16.65%
Ratios to Average Net Assets ^E,G
Expenses before reductions	1.14% ^A	1.09%	1.04%	1.09%	1.08%	1.10%
Expenses net of fee waivers, if any	1.14% ^A	1.09%	1.04%	1.08%	1.07%	1.10%
Expenses net of all reductions	1.10% ^A	1.05%	1.00%	1.03%	1.01%	1.06%
Net investment income (loss)	2.03% ^A	1.51%	1.30%	1.41%	1.35%	.92%
Supplemental Data
Net assets, end of period (in millions)	$ 6,105	$ 6,999	$ 14,176	$ 8,054	$ 3,949	$ 2,193
Portfolio turnover rate ^F	102% ^A	79%	56%	56%	75%	87%

^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.

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

^H Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class K

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 23.90	$ 40.32
Income from Investment Operations
Net investment income (loss) ^D	.24	.10
Net realized and unrealized gain (loss)	(1.20)	(16.52)
Total from investment operations	(.96)	(16.42)
Distributions from net investment income	(.42)	-
Total distributions	(.42)	-
Redemption fees added to paid in capital ^D,I	-	-
Net asset value, end of period	$ 22.52	$ 23.90
Total Return ^B,C	(3.91)%	(40.72)%
Ratios to Average Net Assets ^E,H
Expenses before reductions	.89% ^A	.93% ^A
Expenses net of fee waivers, if any	.89% ^A	.93% ^A
Expenses net of all reductions	.85% ^A	.89% ^A
Net investment income (loss)	2.29% ^A	.83% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 470	$ 145
Portfolio turnover rate ^F	102% ^A	79%

^A Annualized

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

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

^D Calculated based on average shares outstanding during the period.

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

^G For the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 23.91	$ 47.73	$ 36.71	$ 30.68	$ 27.41
Income from Investment Operations
Net investment income (loss) ^D	.22	.53	.55	.51	.38
Net realized and unrealized gain (loss)	(1.20)	(22.24)	11.85	7.25	2.89
Total from investment operations	(.98)	(21.71)	12.40	7.76	3.27
Distributions from net investment income	(.39)	(.44)	(.40)	(.33)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	(.39)	(2.11)	(1.38)	(1.73)	-
Redemption fees added to paid in capital ^D,I	-	-	-	-	-
Net asset value, end of period	$ 22.54	$ 23.91	$ 47.73	$ 36.71	$ 30.68
Total Return ^B,C	(4.01)%	(47.51)%	34.93%	26.45%	11.93%
Ratios to Average Net Assets ^E,H
Expenses before reductions	1.09% ^A	1.05%	.97%	1.00%	.97% ^A
Expenses net of fee waivers, if any	1.09% ^A	1.05%	.97%	1.00%	.97% ^A
Expenses net of all reductions	1.05% ^A	1.01%	.94%	.95%	.90% ^A
Net investment income (loss)	2.08% ^A	1.54%	1.36%	1.49%	1.60% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 183	$ 159	$ 58	$ 28	$ 10
Portfolio turnover rate ^F	102% ^A	79%	56%	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.

^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.

^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, 2009 (Unaudited)

(Amounts in thousands except ratios)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments in open-end mutual funds, including the other 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.

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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 distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Unrealized appreciation	$ 557,250
Unrealized depreciation	(2,047,590)
Net unrealized appreciation (depreciation)	$ (1,490,340)
Cost for federal income tax purposes	$ 9,076,852

4. Operating Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Operating Policies - continued

Delayed Delivery Transactions and When-Issued Securities - continued

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,377,441 and $3,375,638, respectively.

6. Fees and Other Transactions with Affiliates.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 400	$ 32
Class T	.25%	.25%	144	-
Class B	.75%	.25%	64	48
Class C	.75%	.25%	192	42
International Discovery	-%	-%	-	-
Class K	-%	-%	-	-
			$ 800	$ 122

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

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	$ 33
Class T	7
Class B*	19
Class C*	5
	$ 64

* 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 respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. 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 were as follows:

	Amount	% of Average Net Assets*
Class A	$ 507	.32
Class T	91	.32
Class B	20	.32
Class C	58	.30
International Discovery	9,267	.31
Class K	101	.06
Institutional Class	224	.26
	$ 10,268

* Annualized

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $22 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.

9. Bank Borrowings.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

10. 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 $1,285 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, these credits reduced the Fund's custody expense by $6.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
From net investment income
Class A	$ 3,982	$ 3,599
Class T	533	387
Class B	-	67
Class C	30	123
International Discovery	96,783	124,823
Class K	3,616	-
Institutional Class	2,761	575
Total	$ 107,705	$ 129,574
From net realized gain
Class A	$ -	$ 16,423
Class T	-	2,244
Class B	-	719
Class C	-	1,185
International Discovery	-	505,958
Institutional Class	-	2,177
Total	$ -	$ 528,706

^A Distributions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

12. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Class A
Shares sold	2,883	13,337	$ 62,183	$ 505,828
Reinvestment of distributions	132	252	2,786	11,025
Shares redeemed	(4,591)	(6,361)	(97,487)	(213,706)
Net increase (decrease)	(1,576)	7,228	$ (32,518)	$ 303,147

Semiannual Report

12. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Class T
Shares sold	697	2,322	$ 14,854	$ 87,236
Reinvestment of distributions	24	59	507	2,571
Shares redeemed	(796)	(800)	(16,573)	(27,654)
Net increase (decrease)	(75)	1,581	$ (1,212)	$ 62,153
Class B
Shares sold	68	487	$ 1,474	$ 18,856
Reinvestment of distributions	-	17	-	721
Shares redeemed	(153)	(228)	(3,152)	(7,554)
Net increase (decrease)	(85)	276	$ (1,678)	$ 12,023
Class C
Shares sold	758	1,350	$ 16,220	$ 51,762
Reinvestment of distributions	1	25	26	1,076
Shares redeemed	(471)	(405)	(9,627)	(13,335)
Net increase (decrease)	288	970	$ 6,619	$ 39,503
International Discovery
Shares sold	32,979	98,885	$ 709,659	$ 3,784,869
Conversion to Class K	(11,617)	(6,197)	(253,755)	(182,264)
Reinvestment of distributions	4,362	13,646	92,471	600,976
Shares redeemed	(48,188)	(110,609)	(1,022,926)	(3,914,448)
Net increase (decrease)	(22,464)	(4,275)	$ (474,551)	$ 289,133
Class K
Shares sold	5,628	215	$ 121,473	$ 6,017
Conversion from International Discovery	11,640	6,197	253,755	182,264
Reinvestment of distributions	171	-	3,616	-
Shares redeemed	(2,623)	(338)	(53,990)	(8,716)
Net increase (decrease)	14,816	6,074	$ 324,854	$ 179,565
Institutional Class
Shares sold	8,310	7,551	$ 176,304	$ 243,799
Reinvestment of distributions	41	42	875	1,852
Shares redeemed	(6,872)	(2,148)	(143,611)	(62,044)
Net increase (decrease)	1,479	5,445	$ 33,568	$ 183,607

^A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

13. Other.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

13. Other - continued

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

FIL Investment Advisors

Fidelity Investments Japan Limited

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

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

AID-USAN-0609
1.806663.104

fid1007

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Discovery
Fund - Institutional Class

Semiannual Report

April 30, 2009

Institutional Class is a class of Fidelity® International Discovery Fund

(2_fidelity_logos) (Registered_Trademark)

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 financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

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 holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.39%
Actual		$ 1,000.00	$ 958.50	$ 6.75
Hypothetical^A		$ 1,000.00	$ 1,017.90	$ 6.95
Class T	1.64%
Actual		$ 1,000.00	$ 957.10	$ 7.96
Hypothetical^A		$ 1,000.00	$ 1,016.66	$ 8.20
Class B	2.15%
Actual		$ 1,000.00	$ 954.80	$ 10.42
Hypothetical^A		$ 1,000.00	$ 1,014.13	$ 10.74
Class C	2.13%
Actual		$ 1,000.00	$ 954.50	$ 10.32
Hypothetical^A		$ 1,000.00	$ 1,014.23	$ 10.64
International Discovery	1.14%
Actual		$ 1,000.00	$ 959.70	$ 5.54
Hypothetical^A		$ 1,000.00	$ 1,019.14	$ 5.71
Class K	.89%
Actual		$ 1,000.00	$ 960.90	$ 4.33
Hypothetical^A		$ 1,000.00	$ 1,020.38	$ 4.46
Institutional Class	1.09%
Actual		$ 1,000.00	$ 959.90	$ 5.30
Hypothetical^A		$ 1,000.00	$ 1,019.39	$ 5.46

^A 5% return per year before expenses

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

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan 22.9%
	United Kingdom 20.8%
	Germany 9.0%
	Switzerland 8.3%
	France 7.6%
	United States of America 3.6%
	Australia 3.4%
	Netherlands 2.5%
	Spain 2.4%
	Other 19.5%

fid1216

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

As of October 31, 2008
	United Kingdom 22.5%
	Japan 16.0%
	Switzerland 12.5%
	Germany 12.1%
	United States of America 6.9%
	France 5.7%
	Australia 5.0%
	Spain 3.9%
	Italy 2.0%
	Other 13.4%

fid1228

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	97.8	94.3
Short-Term Investments and Net Other Assets	2.2	5.7
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)	1.9	2.0
HSBC Holdings PLC (United Kingdom) (Reg.) (United Kingdom, Commercial Banks)	1.8	1.9
Mitsubishi UFJ Financial Group, Inc. (Japan, Commercial Banks)	1.8	1.4
BHP Billiton PLC (United Kingdom, Metals & Mining)	1.7	1.5
Nestle SA (Reg.) (Switzerland, Food Products)	1.7	3.0
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels)	1.7	2.7
Toyota Motor Corp. (Japan, Automobiles)	1.7	1.5
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	1.6	2.2
Telefonica SA (Spain, Diversified Telecommunication Services)	1.5	1.9
E.ON AG (Germany, Electric Utilities)	1.5	2.2
	16.9
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	23.6	19.8
Consumer Discretionary	14.1	6.7
Information Technology	10.2	7.3
Health Care	9.6	15.8
Energy	7.9	7.5
Industrials	7.2	5.9
Telecommunication Services	7.0	7.7
Consumer Staples	6.4	10.8
Materials	6.3	5.1
Utilities	1.9	5.5

Semiannual Report

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.8%
	Shares		Value (000s)
Australia - 3.4%
ABB Grain Ltd. (d)	1,537,145		$ 9,746
Billabong International Ltd.	4,045,126		30,883
Commonwealth Bank of Australia	1,665,640		42,521
CSL Ltd.	952,963		23,850
Macquarie Group Ltd.	858,400		20,896
Newcrest Mining Ltd.	226,456		4,930
QBE Insurance Group Ltd.	2,479,998		39,292
Wesfarmers Ltd.	3,538,219		58,245
Woolworths Ltd.	871,468		16,931
TOTAL AUSTRALIA			247,294
Belgium - 0.9%
Anheuser-Busch InBev NV (d)	2,119,800		64,875
Bermuda - 0.3%
Aquarius Platinum Ltd. (United Kingdom) (a)	1,418,333		5,344
Huabao International Holdings Ltd.	18,440,000		13,034
TOTAL BERMUDA			18,378
Brazil - 1.4%
BM&F BOVESPA SA	3,185,694		13,110
Petroleo Brasileiro SA - Petrobras sponsored ADR	816,400		27,407
Redecard SA	2,178,500		27,444
Vivo Participacoes SA sponsored ADR	1,874,800		29,922
TOTAL BRAZIL			97,883
Canada - 2.1%
Canadian Natural Resources Ltd.	840,200		38,734
Niko Resources Ltd.	498,400		25,224
Open Text Corp. (a)(d)	784,000		25,821
Petro-Canada	474,800		14,985
Petrobank Energy & Resources Ltd. (a)	813,500		17,487
Suncor Energy, Inc.	1,124,000		28,287
TOTAL CANADA			150,538
Cayman Islands - 1.0%
Belle International Holdings Ltd.	42,872,000		32,663
China Dongxiang Group Co. Ltd.	59,994,000		29,136
Want Want China Holdings Ltd.	17,513,000		8,732
TOTAL CAYMAN ISLANDS			70,531
China - 2.4%
BYD Co. Ltd. (H Shares)	4,827,000		12,681
Changyou.com Ltd. (A Shares) ADR	29,200		898
Common Stocks - continued
	Shares		Value (000s)
China - continued
China Merchants Bank Co. Ltd. (H Shares)	9,459,000		$ 16,901
China Telecom Corp. Ltd. (H Shares)	66,250,000		32,613
Industrial & Commercial Bank of China Ltd.	31,345,000		17,832
Li Ning Co. Ltd.	8,355,000		17,098
Tencent Holdings Ltd.	3,426,200		30,283
ZTE Corp. (H Shares)	12,177,464		41,055
TOTAL CHINA			169,361
Cyprus - 0.0%
Aisi Realty Public Ltd. (a)(e)	10,023,000		805
Denmark - 1.0%
Novo Nordisk AS Series B	1,094,500		52,074
Vestas Wind Systems AS (a)	276,400		17,941
TOTAL DENMARK			70,015
Finland - 0.5%
Nokia Corp. sponsored ADR	2,333,400		32,994
France - 7.6%
Accor SA	463,700		19,615
Alstom SA	656,812		40,933
AXA SA (d)	3,118,066		52,375
BNP Paribas SA	1,702,239		89,589
Cap Gemini SA (d)	684,300		25,573
Iliad Group SA	191,840		20,144
LVMH Moet Hennessy - Louis Vuitton	272,400		20,560
Orpea (a)	560,828		22,927
PPR SA (d)	492,800		37,745
Sanofi-Aventis (d)	466,800		26,813
Schneider Electric SA (d)	393,300		29,922
Societe Generale Series A	779,120		39,809
Total SA Series B	2,104,400		105,267
Unibail-Rodamco	118,400		17,652
TOTAL FRANCE			548,924
Germany - 8.0%
Allianz AG (Reg.) (d)	410,830		37,220
Bayerische Motoren Werke AG (BMW) (d)	882,300		30,268
Daimler AG (Reg.)	999,200		35,673
Deutsche Bank AG	834,900		43,775
Deutsche Boerse AG	673,925		49,321
E.ON AG	3,151,900		105,615
Fresenius Medical Care AG & Co. KGaA (d)	1,015,900		39,498
Common Stocks - continued
	Shares		Value (000s)
Germany - continued
GEA Group AG	2,379,000		$ 30,966
Gerresheimer AG	604,000		14,406
MAN AG	726,000		44,584
Munich Re Group (Reg.) (d)	592,500		81,018
Siemens AG (Reg.)	820,700		54,932
Wincor Nixdorf AG	183,300		9,103
TOTAL GERMANY			576,379
Greece - 0.2%
Public Power Corp. of Greece	652,245		12,570
Hong Kong - 0.8%
Cheung Kong Holdings Ltd.	3,875,000		39,973
Hang Lung Properties Ltd.	4,149,000		11,653
Techtronic Industries Co. Ltd.	6,460,000		3,820
TOTAL HONG KONG			55,446
India - 0.8%
Bharti Airtel Ltd. (a)	2,000,000		30,482
Infosys Technologies Ltd.	718,452		21,983
Titan Industries Ltd.	226,153		3,422
TOTAL INDIA			55,887
Ireland - 0.8%
CRH PLC	1,184,400		30,783
Paddy Power PLC (Ireland)	1,445,597		26,617
TOTAL IRELAND			57,400
Israel - 0.8%
Nice Systems Ltd. sponsored ADR (a)	918,700		23,528
Teva Pharmaceutical Industries Ltd. sponsored ADR	790,500		34,695
TOTAL ISRAEL			58,223
Italy - 0.5%
Fiat SpA	4,035,900		39,446
Japan - 19.3%
Asics Corp.	3,914,000		25,450
Canon Marketing Japan, Inc.	2,296,500		27,776
Canon, Inc.	1,929,350		57,752
Daiwa Securities Group, Inc.	6,962,000		36,482
Denso Corp.	1,461,500		34,557
Eisai Co. Ltd.	609,500		16,360
Fanuc Ltd.	334,300		24,130
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Fast Retailing Co. Ltd.	134,400		$ 14,129
Honda Motor Co. Ltd.	1,974,500		57,881
JTEKT Corp.	1,639,200		15,814
Keyence Corp.	89,500		15,809
Misumi Group, Inc.	504,000		6,807
Mitsubishi Corp.	1,640,800		25,257
Mitsubishi UFJ Financial Group, Inc.	22,998,800		125,487
Mitsui & Co. Ltd.	2,244,000		23,807
Murata Manufacturing Co. Ltd.	528,700		21,433
NGK Insulators Ltd.	1,582,000		24,268
Nichi-iko Pharmaceutical Co. Ltd.	268,400		7,249
Nippon Building Fund, Inc.	2,590		21,048
Nippon Electric Glass Co. Ltd.	1,996,000		16,246
Nippon Steel Corp.	4,858,000		16,337
Nissan Motor Co. Ltd.	6,947,800		36,273
Nitori Co. Ltd.	95,350		5,367
Nomura Holdings, Inc.	11,214,700		67,693
NSK Ltd.	3,271,000		14,563
Omron Corp.	983,300		14,700
Point, Inc.	217,600		9,699
Promise Co. Ltd. (d)	2,724,600		36,011
Rakuten, Inc.	72,690		36,990
Ricoh Co. Ltd.	4,194,000		51,867
Sawai Pharmaceutical Co. Ltd. (d)	160,300		7,431
Seven & i Holdings Co., Ltd.	905,200		20,460
Shin-Etsu Chemical Co., Ltd.	752,400		36,578
SMC Corp.	105,900		10,391
Softbank Corp. (d)	2,491,000		39,418
Sony Corp. sponsored ADR (d)	1,189,100		30,750
Sony Financial Holdings, Inc.	7,546		23,747
Sumitomo Mitsui Financial Group, Inc.	1,711,400		59,368
THK Co. Ltd.	1,760,000		24,415
Tokio Marine Holdings, Inc.	1,642,100		43,319
Tokyo Electron Ltd.	1,263,200		57,780
Toyota Motor Corp.	3,041,600		120,413
Tsumura & Co.	507,800		13,910
USS Co. Ltd.	326,080		14,780
TOTAL JAPAN			1,390,002
Common Stocks - continued
	Shares		Value (000s)
Korea (South) - 0.6%
NHN Corp. (a)	212,392		$ 25,843
Samsung Electronics Co. Ltd.	38,010		17,607
TOTAL KOREA (SOUTH)			43,450
Luxembourg - 1.2%
ArcelorMittal SA (NY Shares) Class A (d)	1,226,100		28,911
SES SA (A Shares) FDR unit	2,524,868		44,851
Tenaris SA	945,300		11,887
TOTAL LUXEMBOURG			85,649
Mexico - 0.2%
America Movil SAB de CV Series L sponsored ADR	405,400		13,317
Netherlands - 2.5%
Akzo Nobel NV	686,300		28,694
ASML Holding NV (Netherlands)	1,536,400		32,231
Gemalto NV (a)(d)	1,074,757		33,832
James Hardie Industries NV unit	5,306,155		17,747
Koninklijke Ahold NV	2,258,600		24,739
Koninklijke KPN NV (d)	1,489,800		17,906
Royal DSM NV	899,500		27,888
TOTAL NETHERLANDS			183,037
Norway - 0.2%
Pronova BioPharma ASA (a)	4,726,590		11,855
Papua New Guinea - 0.5%
Oil Search Ltd.	8,855,875		33,033
Russia - 0.4%
OAO Gazprom sponsored ADR	1,508,300		26,697
Singapore - 0.4%
Ascendas Real Estate Investment Trust (A-REIT)	7,883,000		7,135
Singapore Exchange Ltd.	5,754,250		24,370
TOTAL SINGAPORE			31,505
South Africa - 0.9%
MTN Group Ltd.	5,254,600		68,242
Spain - 2.4%
Banco Santander SA	3,311,500		31,463
Inditex SA	416,900		17,771
Red Electrica Corporacion SA	277,900		11,628
Telefonica SA	5,833,800		110,499
TOTAL SPAIN			171,361
Common Stocks - continued
	Shares		Value (000s)
Sweden - 0.5%
H&M Hennes & Mauritz AB (B Shares)	891,750		$ 39,694
Switzerland - 8.3%
Actelion Ltd. (Reg.) (a)	1,286,795		58,611
BB BIOTECH AG	354,261		20,605
Credit Suisse Group sponsored ADR	1,452,500		55,602
Nestle SA (Reg.)	3,742,549		121,963
Nobel Biocare Holding AG (Switzerland)	1,045,000		21,298
Novartis AG (Reg.)	437,573		16,557
Partners Group Holding	255,836		22,348
Roche Holding AG (participation certificate)	879,208		110,843
Sonova Holding AG	574,683		37,176
Syngenta AG (Switzerland)	181,599		38,759
UBS AG (For. Reg.)	2,862,686		39,313
Zurich Financial Services AG (Reg.)	285,674		53,073
TOTAL SWITZERLAND			596,148
Taiwan - 0.7%
Taiwan Semiconductor Manufacturing Co. Ltd.	29,754,000		50,333
United Kingdom - 20.8%
Aberdeen Asset Management PLC (d)	21,064,600		40,834
Aegis Group PLC	7,593,391		10,162
AstraZeneca PLC (United Kingdom)	1,223,700		42,832
Autonomy Corp. PLC (a)	1,836,100		38,505
BAE Systems PLC	4,387,009		23,068
Barclays PLC	8,483,500		34,431
BG Group PLC	2,519,900		40,222
BG Group PLC sponsored ADR	207,400		16,451
BHP Billiton PLC	6,069,100		125,917
BP PLC	6,979,400		49,303
British American Tobacco PLC (United Kingdom)	1,125,478		27,133
Capita Group PLC	3,272,693		32,985
Carphone Warehouse Group PLC	5,567,300		12,187
Compass Group PLC	6,402,100		30,430
Cookson Group PLC	30,974,600		8,845
DSG INTL PLC	11,467,900		7,220
DSG International PLC (g)	10,246,400		4,546
HSBC Holdings PLC:
(Hong Kong) (Reg.)	1,281,644		8,984
(United Kingdom) (Reg.)	17,822,658		126,698
Imperial Tobacco Group PLC	1,644,800		37,514
Informa PLC	8,669,900		37,879
InterContinental Hotel Group PLC	2,118,900		20,124
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Man Group PLC	13,203,500		$ 48,785
Misys PLC	7,892,600		16,103
NEXT PLC	1,290,800		30,862
Prudential PLC	6,511,200		37,410
Reckitt Benckiser Group PLC	1,467,200		57,574
Rio Tinto PLC (Reg.)	1,879,100		76,322
Royal Bank of Scotland Group PLC	10,165,495		6,202
Royal Dutch Shell PLC Class B	5,374,259		121,577
SSL International PLC	4,962,409		34,778
Standard Chartered PLC (United Kingdom)	4,385,673		67,818
Vodafone Group PLC	73,315,735		134,702
William Morrison Supermarkets PLC	5,814,500		21,054
Wolseley PLC	2,388,864		42,828
WPP PLC	2,864,700		19,593
Xstrata PLC	769,400		6,781
TOTAL UNITED KINGDOM			1,498,659
United States of America - 1.4%
Applied Materials, Inc.	1,598,400		19,516
Cummins, Inc.	273,300		9,292
Goldman Sachs Group, Inc.	190,400		24,466
Morgan Stanley	731,400		17,290
Regal-Beloit Corp.	493,900		20,067
Visa, Inc.	187,600		12,186
TOTAL UNITED STATES OF AMERICA			102,817
TOTAL COMMON STOCKS (Cost $7,971,828)		6,672,748
Nonconvertible Preferred Stocks - 1.4%

Germany - 1.0%
Fresenius SE (non-vtg.) (d)	1,371,100		69,954
Italy - 0.4%
Intesa Sanpaolo SpA	15,194,902		33,736
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $148,385)		103,690

Government Obligations - 0.4%
	Principal Amount (000s)	Value (000s)
United States of America - 0.4%
U.S. Treasury Bills, yield at date of purchase 0.17% to 0.22% 5/14/09 to 5/28/09 (f) (Cost $30,146)	$ 30,150	$ 30,149

Money Market Funds - 10.8%
	Shares
Fidelity Cash Central Fund, 0.53% (b)	357,038,773		357,039
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	422,886,377		422,886
TOTAL MONEY MARKET FUNDS (Cost $779,925)		779,925
TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $8,930,284)			7,586,512
NET OTHER ASSETS - (5.4)%			(391,569)
NET ASSETS - 100%		$ 7,194,943

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
1,759 CME NIKKEI 225 Index Contracts (Japan)	June 2009	$ 78,232	$ 13,233
2,070 TOPIX 150 Index Contracts (Japan)	June 2009	176,568	26,544
TOTAL EQUITY INDEX CONTRACTS		$ 254,800	$ 39,777

The face value of futures purchased as a percentage of net assets - 3.5%

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $22,899,000.

(g) Security or a portion of the security purchased on a delayed delivery or when issued basis.

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	$ 1,970
Fidelity Securities Lending Cash Central Fund	2,151
Total	$ 4,121

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Aisi Realty Public Ltd.	$ 1,469	$ -	$ -	$ -	$ 805

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 7,586,512	$ 1,768,035	$ 5,818,477	$ -
Other Financial Instruments*	$ 39,777	$ 39,777	$ -	$ -

* Other financial instruments include Futures Contracts.

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

(Amounts in thousands)	Investments in Securities
Beginning Balance	$ 6,158
Total Realized Gain (Loss)	(24,765)
Total Unrealized Gain (Loss)	21,068
Cost of Purchases	-
Proceeds of Sales	(2,461)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $637,482,000 all of which will expire on October 31, 2016.

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, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $409,948) - See accompanying schedule: Unaffiliated issuers (cost $8,143,744)	$ 6,805,782
Fidelity Central Funds (cost $779,925)	779,925
Other affiliated issuers (cost $6,615)	805
Total Investments (cost $8,930,284)		$ 7,586,512
Foreign currency held at value (cost $11,200)		11,201
Receivable for investments sold		55,780
Receivable for fund shares sold		8,725
Dividends receivable		36,861
Distributions receivable from Fidelity Central Funds		1,228
Receivable for daily variation on futures contracts		7,309
Prepaid expenses		62
Other receivables		1,176
Total assets		7,708,854

Liabilities
Payable for investments purchased
Regular delivery	$ 74,165
Delayed delivery	4,546
Payable for fund shares redeemed	5,815
Accrued management fee	4,418
Distribution fees payable	131
Other affiliated payables	1,812
Other payables and accrued expenses	138
Collateral on securities loaned, at value	422,886
Total liabilities		513,911

Net Assets		$ 7,194,943
Net Assets consist of:
Paid in capital		$ 10,870,729
Undistributed net investment income		55,513
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(2,426,976)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(1,304,323)
Net Assets		$ 7,194,943

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, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($324,030 ÷ 14,455.5 shares)		$ 22.42

Maximum offering price per share (100/94.25 of $22.42)		$ 23.79
Class T: Net Asset Value and redemption price per share ($58,741 ÷ 2,636.6 shares)		$ 22.28

Maximum offering price per share (100/96.50 of $22.28)		$ 23.09
Class B: Net Asset Value and offering price per share ($12,414 ÷ 559.3 shares)^A		$ 22.20

Class C: Net Asset Value and offering price per share ($41,128 ÷ 1,849.8 shares)^A		$ 22.23

International Discovery: Net Asset Value, offering price and redemption price per share ($6,104,867 ÷ 270,596.2 shares)		$ 22.56

Class K: Net Asset Value, offering price and redemption price per share ($470,471 ÷ 20,890.0 shares)		$ 22.52

Institutional Class: Net Asset Value, offering price and redemption price per share ($183,291 ÷ 8,133.0 shares)		$ 22.54

^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, 2009 (Unaudited)
Investment Income
Dividends		$ 112,334
Interest		39
Income from Fidelity Central Funds		4,121
		116,494
Less foreign taxes withheld		(8,130)
Total income		108,364

Expenses
Management fee Basic fee	$ 24,824
Performance adjustment	2,221
Transfer agent fees	10,268
Distribution fees	800
Accounting and security lending fees	830
Custodian fees and expenses	385
Independent trustees' compensation	27
Registration fees	181
Audit	61
Legal	22
Miscellaneous	69
Total expenses before reductions	39,688
Expense reductions	(1,291)	38,397
Net investment income (loss)		69,967
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(1,675,864)
Foreign currency transactions	(5,353)
Futures contracts	(109,695)
Total net realized gain (loss)		(1,790,912)
Change in net unrealized appreciation (depreciation) on: Investment securities	1,265,742
Assets and liabilities in foreign currencies	(181)
Futures contracts	105,058
Total change in net unrealized appreciation (depreciation)		1,370,619
Net gain (loss)		(420,293)
Net increase (decrease) in net assets resulting from operations		$ (350,326)

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, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 69,967	$ 190,750
Net realized gain (loss)	(1,790,912)	(664,568)
Change in net unrealized appreciation (depreciation)	1,370,619	(6,888,436)
Net increase (decrease) in net assets resulting from operations	(350,326)	(7,362,254)
Distributions to shareholders from net investment income	(107,705)	(129,574)
Distributions to shareholders from net realized gain	-	(528,706)
Total distributions	(107,705)	(658,280)
Share transactions - net increase (decrease)	(144,918)	1,069,130
Redemption fees	235	709
Total increase (decrease) in net assets	(602,714)	(6,950,695)

Net Assets
Beginning of period	7,797,657	14,748,352
End of period (including undistributed net investment income of $55,513 and undistributed net investment income of $120,184, respectively)	$ 7,194,943	$ 7,797,657

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 23.68	$ 47.34	$ 36.47	$ 30.57	$ 27.41
Income from Investment Operations
Net investment income (loss) ^E	.19	.46	.44	.42	.28
Net realized and unrealized gain (loss)	(1.19)	(22.08)	11.76	7.19	2.88
Total from investment operations	(1.00)	(21.62)	12.20	7.61	3.16
Distributions from net investment income	(.26)	(.37)	(.35)	(.31)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	(.26)	(2.04)	(1.33)	(1.71)	-
Redemption fees added to paid in capital ^E,J	-	-	-	-	-
Net asset value, end of period	$ 22.42	$ 23.68	$ 47.34	$ 36.47	$ 30.57
Total Return ^B,C,D	(4.15)%	(47.65)%	34.54%	26.01%	11.53%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.39% ^A	1.32%	1.25%	1.27%	1.42% ^A
Expenses net of fee waivers, if any	1.39% ^A	1.32%	1.25%	1.27%	1.42% ^A
Expenses net of all reductions	1.36% ^A	1.29%	1.22%	1.21%	1.36% ^A
Net investment income (loss)	1.78% ^A	1.27%	1.08%	1.22%	1.15% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 324	$ 380	$ 417	$ 140	$ 2
Portfolio turnover rate ^G	102% ^A	79%	56%	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.

^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.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 23.49	$ 47.06	$ 36.30	$ 30.49	$ 27.41
Income from Investment Operations
Net investment income (loss) ^E	.16	.33	.29	.27	.20
Net realized and unrealized gain (loss)	(1.18)	(21.94)	11.71	7.18	2.88
Total from investment operations	(1.02)	(21.61)	12.00	7.45	3.08
Distributions from net investment income	(.19)	(.29)	(.26)	(.24)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	(.19)	(1.96)	(1.24)	(1.64)	-
Redemption fees added to paid in capital ^E,J	-	-	-	-	-
Net asset value, end of period	$ 22.28	$ 23.49	$ 47.06	$ 36.30	$ 30.49
Total Return ^B,C,D	(4.29)%	(47.84)%	34.08%	25.49%	11.24%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.64% ^A	1.68%	1.63%	1.71%	1.75% ^A
Expenses net of fee waivers, if any	1.64% ^A	1.68%	1.63%	1.71%	1.75% ^A
Expenses net of all reductions	1.61% ^A	1.64%	1.60%	1.65%	1.69% ^A
Net investment income (loss)	1.53% ^A	.91%	.70%	.78%	.83% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 59	$ 64	$ 53	$ 10	$ 2
Portfolio turnover rate ^G	102% ^A	79%	56%	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.

^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.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 23.25	$ 46.70	$ 36.12	$ 30.36	$ 27.41
Income from Investment Operations
Net investment income (loss) ^E	.11	.15	.08	.08	.08
Net realized and unrealized gain (loss)	(1.16)	(21.77)	11.64	7.19	2.87
Total from investment operations	(1.05)	(21.62)	11.72	7.27	2.95
Distributions from net investment income	-	(.16)	(.16)	(.11)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	-	(1.83)	(1.14)	(1.51)	-
Redemption fees added to paid in capital ^E,J	-	-	-	-	-
Net asset value, end of period	$ 22.20	$ 23.25	$ 46.70	$ 36.12	$ 30.36
Total Return ^B,C,D	(4.52)%	(48.11)%	33.37%	24.91%	10.76%
Ratios to Average Net Assets ^F,I
Expenses before reductions	2.15% ^A	2.19%	2.14%	2.27%	2.24% ^A
Expenses net of fee waivers, if any	2.15% ^A	2.19%	2.14%	2.25%	2.24% ^A
Expenses net of all reductions	2.11% ^A	2.15%	2.10%	2.19%	2.18% ^A
Net investment income (loss)	1.02% ^A	.40%	.19%	.24%	.33% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 12	$ 15	$ 17	$ 4	$ 1
Portfolio turnover rate ^G	102% ^A	79%	56%	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.

^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.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected PerShare Data
Net asset value, beginning of period	$ 23.31	$ 46.82	$ 36.19	$ 30.41	$ 27.41
Income from Investment Operations
Net investment income (loss) ^E	.11	.15	.09	.11	.13
Net realized and unrealized gain (loss)	(1.17)	(21.82)	11.66	7.19	2.87
Total from investment operations	(1.06)	(21.67)	11.75	7.30	3.00
Distributions from net investment income	(.02)	(.17)	(.14)	(.12)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	(.02)	(1.84)	(1.12)	(1.52)	-
Redemption fees added to paid in capital ^E,J	-	-	-	-	-
Net asset value, end of period	$ 22.23	$ 23.31	$ 46.82	$ 36.19	$ 30.41
Total Return ^B,C,D	(4.55)%	(48.10)%	33.38%	24.97%	10.94%
Ratios to Average Net Assets ^F,I
Expenses before reductions	2.13% ^A	2.17%	2.11%	2.16%	2.04% ^A
Expenses net of fee waivers, if any	2.13% ^A	2.17%	2.11%	2.16%	2.04% ^A
Expenses net of all reductions	2.09% ^A	2.13%	2.08%	2.11%	1.98% ^A
Net investment income (loss)	1.04% ^A	.42%	.22%	.33%	.53% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 41	$ 36	$ 28	$ 6	$ 2
Portfolio turnover rate ^G	102% ^A	79%	56%	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.

^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.

^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

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 23.88	$ 47.68	$ 36.67	$ 30.65	$ 25.31	$ 21.87
Income from Investment Operations
Net investment income (loss) ^D	.22	.57	.53	.48	.37	.22
Net realized and unrealized gain (loss)	(1.20)	(22.29)	11.84	7.25	5.24	3.40
Total from investment operations	(.98)	(21.72)	12.37	7.73	5.61	3.62
Distributions from net investment income	(.34)	(.41)	(.38)	(.31)	(.15)	(.18)
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	(.12)	-
Total distributions	(.34)	(2.08)	(1.36)	(1.71)	(.27)	(.18)
Redemption fees added to paid in capital ^D,H	-	-	-	-	-	-
Net asset value, end of period	$ 22.56	$ 23.88	$ 47.68	$ 36.67	$ 30.65	$ 25.31
Total Return ^B,C	(4.03)%	(47.55)%	34.85%	26.34%	22.29%	16.65%
Ratios to Average Net Assets ^E,G
Expenses before reductions	1.14% ^A	1.09%	1.04%	1.09%	1.08%	1.10%
Expenses net of fee waivers, if any	1.14% ^A	1.09%	1.04%	1.08%	1.07%	1.10%
Expenses net of all reductions	1.10% ^A	1.05%	1.00%	1.03%	1.01%	1.06%
Net investment income (loss)	2.03% ^A	1.51%	1.30%	1.41%	1.35%	.92%
Supplemental Data
Net assets, end of period (in millions)	$ 6,105	$ 6,999	$ 14,176	$ 8,054	$ 3,949	$ 2,193
Portfolio turnover rate ^F	102% ^A	79%	56%	56%	75%	87%

^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.

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

^H Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class K

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 23.90	$ 40.32
Income from Investment Operations
Net investment income (loss) ^D	.24	.10
Net realized and unrealized gain (loss)	(1.20)	(16.52)
Total from investment operations	(.96)	(16.42)
Distributions from net investment income	(.42)	-
Total distributions	(.42)	-
Redemption fees added to paid in capital ^D,I	-	-
Net asset value, end of period	$ 22.52	$ 23.90
Total Return ^B,C	(3.91)%	(40.72)%
Ratios to Average Net Assets ^E,H
Expenses before reductions	.89% ^A	.93% ^A
Expenses net of fee waivers, if any	.89% ^A	.93% ^A
Expenses net of all reductions	.85% ^A	.89% ^A
Net investment income (loss)	2.29% ^A	.83% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 470	$ 145
Portfolio turnover rate ^F	102% ^A	79%

^A Annualized

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

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

^D Calculated based on average shares outstanding during the period.

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

^G For the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 23.91	$ 47.73	$ 36.71	$ 30.68	$ 27.41
Income from Investment Operations
Net investment income (loss) ^D	.22	.53	.55	.51	.38
Net realized and unrealized gain (loss)	(1.20)	(22.24)	11.85	7.25	2.89
Total from investment operations	(.98)	(21.71)	12.40	7.76	3.27
Distributions from net investment income	(.39)	(.44)	(.40)	(.33)	-
Distributions from net realized gain	-	(1.67)	(.98)	(1.40)	-
Total distributions	(.39)	(2.11)	(1.38)	(1.73)	-
Redemption fees added to paid in capital ^D,I	-	-	-	-	-
Net asset value, end of period	$ 22.54	$ 23.91	$ 47.73	$ 36.71	$ 30.68
Total Return ^B,C	(4.01)%	(47.51)%	34.93%	26.45%	11.93%
Ratios to Average Net Assets ^E,H
Expenses before reductions	1.09% ^A	1.05%	.97%	1.00%	.97% ^A
Expenses net of fee waivers, if any	1.09% ^A	1.05%	.97%	1.00%	.97% ^A
Expenses net of all reductions	1.05% ^A	1.01%	.94%	.95%	.90% ^A
Net investment income (loss)	2.08% ^A	1.54%	1.36%	1.49%	1.60% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 183	$ 159	$ 58	$ 28	$ 10
Portfolio turnover rate ^F	102% ^A	79%	56%	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.

^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.

^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, 2009 (Unaudited)

(Amounts in thousands except ratios)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments in open-end mutual funds, including the other 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.

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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 distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Unrealized appreciation	$ 557,250
Unrealized depreciation	(2,047,590)
Net unrealized appreciation (depreciation)	$ (1,490,340)
Cost for federal income tax purposes	$ 9,076,852

4. Operating Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Operating Policies - continued

Delayed Delivery Transactions and When-Issued Securities - continued

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,377,441 and $3,375,638, respectively.

6. Fees and Other Transactions with Affiliates.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 400	$ 32
Class T	.25%	.25%	144	-
Class B	.75%	.25%	64	48
Class C	.75%	.25%	192	42
International Discovery	-%	-%	-	-
Class K	-%	-%	-	-
			$ 800	$ 122

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

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	$ 33
Class T	7
Class B*	19
Class C*	5
	$ 64

* 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 respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. 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 were as follows:

	Amount	% of Average Net Assets*
Class A	$ 507	.32
Class T	91	.32
Class B	20	.32
Class C	58	.30
International Discovery	9,267	.31
Class K	101	.06
Institutional Class	224	.26
	$ 10,268

* Annualized

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $22 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.

9. Bank Borrowings.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

10. 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 $1,285 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, these credits reduced the Fund's custody expense by $6.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
From net investment income
Class A	$ 3,982	$ 3,599
Class T	533	387
Class B	-	67
Class C	30	123
International Discovery	96,783	124,823
Class K	3,616	-
Institutional Class	2,761	575
Total	$ 107,705	$ 129,574
From net realized gain
Class A	$ -	$ 16,423
Class T	-	2,244
Class B	-	719
Class C	-	1,185
International Discovery	-	505,958
Institutional Class	-	2,177
Total	$ -	$ 528,706

^A Distributions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

12. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Class A
Shares sold	2,883	13,337	$ 62,183	$ 505,828
Reinvestment of distributions	132	252	2,786	11,025
Shares redeemed	(4,591)	(6,361)	(97,487)	(213,706)
Net increase (decrease)	(1,576)	7,228	$ (32,518)	$ 303,147

Semiannual Report

12. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008 ^A	Six months ended April 30, 2009	Year ended October 31, 2008 ^A
Class T
Shares sold	697	2,322	$ 14,854	$ 87,236
Reinvestment of distributions	24	59	507	2,571
Shares redeemed	(796)	(800)	(16,573)	(27,654)
Net increase (decrease)	(75)	1,581	$ (1,212)	$ 62,153
Class B
Shares sold	68	487	$ 1,474	$ 18,856
Reinvestment of distributions	-	17	-	721
Shares redeemed	(153)	(228)	(3,152)	(7,554)
Net increase (decrease)	(85)	276	$ (1,678)	$ 12,023
Class C
Shares sold	758	1,350	$ 16,220	$ 51,762
Reinvestment of distributions	1	25	26	1,076
Shares redeemed	(471)	(405)	(9,627)	(13,335)
Net increase (decrease)	288	970	$ 6,619	$ 39,503
International Discovery
Shares sold	32,979	98,885	$ 709,659	$ 3,784,869
Conversion to Class K	(11,617)	(6,197)	(253,755)	(182,264)
Reinvestment of distributions	4,362	13,646	92,471	600,976
Shares redeemed	(48,188)	(110,609)	(1,022,926)	(3,914,448)
Net increase (decrease)	(22,464)	(4,275)	$ (474,551)	$ 289,133
Class K
Shares sold	5,628	215	$ 121,473	$ 6,017
Conversion from International Discovery	11,640	6,197	253,755	182,264
Reinvestment of distributions	171	-	3,616	-
Shares redeemed	(2,623)	(338)	(53,990)	(8,716)
Net increase (decrease)	14,816	6,074	$ 324,854	$ 179,565
Institutional Class
Shares sold	8,310	7,551	$ 176,304	$ 243,799
Reinvestment of distributions	41	42	875	1,852
Shares redeemed	(6,872)	(2,148)	(143,611)	(62,044)
Net increase (decrease)	1,479	5,445	$ 33,568	$ 183,607

^A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

13. Other.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

13. Other - continued

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

FIL Investment Advisors

Fidelity Investments Japan Limited

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

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

AIDI-USAN-0609
1.806664.104

fid1007

Fidelity®
Total International Equity Fund
and
Fidelity
International Growth Fund

Semiannual Report

April 30, 2009

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Fidelity Total International Equity Fund
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to Financial Statements
Fidelity International Growth Fund
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to Financial Statements

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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

Fidelity Total International Equity Fund

Shareholder Expense Example

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.50%
Actual		$ 1,000.00	$ 1,001.90	$ 7.45
Hypothetical^A		$ 1,000.00	$ 1,017.36	$ 7.50
Class T	1.75%
Actual		$ 1,000.00	$ 1,001.00	$ 8.68
Hypothetical^A		$ 1,000.00	$ 1,016.12	$ 8.75
Class B	2.25%
Actual		$ 1,000.00	$ 998.70	$ 11.15
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23
Class C	2.25%
Actual		$ 1,000.00	$ 997.70	$ 11.14
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23
Total International Equity	1.25%
Actual		$ 1,000.00	$ 1,003.10	$ 6.21
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26
Institutional Class	1.25%
Actual		$ 1,000.00	$ 1,003.10	$ 6.21
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26

^A 5% return per year before expenses

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

Semiannual Report

Fidelity Total International Equity Fund

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan 15.6%
	United Kingdom 15.1%
	Switzerland 8.0%
	Germany 7.0%
	United States of America 6.2%
	France 6.0%
	Brazil 3.3%
	South Africa 3.2%
	Canada 2.8%
	Other 32.8%

fid1252

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

As of October 31, 2008
	Japan 14.1%
	United Kingdom 13.8%
	Switzerland 11.0%
	Germany 8.7%
	France 7.2%
	United States of America 6.9%
	Australia 3.6%
	Spain 3.1%
	Italy 2.4%
	Other 29.2%

fid1264

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	98.5	98.4
Short-Term Investments and Net Other Assets	1.5	1.6
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	2.3	3.5
Nestle SA (Reg.) (Switzerland, Food Products)	1.7	3.4
E.ON AG (Germany, Electric Utilities)	1.7	2.8
Toyota Motor Corp. (Japan, Automobiles)	1.6	1.7
Total SA Series B (France, Oil, Gas & Consumable Fuels)	1.6	1.9
Telefonica SA sponsored ADR (Spain, Diversified Telecommunication Services)	1.4	1.4
Royal Dutch Shell PLC Class A (United Kingdom, Oil, Gas & Consumable Fuels)	1.4	2.1
BHP Billiton PLC (United Kingdom, Metals & Mining)	1.4	0.9
Mitsubishi UFJ Financial Group, Inc. (Japan, Commerical Banks)	1.3	1.0
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)	1.3	1.1
	15.7
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	23.7	22.9
Consumer Discretionary	9.9	6.6
Energy	10.0	10.1
Industrials	10.1	8.5
Materials	9.7	7.0
Consumer Staples	8.4	12.9
Health Care	7.7	9.8
Telecommunication Services	7.6	6.7
Information Technology	6.9	7.9
Utilities	4.5	6.0

Semiannual Report

Fidelity Total International Equity Fund

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
Australia - 2.6%
AMP Ltd.	35,175		$ 132,738
CSL Ltd.	7,084		177,290
Macquarie Airports unit	41,945		55,202
Macquarie Group Ltd.	3,378		82,232
Macquarie Infrastructure Group unit	58,602		57,523
QBE Insurance Group Ltd.	5,911		93,651
Sino Gold Mining Ltd. (a)	3,917		15,522
Wesfarmers Ltd.	1,901		31,293
Woolworths Ltd.	10,536		204,695
TOTAL AUSTRALIA			850,146
Austria - 0.1%
Andritz AG	240		8,157
Erste Bank AG	600		12,516
TOTAL AUSTRIA			20,673
Belgium - 1.2%
Anheuser-Busch InBev NV	10,680		326,852
Anheuser-Busch InBev NV (strip VVPR) (a)	6,080		16
Umicore SA	3,100		60,739
TOTAL BELGIUM			387,607
Bermuda - 1.3%
Aquarius Platinum Ltd. (a)	581		2,154
Aquarius Platinum Ltd. (Australia)	5,231		19,398
China Sports International Ltd.	44,000		3,121
Credicorp Ltd. (NY Shares)	300		15,006
Lazard Ltd. Class A	2,000		54,600
Orient Overseas International Ltd.	4,500		12,890
Ports Design Ltd.	86,000		130,596
Seadrill Ltd.	15,700		167,537
TOTAL BERMUDA			405,302
Brazil - 3.3%
B2W Companhia Global Do Varejo	500		7,945
Banco ABC Brasil SA	2,800		8,962
Banco Bradesco SA:
(PN)	5,000		62,187
(PN) sponsored ADR	800		9,824
BM&F BOVESPA SA	20,800		85,599
Braskem SA Class A sponsored ADR	500		2,835
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.)	600		9,030
Common Stocks - continued
	Shares		Value
Brazil - continued
Companhia Siderurgica Nacional SA (CSN) sponsored ADR	1,300		$ 24,076
Companhia Vale do Rio Doce:
(PN-A) sponsored ADR	8,400		115,332
sponsored ADR	4,500		74,295
GVT Holding SA (a)	1,700		22,481
Iguatemi Empresa de Shopping Centers SA	1,700		12,842
Itau Unibanco Banco Multiplo SA ADR	6,470		88,833
Localiza Rent a Car SA	1,700		8,815
Log-in Logistica Intermodal SA	5,500		18,485
MRV Engenharia e Participacoes SA	7,600		75,446
Natura Cosmeticos SA	1,420		16,882
Net Servicos de Comunicacao SA sponsored ADR	2,900		23,606
OGX Petroleo e Gas Participacoes SA	100		42,022
Petroleo Brasileiro SA - Petrobras:
(PN) sponsored ADR (non-vtg.)	3,600		97,128
sponsored ADR	6,700		224,919
Tele Norte Leste Participacoes SA sponsored ADR (non-vtg.)	1,200		18,660
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	2,500		21,850
TOTAL BRAZIL			1,072,054
Canada - 2.8%
Addax Petroleum, Inc.	500		13,761
Agnico-Eagle Mines Ltd. (Canada)	2,360		104,329
Cameco Corp.	2,200		50,517
Canadian Natural Resources Ltd.	1,700		78,372
Eldorado Gold Corp. (a)	1,200		9,534
Fairfax Financial Holdings Ltd.	300		79,346
First Quantum Minerals Ltd.	1,200		46,411
ING Canada, Inc.	800		23,170
Niko Resources Ltd.	1,190		60,226
Petrobank Energy & Resources Ltd. (a)	9,600		206,361
Potash Corp. of Saskatchewan, Inc.	300		25,770
Power Corp. of Canada (sub. vtg.)	2,400		44,872
Sino-Forest Corp. (a)	1,600		13,999
Suncor Energy, Inc.	2,600		65,433
Toronto-Dominion Bank	2,300		90,786
TOTAL CANADA			912,887
Cayman Islands - 0.8%
Bosideng International Holdings Ltd.	26,000		2,101
Chaoda Modern Agriculture (Holdings) Ltd.	168,216		95,118
China Dongxiang Group Co. Ltd.	15,000		7,285
Common Stocks - continued
	Shares		Value
Cayman Islands - continued
China Infrastructure Machinery Holdings Ltd.	24,000		$ 18,082
CNinsure, Inc. ADR (a)	500		3,810
Foxconn International Holdings Ltd. (a)	23,000		14,174
Himax Technologies, Inc. sponsored ADR	3,800		10,298
Integra Group Holdings unit (a)	5,700		9,574
Stella International Holdings Ltd.	14,000		18,550
Subsea 7, Inc. (a)	3,500		26,160
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	900		13,437
Xinao Gas Holdings Ltd.	12,000		16,403
Yingli Green Energy Holding Co. Ltd. ADR (a)	2,300		16,054
TOTAL CAYMAN ISLANDS			251,046
China - 2.0%
Baidu.com, Inc. sponsored ADR (a)	100		23,290
China BlueChemical Ltd. (H shares)	15,000		7,957
China Communications Construction Co. Ltd. (H Shares)	23,000		27,280
China Construction Bank Corp. (H Shares)	141,000		81,402
China Gas Holdings Ltd.	104,000		19,073
China Merchants Bank Co. Ltd. (H Shares)	46,000		82,189
China National Materials Co. Ltd. (a)	16,000		12,163
China Nepstar Chain Drugstore Ltd. ADR	800		4,032
China Shenhua Energy Co. Ltd. (H Shares)	12,000		33,178
China South Locomotive & Rolling Stock Corp. Ltd. (H Shares)	29,000		13,010
China Yurun Food Group Ltd.	16,000		18,950
China Zaino International Ltd.	10,000		1,756
Golden Eagle Retail Group Ltd. (H Shares)	16,000		12,915
Industrial & Commercial Bank of China Ltd.	197,000		112,070
Li Ning Co. Ltd.	9,500		19,441
Nine Dragons Paper (Holdings) Ltd.	97,000		43,904
Parkson Retail Group Ltd.	11,000		13,815
PICC Property & Casualty Co. Ltd. (H Shares) (a)	20,000		11,289
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	9,000		55,597
Tencent Holdings Ltd.	2,800		24,748
ZTE Corp. (H Shares)	6,240		21,037
TOTAL CHINA			639,096
Cyprus - 0.0%
XXI Century Investments Public Ltd. (a)	1,000		489
Czech Republic - 0.1%
Ceske Energeticke Zavody AS	850		35,090
Denmark - 0.7%
Novo Nordisk AS Series B sponsored ADR	2,400		114,024
Common Stocks - continued
	Shares		Value
Denmark - continued
Vestas Wind Systems AS (a)	1,100		$ 71,399
Vestas Wind Systems AS (a)(f)	500		32,992
TOTAL DENMARK			218,415
Egypt - 0.1%
Eastern Tobacco Co.	390		10,730
Orascom Construction Industries SAE	480		13,724
Telecom Egypt SAE	4,500		12,668
TOTAL EGYPT			37,122
Finland - 1.0%
Nokia Corp. sponsored ADR (d)	13,500		190,890
Nokian Tyres PLC	4,802		75,813
Outotec Oyj	1,900		40,284
Poyry Oyj	512		6,361
TOTAL FINLAND			313,348
France - 6.0%
Alstom SA	188		11,716
Audika SA	3,250		78,424
AXA SA sponsored ADR	20,200		347,036
BNP Paribas SA	5,000		263,149
Compagnie de St. Gobain	1,670		59,896
Danone	1,036		49,266
Delachaux SA	791		43,942
GDF Suez (d)	6,181		220,524
Laurent-Perrier Group	410		24,045
Pernod Ricard SA	409		24,152
Pernod Ricard SA rights 4/29/09 (a)	409		1,746
Remy Cointreau SA	1,171		38,592
Saft Groupe SA	580		17,747
Societe Generale Series A	2,200		112,409
Total SA:
Series B	6,600		330,149
sponsored ADR	3,600		178,992
Unibail-Rodamco	1,000		149,086
TOTAL FRANCE			1,950,871
Georgia - 0.1%
Bank of Georgia unit (a)	5,300		21,200
Germany - 7.0%
Allianz AG sponsored ADR	32,300		292,638
Common Stocks - continued
	Shares		Value
Germany - continued
BASF AG	1,600		$ 59,740
Bayer AG	1,900		93,388
Bilfinger Berger AG	250		11,755
Daimler AG	9,600		342,720
Deutsche Bank AG	1,100		57,674
DIC Asset AG	1,200		9,457
E.ON AG	16,500		552,887
GEA Group AG	1,400		18,223
GFK AG	2,100		48,741
Linde AG	800		63,075
Metro AG	800		33,665
Munich Re Group (Reg.)	2,900		396,542
Siemens AG sponsored ADR	2,700		180,711
Software AG (Bearer)	610		37,723
Vossloh AG	560		57,092
TOTAL GERMANY			2,256,031
Greece - 0.4%
Public Power Corp. of Greece	4,600		88,649
Terna Energy SA	8,549		50,953
TOTAL GREECE			139,602
Hong Kong - 2.3%
China Mobile (Hong Kong) Ltd.	9,500		82,035
China Mobile (Hong Kong) Ltd. sponsored ADR	700		30,212
China Overseas Land & Investment Ltd.	65,564		114,194
China Resources Power Holdings Co. Ltd.	6,000		13,445
CNOOC Ltd.	25,000		27,908
CNOOC Ltd. sponsored ADR	460		51,221
CNPC (Hong Kong) Ltd.	30,000		14,885
Hong Kong Exchange & Clearing Ltd.	12,900		148,587
Shanghai Industrial Holdings Ltd. (H Shares)	7,000		23,850
Swire Pacific Ltd. (A Shares)	31,500		246,232
TOTAL HONG KONG			752,569
Hungary - 0.0%
OTP Bank Ltd. (a)	1,100		14,384
India - 1.7%
Bank of Baroda	1,000		6,611
Bharat Heavy Electricals Ltd.	796		26,679
Bharti Airtel Ltd. (a)	16,278		248,092
Educomp Solutions Ltd.	200		10,050
Common Stocks - continued
	Shares		Value
India - continued
Godrej Consumer Products Ltd.	6,000		$ 16,930
Housing Development Finance Corp. Ltd.	800		27,980
Infosys Technologies Ltd.	530		16,217
Infosys Technologies Ltd. sponsored ADR	900		27,729
IVRCL Infrastructures & Projects Ltd.	7,100		22,916
Jain Irrigation Systems Ltd.	2,280		23,081
Pantaloon Retail India Ltd.	5,418		20,809
Pantaloon Retail India Ltd. Class B	341		839
Piramal Healthcare Ltd.	5,000		23,396
Reliance Industries Ltd. GDR (Reg. S) (e)	424		32,309
Rural Electrification Corp. Ltd.	130		272
Satyam Computer Services Ltd. sponsored ADR	100		180
Suzlon Energy Ltd.	20,812		26,865
Tata Power Co. Ltd.	1,000		18,159
Union Bank of India	2,000		6,653
TOTAL INDIA			555,767
Indonesia - 0.4%
PT Bank Central Asia Tbk	105,500		33,264
PT Bank Rakyat Indonesia Tbk	89,500		48,857
PT Perusahaan Gas Negara Tbk Series B	102,000		24,960
PT Telkomunikasi Indonesia Tbk Series B	35,000		25,859
TOTAL INDONESIA			132,940
Ireland - 0.8%
CRH PLC	485		12,605
CRH PLC sponsored ADR	9,100		234,052
Dragon Oil PLC (a)	5,000		18,996
Kerry Group PLC Class A	400		8,196
TOTAL IRELAND			273,849
Israel - 0.8%
Cellcom Israel Ltd.	700		15,253
Israel Chemicals Ltd.	3,000		25,228
Mellanox Technologies Ltd. (a)	800		8,160
Mizrahi Tefahot Bank Ltd.	1,500		8,379
Nice Systems Ltd. sponsored ADR (a)	400		10,244
Partner Communications Co. Ltd. ADR	5,500		89,375
Teva Pharmaceutical Industries Ltd. sponsored ADR	2,100		92,169
TOTAL ISRAEL			248,808
Italy - 2.2%
Azimut Holdings SpA	8,800		61,479
Common Stocks - continued
	Shares		Value
Italy - continued
ENI SpA sponsored ADR	4,000		$ 170,760
Finmeccanica SpA	6,500		91,542
UniCredit SpA	160,700		391,197
TOTAL ITALY			714,978
Japan - 15.6%
Alpen Co. Ltd.	100		1,652
Autobacs Seven Co. Ltd.	2,600		71,092
Daikoku Denki Co. Ltd.	500		5,751
Denso Corp.	9,600		226,991
East Japan Railway Co.	3,800		214,182
Eisai Co. Ltd.	1,000		26,842
Fanuc Ltd.	1,100		79,399
FCC Co. Ltd.	600		7,604
Glory Ltd.	400		7,342
Japan Retail Fund Investment Corp.	7		24,486
JSR Corp.	3,000		36,562
Kamigumi Co. Ltd.	1,000		6,425
Kansai Electric Power Co., Inc.	4,300		87,584
Keyence Corp.	310		54,759
Kobayashi Pharmaceutical Co. Ltd.	3,100		100,861
Konica Minolta Holdings, Inc.	9,000		74,364
Miraca Holdings, Inc.	6,200		126,574
Mitsubishi Estate Co. Ltd.	2,000		26,149
Mitsubishi UFJ Financial Group, Inc.	38,200		208,429
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	38,880		210,730
Mitsui & Co. Ltd.	38,100		404,212
Nagaileben Co. Ltd.	2,100		37,334
NGK Insulators Ltd.	6,200		95,109
Nihon Parkerizing Co. Ltd.	1,000		8,339
Nintendo Co. Ltd.	200		53,840
Nippon Electric Glass Co. Ltd.	3,000		24,419
Nippon Seiki Co. Ltd.	8,000		72,175
Nippon Thompson Co. Ltd.	16,000		69,192
Nitta Corp.	200		2,299
Obic Co. Ltd.	450		61,104
Ohashi Technica, Inc.	300		1,858
ORIX Corp.	890		41,692
Osaka Gas Co. Ltd.	83,000		263,088
Osaka Securities Exchange Co. Ltd.	25		79,422
OSG Corp.	1,200		7,557
Ozeki Co. Ltd.	4,200		104,594
Common Stocks - continued
	Shares		Value
Japan - continued
Pal Co. Ltd.	250		$ 3,827
Promise Co. Ltd.	13,250		175,127
SAZABY, Inc.	300		3,206
Seven & i Holdings Co., Ltd.	1,500		33,904
SHIMANO, Inc.	200		5,918
Shin-Etsu Chemical Co., Ltd.	2,100		102,092
Shiseido Co. Ltd.	4,000		70,244
SHO-BOND Holdings Co. Ltd.	600		10,790
Sony Financial Holdings, Inc.	43		135,322
Sparx Group Co. Ltd.	40		5,246
Sumitomo Corp.	9,600		83,585
Sumitomo Metal Industries Ltd.	30,000		70,294
Sumitomo Mitsui Financial Group, Inc.	5,600		194,264
The Nippon Synthetic Chemical Industry Co. Ltd.	16,000		55,785
THK Co. Ltd.	700		9,711
Toho Holdings Co. Ltd.	800		7,741
Tokuyama Corp.	13,000		77,541
Tokyo Gas Co. Ltd.	20,000		75,843
Toyota Motor Corp.	13,100		518,613
Tsumura & Co.	3,900		106,832
Tsutsumi Jewelry Co. Ltd.	500		8,212
USS Co. Ltd.	3,190		144,595
Xebio Co. Ltd.	4,900		75,307
Yamada Denki Co. Ltd.	3,080		141,905
Yamato Kogyo Co. Ltd.	200		4,544
TOTAL JAPAN			5,044,460
Kazakhstan - 0.2%
JSC Halyk Bank of Kazakhstan unit	13,500		49,950
KazMunaiGas Exploration & Production JSC (Reg. S) GDR	1,300		23,088
TOTAL KAZAKHSTAN			73,038
Korea (South) - 1.4%
GS Engineering & Construction Corp.	374		19,724
Hana Financial Group, Inc.	1,710		29,570
Hyundai Industrial Development & Construction Co.	876		27,418
Hyunjin Materials Co. Ltd.	988		29,880
KT&G Corp.	306		16,904
MegaStudy Co. Ltd.	100		16,980
NHN Corp. (a)	829		100,868
POSCO sponsored ADR	700		53,879
Samsung Electronics Co. Ltd.	198		91,718
Common Stocks - continued
	Shares		Value
Korea (South) - continued
Shinhan Financial Group Co. Ltd.	549		$ 13,635
Shinhan Financial Group Co. Ltd. sponsored ADR	800		39,480
TOTAL KOREA (SOUTH)			440,056
Luxembourg - 0.3%
ArcelorMittal SA:
(Netherlands)	1,600		37,469
(NY Shares) Class A	2,300		54,234
Evraz Group SA GDR	1,000		13,150
TOTAL LUXEMBOURG			104,853
Malaysia - 0.0%
DiGi.com Bhd	2,400		15,034
Mexico - 1.7%
America Movil SAB de CV Series L sponsored ADR	8,350		274,298
Cemex SA de CV sponsored ADR	5,800		43,384
Fomento Economico Mexicano SAB de CV sponsored ADR	2,600		73,606
Grupo Televisa SA de CV (CPO) sponsored ADR	1,700		26,316
Telmex Internacional SAB de CV Series L ADR	1,300		13,494
Wal-Mart de Mexico SA de CV Series V	45,200		123,268
TOTAL MEXICO			554,366
Netherlands - 1.7%
Aalberts Industries NV	800		6,106
ASML Holding NV (NY Shares)	10,150		214,673
Gemalto NV (a)	2,300		72,402
Heineken NV (Bearer)	1,000		29,708
James Hardie Industries NV sponsored ADR	400		6,524
Koninklijke KPN NV	12,300		147,835
QIAGEN NV (a)	4,100		67,568
TOTAL NETHERLANDS			544,816
Norway - 0.9%
Det Norske Oljeselskap ASA (DNO) (A Shares) (a)	6,000		5,068
DnB Nor ASA	20,400		126,955
Orkla ASA (A Shares)	17,000		121,686
Petroleum Geo-Services ASA (a)	6,800		32,892
TOTAL NORWAY			286,601
Common Stocks - continued
	Shares		Value
Papua New Guinea - 0.4%
Lihir Gold Ltd. sponsored ADR (a)	3,750		$ 80,250
Oil Search Ltd.	12,335		46,010
TOTAL PAPUA NEW GUINEA			126,260
Peru - 0.1%
Compania de Minas Buenaventura SA sponsored ADR	800		16,928
Philippines - 0.4%
Jollibee Food Corp.	55,200		52,790
Philippine Long Distance Telephone Co.	300		13,628
Philippine Long Distance Telephone Co. sponsored ADR	1,600		73,392
TOTAL PHILIPPINES			139,810
Russia - 0.7%
Bank St. Petersburg OJSC	700		598
Lukoil Oil Co. sponsored ADR	1,300		57,356
OAO Gazprom sponsored ADR	3,780		66,906
OJSC MMC Norilsk Nickel sponsored ADR	3,000		24,750
OJSC Oil Company Rosneft GDR (Reg. S)	6,400		33,017
Sberbank (Savings Bank of the Russian Federation) GDR	190		26,693
TOTAL RUSSIA			209,320
Singapore - 1.1%
DBS Group Holdings Ltd.	27,000		173,252
Keppel Land Ltd.	27,000		31,368
Singapore Exchange Ltd.	27,000		114,347
Wing Tai Holdings Ltd.	51,000		30,314
TOTAL SINGAPORE			349,281
South Africa - 3.2%
Absa Group Ltd.	1,473		16,993
African Bank Investments Ltd.	2,600		8,241
African Rainbow Minerals Ltd.	13,463		181,945
AngloGold Ashanti Ltd. sponsored ADR	800		24,640
Aspen Pharmacare Holdings Ltd.	2,100		10,659
Exxaro Resources Ltd.	2,300		16,867
FirstRand Ltd.	16,900		25,822
Harmony Gold Mining Co. Ltd. sponsored ADR (a)	1,900		17,708
Impala Platinum Holdings Ltd.	6,900		131,878
Imperial Holdings Ltd.	1,489		9,543
JSE Ltd.	9,800		60,165
Lewis Group Ltd.	1,600		7,902
Mr. Price Group Ltd.	26,600		81,445
Common Stocks - continued
	Shares		Value
South Africa - continued
MTN Group Ltd.	26,303		$ 341,598
Mvelaphanda Resources Ltd. (a)	3,422		12,434
Naspers Ltd. Class N	900		18,346
New Clicks Holdings Ltd.	4,600		8,873
Sasol Ltd. sponsored ADR	900		27,099
Shoprite Holdings Ltd.	2,700		16,180
TOTAL SOUTH AFRICA			1,018,338
Spain - 2.5%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR	3,759		40,672
Banco Santander SA	4,300		40,854
Grifols SA	6,549		114,890
Inditex SA	1,900		80,990
Prosegur Comp Securidad SA (Reg.)	2,291		65,407
Telefonica SA sponsored ADR	8,140		458,201
TOTAL SPAIN			801,014
Sweden - 0.7%
H&M Hennes & Mauritz AB (B Shares)	2,900		129,086
Swedish Match Co.	4,500		64,205
Telefonaktiebolaget LM Ericsson (B Shares)	4,800		40,764
TOTAL SWEDEN			234,055
Switzerland - 8.0%
ABB Ltd. sponsored ADR	6,200		88,164
Actelion Ltd. (Reg.) (a)	2,085		94,967
Bank Sarasin & Co. Ltd. Series B (Reg.)	4,815		114,750
Credit Suisse Group sponsored ADR	1,800		68,904
EFG International	7,440		89,987
Nestle SA (Reg.)	17,283		563,221
Novartis AG sponsored ADR	4,700		178,177
Roche Holding AG (participation certificate)	5,978		753,639
Sonova Holding AG	3,341		216,128
Transocean Ltd. (a)	2,220		149,806
Zurich Financial Services AG (Reg.)	1,397		259,537
TOTAL SWITZERLAND			2,577,280
Taiwan - 0.8%
Acer, Inc.	5,000		9,553
Asia Cement Corp.	20,000		20,586
Hon Hai Precision Industry Co. Ltd. (Foxconn)	39,100		112,844
HTC Corp.	2,600		35,196
Innolux Display Corp.	31,900		35,167
Common Stocks - continued
	Shares		Value
Taiwan - continued
Powertech Technology, Inc.	5,500		$ 11,454
Taiwan Mobile Co. Ltd.	10,000		15,785
Taiwan Semiconductor Manufacturing Co. Ltd.	7,000		11,842
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	1,000		10,570
TOTAL TAIWAN			262,997
Thailand - 0.2%
PTT Exploration & Production PCL (For. Reg.)	7,100		20,826
Siam Commercial Bank PCL (For. Reg.)	28,100		47,981
TOTAL THAILAND			68,807
Turkey - 0.7%
Anadolu Efes Biracilik ve Malt Sanyii AS	15,330		109,209
Asya Katilim Bankasi AS	12,200		11,664
Coca-Cola Icecek AS	3,350		15,805
Enka Insaat ve Sanayi AS	4,450		19,049
Tupras-Turkiye Petrol Rafinerileri AS	3,500		34,995
Turkiye Garanti Bankasi AS (a)	12,200		25,616
TOTAL TURKEY			216,338
United Kingdom - 15.1%
Aberdeen Asset Management PLC	28,700		55,636
Aegis Group PLC	32,400		43,359
Anglo American PLC (United Kingdom)	2,942		63,283
AstraZeneca PLC (United Kingdom)	2,000		70,005
Autonomy Corp. PLC (a)	4,715		98,880
Babcock International Group PLC	1,200		7,695
BAE Systems PLC	40,000		210,331
Begbies Traynor Group PLC	3,400		5,567
BG Group PLC	17,400		277,737
BHP Billiton PLC	2,300		47,719
BHP Billiton PLC ADR (d)	9,600		401,664
Bovis Homes Group PLC	11,748		79,531
BP PLC sponsored ADR	1,500		63,690
British American Tobacco PLC sponsored ADR	1,400		68,068
Cairn Energy PLC (a)	300		9,402
Cobham PLC	22,500		58,268
Derwent London PLC	600		7,388
easyJet PLC (a)	15,100		70,171
Great Portland Estates PLC	9,100		41,029
H&T Group PLC	2,700		7,750
HSBC Holdings PLC (United Kingdom) (Reg.)	12,130		86,230
Imperial Tobacco Group PLC	700		15,965
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Informa PLC	24,000		$ 104,858
InterContinental Hotel Group PLC ADR	600		5,682
Johnson Matthey PLC	4,200		74,139
Man Group PLC	62,975		232,685
Misys PLC	41,300		84,262
Persimmon PLC	15,900		88,652
Prudential PLC	29,800		171,217
Randgold Resources Ltd. sponsored ADR	300		14,520
Reckitt Benckiser Group PLC	4,900		192,278
Rio Tinto PLC:
(Reg.)	2,300		93,417
sponsored ADR	990		161,321
Royal Dutch Shell PLC:
Class A (United Kingdom)	4,800		110,467
Class A sponsored ADR	7,500		342,600
Serco Group PLC	34,600		186,602
Shaftesbury PLC	9,500		48,985
Spirax-Sarco Engineering PLC	6,384		80,404
SSL International PLC	4,000		28,033
Standard Chartered PLC:
(Hong Kong)	950		14,301
(United Kingdom)	13,700		211,850
Ted Baker PLC	12,075		65,901
Tesco PLC	24,900		123,329
Ultra Electronics Holdings PLC	900		15,774
Victrex PLC	8,018		63,335
Vodafone Group PLC	33,100		60,814
Vodafone Group PLC sponsored ADR	18,800		344,980
Wolseley PLC	2,496		44,748
WPP PLC	15,200		103,959
Xstrata PLC	1,600		14,101
TOTAL UNITED KINGDOM			4,872,582
United States of America - 4.7%
Advanced Energy Industries, Inc. (a)	9,381		79,082
Airgas, Inc.	1,080		46,570
Allergan, Inc.	1,400		65,324
Autoliv, Inc.	3,600		88,812
Berkshire Hathaway, Inc. Class B (a)	29		88,885
CTC Media, Inc. (a)	1,600		12,544
CyberSource Corp. (a)	7,800		113,958
Dril-Quip, Inc. (a)	130		4,469
Common Stocks - continued
	Shares		Value
United States of America - continued
FMC Technologies, Inc. (a)	950		$ 32,519
Freeport-McMoRan Copper & Gold, Inc. Class B	500		21,325
Gilead Sciences, Inc. (a)	1,000		45,800
Goldman Sachs Group, Inc.	500		64,250
Juniper Networks, Inc. (a)	3,000		64,950
Martin Marietta Materials, Inc.	600		50,418
MasterCard, Inc. Class A	300		55,035
Mohawk Industries, Inc. (a)	2,740		129,629
Philip Morris International, Inc.	1,700		61,540
Pricesmart, Inc.	7,495		133,786
Varian Semiconductor Equipment Associates, Inc. (a)	3,400		87,006
Visa, Inc.	4,360		283,226
TOTAL UNITED STATES OF AMERICA			1,529,128
TOTAL COMMON STOCKS (Cost $44,138,448)		31,689,636
Nonconvertible Preferred Stocks - 0.4%

Italy - 0.4%
Fiat SpA (Risparmio Shares)	5,300		32,000
Telecom Italia SpA (Risparmio Shares)	104,200		93,064
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $178,595)		125,064
Money Market Funds - 1.6%

Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) (Cost $512,575)	512,575		512,575
Cash Equivalents - 1.2%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 0.15%, dated 4/30/09 due 5/1/09 (Collateralized by U.S. Government Obligations) # (Cost $385,000)	$ 385,002		$ 385,000
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $45,214,618)			32,712,275
NET OTHER ASSETS - (1.3)%			(432,258)
NET ASSETS - 100%		$ 32,280,017

Legend

(a) Non-income producing

(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 $32,309 or 0.1% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Vestas Wind Systems AS	4/29/09	$ 28,726

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

Repurchase Agreement / Counterparty	Value
$385,000 due 5/01/09 at 0.15%
BNP Paribas Securities Corp.	$ 68,285
Barclays Capital, Inc.	10,923
Credit Suisse Securities (USA) LLC	14,188
Deutsche Bank Securities, Inc.	144,189
HSBC Securities (USA), Inc.	109,233
Mizuho Securities USA, Inc.	10,923
Societe Generale, New York Branch	27,259
	$ 385,000

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 Securities Lending Cash Central Fund	$ 2,412

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 32,712,275	$ 12,928,396	$ 19,783,879	$ -

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 16,955
Total Realized Gain (Loss)	(71,038)
Total Unrealized Gain (Loss)	64,053
Cost of Purchases	-
Proceeds of Sales	(9,970)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $10,058,675 all of which will expire on October 31, 2016.

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

Semiannual Report

Fidelity Total International Equity Fund

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $502,951 and repurchase agreements of $385,000) - See accompanying schedule: Unaffiliated issuers (cost $44,702,043)	$ 32,199,700
Fidelity Central Funds (cost $512,575)	512,575
Total Investments (cost $45,214,618)		$ 32,712,275
Foreign currency held at value (cost $84)		84
Receivable for investments sold		387,098
Receivable for fund shares sold		27,231
Dividends receivable		219,594
Distributions receivable from Fidelity Central Funds		2,465
Prepaid expenses		300
Receivable from investment adviser for expense reductions		8,364
Other receivables		1,931
Total assets		33,359,342

Liabilities
Payable to custodian bank	$ 55,082
Payable for investments purchased	411,303
Payable for fund shares redeemed	14,443
Accrued management fee	16,693
Distribution fees payable	5,297
Other affiliated payables	8,925
Other payables and accrued expenses	55,007
Collateral on securities loaned, at value	512,575
Total liabilities		1,079,325

Net Assets		$ 32,280,017
Net Assets consist of:
Paid in capital		$ 71,804,810
Undistributed net investment income		199,203
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(27,217,939)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(12,506,057)
Net Assets		$ 32,280,017

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

Semiannual Report

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($4,357,364 ÷ 910,388 shares)		$ 4.79

Maximum offering price per share (100/94.25 of $4.79)		$ 5.08
Class T: Net Asset Value and redemption price per share ($2,074,308 ÷ 432,783 shares)		$ 4.79

Maximum offering price per share (100/96.50 of $4.79)		$ 4.96
Class B: Net Asset Value and offering price per share ($1,972,142 ÷ 411,049 shares)^A		$ 4.80

Class C: Net Asset Value and offering price per share ($2,236,713 ÷ 466,751 shares)^A		$ 4.79

Total International Equity: Net Asset Value, offering price and redemption price per share ($19,625,331 ÷ 4,100,098 shares)		$ 4.79

Institutional Class: Net Asset Value, offering price and redemption price per share ($2,014,159 ÷ 420,779 shares)		$ 4.79

^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

Fidelity Total International Equity Fund

Financial Statements - continued

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 552,764
Interest		603
Income from Fidelity Central Funds		2,412
		555,779
Less foreign taxes withheld		(53,608)
Total income		502,171

Expenses
Management fee Basic fee	$ 120,423
Performance adjustment	(14,014)
Transfer agent fees	46,749
Distribution fees	34,387
Accounting and security lending fees	8,812
Custodian fees and expenses	77,834
Independent trustees' compensation	134
Registration fees	30,797
Audit	38,794
Legal	1,006
Miscellaneous	367
Total expenses before reductions	345,289
Expense reductions	(105,181)	240,108
Net investment income (loss)		262,063
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(16,374,849)
Foreign currency transactions	(21,381)
Total net realized gain (loss)		(16,396,230)
Change in net unrealized appreciation (depreciation) on: Investment securities	15,540,519
Assets and liabilities in foreign currencies	(1,214)
Total change in net unrealized appreciation (depreciation)		15,539,305
Net gain (loss)		(856,925)
Net increase (decrease) in net assets resulting from operations		$ (594,862)

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

Semiannual Report

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	For the period November 1, 2007 (commencement of operations) to October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 262,063	$ 857,641
Net realized gain (loss)	(16,396,230)	(10,866,711)
Change in net unrealized appreciation (depreciation)	15,539,305	(28,045,362)
Net increase (decrease) in net assets resulting from operations	(594,862)	(38,054,432)
Distributions to shareholders from net investment income	(859,670)	(15,829)
Share transactions - net increase (decrease)	(6,029,281)	77,824,722
Redemption fees	1,587	7,782
Total increase (decrease) in net assets	(7,482,226)	39,762,243

Net Assets
Beginning of period	39,762,243	-
End of period (including undistributed net investment income of $199,203 and undistributed net investment income of $796,810, respectively)	$ 32,280,017	$ 39,762,243

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.90	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.03	.11
Net realized and unrealized gain (loss)	(.03)	(5.21)
Total from investment operations	-	(5.10)
Distributions from net investment income	(.11)	-
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 4.79	$ 4.90
Total Return ^{B, C, D}	.19%	(51.00)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.10% ^A	2.00%
Expenses net of fee waivers, if any	1.50% ^A	1.50%
Expenses net of all reductions	1.48% ^A	1.48%
Net investment income (loss)	1.52% ^A	1.35%
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,357	$ 5,944
Portfolio turnover rate ^G	99% ^A	91%

^A Annualized

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

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

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

^E Calculated based on average shares outstanding during the period.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.03	.09
Net realized and unrealized gain (loss)	(.03)	(5.21)
Total from investment operations	-	(5.12)
Distributions from net investment income	(.09)	-
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 4.79	$ 4.88
Total Return ^{B, C, D}	.10%	(51.20)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.34% ^A	2.42%
Expenses net of fee waivers, if any	1.75% ^A	1.75%
Expenses net of all reductions	1.73% ^A	1.73%
Net investment income (loss)	1.27% ^A	1.10%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,074	$ 2,567
Portfolio turnover rate ^G	99% ^A	91%

^A Annualized

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

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

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

^E Calculated based on average shares outstanding during the period.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.86	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.02	.05
Net realized and unrealized gain (loss)	(.03)	(5.19)
Total from investment operations	(.01)	(5.14)
Distributions from net investment income	(.05)	-
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 4.80	$ 4.86
Total Return ^{B, C, D}	(.13)%	(51.40)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.83% ^A	2.92%
Expenses net of fee waivers, if any	2.25% ^A	2.25%
Expenses net of all reductions	2.23% ^A	2.24%
Net investment income (loss)	.77% ^A	.60%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,972	$ 2,505
Portfolio turnover rate ^G	99% ^A	91%

^A Annualized

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

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

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

^E Calculated based on average shares outstanding during the period.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.86	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.02	.05
Net realized and unrealized gain (loss)	(.04)	(5.19)
Total from investment operations	(.02)	(5.14)
Distributions from net investment income	(.05)	-
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 4.79	$ 4.86
Total Return ^{B, C, D}	(.23)%	(51.40)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.87% ^A	2.92%
Expenses net of fee waivers, if any	2.25% ^A	2.25%
Expenses net of all reductions	2.23% ^A	2.23%
Net investment income (loss)	.77% ^A	.60%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,237	$ 2,787
Portfolio turnover rate ^G	99% ^A	91%

^A Annualized

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

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

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

^E Calculated based on average shares outstanding during the period.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Total International Equity

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 4.91	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.04	.13
Net realized and unrealized gain (loss)	(.04)	(5.21)
Total from investment operations	-	(5.08)
Distributions from net investment income	(.12)	(.01)
Redemption fees added to paid in capital ^{D, I}	-	-
Net asset value, end of period	$ 4.79	$ 4.91
Total Return ^{B, C}	.31%	(50.87)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	1.87% ^A	1.89%
Expenses net of fee waivers, if any	1.25% ^A	1.25%
Expenses net of all reductions	1.23% ^A	1.23%
Net investment income (loss)	1.77% ^A	1.60%
Supplemental Data
Net assets, end of period (000 omitted)	$ 19,625	$ 23,226
Portfolio turnover rate ^F	99% ^A	91%

^A Annualized

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

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

^D Calculated based on average shares outstanding during the period.

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

^G For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 4.91	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.04	.13
Net realized and unrealized gain (loss)	(.04)	(5.21)
Total from investment operations	-	(5.08)
Distributions from net investment income	(.12)	(.01)
Redemption fees added to paid in capital ^{D, I}	-	-
Net asset value, end of period	$ 4.79	$ 4.91
Total Return ^{B, C}	.31%	(50.87)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	1.81% ^A	1.91%
Expenses net of fee waivers, if any	1.25% ^A	1.25%
Expenses net of all reductions	1.23% ^A	1.23%
Net investment income (loss)	1.77% ^A	1.60%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,014	$ 2,733
Portfolio turnover rate ^F	99% ^A	91%

^A Annualized

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

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

^D Calculated based on average shares outstanding during the period.

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

^G For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009 (Unaudited)

1. Organization.

Fidelity Total International Equity 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, Total International Equity, 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.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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 distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

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	$ 1,449,464
Unrealized depreciation	(14,999,655)
Net unrealized appreciation (depreciation)	$ (13,550,191)
Cost for federal income tax purposes	$ 46,262,466

Semiannual Report

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $16,547,794 and $23,012,899, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over the 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, Total International Equity as compared to an appropriate benchmark index. The Fund's performance adjustment took effect in November 2008. Subsequent months will be added until the performance period includes 36 months. For the period, the total

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

annualized management fee rate, including the performance adjustment, was .64% of the Fund's average net assets.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 6,276	$ 2,016
Class T	.25%	.25%	5,522	5,122
Class B	.75%	.25%	10,626	10,523
Class C	.75%	.25%	11,963	11,122
			$ 34,387	$ 28,783

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

	Retained by FDC
Class A	$ 1,514
Class T	175
Class B*	276
Class C*	43
	$ 2,008

* 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

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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 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 were as follows:

	Amount	% of Average Net Assets*
Class A	$ 6,419	.26
Class T	2,883	.26
Class B	2,672	.25
Class C	3,487	.29
Total International Equity	28,700	.29
Institutional Class	2,588	.23
	$ 46,749

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $110 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Security Lending - continued

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 $2,412.

9. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.50%	$ 14,868
Class T	1.75%	6,483
Class B	2.25%	6,139
Class C	2.25%	7,403
Total International Equity	1.25%	60,235
Institutional Class	1.25%	6,225
		$ 101,353

Semiannual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008
From net investment income
Class A	$ 131,963	$ -
Class T	45,379	-
Class B	24,856	-
Class C	30,949	-
Total International Equity	560,888	13,264
Institutional Class	65,635	2,565
Total	$ 859,670	$ 15,829

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008
Class A
Shares sold	241,063	1,253,571	$ 1,091,461	$ 11,409,450
Reinvestment of distributions	30,531	-	130,977	-
Shares redeemed	(575,420)	(39,357)	(2,564,493)	(262,908)
Net increase (decrease)	(303,826)	1,214,214	$ (1,342,055)	$ 11,146,542
Class T
Shares sold	20,450	536,757	$ 88,186	$ 5,311,723
Reinvestment of distributions	10,553	-	45,379	-
Shares redeemed	(123,821)	(11,156)	(552,742)	(95,096)
Net increase (decrease)	(92,818)	525,601	$ (419,177)	$ 5,216,627
Class B
Shares sold	7,984	516,780	$ 36,162	$ 5,142,958
Reinvestment of distributions	5,760	-	24,827	-
Shares redeemed	(118,291)	(1,184)	(527,935)	(8,679)
Net increase (decrease)	(104,547)	515,596	$ (466,946)	$ 5,134,279

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008
Class C
Shares sold	35,456	576,912	$ 158,699	$ 5,653,538
Reinvestment of distributions	7,163	-	30,872	-
Shares redeemed	(149,371)	(3,409)	(661,810)	(27,077)
Net increase (decrease)	(106,752)	573,503	$ (472,239)	$ 5,626,461
Total International Equity
Shares sold	905,974	7,339,025	$ 4,093,508	$ 65,416,828
Reinvestment of distributions	124,381	1,313	533,594	12,459
Shares redeemed	(1,664,986)	(2,605,609)	(7,350,175)	(20,217,092)
Net increase (decrease)	(634,631)	4,734,729	$ (2,723,073)	$ 45,212,195
Institutional Class
Shares sold	2,987	559,428	$ 13,456	$ 5,503,211
Reinvestment of distributions	15,268	270	65,500	2,565
Shares redeemed	(154,496)	(2,678)	(684,747)	(17,158)
Net increase (decrease)	(136,241)	557,020	$ (605,791)	$ 5,488,618

12. Other.

At the end of the period, FMR or its affiliates were the owners of record of 29% of the total outstanding shares of the Fund.

Semiannual Report

Fidelity International Growth Fund

Shareholder Expense Example

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Fidelity International Growth Fund

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.50%
Actual		$ 1,000.00	$ 982.60	$ 7.37
Hypothetical^A		$ 1,000.00	$ 1,017.36	$ 7.50
Class T	1.75%
Actual		$ 1,000.00	$ 982.10	$ 8.60
Hypothetical^A		$ 1,000.00	$ 1,016.12	$ 8.75
Class B	2.25%
Actual		$ 1,000.00	$ 979.70	$ 11.04
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23
Class C	2.25%
Actual		$ 1,000.00	$ 979.70	$ 11.04
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23
International Growth	1.25%
Actual		$ 1,000.00	$ 983.50	$ 6.15
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26
Institutional Class	1.25%
Actual		$ 1,000.00	$ 983.50	$ 6.15
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26

^A 5% return per year before expenses

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

Semiannual Report

Fidelity International Growth Fund

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	United Kingdom 18.3%
	Japan 14.7%
	Switzerland 11.5%
	United States of America 10.7%
	France 5.2%
	Australia 3.7%
	Spain 3.6%
	Germany 3.5%
	South Africa 3.2%
	Other 25.6%

fid1276

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

As of October 31, 2008
	Switzerland 18.2%
	United Kingdom 16.4%
	United States of America 13.1%
	Japan 10.2%
	Australia 6.7%
	Germany 5.9%
	France 4.6%
	Spain 3.8%
	Netherlands 2.9%
	Other 18.2%

fid1289

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	99.3	99.1
Short-Term Investments and Net Other Assets	0.7	0.9
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Nestle SA (Reg.) (Switzerland, Food Products)	4.0	7.7
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	3.1	4.8
BHP Billiton PLC ADR (United Kingdom, Metals & Mining)	3.1	2.1
Anheuser-Busch InBev NV (Belgium, Beverages)	2.5	0.0
Total SA Series B (France, Oil, Gas & Consumable Fuels)	2.4	0.0
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels)	2.1	1.4
Visa, Inc. (United States of America, IT Services)	2.1	2.1
Telefonica SA sponsored ADR (Spain, Diversified Telecommunication Services)	2.1	1.8
Woolworths Ltd. (Australia, Food & Staples Retailing)	1.6	2.6
ASML Holding NV (NY Shares) (Netherlands, Semiconductors & Semiconductor Equipment)	1.5	1.8
	24.5
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Staples	16.8	25.0
Financials	14.4	12.2
Health Care	11.7	17.6
Materials	11.9	7.3
Consumer Discretionary	9.2	3.6
Information Technology	8.8	10.6
Energy	8.3	2.6
Industrials	8.0	8.0
Telecommunication Services	6.7	7.1
Utilities	3.5	5.1

Semiannual Report

Fidelity International Growth Fund

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
Australia - 3.7%
CSL Ltd.	8,525		$ 213,353
QBE Insurance Group Ltd.	7,461		118,208
Woolworths Ltd.	12,612		245,027
TOTAL AUSTRALIA			576,588
Belgium - 2.9%
Anheuser-Busch InBev NV (d)	12,700		388,672
Anheuser-Busch InBev NV (strip VVPR) (a)	6,400		17
Umicore SA	2,900		56,820
TOTAL BELGIUM			445,509
Bermuda - 1.4%
Lazard Ltd. Class A	2,100		57,330
Ports Design Ltd.	75,500		114,652
Seadrill Ltd.	3,800		40,550
TOTAL BERMUDA			212,532
Brazil - 2.6%
BM&F BOVESPA SA	19,500		80,249
Companhia Vale do Rio Doce sponsored ADR	5,300		87,503
Itau Unibanco Banco Multiplo SA ADR	3,800		52,174
MRV Engenharia e Participacoes SA	7,600		75,446
Petroleo Brasileiro SA - Petrobras sponsored ADR	3,500		117,495
TOTAL BRAZIL			412,867
Canada - 2.0%
Agnico-Eagle Mines Ltd. (Canada)	2,500		110,518
Fairfax Financial Holdings Ltd.	240		63,477
Niko Resources Ltd.	1,100		55,671
Petrobank Energy & Resources Ltd. (a)	4,100		88,133
TOTAL CANADA			317,799
Denmark - 1.1%
Novo Nordisk AS Series B sponsored ADR	2,800		133,028
Vestas Wind Systems AS (a)(e)	500		32,992
TOTAL DENMARK			166,020
Finland - 1.6%
Nokia Corp. sponsored ADR	10,200		144,228
Nokian Tyres PLC	4,900		77,361
Outotec Oyj	1,600		33,923
TOTAL FINLAND			255,512
Common Stocks - continued
	Shares		Value
France - 5.2%
Alstom SA	310		$ 19,320
Audika SA	2,850		68,772
Danone (d)	1,195		56,827
Delachaux SA	709		39,386
GDF Suez (d)	5,102		182,028
Laurent-Perrier Group	447		26,215
Remy Cointreau SA	1,204		39,680
Total SA Series B	7,400		370,167
TOTAL FRANCE			802,395
Germany - 3.5%
Bayer AG	2,300		113,049
E.ON AG	3,300		110,577
Linde AG	1,000		78,844
Siemens AG sponsored ADR (d)	3,200		214,176
Vossloh AG	300		30,585
TOTAL GERMANY			547,231
Greece - 0.3%
Terna Energy SA	8,700		51,853
Hong Kong - 1.1%
Hong Kong Exchange & Clearing Ltd.	14,300		164,713
India - 1.4%
Bharti Airtel Ltd. (a)	14,427		219,881
Ireland - 0.6%
CRH PLC sponsored ADR	3,600		92,592
Israel - 0.5%
Partner Communications Co. Ltd. ADR	5,000		81,250
Italy - 0.4%
Azimut Holdings SpA	8,200		57,287
Japan - 14.7%
Autobacs Seven Co. Ltd.	2,200		60,155
Denso Corp.	6,400		151,327
East Japan Railway Co.	1,800		101,455
Fanuc Ltd.	1,400		101,053
Kansai Electric Power Co., Inc.	5,100		103,879
Keyence Corp.	420		74,189
Kobayashi Pharmaceutical Co. Ltd.	2,300		74,832
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	40,300		218,426
Nagaileben Co. Ltd.	2,000		35,556
NGK Insulators Ltd.	4,000		61,361
Common Stocks - continued
	Shares		Value
Japan - continued
Nintendo Co. Ltd.	200		$ 53,840
Nippon Seiki Co. Ltd.	8,000		72,175
Nippon Thompson Co. Ltd.	14,000		60,543
Osaka Securities Exchange Co. Ltd.	17		54,007
Ozeki Co. Ltd.	4,300		107,084
Promise Co. Ltd. (d)	7,700		101,772
Shin-Etsu Chemical Co., Ltd.	2,600		126,399
Shiseido Co. Ltd.	5,000		87,804
Sony Financial Holdings, Inc.	50		157,351
Sumitomo Mitsui Financial Group, Inc.	5,100		176,919
The Nippon Synthetic Chemical Industry Co. Ltd.	16,000		55,785
Tokyo Gas Co. Ltd.	23,000		87,220
Tsumura & Co.	3,000		82,178
USS Co. Ltd.	1,750		79,323
TOTAL JAPAN			2,284,633
Korea (South) - 0.5%
NHN Corp. (a)	595		72,396
Luxembourg - 0.4%
ArcelorMittal SA (NY Shares) Class A	2,500		58,950
Mexico - 2.2%
America Movil SAB de CV Series L sponsored ADR	3,600		118,260
Cemex SA de CV sponsored ADR	6,000		44,880
Fomento Economico Mexicano SAB de CV sponsored ADR	2,000		56,620
Wal-Mart de Mexico SA de CV Series V	42,600		116,178
TOTAL MEXICO			335,938
Netherlands - 2.4%
ASML Holding NV (NY Shares)	11,300		238,995
Koninklijke KPN NV	5,800		69,711
QIAGEN NV (a)	3,600		59,328
TOTAL NETHERLANDS			368,034
Papua New Guinea - 0.7%
Lihir Gold Ltd. sponsored ADR (a)	3,600		77,040
Oil Search Ltd.	8,155		30,418
TOTAL PAPUA NEW GUINEA			107,458
Philippines - 0.3%
Jollibee Food Corp.	53,800		51,451
Singapore - 1.0%
Keppel Land Ltd.	27,000		31,368
Common Stocks - continued
	Shares		Value
Singapore - continued
Singapore Exchange Ltd.	23,000		$ 97,406
Wing Tai Holdings Ltd.	54,000		32,097
TOTAL SINGAPORE			160,871
South Africa - 3.2%
African Rainbow Minerals Ltd.	12,039		162,700
JSE Ltd.	9,800		60,165
Mr. Price Group Ltd.	21,300		65,217
MTN Group Ltd.	16,700		216,883
TOTAL SOUTH AFRICA			504,965
Spain - 3.6%
Grifols SA	5,663		99,347
Inditex SA	2,200		93,778
Prosegur Comp Securidad SA (Reg.)	1,700		48,534
Telefonica SA sponsored ADR	5,700		320,853
TOTAL SPAIN			562,512
Sweden - 1.4%
H&M Hennes & Mauritz AB (B Shares)	3,500		155,793
Swedish Match Co.	4,000		57,071
TOTAL SWEDEN			212,864
Switzerland - 11.5%
ABB Ltd. sponsored ADR	7,400		105,228
Actelion Ltd. (Reg.) (a)	2,180		99,294
Bank Sarasin & Co. Ltd. Series B (Reg.)	3,268		77,882
Credit Suisse Group sponsored ADR	2,300		88,044
Nestle SA (Reg.)	18,940		617,218
Novartis AG sponsored ADR	5,700		216,087
Roche Holding AG (participation certificate)	3,830		482,852
Sonova Holding AG	1,479		95,676
TOTAL SWITZERLAND			1,782,281
Turkey - 0.8%
Anadolu Efes Biracilik ve Malt Sanyii AS	11,800		84,062
Tupras-Turkiye Petrol Rafinerileri AS	3,500		34,995
TOTAL TURKEY			119,057
United Kingdom - 18.3%
Aberdeen Asset Management PLC	26,600		51,565
Autonomy Corp. PLC (a)	3,600		75,497
BAE Systems PLC	29,600		155,645
Common Stocks - continued
	Shares		Value
United Kingdom - continued
BG Group PLC	20,700		$ 330,411
BHP Billiton PLC ADR (d)	11,400		476,976
Bovis Homes Group PLC	9,300		62,959
BP PLC sponsored ADR	1,700		72,182
British American Tobacco PLC sponsored ADR	1,600		77,792
Cobham PLC	20,800		53,865
Great Portland Estates PLC	7,600		34,266
Informa PLC	8,200		35,826
Johnson Matthey PLC	4,100		72,373
Man Group PLC	14,737		54,451
Persimmon PLC	15,300		85,307
Reckitt Benckiser Group PLC	5,800		227,595
Rio Tinto PLC sponsored ADR (d)	1,150		187,393
Royal Dutch Shell PLC Class A (United Kingdom)	5,700		131,180
Serco Group PLC	30,800		166,109
Shaftesbury PLC	8,700		44,860
Spirax-Sarco Engineering PLC	3,300		41,562
Standard Chartered PLC (United Kingdom)	9,800		151,542
Ted Baker PLC	12,300		67,129
Tesco PLC	24,700		122,338
Victrex PLC	7,900		62,403
TOTAL UNITED KINGDOM			2,841,226
United States of America - 10.0%
Advanced Energy Industries, Inc. (a)	7,100		59,853
Airgas, Inc.	800		34,496
Allergan, Inc.	1,600		74,656
Autoliv, Inc.	3,400		83,878
Berkshire Hathaway, Inc. Class B (a)	42		128,730
CyberSource Corp. (a)	5,200		75,972
FMC Technologies, Inc. (a)	1,000		34,230
Gilead Sciences, Inc. (a)	1,300		59,540
Goldman Sachs Group, Inc.	700		89,950
Juniper Networks, Inc. (a)	3,700		80,105
Martin Marietta Materials, Inc.	500		42,015
MasterCard, Inc. Class A	450		82,553
Mohawk Industries, Inc. (a)	2,600		123,006
Philip Morris International, Inc.	2,000		72,400
Pricesmart, Inc.	5,505		98,264
Common Stocks - continued
	Shares		Value
United States of America - continued
Varian Semiconductor Equipment Associates, Inc. (a)	3,800		$ 97,242
Visa, Inc.	5,000		324,800
TOTAL UNITED STATES OF AMERICA			1,561,690
TOTAL COMMON STOCKS (Cost $18,131,292)		15,428,355
Money Market Funds - 9.9%

Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) (Cost $1,529,075)	1,529,075		1,529,075
Cash Equivalents - 0.6%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.15%, dated 4/30/09 due 5/1/09 (Collateralized by U.S. Government Obligations) # (Cost $94,000)	$ 94,000		94,000
TOTAL INVESTMENT PORTFOLIO - 109.8% (Cost $19,754,367)			17,051,430
NET OTHER ASSETS - (9.8)%			(1,517,367)
NET ASSETS - 100%		$ 15,534,063

Legend

(a) Non-income producing

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

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Vestas Wind Systems AS	4/29/09	$ 28,726

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

Repurchase Agreement / Counterparty	Value
$94,000 due 5/01/09 at 0.15%
BNP Paribas Securities Corp.	$ 16,672
Barclays Capital, Inc.	2,667
Credit Suisse Securities (USA) LLC	3,464
Deutsche Bank Securities, Inc.	35,204
HSBC Securities (USA), Inc.	26,670
Mizuho Securities USA, Inc.	2,667
Societe Generale, New York Branch	6,656
	$ 94,000

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 Securities Lending Cash Central Fund	$ 969

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 17,051,430	$ 8,121,040	$ 8,930,390	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $4,969,583 all of which will expire on October 31, 2016.

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

Semiannual Report

Fidelity International Growth Fund

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $1,479,227 and repurchase agreements of $94,000) - See accompanying schedule: Unaffiliated issuers (cost $18,225,292)	$ 15,522,355
Fidelity Central Funds (cost $1,529,075)	1,529,075
Total Investments (cost $19,754,367)		$ 17,051,430
Cash		78
Receivable for investments sold		256,461
Receivable for fund shares sold		17,008
Dividends receivable		115,755
Distributions receivable from Fidelity Central Funds		1,042
Prepaid expenses		121
Receivable from investment adviser for expense reductions		12,584
Other receivables		1,128
Total assets		17,455,607

Liabilities
Payable for investments purchased	$ 274,499
Payable for fund shares redeemed	70,018
Accrued management fee	9,993
Distribution fees payable	1,379
Other affiliated payables	4,637
Other payables and accrued expenses	31,943
Collateral on securities loaned, at value	1,529,075
Total liabilities		1,921,544

Net Assets		$ 15,534,063
Net Assets consist of:
Paid in capital		$ 27,312,776
Undistributed net investment income		113,628
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(9,187,020)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(2,705,321)
Net Assets		$ 15,534,063

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

Semiannual Report

Fidelity International Growth Fund

Financial Statements - continued

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($876,549 ÷ 164,975 shares)		$ 5.31

Maximum offering price per share (100/94.25 of $5.31)		$ 5.63
Class T: Net Asset Value and redemption price per share ($514,333 ÷ 96,738 shares)		$ 5.32

Maximum offering price per share (100/96.50 of $5.32)		$ 5.51
Class B: Net Asset Value and offering price per share ($510,152 ÷ 96,077 shares) ^A		$ 5.31

Class C: Net Asset Value and offering price per share ($686,852 ÷ 129,381 shares) ^A		$ 5.31

International Growth: Net Asset Value, offering price and redemption price per share ($12,535,260 ÷ 2,357,659 shares)		$ 5.32

Institutional Class: Net Asset Value, offering price and redemption price per share ($410,917 ÷ 77,279 shares)		$ 5.32

^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, 2009 (Unaudited)
Investment Income
Dividends		$ 250,329
Interest		267
Income from Fidelity Central Funds		969
		251,565
Less foreign taxes withheld		(22,983)
Total income		228,582

Expenses
Management fee Basic fee	$ 57,398
Performance adjustment	3,648
Transfer agent fees	24,593
Distribution fees	9,277
Accounting and security lending fees	4,266
Custodian fees and expenses	29,515
Independent trustees' compensation	61
Registration fees	28,442
Audit	28,476
Legal	944
Miscellaneous	137
Total expenses before reductions	186,757
Expense reductions	(79,022)	107,735
Net investment income (loss)		120,847
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(3,700,996)
Foreign currency transactions	(15,697)
Total net realized gain (loss)		(3,716,693)
Change in net unrealized appreciation (depreciation) on: Investment securities	3,400,058
Assets and liabilities in foreign currencies	(110)
Total change in net unrealized appreciation (depreciation)		3,399,948
Net gain (loss)		(316,745)
Net increase (decrease) in net assets resulting from operations		$ (195,898)

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

Semiannual Report

Fidelity International Growth Fund

Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended April 30, 2009 Unaudited)	For the period November 1, 2007 (commencement of operations) to October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 120,847	$ 200,542
Net realized gain (loss)	(3,716,693)	(5,482,459)
Change in net unrealized appreciation (depreciation)	3,399,948	(6,105,269)
Net increase (decrease) in net assets resulting from operations	(195,898)	(11,387,186)
Distributions to shareholders from net investment income	(188,551)	(7,494)
Share transactions - net increase (decrease)	859,102	26,448,569
Redemption fees	1,325	4,196
Total increase (decrease) in net assets	475,978	15,058,085

Net Assets
Beginning of period	15,058,085	-
End of period (including undistributed net investment income of $113,628 and undistributed net investment income of $181,332, respectively)	$ 15,534,063	$ 15,058,085

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 5.46	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.03	.07
Net realized and unrealized gain (loss)	(.13)	(4.61)
Total from investment operations	(.10)	(4.54)
Distributions from net investment income	(.05)	-
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 5.31	$ 5.46
Total Return ^{B, C, D}	(1.74)%	(45.40)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.47% ^A	2.88%
Expenses net of fee waivers, if any	1.50% ^A	1.50%
Expenses net of all reductions	1.48% ^A	1.48%
Net investment income (loss)	1.38% ^A	.80%
Supplemental Data
Net assets, end of period (000 omitted)	$ 877	$ 820
Portfolio turnover rate ^G	144% ^A	115%

^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.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 5.45	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.03	.05
Net realized and unrealized gain (loss)	(.13)	(4.60)
Total from investment operations	(.10)	(4.55)
Distributions from net investment income	(.03)	-
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 5.32	$ 5.45
Total Return ^{B, C, D}	(1.79)%	(45.50)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.73% ^A	3.07%
Expenses net of fee waivers, if any	1.75% ^A	1.75%
Expenses net of all reductions	1.73% ^A	1.73%
Net investment income (loss)	1.13% ^A	.55%
Supplemental Data
Net assets, end of period (000 omitted)	$ 514	$ 507
Portfolio turnover rate ^G	144% ^A	115%

^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.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 5.42	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.02	-^J
Net realized and unrealized gain (loss)	(.13)	(4.58)
Total from investment operations	(.11)	(4.58)
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 5.31	$ 5.42
Total Return ^{B, C, D}	(2.03)%	(45.80)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	3.23% ^A	3.55%
Expenses net of fee waivers, if any	2.25% ^A	2.25%
Expenses net of all reductions	2.23% ^A	2.23%
Net investment income (loss)	.63% ^A	.05%
Supplemental Data
Net assets, end of period (000 omitted)	$ 510	$ 642
Portfolio turnover rate ^G	144% ^A	115%

^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.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 5.42	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.02	-^J
Net realized and unrealized gain (loss)	(.13)	(4.58)
Total from investment operations	(.11)	(4.58)
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 5.31	$ 5.42
Total Return ^{B, C, D}	(2.03)%	(45.80)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	3.26% ^A	3.52%
Expenses net of fee waivers, if any	2.25% ^A	2.25%
Expenses net of all reductions	2.24% ^A	2.23%
Net investment income (loss)	.62% ^A	.05%
Supplemental Data
Net assets, end of period (000 omitted)	$ 687	$ 684
Portfolio turnover rate ^G	144% ^A	115%

^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.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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 Growth

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 5.48	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.04	.09
Net realized and unrealized gain (loss)	(.14)	(4.60)
Total from investment operations	(.10)	(4.51)
Distributions from net investment income	(.06)	(.01)
Redemption fees added to paid in capital ^{D, I}	-	-
Net asset value, end of period	$ 5.32	$ 5.48
Total Return ^{B, C}	(1.65)%	(45.17)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	2.22% ^A	2.35%
Expenses net of fee waivers, if any	1.25% ^A	1.25%
Expenses net of all reductions	1.23% ^A	1.23%
Net investment income (loss)	1.63% ^A	1.05%
Supplemental Data
Net assets, end of period (000 omitted)	$ 12,535	$ 11,884
Portfolio turnover rate ^F	144% ^A	115%

^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.

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

^G For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Years ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 5.48	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.04	.09
Net realized and unrealized gain (loss)	(.14)	(4.60)
Total from investment operations	(.10)	(4.51)
Distributions from net investment income	(.06)	(.01)
Redemption fees added to paid in capital ^{D, I}	-	-
Net asset value, end of period	$ 5.32	$ 5.48
Total Return ^{B, C}	(1.65)%	(45.17)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	2.14% ^A	2.56%
Expenses net of fee waivers, if any	1.25% ^A	1.25%
Expenses net of all reductions	1.23% ^A	1.23%
Net investment income (loss)	1.63% ^A	1.05%
Supplemental Data
Net assets, end of period (000 omitted)	$ 411	$ 521
Portfolio turnover rate ^F	144% ^A	115%

^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.

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

^G For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009 (Unaudited)

1. Organization.

Fidelity International Growth 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 Growth, 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.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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 distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

3. Significant Accounting Policies - continued

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	$ 791,278
Unrealized depreciation	(4,256,262)
Net unrealized appreciation (depreciation)	$ (3,464,984)
Cost for federal income tax purposes	$ 20,516,414

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $12,279,249 and $11,470,037, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over the 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 Growth as compared to an appropriate benchmark index. The Fund's performance adjustment took effect in November 2008. Subsequent months will be added until the performance period includes 36 months. For the period, the total

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

annualized management fee rate, including the performance adjustment, was .76% of the Fund's average net assets.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 1,119	$ 434
Class T	.25%	.25%	1,256	902
Class B	.75%	.25%	2,792	2,536
Class C	.75%	.25%	4,110	2,081
			$ 9,277	$ 5,953

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

	Retained by FDC
Class A	$ 984
Class T	144
Class B*	97
Class C*	17
	$ 1,242

* 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 1,457	.33
Class T	845	.34
Class B	879	.32
Class C	1,314	.32
International Growth	19,599	.31
Institutional Class	499	.22
	$ 24,593

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $50 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

8. Security Lending.

9. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.50%	$ 4,327
Class T	1.75%	2,462
Class B	2.25%	2,726
Class C	2.25%	4,127
International Growth	1.25%	61,863
Institutional Class	1.25%	1,984
		$ 77,489

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008
From net investment income
Class A	$ 7,994	$ -
Class T	2,991	-
International Growth	171,473	7,036
Institutional Class	6,093	458
Total	$ 188,551	$ 7,494

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008
Class A
Shares sold	105,860	163,688	$ 548,174	$ 1,473,900
Reinvestment of distributions	1,620	-	7,954	-
Shares redeemed	(92,492)	(13,701)	(459,456)	(105,944)
Net increase (decrease)	14,988	149,987	$ 96,672	$ 1,367,956
Class T
Shares sold	32,574	120,600	$ 161,386	$ 1,160,207
Reinvestment of distributions	606	-	2,982	-
Shares redeemed	(29,491)	(27,551)	(150,661)	(234,209)
Net increase (decrease)	3,689	93,049	$ 13,707	$ 925,998
Class B
Shares sold	22,779	130,340	$ 115,474	$ 1,229,254
Shares redeemed	(45,115)	(11,927)	(223,808)	(88,741)
Net increase (decrease)	(22,336)	118,413	$ (108,334)	$ 1,140,513

Semiannual Report

11. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008
Class C
Shares sold	122,077	147,998	$ 641,983	$ 1,363,686
Shares redeemed	(118,807)	(21,887)	(567,951)	(174,264)
Net increase (decrease)	3,270	126,111	$ 74,032	$ 1,189,422
International Growth
Shares sold	1,115,113	3,641,791	$ 5,498,952	$ 32,862,391
Reinvestment of distributions	27,149	663	133,303	6,366
Shares redeemed	(955,003)	(1,472,054)	(4,757,583)	(11,980,798)
Net increase (decrease)	187,259	2,170,400	$ 874,672	$ 20,887,959
Institutional Class
Shares sold	2,773	95,161	$ 14,160	$ 936,263
Reinvestment of distributions	1,241	48	6,093	458
Shares redeemed	(21,944)	-	(111,900)	-
Net increase (decrease)	(17,930)	95,209	$ (91,647)	$ 936,721

12. Other.

At the end of the period, FMR or its affiliates were the owners of record of 20% of the total outstanding shares of the Fund.

Semiannual Report

Managing Your Investments

By Phone

(phone_graphic)

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

Press

fid406 For mutual fund and brokerage trading.

fid408 For quotes.*

fid410 For account balances and holdings.

fid412 To review orders and mutual
fund activity.

fid414 To change your PIN.

fid416 fid418 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

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

2000 Avenue of the Stars
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

16656 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

398 West El Camino Real
Sunnyvale, CA

111 South Westlake Blvd
Thousand Oaks, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6326 Canoga Avenue
Woodland Hills, CA

Colorado

281 East Flatiron Circle
Broomfield, CO

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

175 East Altamonte Drive
Altamonte Springs, FL

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

8880 Tamiami Trail, North
Naples, FL

230 Royal Palm Way
Palm Beach, 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

401 North Michigan Avenue
Chicago, IL

One Skokie Valley Road
Highland Park, IL

1415 West 22nd Street
Oak Brook, IL

15105 S LaGrange Road
Orland Park, IL

1572 East Golf Road
Schaumburg, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

8480 Keystone Crossing
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

610 York Road
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

200 Endicott Street
Danvers, MA

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

Semiannual Report

405 Cochituate Road
Framingham, MA

551 Boston Turnpike
Shrewsbury, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 Old N. Woodward Ave.
Birmingham, MI

30200 Northwestern Hwy.
Farmington Hills, MI

43420 Grand River Avenue
Novi, MI

Minnesota

7740 France Avenue South
Edina, MN

8342 3rd Street North
Oakdale, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

501 Route 73 South
Marlton, NJ

150 Essex Street
Millburn, NJ

35 Morris Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New Mexico

2261 Q Street NE
Albuquerque, NM

New York

1130 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

1800 Crocker Road
Westlake, 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

10 Memorial Boulevard
Providence, RI

Tennessee

3018 Peoples Street
Johnson City, TN

7628 West Farmington Blvd.
Germantown, TN

2035 Mallory Lane
Franklin, 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

1701 Lake Robbins Drive
The Woodlands, 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

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

10500 NE 8th Street
Bellevue, WA

1518 6th Avenue
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

16020 West Bluemound Road
Brookfield, WI

Semiannual Report

To Write Fidelity

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

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

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

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Fidelity Investments
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Covington, KY 41015

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

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Fidelity Investments
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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

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company

FIL Investment Advisors

Fidelity Investments Japan Limited

FIL Investment Advisors (U.K.) Ltd.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agent

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

State Street Bank and Trust Company
Quincy, MA

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-8888

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for the deaf and hearing impaired
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Telephone (FAST®) fid420 1-800-544-5555

Automated line for quickest service

IGF/TIE-USAN-0609
1.867295.101

fid1136

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Growth
Fund - Class A, Class T, Class B
and Class C

Semiannual Report

April 30, 2009

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

(2_fidelity_logos) (Registered_Trademark)

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 financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

Fidelity International Growth Fund

Shareholder Expense Example

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Fidelity International Growth Fund

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.50%
Actual		$ 1,000.00	$ 982.60	$ 7.37
Hypothetical^A		$ 1,000.00	$ 1,017.36	$ 7.50
Class T	1.75%
Actual		$ 1,000.00	$ 982.10	$ 8.60
Hypothetical^A		$ 1,000.00	$ 1,016.12	$ 8.75
Class B	2.25%
Actual		$ 1,000.00	$ 979.70	$ 11.04
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23
Class C	2.25%
Actual		$ 1,000.00	$ 979.70	$ 11.04
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23
International Growth	1.25%
Actual		$ 1,000.00	$ 983.50	$ 6.15
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26
Institutional Class	1.25%
Actual		$ 1,000.00	$ 983.50	$ 6.15
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26

^A 5% return per year before expenses

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

Semiannual Report

Fidelity International Growth Fund

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	United Kingdom 18.3%
	Japan 14.7%
	Switzerland 11.5%
	United States of America 10.7%
	France 5.2%
	Australia 3.7%
	Spain 3.6%
	Germany 3.5%
	South Africa 3.2%
	Other 25.6%

fid1317

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

As of October 31, 2008
	Switzerland 18.2%
	United Kingdom 16.4%
	United States of America 13.1%
	Japan 10.2%
	Australia 6.7%
	Germany 5.9%
	France 4.6%
	Spain 3.8%
	Netherlands 2.9%
	Other 18.2%

fid1329

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	99.3	99.1
Short-Term Investments and Net Other Assets	0.7	0.9
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Nestle SA (Reg.) (Switzerland, Food Products)	4.0	7.7
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	3.1	4.8
BHP Billiton PLC ADR (United Kingdom, Metals & Mining)	3.1	2.1
Anheuser-Busch InBev NV (Belgium, Beverages)	2.5	0.0
Total SA Series B (France, Oil, Gas & Consumable Fuels)	2.4	0.0
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels)	2.1	1.4
Visa, Inc. (United States of America, IT Services)	2.1	2.1
Telefonica SA sponsored ADR (Spain, Diversified Telecommunication Services)	2.1	1.8
Woolworths Ltd. (Australia, Food & Staples Retailing)	1.6	2.6
ASML Holding NV (NY Shares) (Netherlands, Semiconductors & Semiconductor Equipment)	1.5	1.8
	24.5
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Staples	16.8	25.0
Financials	14.4	12.2
Health Care	11.7	17.6
Materials	11.9	7.3
Consumer Discretionary	9.2	3.6
Information Technology	8.8	10.6
Energy	8.3	2.6
Industrials	8.0	8.0
Telecommunication Services	6.7	7.1
Utilities	3.5	5.1

Semiannual Report

Fidelity International Growth Fund

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
Australia - 3.7%
CSL Ltd.	8,525		$ 213,353
QBE Insurance Group Ltd.	7,461		118,208
Woolworths Ltd.	12,612		245,027
TOTAL AUSTRALIA			576,588
Belgium - 2.9%
Anheuser-Busch InBev NV (d)	12,700		388,672
Anheuser-Busch InBev NV (strip VVPR) (a)	6,400		17
Umicore SA	2,900		56,820
TOTAL BELGIUM			445,509
Bermuda - 1.4%
Lazard Ltd. Class A	2,100		57,330
Ports Design Ltd.	75,500		114,652
Seadrill Ltd.	3,800		40,550
TOTAL BERMUDA			212,532
Brazil - 2.6%
BM&F BOVESPA SA	19,500		80,249
Companhia Vale do Rio Doce sponsored ADR	5,300		87,503
Itau Unibanco Banco Multiplo SA ADR	3,800		52,174
MRV Engenharia e Participacoes SA	7,600		75,446
Petroleo Brasileiro SA - Petrobras sponsored ADR	3,500		117,495
TOTAL BRAZIL			412,867
Canada - 2.0%
Agnico-Eagle Mines Ltd. (Canada)	2,500		110,518
Fairfax Financial Holdings Ltd.	240		63,477
Niko Resources Ltd.	1,100		55,671
Petrobank Energy & Resources Ltd. (a)	4,100		88,133
TOTAL CANADA			317,799
Denmark - 1.1%
Novo Nordisk AS Series B sponsored ADR	2,800		133,028
Vestas Wind Systems AS (a)(e)	500		32,992
TOTAL DENMARK			166,020
Finland - 1.6%
Nokia Corp. sponsored ADR	10,200		144,228
Nokian Tyres PLC	4,900		77,361
Outotec Oyj	1,600		33,923
TOTAL FINLAND			255,512
Common Stocks - continued
	Shares		Value
France - 5.2%
Alstom SA	310		$ 19,320
Audika SA	2,850		68,772
Danone (d)	1,195		56,827
Delachaux SA	709		39,386
GDF Suez (d)	5,102		182,028
Laurent-Perrier Group	447		26,215
Remy Cointreau SA	1,204		39,680
Total SA Series B	7,400		370,167
TOTAL FRANCE			802,395
Germany - 3.5%
Bayer AG	2,300		113,049
E.ON AG	3,300		110,577
Linde AG	1,000		78,844
Siemens AG sponsored ADR (d)	3,200		214,176
Vossloh AG	300		30,585
TOTAL GERMANY			547,231
Greece - 0.3%
Terna Energy SA	8,700		51,853
Hong Kong - 1.1%
Hong Kong Exchange & Clearing Ltd.	14,300		164,713
India - 1.4%
Bharti Airtel Ltd. (a)	14,427		219,881
Ireland - 0.6%
CRH PLC sponsored ADR	3,600		92,592
Israel - 0.5%
Partner Communications Co. Ltd. ADR	5,000		81,250
Italy - 0.4%
Azimut Holdings SpA	8,200		57,287
Japan - 14.7%
Autobacs Seven Co. Ltd.	2,200		60,155
Denso Corp.	6,400		151,327
East Japan Railway Co.	1,800		101,455
Fanuc Ltd.	1,400		101,053
Kansai Electric Power Co., Inc.	5,100		103,879
Keyence Corp.	420		74,189
Kobayashi Pharmaceutical Co. Ltd.	2,300		74,832
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	40,300		218,426
Nagaileben Co. Ltd.	2,000		35,556
NGK Insulators Ltd.	4,000		61,361
Common Stocks - continued
	Shares		Value
Japan - continued
Nintendo Co. Ltd.	200		$ 53,840
Nippon Seiki Co. Ltd.	8,000		72,175
Nippon Thompson Co. Ltd.	14,000		60,543
Osaka Securities Exchange Co. Ltd.	17		54,007
Ozeki Co. Ltd.	4,300		107,084
Promise Co. Ltd. (d)	7,700		101,772
Shin-Etsu Chemical Co., Ltd.	2,600		126,399
Shiseido Co. Ltd.	5,000		87,804
Sony Financial Holdings, Inc.	50		157,351
Sumitomo Mitsui Financial Group, Inc.	5,100		176,919
The Nippon Synthetic Chemical Industry Co. Ltd.	16,000		55,785
Tokyo Gas Co. Ltd.	23,000		87,220
Tsumura & Co.	3,000		82,178
USS Co. Ltd.	1,750		79,323
TOTAL JAPAN			2,284,633
Korea (South) - 0.5%
NHN Corp. (a)	595		72,396
Luxembourg - 0.4%
ArcelorMittal SA (NY Shares) Class A	2,500		58,950
Mexico - 2.2%
America Movil SAB de CV Series L sponsored ADR	3,600		118,260
Cemex SA de CV sponsored ADR	6,000		44,880
Fomento Economico Mexicano SAB de CV sponsored ADR	2,000		56,620
Wal-Mart de Mexico SA de CV Series V	42,600		116,178
TOTAL MEXICO			335,938
Netherlands - 2.4%
ASML Holding NV (NY Shares)	11,300		238,995
Koninklijke KPN NV	5,800		69,711
QIAGEN NV (a)	3,600		59,328
TOTAL NETHERLANDS			368,034
Papua New Guinea - 0.7%
Lihir Gold Ltd. sponsored ADR (a)	3,600		77,040
Oil Search Ltd.	8,155		30,418
TOTAL PAPUA NEW GUINEA			107,458
Philippines - 0.3%
Jollibee Food Corp.	53,800		51,451
Singapore - 1.0%
Keppel Land Ltd.	27,000		31,368
Common Stocks - continued
	Shares		Value
Singapore - continued
Singapore Exchange Ltd.	23,000		$ 97,406
Wing Tai Holdings Ltd.	54,000		32,097
TOTAL SINGAPORE			160,871
South Africa - 3.2%
African Rainbow Minerals Ltd.	12,039		162,700
JSE Ltd.	9,800		60,165
Mr. Price Group Ltd.	21,300		65,217
MTN Group Ltd.	16,700		216,883
TOTAL SOUTH AFRICA			504,965
Spain - 3.6%
Grifols SA	5,663		99,347
Inditex SA	2,200		93,778
Prosegur Comp Securidad SA (Reg.)	1,700		48,534
Telefonica SA sponsored ADR	5,700		320,853
TOTAL SPAIN			562,512
Sweden - 1.4%
H&M Hennes & Mauritz AB (B Shares)	3,500		155,793
Swedish Match Co.	4,000		57,071
TOTAL SWEDEN			212,864
Switzerland - 11.5%
ABB Ltd. sponsored ADR	7,400		105,228
Actelion Ltd. (Reg.) (a)	2,180		99,294
Bank Sarasin & Co. Ltd. Series B (Reg.)	3,268		77,882
Credit Suisse Group sponsored ADR	2,300		88,044
Nestle SA (Reg.)	18,940		617,218
Novartis AG sponsored ADR	5,700		216,087
Roche Holding AG (participation certificate)	3,830		482,852
Sonova Holding AG	1,479		95,676
TOTAL SWITZERLAND			1,782,281
Turkey - 0.8%
Anadolu Efes Biracilik ve Malt Sanyii AS	11,800		84,062
Tupras-Turkiye Petrol Rafinerileri AS	3,500		34,995
TOTAL TURKEY			119,057
United Kingdom - 18.3%
Aberdeen Asset Management PLC	26,600		51,565
Autonomy Corp. PLC (a)	3,600		75,497
BAE Systems PLC	29,600		155,645
Common Stocks - continued
	Shares		Value
United Kingdom - continued
BG Group PLC	20,700		$ 330,411
BHP Billiton PLC ADR (d)	11,400		476,976
Bovis Homes Group PLC	9,300		62,959
BP PLC sponsored ADR	1,700		72,182
British American Tobacco PLC sponsored ADR	1,600		77,792
Cobham PLC	20,800		53,865
Great Portland Estates PLC	7,600		34,266
Informa PLC	8,200		35,826
Johnson Matthey PLC	4,100		72,373
Man Group PLC	14,737		54,451
Persimmon PLC	15,300		85,307
Reckitt Benckiser Group PLC	5,800		227,595
Rio Tinto PLC sponsored ADR (d)	1,150		187,393
Royal Dutch Shell PLC Class A (United Kingdom)	5,700		131,180
Serco Group PLC	30,800		166,109
Shaftesbury PLC	8,700		44,860
Spirax-Sarco Engineering PLC	3,300		41,562
Standard Chartered PLC (United Kingdom)	9,800		151,542
Ted Baker PLC	12,300		67,129
Tesco PLC	24,700		122,338
Victrex PLC	7,900		62,403
TOTAL UNITED KINGDOM			2,841,226
United States of America - 10.0%
Advanced Energy Industries, Inc. (a)	7,100		59,853
Airgas, Inc.	800		34,496
Allergan, Inc.	1,600		74,656
Autoliv, Inc.	3,400		83,878
Berkshire Hathaway, Inc. Class B (a)	42		128,730
CyberSource Corp. (a)	5,200		75,972
FMC Technologies, Inc. (a)	1,000		34,230
Gilead Sciences, Inc. (a)	1,300		59,540
Goldman Sachs Group, Inc.	700		89,950
Juniper Networks, Inc. (a)	3,700		80,105
Martin Marietta Materials, Inc.	500		42,015
MasterCard, Inc. Class A	450		82,553
Mohawk Industries, Inc. (a)	2,600		123,006
Philip Morris International, Inc.	2,000		72,400
Pricesmart, Inc.	5,505		98,264
Common Stocks - continued
	Shares		Value
United States of America - continued
Varian Semiconductor Equipment Associates, Inc. (a)	3,800		$ 97,242
Visa, Inc.	5,000		324,800
TOTAL UNITED STATES OF AMERICA			1,561,690
TOTAL COMMON STOCKS (Cost $18,131,292)		15,428,355
Money Market Funds - 9.9%

Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) (Cost $1,529,075)	1,529,075		1,529,075
Cash Equivalents - 0.6%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.15%, dated 4/30/09 due 5/1/09 (Collateralized by U.S. Government Obligations) # (Cost $94,000)	$ 94,000		94,000
TOTAL INVESTMENT PORTFOLIO - 109.8% (Cost $19,754,367)			17,051,430
NET OTHER ASSETS - (9.8)%			(1,517,367)
NET ASSETS - 100%		$ 15,534,063

Legend

(a) Non-income producing

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

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Vestas Wind Systems AS	4/29/09	$ 28,726

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

Repurchase Agreement / Counterparty	Value
$94,000 due 5/01/09 at 0.15%
BNP Paribas Securities Corp.	$ 16,672
Barclays Capital, Inc.	2,667
Credit Suisse Securities (USA) LLC	3,464
Deutsche Bank Securities, Inc.	35,204
HSBC Securities (USA), Inc.	26,670
Mizuho Securities USA, Inc.	2,667
Societe Generale, New York Branch	6,656
	$ 94,000

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 Securities Lending Cash Central Fund	$ 969

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 17,051,430	$ 8,121,040	$ 8,930,390	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $4,969,583 all of which will expire on October 31, 2016.

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

Semiannual Report

Fidelity International Growth Fund

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $1,479,227 and repurchase agreements of $94,000) - See accompanying schedule: Unaffiliated issuers (cost $18,225,292)	$ 15,522,355
Fidelity Central Funds (cost $1,529,075)	1,529,075
Total Investments (cost $19,754,367)		$ 17,051,430
Cash		78
Receivable for investments sold		256,461
Receivable for fund shares sold		17,008
Dividends receivable		115,755
Distributions receivable from Fidelity Central Funds		1,042
Prepaid expenses		121
Receivable from investment adviser for expense reductions		12,584
Other receivables		1,128
Total assets		17,455,607

Liabilities
Payable for investments purchased	$ 274,499
Payable for fund shares redeemed	70,018
Accrued management fee	9,993
Distribution fees payable	1,379
Other affiliated payables	4,637
Other payables and accrued expenses	31,943
Collateral on securities loaned, at value	1,529,075
Total liabilities		1,921,544

Net Assets		$ 15,534,063
Net Assets consist of:
Paid in capital		$ 27,312,776
Undistributed net investment income		113,628
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(9,187,020)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(2,705,321)
Net Assets		$ 15,534,063

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

Semiannual Report

Fidelity International Growth Fund

Financial Statements - continued

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($876,549 ÷ 164,975 shares)		$ 5.31

Maximum offering price per share (100/94.25 of $5.31)		$ 5.63
Class T: Net Asset Value and redemption price per share ($514,333 ÷ 96,738 shares)		$ 5.32

Maximum offering price per share (100/96.50 of $5.32)		$ 5.51
Class B: Net Asset Value and offering price per share ($510,152 ÷ 96,077 shares) ^A		$ 5.31

Class C: Net Asset Value and offering price per share ($686,852 ÷ 129,381 shares) ^A		$ 5.31

International Growth: Net Asset Value, offering price and redemption price per share ($12,535,260 ÷ 2,357,659 shares)		$ 5.32

Institutional Class: Net Asset Value, offering price and redemption price per share ($410,917 ÷ 77,279 shares)		$ 5.32

^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, 2009 (Unaudited)
Investment Income
Dividends		$ 250,329
Interest		267
Income from Fidelity Central Funds		969
		251,565
Less foreign taxes withheld		(22,983)
Total income		228,582

Expenses
Management fee Basic fee	$ 57,398
Performance adjustment	3,648
Transfer agent fees	24,593
Distribution fees	9,277
Accounting and security lending fees	4,266
Custodian fees and expenses	29,515
Independent trustees' compensation	61
Registration fees	28,442
Audit	28,476
Legal	944
Miscellaneous	137
Total expenses before reductions	186,757
Expense reductions	(79,022)	107,735
Net investment income (loss)		120,847
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(3,700,996)
Foreign currency transactions	(15,697)
Total net realized gain (loss)		(3,716,693)
Change in net unrealized appreciation (depreciation) on: Investment securities	3,400,058
Assets and liabilities in foreign currencies	(110)
Total change in net unrealized appreciation (depreciation)		3,399,948
Net gain (loss)		(316,745)
Net increase (decrease) in net assets resulting from operations		$ (195,898)

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

Semiannual Report

Fidelity International Growth Fund

Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended April 30, 2009 Unaudited)	For the period November 1, 2007 (commencement of operations) to October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 120,847	$ 200,542
Net realized gain (loss)	(3,716,693)	(5,482,459)
Change in net unrealized appreciation (depreciation)	3,399,948	(6,105,269)
Net increase (decrease) in net assets resulting from operations	(195,898)	(11,387,186)
Distributions to shareholders from net investment income	(188,551)	(7,494)
Share transactions - net increase (decrease)	859,102	26,448,569
Redemption fees	1,325	4,196
Total increase (decrease) in net assets	475,978	15,058,085

Net Assets
Beginning of period	15,058,085	-
End of period (including undistributed net investment income of $113,628 and undistributed net investment income of $181,332, respectively)	$ 15,534,063	$ 15,058,085

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 5.46	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.03	.07
Net realized and unrealized gain (loss)	(.13)	(4.61)
Total from investment operations	(.10)	(4.54)
Distributions from net investment income	(.05)	-
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 5.31	$ 5.46
Total Return ^{B, C, D}	(1.74)%	(45.40)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.47% ^A	2.88%
Expenses net of fee waivers, if any	1.50% ^A	1.50%
Expenses net of all reductions	1.48% ^A	1.48%
Net investment income (loss)	1.38% ^A	.80%
Supplemental Data
Net assets, end of period (000 omitted)	$ 877	$ 820
Portfolio turnover rate ^G	144% ^A	115%

^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.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 5.45	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.03	.05
Net realized and unrealized gain (loss)	(.13)	(4.60)
Total from investment operations	(.10)	(4.55)
Distributions from net investment income	(.03)	-
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 5.32	$ 5.45
Total Return ^{B, C, D}	(1.79)%	(45.50)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.73% ^A	3.07%
Expenses net of fee waivers, if any	1.75% ^A	1.75%
Expenses net of all reductions	1.73% ^A	1.73%
Net investment income (loss)	1.13% ^A	.55%
Supplemental Data
Net assets, end of period (000 omitted)	$ 514	$ 507
Portfolio turnover rate ^G	144% ^A	115%

^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.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 5.42	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.02	-^J
Net realized and unrealized gain (loss)	(.13)	(4.58)
Total from investment operations	(.11)	(4.58)
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 5.31	$ 5.42
Total Return ^{B, C, D}	(2.03)%	(45.80)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	3.23% ^A	3.55%
Expenses net of fee waivers, if any	2.25% ^A	2.25%
Expenses net of all reductions	2.23% ^A	2.23%
Net investment income (loss)	.63% ^A	.05%
Supplemental Data
Net assets, end of period (000 omitted)	$ 510	$ 642
Portfolio turnover rate ^G	144% ^A	115%

^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.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 5.42	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.02	-^J
Net realized and unrealized gain (loss)	(.13)	(4.58)
Total from investment operations	(.11)	(4.58)
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 5.31	$ 5.42
Total Return ^{B, C, D}	(2.03)%	(45.80)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	3.26% ^A	3.52%
Expenses net of fee waivers, if any	2.25% ^A	2.25%
Expenses net of all reductions	2.24% ^A	2.23%
Net investment income (loss)	.62% ^A	.05%
Supplemental Data
Net assets, end of period (000 omitted)	$ 687	$ 684
Portfolio turnover rate ^G	144% ^A	115%

^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.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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 Growth

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 5.48	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.04	.09
Net realized and unrealized gain (loss)	(.14)	(4.60)
Total from investment operations	(.10)	(4.51)
Distributions from net investment income	(.06)	(.01)
Redemption fees added to paid in capital ^{D, I}	-	-
Net asset value, end of period	$ 5.32	$ 5.48
Total Return ^{B, C}	(1.65)%	(45.17)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	2.22% ^A	2.35%
Expenses net of fee waivers, if any	1.25% ^A	1.25%
Expenses net of all reductions	1.23% ^A	1.23%
Net investment income (loss)	1.63% ^A	1.05%
Supplemental Data
Net assets, end of period (000 omitted)	$ 12,535	$ 11,884
Portfolio turnover rate ^F	144% ^A	115%

^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.

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

^G For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Years ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 5.48	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.04	.09
Net realized and unrealized gain (loss)	(.14)	(4.60)
Total from investment operations	(.10)	(4.51)
Distributions from net investment income	(.06)	(.01)
Redemption fees added to paid in capital ^{D, I}	-	-
Net asset value, end of period	$ 5.32	$ 5.48
Total Return ^{B, C}	(1.65)%	(45.17)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	2.14% ^A	2.56%
Expenses net of fee waivers, if any	1.25% ^A	1.25%
Expenses net of all reductions	1.23% ^A	1.23%
Net investment income (loss)	1.63% ^A	1.05%
Supplemental Data
Net assets, end of period (000 omitted)	$ 411	$ 521
Portfolio turnover rate ^F	144% ^A	115%

^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.

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

^G For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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 distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

3. Significant Accounting Policies - continued

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	$ 791,278
Unrealized depreciation	(4,256,262)
Net unrealized appreciation (depreciation)	$ (3,464,984)
Cost for federal income tax purposes	$ 20,516,414

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $12,279,249 and $11,470,037, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over the 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 Growth as compared to an appropriate benchmark index. The Fund's performance adjustment took effect in November 2008. Subsequent months will be added until the performance period includes 36 months. For the period, the total

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

annualized management fee rate, including the performance adjustment, was .76% of the Fund's average net assets.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 1,119	$ 434
Class T	.25%	.25%	1,256	902
Class B	.75%	.25%	2,792	2,536
Class C	.75%	.25%	4,110	2,081
			$ 9,277	$ 5,953

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

	Retained by FDC
Class A	$ 984
Class T	144
Class B*	97
Class C*	17
	$ 1,242

* 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 1,457	.33
Class T	845	.34
Class B	879	.32
Class C	1,314	.32
International Growth	19,599	.31
Institutional Class	499	.22
	$ 24,593

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $50 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

8. Security Lending.

9. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.50%	$ 4,327
Class T	1.75%	2,462
Class B	2.25%	2,726
Class C	2.25%	4,127
International Growth	1.25%	61,863
Institutional Class	1.25%	1,984
		$ 77,489

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008
From net investment income
Class A	$ 7,994	$ -
Class T	2,991	-
International Growth	171,473	7,036
Institutional Class	6,093	458
Total	$ 188,551	$ 7,494

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008
Class A
Shares sold	105,860	163,688	$ 548,174	$ 1,473,900
Reinvestment of distributions	1,620	-	7,954	-
Shares redeemed	(92,492)	(13,701)	(459,456)	(105,944)
Net increase (decrease)	14,988	149,987	$ 96,672	$ 1,367,956
Class T
Shares sold	32,574	120,600	$ 161,386	$ 1,160,207
Reinvestment of distributions	606	-	2,982	-
Shares redeemed	(29,491)	(27,551)	(150,661)	(234,209)
Net increase (decrease)	3,689	93,049	$ 13,707	$ 925,998
Class B
Shares sold	22,779	130,340	$ 115,474	$ 1,229,254
Shares redeemed	(45,115)	(11,927)	(223,808)	(88,741)
Net increase (decrease)	(22,336)	118,413	$ (108,334)	$ 1,140,513

Semiannual Report

11. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008
Class C
Shares sold	122,077	147,998	$ 641,983	$ 1,363,686
Shares redeemed	(118,807)	(21,887)	(567,951)	(174,264)
Net increase (decrease)	3,270	126,111	$ 74,032	$ 1,189,422
International Growth
Shares sold	1,115,113	3,641,791	$ 5,498,952	$ 32,862,391
Reinvestment of distributions	27,149	663	133,303	6,366
Shares redeemed	(955,003)	(1,472,054)	(4,757,583)	(11,980,798)
Net increase (decrease)	187,259	2,170,400	$ 874,672	$ 20,887,959
Institutional Class
Shares sold	2,773	95,161	$ 14,160	$ 936,263
Reinvestment of distributions	1,241	48	6,093	458
Shares redeemed	(21,944)	-	(111,900)	-
Net increase (decrease)	(17,930)	95,209	$ (91,647)	$ 936,721

12. Other.

At the end of the period, FMR or its affiliates were the owners of record of 20% of the total outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company

FIL Investment Advisors

Fidelity Investments Japan Limited

FIL Investment Advisors (U.K.) Ltd.

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

State Street Bank and Trust Company

Quincy, MA

AIGF-USAN-0609
1.853351.101

fid1007

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Growth
Fund - Institutional Class

Semiannual Report

April 30, 2009

Institutional Class is a class of Fidelity® International Growth Fund

(2_fidelity_logos) (Registered_Trademark)

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 financial statements.

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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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

Fidelity International Growth Fund

Shareholder Expense Example

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Fidelity International Growth Fund

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.50%
Actual		$ 1,000.00	$ 982.60	$ 7.37
Hypothetical^A		$ 1,000.00	$ 1,017.36	$ 7.50
Class T	1.75%
Actual		$ 1,000.00	$ 982.10	$ 8.60
Hypothetical^A		$ 1,000.00	$ 1,016.12	$ 8.75
Class B	2.25%
Actual		$ 1,000.00	$ 979.70	$ 11.04
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23
Class C	2.25%
Actual		$ 1,000.00	$ 979.70	$ 11.04
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23
International Growth	1.25%
Actual		$ 1,000.00	$ 983.50	$ 6.15
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26
Institutional Class	1.25%
Actual		$ 1,000.00	$ 983.50	$ 6.15
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26

^A 5% return per year before expenses

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

Semiannual Report

Fidelity International Growth Fund

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	United Kingdom 18.3%
	Japan 14.7%
	Switzerland 11.5%
	United States of America 10.7%
	France 5.2%
	Australia 3.7%
	Spain 3.6%
	Germany 3.5%
	South Africa 3.2%
	Other 25.6%

fid1348

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

As of October 31, 2008
	Switzerland 18.2%
	United Kingdom 16.4%
	United States of America 13.1%
	Japan 10.2%
	Australia 6.7%
	Germany 5.9%
	France 4.6%
	Spain 3.8%
	Netherlands 2.9%
	Other 18.2%

fid1360

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	99.3	99.1
Short-Term Investments and Net Other Assets	0.7	0.9
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Nestle SA (Reg.) (Switzerland, Food Products)	4.0	7.7
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	3.1	4.8
BHP Billiton PLC ADR (United Kingdom, Metals & Mining)	3.1	2.1
Anheuser-Busch InBev NV (Belgium, Beverages)	2.5	0.0
Total SA Series B (France, Oil, Gas & Consumable Fuels)	2.4	0.0
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels)	2.1	1.4
Visa, Inc. (United States of America, IT Services)	2.1	2.1
Telefonica SA sponsored ADR (Spain, Diversified Telecommunication Services)	2.1	1.8
Woolworths Ltd. (Australia, Food & Staples Retailing)	1.6	2.6
ASML Holding NV (NY Shares) (Netherlands, Semiconductors & Semiconductor Equipment)	1.5	1.8
	24.5
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Staples	16.8	25.0
Financials	14.4	12.2
Health Care	11.7	17.6
Materials	11.9	7.3
Consumer Discretionary	9.2	3.6
Information Technology	8.8	10.6
Energy	8.3	2.6
Industrials	8.0	8.0
Telecommunication Services	6.7	7.1
Utilities	3.5	5.1

Semiannual Report

Fidelity International Growth Fund

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
Australia - 3.7%
CSL Ltd.	8,525		$ 213,353
QBE Insurance Group Ltd.	7,461		118,208
Woolworths Ltd.	12,612		245,027
TOTAL AUSTRALIA			576,588
Belgium - 2.9%
Anheuser-Busch InBev NV (d)	12,700		388,672
Anheuser-Busch InBev NV (strip VVPR) (a)	6,400		17
Umicore SA	2,900		56,820
TOTAL BELGIUM			445,509
Bermuda - 1.4%
Lazard Ltd. Class A	2,100		57,330
Ports Design Ltd.	75,500		114,652
Seadrill Ltd.	3,800		40,550
TOTAL BERMUDA			212,532
Brazil - 2.6%
BM&F BOVESPA SA	19,500		80,249
Companhia Vale do Rio Doce sponsored ADR	5,300		87,503
Itau Unibanco Banco Multiplo SA ADR	3,800		52,174
MRV Engenharia e Participacoes SA	7,600		75,446
Petroleo Brasileiro SA - Petrobras sponsored ADR	3,500		117,495
TOTAL BRAZIL			412,867
Canada - 2.0%
Agnico-Eagle Mines Ltd. (Canada)	2,500		110,518
Fairfax Financial Holdings Ltd.	240		63,477
Niko Resources Ltd.	1,100		55,671
Petrobank Energy & Resources Ltd. (a)	4,100		88,133
TOTAL CANADA			317,799
Denmark - 1.1%
Novo Nordisk AS Series B sponsored ADR	2,800		133,028
Vestas Wind Systems AS (a)(e)	500		32,992
TOTAL DENMARK			166,020
Finland - 1.6%
Nokia Corp. sponsored ADR	10,200		144,228
Nokian Tyres PLC	4,900		77,361
Outotec Oyj	1,600		33,923
TOTAL FINLAND			255,512
Common Stocks - continued
	Shares		Value
France - 5.2%
Alstom SA	310		$ 19,320
Audika SA	2,850		68,772
Danone (d)	1,195		56,827
Delachaux SA	709		39,386
GDF Suez (d)	5,102		182,028
Laurent-Perrier Group	447		26,215
Remy Cointreau SA	1,204		39,680
Total SA Series B	7,400		370,167
TOTAL FRANCE			802,395
Germany - 3.5%
Bayer AG	2,300		113,049
E.ON AG	3,300		110,577
Linde AG	1,000		78,844
Siemens AG sponsored ADR (d)	3,200		214,176
Vossloh AG	300		30,585
TOTAL GERMANY			547,231
Greece - 0.3%
Terna Energy SA	8,700		51,853
Hong Kong - 1.1%
Hong Kong Exchange & Clearing Ltd.	14,300		164,713
India - 1.4%
Bharti Airtel Ltd. (a)	14,427		219,881
Ireland - 0.6%
CRH PLC sponsored ADR	3,600		92,592
Israel - 0.5%
Partner Communications Co. Ltd. ADR	5,000		81,250
Italy - 0.4%
Azimut Holdings SpA	8,200		57,287
Japan - 14.7%
Autobacs Seven Co. Ltd.	2,200		60,155
Denso Corp.	6,400		151,327
East Japan Railway Co.	1,800		101,455
Fanuc Ltd.	1,400		101,053
Kansai Electric Power Co., Inc.	5,100		103,879
Keyence Corp.	420		74,189
Kobayashi Pharmaceutical Co. Ltd.	2,300		74,832
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	40,300		218,426
Nagaileben Co. Ltd.	2,000		35,556
NGK Insulators Ltd.	4,000		61,361
Common Stocks - continued
	Shares		Value
Japan - continued
Nintendo Co. Ltd.	200		$ 53,840
Nippon Seiki Co. Ltd.	8,000		72,175
Nippon Thompson Co. Ltd.	14,000		60,543
Osaka Securities Exchange Co. Ltd.	17		54,007
Ozeki Co. Ltd.	4,300		107,084
Promise Co. Ltd. (d)	7,700		101,772
Shin-Etsu Chemical Co., Ltd.	2,600		126,399
Shiseido Co. Ltd.	5,000		87,804
Sony Financial Holdings, Inc.	50		157,351
Sumitomo Mitsui Financial Group, Inc.	5,100		176,919
The Nippon Synthetic Chemical Industry Co. Ltd.	16,000		55,785
Tokyo Gas Co. Ltd.	23,000		87,220
Tsumura & Co.	3,000		82,178
USS Co. Ltd.	1,750		79,323
TOTAL JAPAN			2,284,633
Korea (South) - 0.5%
NHN Corp. (a)	595		72,396
Luxembourg - 0.4%
ArcelorMittal SA (NY Shares) Class A	2,500		58,950
Mexico - 2.2%
America Movil SAB de CV Series L sponsored ADR	3,600		118,260
Cemex SA de CV sponsored ADR	6,000		44,880
Fomento Economico Mexicano SAB de CV sponsored ADR	2,000		56,620
Wal-Mart de Mexico SA de CV Series V	42,600		116,178
TOTAL MEXICO			335,938
Netherlands - 2.4%
ASML Holding NV (NY Shares)	11,300		238,995
Koninklijke KPN NV	5,800		69,711
QIAGEN NV (a)	3,600		59,328
TOTAL NETHERLANDS			368,034
Papua New Guinea - 0.7%
Lihir Gold Ltd. sponsored ADR (a)	3,600		77,040
Oil Search Ltd.	8,155		30,418
TOTAL PAPUA NEW GUINEA			107,458
Philippines - 0.3%
Jollibee Food Corp.	53,800		51,451
Singapore - 1.0%
Keppel Land Ltd.	27,000		31,368
Common Stocks - continued
	Shares		Value
Singapore - continued
Singapore Exchange Ltd.	23,000		$ 97,406
Wing Tai Holdings Ltd.	54,000		32,097
TOTAL SINGAPORE			160,871
South Africa - 3.2%
African Rainbow Minerals Ltd.	12,039		162,700
JSE Ltd.	9,800		60,165
Mr. Price Group Ltd.	21,300		65,217
MTN Group Ltd.	16,700		216,883
TOTAL SOUTH AFRICA			504,965
Spain - 3.6%
Grifols SA	5,663		99,347
Inditex SA	2,200		93,778
Prosegur Comp Securidad SA (Reg.)	1,700		48,534
Telefonica SA sponsored ADR	5,700		320,853
TOTAL SPAIN			562,512
Sweden - 1.4%
H&M Hennes & Mauritz AB (B Shares)	3,500		155,793
Swedish Match Co.	4,000		57,071
TOTAL SWEDEN			212,864
Switzerland - 11.5%
ABB Ltd. sponsored ADR	7,400		105,228
Actelion Ltd. (Reg.) (a)	2,180		99,294
Bank Sarasin & Co. Ltd. Series B (Reg.)	3,268		77,882
Credit Suisse Group sponsored ADR	2,300		88,044
Nestle SA (Reg.)	18,940		617,218
Novartis AG sponsored ADR	5,700		216,087
Roche Holding AG (participation certificate)	3,830		482,852
Sonova Holding AG	1,479		95,676
TOTAL SWITZERLAND			1,782,281
Turkey - 0.8%
Anadolu Efes Biracilik ve Malt Sanyii AS	11,800		84,062
Tupras-Turkiye Petrol Rafinerileri AS	3,500		34,995
TOTAL TURKEY			119,057
United Kingdom - 18.3%
Aberdeen Asset Management PLC	26,600		51,565
Autonomy Corp. PLC (a)	3,600		75,497
BAE Systems PLC	29,600		155,645
Common Stocks - continued
	Shares		Value
United Kingdom - continued
BG Group PLC	20,700		$ 330,411
BHP Billiton PLC ADR (d)	11,400		476,976
Bovis Homes Group PLC	9,300		62,959
BP PLC sponsored ADR	1,700		72,182
British American Tobacco PLC sponsored ADR	1,600		77,792
Cobham PLC	20,800		53,865
Great Portland Estates PLC	7,600		34,266
Informa PLC	8,200		35,826
Johnson Matthey PLC	4,100		72,373
Man Group PLC	14,737		54,451
Persimmon PLC	15,300		85,307
Reckitt Benckiser Group PLC	5,800		227,595
Rio Tinto PLC sponsored ADR (d)	1,150		187,393
Royal Dutch Shell PLC Class A (United Kingdom)	5,700		131,180
Serco Group PLC	30,800		166,109
Shaftesbury PLC	8,700		44,860
Spirax-Sarco Engineering PLC	3,300		41,562
Standard Chartered PLC (United Kingdom)	9,800		151,542
Ted Baker PLC	12,300		67,129
Tesco PLC	24,700		122,338
Victrex PLC	7,900		62,403
TOTAL UNITED KINGDOM			2,841,226
United States of America - 10.0%
Advanced Energy Industries, Inc. (a)	7,100		59,853
Airgas, Inc.	800		34,496
Allergan, Inc.	1,600		74,656
Autoliv, Inc.	3,400		83,878
Berkshire Hathaway, Inc. Class B (a)	42		128,730
CyberSource Corp. (a)	5,200		75,972
FMC Technologies, Inc. (a)	1,000		34,230
Gilead Sciences, Inc. (a)	1,300		59,540
Goldman Sachs Group, Inc.	700		89,950
Juniper Networks, Inc. (a)	3,700		80,105
Martin Marietta Materials, Inc.	500		42,015
MasterCard, Inc. Class A	450		82,553
Mohawk Industries, Inc. (a)	2,600		123,006
Philip Morris International, Inc.	2,000		72,400
Pricesmart, Inc.	5,505		98,264
Common Stocks - continued
	Shares		Value
United States of America - continued
Varian Semiconductor Equipment Associates, Inc. (a)	3,800		$ 97,242
Visa, Inc.	5,000		324,800
TOTAL UNITED STATES OF AMERICA			1,561,690
TOTAL COMMON STOCKS (Cost $18,131,292)		15,428,355
Money Market Funds - 9.9%

Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) (Cost $1,529,075)	1,529,075		1,529,075
Cash Equivalents - 0.6%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.15%, dated 4/30/09 due 5/1/09 (Collateralized by U.S. Government Obligations) # (Cost $94,000)	$ 94,000		94,000
TOTAL INVESTMENT PORTFOLIO - 109.8% (Cost $19,754,367)			17,051,430
NET OTHER ASSETS - (9.8)%			(1,517,367)
NET ASSETS - 100%		$ 15,534,063

Legend

(a) Non-income producing

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

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Vestas Wind Systems AS	4/29/09	$ 28,726

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

Repurchase Agreement / Counterparty	Value
$94,000 due 5/01/09 at 0.15%
BNP Paribas Securities Corp.	$ 16,672
Barclays Capital, Inc.	2,667
Credit Suisse Securities (USA) LLC	3,464
Deutsche Bank Securities, Inc.	35,204
HSBC Securities (USA), Inc.	26,670
Mizuho Securities USA, Inc.	2,667
Societe Generale, New York Branch	6,656
	$ 94,000

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 Securities Lending Cash Central Fund	$ 969

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 17,051,430	$ 8,121,040	$ 8,930,390	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $4,969,583 all of which will expire on October 31, 2016.

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

Semiannual Report

Fidelity International Growth Fund

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $1,479,227 and repurchase agreements of $94,000) - See accompanying schedule: Unaffiliated issuers (cost $18,225,292)	$ 15,522,355
Fidelity Central Funds (cost $1,529,075)	1,529,075
Total Investments (cost $19,754,367)		$ 17,051,430
Cash		78
Receivable for investments sold		256,461
Receivable for fund shares sold		17,008
Dividends receivable		115,755
Distributions receivable from Fidelity Central Funds		1,042
Prepaid expenses		121
Receivable from investment adviser for expense reductions		12,584
Other receivables		1,128
Total assets		17,455,607

Liabilities
Payable for investments purchased	$ 274,499
Payable for fund shares redeemed	70,018
Accrued management fee	9,993
Distribution fees payable	1,379
Other affiliated payables	4,637
Other payables and accrued expenses	31,943
Collateral on securities loaned, at value	1,529,075
Total liabilities		1,921,544

Net Assets		$ 15,534,063
Net Assets consist of:
Paid in capital		$ 27,312,776
Undistributed net investment income		113,628
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(9,187,020)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(2,705,321)
Net Assets		$ 15,534,063

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

Semiannual Report

Fidelity International Growth Fund

Financial Statements - continued

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($876,549 ÷ 164,975 shares)		$ 5.31

Maximum offering price per share (100/94.25 of $5.31)		$ 5.63
Class T: Net Asset Value and redemption price per share ($514,333 ÷ 96,738 shares)		$ 5.32

Maximum offering price per share (100/96.50 of $5.32)		$ 5.51
Class B: Net Asset Value and offering price per share ($510,152 ÷ 96,077 shares) ^A		$ 5.31

Class C: Net Asset Value and offering price per share ($686,852 ÷ 129,381 shares) ^A		$ 5.31

International Growth: Net Asset Value, offering price and redemption price per share ($12,535,260 ÷ 2,357,659 shares)		$ 5.32

Institutional Class: Net Asset Value, offering price and redemption price per share ($410,917 ÷ 77,279 shares)		$ 5.32

^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, 2009 (Unaudited)
Investment Income
Dividends		$ 250,329
Interest		267
Income from Fidelity Central Funds		969
		251,565
Less foreign taxes withheld		(22,983)
Total income		228,582

Expenses
Management fee Basic fee	$ 57,398
Performance adjustment	3,648
Transfer agent fees	24,593
Distribution fees	9,277
Accounting and security lending fees	4,266
Custodian fees and expenses	29,515
Independent trustees' compensation	61
Registration fees	28,442
Audit	28,476
Legal	944
Miscellaneous	137
Total expenses before reductions	186,757
Expense reductions	(79,022)	107,735
Net investment income (loss)		120,847
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(3,700,996)
Foreign currency transactions	(15,697)
Total net realized gain (loss)		(3,716,693)
Change in net unrealized appreciation (depreciation) on: Investment securities	3,400,058
Assets and liabilities in foreign currencies	(110)
Total change in net unrealized appreciation (depreciation)		3,399,948
Net gain (loss)		(316,745)
Net increase (decrease) in net assets resulting from operations		$ (195,898)

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

Semiannual Report

Fidelity International Growth Fund

Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended April 30, 2009 Unaudited)	For the period November 1, 2007 (commencement of operations) to October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 120,847	$ 200,542
Net realized gain (loss)	(3,716,693)	(5,482,459)
Change in net unrealized appreciation (depreciation)	3,399,948	(6,105,269)
Net increase (decrease) in net assets resulting from operations	(195,898)	(11,387,186)
Distributions to shareholders from net investment income	(188,551)	(7,494)
Share transactions - net increase (decrease)	859,102	26,448,569
Redemption fees	1,325	4,196
Total increase (decrease) in net assets	475,978	15,058,085

Net Assets
Beginning of period	15,058,085	-
End of period (including undistributed net investment income of $113,628 and undistributed net investment income of $181,332, respectively)	$ 15,534,063	$ 15,058,085

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 5.46	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.03	.07
Net realized and unrealized gain (loss)	(.13)	(4.61)
Total from investment operations	(.10)	(4.54)
Distributions from net investment income	(.05)	-
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 5.31	$ 5.46
Total Return ^{B, C, D}	(1.74)%	(45.40)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.47% ^A	2.88%
Expenses net of fee waivers, if any	1.50% ^A	1.50%
Expenses net of all reductions	1.48% ^A	1.48%
Net investment income (loss)	1.38% ^A	.80%
Supplemental Data
Net assets, end of period (000 omitted)	$ 877	$ 820
Portfolio turnover rate ^G	144% ^A	115%

^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.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 5.45	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.03	.05
Net realized and unrealized gain (loss)	(.13)	(4.60)
Total from investment operations	(.10)	(4.55)
Distributions from net investment income	(.03)	-
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 5.32	$ 5.45
Total Return ^{B, C, D}	(1.79)%	(45.50)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.73% ^A	3.07%
Expenses net of fee waivers, if any	1.75% ^A	1.75%
Expenses net of all reductions	1.73% ^A	1.73%
Net investment income (loss)	1.13% ^A	.55%
Supplemental Data
Net assets, end of period (000 omitted)	$ 514	$ 507
Portfolio turnover rate ^G	144% ^A	115%

^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.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 5.42	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.02	-^J
Net realized and unrealized gain (loss)	(.13)	(4.58)
Total from investment operations	(.11)	(4.58)
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 5.31	$ 5.42
Total Return ^{B, C, D}	(2.03)%	(45.80)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	3.23% ^A	3.55%
Expenses net of fee waivers, if any	2.25% ^A	2.25%
Expenses net of all reductions	2.23% ^A	2.23%
Net investment income (loss)	.63% ^A	.05%
Supplemental Data
Net assets, end of period (000 omitted)	$ 510	$ 642
Portfolio turnover rate ^G	144% ^A	115%

^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.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 5.42	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.02	-^J
Net realized and unrealized gain (loss)	(.13)	(4.58)
Total from investment operations	(.11)	(4.58)
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 5.31	$ 5.42
Total Return ^{B, C, D}	(2.03)%	(45.80)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	3.26% ^A	3.52%
Expenses net of fee waivers, if any	2.25% ^A	2.25%
Expenses net of all reductions	2.24% ^A	2.23%
Net investment income (loss)	.62% ^A	.05%
Supplemental Data
Net assets, end of period (000 omitted)	$ 687	$ 684
Portfolio turnover rate ^G	144% ^A	115%

^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.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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 Growth

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 5.48	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.04	.09
Net realized and unrealized gain (loss)	(.14)	(4.60)
Total from investment operations	(.10)	(4.51)
Distributions from net investment income	(.06)	(.01)
Redemption fees added to paid in capital ^{D, I}	-	-
Net asset value, end of period	$ 5.32	$ 5.48
Total Return ^{B, C}	(1.65)%	(45.17)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	2.22% ^A	2.35%
Expenses net of fee waivers, if any	1.25% ^A	1.25%
Expenses net of all reductions	1.23% ^A	1.23%
Net investment income (loss)	1.63% ^A	1.05%
Supplemental Data
Net assets, end of period (000 omitted)	$ 12,535	$ 11,884
Portfolio turnover rate ^F	144% ^A	115%

^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.

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

^G For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Years ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 5.48	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.04	.09
Net realized and unrealized gain (loss)	(.14)	(4.60)
Total from investment operations	(.10)	(4.51)
Distributions from net investment income	(.06)	(.01)
Redemption fees added to paid in capital ^{D, I}	-	-
Net asset value, end of period	$ 5.32	$ 5.48
Total Return ^{B, C}	(1.65)%	(45.17)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	2.14% ^A	2.56%
Expenses net of fee waivers, if any	1.25% ^A	1.25%
Expenses net of all reductions	1.23% ^A	1.23%
Net investment income (loss)	1.63% ^A	1.05%
Supplemental Data
Net assets, end of period (000 omitted)	$ 411	$ 521
Portfolio turnover rate ^F	144% ^A	115%

^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.

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

^G For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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 distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

3. Significant Accounting Policies - continued

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	$ 791,278
Unrealized depreciation	(4,256,262)
Net unrealized appreciation (depreciation)	$ (3,464,984)
Cost for federal income tax purposes	$ 20,516,414

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $12,279,249 and $11,470,037, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over the 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 Growth as compared to an appropriate benchmark index. The Fund's performance adjustment took effect in November 2008. Subsequent months will be added until the performance period includes 36 months. For the period, the total

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

annualized management fee rate, including the performance adjustment, was .76% of the Fund's average net assets.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 1,119	$ 434
Class T	.25%	.25%	1,256	902
Class B	.75%	.25%	2,792	2,536
Class C	.75%	.25%	4,110	2,081
			$ 9,277	$ 5,953

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

	Retained by FDC
Class A	$ 984
Class T	144
Class B*	97
Class C*	17
	$ 1,242

* 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 1,457	.33
Class T	845	.34
Class B	879	.32
Class C	1,314	.32
International Growth	19,599	.31
Institutional Class	499	.22
	$ 24,593

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $50 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

8. Security Lending.

9. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.50%	$ 4,327
Class T	1.75%	2,462
Class B	2.25%	2,726
Class C	2.25%	4,127
International Growth	1.25%	61,863
Institutional Class	1.25%	1,984
		$ 77,489

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008
From net investment income
Class A	$ 7,994	$ -
Class T	2,991	-
International Growth	171,473	7,036
Institutional Class	6,093	458
Total	$ 188,551	$ 7,494

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008
Class A
Shares sold	105,860	163,688	$ 548,174	$ 1,473,900
Reinvestment of distributions	1,620	-	7,954	-
Shares redeemed	(92,492)	(13,701)	(459,456)	(105,944)
Net increase (decrease)	14,988	149,987	$ 96,672	$ 1,367,956
Class T
Shares sold	32,574	120,600	$ 161,386	$ 1,160,207
Reinvestment of distributions	606	-	2,982	-
Shares redeemed	(29,491)	(27,551)	(150,661)	(234,209)
Net increase (decrease)	3,689	93,049	$ 13,707	$ 925,998
Class B
Shares sold	22,779	130,340	$ 115,474	$ 1,229,254
Shares redeemed	(45,115)	(11,927)	(223,808)	(88,741)
Net increase (decrease)	(22,336)	118,413	$ (108,334)	$ 1,140,513

Semiannual Report

11. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008
Class C
Shares sold	122,077	147,998	$ 641,983	$ 1,363,686
Shares redeemed	(118,807)	(21,887)	(567,951)	(174,264)
Net increase (decrease)	3,270	126,111	$ 74,032	$ 1,189,422
International Growth
Shares sold	1,115,113	3,641,791	$ 5,498,952	$ 32,862,391
Reinvestment of distributions	27,149	663	133,303	6,366
Shares redeemed	(955,003)	(1,472,054)	(4,757,583)	(11,980,798)
Net increase (decrease)	187,259	2,170,400	$ 874,672	$ 20,887,959
Institutional Class
Shares sold	2,773	95,161	$ 14,160	$ 936,263
Reinvestment of distributions	1,241	48	6,093	458
Shares redeemed	(21,944)	-	(111,900)	-
Net increase (decrease)	(17,930)	95,209	$ (91,647)	$ 936,721

12. Other.

At the end of the period, FMR or its affiliates were the owners of record of 20% of the total outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company

FIL Investment Advisors

Fidelity Investments Japan Limited

FIL Investment Advisors (U.K.) Ltd.

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

State Street Bank and Trust Company

Quincy, MA

AIGFI-USAN-0609
1.853344.101

fid1007

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
Total International Equity
Fund - Class A, Class T, Class B
and Class C

Semiannual Report

April 30, 2009

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

(2_fidelity_logos) (Registered_Trademark)

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 financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

You can further manage your investing risk through diversification. And today,

We invite you to contact us via the Internet, through our Investor Centers or by 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

Fidelity Total International Equity Fund

Shareholder Expense Example

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.50%
Actual		$ 1,000.00	$ 1,001.90	$ 7.45
Hypothetical^A		$ 1,000.00	$ 1,017.36	$ 7.50
Class T	1.75%
Actual		$ 1,000.00	$ 1,001.00	$ 8.68
Hypothetical^A		$ 1,000.00	$ 1,016.12	$ 8.75
Class B	2.25%
Actual		$ 1,000.00	$ 998.70	$ 11.15
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23
Class C	2.25%
Actual		$ 1,000.00	$ 997.70	$ 11.14
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23
Total International Equity	1.25%
Actual		$ 1,000.00	$ 1,003.10	$ 6.21
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26
Institutional Class	1.25%
Actual		$ 1,000.00	$ 1,003.10	$ 6.21
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26

^A 5% return per year before expenses

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

Semiannual Report

Fidelity Total International Equity Fund

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan 15.6%
	United Kingdom 15.1%
	Switzerland 8.0%
	Germany 7.0%
	United States of America 6.2%
	France 6.0%
	Brazil 3.3%
	South Africa 3.2%
	Canada 2.8%
	Other 32.8%

fid1379

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

As of October 31, 2008
	Japan 14.1%
	United Kingdom 13.8%
	Switzerland 11.0%
	Germany 8.7%
	France 7.2%
	United States of America 6.9%
	Australia 3.6%
	Spain 3.1%
	Italy 2.4%
	Other 29.2%

fid1391

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	98.5	98.4
Short-Term Investments and Net Other Assets	1.5	1.6
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	2.3	3.5
Nestle SA (Reg.) (Switzerland, Food Products)	1.7	3.4
E.ON AG (Germany, Electric Utilities)	1.7	2.8
Toyota Motor Corp. (Japan, Automobiles)	1.6	1.7
Total SA Series B (France, Oil, Gas & Consumable Fuels)	1.6	1.9
Telefonica SA sponsored ADR (Spain, Diversified Telecommunication Services)	1.4	1.4
Royal Dutch Shell PLC Class A (United Kingdom, Oil, Gas & Consumable Fuels)	1.4	2.1
BHP Billiton PLC (United Kingdom, Metals & Mining)	1.4	0.9
Mitsubishi UFJ Financial Group, Inc. (Japan, Commerical Banks)	1.3	1.0
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)	1.3	1.1
	15.7
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	23.7	22.9
Consumer Discretionary	9.9	6.6
Energy	10.0	10.1
Industrials	10.1	8.5
Materials	9.7	7.0
Consumer Staples	8.4	12.9
Health Care	7.7	9.8
Telecommunication Services	7.6	6.7
Information Technology	6.9	7.9
Utilities	4.5	6.0

Semiannual Report

Fidelity Total International Equity Fund

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
Australia - 2.6%
AMP Ltd.	35,175		$ 132,738
CSL Ltd.	7,084		177,290
Macquarie Airports unit	41,945		55,202
Macquarie Group Ltd.	3,378		82,232
Macquarie Infrastructure Group unit	58,602		57,523
QBE Insurance Group Ltd.	5,911		93,651
Sino Gold Mining Ltd. (a)	3,917		15,522
Wesfarmers Ltd.	1,901		31,293
Woolworths Ltd.	10,536		204,695
TOTAL AUSTRALIA			850,146
Austria - 0.1%
Andritz AG	240		8,157
Erste Bank AG	600		12,516
TOTAL AUSTRIA			20,673
Belgium - 1.2%
Anheuser-Busch InBev NV	10,680		326,852
Anheuser-Busch InBev NV (strip VVPR) (a)	6,080		16
Umicore SA	3,100		60,739
TOTAL BELGIUM			387,607
Bermuda - 1.3%
Aquarius Platinum Ltd. (a)	581		2,154
Aquarius Platinum Ltd. (Australia)	5,231		19,398
China Sports International Ltd.	44,000		3,121
Credicorp Ltd. (NY Shares)	300		15,006
Lazard Ltd. Class A	2,000		54,600
Orient Overseas International Ltd.	4,500		12,890
Ports Design Ltd.	86,000		130,596
Seadrill Ltd.	15,700		167,537
TOTAL BERMUDA			405,302
Brazil - 3.3%
B2W Companhia Global Do Varejo	500		7,945
Banco ABC Brasil SA	2,800		8,962
Banco Bradesco SA:
(PN)	5,000		62,187
(PN) sponsored ADR	800		9,824
BM&F BOVESPA SA	20,800		85,599
Braskem SA Class A sponsored ADR	500		2,835
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.)	600		9,030
Common Stocks - continued
	Shares		Value
Brazil - continued
Companhia Siderurgica Nacional SA (CSN) sponsored ADR	1,300		$ 24,076
Companhia Vale do Rio Doce:
(PN-A) sponsored ADR	8,400		115,332
sponsored ADR	4,500		74,295
GVT Holding SA (a)	1,700		22,481
Iguatemi Empresa de Shopping Centers SA	1,700		12,842
Itau Unibanco Banco Multiplo SA ADR	6,470		88,833
Localiza Rent a Car SA	1,700		8,815
Log-in Logistica Intermodal SA	5,500		18,485
MRV Engenharia e Participacoes SA	7,600		75,446
Natura Cosmeticos SA	1,420		16,882
Net Servicos de Comunicacao SA sponsored ADR	2,900		23,606
OGX Petroleo e Gas Participacoes SA	100		42,022
Petroleo Brasileiro SA - Petrobras:
(PN) sponsored ADR (non-vtg.)	3,600		97,128
sponsored ADR	6,700		224,919
Tele Norte Leste Participacoes SA sponsored ADR (non-vtg.)	1,200		18,660
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	2,500		21,850
TOTAL BRAZIL			1,072,054
Canada - 2.8%
Addax Petroleum, Inc.	500		13,761
Agnico-Eagle Mines Ltd. (Canada)	2,360		104,329
Cameco Corp.	2,200		50,517
Canadian Natural Resources Ltd.	1,700		78,372
Eldorado Gold Corp. (a)	1,200		9,534
Fairfax Financial Holdings Ltd.	300		79,346
First Quantum Minerals Ltd.	1,200		46,411
ING Canada, Inc.	800		23,170
Niko Resources Ltd.	1,190		60,226
Petrobank Energy & Resources Ltd. (a)	9,600		206,361
Potash Corp. of Saskatchewan, Inc.	300		25,770
Power Corp. of Canada (sub. vtg.)	2,400		44,872
Sino-Forest Corp. (a)	1,600		13,999
Suncor Energy, Inc.	2,600		65,433
Toronto-Dominion Bank	2,300		90,786
TOTAL CANADA			912,887
Cayman Islands - 0.8%
Bosideng International Holdings Ltd.	26,000		2,101
Chaoda Modern Agriculture (Holdings) Ltd.	168,216		95,118
China Dongxiang Group Co. Ltd.	15,000		7,285
Common Stocks - continued
	Shares		Value
Cayman Islands - continued
China Infrastructure Machinery Holdings Ltd.	24,000		$ 18,082
CNinsure, Inc. ADR (a)	500		3,810
Foxconn International Holdings Ltd. (a)	23,000		14,174
Himax Technologies, Inc. sponsored ADR	3,800		10,298
Integra Group Holdings unit (a)	5,700		9,574
Stella International Holdings Ltd.	14,000		18,550
Subsea 7, Inc. (a)	3,500		26,160
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	900		13,437
Xinao Gas Holdings Ltd.	12,000		16,403
Yingli Green Energy Holding Co. Ltd. ADR (a)	2,300		16,054
TOTAL CAYMAN ISLANDS			251,046
China - 2.0%
Baidu.com, Inc. sponsored ADR (a)	100		23,290
China BlueChemical Ltd. (H shares)	15,000		7,957
China Communications Construction Co. Ltd. (H Shares)	23,000		27,280
China Construction Bank Corp. (H Shares)	141,000		81,402
China Gas Holdings Ltd.	104,000		19,073
China Merchants Bank Co. Ltd. (H Shares)	46,000		82,189
China National Materials Co. Ltd. (a)	16,000		12,163
China Nepstar Chain Drugstore Ltd. ADR	800		4,032
China Shenhua Energy Co. Ltd. (H Shares)	12,000		33,178
China South Locomotive & Rolling Stock Corp. Ltd. (H Shares)	29,000		13,010
China Yurun Food Group Ltd.	16,000		18,950
China Zaino International Ltd.	10,000		1,756
Golden Eagle Retail Group Ltd. (H Shares)	16,000		12,915
Industrial & Commercial Bank of China Ltd.	197,000		112,070
Li Ning Co. Ltd.	9,500		19,441
Nine Dragons Paper (Holdings) Ltd.	97,000		43,904
Parkson Retail Group Ltd.	11,000		13,815
PICC Property & Casualty Co. Ltd. (H Shares) (a)	20,000		11,289
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	9,000		55,597
Tencent Holdings Ltd.	2,800		24,748
ZTE Corp. (H Shares)	6,240		21,037
TOTAL CHINA			639,096
Cyprus - 0.0%
XXI Century Investments Public Ltd. (a)	1,000		489
Czech Republic - 0.1%
Ceske Energeticke Zavody AS	850		35,090
Denmark - 0.7%
Novo Nordisk AS Series B sponsored ADR	2,400		114,024
Common Stocks - continued
	Shares		Value
Denmark - continued
Vestas Wind Systems AS (a)	1,100		$ 71,399
Vestas Wind Systems AS (a)(f)	500		32,992
TOTAL DENMARK			218,415
Egypt - 0.1%
Eastern Tobacco Co.	390		10,730
Orascom Construction Industries SAE	480		13,724
Telecom Egypt SAE	4,500		12,668
TOTAL EGYPT			37,122
Finland - 1.0%
Nokia Corp. sponsored ADR (d)	13,500		190,890
Nokian Tyres PLC	4,802		75,813
Outotec Oyj	1,900		40,284
Poyry Oyj	512		6,361
TOTAL FINLAND			313,348
France - 6.0%
Alstom SA	188		11,716
Audika SA	3,250		78,424
AXA SA sponsored ADR	20,200		347,036
BNP Paribas SA	5,000		263,149
Compagnie de St. Gobain	1,670		59,896
Danone	1,036		49,266
Delachaux SA	791		43,942
GDF Suez (d)	6,181		220,524
Laurent-Perrier Group	410		24,045
Pernod Ricard SA	409		24,152
Pernod Ricard SA rights 4/29/09 (a)	409		1,746
Remy Cointreau SA	1,171		38,592
Saft Groupe SA	580		17,747
Societe Generale Series A	2,200		112,409
Total SA:
Series B	6,600		330,149
sponsored ADR	3,600		178,992
Unibail-Rodamco	1,000		149,086
TOTAL FRANCE			1,950,871
Georgia - 0.1%
Bank of Georgia unit (a)	5,300		21,200
Germany - 7.0%
Allianz AG sponsored ADR	32,300		292,638
Common Stocks - continued
	Shares		Value
Germany - continued
BASF AG	1,600		$ 59,740
Bayer AG	1,900		93,388
Bilfinger Berger AG	250		11,755
Daimler AG	9,600		342,720
Deutsche Bank AG	1,100		57,674
DIC Asset AG	1,200		9,457
E.ON AG	16,500		552,887
GEA Group AG	1,400		18,223
GFK AG	2,100		48,741
Linde AG	800		63,075
Metro AG	800		33,665
Munich Re Group (Reg.)	2,900		396,542
Siemens AG sponsored ADR	2,700		180,711
Software AG (Bearer)	610		37,723
Vossloh AG	560		57,092
TOTAL GERMANY			2,256,031
Greece - 0.4%
Public Power Corp. of Greece	4,600		88,649
Terna Energy SA	8,549		50,953
TOTAL GREECE			139,602
Hong Kong - 2.3%
China Mobile (Hong Kong) Ltd.	9,500		82,035
China Mobile (Hong Kong) Ltd. sponsored ADR	700		30,212
China Overseas Land & Investment Ltd.	65,564		114,194
China Resources Power Holdings Co. Ltd.	6,000		13,445
CNOOC Ltd.	25,000		27,908
CNOOC Ltd. sponsored ADR	460		51,221
CNPC (Hong Kong) Ltd.	30,000		14,885
Hong Kong Exchange & Clearing Ltd.	12,900		148,587
Shanghai Industrial Holdings Ltd. (H Shares)	7,000		23,850
Swire Pacific Ltd. (A Shares)	31,500		246,232
TOTAL HONG KONG			752,569
Hungary - 0.0%
OTP Bank Ltd. (a)	1,100		14,384
India - 1.7%
Bank of Baroda	1,000		6,611
Bharat Heavy Electricals Ltd.	796		26,679
Bharti Airtel Ltd. (a)	16,278		248,092
Educomp Solutions Ltd.	200		10,050
Common Stocks - continued
	Shares		Value
India - continued
Godrej Consumer Products Ltd.	6,000		$ 16,930
Housing Development Finance Corp. Ltd.	800		27,980
Infosys Technologies Ltd.	530		16,217
Infosys Technologies Ltd. sponsored ADR	900		27,729
IVRCL Infrastructures & Projects Ltd.	7,100		22,916
Jain Irrigation Systems Ltd.	2,280		23,081
Pantaloon Retail India Ltd.	5,418		20,809
Pantaloon Retail India Ltd. Class B	341		839
Piramal Healthcare Ltd.	5,000		23,396
Reliance Industries Ltd. GDR (Reg. S) (e)	424		32,309
Rural Electrification Corp. Ltd.	130		272
Satyam Computer Services Ltd. sponsored ADR	100		180
Suzlon Energy Ltd.	20,812		26,865
Tata Power Co. Ltd.	1,000		18,159
Union Bank of India	2,000		6,653
TOTAL INDIA			555,767
Indonesia - 0.4%
PT Bank Central Asia Tbk	105,500		33,264
PT Bank Rakyat Indonesia Tbk	89,500		48,857
PT Perusahaan Gas Negara Tbk Series B	102,000		24,960
PT Telkomunikasi Indonesia Tbk Series B	35,000		25,859
TOTAL INDONESIA			132,940
Ireland - 0.8%
CRH PLC	485		12,605
CRH PLC sponsored ADR	9,100		234,052
Dragon Oil PLC (a)	5,000		18,996
Kerry Group PLC Class A	400		8,196
TOTAL IRELAND			273,849
Israel - 0.8%
Cellcom Israel Ltd.	700		15,253
Israel Chemicals Ltd.	3,000		25,228
Mellanox Technologies Ltd. (a)	800		8,160
Mizrahi Tefahot Bank Ltd.	1,500		8,379
Nice Systems Ltd. sponsored ADR (a)	400		10,244
Partner Communications Co. Ltd. ADR	5,500		89,375
Teva Pharmaceutical Industries Ltd. sponsored ADR	2,100		92,169
TOTAL ISRAEL			248,808
Italy - 2.2%
Azimut Holdings SpA	8,800		61,479
Common Stocks - continued
	Shares		Value
Italy - continued
ENI SpA sponsored ADR	4,000		$ 170,760
Finmeccanica SpA	6,500		91,542
UniCredit SpA	160,700		391,197
TOTAL ITALY			714,978
Japan - 15.6%
Alpen Co. Ltd.	100		1,652
Autobacs Seven Co. Ltd.	2,600		71,092
Daikoku Denki Co. Ltd.	500		5,751
Denso Corp.	9,600		226,991
East Japan Railway Co.	3,800		214,182
Eisai Co. Ltd.	1,000		26,842
Fanuc Ltd.	1,100		79,399
FCC Co. Ltd.	600		7,604
Glory Ltd.	400		7,342
Japan Retail Fund Investment Corp.	7		24,486
JSR Corp.	3,000		36,562
Kamigumi Co. Ltd.	1,000		6,425
Kansai Electric Power Co., Inc.	4,300		87,584
Keyence Corp.	310		54,759
Kobayashi Pharmaceutical Co. Ltd.	3,100		100,861
Konica Minolta Holdings, Inc.	9,000		74,364
Miraca Holdings, Inc.	6,200		126,574
Mitsubishi Estate Co. Ltd.	2,000		26,149
Mitsubishi UFJ Financial Group, Inc.	38,200		208,429
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	38,880		210,730
Mitsui & Co. Ltd.	38,100		404,212
Nagaileben Co. Ltd.	2,100		37,334
NGK Insulators Ltd.	6,200		95,109
Nihon Parkerizing Co. Ltd.	1,000		8,339
Nintendo Co. Ltd.	200		53,840
Nippon Electric Glass Co. Ltd.	3,000		24,419
Nippon Seiki Co. Ltd.	8,000		72,175
Nippon Thompson Co. Ltd.	16,000		69,192
Nitta Corp.	200		2,299
Obic Co. Ltd.	450		61,104
Ohashi Technica, Inc.	300		1,858
ORIX Corp.	890		41,692
Osaka Gas Co. Ltd.	83,000		263,088
Osaka Securities Exchange Co. Ltd.	25		79,422
OSG Corp.	1,200		7,557
Ozeki Co. Ltd.	4,200		104,594
Common Stocks - continued
	Shares		Value
Japan - continued
Pal Co. Ltd.	250		$ 3,827
Promise Co. Ltd.	13,250		175,127
SAZABY, Inc.	300		3,206
Seven & i Holdings Co., Ltd.	1,500		33,904
SHIMANO, Inc.	200		5,918
Shin-Etsu Chemical Co., Ltd.	2,100		102,092
Shiseido Co. Ltd.	4,000		70,244
SHO-BOND Holdings Co. Ltd.	600		10,790
Sony Financial Holdings, Inc.	43		135,322
Sparx Group Co. Ltd.	40		5,246
Sumitomo Corp.	9,600		83,585
Sumitomo Metal Industries Ltd.	30,000		70,294
Sumitomo Mitsui Financial Group, Inc.	5,600		194,264
The Nippon Synthetic Chemical Industry Co. Ltd.	16,000		55,785
THK Co. Ltd.	700		9,711
Toho Holdings Co. Ltd.	800		7,741
Tokuyama Corp.	13,000		77,541
Tokyo Gas Co. Ltd.	20,000		75,843
Toyota Motor Corp.	13,100		518,613
Tsumura & Co.	3,900		106,832
Tsutsumi Jewelry Co. Ltd.	500		8,212
USS Co. Ltd.	3,190		144,595
Xebio Co. Ltd.	4,900		75,307
Yamada Denki Co. Ltd.	3,080		141,905
Yamato Kogyo Co. Ltd.	200		4,544
TOTAL JAPAN			5,044,460
Kazakhstan - 0.2%
JSC Halyk Bank of Kazakhstan unit	13,500		49,950
KazMunaiGas Exploration & Production JSC (Reg. S) GDR	1,300		23,088
TOTAL KAZAKHSTAN			73,038
Korea (South) - 1.4%
GS Engineering & Construction Corp.	374		19,724
Hana Financial Group, Inc.	1,710		29,570
Hyundai Industrial Development & Construction Co.	876		27,418
Hyunjin Materials Co. Ltd.	988		29,880
KT&G Corp.	306		16,904
MegaStudy Co. Ltd.	100		16,980
NHN Corp. (a)	829		100,868
POSCO sponsored ADR	700		53,879
Samsung Electronics Co. Ltd.	198		91,718
Common Stocks - continued
	Shares		Value
Korea (South) - continued
Shinhan Financial Group Co. Ltd.	549		$ 13,635
Shinhan Financial Group Co. Ltd. sponsored ADR	800		39,480
TOTAL KOREA (SOUTH)			440,056
Luxembourg - 0.3%
ArcelorMittal SA:
(Netherlands)	1,600		37,469
(NY Shares) Class A	2,300		54,234
Evraz Group SA GDR	1,000		13,150
TOTAL LUXEMBOURG			104,853
Malaysia - 0.0%
DiGi.com Bhd	2,400		15,034
Mexico - 1.7%
America Movil SAB de CV Series L sponsored ADR	8,350		274,298
Cemex SA de CV sponsored ADR	5,800		43,384
Fomento Economico Mexicano SAB de CV sponsored ADR	2,600		73,606
Grupo Televisa SA de CV (CPO) sponsored ADR	1,700		26,316
Telmex Internacional SAB de CV Series L ADR	1,300		13,494
Wal-Mart de Mexico SA de CV Series V	45,200		123,268
TOTAL MEXICO			554,366
Netherlands - 1.7%
Aalberts Industries NV	800		6,106
ASML Holding NV (NY Shares)	10,150		214,673
Gemalto NV (a)	2,300		72,402
Heineken NV (Bearer)	1,000		29,708
James Hardie Industries NV sponsored ADR	400		6,524
Koninklijke KPN NV	12,300		147,835
QIAGEN NV (a)	4,100		67,568
TOTAL NETHERLANDS			544,816
Norway - 0.9%
Det Norske Oljeselskap ASA (DNO) (A Shares) (a)	6,000		5,068
DnB Nor ASA	20,400		126,955
Orkla ASA (A Shares)	17,000		121,686
Petroleum Geo-Services ASA (a)	6,800		32,892
TOTAL NORWAY			286,601
Common Stocks - continued
	Shares		Value
Papua New Guinea - 0.4%
Lihir Gold Ltd. sponsored ADR (a)	3,750		$ 80,250
Oil Search Ltd.	12,335		46,010
TOTAL PAPUA NEW GUINEA			126,260
Peru - 0.1%
Compania de Minas Buenaventura SA sponsored ADR	800		16,928
Philippines - 0.4%
Jollibee Food Corp.	55,200		52,790
Philippine Long Distance Telephone Co.	300		13,628
Philippine Long Distance Telephone Co. sponsored ADR	1,600		73,392
TOTAL PHILIPPINES			139,810
Russia - 0.7%
Bank St. Petersburg OJSC	700		598
Lukoil Oil Co. sponsored ADR	1,300		57,356
OAO Gazprom sponsored ADR	3,780		66,906
OJSC MMC Norilsk Nickel sponsored ADR	3,000		24,750
OJSC Oil Company Rosneft GDR (Reg. S)	6,400		33,017
Sberbank (Savings Bank of the Russian Federation) GDR	190		26,693
TOTAL RUSSIA			209,320
Singapore - 1.1%
DBS Group Holdings Ltd.	27,000		173,252
Keppel Land Ltd.	27,000		31,368
Singapore Exchange Ltd.	27,000		114,347
Wing Tai Holdings Ltd.	51,000		30,314
TOTAL SINGAPORE			349,281
South Africa - 3.2%
Absa Group Ltd.	1,473		16,993
African Bank Investments Ltd.	2,600		8,241
African Rainbow Minerals Ltd.	13,463		181,945
AngloGold Ashanti Ltd. sponsored ADR	800		24,640
Aspen Pharmacare Holdings Ltd.	2,100		10,659
Exxaro Resources Ltd.	2,300		16,867
FirstRand Ltd.	16,900		25,822
Harmony Gold Mining Co. Ltd. sponsored ADR (a)	1,900		17,708
Impala Platinum Holdings Ltd.	6,900		131,878
Imperial Holdings Ltd.	1,489		9,543
JSE Ltd.	9,800		60,165
Lewis Group Ltd.	1,600		7,902
Mr. Price Group Ltd.	26,600		81,445
Common Stocks - continued
	Shares		Value
South Africa - continued
MTN Group Ltd.	26,303		$ 341,598
Mvelaphanda Resources Ltd. (a)	3,422		12,434
Naspers Ltd. Class N	900		18,346
New Clicks Holdings Ltd.	4,600		8,873
Sasol Ltd. sponsored ADR	900		27,099
Shoprite Holdings Ltd.	2,700		16,180
TOTAL SOUTH AFRICA			1,018,338
Spain - 2.5%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR	3,759		40,672
Banco Santander SA	4,300		40,854
Grifols SA	6,549		114,890
Inditex SA	1,900		80,990
Prosegur Comp Securidad SA (Reg.)	2,291		65,407
Telefonica SA sponsored ADR	8,140		458,201
TOTAL SPAIN			801,014
Sweden - 0.7%
H&M Hennes & Mauritz AB (B Shares)	2,900		129,086
Swedish Match Co.	4,500		64,205
Telefonaktiebolaget LM Ericsson (B Shares)	4,800		40,764
TOTAL SWEDEN			234,055
Switzerland - 8.0%
ABB Ltd. sponsored ADR	6,200		88,164
Actelion Ltd. (Reg.) (a)	2,085		94,967
Bank Sarasin & Co. Ltd. Series B (Reg.)	4,815		114,750
Credit Suisse Group sponsored ADR	1,800		68,904
EFG International	7,440		89,987
Nestle SA (Reg.)	17,283		563,221
Novartis AG sponsored ADR	4,700		178,177
Roche Holding AG (participation certificate)	5,978		753,639
Sonova Holding AG	3,341		216,128
Transocean Ltd. (a)	2,220		149,806
Zurich Financial Services AG (Reg.)	1,397		259,537
TOTAL SWITZERLAND			2,577,280
Taiwan - 0.8%
Acer, Inc.	5,000		9,553
Asia Cement Corp.	20,000		20,586
Hon Hai Precision Industry Co. Ltd. (Foxconn)	39,100		112,844
HTC Corp.	2,600		35,196
Innolux Display Corp.	31,900		35,167
Common Stocks - continued
	Shares		Value
Taiwan - continued
Powertech Technology, Inc.	5,500		$ 11,454
Taiwan Mobile Co. Ltd.	10,000		15,785
Taiwan Semiconductor Manufacturing Co. Ltd.	7,000		11,842
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	1,000		10,570
TOTAL TAIWAN			262,997
Thailand - 0.2%
PTT Exploration & Production PCL (For. Reg.)	7,100		20,826
Siam Commercial Bank PCL (For. Reg.)	28,100		47,981
TOTAL THAILAND			68,807
Turkey - 0.7%
Anadolu Efes Biracilik ve Malt Sanyii AS	15,330		109,209
Asya Katilim Bankasi AS	12,200		11,664
Coca-Cola Icecek AS	3,350		15,805
Enka Insaat ve Sanayi AS	4,450		19,049
Tupras-Turkiye Petrol Rafinerileri AS	3,500		34,995
Turkiye Garanti Bankasi AS (a)	12,200		25,616
TOTAL TURKEY			216,338
United Kingdom - 15.1%
Aberdeen Asset Management PLC	28,700		55,636
Aegis Group PLC	32,400		43,359
Anglo American PLC (United Kingdom)	2,942		63,283
AstraZeneca PLC (United Kingdom)	2,000		70,005
Autonomy Corp. PLC (a)	4,715		98,880
Babcock International Group PLC	1,200		7,695
BAE Systems PLC	40,000		210,331
Begbies Traynor Group PLC	3,400		5,567
BG Group PLC	17,400		277,737
BHP Billiton PLC	2,300		47,719
BHP Billiton PLC ADR (d)	9,600		401,664
Bovis Homes Group PLC	11,748		79,531
BP PLC sponsored ADR	1,500		63,690
British American Tobacco PLC sponsored ADR	1,400		68,068
Cairn Energy PLC (a)	300		9,402
Cobham PLC	22,500		58,268
Derwent London PLC	600		7,388
easyJet PLC (a)	15,100		70,171
Great Portland Estates PLC	9,100		41,029
H&T Group PLC	2,700		7,750
HSBC Holdings PLC (United Kingdom) (Reg.)	12,130		86,230
Imperial Tobacco Group PLC	700		15,965
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Informa PLC	24,000		$ 104,858
InterContinental Hotel Group PLC ADR	600		5,682
Johnson Matthey PLC	4,200		74,139
Man Group PLC	62,975		232,685
Misys PLC	41,300		84,262
Persimmon PLC	15,900		88,652
Prudential PLC	29,800		171,217
Randgold Resources Ltd. sponsored ADR	300		14,520
Reckitt Benckiser Group PLC	4,900		192,278
Rio Tinto PLC:
(Reg.)	2,300		93,417
sponsored ADR	990		161,321
Royal Dutch Shell PLC:
Class A (United Kingdom)	4,800		110,467
Class A sponsored ADR	7,500		342,600
Serco Group PLC	34,600		186,602
Shaftesbury PLC	9,500		48,985
Spirax-Sarco Engineering PLC	6,384		80,404
SSL International PLC	4,000		28,033
Standard Chartered PLC:
(Hong Kong)	950		14,301
(United Kingdom)	13,700		211,850
Ted Baker PLC	12,075		65,901
Tesco PLC	24,900		123,329
Ultra Electronics Holdings PLC	900		15,774
Victrex PLC	8,018		63,335
Vodafone Group PLC	33,100		60,814
Vodafone Group PLC sponsored ADR	18,800		344,980
Wolseley PLC	2,496		44,748
WPP PLC	15,200		103,959
Xstrata PLC	1,600		14,101
TOTAL UNITED KINGDOM			4,872,582
United States of America - 4.7%
Advanced Energy Industries, Inc. (a)	9,381		79,082
Airgas, Inc.	1,080		46,570
Allergan, Inc.	1,400		65,324
Autoliv, Inc.	3,600		88,812
Berkshire Hathaway, Inc. Class B (a)	29		88,885
CTC Media, Inc. (a)	1,600		12,544
CyberSource Corp. (a)	7,800		113,958
Dril-Quip, Inc. (a)	130		4,469
Common Stocks - continued
	Shares		Value
United States of America - continued
FMC Technologies, Inc. (a)	950		$ 32,519
Freeport-McMoRan Copper & Gold, Inc. Class B	500		21,325
Gilead Sciences, Inc. (a)	1,000		45,800
Goldman Sachs Group, Inc.	500		64,250
Juniper Networks, Inc. (a)	3,000		64,950
Martin Marietta Materials, Inc.	600		50,418
MasterCard, Inc. Class A	300		55,035
Mohawk Industries, Inc. (a)	2,740		129,629
Philip Morris International, Inc.	1,700		61,540
Pricesmart, Inc.	7,495		133,786
Varian Semiconductor Equipment Associates, Inc. (a)	3,400		87,006
Visa, Inc.	4,360		283,226
TOTAL UNITED STATES OF AMERICA			1,529,128
TOTAL COMMON STOCKS (Cost $44,138,448)		31,689,636
Nonconvertible Preferred Stocks - 0.4%

Italy - 0.4%
Fiat SpA (Risparmio Shares)	5,300		32,000
Telecom Italia SpA (Risparmio Shares)	104,200		93,064
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $178,595)		125,064
Money Market Funds - 1.6%

Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) (Cost $512,575)	512,575		512,575
Cash Equivalents - 1.2%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 0.15%, dated 4/30/09 due 5/1/09 (Collateralized by U.S. Government Obligations) # (Cost $385,000)	$ 385,002		$ 385,000
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $45,214,618)			32,712,275
NET OTHER ASSETS - (1.3)%			(432,258)
NET ASSETS - 100%		$ 32,280,017

Legend

(a) Non-income producing

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

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Vestas Wind Systems AS	4/29/09	$ 28,726

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

Repurchase Agreement / Counterparty	Value
$385,000 due 5/01/09 at 0.15%
BNP Paribas Securities Corp.	$ 68,285
Barclays Capital, Inc.	10,923
Credit Suisse Securities (USA) LLC	14,188
Deutsche Bank Securities, Inc.	144,189
HSBC Securities (USA), Inc.	109,233
Mizuho Securities USA, Inc.	10,923
Societe Generale, New York Branch	27,259
	$ 385,000

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 Securities Lending Cash Central Fund	$ 2,412

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 32,712,275	$ 12,928,396	$ 19,783,879	$ -

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 16,955
Total Realized Gain (Loss)	(71,038)
Total Unrealized Gain (Loss)	64,053
Cost of Purchases	-
Proceeds of Sales	(9,970)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $10,058,675 all of which will expire on October 31, 2016.

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

Semiannual Report

Fidelity Total International Equity Fund

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $502,951 and repurchase agreements of $385,000) - See accompanying schedule: Unaffiliated issuers (cost $44,702,043)	$ 32,199,700
Fidelity Central Funds (cost $512,575)	512,575
Total Investments (cost $45,214,618)		$ 32,712,275
Foreign currency held at value (cost $84)		84
Receivable for investments sold		387,098
Receivable for fund shares sold		27,231
Dividends receivable		219,594
Distributions receivable from Fidelity Central Funds		2,465
Prepaid expenses		300
Receivable from investment adviser for expense reductions		8,364
Other receivables		1,931
Total assets		33,359,342

Liabilities
Payable to custodian bank	$ 55,082
Payable for investments purchased	411,303
Payable for fund shares redeemed	14,443
Accrued management fee	16,693
Distribution fees payable	5,297
Other affiliated payables	8,925
Other payables and accrued expenses	55,007
Collateral on securities loaned, at value	512,575
Total liabilities		1,079,325

Net Assets		$ 32,280,017
Net Assets consist of:
Paid in capital		$ 71,804,810
Undistributed net investment income		199,203
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(27,217,939)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(12,506,057)
Net Assets		$ 32,280,017

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

Semiannual Report

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($4,357,364 ÷ 910,388 shares)		$ 4.79

Maximum offering price per share (100/94.25 of $4.79)		$ 5.08
Class T: Net Asset Value and redemption price per share ($2,074,308 ÷ 432,783 shares)		$ 4.79

Maximum offering price per share (100/96.50 of $4.79)		$ 4.96
Class B: Net Asset Value and offering price per share ($1,972,142 ÷ 411,049 shares)^A		$ 4.80

Class C: Net Asset Value and offering price per share ($2,236,713 ÷ 466,751 shares)^A		$ 4.79

Total International Equity: Net Asset Value, offering price and redemption price per share ($19,625,331 ÷ 4,100,098 shares)		$ 4.79

Institutional Class: Net Asset Value, offering price and redemption price per share ($2,014,159 ÷ 420,779 shares)		$ 4.79

^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

Fidelity Total International Equity Fund

Financial Statements - continued

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 552,764
Interest		603
Income from Fidelity Central Funds		2,412
		555,779
Less foreign taxes withheld		(53,608)
Total income		502,171

Expenses
Management fee Basic fee	$ 120,423
Performance adjustment	(14,014)
Transfer agent fees	46,749
Distribution fees	34,387
Accounting and security lending fees	8,812
Custodian fees and expenses	77,834
Independent trustees' compensation	134
Registration fees	30,797
Audit	38,794
Legal	1,006
Miscellaneous	367
Total expenses before reductions	345,289
Expense reductions	(105,181)	240,108
Net investment income (loss)		262,063
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(16,374,849)
Foreign currency transactions	(21,381)
Total net realized gain (loss)		(16,396,230)
Change in net unrealized appreciation (depreciation) on: Investment securities	15,540,519
Assets and liabilities in foreign currencies	(1,214)
Total change in net unrealized appreciation (depreciation)		15,539,305
Net gain (loss)		(856,925)
Net increase (decrease) in net assets resulting from operations		$ (594,862)

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

Semiannual Report

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	For the period November 1, 2007 (commencement of operations) to October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 262,063	$ 857,641
Net realized gain (loss)	(16,396,230)	(10,866,711)
Change in net unrealized appreciation (depreciation)	15,539,305	(28,045,362)
Net increase (decrease) in net assets resulting from operations	(594,862)	(38,054,432)
Distributions to shareholders from net investment income	(859,670)	(15,829)
Share transactions - net increase (decrease)	(6,029,281)	77,824,722
Redemption fees	1,587	7,782
Total increase (decrease) in net assets	(7,482,226)	39,762,243

Net Assets
Beginning of period	39,762,243	-
End of period (including undistributed net investment income of $199,203 and undistributed net investment income of $796,810, respectively)	$ 32,280,017	$ 39,762,243

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.90	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.03	.11
Net realized and unrealized gain (loss)	(.03)	(5.21)
Total from investment operations	-	(5.10)
Distributions from net investment income	(.11)	-
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 4.79	$ 4.90
Total Return ^{B, C, D}	.19%	(51.00)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.10% ^A	2.00%
Expenses net of fee waivers, if any	1.50% ^A	1.50%
Expenses net of all reductions	1.48% ^A	1.48%
Net investment income (loss)	1.52% ^A	1.35%
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,357	$ 5,944
Portfolio turnover rate ^G	99% ^A	91%

^A Annualized

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

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

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

^E Calculated based on average shares outstanding during the period.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.03	.09
Net realized and unrealized gain (loss)	(.03)	(5.21)
Total from investment operations	-	(5.12)
Distributions from net investment income	(.09)	-
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 4.79	$ 4.88
Total Return ^{B, C, D}	.10%	(51.20)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.34% ^A	2.42%
Expenses net of fee waivers, if any	1.75% ^A	1.75%
Expenses net of all reductions	1.73% ^A	1.73%
Net investment income (loss)	1.27% ^A	1.10%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,074	$ 2,567
Portfolio turnover rate ^G	99% ^A	91%

^A Annualized

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

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

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

^E Calculated based on average shares outstanding during the period.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.86	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.02	.05
Net realized and unrealized gain (loss)	(.03)	(5.19)
Total from investment operations	(.01)	(5.14)
Distributions from net investment income	(.05)	-
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 4.80	$ 4.86
Total Return ^{B, C, D}	(.13)%	(51.40)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.83% ^A	2.92%
Expenses net of fee waivers, if any	2.25% ^A	2.25%
Expenses net of all reductions	2.23% ^A	2.24%
Net investment income (loss)	.77% ^A	.60%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,972	$ 2,505
Portfolio turnover rate ^G	99% ^A	91%

^A Annualized

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

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

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

^E Calculated based on average shares outstanding during the period.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.86	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.02	.05
Net realized and unrealized gain (loss)	(.04)	(5.19)
Total from investment operations	(.02)	(5.14)
Distributions from net investment income	(.05)	-
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 4.79	$ 4.86
Total Return ^{B, C, D}	(.23)%	(51.40)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.87% ^A	2.92%
Expenses net of fee waivers, if any	2.25% ^A	2.25%
Expenses net of all reductions	2.23% ^A	2.23%
Net investment income (loss)	.77% ^A	.60%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,237	$ 2,787
Portfolio turnover rate ^G	99% ^A	91%

^A Annualized

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

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

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

^E Calculated based on average shares outstanding during the period.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Total International Equity

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 4.91	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.04	.13
Net realized and unrealized gain (loss)	(.04)	(5.21)
Total from investment operations	-	(5.08)
Distributions from net investment income	(.12)	(.01)
Redemption fees added to paid in capital ^{D, I}	-	-
Net asset value, end of period	$ 4.79	$ 4.91
Total Return ^{B, C}	.31%	(50.87)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	1.87% ^A	1.89%
Expenses net of fee waivers, if any	1.25% ^A	1.25%
Expenses net of all reductions	1.23% ^A	1.23%
Net investment income (loss)	1.77% ^A	1.60%
Supplemental Data
Net assets, end of period (000 omitted)	$ 19,625	$ 23,226
Portfolio turnover rate ^F	99% ^A	91%

^A Annualized

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

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

^D Calculated based on average shares outstanding during the period.

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

^G For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 4.91	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.04	.13
Net realized and unrealized gain (loss)	(.04)	(5.21)
Total from investment operations	-	(5.08)
Distributions from net investment income	(.12)	(.01)
Redemption fees added to paid in capital ^{D, I}	-	-
Net asset value, end of period	$ 4.79	$ 4.91
Total Return ^{B, C}	.31%	(50.87)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	1.81% ^A	1.91%
Expenses net of fee waivers, if any	1.25% ^A	1.25%
Expenses net of all reductions	1.23% ^A	1.23%
Net investment income (loss)	1.77% ^A	1.60%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,014	$ 2,733
Portfolio turnover rate ^F	99% ^A	91%

^A Annualized

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

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

^D Calculated based on average shares outstanding during the period.

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

^G For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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 distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

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	$ 1,449,464
Unrealized depreciation	(14,999,655)
Net unrealized appreciation (depreciation)	$ (13,550,191)
Cost for federal income tax purposes	$ 46,262,466

Semiannual Report

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $16,547,794 and $23,012,899, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over the 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, Total International Equity as compared to an appropriate benchmark index. The Fund's performance adjustment took effect in November 2008. Subsequent months will be added until the performance period includes 36 months. For the period, the total

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

annualized management fee rate, including the performance adjustment, was .64% of the Fund's average net assets.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 6,276	$ 2,016
Class T	.25%	.25%	5,522	5,122
Class B	.75%	.25%	10,626	10,523
Class C	.75%	.25%	11,963	11,122
			$ 34,387	$ 28,783

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

	Retained by FDC
Class A	$ 1,514
Class T	175
Class B*	276
Class C*	43
	$ 2,008

* 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

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

	Amount	% of Average Net Assets*
Class A	$ 6,419	.26
Class T	2,883	.26
Class B	2,672	.25
Class C	3,487	.29
Total International Equity	28,700	.29
Institutional Class	2,588	.23
	$ 46,749

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $110 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Security Lending - continued

9. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.50%	$ 14,868
Class T	1.75%	6,483
Class B	2.25%	6,139
Class C	2.25%	7,403
Total International Equity	1.25%	60,235
Institutional Class	1.25%	6,225
		$ 101,353

Semiannual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008
From net investment income
Class A	$ 131,963	$ -
Class T	45,379	-
Class B	24,856	-
Class C	30,949	-
Total International Equity	560,888	13,264
Institutional Class	65,635	2,565
Total	$ 859,670	$ 15,829

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008
Class A
Shares sold	241,063	1,253,571	$ 1,091,461	$ 11,409,450
Reinvestment of distributions	30,531	-	130,977	-
Shares redeemed	(575,420)	(39,357)	(2,564,493)	(262,908)
Net increase (decrease)	(303,826)	1,214,214	$ (1,342,055)	$ 11,146,542
Class T
Shares sold	20,450	536,757	$ 88,186	$ 5,311,723
Reinvestment of distributions	10,553	-	45,379	-
Shares redeemed	(123,821)	(11,156)	(552,742)	(95,096)
Net increase (decrease)	(92,818)	525,601	$ (419,177)	$ 5,216,627
Class B
Shares sold	7,984	516,780	$ 36,162	$ 5,142,958
Reinvestment of distributions	5,760	-	24,827	-
Shares redeemed	(118,291)	(1,184)	(527,935)	(8,679)
Net increase (decrease)	(104,547)	515,596	$ (466,946)	$ 5,134,279

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008
Class C
Shares sold	35,456	576,912	$ 158,699	$ 5,653,538
Reinvestment of distributions	7,163	-	30,872	-
Shares redeemed	(149,371)	(3,409)	(661,810)	(27,077)
Net increase (decrease)	(106,752)	573,503	$ (472,239)	$ 5,626,461
Total International Equity
Shares sold	905,974	7,339,025	$ 4,093,508	$ 65,416,828
Reinvestment of distributions	124,381	1,313	533,594	12,459
Shares redeemed	(1,664,986)	(2,605,609)	(7,350,175)	(20,217,092)
Net increase (decrease)	(634,631)	4,734,729	$ (2,723,073)	$ 45,212,195
Institutional Class
Shares sold	2,987	559,428	$ 13,456	$ 5,503,211
Reinvestment of distributions	15,268	270	65,500	2,565
Shares redeemed	(154,496)	(2,678)	(684,747)	(17,158)
Net increase (decrease)	(136,241)	557,020	$ (605,791)	$ 5,488,618

12. Other.

At the end of the period, FMR or its affiliates were the owners of record of 29% of the total outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
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FIL Investment Advisors

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(Japan) Inc.

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State Street Bank & Trust Company

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ATIE-USAN-0609
1.853366.101

fid1007

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
Total International Equity
Fund - Institutional Class

Semiannual Report

April 30, 2009

Institutional Class is a class of Fidelity® Total International Equity Fund

(2_fidelity_logos) (Registered_Trademark)

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 financial statements.

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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

Fidelity Total International Equity Fund

Shareholder Expense Example

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.50%
Actual		$ 1,000.00	$ 1,001.90	$ 7.45
Hypothetical^A		$ 1,000.00	$ 1,017.36	$ 7.50
Class T	1.75%
Actual		$ 1,000.00	$ 1,001.00	$ 8.68
Hypothetical^A		$ 1,000.00	$ 1,016.12	$ 8.75
Class B	2.25%
Actual		$ 1,000.00	$ 998.70	$ 11.15
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23
Class C	2.25%
Actual		$ 1,000.00	$ 997.70	$ 11.14
Hypothetical^A		$ 1,000.00	$ 1,013.64	$ 11.23
Total International Equity	1.25%
Actual		$ 1,000.00	$ 1,003.10	$ 6.21
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26
Institutional Class	1.25%
Actual		$ 1,000.00	$ 1,003.10	$ 6.21
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26

^A 5% return per year before expenses

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

Semiannual Report

Fidelity Total International Equity Fund

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan 15.6%
	United Kingdom 15.1%
	Switzerland 8.0%
	Germany 7.0%
	United States of America 6.2%
	France 6.0%
	Brazil 3.3%
	South Africa 3.2%
	Canada 2.8%
	Other 32.8%

fid1410

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

As of October 31, 2008
	Japan 14.1%
	United Kingdom 13.8%
	Switzerland 11.0%
	Germany 8.7%
	France 7.2%
	United States of America 6.9%
	Australia 3.6%
	Spain 3.1%
	Italy 2.4%
	Other 29.2%

fid1422

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	98.5	98.4
Short-Term Investments and Net Other Assets	1.5	1.6
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	2.3	3.5
Nestle SA (Reg.) (Switzerland, Food Products)	1.7	3.4
E.ON AG (Germany, Electric Utilities)	1.7	2.8
Toyota Motor Corp. (Japan, Automobiles)	1.6	1.7
Total SA Series B (France, Oil, Gas & Consumable Fuels)	1.6	1.9
Telefonica SA sponsored ADR (Spain, Diversified Telecommunication Services)	1.4	1.4
Royal Dutch Shell PLC Class A (United Kingdom, Oil, Gas & Consumable Fuels)	1.4	2.1
BHP Billiton PLC (United Kingdom, Metals & Mining)	1.4	0.9
Mitsubishi UFJ Financial Group, Inc. (Japan, Commerical Banks)	1.3	1.0
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)	1.3	1.1
	15.7
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	23.7	22.9
Consumer Discretionary	9.9	6.6
Energy	10.0	10.1
Industrials	10.1	8.5
Materials	9.7	7.0
Consumer Staples	8.4	12.9
Health Care	7.7	9.8
Telecommunication Services	7.6	6.7
Information Technology	6.9	7.9
Utilities	4.5	6.0

Semiannual Report

Fidelity Total International Equity Fund

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
Australia - 2.6%
AMP Ltd.	35,175		$ 132,738
CSL Ltd.	7,084		177,290
Macquarie Airports unit	41,945		55,202
Macquarie Group Ltd.	3,378		82,232
Macquarie Infrastructure Group unit	58,602		57,523
QBE Insurance Group Ltd.	5,911		93,651
Sino Gold Mining Ltd. (a)	3,917		15,522
Wesfarmers Ltd.	1,901		31,293
Woolworths Ltd.	10,536		204,695
TOTAL AUSTRALIA			850,146
Austria - 0.1%
Andritz AG	240		8,157
Erste Bank AG	600		12,516
TOTAL AUSTRIA			20,673
Belgium - 1.2%
Anheuser-Busch InBev NV	10,680		326,852
Anheuser-Busch InBev NV (strip VVPR) (a)	6,080		16
Umicore SA	3,100		60,739
TOTAL BELGIUM			387,607
Bermuda - 1.3%
Aquarius Platinum Ltd. (a)	581		2,154
Aquarius Platinum Ltd. (Australia)	5,231		19,398
China Sports International Ltd.	44,000		3,121
Credicorp Ltd. (NY Shares)	300		15,006
Lazard Ltd. Class A	2,000		54,600
Orient Overseas International Ltd.	4,500		12,890
Ports Design Ltd.	86,000		130,596
Seadrill Ltd.	15,700		167,537
TOTAL BERMUDA			405,302
Brazil - 3.3%
B2W Companhia Global Do Varejo	500		7,945
Banco ABC Brasil SA	2,800		8,962
Banco Bradesco SA:
(PN)	5,000		62,187
(PN) sponsored ADR	800		9,824
BM&F BOVESPA SA	20,800		85,599
Braskem SA Class A sponsored ADR	500		2,835
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.)	600		9,030
Common Stocks - continued
	Shares		Value
Brazil - continued
Companhia Siderurgica Nacional SA (CSN) sponsored ADR	1,300		$ 24,076
Companhia Vale do Rio Doce:
(PN-A) sponsored ADR	8,400		115,332
sponsored ADR	4,500		74,295
GVT Holding SA (a)	1,700		22,481
Iguatemi Empresa de Shopping Centers SA	1,700		12,842
Itau Unibanco Banco Multiplo SA ADR	6,470		88,833
Localiza Rent a Car SA	1,700		8,815
Log-in Logistica Intermodal SA	5,500		18,485
MRV Engenharia e Participacoes SA	7,600		75,446
Natura Cosmeticos SA	1,420		16,882
Net Servicos de Comunicacao SA sponsored ADR	2,900		23,606
OGX Petroleo e Gas Participacoes SA	100		42,022
Petroleo Brasileiro SA - Petrobras:
(PN) sponsored ADR (non-vtg.)	3,600		97,128
sponsored ADR	6,700		224,919
Tele Norte Leste Participacoes SA sponsored ADR (non-vtg.)	1,200		18,660
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	2,500		21,850
TOTAL BRAZIL			1,072,054
Canada - 2.8%
Addax Petroleum, Inc.	500		13,761
Agnico-Eagle Mines Ltd. (Canada)	2,360		104,329
Cameco Corp.	2,200		50,517
Canadian Natural Resources Ltd.	1,700		78,372
Eldorado Gold Corp. (a)	1,200		9,534
Fairfax Financial Holdings Ltd.	300		79,346
First Quantum Minerals Ltd.	1,200		46,411
ING Canada, Inc.	800		23,170
Niko Resources Ltd.	1,190		60,226
Petrobank Energy & Resources Ltd. (a)	9,600		206,361
Potash Corp. of Saskatchewan, Inc.	300		25,770
Power Corp. of Canada (sub. vtg.)	2,400		44,872
Sino-Forest Corp. (a)	1,600		13,999
Suncor Energy, Inc.	2,600		65,433
Toronto-Dominion Bank	2,300		90,786
TOTAL CANADA			912,887
Cayman Islands - 0.8%
Bosideng International Holdings Ltd.	26,000		2,101
Chaoda Modern Agriculture (Holdings) Ltd.	168,216		95,118
China Dongxiang Group Co. Ltd.	15,000		7,285
Common Stocks - continued
	Shares		Value
Cayman Islands - continued
China Infrastructure Machinery Holdings Ltd.	24,000		$ 18,082
CNinsure, Inc. ADR (a)	500		3,810
Foxconn International Holdings Ltd. (a)	23,000		14,174
Himax Technologies, Inc. sponsored ADR	3,800		10,298
Integra Group Holdings unit (a)	5,700		9,574
Stella International Holdings Ltd.	14,000		18,550
Subsea 7, Inc. (a)	3,500		26,160
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	900		13,437
Xinao Gas Holdings Ltd.	12,000		16,403
Yingli Green Energy Holding Co. Ltd. ADR (a)	2,300		16,054
TOTAL CAYMAN ISLANDS			251,046
China - 2.0%
Baidu.com, Inc. sponsored ADR (a)	100		23,290
China BlueChemical Ltd. (H shares)	15,000		7,957
China Communications Construction Co. Ltd. (H Shares)	23,000		27,280
China Construction Bank Corp. (H Shares)	141,000		81,402
China Gas Holdings Ltd.	104,000		19,073
China Merchants Bank Co. Ltd. (H Shares)	46,000		82,189
China National Materials Co. Ltd. (a)	16,000		12,163
China Nepstar Chain Drugstore Ltd. ADR	800		4,032
China Shenhua Energy Co. Ltd. (H Shares)	12,000		33,178
China South Locomotive & Rolling Stock Corp. Ltd. (H Shares)	29,000		13,010
China Yurun Food Group Ltd.	16,000		18,950
China Zaino International Ltd.	10,000		1,756
Golden Eagle Retail Group Ltd. (H Shares)	16,000		12,915
Industrial & Commercial Bank of China Ltd.	197,000		112,070
Li Ning Co. Ltd.	9,500		19,441
Nine Dragons Paper (Holdings) Ltd.	97,000		43,904
Parkson Retail Group Ltd.	11,000		13,815
PICC Property & Casualty Co. Ltd. (H Shares) (a)	20,000		11,289
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	9,000		55,597
Tencent Holdings Ltd.	2,800		24,748
ZTE Corp. (H Shares)	6,240		21,037
TOTAL CHINA			639,096
Cyprus - 0.0%
XXI Century Investments Public Ltd. (a)	1,000		489
Czech Republic - 0.1%
Ceske Energeticke Zavody AS	850		35,090
Denmark - 0.7%
Novo Nordisk AS Series B sponsored ADR	2,400		114,024
Common Stocks - continued
	Shares		Value
Denmark - continued
Vestas Wind Systems AS (a)	1,100		$ 71,399
Vestas Wind Systems AS (a)(f)	500		32,992
TOTAL DENMARK			218,415
Egypt - 0.1%
Eastern Tobacco Co.	390		10,730
Orascom Construction Industries SAE	480		13,724
Telecom Egypt SAE	4,500		12,668
TOTAL EGYPT			37,122
Finland - 1.0%
Nokia Corp. sponsored ADR (d)	13,500		190,890
Nokian Tyres PLC	4,802		75,813
Outotec Oyj	1,900		40,284
Poyry Oyj	512		6,361
TOTAL FINLAND			313,348
France - 6.0%
Alstom SA	188		11,716
Audika SA	3,250		78,424
AXA SA sponsored ADR	20,200		347,036
BNP Paribas SA	5,000		263,149
Compagnie de St. Gobain	1,670		59,896
Danone	1,036		49,266
Delachaux SA	791		43,942
GDF Suez (d)	6,181		220,524
Laurent-Perrier Group	410		24,045
Pernod Ricard SA	409		24,152
Pernod Ricard SA rights 4/29/09 (a)	409		1,746
Remy Cointreau SA	1,171		38,592
Saft Groupe SA	580		17,747
Societe Generale Series A	2,200		112,409
Total SA:
Series B	6,600		330,149
sponsored ADR	3,600		178,992
Unibail-Rodamco	1,000		149,086
TOTAL FRANCE			1,950,871
Georgia - 0.1%
Bank of Georgia unit (a)	5,300		21,200
Germany - 7.0%
Allianz AG sponsored ADR	32,300		292,638
Common Stocks - continued
	Shares		Value
Germany - continued
BASF AG	1,600		$ 59,740
Bayer AG	1,900		93,388
Bilfinger Berger AG	250		11,755
Daimler AG	9,600		342,720
Deutsche Bank AG	1,100		57,674
DIC Asset AG	1,200		9,457
E.ON AG	16,500		552,887
GEA Group AG	1,400		18,223
GFK AG	2,100		48,741
Linde AG	800		63,075
Metro AG	800		33,665
Munich Re Group (Reg.)	2,900		396,542
Siemens AG sponsored ADR	2,700		180,711
Software AG (Bearer)	610		37,723
Vossloh AG	560		57,092
TOTAL GERMANY			2,256,031
Greece - 0.4%
Public Power Corp. of Greece	4,600		88,649
Terna Energy SA	8,549		50,953
TOTAL GREECE			139,602
Hong Kong - 2.3%
China Mobile (Hong Kong) Ltd.	9,500		82,035
China Mobile (Hong Kong) Ltd. sponsored ADR	700		30,212
China Overseas Land & Investment Ltd.	65,564		114,194
China Resources Power Holdings Co. Ltd.	6,000		13,445
CNOOC Ltd.	25,000		27,908
CNOOC Ltd. sponsored ADR	460		51,221
CNPC (Hong Kong) Ltd.	30,000		14,885
Hong Kong Exchange & Clearing Ltd.	12,900		148,587
Shanghai Industrial Holdings Ltd. (H Shares)	7,000		23,850
Swire Pacific Ltd. (A Shares)	31,500		246,232
TOTAL HONG KONG			752,569
Hungary - 0.0%
OTP Bank Ltd. (a)	1,100		14,384
India - 1.7%
Bank of Baroda	1,000		6,611
Bharat Heavy Electricals Ltd.	796		26,679
Bharti Airtel Ltd. (a)	16,278		248,092
Educomp Solutions Ltd.	200		10,050
Common Stocks - continued
	Shares		Value
India - continued
Godrej Consumer Products Ltd.	6,000		$ 16,930
Housing Development Finance Corp. Ltd.	800		27,980
Infosys Technologies Ltd.	530		16,217
Infosys Technologies Ltd. sponsored ADR	900		27,729
IVRCL Infrastructures & Projects Ltd.	7,100		22,916
Jain Irrigation Systems Ltd.	2,280		23,081
Pantaloon Retail India Ltd.	5,418		20,809
Pantaloon Retail India Ltd. Class B	341		839
Piramal Healthcare Ltd.	5,000		23,396
Reliance Industries Ltd. GDR (Reg. S) (e)	424		32,309
Rural Electrification Corp. Ltd.	130		272
Satyam Computer Services Ltd. sponsored ADR	100		180
Suzlon Energy Ltd.	20,812		26,865
Tata Power Co. Ltd.	1,000		18,159
Union Bank of India	2,000		6,653
TOTAL INDIA			555,767
Indonesia - 0.4%
PT Bank Central Asia Tbk	105,500		33,264
PT Bank Rakyat Indonesia Tbk	89,500		48,857
PT Perusahaan Gas Negara Tbk Series B	102,000		24,960
PT Telkomunikasi Indonesia Tbk Series B	35,000		25,859
TOTAL INDONESIA			132,940
Ireland - 0.8%
CRH PLC	485		12,605
CRH PLC sponsored ADR	9,100		234,052
Dragon Oil PLC (a)	5,000		18,996
Kerry Group PLC Class A	400		8,196
TOTAL IRELAND			273,849
Israel - 0.8%
Cellcom Israel Ltd.	700		15,253
Israel Chemicals Ltd.	3,000		25,228
Mellanox Technologies Ltd. (a)	800		8,160
Mizrahi Tefahot Bank Ltd.	1,500		8,379
Nice Systems Ltd. sponsored ADR (a)	400		10,244
Partner Communications Co. Ltd. ADR	5,500		89,375
Teva Pharmaceutical Industries Ltd. sponsored ADR	2,100		92,169
TOTAL ISRAEL			248,808
Italy - 2.2%
Azimut Holdings SpA	8,800		61,479
Common Stocks - continued
	Shares		Value
Italy - continued
ENI SpA sponsored ADR	4,000		$ 170,760
Finmeccanica SpA	6,500		91,542
UniCredit SpA	160,700		391,197
TOTAL ITALY			714,978
Japan - 15.6%
Alpen Co. Ltd.	100		1,652
Autobacs Seven Co. Ltd.	2,600		71,092
Daikoku Denki Co. Ltd.	500		5,751
Denso Corp.	9,600		226,991
East Japan Railway Co.	3,800		214,182
Eisai Co. Ltd.	1,000		26,842
Fanuc Ltd.	1,100		79,399
FCC Co. Ltd.	600		7,604
Glory Ltd.	400		7,342
Japan Retail Fund Investment Corp.	7		24,486
JSR Corp.	3,000		36,562
Kamigumi Co. Ltd.	1,000		6,425
Kansai Electric Power Co., Inc.	4,300		87,584
Keyence Corp.	310		54,759
Kobayashi Pharmaceutical Co. Ltd.	3,100		100,861
Konica Minolta Holdings, Inc.	9,000		74,364
Miraca Holdings, Inc.	6,200		126,574
Mitsubishi Estate Co. Ltd.	2,000		26,149
Mitsubishi UFJ Financial Group, Inc.	38,200		208,429
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	38,880		210,730
Mitsui & Co. Ltd.	38,100		404,212
Nagaileben Co. Ltd.	2,100		37,334
NGK Insulators Ltd.	6,200		95,109
Nihon Parkerizing Co. Ltd.	1,000		8,339
Nintendo Co. Ltd.	200		53,840
Nippon Electric Glass Co. Ltd.	3,000		24,419
Nippon Seiki Co. Ltd.	8,000		72,175
Nippon Thompson Co. Ltd.	16,000		69,192
Nitta Corp.	200		2,299
Obic Co. Ltd.	450		61,104
Ohashi Technica, Inc.	300		1,858
ORIX Corp.	890		41,692
Osaka Gas Co. Ltd.	83,000		263,088
Osaka Securities Exchange Co. Ltd.	25		79,422
OSG Corp.	1,200		7,557
Ozeki Co. Ltd.	4,200		104,594
Common Stocks - continued
	Shares		Value
Japan - continued
Pal Co. Ltd.	250		$ 3,827
Promise Co. Ltd.	13,250		175,127
SAZABY, Inc.	300		3,206
Seven & i Holdings Co., Ltd.	1,500		33,904
SHIMANO, Inc.	200		5,918
Shin-Etsu Chemical Co., Ltd.	2,100		102,092
Shiseido Co. Ltd.	4,000		70,244
SHO-BOND Holdings Co. Ltd.	600		10,790
Sony Financial Holdings, Inc.	43		135,322
Sparx Group Co. Ltd.	40		5,246
Sumitomo Corp.	9,600		83,585
Sumitomo Metal Industries Ltd.	30,000		70,294
Sumitomo Mitsui Financial Group, Inc.	5,600		194,264
The Nippon Synthetic Chemical Industry Co. Ltd.	16,000		55,785
THK Co. Ltd.	700		9,711
Toho Holdings Co. Ltd.	800		7,741
Tokuyama Corp.	13,000		77,541
Tokyo Gas Co. Ltd.	20,000		75,843
Toyota Motor Corp.	13,100		518,613
Tsumura & Co.	3,900		106,832
Tsutsumi Jewelry Co. Ltd.	500		8,212
USS Co. Ltd.	3,190		144,595
Xebio Co. Ltd.	4,900		75,307
Yamada Denki Co. Ltd.	3,080		141,905
Yamato Kogyo Co. Ltd.	200		4,544
TOTAL JAPAN			5,044,460
Kazakhstan - 0.2%
JSC Halyk Bank of Kazakhstan unit	13,500		49,950
KazMunaiGas Exploration & Production JSC (Reg. S) GDR	1,300		23,088
TOTAL KAZAKHSTAN			73,038
Korea (South) - 1.4%
GS Engineering & Construction Corp.	374		19,724
Hana Financial Group, Inc.	1,710		29,570
Hyundai Industrial Development & Construction Co.	876		27,418
Hyunjin Materials Co. Ltd.	988		29,880
KT&G Corp.	306		16,904
MegaStudy Co. Ltd.	100		16,980
NHN Corp. (a)	829		100,868
POSCO sponsored ADR	700		53,879
Samsung Electronics Co. Ltd.	198		91,718
Common Stocks - continued
	Shares		Value
Korea (South) - continued
Shinhan Financial Group Co. Ltd.	549		$ 13,635
Shinhan Financial Group Co. Ltd. sponsored ADR	800		39,480
TOTAL KOREA (SOUTH)			440,056
Luxembourg - 0.3%
ArcelorMittal SA:
(Netherlands)	1,600		37,469
(NY Shares) Class A	2,300		54,234
Evraz Group SA GDR	1,000		13,150
TOTAL LUXEMBOURG			104,853
Malaysia - 0.0%
DiGi.com Bhd	2,400		15,034
Mexico - 1.7%
America Movil SAB de CV Series L sponsored ADR	8,350		274,298
Cemex SA de CV sponsored ADR	5,800		43,384
Fomento Economico Mexicano SAB de CV sponsored ADR	2,600		73,606
Grupo Televisa SA de CV (CPO) sponsored ADR	1,700		26,316
Telmex Internacional SAB de CV Series L ADR	1,300		13,494
Wal-Mart de Mexico SA de CV Series V	45,200		123,268
TOTAL MEXICO			554,366
Netherlands - 1.7%
Aalberts Industries NV	800		6,106
ASML Holding NV (NY Shares)	10,150		214,673
Gemalto NV (a)	2,300		72,402
Heineken NV (Bearer)	1,000		29,708
James Hardie Industries NV sponsored ADR	400		6,524
Koninklijke KPN NV	12,300		147,835
QIAGEN NV (a)	4,100		67,568
TOTAL NETHERLANDS			544,816
Norway - 0.9%
Det Norske Oljeselskap ASA (DNO) (A Shares) (a)	6,000		5,068
DnB Nor ASA	20,400		126,955
Orkla ASA (A Shares)	17,000		121,686
Petroleum Geo-Services ASA (a)	6,800		32,892
TOTAL NORWAY			286,601
Common Stocks - continued
	Shares		Value
Papua New Guinea - 0.4%
Lihir Gold Ltd. sponsored ADR (a)	3,750		$ 80,250
Oil Search Ltd.	12,335		46,010
TOTAL PAPUA NEW GUINEA			126,260
Peru - 0.1%
Compania de Minas Buenaventura SA sponsored ADR	800		16,928
Philippines - 0.4%
Jollibee Food Corp.	55,200		52,790
Philippine Long Distance Telephone Co.	300		13,628
Philippine Long Distance Telephone Co. sponsored ADR	1,600		73,392
TOTAL PHILIPPINES			139,810
Russia - 0.7%
Bank St. Petersburg OJSC	700		598
Lukoil Oil Co. sponsored ADR	1,300		57,356
OAO Gazprom sponsored ADR	3,780		66,906
OJSC MMC Norilsk Nickel sponsored ADR	3,000		24,750
OJSC Oil Company Rosneft GDR (Reg. S)	6,400		33,017
Sberbank (Savings Bank of the Russian Federation) GDR	190		26,693
TOTAL RUSSIA			209,320
Singapore - 1.1%
DBS Group Holdings Ltd.	27,000		173,252
Keppel Land Ltd.	27,000		31,368
Singapore Exchange Ltd.	27,000		114,347
Wing Tai Holdings Ltd.	51,000		30,314
TOTAL SINGAPORE			349,281
South Africa - 3.2%
Absa Group Ltd.	1,473		16,993
African Bank Investments Ltd.	2,600		8,241
African Rainbow Minerals Ltd.	13,463		181,945
AngloGold Ashanti Ltd. sponsored ADR	800		24,640
Aspen Pharmacare Holdings Ltd.	2,100		10,659
Exxaro Resources Ltd.	2,300		16,867
FirstRand Ltd.	16,900		25,822
Harmony Gold Mining Co. Ltd. sponsored ADR (a)	1,900		17,708
Impala Platinum Holdings Ltd.	6,900		131,878
Imperial Holdings Ltd.	1,489		9,543
JSE Ltd.	9,800		60,165
Lewis Group Ltd.	1,600		7,902
Mr. Price Group Ltd.	26,600		81,445
Common Stocks - continued
	Shares		Value
South Africa - continued
MTN Group Ltd.	26,303		$ 341,598
Mvelaphanda Resources Ltd. (a)	3,422		12,434
Naspers Ltd. Class N	900		18,346
New Clicks Holdings Ltd.	4,600		8,873
Sasol Ltd. sponsored ADR	900		27,099
Shoprite Holdings Ltd.	2,700		16,180
TOTAL SOUTH AFRICA			1,018,338
Spain - 2.5%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR	3,759		40,672
Banco Santander SA	4,300		40,854
Grifols SA	6,549		114,890
Inditex SA	1,900		80,990
Prosegur Comp Securidad SA (Reg.)	2,291		65,407
Telefonica SA sponsored ADR	8,140		458,201
TOTAL SPAIN			801,014
Sweden - 0.7%
H&M Hennes & Mauritz AB (B Shares)	2,900		129,086
Swedish Match Co.	4,500		64,205
Telefonaktiebolaget LM Ericsson (B Shares)	4,800		40,764
TOTAL SWEDEN			234,055
Switzerland - 8.0%
ABB Ltd. sponsored ADR	6,200		88,164
Actelion Ltd. (Reg.) (a)	2,085		94,967
Bank Sarasin & Co. Ltd. Series B (Reg.)	4,815		114,750
Credit Suisse Group sponsored ADR	1,800		68,904
EFG International	7,440		89,987
Nestle SA (Reg.)	17,283		563,221
Novartis AG sponsored ADR	4,700		178,177
Roche Holding AG (participation certificate)	5,978		753,639
Sonova Holding AG	3,341		216,128
Transocean Ltd. (a)	2,220		149,806
Zurich Financial Services AG (Reg.)	1,397		259,537
TOTAL SWITZERLAND			2,577,280
Taiwan - 0.8%
Acer, Inc.	5,000		9,553
Asia Cement Corp.	20,000		20,586
Hon Hai Precision Industry Co. Ltd. (Foxconn)	39,100		112,844
HTC Corp.	2,600		35,196
Innolux Display Corp.	31,900		35,167
Common Stocks - continued
	Shares		Value
Taiwan - continued
Powertech Technology, Inc.	5,500		$ 11,454
Taiwan Mobile Co. Ltd.	10,000		15,785
Taiwan Semiconductor Manufacturing Co. Ltd.	7,000		11,842
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	1,000		10,570
TOTAL TAIWAN			262,997
Thailand - 0.2%
PTT Exploration & Production PCL (For. Reg.)	7,100		20,826
Siam Commercial Bank PCL (For. Reg.)	28,100		47,981
TOTAL THAILAND			68,807
Turkey - 0.7%
Anadolu Efes Biracilik ve Malt Sanyii AS	15,330		109,209
Asya Katilim Bankasi AS	12,200		11,664
Coca-Cola Icecek AS	3,350		15,805
Enka Insaat ve Sanayi AS	4,450		19,049
Tupras-Turkiye Petrol Rafinerileri AS	3,500		34,995
Turkiye Garanti Bankasi AS (a)	12,200		25,616
TOTAL TURKEY			216,338
United Kingdom - 15.1%
Aberdeen Asset Management PLC	28,700		55,636
Aegis Group PLC	32,400		43,359
Anglo American PLC (United Kingdom)	2,942		63,283
AstraZeneca PLC (United Kingdom)	2,000		70,005
Autonomy Corp. PLC (a)	4,715		98,880
Babcock International Group PLC	1,200		7,695
BAE Systems PLC	40,000		210,331
Begbies Traynor Group PLC	3,400		5,567
BG Group PLC	17,400		277,737
BHP Billiton PLC	2,300		47,719
BHP Billiton PLC ADR (d)	9,600		401,664
Bovis Homes Group PLC	11,748		79,531
BP PLC sponsored ADR	1,500		63,690
British American Tobacco PLC sponsored ADR	1,400		68,068
Cairn Energy PLC (a)	300		9,402
Cobham PLC	22,500		58,268
Derwent London PLC	600		7,388
easyJet PLC (a)	15,100		70,171
Great Portland Estates PLC	9,100		41,029
H&T Group PLC	2,700		7,750
HSBC Holdings PLC (United Kingdom) (Reg.)	12,130		86,230
Imperial Tobacco Group PLC	700		15,965
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Informa PLC	24,000		$ 104,858
InterContinental Hotel Group PLC ADR	600		5,682
Johnson Matthey PLC	4,200		74,139
Man Group PLC	62,975		232,685
Misys PLC	41,300		84,262
Persimmon PLC	15,900		88,652
Prudential PLC	29,800		171,217
Randgold Resources Ltd. sponsored ADR	300		14,520
Reckitt Benckiser Group PLC	4,900		192,278
Rio Tinto PLC:
(Reg.)	2,300		93,417
sponsored ADR	990		161,321
Royal Dutch Shell PLC:
Class A (United Kingdom)	4,800		110,467
Class A sponsored ADR	7,500		342,600
Serco Group PLC	34,600		186,602
Shaftesbury PLC	9,500		48,985
Spirax-Sarco Engineering PLC	6,384		80,404
SSL International PLC	4,000		28,033
Standard Chartered PLC:
(Hong Kong)	950		14,301
(United Kingdom)	13,700		211,850
Ted Baker PLC	12,075		65,901
Tesco PLC	24,900		123,329
Ultra Electronics Holdings PLC	900		15,774
Victrex PLC	8,018		63,335
Vodafone Group PLC	33,100		60,814
Vodafone Group PLC sponsored ADR	18,800		344,980
Wolseley PLC	2,496		44,748
WPP PLC	15,200		103,959
Xstrata PLC	1,600		14,101
TOTAL UNITED KINGDOM			4,872,582
United States of America - 4.7%
Advanced Energy Industries, Inc. (a)	9,381		79,082
Airgas, Inc.	1,080		46,570
Allergan, Inc.	1,400		65,324
Autoliv, Inc.	3,600		88,812
Berkshire Hathaway, Inc. Class B (a)	29		88,885
CTC Media, Inc. (a)	1,600		12,544
CyberSource Corp. (a)	7,800		113,958
Dril-Quip, Inc. (a)	130		4,469
Common Stocks - continued
	Shares		Value
United States of America - continued
FMC Technologies, Inc. (a)	950		$ 32,519
Freeport-McMoRan Copper & Gold, Inc. Class B	500		21,325
Gilead Sciences, Inc. (a)	1,000		45,800
Goldman Sachs Group, Inc.	500		64,250
Juniper Networks, Inc. (a)	3,000		64,950
Martin Marietta Materials, Inc.	600		50,418
MasterCard, Inc. Class A	300		55,035
Mohawk Industries, Inc. (a)	2,740		129,629
Philip Morris International, Inc.	1,700		61,540
Pricesmart, Inc.	7,495		133,786
Varian Semiconductor Equipment Associates, Inc. (a)	3,400		87,006
Visa, Inc.	4,360		283,226
TOTAL UNITED STATES OF AMERICA			1,529,128
TOTAL COMMON STOCKS (Cost $44,138,448)		31,689,636
Nonconvertible Preferred Stocks - 0.4%

Italy - 0.4%
Fiat SpA (Risparmio Shares)	5,300		32,000
Telecom Italia SpA (Risparmio Shares)	104,200		93,064
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $178,595)		125,064
Money Market Funds - 1.6%

Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c) (Cost $512,575)	512,575		512,575
Cash Equivalents - 1.2%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 0.15%, dated 4/30/09 due 5/1/09 (Collateralized by U.S. Government Obligations) # (Cost $385,000)	$ 385,002		$ 385,000
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $45,214,618)			32,712,275
NET OTHER ASSETS - (1.3)%			(432,258)
NET ASSETS - 100%		$ 32,280,017

Legend

(a) Non-income producing

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

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Vestas Wind Systems AS	4/29/09	$ 28,726

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

Repurchase Agreement / Counterparty	Value
$385,000 due 5/01/09 at 0.15%
BNP Paribas Securities Corp.	$ 68,285
Barclays Capital, Inc.	10,923
Credit Suisse Securities (USA) LLC	14,188
Deutsche Bank Securities, Inc.	144,189
HSBC Securities (USA), Inc.	109,233
Mizuho Securities USA, Inc.	10,923
Societe Generale, New York Branch	27,259
	$ 385,000

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 Securities Lending Cash Central Fund	$ 2,412

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 32,712,275	$ 12,928,396	$ 19,783,879	$ -

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 16,955
Total Realized Gain (Loss)	(71,038)
Total Unrealized Gain (Loss)	64,053
Cost of Purchases	-
Proceeds of Sales	(9,970)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $10,058,675 all of which will expire on October 31, 2016.

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

Semiannual Report

Fidelity Total International Equity Fund

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $502,951 and repurchase agreements of $385,000) - See accompanying schedule: Unaffiliated issuers (cost $44,702,043)	$ 32,199,700
Fidelity Central Funds (cost $512,575)	512,575
Total Investments (cost $45,214,618)		$ 32,712,275
Foreign currency held at value (cost $84)		84
Receivable for investments sold		387,098
Receivable for fund shares sold		27,231
Dividends receivable		219,594
Distributions receivable from Fidelity Central Funds		2,465
Prepaid expenses		300
Receivable from investment adviser for expense reductions		8,364
Other receivables		1,931
Total assets		33,359,342

Liabilities
Payable to custodian bank	$ 55,082
Payable for investments purchased	411,303
Payable for fund shares redeemed	14,443
Accrued management fee	16,693
Distribution fees payable	5,297
Other affiliated payables	8,925
Other payables and accrued expenses	55,007
Collateral on securities loaned, at value	512,575
Total liabilities		1,079,325

Net Assets		$ 32,280,017
Net Assets consist of:
Paid in capital		$ 71,804,810
Undistributed net investment income		199,203
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(27,217,939)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(12,506,057)
Net Assets		$ 32,280,017

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

Semiannual Report

Statement of Assets and Liabilities - continued

	April 30, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($4,357,364 ÷ 910,388 shares)		$ 4.79

Maximum offering price per share (100/94.25 of $4.79)		$ 5.08
Class T: Net Asset Value and redemption price per share ($2,074,308 ÷ 432,783 shares)		$ 4.79

Maximum offering price per share (100/96.50 of $4.79)		$ 4.96
Class B: Net Asset Value and offering price per share ($1,972,142 ÷ 411,049 shares)^A		$ 4.80

Class C: Net Asset Value and offering price per share ($2,236,713 ÷ 466,751 shares)^A		$ 4.79

Total International Equity: Net Asset Value, offering price and redemption price per share ($19,625,331 ÷ 4,100,098 shares)		$ 4.79

Institutional Class: Net Asset Value, offering price and redemption price per share ($2,014,159 ÷ 420,779 shares)		$ 4.79

^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

Fidelity Total International Equity Fund

Financial Statements - continued

Statement of Operations

Six months ended April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 552,764
Interest		603
Income from Fidelity Central Funds		2,412
		555,779
Less foreign taxes withheld		(53,608)
Total income		502,171

Expenses
Management fee Basic fee	$ 120,423
Performance adjustment	(14,014)
Transfer agent fees	46,749
Distribution fees	34,387
Accounting and security lending fees	8,812
Custodian fees and expenses	77,834
Independent trustees' compensation	134
Registration fees	30,797
Audit	38,794
Legal	1,006
Miscellaneous	367
Total expenses before reductions	345,289
Expense reductions	(105,181)	240,108
Net investment income (loss)		262,063
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(16,374,849)
Foreign currency transactions	(21,381)
Total net realized gain (loss)		(16,396,230)
Change in net unrealized appreciation (depreciation) on: Investment securities	15,540,519
Assets and liabilities in foreign currencies	(1,214)
Total change in net unrealized appreciation (depreciation)		15,539,305
Net gain (loss)		(856,925)
Net increase (decrease) in net assets resulting from operations		$ (594,862)

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

Semiannual Report

Statement of Changes in Net Assets

	Six months ended April 30, 2009 (Unaudited)	For the period November 1, 2007 (commencement of operations) to October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 262,063	$ 857,641
Net realized gain (loss)	(16,396,230)	(10,866,711)
Change in net unrealized appreciation (depreciation)	15,539,305	(28,045,362)
Net increase (decrease) in net assets resulting from operations	(594,862)	(38,054,432)
Distributions to shareholders from net investment income	(859,670)	(15,829)
Share transactions - net increase (decrease)	(6,029,281)	77,824,722
Redemption fees	1,587	7,782
Total increase (decrease) in net assets	(7,482,226)	39,762,243

Net Assets
Beginning of period	39,762,243	-
End of period (including undistributed net investment income of $199,203 and undistributed net investment income of $796,810, respectively)	$ 32,280,017	$ 39,762,243

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.90	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.03	.11
Net realized and unrealized gain (loss)	(.03)	(5.21)
Total from investment operations	-	(5.10)
Distributions from net investment income	(.11)	-
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 4.79	$ 4.90
Total Return ^{B, C, D}	.19%	(51.00)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.10% ^A	2.00%
Expenses net of fee waivers, if any	1.50% ^A	1.50%
Expenses net of all reductions	1.48% ^A	1.48%
Net investment income (loss)	1.52% ^A	1.35%
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,357	$ 5,944
Portfolio turnover rate ^G	99% ^A	91%

^A Annualized

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

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

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

^E Calculated based on average shares outstanding during the period.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.03	.09
Net realized and unrealized gain (loss)	(.03)	(5.21)
Total from investment operations	-	(5.12)
Distributions from net investment income	(.09)	-
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 4.79	$ 4.88
Total Return ^{B, C, D}	.10%	(51.20)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.34% ^A	2.42%
Expenses net of fee waivers, if any	1.75% ^A	1.75%
Expenses net of all reductions	1.73% ^A	1.73%
Net investment income (loss)	1.27% ^A	1.10%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,074	$ 2,567
Portfolio turnover rate ^G	99% ^A	91%

^A Annualized

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

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

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

^E Calculated based on average shares outstanding during the period.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.86	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.02	.05
Net realized and unrealized gain (loss)	(.03)	(5.19)
Total from investment operations	(.01)	(5.14)
Distributions from net investment income	(.05)	-
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 4.80	$ 4.86
Total Return ^{B, C, D}	(.13)%	(51.40)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.83% ^A	2.92%
Expenses net of fee waivers, if any	2.25% ^A	2.25%
Expenses net of all reductions	2.23% ^A	2.24%
Net investment income (loss)	.77% ^A	.60%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,972	$ 2,505
Portfolio turnover rate ^G	99% ^A	91%

^A Annualized

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

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

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

^E Calculated based on average shares outstanding during the period.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.86	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.02	.05
Net realized and unrealized gain (loss)	(.04)	(5.19)
Total from investment operations	(.02)	(5.14)
Distributions from net investment income	(.05)	-
Redemption fees added to paid in capital ^{E, J}	-	-
Net asset value, end of period	$ 4.79	$ 4.86
Total Return ^{B, C, D}	(.23)%	(51.40)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	2.87% ^A	2.92%
Expenses net of fee waivers, if any	2.25% ^A	2.25%
Expenses net of all reductions	2.23% ^A	2.23%
Net investment income (loss)	.77% ^A	.60%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,237	$ 2,787
Portfolio turnover rate ^G	99% ^A	91%

^A Annualized

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

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

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

^E Calculated based on average shares outstanding during the period.

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

^H For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^J Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Total International Equity

	Six months ended April 30, 2009	Year ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 4.91	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.04	.13
Net realized and unrealized gain (loss)	(.04)	(5.21)
Total from investment operations	-	(5.08)
Distributions from net investment income	(.12)	(.01)
Redemption fees added to paid in capital ^{D, I}	-	-
Net asset value, end of period	$ 4.79	$ 4.91
Total Return ^{B, C}	.31%	(50.87)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	1.87% ^A	1.89%
Expenses net of fee waivers, if any	1.25% ^A	1.25%
Expenses net of all reductions	1.23% ^A	1.23%
Net investment income (loss)	1.77% ^A	1.60%
Supplemental Data
Net assets, end of period (000 omitted)	$ 19,625	$ 23,226
Portfolio turnover rate ^F	99% ^A	91%

^A Annualized

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

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

^D Calculated based on average shares outstanding during the period.

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

^G For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009	Year ended October 31,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 4.91	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.04	.13
Net realized and unrealized gain (loss)	(.04)	(5.21)
Total from investment operations	-	(5.08)
Distributions from net investment income	(.12)	(.01)
Redemption fees added to paid in capital ^{D, I}	-	-
Net asset value, end of period	$ 4.79	$ 4.91
Total Return ^{B, C}	.31%	(50.87)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	1.81% ^A	1.91%
Expenses net of fee waivers, if any	1.25% ^A	1.25%
Expenses net of all reductions	1.23% ^A	1.23%
Net investment income (loss)	1.77% ^A	1.60%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,014	$ 2,733
Portfolio turnover rate ^F	99% ^A	91%

^A Annualized

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

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

^D Calculated based on average shares outstanding during the period.

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

^G For the period November 1, 2007 (commencement of operations) to October 31, 2008.

^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, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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 distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

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	$ 1,449,464
Unrealized depreciation	(14,999,655)
Net unrealized appreciation (depreciation)	$ (13,550,191)
Cost for federal income tax purposes	$ 46,262,466

Semiannual Report

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $16,547,794 and $23,012,899, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over the 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, Total International Equity as compared to an appropriate benchmark index. The Fund's performance adjustment took effect in November 2008. Subsequent months will be added until the performance period includes 36 months. For the period, the total

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

annualized management fee rate, including the performance adjustment, was .64% of the Fund's average net assets.

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 6,276	$ 2,016
Class T	.25%	.25%	5,522	5,122
Class B	.75%	.25%	10,626	10,523
Class C	.75%	.25%	11,963	11,122
			$ 34,387	$ 28,783

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

	Retained by FDC
Class A	$ 1,514
Class T	175
Class B*	276
Class C*	43
	$ 2,008

* 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

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

	Amount	% of Average Net Assets*
Class A	$ 6,419	.26
Class T	2,883	.26
Class B	2,672	.25
Class C	3,487	.29
Total International Equity	28,700	.29
Institutional Class	2,588	.23
	$ 46,749

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $110 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Security Lending - continued

9. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.50%	$ 14,868
Class T	1.75%	6,483
Class B	2.25%	6,139
Class C	2.25%	7,403
Total International Equity	1.25%	60,235
Institutional Class	1.25%	6,225
		$ 101,353

Semiannual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008
From net investment income
Class A	$ 131,963	$ -
Class T	45,379	-
Class B	24,856	-
Class C	30,949	-
Total International Equity	560,888	13,264
Institutional Class	65,635	2,565
Total	$ 859,670	$ 15,829

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008
Class A
Shares sold	241,063	1,253,571	$ 1,091,461	$ 11,409,450
Reinvestment of distributions	30,531	-	130,977	-
Shares redeemed	(575,420)	(39,357)	(2,564,493)	(262,908)
Net increase (decrease)	(303,826)	1,214,214	$ (1,342,055)	$ 11,146,542
Class T
Shares sold	20,450	536,757	$ 88,186	$ 5,311,723
Reinvestment of distributions	10,553	-	45,379	-
Shares redeemed	(123,821)	(11,156)	(552,742)	(95,096)
Net increase (decrease)	(92,818)	525,601	$ (419,177)	$ 5,216,627
Class B
Shares sold	7,984	516,780	$ 36,162	$ 5,142,958
Reinvestment of distributions	5,760	-	24,827	-
Shares redeemed	(118,291)	(1,184)	(527,935)	(8,679)
Net increase (decrease)	(104,547)	515,596	$ (466,946)	$ 5,134,279

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008	Six months ended April 30, 2009	For the period November 1, 2007 (commencement of operations) to October 31, 2008
Class C
Shares sold	35,456	576,912	$ 158,699	$ 5,653,538
Reinvestment of distributions	7,163	-	30,872	-
Shares redeemed	(149,371)	(3,409)	(661,810)	(27,077)
Net increase (decrease)	(106,752)	573,503	$ (472,239)	$ 5,626,461
Total International Equity
Shares sold	905,974	7,339,025	$ 4,093,508	$ 65,416,828
Reinvestment of distributions	124,381	1,313	533,594	12,459
Shares redeemed	(1,664,986)	(2,605,609)	(7,350,175)	(20,217,092)
Net increase (decrease)	(634,631)	4,734,729	$ (2,723,073)	$ 45,212,195
Institutional Class
Shares sold	2,987	559,428	$ 13,456	$ 5,503,211
Reinvestment of distributions	15,268	270	65,500	2,565
Shares redeemed	(154,496)	(2,678)	(684,747)	(17,158)
Net increase (decrease)	(136,241)	557,020	$ (605,791)	$ 5,488,618

12. Other.

At the end of the period, FMR or its affiliates were the owners of record of 29% of the total outstanding shares of the Fund.

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

FIL Investment Advisors

Fidelity Investments Japan Limited

FIL Investment Advisors
(U.K.) Ltd.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

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

State Street Bank & Trust Company

Quincy, MA

ATIEI-USAN-0609
1.853359.101

fid1007

Fidelity®
International Small Cap
Fund

Semiannual Report

April 30, 2009

(2_fidelity_logos) (Registered_Trademark)

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 financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>

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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.65%
Actual		$ 1,000.00	$ 1,035.30	$ 8.33
Hypothetical ^A		$ 1,000.00	$ 1,016.61	$ 8.25
Class T	1.90%
Actual		$ 1,000.00	$ 1,033.80	$ 9.58
Hypothetical ^A		$ 1,000.00	$ 1,015.37	$ 9.49
Class B	2.40%
Actual		$ 1,000.00	$ 1,030.90	$ 12.09
Hypothetical ^A		$ 1,000.00	$ 1,012.89	$ 11.98
Class C	2.40%
Actual		$ 1,000.00	$ 1,030.80	$ 12.08
Hypothetical ^A		$ 1,000.00	$ 1,012.89	$ 11.98
International Small Cap	1.50%
Actual		$ 1,000.00	$ 1,034.90	$ 7.57
Hypothetical ^A		$ 1,000.00	$ 1,017.36	$ 7.50
Institutional Class	1.40%
Actual		$ 1,000.00	$ 1,035.80	$ 7.07
Hypothetical ^A		$ 1,000.00	$ 1,017.85	$ 7.00

^A 5% return per year before expenses

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

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan 25.9%
	United Kingdom 20.6%
	France 8.2%
	Australia 7.9%
	Germany 6.6%
	United States of America 6.3%
	Netherlands 2.5%
	Hong Kong 2.5%
	Switzerland 2.0%
	Other 17.5%

fid1442

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

As of October 31, 2008
	Japan 32.3%
	United Kingdom 19.7%
	United States of America 8.3%
	Australia 7.6%
	Germany 6.5%
	France 5.3%
	Switzerland 2.6%
	Sweden 1.7%
	Spain 1.7%
	Other 14.3%

fid1454

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	94.6	92.5
Short-Term Investments and Net Other Assets	5.4	7.5
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Autonomy Corp. PLC (United Kingdom, Software)	1.4	0.9
ASOS PLC (United Kingdom, Internet & Catalog Retail)	1.4	1.3
Playtech Ltd. (British Virgin Islands, Software)	1.1	0.6
SDL PLC (United Kingdom, Software)	1.1	0.8
Meetic (France, Internet Software & Services)	1.0	0.6
SeLoger.com (France, Media)	1.0	0.5
Red Back Mining, Inc. (Canada, Metals & Mining)	1.0	0.5
Vestas Wind Systems AS (Denmark, Electrical Equipment)	1.0	0.6
Datacash Group PLC (United Kingdom, IT Services)	0.9	1.0
QIAGEN NV (Netherlands, Life Sciences Tools & Services)	0.9	0.7
	10.8
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	17.3	14.8
Information Technology	16.3	12.8
Industrials	15.5	14.8
Health Care	14.1	19.4
Financials	12.5	9.1
Materials	8.1	6.4
Energy	6.0	6.0
Consumer Staples	2.6	5.1
Telecommunication Services	1.2	1.3
Utilities	0.8	2.6

Semiannual Report

Investments April 30, 2009

Showing Percentage of Net Assets

Common Stocks - 93.6%
	Shares		Value
Australia - 7.9%
AGL Energy Ltd.	41,046		$ 451,250
Allied Gold Ltd. (a)	2,618,907		609,346
Allied Gold Ltd. (United Kingdom) (a)	5,582,300		1,312,960
Ansell Ltd.	95,235		580,276
Australian Worldwide Exploration Ltd.	517,887		918,796
Centamin Egypt Ltd. (a)	5,409,550		4,368,451
Centennial Coal Co. Ltd.	307,449		406,854
Coal of Africa Ltd. (a)	2,537,804		2,521,407
CopperCo Ltd. (a)	3,342,244		24
David Jones Ltd.	1,228,763		2,707,104
Dominos Pizza Enterprises Ltd.	186,023		416,593
Energy Resources of Australia Ltd.	58,759		892,925
Healthscope Ltd.	210,069		591,108
Invocare Ltd.	317,832		1,180,899
Iress Market Technology Ltd. (d)	319,947		1,388,822
JB Hi-Fi Ltd. (d)	346,322		3,434,698
Metcash Ltd.	252,225		762,914
Monto Minerals Ltd. (a)	8,206,552		121
Monto Minerals Ltd. warrants 5/25/09 (a)	1,485,934		22
Navitas Ltd.	1,322,105		2,201,383
Newcrest Mining Ltd.	22,056		480,145
Nufarm Ltd.	125,830		1,210,426
OZ Minerals Ltd.	882,090		481,026
Paladin Energy Ltd. (a)(d)	669,503		2,244,128
Primary Health Care Ltd.	296,216		939,051
QBE Insurance Group Ltd.	172,295		2,729,757
Ramsay Health Care Ltd.	155,226		1,044,000
SAI Global Ltd.	742,517		1,376,704
Seek Ltd. (d)	518,972		1,241,464
Sigma Pharmaceuticals Ltd.	783,310		637,890
Sonic Healthcare Ltd.	40,015		339,247
Tianshan Goldfields Ltd. (a)	944,712		49,457
United Group Ltd.	280,367		1,957,007
Westfield Group unit	54,397		424,394
WorleyParsons Ltd.	30,013		398,696
Wotif.com Holdings Ltd.	82,808		239,635
TOTAL AUSTRALIA			40,538,980
Austria - 0.6%
Andritz AG	95,800		3,255,801
Common Stocks - continued
	Shares		Value
Belgium - 0.3%
EVS Broadcast Equipment SA	7,700		$ 352,900
Hansen Transmission International NV (a)	500,100		1,088,658
TOTAL BELGIUM			1,441,558
Bermuda - 1.8%
Aquarius Platinum Ltd. (a)	40,716		150,983
Aquarius Platinum Ltd. (Australia)	366,449		1,358,870
C C Land Holdings Ltd.	861,000		284,631
Oakley Capital Investments Ltd. (a)	1,293,800		1,209,800
Pacific Basin Shipping Ltd.	1,389,000		686,817
Peace Mark Holdings Ltd. (a)	788,000		1
PureCircle Ltd. (a)	616,000		2,242,062
Seadrill Ltd.	124,800		1,331,759
Vtech Holdings Ltd.	414,000		2,070,640
Zambezi Resources Ltd.:
CDI (a)	2,184,593		31,768
warrants 8/31/09 (a)	108,686		1
TOTAL BERMUDA			9,367,332
British Virgin Islands - 1.5%
Albidon Ltd. unit (a)	1,469,000		40,840
Kalahari Energy (a)(f)	1,451,000		1,813,750
Playtech Ltd. (d)	860,400		5,790,814
TOTAL BRITISH VIRGIN ISLANDS			7,645,404
Canada - 1.8%
AirSea Lines (f)	1,893,338		50,088
AirSea Lines warrants 8/4/11 (a)(f)	1,862,300		25
European Goldfields Ltd. (a)	903,300		1,915,231
Pacific Rubiales Energy Corp. (a)	285,800		1,401,157
Red Back Mining, Inc. (a)	742,600		5,140,479
Rock Well Petroleum, Inc. (a)(f)	770,400		6
Starfield Resources, Inc. (a)	4,328,075		652,884
TOTAL CANADA			9,159,870
Cayman Islands - 1.6%
International Consolidated Minerals, Inc. (a)	852,927		143,310
Kingboard Chemical Holdings Ltd.	22,500		54,543
Kingboard Laminates Holdings Ltd.	938,000		371,360
New World China Land Ltd.	5,384,000		2,095,465
Orchid Developments Group Ltd. (a)	1,211,000		778,508
Pacific Textile Holdings Ltd.	2,904,000		302,741
Shimao Property Holdings Ltd.	3,020,000		3,353,949
Common Stocks - continued
	Shares		Value
Cayman Islands - continued
Stella International Holdings Ltd.	134,000		$ 177,554
Xinyi Glass Holdings Co. Ltd.	1,280,000		794,727
Yip's Chemical Holdings Ltd.	734,000		262,139
TOTAL CAYMAN ISLANDS			8,334,296
China - 0.8%
Changyou.com Ltd. (A Shares) ADR	14,361		441,601
Golden Eagle Retail Group Ltd. (H Shares)	212,000		171,129
Guangzhou R&F Properties Co. Ltd. (H Shares)	1,104,800		1,776,468
Shandong Chenming Paper Holdings Ltd. (B Shares)	1,620,900		798,942
Weiqiao Textile Co. Ltd. (H Shares)	2,005,000		795,817
TOTAL CHINA			3,983,957
Cyprus - 0.9%
Buried Hill Energy (Cyprus) PCL (a)(f)	1,947,000		4,030,290
Mirland Development Corp. PLC (a)	800,700		585,139
TOTAL CYPRUS			4,615,429
Denmark - 1.4%
Genmab AS (a)	20,200		778,485
Vestas Wind Systems AS (a)	78,000		5,062,827
Vestas Wind Systems AS (a)(f)	23,600		1,557,209
TOTAL DENMARK			7,398,521
Egypt - 0.4%
Talaat Moustafa Group Holding (a)	2,194,760		1,858,183
Finland - 0.6%
Nokian Tyres PLC	208,140		3,286,085
France - 8.2%
Adenclassifieds SA (a)	95,800		1,778,768
Altamir Amboise	290,700		1,021,956
April Group (d)	78,700		2,342,068
Audika SA	73,200		1,766,347
Boursorama (a)	154,400		1,270,587
Delachaux SA (d)	52,200		2,899,824
Devoteam SA	41,900		703,770
Faiveley SA	24,000		1,751,686
Iliad Group SA (d)	43,500		4,567,715
Ingenico SA	134,500		2,461,834
Laurent-Perrier Group	8,460		496,144
LeGuide.com SA (a)	90,400		1,741,717
Maisons France Confort	44,800		1,180,673
Common Stocks - continued
	Shares		Value
France - continued
Meetic (a)(d)	234,800		$ 5,234,378
Nexity	103,900		3,350,610
Sartorius Stedim Biotech	58,500		1,700,468
SeLoger.com (a)(d)	206,100		5,221,286
SR Teleperformance SA	102,100		2,941,796
TOTAL FRANCE			42,431,627
Germany - 5.8%
CTS Eventim AG (d)	100,400		2,886,630
Delticom AG	49,700		3,065,724
ElringKlinger AG	199,900		2,865,854
Fresenius Medical Care AG & Co. KGaA (d)	107,810		4,191,609
Gerresheimer AG	85,400		2,036,833
KROMI Logistik AG (a)	118,200		756,917
Open Business Club AG (a)	42,000		1,646,116
Q-Cells SE (a)(d)	68,300		1,448,685
Rational AG (d)	25,700		2,588,530
SMA Solar Technology AG	33,000		2,045,511
STRATEC Biomedical Systems AG	38,810		765,870
United Internet AG	322,600		3,347,492
Wirecard AG	277,950		2,288,453
TOTAL GERMANY			29,934,224
Greece - 0.5%
Babis Vovos International Technical SA (a)	159,500		1,030,416
Jumbo SA	158,600		1,353,530
TOTAL GREECE			2,383,946
Hong Kong - 2.5%
Cafe de Coral Holdings Ltd.	1,016,000		1,886,268
Champion (REIT)	1,815,000		417,144
China Everbright Ltd.	386,000		746,971
Dynasty Fine Wines Group Ltd.	1,520,000		263,432
Fairwood Holdings Ltd.	560,500		444,799
First Pacific Co. Ltd.	1,686,000		769,792
Midland Holdings Ltd.	4,868,000		1,995,067
Prosperity (REIT)	1,329,000		148,360
Sa Sa International Holdings Ltd.	1,200,000		417,302
Shun Tak Holdings Ltd.	8,356,000		3,687,378
Techtronic Industries Co. Ltd.	2,066,500		1,222,123
Common Stocks - continued
	Shares		Value
Hong Kong - continued
Texwinca Holdings Ltd.	1,022,000		$ 621,990
Transport International Holdings Ltd.	89,600		242,480
TOTAL HONG KONG			12,863,106
India - 0.0%
Petronet LNG Ltd.	118,974		124,455
Ireland - 0.7%
Dragon Oil PLC (a)	743,500		2,824,712
Kenmare Resources PLC warrants 7/23/09 (a)	1,712,500		91,325
Petroceltic International PLC (a)	4,436,800		580,808
Vimio PLC (a)	867,300		13
TOTAL IRELAND			3,496,858
Italy - 0.2%
Seldovia Native Association, Inc. (SNAI) (a)	328,490		1,205,804
Japan - 25.9%
Aioi Insurance Co. Ltd.	324,000		1,422,532
Air Water, Inc.	280,000		2,314,572
Airport Facilities Co. Ltd.	168,800		863,465
ARCS Co. Ltd.	139,900		1,725,393
Arnest One Corp. (d)	364,300		606,044
Asahi Intecc Co. Ltd.	131,900		1,131,773
Benesse Corp.	23,000		880,421
C. Uyemura & Co. Ltd.	34,100		684,660
Central Glass Co. Ltd.	508,000		1,928,910
Chiba Bank Ltd.	377,000		1,870,199
Chiyoda Corp.	122,000		734,024
Create SD Holdings Co. Ltd.	48,200		783,874
Culture Convenience Club Co. Ltd. (d)	163,700		1,026,008
Daicel Chemical Industries Ltd.	178,000		748,098
Daido Steel Co. Ltd.	76,000		253,234
Daihen Corp. (d)	443,000		1,455,355
Daikin Industries Ltd.	55,400		1,490,793
Daiseki Co. Ltd. (d)	107,730		2,064,918
Don Quijote Co. Ltd.	101,600		1,544,121
eAccess Ltd.	2,366		1,549,839
EPS Co. Ltd.	594		2,146,826
Exedy Corp.	126,500		2,353,678
Ferrotec Corp. (d)	33,100		343,269
FreeBit Co., Ltd. (d)	170		895,356
Fuji Oil Co. Ltd.	139,500		1,383,648
Hamamatsu Photonics KK	27,400		552,706
Common Stocks - continued
	Shares		Value
Japan - continued
Hitachi Metals Ltd.	89,000		$ 702,034
Hitachi Transport System Ltd.	101,100		1,037,097
Hoshizaki Electric Co. Ltd.	45,100		422,687
Ibiden Co. Ltd.	60,600		1,772,550
Ichirokudo Co. Ltd. (a)	79		24,340
Inpex Corp.	186		1,183,941
Isetan Mitsukoshi Holdings Ltd.	97,600		820,659
Itochu Corp.	354,000		1,898,645
JTEKT Corp.	166,100		1,602,454
Jupiter Telecommunications Co.	4,222		2,971,627
kabu.com Securities Co. Ltd. (d)	1,900		1,968,668
Kakaku.com, Inc. (d)	677		2,317,661
Kandenko Co. Ltd.	139,000		886,455
Kinki Sharyo Co. Ltd. (d)	244,000		1,406,034
KOMERI Co. Ltd. (d)	71,000		1,496,091
Kuraray Co. Ltd.	179,000		1,540,538
Kyorin Co. Ltd.	54,000		625,369
Mazda Motor Corp.	258,000		642,640
McDonald's Holdings Co. (Japan) Ltd.	108,100		1,862,823
Meiko Electronics Co. Ltd. (d)	107,500		1,398,849
Miraca Holdings, Inc.	45,700		932,976
Mitsubishi Materials Corp.	217,000		628,296
Mitsubishi UFJ Lease & Finance Co. Ltd.	76,530		1,770,612
Mitsui Chemicals, Inc.	306,000		914,103
Mobilephone Telecommunications International Ltd.	265		547,686
Nabtesco Corp.	139,000		1,130,107
Nagaileben Co. Ltd.	7,400		131,556
NGK Insulators Ltd.	71,000		1,089,151
Nichi-iko Pharmaceutical Co. Ltd.	48,900		1,320,633
Nichicon Corp.	134,200		1,288,105
Nihon M&A Center, Inc. (d)	384		945,590
Nihon Nohyaku Co. Ltd. (d)	347,000		2,470,548
Nikon Corp.	32,000		424,211
Nippon Electric Glass Co. Ltd.	202,000		1,644,181
NOF Corp.	236,000		876,026
Nomura Real Estate Residential Fund, Inc.	231		896,564
NTT Urban Development Co.	1,948		1,579,602
Oenon Holdings, Inc.	346,000		666,708
Omron Corp.	65,600		980,715
Park24 Co. Ltd.	47,800		369,002
Pigeon Corp. (d)	41,900		1,048,841
Point, Inc.	60,140		2,680,614
Common Stocks - continued
	Shares		Value
Japan - continued
Rengo Co. Ltd. (d)	266,000		$ 1,329,041
Roland DG Corp.	43,600		588,471
Saizeriya Co. Ltd. (d)	173,300		1,968,049
Sankyu, Inc.	407,000		1,195,584
Santen Pharmaceutical Co. Ltd.	77,700		2,194,991
Sato Corp.	101,500		904,069
Sec Carbon Ltd.	126,000		457,004
Sega Sammy Holdings, Inc.	190,000		1,720,365
Sekisui Chemical Co. Ltd.	124,000		651,224
Seven Bank Ltd.	877		2,071,640
Shimadzu Corp.	101,000		617,538
Shin Nippon Biomedical Laboratories Ltd. (d)	144,400		479,376
Shin-Kobe Electric Machinery Co. Ltd. (d)	263,000		2,079,163
Shizuoka Bank Ltd.	211,000		1,901,520
SHO-BOND Holdings Co. Ltd.	114,000		2,050,168
So-net M3, Inc. (d)	481		1,565,376
Sony Financial Holdings, Inc.	880		2,769,381
SRI Sports Ltd.	722		519,084
Stanley Electric Co. Ltd.	150,700		2,140,600
Start Today Co. Ltd.	1,225		1,081,249
Sumitomo Rubber Industries Ltd.	262,500		1,809,764
Sumitomo Trust & Banking Co. Ltd.	320,000		1,339,435
Sysmex Corp.	53,400		1,609,259
Taiko Pharmaceutical Co. Ltd.	5,800		235,515
Takeei Corp.	87,100		933,749
The Suruga Bank Ltd.	157,000		1,346,428
Tocalo Co. Ltd.	61,800		652,224
Tohoku Electric Power Co., Inc.	50,300		1,049,385
Tokai Carbon Co. Ltd.	97,000		435,109
Tokyo Gas Co. Ltd.	235,000		891,158
Tokyo Ohka Kogyo Co. Ltd.	47,100		797,073
Toyo Suisan Kaisha Ltd.	55,000		1,075,585
Tsumura & Co.	53,400		1,462,776
Unicharm Petcare Corp.	32,900		877,965
USJ Co. Ltd.	1,937		970,606
Weathernews, Inc.	24,900		336,566
Works Applications Co. Ltd.	2,665		1,227,469
Yamatake Corp.	115,400		1,934,580
Yamato Kogyo Co. Ltd.	10,600		240,829
Yokogawa Bridge Holdings Corp.	257,000		2,223,830
TOTAL JAPAN			133,403,903
Common Stocks - continued
	Shares		Value
Luxembourg - 0.2%
GlobeOp Financial Services SA	693,085		$ 999,280
Malaysia - 0.0%
Top Glove Corp. Bhd	150,600		234,784
Netherlands - 2.5%
Brunel International NV	85,500		1,374,802
Gemalto NV (a)	72,000		2,266,487
James Hardie Industries NV unit	1,227,287		4,104,858
QIAGEN NV (a)	282,300		4,615,332
SMARTRAC NV (a)(d)	49,800		595,505
TOTAL NETHERLANDS			12,956,984
New Zealand - 0.2%
Fisher & Paykel Healthcare Corp.	429,688		739,208
The Warehouse Group Ltd.	82,826		168,268
TOTAL NEW ZEALAND			907,476
Norway - 0.3%
IMAREX NOS ASA (a)	158,500		1,049,816
Norwegian Property ASA	400,590		478,278
TOTAL NORWAY			1,528,094
Papua New Guinea - 0.4%
Lihir Gold Ltd. (a)	750,837		1,637,801
Oil Search Ltd.	97,412		363,349
TOTAL PAPUA NEW GUINEA			2,001,150
Philippines - 0.1%
PNOC Energy Development Corp.	4,340,000		324,823
Singapore - 1.0%
CapitaLand Ltd.	492,000		917,204
City Developments Ltd.	224,000		980,426
Pan-United Corp. Ltd.	555,000		176,190
Raffles Medical Group Ltd.	1,833,000		1,126,667
Wing Tai Holdings Ltd.	3,275,000		1,946,640
TOTAL SINGAPORE			5,147,127
Spain - 0.7%
EDP Renovaveis SA	28,600		233,133
Laboratorios Almirall SA	149,200		1,346,181
Laboratorios Farmaceuticos ROVI SA	285,700		2,043,577
TOTAL SPAIN			3,622,891
Common Stocks - continued
	Shares		Value
Sweden - 1.2%
Countermine Technologies AB warrants 3/1/10 (a)	1,085,197		$ 41,222
Elekta AB (B Shares) (d)	266,400		3,072,855
Intrum Justitia AB (d)	220,200		1,913,318
Q-Med AB	188,600		1,056,654
XCounter AB (a)	1,108,000		250,921
TOTAL SWEDEN			6,334,970
Switzerland - 2.0%
Actelion Ltd. (Reg.) (a)	82,840		3,773,171
Basilea Pharmaceutica AG (a)	9,770		681,609
Logitech International SA (Reg.) (a)	157,836		2,108,801
Lonza Group AG	24,364		2,234,521
VZ Holding AG	44,950		1,757,453
TOTAL SWITZERLAND			10,555,555
Taiwan - 0.2%
Young Fast Optoelectron Co. Ltd.	95,000		835,548
Thailand - 0.1%
C.P. Seven Eleven PCL	1,108,200		392,589
Total Access Communication PCL	221,900		157,549
TOTAL THAILAND			550,138
United Kingdom - 20.4%
Abcam PLC	331,300		3,243,942
Aberdeen Asset Management PLC	1,427,600		2,767,444
ACP Capital Ltd.	265,625		78,250
Advanced Fluid Connections PLC (a)	7,009,687		104
Antisoma PLC (a)	3,501,200		1,407,305
Appian Technology PLC warrants 7/11/09 (a)(f)	479,045		7
ASOS PLC (a)(d)	1,243,900		7,078,923
Asset Realisation Co. PLC (a)	375,000		38,353
Autonomy Corp. PLC (a)	343,500		7,203,630
Axis Shield PLC (a)	469,500		2,023,339
Blinkx PLC (a)	2,063,000		531,571
Bond International Software PLC	583,666		357,151
Cadogan Petroleum PLC	1,406,300		221,817
Cairn Energy PLC (a)	107,800		3,378,581
Camco International Ltd. (a)	1,183,202		342,561
Centurion Electronics PLC (a)(e)	748,299		11
Ceres Power Holdings PLC (a)	469,300		837,389
China Goldmines PLC (a)	669,353		246,962
Clerkenwell Ventures PLC	110,300		34,814
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Concateno PLC (a)	1,859,300		$ 2,600,330
Connaught PLC	475,900		2,501,842
Corac Group PLC (a)	3,717,704		1,742,776
Craneware PLC	865,000		2,830,939
CSR PLC (a)	657,100		2,528,910
CVS Group PLC (a)	151,800		306,066
Datacash Group PLC	1,271,280		4,684,378
European Nickel PLC (a)	5,837,800		663,652
Evolution Group PLC	1,716,500		3,026,020
Faroe Petroleum PLC (a)	262,500		291,271
GoIndustry-DoveBid PLC (a)	1,466,500		41,781
IBS Group Holding Ltd. GDR (Reg. S) (a)	311,000		1,503,823
Ideal Shopping Direct PLC	234,592		205,473
IG Group Holdings PLC	1,215,489		3,930,443
Inova Holding PLC (a)	1,443,461		21
Intec Telecom Systems PLC (a)	1,716,568		1,086,643
Jubilee Platinum PLC (a)	1,657,843		303,323
Keronite PLC (f)	13,620,267		100,708
Landround PLC warrants 12/11/09 (a)(f)	166,666		2
Marwyn Value Investors II Ltd. (a)	1,911,200		879,596
Max Petroleum PLC (a)	2,509,220		480,664
Michael Page International PLC	272,819		1,106,220
NCC Group Ltd.	250,715		1,201,286
Nviro Cleantech PLC (a)	2,175,000		212,290
Powerleague Group PLC	786,200		457,448
Pureprofile Media PLC (a)(f)	1,108,572		409,839
Pursuit Dynamics PLC (a)	761,639		804,840
Redhall Group PLC	345,700		897,026
Regenersis PLC (a)	815,000		673,990
Renewable Energy Generation Ltd.	1,646,700		1,209,165
Romag Holdings PLC	38,000		30,507
Royalblue Group PLC	280,142		4,547,049
Salamander Energy PLC (a)	735,300		1,836,653
SDL PLC (a)	1,150,062		5,545,957
Serco Group PLC	449,099		2,422,051
Silverdell PLC (a)	921,000		107,637
Sinclair Pharma PLC (a)	1,888,371		786,222
Sphere Medical Holding PLC (a)(f)	420,000		1,267,036
SR Pharma PLC (a)	3,017,900		1,406,132
Synergy Health PLC (d)	391,024		2,249,117
TMO Biotec (a)(f)	1,000,000		369,700
Tullow Oil PLC	141,200		1,666,225
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Ukrproduct Group Ltd.	502,300		$ 102,744
Unite Group PLC	379,010		543,906
Valiant Petroleum PLC (a)	160,000		1,127,136
Vectura Group PLC (a)	944,860		990,530
Wellstream Holdings PLC	232,300		1,765,109
William Hill PLC	1,369,600		4,396,104
Xchanging PLC	1,557,400		4,248,101
York Pharma PLC (a)	392,500		18,864
YouGov PLC (a)	1,742,654		1,218,513
Zenergy Power PLC (a)	711,280		1,440,535
ZincOx Resources PLC (a)	570,100		551,174
TOTAL UNITED KINGDOM			105,109,921
United States of America - 0.9%
CTC Media, Inc. (a)	443,100		3,473,904
Cyberview Technology, Inc. (a)	996,527		15
Frontera Resources Corp. (a)	1,157,200		401,541
ResMed, Inc. CHESS Depositary Interests (a)	112,084		440,080
TyraTech, Inc. (a)	191,500		79,741
XL TechGroup, Inc. (a)	1,329,250		20
TOTAL UNITED STATES OF AMERICA			4,395,301
TOTAL COMMON STOCKS (Cost $663,625,104)		482,233,381
Nonconvertible Preferred Stocks - 0.8%

Germany - 0.8%
Biotest AG (non-vtg.) (Cost $8,229,358)	103,100		4,194,426
Investment Companies - 0.2%

United Kingdom - 0.2%
Brookwell Ltd. (e) (Cost $3,810,797)	1,536,250		905,867
Money Market Funds - 12.3%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	24,151,596		$ 24,151,596
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	39,223,010		39,223,010
TOTAL MONEY MARKET FUNDS (Cost $63,374,606)		63,374,606
TOTAL INVESTMENT PORTFOLIO - 106.9% (Cost $739,039,865)			550,708,280
NET OTHER ASSETS - (6.9)%			(35,316,193)
NET ASSETS - 100%		$ 515,392,087

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
AirSea Lines	8/4/06	$ 1,199,182
Security	Acquisition Date	Acquisition Cost
AirSea Lines warrants 8/4/11	8/4/06	$ 2
Appian Technology PLC warrants 7/11/09	2/18/05	$ 3
Buried Hill Energy (Cyprus) PCL	8/18/06	$ 2,141,700
Kalahari Energy	9/1/06	$ 1,813,750
Keronite PLC	8/16/06	$ 1,548,992
Landround PLC warrants 12/11/09	12/12/06	$ 0
Pureprofile Media PLC	5/3/05 - 1/11/06	$ 1,173,341
Rock Well Petroleum, Inc.	4/13/06	$ 1,004,171
Sphere Medical Holding PLC	8/27/08	$ 1,310,083
TMO Biotec	10/27/05	$ 535,065
Vestas Wind Systems AS	4/29/09	$ 1,355,888

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	$ 151,234
Fidelity Securities Lending Cash Central Fund	454,584
Total	$ 605,818

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Brookwell Ltd.	$ 1,450,926	$ 166,500	$ -	$ 377,946	$ 905,867
Centurion Electronics PLC	12	-	-	-	11
CustomVis PLC	200,922	-	32,772	-	-
Cyberview Technology, Inc.	16	-	-	-	-
Teleunit SpA	457,711	-	52,094	-	-
Total	$ 2,109,587	$ 166,500	$ 84,866	$ 377,946	$ 905,878

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 550,708,280	$ 128,170,480	$ 414,404,525	$ 8,133,275

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 14,778,878
Total Realized Gain (Loss)	(995,834)
Total Unrealized Gain (Loss)	(3,572,523)
Cost of Purchases	-
Proceeds of Sales	(3,073,903)
Amortization/Accretion	-
Transfer in/out of Level 3	996,657
Ending Balance	$ 8,133,275

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $28,798,938 all of which will expire on October 31, 2016.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009
Assets
Investment in securities, at value (including securities loaned of $37,341,473) - See accompanying schedule: Unaffiliated issuers (cost $671,530,326)	$ 486,427,796
Fidelity Central Funds (cost $63,374,606)	63,374,606
Other affiliated issuers (cost $4,134,933)	905,878
Total Investments (cost $739,039,865)		$ 550,708,280
Foreign currency held at value (cost $246,127)		246,500
Receivable for investments sold		8,307,129
Receivable for fund shares sold		354,584
Dividends receivable		1,823,031
Distributions receivable from Fidelity Central Funds		94,710
Prepaid expenses		4,867
Other receivables		159,848
Total assets		561,698,949

Liabilities
Payable for investments purchased	$ 5,919,872
Payable for fund shares redeemed	546,479
Accrued management fee	358,570
Distribution fees payable	13,444
Other affiliated payables	149,549
Other payables and accrued expenses	95,938
Collateral on securities loaned, at value	39,223,010
Total liabilities		46,306,862

Net Assets		$ 515,392,087
Net Assets consist of:
Paid in capital		$ 832,335,869
Undistributed net investment income		2,289,104
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(130,858,477)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(188,374,409)
Net Assets		$ 515,392,087

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, 2009
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($13,531,230 ÷ 1,097,818 shares)		$ 12.33

Maximum offering price per share (100/94.25 of $12.33)		$ 13.08
Class T: Net Asset Value and redemption price per share ($11,859,376 ÷ 969,201 shares)		$ 12.24

Maximum offering price per share (100/96.50 of $12.24)		$ 12.68
Class B: Net Asset Value and offering price per share ($2,766,838 ÷ 230,402 shares)^A		$ 12.01

Class C: Net Asset Value and offering price per share ($4,789,057 ÷ 397,149 shares)^A		$ 12.06

International Small Cap: Net Asset Value, offering price and redemption price per share ($480,509,909 ÷ 38,586,580 shares)		$ 12.45

Institutional Class: Net Asset Value, offering price and redemption price per share ($1,935,677 ÷ 155,571 shares)		$ 12.44

^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, 2009
Investment Income
Dividends (including $377,946 earned from other affiliated issuers)		$ 5,684,547
Interest		4,807
Income from Fidelity Central Funds (including $454,584 from security lending)		605,818
		6,295,172
Less foreign taxes withheld		(225,724)
Total income		6,069,448

Expenses
Management fee Basic fee	$ 2,192,689
Performance adjustment	492,211
Transfer agent fees	758,233
Distribution fees	83,886
Accounting and security lending fees	133,702
Custodian fees and expenses	77,713
Independent trustees' compensation	2,020
Registration fees	43,024
Audit	74,775
Legal	1,675
Miscellaneous	5,903
Total expenses before reductions	3,865,831
Expense reductions	(85,487)	3,780,344
Net investment income (loss)		2,289,104
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(88,206,225)
Other affiliated issuers	(5,239,603)
Foreign currency transactions	412,728
Total net realized gain (loss)		(93,033,100)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $8,452)	105,556,973
Assets and liabilities in foreign currencies	(601,687)
Total change in net unrealized appreciation (depreciation)		104,955,286
Net gain (loss)		11,922,186
Net increase (decrease) in net assets resulting from operations		$ 14,211,290

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, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,289,104	$ 1,587,080
Net realized gain (loss)	(93,033,100)	8,577,813
Change in net unrealized appreciation (depreciation)	104,955,286	(799,488,059)
Net increase (decrease) in net assets resulting from operations	14,211,290	(789,323,166)
Distributions to shareholders from net investment income	-	(6,293,163)
Distributions to shareholders from net realized gain	-	(288,048,226)
Total distributions	-	(294,341,389)
Share transactions - net increase (decrease)	(73,298,089)	(123,772,022)
Redemption fees	28,527	146,272
Total increase (decrease) in net assets	(59,058,272)	(1,207,290,305)

Net Assets
Beginning of period	574,450,359	1,781,740,664
End of period (including undistributed net investment income of $2,289,104 and $0, respectively)	$ 515,392,087	$ 574,450,359

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,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 11.91	$ 31.14	$ 28.79	$ 26.69	$ 21.25	$ 17.69
Income from Investment Operations
Net investment income (loss) ^E	.04	-^I	.03	(.02)	.05	.02
Net realized and unrealized gain (loss)	.38	(14.03)	7.97	5.05	6.16	3.83
Total from investment operations	.42	(14.03)	8.00	5.03	6.21	3.85
Distributions from net investment income	-	(.03)	-	(.05)	(.02)	(.02)
Distributions from net realized gain	-	(5.18)	(5.65)	(2.89)	(.77)	(.31)
Total distributions	-	(5.20)^J	(5.65)	(2.94)	(.79)	(.33)
Redemption fees added to paid in capital ^E	-^I	-^I	-^I	.01	.02	.04
Net asset value, end of period	$ 12.33	$ 11.91	$ 31.14	$ 28.79	$ 26.69	$ 21.25
Total Return^B,C,D	3.53%	(53.35)%	33.43%	20.22%	30.16%	22.36%
Ratios to Average Net Assets^F,H
Expenses before reductions	1.74% ^A	1.82%	1.53%	1.64%	1.66%	1.71%
Expenses net of fee waivers, if any	1.65% ^A	1.65%	1.53%	1.64%	1.66%	1.71%
Expenses net of all reductions	1.63% ^A	1.60%	1.49%	1.58%	1.63%	1.69%
Net investment income (loss)	.78% ^A	-% ^K	.10%	(.08)%	.21%	.09%
Supplemental Data
Net assets, end of period (000 omitted)	$ 13,531	$ 13,561	$ 38,585	$ 36,701	$ 34,838	$ 13,278
Portfolio turnover rate ^G	78% ^A	113%	70%	84%	79%	77%
^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 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. ^I Amount represents less than $.01 per share. ^J Total distributions of $5.20 per share is comprised of distributions from net investment income of $.026 and distributions from net realized gain of $5.176 per share. ^K Amount represents less than .01%.

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,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 11.84	$ 30.96	$ 28.64	$ 26.57	$ 21.20	$ 17.68
Income from Investment Operations
Net investment income (loss) ^E	.03	(.05)	(.04)	(.09)	(.01)	(.03)
Net realized and unrealized gain (loss)	.37	(13.95)	7.93	5.03	6.12	3.83
Total from investment operations	.40	(14.00)	7.89	4.94	6.11	3.80
Distributions from net investment income	-	-	-	-	-	(.01)
Distributions from net realized gain	-	(5.12)	(5.57)	(2.88)	(.76)	(.31)
Total distributions	-	(5.12)^J	(5.57)	(2.88)	(.76)	(.32)
Redemption fees added to paid in capital ^E	-^I	-^I	-^I	.01	.02	.04
Net asset value, end of period	$ 12.24	$ 11.84	$ 30.96	$ 28.64	$ 26.57	$ 21.20
Total Return^B,C,D	3.38%	(53.46)%	33.07%	19.93%	29.72%	22.07%
Ratios to Average Net Assets^F,H
Expenses before reductions	1.99% ^A	2.07%	1.77%	1.89%	1.92%	1.94%
Expenses net of fee waivers, if any	1.90% ^A	1.90%	1.77%	1.89%	1.91%	1.94%
Expenses net of all reductions	1.87% ^A	1.86%	1.73%	1.83%	1.88%	1.92%
Net investment income (loss)	.53% ^A	(.25)%	(.14)%	(.32)%	(.04)%	(.14)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 11,859	$ 13,493	$ 40,823	$ 41,982	$ 41,647	$ 15,131
Portfolio turnover rate ^G	78% ^A	113%	70%	84%	79%	77%
^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 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. ^I Amount represents less than $.01 per share. ^J Total distributions of $5.12 per share is comprised of distributions from net realized gain of $5.123 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,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 11.65	$ 30.49	$ 28.26	$ 26.24	$ 20.99	$ 17.62
Income from Investment Operations
Net investment income (loss) ^E	-^I	(.16)	(.18)	(.24)	(.14)	(.16)
Net realized and unrealized gain (loss)	.36	(13.73)	7.82	4.98	6.08	3.80
Total from investment operations	.36	(13.89)	7.64	4.74	5.94	3.64
Distributions from net realized gain	-	(4.95)^J	(5.41)	(2.73)	(.71)	(.31)
Redemption fees added to paid in capital ^E	-^I	-^I	-^I	.01	.02	.04
Net asset value, end of period	$ 12.01	$ 11.65	$ 30.49	$ 28.26	$ 26.24	$ 20.99
Total Return^B,C,D	3.09%	(53.68)%	32.38%	19.28%	29.13%	21.21%
Ratios to Average Net Assets^F,H
Expenses before reductions	2.49% ^A	2.58%	2.30%	2.48%	2.49%	2.63%
Expenses net of fee waivers, if any	2.40% ^A	2.40%	2.30%	2.40%	2.43%	2.63%
Expenses net of all reductions	2.37% ^A	2.36%	2.26%	2.34%	2.40%	2.60%
Net investment income (loss)	.03% ^A	(.75)%	(.66)%	(.84)%	(.56)%	(.83)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,767	$ 3,230	$ 10,704	$ 11,354	$ 12,783	$ 5,061
Portfolio turnover rate ^G	78% ^A	113%	70%	84%	79%	77%
^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 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. ^I Amount represents less than $.01 per share. ^J Total distributions of $4.95 per share is comprised of distributions from net realized gain of $4.949 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,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 11.70	$ 30.62	$ 28.33	$ 26.31	$ 21.04	$ 17.64
Income from Investment Operations
Net investment income (loss) ^E	-^I	(.16)	(.17)	(.23)	(.13)	(.12)
Net realized and unrealized gain (loss)	.36	(13.78)	7.85	4.99	6.10	3.80
Total from investment operations	.36	(13.94)	7.68	4.76	5.97	3.68
Distributions from net investment income	-	-	-	-	-	(.01)
Distributions from net realized gain	-	(4.98)	(5.39)	(2.75)	(.72)	(.31)
Total distributions	-	(4.98)^J	(5.39)	(2.75)	(.72)	(.32)
Redemption fees added to paid in capital ^E	-^I	-^I	-^I	.01	.02	.04
Net asset value, end of period	$ 12.06	$ 11.70	$ 30.62	$ 28.33	$ 26.31	$ 21.04
Total Return^B,C,D	3.08%	(53.67)%	32.39%	19.34%	29.22%	21.43%
Ratios to Average Net Assets^F,H
Expenses before reductions	2.49% ^A	2.57%	2.26%	2.38%	2.41%	2.43%
Expenses net of fee waivers, if any	2.40% ^A	2.40%	2.26%	2.38%	2.41%	2.43%
Expenses net of all reductions	2.37% ^A	2.36%	2.22%	2.32%	2.38%	2.40%
Net investment income (loss)	.03% ^A	(.76)%	(.62)%	(.81)%	(.54)%	(.62)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,789	$ 5,658	$ 20,094	$ 21,335	$ 25,202	$ 8,664
Portfolio turnover rate ^G	78% ^A	113%	70%	84%	79%	77%
^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 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. ^I Amount represents less than $.01 per share. ^J Total distributions of $4.98 per share is comprised of distributions from net realized gain of $4.975 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,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 12.03	$ 31.44	$ 29.03	$ 26.89	$ 21.36	$ 17.71
Income from Investment Operations
Net investment income (loss)^D	.05	.03	.12	.08	.15	.10
Net realized and unrealized gain (loss)	.37	(14.14)	8.03	5.08	6.19	3.84
Total from investment operations	.42	(14.11)	8.15	5.16	6.34	3.94
Distributions from net investment income	-	(.12)	(.07)	(.14)	(.06)	(.02)
Distributions from net realized gain	-	(5.18)	(5.67)	(2.89)	(.77)	(.31)
Total distributions	-	(5.30)^I	(5.74)	(3.03)	(.83)	(.33)
Redemption fees added to paid in capital ^D	-^H	- ^H	-^H	.01	.02	.04
Net asset value, end of period	$ 12.45	$ 12.03	$ 31.44	$ 29.03	$ 26.89	$ 21.36
Total Return^B,C	3.49%	(53.25)%	33.82%	20.65%	30.67%	22.84%
Ratios to Average Net Assets^E,G
Expenses before reductions	1.50% ^A	1.49%	1.19%	1.28%	1.28%	1.30%
Expenses net of fee waivers, if any	1.50% ^A	1.49%	1.19%	1.28%	1.28%	1.30%
Expenses net of all reductions	1.47% ^A	1.44%	1.15%	1.22%	1.25%	1.28%
Net investment income (loss)	.93% ^A	.16%	.45%	.29%	.59%	.50%
Supplemental Data
Net assets, end of period (000 omitted)	$ 480,510	$ 536,291	$ 1,663,761	$ 1,816,059	$ 2,090,458	$ 1,091,335
Portfolio turnover rate ^F	78% ^A	113%	70%	84%	79%	77%
^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. ^I Total distributions of $5.30 per share is comprised of distributions from net investment income of $.120 and distributions from net realized gain of $5.176 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,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 12.01	$ 31.38	$ 28.99	$ 26.86	$ 21.36	$ 17.72
Income from Investment Operations
Net investment income (loss) ^D	.06	.05	.12	.08	.14	.10
Net realized and unrealized gain (loss)	.37	(14.12)	8.01	5.07	6.18	3.84
Total from investment operations	.43	(14.07)	8.13	5.15	6.32	3.94
Distributions from net investment income	-	(.12)	(.07)	(.14)	(.07)	(.03)
Distributions from net realized gain	-	(5.18)	(5.67)	(2.89)	(.77)	(.31)
Total distributions	-	(5.30)^I	(5.74)	(3.03)	(.84)	(.34)
Redemption fees added to paid in capital ^D	-^H	-^H	-^H	.01	.02	.04
Net asset value, end of period	$ 12.44	$ 12.01	$ 31.38	$ 28.99	$ 26.86	$ 21.36
Total Return^B,C	3.58%	(53.22)%	33.84%	20.65%	30.59%	22.84%
Ratios to Average Net Assets^E,G
Expenses before reductions	1.50% ^A	1.49%	1.18%	1.29%	1.30%	1.32%
Expenses net of fee waivers, if any	1.40% ^A	1.40%	1.18%	1.29%	1.30%	1.32%
Expenses net of all reductions	1.37% ^A	1.35%	1.14%	1.23%	1.27%	1.29%
Net investment income (loss)	1.03% ^A	.25%	.45%	.28%	.57%	.49%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,936	$ 2,217	$ 7,774	$ 9,050	$ 7,432	$ 2,568
Portfolio turnover rate ^F	78% ^A	113%	70%	84%	79%	77%
^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. ^I Total distributions of $5.30 per share is comprised of distributions from net investment income of $.120 and distributions from net realized gain of $5.176 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, 2009

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.

2. Investments in Fidelity Central Funds.

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.

Semiannual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments ,as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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. The Fund may be subject to a tax imposed on net realized gains on securities of certain foreign countries. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of on the valuation date.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

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

Unrealized appreciation	$ 42,680,931
Unrealized depreciation	(237,213,606)
Net unrealized appreciation (depreciation)	$ (194,532,675)
Cost for federal income tax purposes	$ 745,240,955

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

Semiannual Report

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $185,439,088 and $241,794,206, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the 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 1.06% of the Fund's average net assets.

Semiannual Report

Notes to Financial Statements - continued

6. Fees and Other Transactions with Affiliates - continued

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 15,709	$ 408
Class T	.25%	.25%	29,634	-
Class B	.75%	.25%	14,187	10,693
Class C	.75%	.25%	24,356	771
			$ 83,886	$ 11,872

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

	Retained by FDC
Class A	$ 1,234
Class T	738
Class B*	2,682
Class C*	17
	$ 4,671

* 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 - continued

reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 18,466	.29
Class T	17,539	.30
Class B	4,149	.29
Class C	7,001	.29
International Small Cap	708,206	.30
Institutional Class	2,872	.30
	$ 758,233

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $1,642 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.

Semiannual Report

Notes to Financial Statements - continued

8. Security Lending - continued

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.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.65%	$ 5,543
Class T	1.90%	5,568
Class B	2.40%	1,300
Class C	2.40%	2,105
Institutional Class	1.40%	949
		$ 15,465

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 $69,839 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 $183.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Class A	$ -	$ 31,995
International Small Cap	-	6,232,230
Institutional Class	-	28,938
Total	$ -	$ 6,293,163

Semiannual Report

10. Distributions to Shareholders - continued

	Six months ended April 30, 2009	Year ended October 31, 2008
From net realized gain
Class A	$ -	$ 6,369,531
Class T	-	6,691,175
Class B	-	1,698,463
Class C	-	3,224,346
International Small Cap	-	268,816,510
Institutional Class	-	1,248,201
Total	$ -	$ 288,048,226

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
Class A
Shares sold	160,889	287,898	$ 1,858,245	$ 6,010,378
Reinvestment of distributions	-	249,978	-	5,921,976
Shares redeemed	(201,422)	(638,746)	(2,275,377)	(12,839,012)
Net increase (decrease)	(40,533)	(100,870)	$ (417,132)	$ (906,658)
Class T
Shares sold	68,135	197,388	$ 764,091	$ 4,233,911
Reinvestment of distributions	-	266,848	-	6,297,616
Shares redeemed	(238,372)	(643,248)	(2,680,678)	(12,848,518)
Net increase (decrease)	(170,237)	(179,012)	$ (1,916,587)	$ (2,316,991)
Class B
Shares sold	5,357	14,574	$ 59,404	$ 298,092
Reinvestment of distributions	-	66,447	-	1,549,547
Shares redeemed	(52,235)	(154,774)	(572,772)	(3,077,783)
Net increase (decrease)	(46,878)	(73,753)	$ (513,368)	$ (1,230,144)
Class C
Shares sold	10,204	42,453	$ 112,595	$ 916,236
Reinvestment of distributions	-	110,479	-	2,587,416
Shares redeemed	(96,682)	(325,478)	(1,072,946)	(6,282,310)
Net increase (decrease)	(86,478)	(172,546)	$ (960,351)	$ (2,778,658)
International Small Cap
Shares sold	2,209,258	6,448,356	$ 25,274,340	$ 136,000,750
Reinvestment of distributions	-	10,462,725	-	249,849,882
Shares redeemed	(8,213,810)	(25,231,805)	(94,422,573)	(501,268,909)
Net increase (decrease)	(6,004,552)	(8,320,724)	$ (69,148,233)	$ (115,418,277)

Semiannual Report

Notes to Financial Statements - continued

11. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
Institutional Class
Shares sold	18,118	50,432	$ 198,913	$ 1,127,368
Reinvestment of distributions	-	31,471	-	749,964
Shares redeemed	(47,103)	(145,066)	(541,331)	(2,998,626)
Net increase (decrease)	(28,985)	(63,163)	$ (342,418)	$ (1,121,294)

12. Other.

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, 2009, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months then ended and for the year ended October 31, 2008, and the financial highlights for the six months then ended and for each of the five years in the year ended October 31, 2008. 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.

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, 2009, the results of its operations for the six months then ended, the changes in its net assets for the six months then ended and for the year ended October 31, 2008, and the financial highlights for the six months then ended and for each of the five years in the year ended October 31, 2008, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

June 15, 2009

Semiannual Report

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Semiannual Report

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Semiannual Report

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Semiannual Report

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fid1136

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Small Cap
Fund - Class A, Class T, Class B
and Class C

Semiannual Report

April 30, 2009

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

(2_fidelity_logos) (Registered_Trademark)

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 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 http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.65%
Actual		$ 1,000.00	$ 1,035.30	$ 8.33
Hypothetical ^A		$ 1,000.00	$ 1,016.61	$ 8.25
Class T	1.90%
Actual		$ 1,000.00	$ 1,033.80	$ 9.58
Hypothetical ^A		$ 1,000.00	$ 1,015.37	$ 9.49
Class B	2.40%
Actual		$ 1,000.00	$ 1,030.90	$ 12.09
Hypothetical ^A		$ 1,000.00	$ 1,012.89	$ 11.98
Class C	2.40%
Actual		$ 1,000.00	$ 1,030.80	$ 12.08
Hypothetical ^A		$ 1,000.00	$ 1,012.89	$ 11.98
International Small Cap	1.50%
Actual		$ 1,000.00	$ 1,034.90	$ 7.57
Hypothetical ^A		$ 1,000.00	$ 1,017.36	$ 7.50
Institutional Class	1.40%
Actual		$ 1,000.00	$ 1,035.80	$ 7.07
Hypothetical ^A		$ 1,000.00	$ 1,017.85	$ 7.00

^A 5% return per year before expenses

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

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan 25.9%
	United Kingdom 20.6%
	France 8.2%
	Australia 7.9%
	Germany 6.6%
	United States of America 6.3%
	Netherlands 2.5%
	Hong Kong 2.5%
	Switzerland 2.0%
	Other 17.5%

fid1484

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

As of October 31, 2008
	Japan 32.3%
	United Kingdom 19.7%
	United States of America 8.3%
	Australia 7.6%
	Germany 6.5%
	France 5.3%
	Switzerland 2.6%
	Sweden 1.7%
	Spain 1.7%
	Other 14.3%

fid1496

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	94.6	92.5
Short-Term Investments and Net Other Assets	5.4	7.5
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Autonomy Corp. PLC (United Kingdom, Software)	1.4	0.9
ASOS PLC (United Kingdom, Internet & Catalog Retail)	1.4	1.3
Playtech Ltd. (British Virgin Islands, Software)	1.1	0.6
SDL PLC (United Kingdom, Software)	1.1	0.8
Meetic (France, Internet Software & Services)	1.0	0.6
SeLoger.com (France, Media)	1.0	0.5
Red Back Mining, Inc. (Canada, Metals & Mining)	1.0	0.5
Vestas Wind Systems AS (Denmark, Electrical Equipment)	1.0	0.6
Datacash Group PLC (United Kingdom, IT Services)	0.9	1.0
QIAGEN NV (Netherlands, Life Sciences Tools & Services)	0.9	0.7
	10.8
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	17.3	14.8
Information Technology	16.3	12.8
Industrials	15.5	14.8
Health Care	14.1	19.4
Financials	12.5	9.1
Materials	8.1	6.4
Energy	6.0	6.0
Consumer Staples	2.6	5.1
Telecommunication Services	1.2	1.3
Utilities	0.8	2.6

Semiannual Report

Investments April 30, 2009

Showing Percentage of Net Assets

Common Stocks - 93.6%
	Shares		Value
Australia - 7.9%
AGL Energy Ltd.	41,046		$ 451,250
Allied Gold Ltd. (a)	2,618,907		609,346
Allied Gold Ltd. (United Kingdom) (a)	5,582,300		1,312,960
Ansell Ltd.	95,235		580,276
Australian Worldwide Exploration Ltd.	517,887		918,796
Centamin Egypt Ltd. (a)	5,409,550		4,368,451
Centennial Coal Co. Ltd.	307,449		406,854
Coal of Africa Ltd. (a)	2,537,804		2,521,407
CopperCo Ltd. (a)	3,342,244		24
David Jones Ltd.	1,228,763		2,707,104
Dominos Pizza Enterprises Ltd.	186,023		416,593
Energy Resources of Australia Ltd.	58,759		892,925
Healthscope Ltd.	210,069		591,108
Invocare Ltd.	317,832		1,180,899
Iress Market Technology Ltd. (d)	319,947		1,388,822
JB Hi-Fi Ltd. (d)	346,322		3,434,698
Metcash Ltd.	252,225		762,914
Monto Minerals Ltd. (a)	8,206,552		121
Monto Minerals Ltd. warrants 5/25/09 (a)	1,485,934		22
Navitas Ltd.	1,322,105		2,201,383
Newcrest Mining Ltd.	22,056		480,145
Nufarm Ltd.	125,830		1,210,426
OZ Minerals Ltd.	882,090		481,026
Paladin Energy Ltd. (a)(d)	669,503		2,244,128
Primary Health Care Ltd.	296,216		939,051
QBE Insurance Group Ltd.	172,295		2,729,757
Ramsay Health Care Ltd.	155,226		1,044,000
SAI Global Ltd.	742,517		1,376,704
Seek Ltd. (d)	518,972		1,241,464
Sigma Pharmaceuticals Ltd.	783,310		637,890
Sonic Healthcare Ltd.	40,015		339,247
Tianshan Goldfields Ltd. (a)	944,712		49,457
United Group Ltd.	280,367		1,957,007
Westfield Group unit	54,397		424,394
WorleyParsons Ltd.	30,013		398,696
Wotif.com Holdings Ltd.	82,808		239,635
TOTAL AUSTRALIA			40,538,980
Austria - 0.6%
Andritz AG	95,800		3,255,801
Common Stocks - continued
	Shares		Value
Belgium - 0.3%
EVS Broadcast Equipment SA	7,700		$ 352,900
Hansen Transmission International NV (a)	500,100		1,088,658
TOTAL BELGIUM			1,441,558
Bermuda - 1.8%
Aquarius Platinum Ltd. (a)	40,716		150,983
Aquarius Platinum Ltd. (Australia)	366,449		1,358,870
C C Land Holdings Ltd.	861,000		284,631
Oakley Capital Investments Ltd. (a)	1,293,800		1,209,800
Pacific Basin Shipping Ltd.	1,389,000		686,817
Peace Mark Holdings Ltd. (a)	788,000		1
PureCircle Ltd. (a)	616,000		2,242,062
Seadrill Ltd.	124,800		1,331,759
Vtech Holdings Ltd.	414,000		2,070,640
Zambezi Resources Ltd.:
CDI (a)	2,184,593		31,768
warrants 8/31/09 (a)	108,686		1
TOTAL BERMUDA			9,367,332
British Virgin Islands - 1.5%
Albidon Ltd. unit (a)	1,469,000		40,840
Kalahari Energy (a)(f)	1,451,000		1,813,750
Playtech Ltd. (d)	860,400		5,790,814
TOTAL BRITISH VIRGIN ISLANDS			7,645,404
Canada - 1.8%
AirSea Lines (f)	1,893,338		50,088
AirSea Lines warrants 8/4/11 (a)(f)	1,862,300		25
European Goldfields Ltd. (a)	903,300		1,915,231
Pacific Rubiales Energy Corp. (a)	285,800		1,401,157
Red Back Mining, Inc. (a)	742,600		5,140,479
Rock Well Petroleum, Inc. (a)(f)	770,400		6
Starfield Resources, Inc. (a)	4,328,075		652,884
TOTAL CANADA			9,159,870
Cayman Islands - 1.6%
International Consolidated Minerals, Inc. (a)	852,927		143,310
Kingboard Chemical Holdings Ltd.	22,500		54,543
Kingboard Laminates Holdings Ltd.	938,000		371,360
New World China Land Ltd.	5,384,000		2,095,465
Orchid Developments Group Ltd. (a)	1,211,000		778,508
Pacific Textile Holdings Ltd.	2,904,000		302,741
Shimao Property Holdings Ltd.	3,020,000		3,353,949
Common Stocks - continued
	Shares		Value
Cayman Islands - continued
Stella International Holdings Ltd.	134,000		$ 177,554
Xinyi Glass Holdings Co. Ltd.	1,280,000		794,727
Yip's Chemical Holdings Ltd.	734,000		262,139
TOTAL CAYMAN ISLANDS			8,334,296
China - 0.8%
Changyou.com Ltd. (A Shares) ADR	14,361		441,601
Golden Eagle Retail Group Ltd. (H Shares)	212,000		171,129
Guangzhou R&F Properties Co. Ltd. (H Shares)	1,104,800		1,776,468
Shandong Chenming Paper Holdings Ltd. (B Shares)	1,620,900		798,942
Weiqiao Textile Co. Ltd. (H Shares)	2,005,000		795,817
TOTAL CHINA			3,983,957
Cyprus - 0.9%
Buried Hill Energy (Cyprus) PCL (a)(f)	1,947,000		4,030,290
Mirland Development Corp. PLC (a)	800,700		585,139
TOTAL CYPRUS			4,615,429
Denmark - 1.4%
Genmab AS (a)	20,200		778,485
Vestas Wind Systems AS (a)	78,000		5,062,827
Vestas Wind Systems AS (a)(f)	23,600		1,557,209
TOTAL DENMARK			7,398,521
Egypt - 0.4%
Talaat Moustafa Group Holding (a)	2,194,760		1,858,183
Finland - 0.6%
Nokian Tyres PLC	208,140		3,286,085
France - 8.2%
Adenclassifieds SA (a)	95,800		1,778,768
Altamir Amboise	290,700		1,021,956
April Group (d)	78,700		2,342,068
Audika SA	73,200		1,766,347
Boursorama (a)	154,400		1,270,587
Delachaux SA (d)	52,200		2,899,824
Devoteam SA	41,900		703,770
Faiveley SA	24,000		1,751,686
Iliad Group SA (d)	43,500		4,567,715
Ingenico SA	134,500		2,461,834
Laurent-Perrier Group	8,460		496,144
LeGuide.com SA (a)	90,400		1,741,717
Maisons France Confort	44,800		1,180,673
Common Stocks - continued
	Shares		Value
France - continued
Meetic (a)(d)	234,800		$ 5,234,378
Nexity	103,900		3,350,610
Sartorius Stedim Biotech	58,500		1,700,468
SeLoger.com (a)(d)	206,100		5,221,286
SR Teleperformance SA	102,100		2,941,796
TOTAL FRANCE			42,431,627
Germany - 5.8%
CTS Eventim AG (d)	100,400		2,886,630
Delticom AG	49,700		3,065,724
ElringKlinger AG	199,900		2,865,854
Fresenius Medical Care AG & Co. KGaA (d)	107,810		4,191,609
Gerresheimer AG	85,400		2,036,833
KROMI Logistik AG (a)	118,200		756,917
Open Business Club AG (a)	42,000		1,646,116
Q-Cells SE (a)(d)	68,300		1,448,685
Rational AG (d)	25,700		2,588,530
SMA Solar Technology AG	33,000		2,045,511
STRATEC Biomedical Systems AG	38,810		765,870
United Internet AG	322,600		3,347,492
Wirecard AG	277,950		2,288,453
TOTAL GERMANY			29,934,224
Greece - 0.5%
Babis Vovos International Technical SA (a)	159,500		1,030,416
Jumbo SA	158,600		1,353,530
TOTAL GREECE			2,383,946
Hong Kong - 2.5%
Cafe de Coral Holdings Ltd.	1,016,000		1,886,268
Champion (REIT)	1,815,000		417,144
China Everbright Ltd.	386,000		746,971
Dynasty Fine Wines Group Ltd.	1,520,000		263,432
Fairwood Holdings Ltd.	560,500		444,799
First Pacific Co. Ltd.	1,686,000		769,792
Midland Holdings Ltd.	4,868,000		1,995,067
Prosperity (REIT)	1,329,000		148,360
Sa Sa International Holdings Ltd.	1,200,000		417,302
Shun Tak Holdings Ltd.	8,356,000		3,687,378
Techtronic Industries Co. Ltd.	2,066,500		1,222,123
Common Stocks - continued
	Shares		Value
Hong Kong - continued
Texwinca Holdings Ltd.	1,022,000		$ 621,990
Transport International Holdings Ltd.	89,600		242,480
TOTAL HONG KONG			12,863,106
India - 0.0%
Petronet LNG Ltd.	118,974		124,455
Ireland - 0.7%
Dragon Oil PLC (a)	743,500		2,824,712
Kenmare Resources PLC warrants 7/23/09 (a)	1,712,500		91,325
Petroceltic International PLC (a)	4,436,800		580,808
Vimio PLC (a)	867,300		13
TOTAL IRELAND			3,496,858
Italy - 0.2%
Seldovia Native Association, Inc. (SNAI) (a)	328,490		1,205,804
Japan - 25.9%
Aioi Insurance Co. Ltd.	324,000		1,422,532
Air Water, Inc.	280,000		2,314,572
Airport Facilities Co. Ltd.	168,800		863,465
ARCS Co. Ltd.	139,900		1,725,393
Arnest One Corp. (d)	364,300		606,044
Asahi Intecc Co. Ltd.	131,900		1,131,773
Benesse Corp.	23,000		880,421
C. Uyemura & Co. Ltd.	34,100		684,660
Central Glass Co. Ltd.	508,000		1,928,910
Chiba Bank Ltd.	377,000		1,870,199
Chiyoda Corp.	122,000		734,024
Create SD Holdings Co. Ltd.	48,200		783,874
Culture Convenience Club Co. Ltd. (d)	163,700		1,026,008
Daicel Chemical Industries Ltd.	178,000		748,098
Daido Steel Co. Ltd.	76,000		253,234
Daihen Corp. (d)	443,000		1,455,355
Daikin Industries Ltd.	55,400		1,490,793
Daiseki Co. Ltd. (d)	107,730		2,064,918
Don Quijote Co. Ltd.	101,600		1,544,121
eAccess Ltd.	2,366		1,549,839
EPS Co. Ltd.	594		2,146,826
Exedy Corp.	126,500		2,353,678
Ferrotec Corp. (d)	33,100		343,269
FreeBit Co., Ltd. (d)	170		895,356
Fuji Oil Co. Ltd.	139,500		1,383,648
Hamamatsu Photonics KK	27,400		552,706
Common Stocks - continued
	Shares		Value
Japan - continued
Hitachi Metals Ltd.	89,000		$ 702,034
Hitachi Transport System Ltd.	101,100		1,037,097
Hoshizaki Electric Co. Ltd.	45,100		422,687
Ibiden Co. Ltd.	60,600		1,772,550
Ichirokudo Co. Ltd. (a)	79		24,340
Inpex Corp.	186		1,183,941
Isetan Mitsukoshi Holdings Ltd.	97,600		820,659
Itochu Corp.	354,000		1,898,645
JTEKT Corp.	166,100		1,602,454
Jupiter Telecommunications Co.	4,222		2,971,627
kabu.com Securities Co. Ltd. (d)	1,900		1,968,668
Kakaku.com, Inc. (d)	677		2,317,661
Kandenko Co. Ltd.	139,000		886,455
Kinki Sharyo Co. Ltd. (d)	244,000		1,406,034
KOMERI Co. Ltd. (d)	71,000		1,496,091
Kuraray Co. Ltd.	179,000		1,540,538
Kyorin Co. Ltd.	54,000		625,369
Mazda Motor Corp.	258,000		642,640
McDonald's Holdings Co. (Japan) Ltd.	108,100		1,862,823
Meiko Electronics Co. Ltd. (d)	107,500		1,398,849
Miraca Holdings, Inc.	45,700		932,976
Mitsubishi Materials Corp.	217,000		628,296
Mitsubishi UFJ Lease & Finance Co. Ltd.	76,530		1,770,612
Mitsui Chemicals, Inc.	306,000		914,103
Mobilephone Telecommunications International Ltd.	265		547,686
Nabtesco Corp.	139,000		1,130,107
Nagaileben Co. Ltd.	7,400		131,556
NGK Insulators Ltd.	71,000		1,089,151
Nichi-iko Pharmaceutical Co. Ltd.	48,900		1,320,633
Nichicon Corp.	134,200		1,288,105
Nihon M&A Center, Inc. (d)	384		945,590
Nihon Nohyaku Co. Ltd. (d)	347,000		2,470,548
Nikon Corp.	32,000		424,211
Nippon Electric Glass Co. Ltd.	202,000		1,644,181
NOF Corp.	236,000		876,026
Nomura Real Estate Residential Fund, Inc.	231		896,564
NTT Urban Development Co.	1,948		1,579,602
Oenon Holdings, Inc.	346,000		666,708
Omron Corp.	65,600		980,715
Park24 Co. Ltd.	47,800		369,002
Pigeon Corp. (d)	41,900		1,048,841
Point, Inc.	60,140		2,680,614
Common Stocks - continued
	Shares		Value
Japan - continued
Rengo Co. Ltd. (d)	266,000		$ 1,329,041
Roland DG Corp.	43,600		588,471
Saizeriya Co. Ltd. (d)	173,300		1,968,049
Sankyu, Inc.	407,000		1,195,584
Santen Pharmaceutical Co. Ltd.	77,700		2,194,991
Sato Corp.	101,500		904,069
Sec Carbon Ltd.	126,000		457,004
Sega Sammy Holdings, Inc.	190,000		1,720,365
Sekisui Chemical Co. Ltd.	124,000		651,224
Seven Bank Ltd.	877		2,071,640
Shimadzu Corp.	101,000		617,538
Shin Nippon Biomedical Laboratories Ltd. (d)	144,400		479,376
Shin-Kobe Electric Machinery Co. Ltd. (d)	263,000		2,079,163
Shizuoka Bank Ltd.	211,000		1,901,520
SHO-BOND Holdings Co. Ltd.	114,000		2,050,168
So-net M3, Inc. (d)	481		1,565,376
Sony Financial Holdings, Inc.	880		2,769,381
SRI Sports Ltd.	722		519,084
Stanley Electric Co. Ltd.	150,700		2,140,600
Start Today Co. Ltd.	1,225		1,081,249
Sumitomo Rubber Industries Ltd.	262,500		1,809,764
Sumitomo Trust & Banking Co. Ltd.	320,000		1,339,435
Sysmex Corp.	53,400		1,609,259
Taiko Pharmaceutical Co. Ltd.	5,800		235,515
Takeei Corp.	87,100		933,749
The Suruga Bank Ltd.	157,000		1,346,428
Tocalo Co. Ltd.	61,800		652,224
Tohoku Electric Power Co., Inc.	50,300		1,049,385
Tokai Carbon Co. Ltd.	97,000		435,109
Tokyo Gas Co. Ltd.	235,000		891,158
Tokyo Ohka Kogyo Co. Ltd.	47,100		797,073
Toyo Suisan Kaisha Ltd.	55,000		1,075,585
Tsumura & Co.	53,400		1,462,776
Unicharm Petcare Corp.	32,900		877,965
USJ Co. Ltd.	1,937		970,606
Weathernews, Inc.	24,900		336,566
Works Applications Co. Ltd.	2,665		1,227,469
Yamatake Corp.	115,400		1,934,580
Yamato Kogyo Co. Ltd.	10,600		240,829
Yokogawa Bridge Holdings Corp.	257,000		2,223,830
TOTAL JAPAN			133,403,903
Common Stocks - continued
	Shares		Value
Luxembourg - 0.2%
GlobeOp Financial Services SA	693,085		$ 999,280
Malaysia - 0.0%
Top Glove Corp. Bhd	150,600		234,784
Netherlands - 2.5%
Brunel International NV	85,500		1,374,802
Gemalto NV (a)	72,000		2,266,487
James Hardie Industries NV unit	1,227,287		4,104,858
QIAGEN NV (a)	282,300		4,615,332
SMARTRAC NV (a)(d)	49,800		595,505
TOTAL NETHERLANDS			12,956,984
New Zealand - 0.2%
Fisher & Paykel Healthcare Corp.	429,688		739,208
The Warehouse Group Ltd.	82,826		168,268
TOTAL NEW ZEALAND			907,476
Norway - 0.3%
IMAREX NOS ASA (a)	158,500		1,049,816
Norwegian Property ASA	400,590		478,278
TOTAL NORWAY			1,528,094
Papua New Guinea - 0.4%
Lihir Gold Ltd. (a)	750,837		1,637,801
Oil Search Ltd.	97,412		363,349
TOTAL PAPUA NEW GUINEA			2,001,150
Philippines - 0.1%
PNOC Energy Development Corp.	4,340,000		324,823
Singapore - 1.0%
CapitaLand Ltd.	492,000		917,204
City Developments Ltd.	224,000		980,426
Pan-United Corp. Ltd.	555,000		176,190
Raffles Medical Group Ltd.	1,833,000		1,126,667
Wing Tai Holdings Ltd.	3,275,000		1,946,640
TOTAL SINGAPORE			5,147,127
Spain - 0.7%
EDP Renovaveis SA	28,600		233,133
Laboratorios Almirall SA	149,200		1,346,181
Laboratorios Farmaceuticos ROVI SA	285,700		2,043,577
TOTAL SPAIN			3,622,891
Common Stocks - continued
	Shares		Value
Sweden - 1.2%
Countermine Technologies AB warrants 3/1/10 (a)	1,085,197		$ 41,222
Elekta AB (B Shares) (d)	266,400		3,072,855
Intrum Justitia AB (d)	220,200		1,913,318
Q-Med AB	188,600		1,056,654
XCounter AB (a)	1,108,000		250,921
TOTAL SWEDEN			6,334,970
Switzerland - 2.0%
Actelion Ltd. (Reg.) (a)	82,840		3,773,171
Basilea Pharmaceutica AG (a)	9,770		681,609
Logitech International SA (Reg.) (a)	157,836		2,108,801
Lonza Group AG	24,364		2,234,521
VZ Holding AG	44,950		1,757,453
TOTAL SWITZERLAND			10,555,555
Taiwan - 0.2%
Young Fast Optoelectron Co. Ltd.	95,000		835,548
Thailand - 0.1%
C.P. Seven Eleven PCL	1,108,200		392,589
Total Access Communication PCL	221,900		157,549
TOTAL THAILAND			550,138
United Kingdom - 20.4%
Abcam PLC	331,300		3,243,942
Aberdeen Asset Management PLC	1,427,600		2,767,444
ACP Capital Ltd.	265,625		78,250
Advanced Fluid Connections PLC (a)	7,009,687		104
Antisoma PLC (a)	3,501,200		1,407,305
Appian Technology PLC warrants 7/11/09 (a)(f)	479,045		7
ASOS PLC (a)(d)	1,243,900		7,078,923
Asset Realisation Co. PLC (a)	375,000		38,353
Autonomy Corp. PLC (a)	343,500		7,203,630
Axis Shield PLC (a)	469,500		2,023,339
Blinkx PLC (a)	2,063,000		531,571
Bond International Software PLC	583,666		357,151
Cadogan Petroleum PLC	1,406,300		221,817
Cairn Energy PLC (a)	107,800		3,378,581
Camco International Ltd. (a)	1,183,202		342,561
Centurion Electronics PLC (a)(e)	748,299		11
Ceres Power Holdings PLC (a)	469,300		837,389
China Goldmines PLC (a)	669,353		246,962
Clerkenwell Ventures PLC	110,300		34,814
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Concateno PLC (a)	1,859,300		$ 2,600,330
Connaught PLC	475,900		2,501,842
Corac Group PLC (a)	3,717,704		1,742,776
Craneware PLC	865,000		2,830,939
CSR PLC (a)	657,100		2,528,910
CVS Group PLC (a)	151,800		306,066
Datacash Group PLC	1,271,280		4,684,378
European Nickel PLC (a)	5,837,800		663,652
Evolution Group PLC	1,716,500		3,026,020
Faroe Petroleum PLC (a)	262,500		291,271
GoIndustry-DoveBid PLC (a)	1,466,500		41,781
IBS Group Holding Ltd. GDR (Reg. S) (a)	311,000		1,503,823
Ideal Shopping Direct PLC	234,592		205,473
IG Group Holdings PLC	1,215,489		3,930,443
Inova Holding PLC (a)	1,443,461		21
Intec Telecom Systems PLC (a)	1,716,568		1,086,643
Jubilee Platinum PLC (a)	1,657,843		303,323
Keronite PLC (f)	13,620,267		100,708
Landround PLC warrants 12/11/09 (a)(f)	166,666		2
Marwyn Value Investors II Ltd. (a)	1,911,200		879,596
Max Petroleum PLC (a)	2,509,220		480,664
Michael Page International PLC	272,819		1,106,220
NCC Group Ltd.	250,715		1,201,286
Nviro Cleantech PLC (a)	2,175,000		212,290
Powerleague Group PLC	786,200		457,448
Pureprofile Media PLC (a)(f)	1,108,572		409,839
Pursuit Dynamics PLC (a)	761,639		804,840
Redhall Group PLC	345,700		897,026
Regenersis PLC (a)	815,000		673,990
Renewable Energy Generation Ltd.	1,646,700		1,209,165
Romag Holdings PLC	38,000		30,507
Royalblue Group PLC	280,142		4,547,049
Salamander Energy PLC (a)	735,300		1,836,653
SDL PLC (a)	1,150,062		5,545,957
Serco Group PLC	449,099		2,422,051
Silverdell PLC (a)	921,000		107,637
Sinclair Pharma PLC (a)	1,888,371		786,222
Sphere Medical Holding PLC (a)(f)	420,000		1,267,036
SR Pharma PLC (a)	3,017,900		1,406,132
Synergy Health PLC (d)	391,024		2,249,117
TMO Biotec (a)(f)	1,000,000		369,700
Tullow Oil PLC	141,200		1,666,225
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Ukrproduct Group Ltd.	502,300		$ 102,744
Unite Group PLC	379,010		543,906
Valiant Petroleum PLC (a)	160,000		1,127,136
Vectura Group PLC (a)	944,860		990,530
Wellstream Holdings PLC	232,300		1,765,109
William Hill PLC	1,369,600		4,396,104
Xchanging PLC	1,557,400		4,248,101
York Pharma PLC (a)	392,500		18,864
YouGov PLC (a)	1,742,654		1,218,513
Zenergy Power PLC (a)	711,280		1,440,535
ZincOx Resources PLC (a)	570,100		551,174
TOTAL UNITED KINGDOM			105,109,921
United States of America - 0.9%
CTC Media, Inc. (a)	443,100		3,473,904
Cyberview Technology, Inc. (a)	996,527		15
Frontera Resources Corp. (a)	1,157,200		401,541
ResMed, Inc. CHESS Depositary Interests (a)	112,084		440,080
TyraTech, Inc. (a)	191,500		79,741
XL TechGroup, Inc. (a)	1,329,250		20
TOTAL UNITED STATES OF AMERICA			4,395,301
TOTAL COMMON STOCKS (Cost $663,625,104)		482,233,381
Nonconvertible Preferred Stocks - 0.8%

Germany - 0.8%
Biotest AG (non-vtg.) (Cost $8,229,358)	103,100		4,194,426
Investment Companies - 0.2%

United Kingdom - 0.2%
Brookwell Ltd. (e) (Cost $3,810,797)	1,536,250		905,867
Money Market Funds - 12.3%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	24,151,596		$ 24,151,596
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	39,223,010		39,223,010
TOTAL MONEY MARKET FUNDS (Cost $63,374,606)		63,374,606
TOTAL INVESTMENT PORTFOLIO - 106.9% (Cost $739,039,865)			550,708,280
NET OTHER ASSETS - (6.9)%			(35,316,193)
NET ASSETS - 100%		$ 515,392,087

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
AirSea Lines	8/4/06	$ 1,199,182
Security	Acquisition Date	Acquisition Cost
AirSea Lines warrants 8/4/11	8/4/06	$ 2
Appian Technology PLC warrants 7/11/09	2/18/05	$ 3
Buried Hill Energy (Cyprus) PCL	8/18/06	$ 2,141,700
Kalahari Energy	9/1/06	$ 1,813,750
Keronite PLC	8/16/06	$ 1,548,992
Landround PLC warrants 12/11/09	12/12/06	$ 0
Pureprofile Media PLC	5/3/05 - 1/11/06	$ 1,173,341
Rock Well Petroleum, Inc.	4/13/06	$ 1,004,171
Sphere Medical Holding PLC	8/27/08	$ 1,310,083
TMO Biotec	10/27/05	$ 535,065
Vestas Wind Systems AS	4/29/09	$ 1,355,888

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	$ 151,234
Fidelity Securities Lending Cash Central Fund	454,584
Total	$ 605,818

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Brookwell Ltd.	$ 1,450,926	$ 166,500	$ -	$ 377,946	$ 905,867
Centurion Electronics PLC	12	-	-	-	11
CustomVis PLC	200,922	-	32,772	-	-
Cyberview Technology, Inc.	16	-	-	-	-
Teleunit SpA	457,711	-	52,094	-	-
Total	$ 2,109,587	$ 166,500	$ 84,866	$ 377,946	$ 905,878

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 550,708,280	$ 128,170,480	$ 414,404,525	$ 8,133,275

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 14,778,878
Total Realized Gain (Loss)	(995,834)
Total Unrealized Gain (Loss)	(3,572,523)
Cost of Purchases	-
Proceeds of Sales	(3,073,903)
Amortization/Accretion	-
Transfer in/out of Level 3	996,657
Ending Balance	$ 8,133,275

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $28,798,938 all of which will expire on October 31, 2016.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009
Assets
Investment in securities, at value (including securities loaned of $37,341,473) - See accompanying schedule: Unaffiliated issuers (cost $671,530,326)	$ 486,427,796
Fidelity Central Funds (cost $63,374,606)	63,374,606
Other affiliated issuers (cost $4,134,933)	905,878
Total Investments (cost $739,039,865)		$ 550,708,280
Foreign currency held at value (cost $246,127)		246,500
Receivable for investments sold		8,307,129
Receivable for fund shares sold		354,584
Dividends receivable		1,823,031
Distributions receivable from Fidelity Central Funds		94,710
Prepaid expenses		4,867
Other receivables		159,848
Total assets		561,698,949

Liabilities
Payable for investments purchased	$ 5,919,872
Payable for fund shares redeemed	546,479
Accrued management fee	358,570
Distribution fees payable	13,444
Other affiliated payables	149,549
Other payables and accrued expenses	95,938
Collateral on securities loaned, at value	39,223,010
Total liabilities		46,306,862

Net Assets		$ 515,392,087
Net Assets consist of:
Paid in capital		$ 832,335,869
Undistributed net investment income		2,289,104
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(130,858,477)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(188,374,409)
Net Assets		$ 515,392,087

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, 2009
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($13,531,230 ÷ 1,097,818 shares)		$ 12.33

Maximum offering price per share (100/94.25 of $12.33)		$ 13.08
Class T: Net Asset Value and redemption price per share ($11,859,376 ÷ 969,201 shares)		$ 12.24

Maximum offering price per share (100/96.50 of $12.24)		$ 12.68
Class B: Net Asset Value and offering price per share ($2,766,838 ÷ 230,402 shares)^A		$ 12.01

Class C: Net Asset Value and offering price per share ($4,789,057 ÷ 397,149 shares)^A		$ 12.06

International Small Cap: Net Asset Value, offering price and redemption price per share ($480,509,909 ÷ 38,586,580 shares)		$ 12.45

Institutional Class: Net Asset Value, offering price and redemption price per share ($1,935,677 ÷ 155,571 shares)		$ 12.44

^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, 2009
Investment Income
Dividends (including $377,946 earned from other affiliated issuers)		$ 5,684,547
Interest		4,807
Income from Fidelity Central Funds (including $454,584 from security lending)		605,818
		6,295,172
Less foreign taxes withheld		(225,724)
Total income		6,069,448

Expenses
Management fee Basic fee	$ 2,192,689
Performance adjustment	492,211
Transfer agent fees	758,233
Distribution fees	83,886
Accounting and security lending fees	133,702
Custodian fees and expenses	77,713
Independent trustees' compensation	2,020
Registration fees	43,024
Audit	74,775
Legal	1,675
Miscellaneous	5,903
Total expenses before reductions	3,865,831
Expense reductions	(85,487)	3,780,344
Net investment income (loss)		2,289,104
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(88,206,225)
Other affiliated issuers	(5,239,603)
Foreign currency transactions	412,728
Total net realized gain (loss)		(93,033,100)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $8,452)	105,556,973
Assets and liabilities in foreign currencies	(601,687)
Total change in net unrealized appreciation (depreciation)		104,955,286
Net gain (loss)		11,922,186
Net increase (decrease) in net assets resulting from operations		$ 14,211,290

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, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,289,104	$ 1,587,080
Net realized gain (loss)	(93,033,100)	8,577,813
Change in net unrealized appreciation (depreciation)	104,955,286	(799,488,059)
Net increase (decrease) in net assets resulting from operations	14,211,290	(789,323,166)
Distributions to shareholders from net investment income	-	(6,293,163)
Distributions to shareholders from net realized gain	-	(288,048,226)
Total distributions	-	(294,341,389)
Share transactions - net increase (decrease)	(73,298,089)	(123,772,022)
Redemption fees	28,527	146,272
Total increase (decrease) in net assets	(59,058,272)	(1,207,290,305)

Net Assets
Beginning of period	574,450,359	1,781,740,664
End of period (including undistributed net investment income of $2,289,104 and $0, respectively)	$ 515,392,087	$ 574,450,359

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,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 11.91	$ 31.14	$ 28.79	$ 26.69	$ 21.25	$ 17.69
Income from Investment Operations
Net investment income (loss) ^E	.04	-^I	.03	(.02)	.05	.02
Net realized and unrealized gain (loss)	.38	(14.03)	7.97	5.05	6.16	3.83
Total from investment operations	.42	(14.03)	8.00	5.03	6.21	3.85
Distributions from net investment income	-	(.03)	-	(.05)	(.02)	(.02)
Distributions from net realized gain	-	(5.18)	(5.65)	(2.89)	(.77)	(.31)
Total distributions	-	(5.20)^J	(5.65)	(2.94)	(.79)	(.33)
Redemption fees added to paid in capital ^E	-^I	-^I	-^I	.01	.02	.04
Net asset value, end of period	$ 12.33	$ 11.91	$ 31.14	$ 28.79	$ 26.69	$ 21.25
Total Return^B,C,D	3.53%	(53.35)%	33.43%	20.22%	30.16%	22.36%
Ratios to Average Net Assets^F,H
Expenses before reductions	1.74% ^A	1.82%	1.53%	1.64%	1.66%	1.71%
Expenses net of fee waivers, if any	1.65% ^A	1.65%	1.53%	1.64%	1.66%	1.71%
Expenses net of all reductions	1.63% ^A	1.60%	1.49%	1.58%	1.63%	1.69%
Net investment income (loss)	.78% ^A	-% ^K	.10%	(.08)%	.21%	.09%
Supplemental Data
Net assets, end of period (000 omitted)	$ 13,531	$ 13,561	$ 38,585	$ 36,701	$ 34,838	$ 13,278
Portfolio turnover rate ^G	78% ^A	113%	70%	84%	79%	77%
^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 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. ^I Amount represents less than $.01 per share. ^J Total distributions of $5.20 per share is comprised of distributions from net investment income of $.026 and distributions from net realized gain of $5.176 per share. ^K Amount represents less than .01%.

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,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 11.84	$ 30.96	$ 28.64	$ 26.57	$ 21.20	$ 17.68
Income from Investment Operations
Net investment income (loss) ^E	.03	(.05)	(.04)	(.09)	(.01)	(.03)
Net realized and unrealized gain (loss)	.37	(13.95)	7.93	5.03	6.12	3.83
Total from investment operations	.40	(14.00)	7.89	4.94	6.11	3.80
Distributions from net investment income	-	-	-	-	-	(.01)
Distributions from net realized gain	-	(5.12)	(5.57)	(2.88)	(.76)	(.31)
Total distributions	-	(5.12)^J	(5.57)	(2.88)	(.76)	(.32)
Redemption fees added to paid in capital ^E	-^I	-^I	-^I	.01	.02	.04
Net asset value, end of period	$ 12.24	$ 11.84	$ 30.96	$ 28.64	$ 26.57	$ 21.20
Total Return^B,C,D	3.38%	(53.46)%	33.07%	19.93%	29.72%	22.07%
Ratios to Average Net Assets^F,H
Expenses before reductions	1.99% ^A	2.07%	1.77%	1.89%	1.92%	1.94%
Expenses net of fee waivers, if any	1.90% ^A	1.90%	1.77%	1.89%	1.91%	1.94%
Expenses net of all reductions	1.87% ^A	1.86%	1.73%	1.83%	1.88%	1.92%
Net investment income (loss)	.53% ^A	(.25)%	(.14)%	(.32)%	(.04)%	(.14)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 11,859	$ 13,493	$ 40,823	$ 41,982	$ 41,647	$ 15,131
Portfolio turnover rate ^G	78% ^A	113%	70%	84%	79%	77%
^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 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. ^I Amount represents less than $.01 per share. ^J Total distributions of $5.12 per share is comprised of distributions from net realized gain of $5.123 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,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 11.65	$ 30.49	$ 28.26	$ 26.24	$ 20.99	$ 17.62
Income from Investment Operations
Net investment income (loss) ^E	-^I	(.16)	(.18)	(.24)	(.14)	(.16)
Net realized and unrealized gain (loss)	.36	(13.73)	7.82	4.98	6.08	3.80
Total from investment operations	.36	(13.89)	7.64	4.74	5.94	3.64
Distributions from net realized gain	-	(4.95)^J	(5.41)	(2.73)	(.71)	(.31)
Redemption fees added to paid in capital ^E	-^I	-^I	-^I	.01	.02	.04
Net asset value, end of period	$ 12.01	$ 11.65	$ 30.49	$ 28.26	$ 26.24	$ 20.99
Total Return^B,C,D	3.09%	(53.68)%	32.38%	19.28%	29.13%	21.21%
Ratios to Average Net Assets^F,H
Expenses before reductions	2.49% ^A	2.58%	2.30%	2.48%	2.49%	2.63%
Expenses net of fee waivers, if any	2.40% ^A	2.40%	2.30%	2.40%	2.43%	2.63%
Expenses net of all reductions	2.37% ^A	2.36%	2.26%	2.34%	2.40%	2.60%
Net investment income (loss)	.03% ^A	(.75)%	(.66)%	(.84)%	(.56)%	(.83)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,767	$ 3,230	$ 10,704	$ 11,354	$ 12,783	$ 5,061
Portfolio turnover rate ^G	78% ^A	113%	70%	84%	79%	77%
^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 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. ^I Amount represents less than $.01 per share. ^J Total distributions of $4.95 per share is comprised of distributions from net realized gain of $4.949 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,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 11.70	$ 30.62	$ 28.33	$ 26.31	$ 21.04	$ 17.64
Income from Investment Operations
Net investment income (loss) ^E	-^I	(.16)	(.17)	(.23)	(.13)	(.12)
Net realized and unrealized gain (loss)	.36	(13.78)	7.85	4.99	6.10	3.80
Total from investment operations	.36	(13.94)	7.68	4.76	5.97	3.68
Distributions from net investment income	-	-	-	-	-	(.01)
Distributions from net realized gain	-	(4.98)	(5.39)	(2.75)	(.72)	(.31)
Total distributions	-	(4.98)^J	(5.39)	(2.75)	(.72)	(.32)
Redemption fees added to paid in capital ^E	-^I	-^I	-^I	.01	.02	.04
Net asset value, end of period	$ 12.06	$ 11.70	$ 30.62	$ 28.33	$ 26.31	$ 21.04
Total Return^B,C,D	3.08%	(53.67)%	32.39%	19.34%	29.22%	21.43%
Ratios to Average Net Assets^F,H
Expenses before reductions	2.49% ^A	2.57%	2.26%	2.38%	2.41%	2.43%
Expenses net of fee waivers, if any	2.40% ^A	2.40%	2.26%	2.38%	2.41%	2.43%
Expenses net of all reductions	2.37% ^A	2.36%	2.22%	2.32%	2.38%	2.40%
Net investment income (loss)	.03% ^A	(.76)%	(.62)%	(.81)%	(.54)%	(.62)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,789	$ 5,658	$ 20,094	$ 21,335	$ 25,202	$ 8,664
Portfolio turnover rate ^G	78% ^A	113%	70%	84%	79%	77%
^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 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. ^I Amount represents less than $.01 per share. ^J Total distributions of $4.98 per share is comprised of distributions from net realized gain of $4.975 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,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 12.03	$ 31.44	$ 29.03	$ 26.89	$ 21.36	$ 17.71
Income from Investment Operations
Net investment income (loss)^D	.05	.03	.12	.08	.15	.10
Net realized and unrealized gain (loss)	.37	(14.14)	8.03	5.08	6.19	3.84
Total from investment operations	.42	(14.11)	8.15	5.16	6.34	3.94
Distributions from net investment income	-	(.12)	(.07)	(.14)	(.06)	(.02)
Distributions from net realized gain	-	(5.18)	(5.67)	(2.89)	(.77)	(.31)
Total distributions	-	(5.30)^I	(5.74)	(3.03)	(.83)	(.33)
Redemption fees added to paid in capital ^D	-^H	- ^H	-^H	.01	.02	.04
Net asset value, end of period	$ 12.45	$ 12.03	$ 31.44	$ 29.03	$ 26.89	$ 21.36
Total Return^B,C	3.49%	(53.25)%	33.82%	20.65%	30.67%	22.84%
Ratios to Average Net Assets^E,G
Expenses before reductions	1.50% ^A	1.49%	1.19%	1.28%	1.28%	1.30%
Expenses net of fee waivers, if any	1.50% ^A	1.49%	1.19%	1.28%	1.28%	1.30%
Expenses net of all reductions	1.47% ^A	1.44%	1.15%	1.22%	1.25%	1.28%
Net investment income (loss)	.93% ^A	.16%	.45%	.29%	.59%	.50%
Supplemental Data
Net assets, end of period (000 omitted)	$ 480,510	$ 536,291	$ 1,663,761	$ 1,816,059	$ 2,090,458	$ 1,091,335
Portfolio turnover rate ^F	78% ^A	113%	70%	84%	79%	77%
^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. ^I Total distributions of $5.30 per share is comprised of distributions from net investment income of $.120 and distributions from net realized gain of $5.176 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,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 12.01	$ 31.38	$ 28.99	$ 26.86	$ 21.36	$ 17.72
Income from Investment Operations
Net investment income (loss) ^D	.06	.05	.12	.08	.14	.10
Net realized and unrealized gain (loss)	.37	(14.12)	8.01	5.07	6.18	3.84
Total from investment operations	.43	(14.07)	8.13	5.15	6.32	3.94
Distributions from net investment income	-	(.12)	(.07)	(.14)	(.07)	(.03)
Distributions from net realized gain	-	(5.18)	(5.67)	(2.89)	(.77)	(.31)
Total distributions	-	(5.30)^I	(5.74)	(3.03)	(.84)	(.34)
Redemption fees added to paid in capital ^D	-^H	-^H	-^H	.01	.02	.04
Net asset value, end of period	$ 12.44	$ 12.01	$ 31.38	$ 28.99	$ 26.86	$ 21.36
Total Return^B,C	3.58%	(53.22)%	33.84%	20.65%	30.59%	22.84%
Ratios to Average Net Assets^E,G
Expenses before reductions	1.50% ^A	1.49%	1.18%	1.29%	1.30%	1.32%
Expenses net of fee waivers, if any	1.40% ^A	1.40%	1.18%	1.29%	1.30%	1.32%
Expenses net of all reductions	1.37% ^A	1.35%	1.14%	1.23%	1.27%	1.29%
Net investment income (loss)	1.03% ^A	.25%	.45%	.28%	.57%	.49%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,936	$ 2,217	$ 7,774	$ 9,050	$ 7,432	$ 2,568
Portfolio turnover rate ^F	78% ^A	113%	70%	84%	79%	77%
^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. ^I Total distributions of $5.30 per share is comprised of distributions from net investment income of $.120 and distributions from net realized gain of $5.176 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, 2009

1. Organization.

2. Investments in Fidelity Central Funds.

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.

Semiannual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments ,as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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. The Fund may be subject to a tax imposed on net realized gains on securities of certain foreign countries. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of on the valuation date.

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

Unrealized appreciation	$ 42,680,931
Unrealized depreciation	(237,213,606)
Net unrealized appreciation (depreciation)	$ (194,532,675)
Cost for federal income tax purposes	$ 745,240,955

Semiannual Report

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $185,439,088 and $241,794,206, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the 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 1.06% of the Fund's average net assets.

Semiannual Report

Notes to Financial Statements - continued

6. Fees and Other Transactions with Affiliates - continued

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 15,709	$ 408
Class T	.25%	.25%	29,634	-
Class B	.75%	.25%	14,187	10,693
Class C	.75%	.25%	24,356	771
			$ 83,886	$ 11,872

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

	Retained by FDC
Class A	$ 1,234
Class T	738
Class B*	2,682
Class C*	17
	$ 4,671

* 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 - continued

reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 18,466	.29
Class T	17,539	.30
Class B	4,149	.29
Class C	7,001	.29
International Small Cap	708,206	.30
Institutional Class	2,872	.30
	$ 758,233

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $1,642 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.

Semiannual Report

Notes to Financial Statements - continued

8. Security Lending - continued

9. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.65%	$ 5,543
Class T	1.90%	5,568
Class B	2.40%	1,300
Class C	2.40%	2,105
Institutional Class	1.40%	949
		$ 15,465

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 $69,839 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 $183.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Class A	$ -	$ 31,995
International Small Cap	-	6,232,230
Institutional Class	-	28,938
Total	$ -	$ 6,293,163

Semiannual Report

10. Distributions to Shareholders - continued

	Six months ended April 30, 2009	Year ended October 31, 2008
From net realized gain
Class A	$ -	$ 6,369,531
Class T	-	6,691,175
Class B	-	1,698,463
Class C	-	3,224,346
International Small Cap	-	268,816,510
Institutional Class	-	1,248,201
Total	$ -	$ 288,048,226

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
Class A
Shares sold	160,889	287,898	$ 1,858,245	$ 6,010,378
Reinvestment of distributions	-	249,978	-	5,921,976
Shares redeemed	(201,422)	(638,746)	(2,275,377)	(12,839,012)
Net increase (decrease)	(40,533)	(100,870)	$ (417,132)	$ (906,658)
Class T
Shares sold	68,135	197,388	$ 764,091	$ 4,233,911
Reinvestment of distributions	-	266,848	-	6,297,616
Shares redeemed	(238,372)	(643,248)	(2,680,678)	(12,848,518)
Net increase (decrease)	(170,237)	(179,012)	$ (1,916,587)	$ (2,316,991)
Class B
Shares sold	5,357	14,574	$ 59,404	$ 298,092
Reinvestment of distributions	-	66,447	-	1,549,547
Shares redeemed	(52,235)	(154,774)	(572,772)	(3,077,783)
Net increase (decrease)	(46,878)	(73,753)	$ (513,368)	$ (1,230,144)
Class C
Shares sold	10,204	42,453	$ 112,595	$ 916,236
Reinvestment of distributions	-	110,479	-	2,587,416
Shares redeemed	(96,682)	(325,478)	(1,072,946)	(6,282,310)
Net increase (decrease)	(86,478)	(172,546)	$ (960,351)	$ (2,778,658)
International Small Cap
Shares sold	2,209,258	6,448,356	$ 25,274,340	$ 136,000,750
Reinvestment of distributions	-	10,462,725	-	249,849,882
Shares redeemed	(8,213,810)	(25,231,805)	(94,422,573)	(501,268,909)
Net increase (decrease)	(6,004,552)	(8,320,724)	$ (69,148,233)	$ (115,418,277)

Semiannual Report

Notes to Financial Statements - continued

11. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
Institutional Class
Shares sold	18,118	50,432	$ 198,913	$ 1,127,368
Reinvestment of distributions	-	31,471	-	749,964
Shares redeemed	(47,103)	(145,066)	(541,331)	(2,998,626)
Net increase (decrease)	(28,985)	(63,163)	$ (342,418)	$ (1,121,294)

12. Other.

Semiannual Report

Report of Independent Registered Public Accounting Firm

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

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

June 15, 2009

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

FIL Investment Advisors

Fidelity Investments Japan Limited

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

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 Bank of New York Mellon

New York, NY

AISC-USAN-0609
1.800643.105

fid1007

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Small Cap
Fund - Institutional Class

Semiannual Report

April 30, 2009

Institutional Class is a class of
Fidelity® International Small Cap Fund

(2_fidelity_logos) (Registered_Trademark)

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 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 http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.65%
Actual		$ 1,000.00	$ 1,035.30	$ 8.33
Hypothetical ^A		$ 1,000.00	$ 1,016.61	$ 8.25
Class T	1.90%
Actual		$ 1,000.00	$ 1,033.80	$ 9.58
Hypothetical ^A		$ 1,000.00	$ 1,015.37	$ 9.49
Class B	2.40%
Actual		$ 1,000.00	$ 1,030.90	$ 12.09
Hypothetical ^A		$ 1,000.00	$ 1,012.89	$ 11.98
Class C	2.40%
Actual		$ 1,000.00	$ 1,030.80	$ 12.08
Hypothetical ^A		$ 1,000.00	$ 1,012.89	$ 11.98
International Small Cap	1.50%
Actual		$ 1,000.00	$ 1,034.90	$ 7.57
Hypothetical ^A		$ 1,000.00	$ 1,017.36	$ 7.50
Institutional Class	1.40%
Actual		$ 1,000.00	$ 1,035.80	$ 7.07
Hypothetical ^A		$ 1,000.00	$ 1,017.85	$ 7.00

^A 5% return per year before expenses

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

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan 25.9%
	United Kingdom 20.6%
	France 8.2%
	Australia 7.9%
	Germany 6.6%
	United States of America 6.3%
	Netherlands 2.5%
	Hong Kong 2.5%
	Switzerland 2.0%
	Other 17.5%

fid1516

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

As of October 31, 2008
	Japan 32.3%
	United Kingdom 19.7%
	United States of America 8.3%
	Australia 7.6%
	Germany 6.5%
	France 5.3%
	Switzerland 2.6%
	Sweden 1.7%
	Spain 1.7%
	Other 14.3%

fid1528

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	94.6	92.5
Short-Term Investments and Net Other Assets	5.4	7.5
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Autonomy Corp. PLC (United Kingdom, Software)	1.4	0.9
ASOS PLC (United Kingdom, Internet & Catalog Retail)	1.4	1.3
Playtech Ltd. (British Virgin Islands, Software)	1.1	0.6
SDL PLC (United Kingdom, Software)	1.1	0.8
Meetic (France, Internet Software & Services)	1.0	0.6
SeLoger.com (France, Media)	1.0	0.5
Red Back Mining, Inc. (Canada, Metals & Mining)	1.0	0.5
Vestas Wind Systems AS (Denmark, Electrical Equipment)	1.0	0.6
Datacash Group PLC (United Kingdom, IT Services)	0.9	1.0
QIAGEN NV (Netherlands, Life Sciences Tools & Services)	0.9	0.7
	10.8
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	17.3	14.8
Information Technology	16.3	12.8
Industrials	15.5	14.8
Health Care	14.1	19.4
Financials	12.5	9.1
Materials	8.1	6.4
Energy	6.0	6.0
Consumer Staples	2.6	5.1
Telecommunication Services	1.2	1.3
Utilities	0.8	2.6

Semiannual Report

Investments April 30, 2009

Showing Percentage of Net Assets

Common Stocks - 93.6%
	Shares		Value
Australia - 7.9%
AGL Energy Ltd.	41,046		$ 451,250
Allied Gold Ltd. (a)	2,618,907		609,346
Allied Gold Ltd. (United Kingdom) (a)	5,582,300		1,312,960
Ansell Ltd.	95,235		580,276
Australian Worldwide Exploration Ltd.	517,887		918,796
Centamin Egypt Ltd. (a)	5,409,550		4,368,451
Centennial Coal Co. Ltd.	307,449		406,854
Coal of Africa Ltd. (a)	2,537,804		2,521,407
CopperCo Ltd. (a)	3,342,244		24
David Jones Ltd.	1,228,763		2,707,104
Dominos Pizza Enterprises Ltd.	186,023		416,593
Energy Resources of Australia Ltd.	58,759		892,925
Healthscope Ltd.	210,069		591,108
Invocare Ltd.	317,832		1,180,899
Iress Market Technology Ltd. (d)	319,947		1,388,822
JB Hi-Fi Ltd. (d)	346,322		3,434,698
Metcash Ltd.	252,225		762,914
Monto Minerals Ltd. (a)	8,206,552		121
Monto Minerals Ltd. warrants 5/25/09 (a)	1,485,934		22
Navitas Ltd.	1,322,105		2,201,383
Newcrest Mining Ltd.	22,056		480,145
Nufarm Ltd.	125,830		1,210,426
OZ Minerals Ltd.	882,090		481,026
Paladin Energy Ltd. (a)(d)	669,503		2,244,128
Primary Health Care Ltd.	296,216		939,051
QBE Insurance Group Ltd.	172,295		2,729,757
Ramsay Health Care Ltd.	155,226		1,044,000
SAI Global Ltd.	742,517		1,376,704
Seek Ltd. (d)	518,972		1,241,464
Sigma Pharmaceuticals Ltd.	783,310		637,890
Sonic Healthcare Ltd.	40,015		339,247
Tianshan Goldfields Ltd. (a)	944,712		49,457
United Group Ltd.	280,367		1,957,007
Westfield Group unit	54,397		424,394
WorleyParsons Ltd.	30,013		398,696
Wotif.com Holdings Ltd.	82,808		239,635
TOTAL AUSTRALIA			40,538,980
Austria - 0.6%
Andritz AG	95,800		3,255,801
Common Stocks - continued
	Shares		Value
Belgium - 0.3%
EVS Broadcast Equipment SA	7,700		$ 352,900
Hansen Transmission International NV (a)	500,100		1,088,658
TOTAL BELGIUM			1,441,558
Bermuda - 1.8%
Aquarius Platinum Ltd. (a)	40,716		150,983
Aquarius Platinum Ltd. (Australia)	366,449		1,358,870
C C Land Holdings Ltd.	861,000		284,631
Oakley Capital Investments Ltd. (a)	1,293,800		1,209,800
Pacific Basin Shipping Ltd.	1,389,000		686,817
Peace Mark Holdings Ltd. (a)	788,000		1
PureCircle Ltd. (a)	616,000		2,242,062
Seadrill Ltd.	124,800		1,331,759
Vtech Holdings Ltd.	414,000		2,070,640
Zambezi Resources Ltd.:
CDI (a)	2,184,593		31,768
warrants 8/31/09 (a)	108,686		1
TOTAL BERMUDA			9,367,332
British Virgin Islands - 1.5%
Albidon Ltd. unit (a)	1,469,000		40,840
Kalahari Energy (a)(f)	1,451,000		1,813,750
Playtech Ltd. (d)	860,400		5,790,814
TOTAL BRITISH VIRGIN ISLANDS			7,645,404
Canada - 1.8%
AirSea Lines (f)	1,893,338		50,088
AirSea Lines warrants 8/4/11 (a)(f)	1,862,300		25
European Goldfields Ltd. (a)	903,300		1,915,231
Pacific Rubiales Energy Corp. (a)	285,800		1,401,157
Red Back Mining, Inc. (a)	742,600		5,140,479
Rock Well Petroleum, Inc. (a)(f)	770,400		6
Starfield Resources, Inc. (a)	4,328,075		652,884
TOTAL CANADA			9,159,870
Cayman Islands - 1.6%
International Consolidated Minerals, Inc. (a)	852,927		143,310
Kingboard Chemical Holdings Ltd.	22,500		54,543
Kingboard Laminates Holdings Ltd.	938,000		371,360
New World China Land Ltd.	5,384,000		2,095,465
Orchid Developments Group Ltd. (a)	1,211,000		778,508
Pacific Textile Holdings Ltd.	2,904,000		302,741
Shimao Property Holdings Ltd.	3,020,000		3,353,949
Common Stocks - continued
	Shares		Value
Cayman Islands - continued
Stella International Holdings Ltd.	134,000		$ 177,554
Xinyi Glass Holdings Co. Ltd.	1,280,000		794,727
Yip's Chemical Holdings Ltd.	734,000		262,139
TOTAL CAYMAN ISLANDS			8,334,296
China - 0.8%
Changyou.com Ltd. (A Shares) ADR	14,361		441,601
Golden Eagle Retail Group Ltd. (H Shares)	212,000		171,129
Guangzhou R&F Properties Co. Ltd. (H Shares)	1,104,800		1,776,468
Shandong Chenming Paper Holdings Ltd. (B Shares)	1,620,900		798,942
Weiqiao Textile Co. Ltd. (H Shares)	2,005,000		795,817
TOTAL CHINA			3,983,957
Cyprus - 0.9%
Buried Hill Energy (Cyprus) PCL (a)(f)	1,947,000		4,030,290
Mirland Development Corp. PLC (a)	800,700		585,139
TOTAL CYPRUS			4,615,429
Denmark - 1.4%
Genmab AS (a)	20,200		778,485
Vestas Wind Systems AS (a)	78,000		5,062,827
Vestas Wind Systems AS (a)(f)	23,600		1,557,209
TOTAL DENMARK			7,398,521
Egypt - 0.4%
Talaat Moustafa Group Holding (a)	2,194,760		1,858,183
Finland - 0.6%
Nokian Tyres PLC	208,140		3,286,085
France - 8.2%
Adenclassifieds SA (a)	95,800		1,778,768
Altamir Amboise	290,700		1,021,956
April Group (d)	78,700		2,342,068
Audika SA	73,200		1,766,347
Boursorama (a)	154,400		1,270,587
Delachaux SA (d)	52,200		2,899,824
Devoteam SA	41,900		703,770
Faiveley SA	24,000		1,751,686
Iliad Group SA (d)	43,500		4,567,715
Ingenico SA	134,500		2,461,834
Laurent-Perrier Group	8,460		496,144
LeGuide.com SA (a)	90,400		1,741,717
Maisons France Confort	44,800		1,180,673
Common Stocks - continued
	Shares		Value
France - continued
Meetic (a)(d)	234,800		$ 5,234,378
Nexity	103,900		3,350,610
Sartorius Stedim Biotech	58,500		1,700,468
SeLoger.com (a)(d)	206,100		5,221,286
SR Teleperformance SA	102,100		2,941,796
TOTAL FRANCE			42,431,627
Germany - 5.8%
CTS Eventim AG (d)	100,400		2,886,630
Delticom AG	49,700		3,065,724
ElringKlinger AG	199,900		2,865,854
Fresenius Medical Care AG & Co. KGaA (d)	107,810		4,191,609
Gerresheimer AG	85,400		2,036,833
KROMI Logistik AG (a)	118,200		756,917
Open Business Club AG (a)	42,000		1,646,116
Q-Cells SE (a)(d)	68,300		1,448,685
Rational AG (d)	25,700		2,588,530
SMA Solar Technology AG	33,000		2,045,511
STRATEC Biomedical Systems AG	38,810		765,870
United Internet AG	322,600		3,347,492
Wirecard AG	277,950		2,288,453
TOTAL GERMANY			29,934,224
Greece - 0.5%
Babis Vovos International Technical SA (a)	159,500		1,030,416
Jumbo SA	158,600		1,353,530
TOTAL GREECE			2,383,946
Hong Kong - 2.5%
Cafe de Coral Holdings Ltd.	1,016,000		1,886,268
Champion (REIT)	1,815,000		417,144
China Everbright Ltd.	386,000		746,971
Dynasty Fine Wines Group Ltd.	1,520,000		263,432
Fairwood Holdings Ltd.	560,500		444,799
First Pacific Co. Ltd.	1,686,000		769,792
Midland Holdings Ltd.	4,868,000		1,995,067
Prosperity (REIT)	1,329,000		148,360
Sa Sa International Holdings Ltd.	1,200,000		417,302
Shun Tak Holdings Ltd.	8,356,000		3,687,378
Techtronic Industries Co. Ltd.	2,066,500		1,222,123
Common Stocks - continued
	Shares		Value
Hong Kong - continued
Texwinca Holdings Ltd.	1,022,000		$ 621,990
Transport International Holdings Ltd.	89,600		242,480
TOTAL HONG KONG			12,863,106
India - 0.0%
Petronet LNG Ltd.	118,974		124,455
Ireland - 0.7%
Dragon Oil PLC (a)	743,500		2,824,712
Kenmare Resources PLC warrants 7/23/09 (a)	1,712,500		91,325
Petroceltic International PLC (a)	4,436,800		580,808
Vimio PLC (a)	867,300		13
TOTAL IRELAND			3,496,858
Italy - 0.2%
Seldovia Native Association, Inc. (SNAI) (a)	328,490		1,205,804
Japan - 25.9%
Aioi Insurance Co. Ltd.	324,000		1,422,532
Air Water, Inc.	280,000		2,314,572
Airport Facilities Co. Ltd.	168,800		863,465
ARCS Co. Ltd.	139,900		1,725,393
Arnest One Corp. (d)	364,300		606,044
Asahi Intecc Co. Ltd.	131,900		1,131,773
Benesse Corp.	23,000		880,421
C. Uyemura & Co. Ltd.	34,100		684,660
Central Glass Co. Ltd.	508,000		1,928,910
Chiba Bank Ltd.	377,000		1,870,199
Chiyoda Corp.	122,000		734,024
Create SD Holdings Co. Ltd.	48,200		783,874
Culture Convenience Club Co. Ltd. (d)	163,700		1,026,008
Daicel Chemical Industries Ltd.	178,000		748,098
Daido Steel Co. Ltd.	76,000		253,234
Daihen Corp. (d)	443,000		1,455,355
Daikin Industries Ltd.	55,400		1,490,793
Daiseki Co. Ltd. (d)	107,730		2,064,918
Don Quijote Co. Ltd.	101,600		1,544,121
eAccess Ltd.	2,366		1,549,839
EPS Co. Ltd.	594		2,146,826
Exedy Corp.	126,500		2,353,678
Ferrotec Corp. (d)	33,100		343,269
FreeBit Co., Ltd. (d)	170		895,356
Fuji Oil Co. Ltd.	139,500		1,383,648
Hamamatsu Photonics KK	27,400		552,706
Common Stocks - continued
	Shares		Value
Japan - continued
Hitachi Metals Ltd.	89,000		$ 702,034
Hitachi Transport System Ltd.	101,100		1,037,097
Hoshizaki Electric Co. Ltd.	45,100		422,687
Ibiden Co. Ltd.	60,600		1,772,550
Ichirokudo Co. Ltd. (a)	79		24,340
Inpex Corp.	186		1,183,941
Isetan Mitsukoshi Holdings Ltd.	97,600		820,659
Itochu Corp.	354,000		1,898,645
JTEKT Corp.	166,100		1,602,454
Jupiter Telecommunications Co.	4,222		2,971,627
kabu.com Securities Co. Ltd. (d)	1,900		1,968,668
Kakaku.com, Inc. (d)	677		2,317,661
Kandenko Co. Ltd.	139,000		886,455
Kinki Sharyo Co. Ltd. (d)	244,000		1,406,034
KOMERI Co. Ltd. (d)	71,000		1,496,091
Kuraray Co. Ltd.	179,000		1,540,538
Kyorin Co. Ltd.	54,000		625,369
Mazda Motor Corp.	258,000		642,640
McDonald's Holdings Co. (Japan) Ltd.	108,100		1,862,823
Meiko Electronics Co. Ltd. (d)	107,500		1,398,849
Miraca Holdings, Inc.	45,700		932,976
Mitsubishi Materials Corp.	217,000		628,296
Mitsubishi UFJ Lease & Finance Co. Ltd.	76,530		1,770,612
Mitsui Chemicals, Inc.	306,000		914,103
Mobilephone Telecommunications International Ltd.	265		547,686
Nabtesco Corp.	139,000		1,130,107
Nagaileben Co. Ltd.	7,400		131,556
NGK Insulators Ltd.	71,000		1,089,151
Nichi-iko Pharmaceutical Co. Ltd.	48,900		1,320,633
Nichicon Corp.	134,200		1,288,105
Nihon M&A Center, Inc. (d)	384		945,590
Nihon Nohyaku Co. Ltd. (d)	347,000		2,470,548
Nikon Corp.	32,000		424,211
Nippon Electric Glass Co. Ltd.	202,000		1,644,181
NOF Corp.	236,000		876,026
Nomura Real Estate Residential Fund, Inc.	231		896,564
NTT Urban Development Co.	1,948		1,579,602
Oenon Holdings, Inc.	346,000		666,708
Omron Corp.	65,600		980,715
Park24 Co. Ltd.	47,800		369,002
Pigeon Corp. (d)	41,900		1,048,841
Point, Inc.	60,140		2,680,614
Common Stocks - continued
	Shares		Value
Japan - continued
Rengo Co. Ltd. (d)	266,000		$ 1,329,041
Roland DG Corp.	43,600		588,471
Saizeriya Co. Ltd. (d)	173,300		1,968,049
Sankyu, Inc.	407,000		1,195,584
Santen Pharmaceutical Co. Ltd.	77,700		2,194,991
Sato Corp.	101,500		904,069
Sec Carbon Ltd.	126,000		457,004
Sega Sammy Holdings, Inc.	190,000		1,720,365
Sekisui Chemical Co. Ltd.	124,000		651,224
Seven Bank Ltd.	877		2,071,640
Shimadzu Corp.	101,000		617,538
Shin Nippon Biomedical Laboratories Ltd. (d)	144,400		479,376
Shin-Kobe Electric Machinery Co. Ltd. (d)	263,000		2,079,163
Shizuoka Bank Ltd.	211,000		1,901,520
SHO-BOND Holdings Co. Ltd.	114,000		2,050,168
So-net M3, Inc. (d)	481		1,565,376
Sony Financial Holdings, Inc.	880		2,769,381
SRI Sports Ltd.	722		519,084
Stanley Electric Co. Ltd.	150,700		2,140,600
Start Today Co. Ltd.	1,225		1,081,249
Sumitomo Rubber Industries Ltd.	262,500		1,809,764
Sumitomo Trust & Banking Co. Ltd.	320,000		1,339,435
Sysmex Corp.	53,400		1,609,259
Taiko Pharmaceutical Co. Ltd.	5,800		235,515
Takeei Corp.	87,100		933,749
The Suruga Bank Ltd.	157,000		1,346,428
Tocalo Co. Ltd.	61,800		652,224
Tohoku Electric Power Co., Inc.	50,300		1,049,385
Tokai Carbon Co. Ltd.	97,000		435,109
Tokyo Gas Co. Ltd.	235,000		891,158
Tokyo Ohka Kogyo Co. Ltd.	47,100		797,073
Toyo Suisan Kaisha Ltd.	55,000		1,075,585
Tsumura & Co.	53,400		1,462,776
Unicharm Petcare Corp.	32,900		877,965
USJ Co. Ltd.	1,937		970,606
Weathernews, Inc.	24,900		336,566
Works Applications Co. Ltd.	2,665		1,227,469
Yamatake Corp.	115,400		1,934,580
Yamato Kogyo Co. Ltd.	10,600		240,829
Yokogawa Bridge Holdings Corp.	257,000		2,223,830
TOTAL JAPAN			133,403,903
Common Stocks - continued
	Shares		Value
Luxembourg - 0.2%
GlobeOp Financial Services SA	693,085		$ 999,280
Malaysia - 0.0%
Top Glove Corp. Bhd	150,600		234,784
Netherlands - 2.5%
Brunel International NV	85,500		1,374,802
Gemalto NV (a)	72,000		2,266,487
James Hardie Industries NV unit	1,227,287		4,104,858
QIAGEN NV (a)	282,300		4,615,332
SMARTRAC NV (a)(d)	49,800		595,505
TOTAL NETHERLANDS			12,956,984
New Zealand - 0.2%
Fisher & Paykel Healthcare Corp.	429,688		739,208
The Warehouse Group Ltd.	82,826		168,268
TOTAL NEW ZEALAND			907,476
Norway - 0.3%
IMAREX NOS ASA (a)	158,500		1,049,816
Norwegian Property ASA	400,590		478,278
TOTAL NORWAY			1,528,094
Papua New Guinea - 0.4%
Lihir Gold Ltd. (a)	750,837		1,637,801
Oil Search Ltd.	97,412		363,349
TOTAL PAPUA NEW GUINEA			2,001,150
Philippines - 0.1%
PNOC Energy Development Corp.	4,340,000		324,823
Singapore - 1.0%
CapitaLand Ltd.	492,000		917,204
City Developments Ltd.	224,000		980,426
Pan-United Corp. Ltd.	555,000		176,190
Raffles Medical Group Ltd.	1,833,000		1,126,667
Wing Tai Holdings Ltd.	3,275,000		1,946,640
TOTAL SINGAPORE			5,147,127
Spain - 0.7%
EDP Renovaveis SA	28,600		233,133
Laboratorios Almirall SA	149,200		1,346,181
Laboratorios Farmaceuticos ROVI SA	285,700		2,043,577
TOTAL SPAIN			3,622,891
Common Stocks - continued
	Shares		Value
Sweden - 1.2%
Countermine Technologies AB warrants 3/1/10 (a)	1,085,197		$ 41,222
Elekta AB (B Shares) (d)	266,400		3,072,855
Intrum Justitia AB (d)	220,200		1,913,318
Q-Med AB	188,600		1,056,654
XCounter AB (a)	1,108,000		250,921
TOTAL SWEDEN			6,334,970
Switzerland - 2.0%
Actelion Ltd. (Reg.) (a)	82,840		3,773,171
Basilea Pharmaceutica AG (a)	9,770		681,609
Logitech International SA (Reg.) (a)	157,836		2,108,801
Lonza Group AG	24,364		2,234,521
VZ Holding AG	44,950		1,757,453
TOTAL SWITZERLAND			10,555,555
Taiwan - 0.2%
Young Fast Optoelectron Co. Ltd.	95,000		835,548
Thailand - 0.1%
C.P. Seven Eleven PCL	1,108,200		392,589
Total Access Communication PCL	221,900		157,549
TOTAL THAILAND			550,138
United Kingdom - 20.4%
Abcam PLC	331,300		3,243,942
Aberdeen Asset Management PLC	1,427,600		2,767,444
ACP Capital Ltd.	265,625		78,250
Advanced Fluid Connections PLC (a)	7,009,687		104
Antisoma PLC (a)	3,501,200		1,407,305
Appian Technology PLC warrants 7/11/09 (a)(f)	479,045		7
ASOS PLC (a)(d)	1,243,900		7,078,923
Asset Realisation Co. PLC (a)	375,000		38,353
Autonomy Corp. PLC (a)	343,500		7,203,630
Axis Shield PLC (a)	469,500		2,023,339
Blinkx PLC (a)	2,063,000		531,571
Bond International Software PLC	583,666		357,151
Cadogan Petroleum PLC	1,406,300		221,817
Cairn Energy PLC (a)	107,800		3,378,581
Camco International Ltd. (a)	1,183,202		342,561
Centurion Electronics PLC (a)(e)	748,299		11
Ceres Power Holdings PLC (a)	469,300		837,389
China Goldmines PLC (a)	669,353		246,962
Clerkenwell Ventures PLC	110,300		34,814
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Concateno PLC (a)	1,859,300		$ 2,600,330
Connaught PLC	475,900		2,501,842
Corac Group PLC (a)	3,717,704		1,742,776
Craneware PLC	865,000		2,830,939
CSR PLC (a)	657,100		2,528,910
CVS Group PLC (a)	151,800		306,066
Datacash Group PLC	1,271,280		4,684,378
European Nickel PLC (a)	5,837,800		663,652
Evolution Group PLC	1,716,500		3,026,020
Faroe Petroleum PLC (a)	262,500		291,271
GoIndustry-DoveBid PLC (a)	1,466,500		41,781
IBS Group Holding Ltd. GDR (Reg. S) (a)	311,000		1,503,823
Ideal Shopping Direct PLC	234,592		205,473
IG Group Holdings PLC	1,215,489		3,930,443
Inova Holding PLC (a)	1,443,461		21
Intec Telecom Systems PLC (a)	1,716,568		1,086,643
Jubilee Platinum PLC (a)	1,657,843		303,323
Keronite PLC (f)	13,620,267		100,708
Landround PLC warrants 12/11/09 (a)(f)	166,666		2
Marwyn Value Investors II Ltd. (a)	1,911,200		879,596
Max Petroleum PLC (a)	2,509,220		480,664
Michael Page International PLC	272,819		1,106,220
NCC Group Ltd.	250,715		1,201,286
Nviro Cleantech PLC (a)	2,175,000		212,290
Powerleague Group PLC	786,200		457,448
Pureprofile Media PLC (a)(f)	1,108,572		409,839
Pursuit Dynamics PLC (a)	761,639		804,840
Redhall Group PLC	345,700		897,026
Regenersis PLC (a)	815,000		673,990
Renewable Energy Generation Ltd.	1,646,700		1,209,165
Romag Holdings PLC	38,000		30,507
Royalblue Group PLC	280,142		4,547,049
Salamander Energy PLC (a)	735,300		1,836,653
SDL PLC (a)	1,150,062		5,545,957
Serco Group PLC	449,099		2,422,051
Silverdell PLC (a)	921,000		107,637
Sinclair Pharma PLC (a)	1,888,371		786,222
Sphere Medical Holding PLC (a)(f)	420,000		1,267,036
SR Pharma PLC (a)	3,017,900		1,406,132
Synergy Health PLC (d)	391,024		2,249,117
TMO Biotec (a)(f)	1,000,000		369,700
Tullow Oil PLC	141,200		1,666,225
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Ukrproduct Group Ltd.	502,300		$ 102,744
Unite Group PLC	379,010		543,906
Valiant Petroleum PLC (a)	160,000		1,127,136
Vectura Group PLC (a)	944,860		990,530
Wellstream Holdings PLC	232,300		1,765,109
William Hill PLC	1,369,600		4,396,104
Xchanging PLC	1,557,400		4,248,101
York Pharma PLC (a)	392,500		18,864
YouGov PLC (a)	1,742,654		1,218,513
Zenergy Power PLC (a)	711,280		1,440,535
ZincOx Resources PLC (a)	570,100		551,174
TOTAL UNITED KINGDOM			105,109,921
United States of America - 0.9%
CTC Media, Inc. (a)	443,100		3,473,904
Cyberview Technology, Inc. (a)	996,527		15
Frontera Resources Corp. (a)	1,157,200		401,541
ResMed, Inc. CHESS Depositary Interests (a)	112,084		440,080
TyraTech, Inc. (a)	191,500		79,741
XL TechGroup, Inc. (a)	1,329,250		20
TOTAL UNITED STATES OF AMERICA			4,395,301
TOTAL COMMON STOCKS (Cost $663,625,104)		482,233,381
Nonconvertible Preferred Stocks - 0.8%

Germany - 0.8%
Biotest AG (non-vtg.) (Cost $8,229,358)	103,100		4,194,426
Investment Companies - 0.2%

United Kingdom - 0.2%
Brookwell Ltd. (e) (Cost $3,810,797)	1,536,250		905,867
Money Market Funds - 12.3%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	24,151,596		$ 24,151,596
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	39,223,010		39,223,010
TOTAL MONEY MARKET FUNDS (Cost $63,374,606)		63,374,606
TOTAL INVESTMENT PORTFOLIO - 106.9% (Cost $739,039,865)			550,708,280
NET OTHER ASSETS - (6.9)%			(35,316,193)
NET ASSETS - 100%		$ 515,392,087

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
AirSea Lines	8/4/06	$ 1,199,182
Security	Acquisition Date	Acquisition Cost
AirSea Lines warrants 8/4/11	8/4/06	$ 2
Appian Technology PLC warrants 7/11/09	2/18/05	$ 3
Buried Hill Energy (Cyprus) PCL	8/18/06	$ 2,141,700
Kalahari Energy	9/1/06	$ 1,813,750
Keronite PLC	8/16/06	$ 1,548,992
Landround PLC warrants 12/11/09	12/12/06	$ 0
Pureprofile Media PLC	5/3/05 - 1/11/06	$ 1,173,341
Rock Well Petroleum, Inc.	4/13/06	$ 1,004,171
Sphere Medical Holding PLC	8/27/08	$ 1,310,083
TMO Biotec	10/27/05	$ 535,065
Vestas Wind Systems AS	4/29/09	$ 1,355,888

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	$ 151,234
Fidelity Securities Lending Cash Central Fund	454,584
Total	$ 605,818

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Brookwell Ltd.	$ 1,450,926	$ 166,500	$ -	$ 377,946	$ 905,867
Centurion Electronics PLC	12	-	-	-	11
CustomVis PLC	200,922	-	32,772	-	-
Cyberview Technology, Inc.	16	-	-	-	-
Teleunit SpA	457,711	-	52,094	-	-
Total	$ 2,109,587	$ 166,500	$ 84,866	$ 377,946	$ 905,878

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 550,708,280	$ 128,170,480	$ 414,404,525	$ 8,133,275

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 14,778,878
Total Realized Gain (Loss)	(995,834)
Total Unrealized Gain (Loss)	(3,572,523)
Cost of Purchases	-
Proceeds of Sales	(3,073,903)
Amortization/Accretion	-
Transfer in/out of Level 3	996,657
Ending Balance	$ 8,133,275

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $28,798,938 all of which will expire on October 31, 2016.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009
Assets
Investment in securities, at value (including securities loaned of $37,341,473) - See accompanying schedule: Unaffiliated issuers (cost $671,530,326)	$ 486,427,796
Fidelity Central Funds (cost $63,374,606)	63,374,606
Other affiliated issuers (cost $4,134,933)	905,878
Total Investments (cost $739,039,865)		$ 550,708,280
Foreign currency held at value (cost $246,127)		246,500
Receivable for investments sold		8,307,129
Receivable for fund shares sold		354,584
Dividends receivable		1,823,031
Distributions receivable from Fidelity Central Funds		94,710
Prepaid expenses		4,867
Other receivables		159,848
Total assets		561,698,949

Liabilities
Payable for investments purchased	$ 5,919,872
Payable for fund shares redeemed	546,479
Accrued management fee	358,570
Distribution fees payable	13,444
Other affiliated payables	149,549
Other payables and accrued expenses	95,938
Collateral on securities loaned, at value	39,223,010
Total liabilities		46,306,862

Net Assets		$ 515,392,087
Net Assets consist of:
Paid in capital		$ 832,335,869
Undistributed net investment income		2,289,104
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(130,858,477)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(188,374,409)
Net Assets		$ 515,392,087

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, 2009
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($13,531,230 ÷ 1,097,818 shares)		$ 12.33

Maximum offering price per share (100/94.25 of $12.33)		$ 13.08
Class T: Net Asset Value and redemption price per share ($11,859,376 ÷ 969,201 shares)		$ 12.24

Maximum offering price per share (100/96.50 of $12.24)		$ 12.68
Class B: Net Asset Value and offering price per share ($2,766,838 ÷ 230,402 shares)^A		$ 12.01

Class C: Net Asset Value and offering price per share ($4,789,057 ÷ 397,149 shares)^A		$ 12.06

International Small Cap: Net Asset Value, offering price and redemption price per share ($480,509,909 ÷ 38,586,580 shares)		$ 12.45

Institutional Class: Net Asset Value, offering price and redemption price per share ($1,935,677 ÷ 155,571 shares)		$ 12.44

^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, 2009
Investment Income
Dividends (including $377,946 earned from other affiliated issuers)		$ 5,684,547
Interest		4,807
Income from Fidelity Central Funds (including $454,584 from security lending)		605,818
		6,295,172
Less foreign taxes withheld		(225,724)
Total income		6,069,448

Expenses
Management fee Basic fee	$ 2,192,689
Performance adjustment	492,211
Transfer agent fees	758,233
Distribution fees	83,886
Accounting and security lending fees	133,702
Custodian fees and expenses	77,713
Independent trustees' compensation	2,020
Registration fees	43,024
Audit	74,775
Legal	1,675
Miscellaneous	5,903
Total expenses before reductions	3,865,831
Expense reductions	(85,487)	3,780,344
Net investment income (loss)		2,289,104
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(88,206,225)
Other affiliated issuers	(5,239,603)
Foreign currency transactions	412,728
Total net realized gain (loss)		(93,033,100)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $8,452)	105,556,973
Assets and liabilities in foreign currencies	(601,687)
Total change in net unrealized appreciation (depreciation)		104,955,286
Net gain (loss)		11,922,186
Net increase (decrease) in net assets resulting from operations		$ 14,211,290

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, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,289,104	$ 1,587,080
Net realized gain (loss)	(93,033,100)	8,577,813
Change in net unrealized appreciation (depreciation)	104,955,286	(799,488,059)
Net increase (decrease) in net assets resulting from operations	14,211,290	(789,323,166)
Distributions to shareholders from net investment income	-	(6,293,163)
Distributions to shareholders from net realized gain	-	(288,048,226)
Total distributions	-	(294,341,389)
Share transactions - net increase (decrease)	(73,298,089)	(123,772,022)
Redemption fees	28,527	146,272
Total increase (decrease) in net assets	(59,058,272)	(1,207,290,305)

Net Assets
Beginning of period	574,450,359	1,781,740,664
End of period (including undistributed net investment income of $2,289,104 and $0, respectively)	$ 515,392,087	$ 574,450,359

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,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 11.91	$ 31.14	$ 28.79	$ 26.69	$ 21.25	$ 17.69
Income from Investment Operations
Net investment income (loss) ^E	.04	-^I	.03	(.02)	.05	.02
Net realized and unrealized gain (loss)	.38	(14.03)	7.97	5.05	6.16	3.83
Total from investment operations	.42	(14.03)	8.00	5.03	6.21	3.85
Distributions from net investment income	-	(.03)	-	(.05)	(.02)	(.02)
Distributions from net realized gain	-	(5.18)	(5.65)	(2.89)	(.77)	(.31)
Total distributions	-	(5.20)^J	(5.65)	(2.94)	(.79)	(.33)
Redemption fees added to paid in capital ^E	-^I	-^I	-^I	.01	.02	.04
Net asset value, end of period	$ 12.33	$ 11.91	$ 31.14	$ 28.79	$ 26.69	$ 21.25
Total Return^B,C,D	3.53%	(53.35)%	33.43%	20.22%	30.16%	22.36%
Ratios to Average Net Assets^F,H
Expenses before reductions	1.74% ^A	1.82%	1.53%	1.64%	1.66%	1.71%
Expenses net of fee waivers, if any	1.65% ^A	1.65%	1.53%	1.64%	1.66%	1.71%
Expenses net of all reductions	1.63% ^A	1.60%	1.49%	1.58%	1.63%	1.69%
Net investment income (loss)	.78% ^A	-% ^K	.10%	(.08)%	.21%	.09%
Supplemental Data
Net assets, end of period (000 omitted)	$ 13,531	$ 13,561	$ 38,585	$ 36,701	$ 34,838	$ 13,278
Portfolio turnover rate ^G	78% ^A	113%	70%	84%	79%	77%
^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 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. ^I Amount represents less than $.01 per share. ^J Total distributions of $5.20 per share is comprised of distributions from net investment income of $.026 and distributions from net realized gain of $5.176 per share. ^K Amount represents less than .01%.

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,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 11.84	$ 30.96	$ 28.64	$ 26.57	$ 21.20	$ 17.68
Income from Investment Operations
Net investment income (loss) ^E	.03	(.05)	(.04)	(.09)	(.01)	(.03)
Net realized and unrealized gain (loss)	.37	(13.95)	7.93	5.03	6.12	3.83
Total from investment operations	.40	(14.00)	7.89	4.94	6.11	3.80
Distributions from net investment income	-	-	-	-	-	(.01)
Distributions from net realized gain	-	(5.12)	(5.57)	(2.88)	(.76)	(.31)
Total distributions	-	(5.12)^J	(5.57)	(2.88)	(.76)	(.32)
Redemption fees added to paid in capital ^E	-^I	-^I	-^I	.01	.02	.04
Net asset value, end of period	$ 12.24	$ 11.84	$ 30.96	$ 28.64	$ 26.57	$ 21.20
Total Return^B,C,D	3.38%	(53.46)%	33.07%	19.93%	29.72%	22.07%
Ratios to Average Net Assets^F,H
Expenses before reductions	1.99% ^A	2.07%	1.77%	1.89%	1.92%	1.94%
Expenses net of fee waivers, if any	1.90% ^A	1.90%	1.77%	1.89%	1.91%	1.94%
Expenses net of all reductions	1.87% ^A	1.86%	1.73%	1.83%	1.88%	1.92%
Net investment income (loss)	.53% ^A	(.25)%	(.14)%	(.32)%	(.04)%	(.14)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 11,859	$ 13,493	$ 40,823	$ 41,982	$ 41,647	$ 15,131
Portfolio turnover rate ^G	78% ^A	113%	70%	84%	79%	77%
^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 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. ^I Amount represents less than $.01 per share. ^J Total distributions of $5.12 per share is comprised of distributions from net realized gain of $5.123 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,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 11.65	$ 30.49	$ 28.26	$ 26.24	$ 20.99	$ 17.62
Income from Investment Operations
Net investment income (loss) ^E	-^I	(.16)	(.18)	(.24)	(.14)	(.16)
Net realized and unrealized gain (loss)	.36	(13.73)	7.82	4.98	6.08	3.80
Total from investment operations	.36	(13.89)	7.64	4.74	5.94	3.64
Distributions from net realized gain	-	(4.95)^J	(5.41)	(2.73)	(.71)	(.31)
Redemption fees added to paid in capital ^E	-^I	-^I	-^I	.01	.02	.04
Net asset value, end of period	$ 12.01	$ 11.65	$ 30.49	$ 28.26	$ 26.24	$ 20.99
Total Return^B,C,D	3.09%	(53.68)%	32.38%	19.28%	29.13%	21.21%
Ratios to Average Net Assets^F,H
Expenses before reductions	2.49% ^A	2.58%	2.30%	2.48%	2.49%	2.63%
Expenses net of fee waivers, if any	2.40% ^A	2.40%	2.30%	2.40%	2.43%	2.63%
Expenses net of all reductions	2.37% ^A	2.36%	2.26%	2.34%	2.40%	2.60%
Net investment income (loss)	.03% ^A	(.75)%	(.66)%	(.84)%	(.56)%	(.83)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,767	$ 3,230	$ 10,704	$ 11,354	$ 12,783	$ 5,061
Portfolio turnover rate ^G	78% ^A	113%	70%	84%	79%	77%
^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 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. ^I Amount represents less than $.01 per share. ^J Total distributions of $4.95 per share is comprised of distributions from net realized gain of $4.949 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,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 11.70	$ 30.62	$ 28.33	$ 26.31	$ 21.04	$ 17.64
Income from Investment Operations
Net investment income (loss) ^E	-^I	(.16)	(.17)	(.23)	(.13)	(.12)
Net realized and unrealized gain (loss)	.36	(13.78)	7.85	4.99	6.10	3.80
Total from investment operations	.36	(13.94)	7.68	4.76	5.97	3.68
Distributions from net investment income	-	-	-	-	-	(.01)
Distributions from net realized gain	-	(4.98)	(5.39)	(2.75)	(.72)	(.31)
Total distributions	-	(4.98)^J	(5.39)	(2.75)	(.72)	(.32)
Redemption fees added to paid in capital ^E	-^I	-^I	-^I	.01	.02	.04
Net asset value, end of period	$ 12.06	$ 11.70	$ 30.62	$ 28.33	$ 26.31	$ 21.04
Total Return^B,C,D	3.08%	(53.67)%	32.39%	19.34%	29.22%	21.43%
Ratios to Average Net Assets^F,H
Expenses before reductions	2.49% ^A	2.57%	2.26%	2.38%	2.41%	2.43%
Expenses net of fee waivers, if any	2.40% ^A	2.40%	2.26%	2.38%	2.41%	2.43%
Expenses net of all reductions	2.37% ^A	2.36%	2.22%	2.32%	2.38%	2.40%
Net investment income (loss)	.03% ^A	(.76)%	(.62)%	(.81)%	(.54)%	(.62)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,789	$ 5,658	$ 20,094	$ 21,335	$ 25,202	$ 8,664
Portfolio turnover rate ^G	78% ^A	113%	70%	84%	79%	77%
^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 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. ^I Amount represents less than $.01 per share. ^J Total distributions of $4.98 per share is comprised of distributions from net realized gain of $4.975 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,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 12.03	$ 31.44	$ 29.03	$ 26.89	$ 21.36	$ 17.71
Income from Investment Operations
Net investment income (loss)^D	.05	.03	.12	.08	.15	.10
Net realized and unrealized gain (loss)	.37	(14.14)	8.03	5.08	6.19	3.84
Total from investment operations	.42	(14.11)	8.15	5.16	6.34	3.94
Distributions from net investment income	-	(.12)	(.07)	(.14)	(.06)	(.02)
Distributions from net realized gain	-	(5.18)	(5.67)	(2.89)	(.77)	(.31)
Total distributions	-	(5.30)^I	(5.74)	(3.03)	(.83)	(.33)
Redemption fees added to paid in capital ^D	-^H	- ^H	-^H	.01	.02	.04
Net asset value, end of period	$ 12.45	$ 12.03	$ 31.44	$ 29.03	$ 26.89	$ 21.36
Total Return^B,C	3.49%	(53.25)%	33.82%	20.65%	30.67%	22.84%
Ratios to Average Net Assets^E,G
Expenses before reductions	1.50% ^A	1.49%	1.19%	1.28%	1.28%	1.30%
Expenses net of fee waivers, if any	1.50% ^A	1.49%	1.19%	1.28%	1.28%	1.30%
Expenses net of all reductions	1.47% ^A	1.44%	1.15%	1.22%	1.25%	1.28%
Net investment income (loss)	.93% ^A	.16%	.45%	.29%	.59%	.50%
Supplemental Data
Net assets, end of period (000 omitted)	$ 480,510	$ 536,291	$ 1,663,761	$ 1,816,059	$ 2,090,458	$ 1,091,335
Portfolio turnover rate ^F	78% ^A	113%	70%	84%	79%	77%
^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. ^I Total distributions of $5.30 per share is comprised of distributions from net investment income of $.120 and distributions from net realized gain of $5.176 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,
	2009	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 12.01	$ 31.38	$ 28.99	$ 26.86	$ 21.36	$ 17.72
Income from Investment Operations
Net investment income (loss) ^D	.06	.05	.12	.08	.14	.10
Net realized and unrealized gain (loss)	.37	(14.12)	8.01	5.07	6.18	3.84
Total from investment operations	.43	(14.07)	8.13	5.15	6.32	3.94
Distributions from net investment income	-	(.12)	(.07)	(.14)	(.07)	(.03)
Distributions from net realized gain	-	(5.18)	(5.67)	(2.89)	(.77)	(.31)
Total distributions	-	(5.30)^I	(5.74)	(3.03)	(.84)	(.34)
Redemption fees added to paid in capital ^D	-^H	-^H	-^H	.01	.02	.04
Net asset value, end of period	$ 12.44	$ 12.01	$ 31.38	$ 28.99	$ 26.86	$ 21.36
Total Return^B,C	3.58%	(53.22)%	33.84%	20.65%	30.59%	22.84%
Ratios to Average Net Assets^E,G
Expenses before reductions	1.50% ^A	1.49%	1.18%	1.29%	1.30%	1.32%
Expenses net of fee waivers, if any	1.40% ^A	1.40%	1.18%	1.29%	1.30%	1.32%
Expenses net of all reductions	1.37% ^A	1.35%	1.14%	1.23%	1.27%	1.29%
Net investment income (loss)	1.03% ^A	.25%	.45%	.28%	.57%	.49%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,936	$ 2,217	$ 7,774	$ 9,050	$ 7,432	$ 2,568
Portfolio turnover rate ^F	78% ^A	113%	70%	84%	79%	77%
^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. ^I Total distributions of $5.30 per share is comprised of distributions from net investment income of $.120 and distributions from net realized gain of $5.176 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, 2009

1. Organization.

2. Investments in Fidelity Central Funds.

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.

Semiannual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments ,as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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. The Fund may be subject to a tax imposed on net realized gains on securities of certain foreign countries. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of on the valuation date.

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

Unrealized appreciation	$ 42,680,931
Unrealized depreciation	(237,213,606)
Net unrealized appreciation (depreciation)	$ (194,532,675)
Cost for federal income tax purposes	$ 745,240,955

Semiannual Report

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $185,439,088 and $241,794,206, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the 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 1.06% of the Fund's average net assets.

Semiannual Report

Notes to Financial Statements - continued

6. Fees and Other Transactions with Affiliates - continued

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 15,709	$ 408
Class T	.25%	.25%	29,634	-
Class B	.75%	.25%	14,187	10,693
Class C	.75%	.25%	24,356	771
			$ 83,886	$ 11,872

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

	Retained by FDC
Class A	$ 1,234
Class T	738
Class B*	2,682
Class C*	17
	$ 4,671

* 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 - continued

reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 18,466	.29
Class T	17,539	.30
Class B	4,149	.29
Class C	7,001	.29
International Small Cap	708,206	.30
Institutional Class	2,872	.30
	$ 758,233

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $1,642 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.

Semiannual Report

Notes to Financial Statements - continued

8. Security Lending - continued

9. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.65%	$ 5,543
Class T	1.90%	5,568
Class B	2.40%	1,300
Class C	2.40%	2,105
Institutional Class	1.40%	949
		$ 15,465

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 $69,839 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 $183.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Class A	$ -	$ 31,995
International Small Cap	-	6,232,230
Institutional Class	-	28,938
Total	$ -	$ 6,293,163

Semiannual Report

10. Distributions to Shareholders - continued

	Six months ended April 30, 2009	Year ended October 31, 2008
From net realized gain
Class A	$ -	$ 6,369,531
Class T	-	6,691,175
Class B	-	1,698,463
Class C	-	3,224,346
International Small Cap	-	268,816,510
Institutional Class	-	1,248,201
Total	$ -	$ 288,048,226

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
Class A
Shares sold	160,889	287,898	$ 1,858,245	$ 6,010,378
Reinvestment of distributions	-	249,978	-	5,921,976
Shares redeemed	(201,422)	(638,746)	(2,275,377)	(12,839,012)
Net increase (decrease)	(40,533)	(100,870)	$ (417,132)	$ (906,658)
Class T
Shares sold	68,135	197,388	$ 764,091	$ 4,233,911
Reinvestment of distributions	-	266,848	-	6,297,616
Shares redeemed	(238,372)	(643,248)	(2,680,678)	(12,848,518)
Net increase (decrease)	(170,237)	(179,012)	$ (1,916,587)	$ (2,316,991)
Class B
Shares sold	5,357	14,574	$ 59,404	$ 298,092
Reinvestment of distributions	-	66,447	-	1,549,547
Shares redeemed	(52,235)	(154,774)	(572,772)	(3,077,783)
Net increase (decrease)	(46,878)	(73,753)	$ (513,368)	$ (1,230,144)
Class C
Shares sold	10,204	42,453	$ 112,595	$ 916,236
Reinvestment of distributions	-	110,479	-	2,587,416
Shares redeemed	(96,682)	(325,478)	(1,072,946)	(6,282,310)
Net increase (decrease)	(86,478)	(172,546)	$ (960,351)	$ (2,778,658)
International Small Cap
Shares sold	2,209,258	6,448,356	$ 25,274,340	$ 136,000,750
Reinvestment of distributions	-	10,462,725	-	249,849,882
Shares redeemed	(8,213,810)	(25,231,805)	(94,422,573)	(501,268,909)
Net increase (decrease)	(6,004,552)	(8,320,724)	$ (69,148,233)	$ (115,418,277)

Semiannual Report

Notes to Financial Statements - continued

11. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
Institutional Class
Shares sold	18,118	50,432	$ 198,913	$ 1,127,368
Reinvestment of distributions	-	31,471	-	749,964
Shares redeemed	(47,103)	(145,066)	(541,331)	(2,998,626)
Net increase (decrease)	(28,985)	(63,163)	$ (342,418)	$ (1,121,294)

12. Other.

Semiannual Report

Report of Independent Registered Public Accounting Firm

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

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

June 15, 2009

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

FIL Investment Advisors

Fidelity Investments Japan Limited

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

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 Bank of New York Mellon

New York, NY

AISCI-USAN-0609
1.800646.105

fid1007

Fidelity®
International Small Cap Opportunities
Fund

Semiannual Report

April 30, 2009

(2_fidelity_logos) (Registered_Trademark)

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.

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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	.81%
Actual		$ 1,000.00	$ 931.10	$ 3.88
Hypothetical^A		$ 1,000.00	$ 1,020.78	$ 4.06
Class T	1.08%
Actual		$ 1,000.00	$ 929.00	$ 5.17
Hypothetical^A		$ 1,000.00	$ 1,019.44	$ 5.41
Class B	1.57%
Actual		$ 1,000.00	$ 928.10	$ 7.51
Hypothetical^A		$ 1,000.00	$ 1,017.01	$ 7.85
Class C	1.55%
Actual		$ 1,000.00	$ 928.00	$ 7.41
Hypothetical^A		$ 1,000.00	$ 1,017.11	$ 7.75
International Small Cap Opportunities	.56%
Actual		$ 1,000.00	$ 932.00	$ 2.68
Hypothetical^A		$ 1,000.00	$ 1,022.02	$ 2.81
Institutional Class	.60%
Actual		$ 1,000.00	$ 933.30	$ 2.88**
Hypothetical^A		$ 1,000.00	$ 1,021.82	$ 3.01**

^A 5% return per year before expenses

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

** If changes to transfer agent contracts, effective February 1, 2009 had been in effect during the entire period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as follows:

	Annualized Expense Ratio	Expenses Paid
Institutional Class	.63%
Actual		$ 3.02
Hypothetical^A		$ 3.16

^A 5% return per year before expenses

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan 22.1%
	United Kingdom 19.1%
	United States of America 14.0%
	Canada 4.7%
	Germany 4.3%
	Switzerland 4.3%
	South Africa 3.6%
	Spain 2.9%
	Netherlands 2.7%
	Other 22.3%

fid1547

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

As of October 31, 2008
	Japan 15.4%
	United Kingdom 13.6%
	China 9.2%
	Netherlands 7.6%
	Cayman Islands 7.5%
	United States of America 7.3%
	Papua New Guinea 7.3%
	Australia 6.4%
	Germany 6.4%
	Other 19.3%

fid1559

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	98.3	98.9
Short-Term Investments and Net Other Assets	1.7	1.1
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
CyberSource Corp. (United States of America, IT Services)	2.6	0.0
Bank Sarasin & Co. Ltd. Series B (Reg.) (Switzerland, Capital Markets)	2.6	0.0
Serco Group PLC (United Kingdom, Commercial Services & Supplies)	2.5	0.0
Spirax-Sarco Engineering PLC (United Kingdom, Machinery)	2.4	0.0
Pricesmart, Inc. (United States of America, Food & Staples Retailing)	2.4	0.0
Promise Co. Ltd. (Japan, Consumer Finance)	2.2	1.4
Tsumura & Co. (Japan, Pharmaceuticals)	2.2	0.0
Software AG (Bearer) (Germany, Software)	2.0	0.0
Osaka Securities Exchange Co. Ltd. (Japan, Diversified Financial Services)	1.9	0.0
Autonomy Corp. PLC (United Kingdom, Software)	1.8	2.7
	22.6
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	18.4	10.5
Consumer Discretionary	16.9	9.5
Industrials	16.8	21.5
Information Technology	11.5	27.5
Health Care	10.2	6.5
Materials	8.6	11.3
Consumer Staples	7.4	10.6
Energy	4.5	1.0
Telecommunication Services	3.6	0.0
Utilities	0.4	0.5

Semiannual Report

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
Austria - 0.4%
Andritz AG	34,800		$ 1,182,692
Belgium - 0.7%
Umicore SA (d)	101,900		1,996,539
Bermuda - 2.2%
China Sports International Ltd.	6,306,000		447,234
Lazard Ltd. Class A	48,700		1,329,510
Ports Design Ltd.	2,107,000		3,199,613
Seadrill Ltd.	105,300		1,123,671
TOTAL BERMUDA			6,100,028
Brazil - 2.0%
Banco ABC Brasil SA	219,000		700,976
BM&F BOVESPA SA	653,500		2,689,362
Braskem SA Class A sponsored ADR (d)	74,500		422,415
MRV Engenharia e Participacoes SA	168,800		1,675,689
TOTAL BRAZIL			5,488,442
Canada - 4.7%
Agnico-Eagle Mines Ltd. (Canada)	34,400		1,520,721
Eldorado Gold Corp. (a)	174,600		1,387,143
Fairfax Financial Holdings Ltd.	14,900		3,940,867
Niko Resources Ltd.	40,300		2,039,570
Petrobank Energy & Resources Ltd. (a)	205,200		4,410,962
TOTAL CANADA			13,299,263
Cayman Islands - 0.5%
Bosideng International Holdings Ltd.	3,974,000		321,078
China Dongxiang Group Co. Ltd.	2,215,000		1,075,702
TOTAL CAYMAN ISLANDS			1,396,780
China - 0.5%
China Nepstar Chain Drugstore Ltd. ADR	119,200		600,768
China Zaino International Ltd.	1,490,000		261,668
Li Ning Co. Ltd.	256,500		524,917
TOTAL CHINA			1,387,353
Finland - 1.4%
Nokian Tyres PLC	101,300		1,599,310
Outotec Oyj	67,800		1,437,492
Poyry Oyj	74,238		922,276
TOTAL FINLAND			3,959,078
Common Stocks - continued
	Shares		Value
France - 2.7%
Audika SA	123,284		$ 2,974,894
Laurent-Perrier Group	10,367		607,981
Remy Cointreau SA	34,000		1,120,518
Saft Groupe SA	90,700		2,775,307
TOTAL FRANCE			7,478,700
Germany - 4.3%
Bilfinger Berger AG (d)	31,000		1,457,664
DIC Asset AG	166,800		1,314,462
Software AG (Bearer) (d)	89,800		5,553,359
Vossloh AG	36,600		3,731,351
TOTAL GERMANY			12,056,836
Greece - 0.4%
Terna Energy SA	187,051		1,114,838
India - 0.9%
Bharti Airtel Ltd. (a)	170,930		2,605,137
Ireland - 1.1%
CRH PLC	75,057		1,950,745
Kerry Group PLC Class A	53,700		1,100,267
TOTAL IRELAND			3,051,012
Israel - 1.1%
Partner Communications Co. Ltd. ADR (d)	182,700		2,968,875
Italy - 0.7%
Azimut Holdings SpA	288,000		2,012,028
Japan - 22.1%
Alpen Co. Ltd.	21,000		346,858
Autobacs Seven Co. Ltd.	108,300		2,961,252
Daikoku Denki Co. Ltd.	71,500		822,368
Denso Corp.	61,000		1,442,337
FCC Co. Ltd.	92,400		1,171,072
Glory Ltd.	53,000		972,859
Kamigumi Co. Ltd.	125,000		803,066
Kobayashi Pharmaceutical Co. Ltd.	146,800		4,776,245
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	761,300		4,126,246
Nagaileben Co. Ltd.	57,500		1,022,227
NGK Insulators Ltd.	120,000		1,840,818
Nihon Parkerizing Co. Ltd.	84,000		700,462
Nippon Seiki Co. Ltd.	199,000		1,795,351
Nippon Thompson Co. Ltd.	727,000		3,143,912
Nitta Corp.	31,000		356,365
Common Stocks - continued
	Shares		Value
Japan - continued
Obic Co. Ltd.	10,840		$ 1,471,922
Ohashi Technica, Inc.	50,000		309,620
Osaka Securities Exchange Co. Ltd.	1,659		5,270,472
OSG Corp.	178,800		1,125,918
Ozeki Co. Ltd.	21,300		530,441
Pal Co. Ltd.	19,250		294,698
Promise Co. Ltd. (d)	475,100		6,279,446
SAZABY, Inc.	36,800		393,270
SHIMANO, Inc.	29,800		881,846
SHO-BOND Holdings Co. Ltd.	86,400		1,553,811
Sony Financial Holdings, Inc.	269		846,549
Sparx Group Co. Ltd.	5,960		781,684
The Nippon Synthetic Chemical Industry Co. Ltd.	338,000		1,178,450
THK Co. Ltd.	99,900		1,385,832
Toho Holdings Co. Ltd. (d)	116,800		1,130,198
Tsumura & Co.	225,600		6,179,818
Tsutsumi Jewelry Co. Ltd.	82,300		1,351,764
USS Co. Ltd.	91,120		4,130,249
Yamato Kogyo Co. Ltd.	31,800		722,487
TOTAL JAPAN			62,099,913
Korea (South) - 0.8%
NHN Corp. (a)	18,040		2,195,009
Mexico - 1.1%
America Movil SAB de CV Series L sponsored ADR	41,300		1,356,705
Cemex SA de CV sponsored ADR	109,200		816,816
Wal-Mart de Mexico SA de CV Series V	378,200		1,031,417
TOTAL MEXICO			3,204,938
Netherlands - 2.7%
Aalberts Industries NV	111,200		848,674
ASML Holding NV (NY Shares)	104,193		2,203,682
James Hardie Industries NV sponsored ADR	52,600		857,906
QIAGEN NV (a)	224,400		3,698,112
TOTAL NETHERLANDS			7,608,374
Norway - 0.3%
Det Norske Oljeselskap ASA (DNO) (A Shares) (a)	944,000		797,395
Common Stocks - continued
	Shares		Value
Papua New Guinea - 1.1%
Lihir Gold Ltd. sponsored ADR (a)(d)	89,500		$ 1,915,300
Oil Search Ltd.	288,658		1,076,701
TOTAL PAPUA NEW GUINEA			2,992,001
Philippines - 0.5%
Jollibee Food Corp.	1,473,900		1,409,551
Singapore - 2.0%
Keppel Land Ltd.	596,000		692,415
Singapore Exchange Ltd.	1,023,000		4,332,462
Wing Tai Holdings Ltd.	759,000		451,145
TOTAL SINGAPORE			5,476,022
South Africa - 3.6%
African Rainbow Minerals Ltd.	309,800		4,186,775
JSE Ltd.	237,181		1,456,120
Mr. Price Group Ltd.	471,800		1,444,577
MTN Group Ltd.	234,300		3,042,860
TOTAL SOUTH AFRICA			10,130,332
Spain - 2.9%
Grifols SA	264,580		4,641,558
Prosegur Comp Securidad SA (Reg.)	125,709		3,588,954
TOTAL SPAIN			8,230,512
Sweden - 0.8%
Swedish Match Co. (d)	152,000		2,168,697
Switzerland - 4.3%
Actelion Ltd. (Reg.) (a)	38,110		1,735,823
Bank Sarasin & Co. Ltd. Series B (Reg.)	301,717		7,190,451
Sonova Holding AG	47,970		3,103,165
TOTAL SWITZERLAND			12,029,439
Turkey - 1.1%
Anadolu Efes Biracilik ve Malt Sanyii AS	323,000		2,301,015
Tupras-Turkiye Petrol Rafinerileri AS	88,800		887,861
TOTAL TURKEY			3,188,876
United Kingdom - 19.1%
Aberdeen Asset Management PLC	914,700		1,773,172
Autonomy Corp. PLC (a)	243,285		5,102,003
Babcock International Group PLC	173,800		1,114,502
Begbies Traynor Group PLC	498,000		815,427
Common Stocks - continued
	Shares		Value
United Kingdom - continued
BG Group PLC	35,500		$ 566,647
Bovis Homes Group PLC	594,452		4,024,312
Cobham PLC	795,000		2,058,794
Derwent London PLC	94,400		1,162,327
Great Portland Estates PLC	392,300		1,768,769
H&T Group PLC	403,000		1,156,732
Informa PLC	693,700		3,030,829
InterContinental Hotel Group PLC ADR (d)	80,400		761,388
Johnson Matthey PLC	100,300		1,770,499
Man Group PLC	134,400		496,591
Persimmon PLC	489,200		2,727,593
Serco Group PLC	1,275,300		6,877,863
Shaftesbury PLC	317,800		1,638,678
Spirax-Sarco Engineering PLC	538,450		6,781,552
SSL International PLC	582,657		4,083,435
Ted Baker PLC	284,300		1,551,603
Ultra Electronics Holdings PLC	148,969		2,610,927
Victrex PLC	210,682		1,664,202
TOTAL UNITED KINGDOM			53,537,845
United States of America - 12.3%
Advanced Energy Industries, Inc. (a)	505,219		4,258,996
Airgas, Inc.	51,700		2,229,304
Autoliv, Inc.	115,700		2,854,319
CyberSource Corp. (a)	506,900		7,405,807
Dril-Quip, Inc. (a)	21,900		752,922
FMC Technologies, Inc. (a)	26,500		907,095
Martin Marietta Materials, Inc. (d)	9,900		831,897
Mohawk Industries, Inc. (a)(d)	91,400		4,324,134
Pricesmart, Inc.	369,240		6,590,934
Varian Semiconductor Equipment Associates, Inc. (a)	88,700		2,269,833
Visa, Inc.	30,800		2,000,768
TOTAL UNITED STATES OF AMERICA			34,426,009
TOTAL COMMON STOCKS (Cost $266,244,744)		275,592,514
Money Market Funds - 8.4%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	2,247,442		$ 2,247,442
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	21,426,743		21,426,743
TOTAL MONEY MARKET FUNDS (Cost $23,674,185)		23,674,185
TOTAL INVESTMENT PORTFOLIO - 106.7% (Cost $289,918,929)			299,266,699
NET OTHER ASSETS - (6.7)%			(18,772,137)
NET ASSETS - 100%		$ 280,494,562

Legend

(a) Non-income producing

(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	$ 19,725
Fidelity Securities Lending Cash Central Fund	318,472
Total	$ 338,197

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 299,266,699	$ 112,609,685	$ 186,657,014	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $146,419,794 all of which will expire on October 31, 2016.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $20,172,805) - See accompanying schedule: Unaffiliated issuers (cost $266,244,744)	$ 275,592,514
Fidelity Central Funds (cost $23,674,185)	23,674,185
Total Investments (cost $289,918,929)		$ 299,266,699
Cash		130,191
Receivable for investments sold		7,491,860
Receivable for fund shares sold		204,871
Dividends receivable		1,416,458
Distributions receivable from Fidelity Central Funds		36,969
Prepaid expenses		3,177
Other receivables		25,086
Total assets		308,575,311

Liabilities
Payable to custodian bank	$ 41,093
Payable for investments purchased	6,145,393
Payable for fund shares redeemed	306,223
Accrued management fee	19,817
Distribution fees payable	13,785
Other affiliated payables	85,340
Other payables and accrued expenses	42,355
Collateral on securities loaned, at value	21,426,743
Total liabilities		28,080,749

Net Assets		$ 280,494,562
Net Assets consist of:
Paid in capital		$ 780,759,555
Undistributed net investment income		1,760,581
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(511,354,885)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		9,329,311
Net Assets		$ 280,494,562

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, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($14,453,410 ÷ 2,489,176 shares)		$ 5.81

Maximum offering price per share (100/94.25 of $5.81)		$ 6.16
Class T: Net Asset Value and redemption price per share ($8,865,106 ÷ 1,538,405 shares)		$ 5.76

Maximum offering price per share (100/96.50 of $5.76)		$ 5.97
Class B: Net Asset Value and offering price per share ($2,137,810 ÷ 376,327 shares)^A		$ 5.68

Class C: Net Asset Value and offering price per share ($6,541,663 ÷ 1,153,122 shares)^A		$ 5.67

International Small Cap Opportunities: Net Asset Value, offering price and redemption price per share ($246,440,745 ÷ 42,119,425 shares)		$ 5.85

Institutional Class: Net Asset Value, offering price and redemption price per share ($2,055,828 ÷ 351,718 shares)		$ 5.85

^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, 2009 (Unaudited)
Investment Income
Dividends		$ 2,593,711
Income from Fidelity Central Funds (including $318,472 from security lending)		338,197
		2,931,908
Less foreign taxes withheld		(213,734)
Total income		2,718,174

Expenses
Management fee Basic fee	$ 1,257,672
Performance adjustment	(1,092,965)
Transfer agent fees	406,055
Distribution fees	87,310
Accounting and security lending fees	79,416
Custodian fees and expenses	87,089
Independent trustees' compensation	1,211
Registration fees	30,245
Audit	39,974
Legal	1,134
Miscellaneous	3,600
Total expenses before reductions	900,741
Expense reductions	(83,848)	816,893
Net investment income (loss)		1,901,281
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(352,217,191)
Investment not meeting investment restrictions	1,590,340
Foreign currency transactions	(173,038)
Total net realized gain (loss)		(350,799,889)
Change in net unrealized appreciation (depreciation) on: Investment securities	320,908,827
Assets and liabilities in foreign currencies	(14,227)
Total change in net unrealized appreciation (depreciation)		320,894,600
Net gain (loss)		(29,905,289)
Net increase (decrease) in net assets resulting from operations		$ (28,004,008)

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, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,901,281	$ 2,902,276
Net realized gain (loss)	(350,799,889)	(156,690,003)
Change in net unrealized appreciation (depreciation)	320,894,600	(647,198,943)
Net increase (decrease) in net assets resulting from operations	(28,004,008)	(800,986,670)
Distributions to shareholders from net investment income	(140,700)	(4,817,372)
Distributions to shareholders from net realized gain	-	(154,491,933)
Total distributions	(140,700)	(159,309,305)
Share transactions - net increase (decrease)	(53,616,882)	(308,489,372)
Redemption fees	58,992	307,719
Total increase (decrease) in net assets	(81,702,598)	(1,268,477,628)

Net Assets
Beginning of period	362,197,160	1,630,674,788
End of period (including undistributed net investment income of $1,760,581 and $0, respectively)	$ 280,494,562	$ 362,197,160

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.24	$ 18.97	$ 14.18	$ 10.41	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.03	.02	.02	- ^J	- ^J
Net realized and unrealized gain (loss)	(.46)	(10.85)	4.76	3.74	.40
Total from investment operations	(.43)	(10.83)	4.78	3.74	.40
Distributions from net investment income	-	(.03)	-	-	-
Distributions from net realized gain	-	(1.88)	-	- ^J	-
Total distributions	-	(1.90) ^K	-	- ^J	-
Redemption fees added to paid in capital ^E	- ^J	- ^J	.01	.03	.01
Net asset value, end of period	$ 5.81	$ 6.24	$ 18.97	$ 14.18	$ 10.41
Total Return ^{B, C, D}	(6.89)%	(62.98)%	33.78%	36.25%	4.10%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	.81% ^A	1.75%	1.63%	1.63%	2.67% ^A
Expenses net of fee waivers, if any	.81% ^A	1.66%	1.63%	1.63%	1.65% ^A
Expenses net of all reductions	.75% ^A	1.62%	1.59%	1.51%	1.54% ^A
Net investment income (loss)	1.12% ^A	.13%	.10%	.02%	(.09)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 14,453	$ 17,905	$ 70,785	$ 35,674	$ 5,533
Portfolio turnover rate ^G	271% ^A	61%	107%	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.

^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.

^J Amount represents less than $.01 per share.

^K Total distributions of $1.903 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $1.878 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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.20	$ 18.85	$ 14.12	$ 10.38	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.02	(.02)	(.02)	(.03)	(.01)
Net realized and unrealized gain (loss)	(.46)	(10.78)	4.74	3.74	.38
Total from investment operations	(.44)	(10.80)	4.72	3.71	.37
Distributions from net realized gain	-	(1.85) ^K	-	-	-
Redemption fees added to paid in capital ^E	- ^J	- ^J	.01	.03	.01
Net asset value, end of period	$ 5.76	$ 6.20	$ 18.85	$ 14.12	$ 10.38
Total Return ^{B, C, D}	(7.10)%	(63.08)%	33.50%	36.03%	3.80%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.08% ^A	2.00%	1.85%	1.85%	2.92% ^A
Expenses net of fee waivers, if any	1.08% ^A	1.91%	1.85%	1.85%	1.90% ^A
Expenses net of all reductions	1.02% ^A	1.87%	1.81%	1.74%	1.78% ^A
Net investment income (loss)	.85% ^A	(.12)%	(.13)%	(.20)%	(.33)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 8,865	$ 11,614	$ 46,568	$ 28,309	$ 2,704
Portfolio turnover rate ^G	271% ^A	61%	107%	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.

^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.

^J Amount represents less than $.01 per share.

^K Total distributions of $1.852 per share is comprised of distributions from net realized gain of $1.852 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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.12	$ 18.64	$ 14.04	$ 10.37	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.01	(.08)	(.11)	(.10)	(.02)
Net realized and unrealized gain (loss)	(.45)	(10.68)	4.70	3.74	.38
Total from investment operations	(.44)	(10.76)	4.59	3.64	.36
Distributions from net realized gain	-	(1.76) ^K	-	-	-
Redemption fees added to paid in capital ^E	- ^J	- ^J	.01	.03	.01
Net asset value, end of period	$ 5.68	$ 6.12	$ 18.64	$ 14.04	$ 10.37
Total Return ^{B, C, D}	(7.19)%	(63.32)%	32.76%	35.39%	3.70%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.57% ^A	2.51%	2.40%	2.45%	3.43% ^A
Expenses net of fee waivers, if any	1.57% ^A	2.41%	2.40%	2.41%	2.40% ^A
Expenses net of all reductions	1.51% ^A	2.38%	2.36%	2.30%	2.27% ^A
Net investment income (loss)	.37% ^A	(.62)%	(.67)%	(.76)%	(.82)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,138	$ 2,687	$ 10,975	$ 7,709	$ 1,705
Portfolio turnover rate ^G	271% ^A	61%	107%	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.

^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.

^J Amount represents less than $.01 per share.

^K Total distributions of $1.760 per share is comprised of distributions from net realized gain of $1.760 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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.11	$ 18.63	$ 14.03	$ 10.37	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.01	(.08)	(.11)	(.10)	(.02)
Net realized and unrealized gain (loss)	(.45)	(10.66)	4.70	3.73	.38
Total from investment operations	(.44)	(10.74)	4.59	3.63	.36
Distributions from net realized gain	-	(1.78)^K	-	-	-
Redemption fees added to paid in capital ^E	- ^J	- ^J	.01	.03	.01
Net asset value, end of period	$ 5.67	$ 6.11	$ 18.63	$ 14.03	$ 10.37
Total Return ^{B, C, D}	(7.20)%	(63.32)%	32.79%	35.29%	3.70%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.55% ^A	2.51%	2.38%	2.38%	3.32% ^A
Expenses net of fee waivers, if any	1.55% ^A	2.41%	2.38%	2.38%	2.40% ^A
Expenses net of all reductions	1.50% ^A	2.38%	2.34%	2.27%	2.29% ^A
Net investment income (loss)	.38% ^A	(.62)%	(.66)%	(.73)%	(.84)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 6,542	$ 9,497	$ 40,894	$ 26,320	$ 3,317
Portfolio turnover rate ^G	271% ^A	61%	107%	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.

^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.

^J Amount represents less than $.01 per share.

^K Total distributions of $1.775 per share is comprised of distributions from net realized gain of $1.775 per share.

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

Semiannual Report

Financial Highlights - International Small Cap Opportunities

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 6.28	$ 19.09	$ 14.23	$ 10.40	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.04	.05	.07	.05	- ^I
Net realized and unrealized gain (loss)	(.47)	(10.92)	4.78	3.75	.39
Total from investment operations	(.43)	(10.87)	4.85	3.80	.39
Distributions from net investment income	- ^I	(.06)	-	-	-
Distributions from net realized gain	-	(1.88)	-	- ^I	-
Total distributions	- ^I	(1.94) ^J	-	- ^I	-
Redemption fees added to paid in capital ^D	- ^I	- ^I	.01	.03	.01
Net asset value, end of period	$ 5.85	$ 6.28	$ 19.09	$ 14.23	$ 10.40
Total Return ^{B, C}	(6.80)%	(62.91)%	34.15%	36.86%	4.00%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.56% ^A	1.44%	1.30%	1.28%	2.25% ^A
Expenses net of fee waivers, if any	.56% ^A	1.44%	1.30%	1.28%	1.40% ^A
Expenses net of all reductions	.50% ^A	1.40%	1.25%	1.16%	1.31% ^A
Net investment income (loss)	1.37% ^A	.36%	.43%	.37%	.14% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 246,441	$ 312,376	$ 1,433,844	$ 981,210	$ 197,349
Portfolio turnover rate ^F	271% ^A	61%	107%	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.

^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.

^I Amount represents less than $.01 per share.

^J Total distributions of $1.942 per share is comprised of distributions from net investment income of $.064 and distributions from net realized gain of $1.878 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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 6.27	$ 19.09	$ 14.22	$ 10.40	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.04	.05	.08	.05	- ^I
Net realized and unrealized gain (loss)	(.46)	(10.92)	4.78	3.74	.39
Total from investment operations	(.42)	(10.87)	4.86	3.79	.39
Distributions from net investment income	- ^I	(.07)	-	-	-
Distributions from net realized gain	-	(1.88)	-	- ^I	-
Total distributions	- ^I	(1.95) ^J	-	- ^I	-
Redemption fees added to paid in capital ^D	- ^I	- ^I	.01	.03	.01
Net asset value, end of period	$ 5.85	$ 6.27	$ 19.09	$ 14.22	$ 10.40
Total Return ^{B, C}	(6.67)%	(62.95)%	34.25%	36.77%	4.00%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.60% ^A	1.40%	1.29%	1.25%	2.25% ^A
Expenses net of fee waivers, if any	.60% ^A	1.40%	1.29%	1.25%	1.40% ^A
Expenses net of all reductions	.54% ^A	1.37%	1.25%	1.14%	1.29% ^A
Net investment income (loss)	1.33% ^A	.39%	.44%	.40%	.16% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,056	$ 8,117	$ 27,609	$ 13,954	$ 2,849
Portfolio turnover rate ^F	271% ^A	61%	107%	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.

^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.

^I Amount represents less than $.01 per share.

^J Total distributions of $1.952 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $1.878 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, 2009 (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.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

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

Unrealized appreciation	$ 28,692,689
Unrealized depreciation	(21,269,988)
Net unrealized appreciation (depreciation)	$ 7,422,701
Cost for federal income tax purposes	$ 291,843,998

Semiannual Report

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $396,585,240 and $449,434,727, respectively.

The Fund realized a gain on the sale of an investment not meeting the investment restrictions of the Fund.

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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, International Small Cap Opportunities as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .11% 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 - continued

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%	$ 18,180	$ -
Class T	.25%	.25%	23,272	-
Class B	.75%	.25%	11,031	8,319
Class C	.75%	.25%	34,827	4,389
			$ 87,310	$ 12,708

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

	Retained by FDC
Class A	$ 2,843
Class T	1,406
Class B*	4,653
Class C*	344
	$ 9,246

* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 20,372	.28
Class T	13,963	.30
Class B	3,154	.29
Class C	9,421	.27
International Small Cap Opportunities	351,268	.28
Institutional Class	7,877	.32
	$ 406,055

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $975 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Security Lending - continued

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.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Class A	$ -	$ 91,280
International Small Cap Opportunities	138,653	4,620,425
Institutional Class	2,047	105,667
Total	$ 140,700	$ 4,817,372
From net realized gain
Class A	$ -	$ 6,856,940
Class T	-	4,515,065
Class B	-	1,019,225
Class C	-	3,838,511
International Small Cap Opportunities	-	135,580,534
Institutional Class	-	2,681,658
Total	$ -	$ 154,491,933

Semiannual Report

11. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
Class A
Shares sold	306,031	828,854	$ 1,679,889	$ 10,916,918
Reinvestment of distributions	-	416,175	-	6,313,370
Shares redeemed	(688,496)	(2,104,322)	(3,771,211)	(25,609,420)
Net increase (decrease)	(382,465)	(859,293)	$ (2,091,322)	$ (8,379,132)
Class T
Shares sold	140,491	298,437	$ 769,501	$ 3,745,246
Reinvestment of distributions	-	288,615	-	4,360,975
Shares redeemed	(476,431)	(1,182,864)	(2,585,053)	(14,814,150)
Net increase (decrease)	(335,940)	(595,812)	$ (1,815,552)	$ (6,707,929)
Class B
Shares sold	26,402	67,210	$ 142,248	$ 882,196
Reinvestment of distributions	-	61,167	-	917,505
Shares redeemed	(88,900)	(278,427)	(475,968)	(3,422,675)
Net increase (decrease)	(62,498)	(150,050)	$ (333,720)	$ (1,622,974)
Class C
Shares sold	96,634	393,320	$ 518,145	$ 4,565,906
Reinvestment of distributions	-	216,879	-	3,248,846
Shares redeemed	(496,685)	(1,252,106)	(2,520,914)	(14,199,211)
Net increase (decrease)	(400,051)	(641,907)	$ (2,002,769)	$ (6,384,459)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Share Transactions - continued

Shares

Dollars

	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
International Small Cap Opportunities
Shares sold	2,817,958	10,644,155	$ 15,766,040	$ 141,713,979
Reinvestment of distributions	21,738	8,363,264	128,470	127,539,782
Shares redeemed	(10,475,028)	(44,345,885)	(58,082,259)	(553,799,561)
Net increase (decrease)	(7,635,332)	(25,338,466)	$ (42,187,749)	$ (284,545,800)
Institutional Class
Shares sold	233,398	915,939	$ 1,282,566	$ 11,419,413
Reinvestment of distributions	122	149,148	720	2,273,017
Shares redeemed	(1,175,804)	(1,217,529)	(6,469,056)	(14,541,508)
Net increase (decrease)	(942,284)	(152,442)	$ (5,185,770)	$ (849,078)

12. Other.

Semiannual Report

Managing Your Investments

By Phone

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Fidelity Automated
Service Telephone (FAST®)
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fid414 To change your PIN.

fid416 fid418 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.

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Fidelity's Web Site
www.fidelity.com

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

2000 Avenue of the Stars
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

16656 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

398 West El Camino Real
Sunnyvale, CA

111 South Westlake Blvd
Thousand Oaks, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
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6326 Canoga Avenue
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Colorado

281 East Flatiron Circle
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Denver, CO

9185 Westview Road
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Connecticut

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New Haven, CT

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Stamford, CT

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West Hartford, CT

Delaware

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Florida

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Altamonte Springs, FL

4400 N. Federal Highway
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121 Alhambra Plaza
Coral Gables, FL

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4671 Town Center Parkway
Jacksonville, FL

8880 Tamiami Trail, North
Naples, FL

230 Royal Palm Way
Palm Beach, 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

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Chicago, IL

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Highland Park, IL

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Indiana

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Kansas

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Maine

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Maryland

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Massachusetts

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Burlington, MA

238 Main Street
Cambridge, MA

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Danvers, MA

Semiannual Report

405 Cochituate Road
Framingham, MA

551 Boston Turnpike
Shrewsbury, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

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Birmingham, MI

30200 Northwestern Hwy.
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43420 Grand River Avenue
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Minnesota

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8342 3rd Street North
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Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

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New Jersey

501 Route 73 South
Marlton, NJ

150 Essex Street
Millburn, NJ

35 Morris Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
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New Mexico

2261 Q Street NE
Albuquerque, NM

New York

1130 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
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980 Madison Avenue
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61 Broadway
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350 Park Avenue
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200 Fifth Avenue
New York, NY

733 Third Avenue
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New York, NY

2070 Broadway
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Roslyn, NY

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North Carolina

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Charlotte, NC

7011 Fayetteville Road
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Ohio

3805 Edwards Road
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1324 Polaris Parkway
Columbus, OH

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28699 Chagrin Boulevard
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Oregon

7493 SW Bridgeport Road
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Pennsylvania

600 West DeKalb Pike
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1735 Market Street
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Rhode Island

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Tennessee

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7628 West Farmington Blvd.
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Texas

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4001 Northwest Parkway
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Houston, TX

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6560 Fannin Street
Houston, TX

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The Woodlands, TX

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Irving, TX

6005 West Park Boulevard
Plano, TX

14100 San Pedro
San Antonio, TX

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Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
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Washington

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1518 6th Avenue
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Washington, DC

1900 K Street, N.W.
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Wisconsin

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

Semiannual Report

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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

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Research & Analysis Company

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

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

Fidelity Investments Japan Limited

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

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

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®) fid420 1-800-544-5555

Automated line for quickest service

ILS-USAN-0609
1.815077.103

fid466

(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, 2009

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

(2_fidelity_logos) (Registered_Trademark)

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 http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	.81%
Actual		$ 1,000.00	$ 931.10	$ 3.88
Hypothetical^A		$ 1,000.00	$ 1,020.78	$ 4.06
Class T	1.08%
Actual		$ 1,000.00	$ 929.00	$ 5.17
Hypothetical^A		$ 1,000.00	$ 1,019.44	$ 5.41
Class B	1.57%
Actual		$ 1,000.00	$ 928.10	$ 7.51
Hypothetical^A		$ 1,000.00	$ 1,017.01	$ 7.85
Class C	1.55%
Actual		$ 1,000.00	$ 928.00	$ 7.41
Hypothetical^A		$ 1,000.00	$ 1,017.11	$ 7.75
International Small Cap Opportunities	.56%
Actual		$ 1,000.00	$ 932.00	$ 2.68
Hypothetical^A		$ 1,000.00	$ 1,022.02	$ 2.81
Institutional Class	.60%
Actual		$ 1,000.00	$ 933.30	$ 2.88**
Hypothetical^A		$ 1,000.00	$ 1,021.82	$ 3.01**

^A 5% return per year before expenses

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

	Annualized Expense Ratio	Expenses Paid
Institutional Class	.63%
Actual		$ 3.02
Hypothetical^A		$ 3.16

^A 5% return per year before expenses

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan 22.1%
	United Kingdom 19.1%
	United States of America 14.0%
	Canada 4.7%
	Germany 4.3%
	Switzerland 4.3%
	South Africa 3.6%
	Spain 2.9%
	Netherlands 2.7%
	Other 22.3%

fid1587

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

As of October 31, 2008
	Japan 15.4%
	United Kingdom 13.6%
	China 9.2%
	Netherlands 7.6%
	Cayman Islands 7.5%
	United States of America 7.3%
	Papua New Guinea 7.3%
	Australia 6.4%
	Germany 6.4%
	Other 19.3%

fid1599

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	98.3	98.9
Short-Term Investments and Net Other Assets	1.7	1.1
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
CyberSource Corp. (United States of America, IT Services)	2.6	0.0
Bank Sarasin & Co. Ltd. Series B (Reg.) (Switzerland, Capital Markets)	2.6	0.0
Serco Group PLC (United Kingdom, Commercial Services & Supplies)	2.5	0.0
Spirax-Sarco Engineering PLC (United Kingdom, Machinery)	2.4	0.0
Pricesmart, Inc. (United States of America, Food & Staples Retailing)	2.4	0.0
Promise Co. Ltd. (Japan, Consumer Finance)	2.2	1.4
Tsumura & Co. (Japan, Pharmaceuticals)	2.2	0.0
Software AG (Bearer) (Germany, Software)	2.0	0.0
Osaka Securities Exchange Co. Ltd. (Japan, Diversified Financial Services)	1.9	0.0
Autonomy Corp. PLC (United Kingdom, Software)	1.8	2.7
	22.6
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	18.4	10.5
Consumer Discretionary	16.9	9.5
Industrials	16.8	21.5
Information Technology	11.5	27.5
Health Care	10.2	6.5
Materials	8.6	11.3
Consumer Staples	7.4	10.6
Energy	4.5	1.0
Telecommunication Services	3.6	0.0
Utilities	0.4	0.5

Semiannual Report

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
Austria - 0.4%
Andritz AG	34,800		$ 1,182,692
Belgium - 0.7%
Umicore SA (d)	101,900		1,996,539
Bermuda - 2.2%
China Sports International Ltd.	6,306,000		447,234
Lazard Ltd. Class A	48,700		1,329,510
Ports Design Ltd.	2,107,000		3,199,613
Seadrill Ltd.	105,300		1,123,671
TOTAL BERMUDA			6,100,028
Brazil - 2.0%
Banco ABC Brasil SA	219,000		700,976
BM&F BOVESPA SA	653,500		2,689,362
Braskem SA Class A sponsored ADR (d)	74,500		422,415
MRV Engenharia e Participacoes SA	168,800		1,675,689
TOTAL BRAZIL			5,488,442
Canada - 4.7%
Agnico-Eagle Mines Ltd. (Canada)	34,400		1,520,721
Eldorado Gold Corp. (a)	174,600		1,387,143
Fairfax Financial Holdings Ltd.	14,900		3,940,867
Niko Resources Ltd.	40,300		2,039,570
Petrobank Energy & Resources Ltd. (a)	205,200		4,410,962
TOTAL CANADA			13,299,263
Cayman Islands - 0.5%
Bosideng International Holdings Ltd.	3,974,000		321,078
China Dongxiang Group Co. Ltd.	2,215,000		1,075,702
TOTAL CAYMAN ISLANDS			1,396,780
China - 0.5%
China Nepstar Chain Drugstore Ltd. ADR	119,200		600,768
China Zaino International Ltd.	1,490,000		261,668
Li Ning Co. Ltd.	256,500		524,917
TOTAL CHINA			1,387,353
Finland - 1.4%
Nokian Tyres PLC	101,300		1,599,310
Outotec Oyj	67,800		1,437,492
Poyry Oyj	74,238		922,276
TOTAL FINLAND			3,959,078
Common Stocks - continued
	Shares		Value
France - 2.7%
Audika SA	123,284		$ 2,974,894
Laurent-Perrier Group	10,367		607,981
Remy Cointreau SA	34,000		1,120,518
Saft Groupe SA	90,700		2,775,307
TOTAL FRANCE			7,478,700
Germany - 4.3%
Bilfinger Berger AG (d)	31,000		1,457,664
DIC Asset AG	166,800		1,314,462
Software AG (Bearer) (d)	89,800		5,553,359
Vossloh AG	36,600		3,731,351
TOTAL GERMANY			12,056,836
Greece - 0.4%
Terna Energy SA	187,051		1,114,838
India - 0.9%
Bharti Airtel Ltd. (a)	170,930		2,605,137
Ireland - 1.1%
CRH PLC	75,057		1,950,745
Kerry Group PLC Class A	53,700		1,100,267
TOTAL IRELAND			3,051,012
Israel - 1.1%
Partner Communications Co. Ltd. ADR (d)	182,700		2,968,875
Italy - 0.7%
Azimut Holdings SpA	288,000		2,012,028
Japan - 22.1%
Alpen Co. Ltd.	21,000		346,858
Autobacs Seven Co. Ltd.	108,300		2,961,252
Daikoku Denki Co. Ltd.	71,500		822,368
Denso Corp.	61,000		1,442,337
FCC Co. Ltd.	92,400		1,171,072
Glory Ltd.	53,000		972,859
Kamigumi Co. Ltd.	125,000		803,066
Kobayashi Pharmaceutical Co. Ltd.	146,800		4,776,245
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	761,300		4,126,246
Nagaileben Co. Ltd.	57,500		1,022,227
NGK Insulators Ltd.	120,000		1,840,818
Nihon Parkerizing Co. Ltd.	84,000		700,462
Nippon Seiki Co. Ltd.	199,000		1,795,351
Nippon Thompson Co. Ltd.	727,000		3,143,912
Nitta Corp.	31,000		356,365
Common Stocks - continued
	Shares		Value
Japan - continued
Obic Co. Ltd.	10,840		$ 1,471,922
Ohashi Technica, Inc.	50,000		309,620
Osaka Securities Exchange Co. Ltd.	1,659		5,270,472
OSG Corp.	178,800		1,125,918
Ozeki Co. Ltd.	21,300		530,441
Pal Co. Ltd.	19,250		294,698
Promise Co. Ltd. (d)	475,100		6,279,446
SAZABY, Inc.	36,800		393,270
SHIMANO, Inc.	29,800		881,846
SHO-BOND Holdings Co. Ltd.	86,400		1,553,811
Sony Financial Holdings, Inc.	269		846,549
Sparx Group Co. Ltd.	5,960		781,684
The Nippon Synthetic Chemical Industry Co. Ltd.	338,000		1,178,450
THK Co. Ltd.	99,900		1,385,832
Toho Holdings Co. Ltd. (d)	116,800		1,130,198
Tsumura & Co.	225,600		6,179,818
Tsutsumi Jewelry Co. Ltd.	82,300		1,351,764
USS Co. Ltd.	91,120		4,130,249
Yamato Kogyo Co. Ltd.	31,800		722,487
TOTAL JAPAN			62,099,913
Korea (South) - 0.8%
NHN Corp. (a)	18,040		2,195,009
Mexico - 1.1%
America Movil SAB de CV Series L sponsored ADR	41,300		1,356,705
Cemex SA de CV sponsored ADR	109,200		816,816
Wal-Mart de Mexico SA de CV Series V	378,200		1,031,417
TOTAL MEXICO			3,204,938
Netherlands - 2.7%
Aalberts Industries NV	111,200		848,674
ASML Holding NV (NY Shares)	104,193		2,203,682
James Hardie Industries NV sponsored ADR	52,600		857,906
QIAGEN NV (a)	224,400		3,698,112
TOTAL NETHERLANDS			7,608,374
Norway - 0.3%
Det Norske Oljeselskap ASA (DNO) (A Shares) (a)	944,000		797,395
Common Stocks - continued
	Shares		Value
Papua New Guinea - 1.1%
Lihir Gold Ltd. sponsored ADR (a)(d)	89,500		$ 1,915,300
Oil Search Ltd.	288,658		1,076,701
TOTAL PAPUA NEW GUINEA			2,992,001
Philippines - 0.5%
Jollibee Food Corp.	1,473,900		1,409,551
Singapore - 2.0%
Keppel Land Ltd.	596,000		692,415
Singapore Exchange Ltd.	1,023,000		4,332,462
Wing Tai Holdings Ltd.	759,000		451,145
TOTAL SINGAPORE			5,476,022
South Africa - 3.6%
African Rainbow Minerals Ltd.	309,800		4,186,775
JSE Ltd.	237,181		1,456,120
Mr. Price Group Ltd.	471,800		1,444,577
MTN Group Ltd.	234,300		3,042,860
TOTAL SOUTH AFRICA			10,130,332
Spain - 2.9%
Grifols SA	264,580		4,641,558
Prosegur Comp Securidad SA (Reg.)	125,709		3,588,954
TOTAL SPAIN			8,230,512
Sweden - 0.8%
Swedish Match Co. (d)	152,000		2,168,697
Switzerland - 4.3%
Actelion Ltd. (Reg.) (a)	38,110		1,735,823
Bank Sarasin & Co. Ltd. Series B (Reg.)	301,717		7,190,451
Sonova Holding AG	47,970		3,103,165
TOTAL SWITZERLAND			12,029,439
Turkey - 1.1%
Anadolu Efes Biracilik ve Malt Sanyii AS	323,000		2,301,015
Tupras-Turkiye Petrol Rafinerileri AS	88,800		887,861
TOTAL TURKEY			3,188,876
United Kingdom - 19.1%
Aberdeen Asset Management PLC	914,700		1,773,172
Autonomy Corp. PLC (a)	243,285		5,102,003
Babcock International Group PLC	173,800		1,114,502
Begbies Traynor Group PLC	498,000		815,427
Common Stocks - continued
	Shares		Value
United Kingdom - continued
BG Group PLC	35,500		$ 566,647
Bovis Homes Group PLC	594,452		4,024,312
Cobham PLC	795,000		2,058,794
Derwent London PLC	94,400		1,162,327
Great Portland Estates PLC	392,300		1,768,769
H&T Group PLC	403,000		1,156,732
Informa PLC	693,700		3,030,829
InterContinental Hotel Group PLC ADR (d)	80,400		761,388
Johnson Matthey PLC	100,300		1,770,499
Man Group PLC	134,400		496,591
Persimmon PLC	489,200		2,727,593
Serco Group PLC	1,275,300		6,877,863
Shaftesbury PLC	317,800		1,638,678
Spirax-Sarco Engineering PLC	538,450		6,781,552
SSL International PLC	582,657		4,083,435
Ted Baker PLC	284,300		1,551,603
Ultra Electronics Holdings PLC	148,969		2,610,927
Victrex PLC	210,682		1,664,202
TOTAL UNITED KINGDOM			53,537,845
United States of America - 12.3%
Advanced Energy Industries, Inc. (a)	505,219		4,258,996
Airgas, Inc.	51,700		2,229,304
Autoliv, Inc.	115,700		2,854,319
CyberSource Corp. (a)	506,900		7,405,807
Dril-Quip, Inc. (a)	21,900		752,922
FMC Technologies, Inc. (a)	26,500		907,095
Martin Marietta Materials, Inc. (d)	9,900		831,897
Mohawk Industries, Inc. (a)(d)	91,400		4,324,134
Pricesmart, Inc.	369,240		6,590,934
Varian Semiconductor Equipment Associates, Inc. (a)	88,700		2,269,833
Visa, Inc.	30,800		2,000,768
TOTAL UNITED STATES OF AMERICA			34,426,009
TOTAL COMMON STOCKS (Cost $266,244,744)		275,592,514
Money Market Funds - 8.4%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	2,247,442		$ 2,247,442
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	21,426,743		21,426,743
TOTAL MONEY MARKET FUNDS (Cost $23,674,185)		23,674,185
TOTAL INVESTMENT PORTFOLIO - 106.7% (Cost $289,918,929)			299,266,699
NET OTHER ASSETS - (6.7)%			(18,772,137)
NET ASSETS - 100%		$ 280,494,562

Legend

(a) Non-income producing

(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	$ 19,725
Fidelity Securities Lending Cash Central Fund	318,472
Total	$ 338,197

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 299,266,699	$ 112,609,685	$ 186,657,014	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $146,419,794 all of which will expire on October 31, 2016.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $20,172,805) - See accompanying schedule: Unaffiliated issuers (cost $266,244,744)	$ 275,592,514
Fidelity Central Funds (cost $23,674,185)	23,674,185
Total Investments (cost $289,918,929)		$ 299,266,699
Cash		130,191
Receivable for investments sold		7,491,860
Receivable for fund shares sold		204,871
Dividends receivable		1,416,458
Distributions receivable from Fidelity Central Funds		36,969
Prepaid expenses		3,177
Other receivables		25,086
Total assets		308,575,311

Liabilities
Payable to custodian bank	$ 41,093
Payable for investments purchased	6,145,393
Payable for fund shares redeemed	306,223
Accrued management fee	19,817
Distribution fees payable	13,785
Other affiliated payables	85,340
Other payables and accrued expenses	42,355
Collateral on securities loaned, at value	21,426,743
Total liabilities		28,080,749

Net Assets		$ 280,494,562
Net Assets consist of:
Paid in capital		$ 780,759,555
Undistributed net investment income		1,760,581
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(511,354,885)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		9,329,311
Net Assets		$ 280,494,562

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, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($14,453,410 ÷ 2,489,176 shares)		$ 5.81

Maximum offering price per share (100/94.25 of $5.81)		$ 6.16
Class T: Net Asset Value and redemption price per share ($8,865,106 ÷ 1,538,405 shares)		$ 5.76

Maximum offering price per share (100/96.50 of $5.76)		$ 5.97
Class B: Net Asset Value and offering price per share ($2,137,810 ÷ 376,327 shares)^A		$ 5.68

Class C: Net Asset Value and offering price per share ($6,541,663 ÷ 1,153,122 shares)^A		$ 5.67

International Small Cap Opportunities: Net Asset Value, offering price and redemption price per share ($246,440,745 ÷ 42,119,425 shares)		$ 5.85

Institutional Class: Net Asset Value, offering price and redemption price per share ($2,055,828 ÷ 351,718 shares)		$ 5.85

^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, 2009 (Unaudited)
Investment Income
Dividends		$ 2,593,711
Income from Fidelity Central Funds (including $318,472 from security lending)		338,197
		2,931,908
Less foreign taxes withheld		(213,734)
Total income		2,718,174

Expenses
Management fee Basic fee	$ 1,257,672
Performance adjustment	(1,092,965)
Transfer agent fees	406,055
Distribution fees	87,310
Accounting and security lending fees	79,416
Custodian fees and expenses	87,089
Independent trustees' compensation	1,211
Registration fees	30,245
Audit	39,974
Legal	1,134
Miscellaneous	3,600
Total expenses before reductions	900,741
Expense reductions	(83,848)	816,893
Net investment income (loss)		1,901,281
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(352,217,191)
Investment not meeting investment restrictions	1,590,340
Foreign currency transactions	(173,038)
Total net realized gain (loss)		(350,799,889)
Change in net unrealized appreciation (depreciation) on: Investment securities	320,908,827
Assets and liabilities in foreign currencies	(14,227)
Total change in net unrealized appreciation (depreciation)		320,894,600
Net gain (loss)		(29,905,289)
Net increase (decrease) in net assets resulting from operations		$ (28,004,008)

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, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,901,281	$ 2,902,276
Net realized gain (loss)	(350,799,889)	(156,690,003)
Change in net unrealized appreciation (depreciation)	320,894,600	(647,198,943)
Net increase (decrease) in net assets resulting from operations	(28,004,008)	(800,986,670)
Distributions to shareholders from net investment income	(140,700)	(4,817,372)
Distributions to shareholders from net realized gain	-	(154,491,933)
Total distributions	(140,700)	(159,309,305)
Share transactions - net increase (decrease)	(53,616,882)	(308,489,372)
Redemption fees	58,992	307,719
Total increase (decrease) in net assets	(81,702,598)	(1,268,477,628)

Net Assets
Beginning of period	362,197,160	1,630,674,788
End of period (including undistributed net investment income of $1,760,581 and $0, respectively)	$ 280,494,562	$ 362,197,160

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.24	$ 18.97	$ 14.18	$ 10.41	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.03	.02	.02	- ^J	- ^J
Net realized and unrealized gain (loss)	(.46)	(10.85)	4.76	3.74	.40
Total from investment operations	(.43)	(10.83)	4.78	3.74	.40
Distributions from net investment income	-	(.03)	-	-	-
Distributions from net realized gain	-	(1.88)	-	- ^J	-
Total distributions	-	(1.90) ^K	-	- ^J	-
Redemption fees added to paid in capital ^E	- ^J	- ^J	.01	.03	.01
Net asset value, end of period	$ 5.81	$ 6.24	$ 18.97	$ 14.18	$ 10.41
Total Return ^{B, C, D}	(6.89)%	(62.98)%	33.78%	36.25%	4.10%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	.81% ^A	1.75%	1.63%	1.63%	2.67% ^A
Expenses net of fee waivers, if any	.81% ^A	1.66%	1.63%	1.63%	1.65% ^A
Expenses net of all reductions	.75% ^A	1.62%	1.59%	1.51%	1.54% ^A
Net investment income (loss)	1.12% ^A	.13%	.10%	.02%	(.09)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 14,453	$ 17,905	$ 70,785	$ 35,674	$ 5,533
Portfolio turnover rate ^G	271% ^A	61%	107%	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.

^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.

^J Amount represents less than $.01 per share.

^K Total distributions of $1.903 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $1.878 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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.20	$ 18.85	$ 14.12	$ 10.38	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.02	(.02)	(.02)	(.03)	(.01)
Net realized and unrealized gain (loss)	(.46)	(10.78)	4.74	3.74	.38
Total from investment operations	(.44)	(10.80)	4.72	3.71	.37
Distributions from net realized gain	-	(1.85) ^K	-	-	-
Redemption fees added to paid in capital ^E	- ^J	- ^J	.01	.03	.01
Net asset value, end of period	$ 5.76	$ 6.20	$ 18.85	$ 14.12	$ 10.38
Total Return ^{B, C, D}	(7.10)%	(63.08)%	33.50%	36.03%	3.80%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.08% ^A	2.00%	1.85%	1.85%	2.92% ^A
Expenses net of fee waivers, if any	1.08% ^A	1.91%	1.85%	1.85%	1.90% ^A
Expenses net of all reductions	1.02% ^A	1.87%	1.81%	1.74%	1.78% ^A
Net investment income (loss)	.85% ^A	(.12)%	(.13)%	(.20)%	(.33)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 8,865	$ 11,614	$ 46,568	$ 28,309	$ 2,704
Portfolio turnover rate ^G	271% ^A	61%	107%	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.

^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.

^J Amount represents less than $.01 per share.

^K Total distributions of $1.852 per share is comprised of distributions from net realized gain of $1.852 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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.12	$ 18.64	$ 14.04	$ 10.37	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.01	(.08)	(.11)	(.10)	(.02)
Net realized and unrealized gain (loss)	(.45)	(10.68)	4.70	3.74	.38
Total from investment operations	(.44)	(10.76)	4.59	3.64	.36
Distributions from net realized gain	-	(1.76) ^K	-	-	-
Redemption fees added to paid in capital ^E	- ^J	- ^J	.01	.03	.01
Net asset value, end of period	$ 5.68	$ 6.12	$ 18.64	$ 14.04	$ 10.37
Total Return ^{B, C, D}	(7.19)%	(63.32)%	32.76%	35.39%	3.70%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.57% ^A	2.51%	2.40%	2.45%	3.43% ^A
Expenses net of fee waivers, if any	1.57% ^A	2.41%	2.40%	2.41%	2.40% ^A
Expenses net of all reductions	1.51% ^A	2.38%	2.36%	2.30%	2.27% ^A
Net investment income (loss)	.37% ^A	(.62)%	(.67)%	(.76)%	(.82)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,138	$ 2,687	$ 10,975	$ 7,709	$ 1,705
Portfolio turnover rate ^G	271% ^A	61%	107%	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.

^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.

^J Amount represents less than $.01 per share.

^K Total distributions of $1.760 per share is comprised of distributions from net realized gain of $1.760 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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.11	$ 18.63	$ 14.03	$ 10.37	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.01	(.08)	(.11)	(.10)	(.02)
Net realized and unrealized gain (loss)	(.45)	(10.66)	4.70	3.73	.38
Total from investment operations	(.44)	(10.74)	4.59	3.63	.36
Distributions from net realized gain	-	(1.78)^K	-	-	-
Redemption fees added to paid in capital ^E	- ^J	- ^J	.01	.03	.01
Net asset value, end of period	$ 5.67	$ 6.11	$ 18.63	$ 14.03	$ 10.37
Total Return ^{B, C, D}	(7.20)%	(63.32)%	32.79%	35.29%	3.70%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.55% ^A	2.51%	2.38%	2.38%	3.32% ^A
Expenses net of fee waivers, if any	1.55% ^A	2.41%	2.38%	2.38%	2.40% ^A
Expenses net of all reductions	1.50% ^A	2.38%	2.34%	2.27%	2.29% ^A
Net investment income (loss)	.38% ^A	(.62)%	(.66)%	(.73)%	(.84)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 6,542	$ 9,497	$ 40,894	$ 26,320	$ 3,317
Portfolio turnover rate ^G	271% ^A	61%	107%	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.

^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.

^J Amount represents less than $.01 per share.

^K Total distributions of $1.775 per share is comprised of distributions from net realized gain of $1.775 per share.

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

Semiannual Report

Financial Highlights - International Small Cap Opportunities

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 6.28	$ 19.09	$ 14.23	$ 10.40	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.04	.05	.07	.05	- ^I
Net realized and unrealized gain (loss)	(.47)	(10.92)	4.78	3.75	.39
Total from investment operations	(.43)	(10.87)	4.85	3.80	.39
Distributions from net investment income	- ^I	(.06)	-	-	-
Distributions from net realized gain	-	(1.88)	-	- ^I	-
Total distributions	- ^I	(1.94) ^J	-	- ^I	-
Redemption fees added to paid in capital ^D	- ^I	- ^I	.01	.03	.01
Net asset value, end of period	$ 5.85	$ 6.28	$ 19.09	$ 14.23	$ 10.40
Total Return ^{B, C}	(6.80)%	(62.91)%	34.15%	36.86%	4.00%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.56% ^A	1.44%	1.30%	1.28%	2.25% ^A
Expenses net of fee waivers, if any	.56% ^A	1.44%	1.30%	1.28%	1.40% ^A
Expenses net of all reductions	.50% ^A	1.40%	1.25%	1.16%	1.31% ^A
Net investment income (loss)	1.37% ^A	.36%	.43%	.37%	.14% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 246,441	$ 312,376	$ 1,433,844	$ 981,210	$ 197,349
Portfolio turnover rate ^F	271% ^A	61%	107%	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.

^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.

^I Amount represents less than $.01 per share.

^J Total distributions of $1.942 per share is comprised of distributions from net investment income of $.064 and distributions from net realized gain of $1.878 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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 6.27	$ 19.09	$ 14.22	$ 10.40	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.04	.05	.08	.05	- ^I
Net realized and unrealized gain (loss)	(.46)	(10.92)	4.78	3.74	.39
Total from investment operations	(.42)	(10.87)	4.86	3.79	.39
Distributions from net investment income	- ^I	(.07)	-	-	-
Distributions from net realized gain	-	(1.88)	-	- ^I	-
Total distributions	- ^I	(1.95) ^J	-	- ^I	-
Redemption fees added to paid in capital ^D	- ^I	- ^I	.01	.03	.01
Net asset value, end of period	$ 5.85	$ 6.27	$ 19.09	$ 14.22	$ 10.40
Total Return ^{B, C}	(6.67)%	(62.95)%	34.25%	36.77%	4.00%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.60% ^A	1.40%	1.29%	1.25%	2.25% ^A
Expenses net of fee waivers, if any	.60% ^A	1.40%	1.29%	1.25%	1.40% ^A
Expenses net of all reductions	.54% ^A	1.37%	1.25%	1.14%	1.29% ^A
Net investment income (loss)	1.33% ^A	.39%	.44%	.40%	.16% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,056	$ 8,117	$ 27,609	$ 13,954	$ 2,849
Portfolio turnover rate ^F	271% ^A	61%	107%	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.

^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.

^I Amount represents less than $.01 per share.

^J Total distributions of $1.952 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $1.878 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, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

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

Unrealized appreciation	$ 28,692,689
Unrealized depreciation	(21,269,988)
Net unrealized appreciation (depreciation)	$ 7,422,701
Cost for federal income tax purposes	$ 291,843,998

Semiannual Report

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $396,585,240 and $449,434,727, respectively.

The Fund realized a gain on the sale of an investment not meeting the investment restrictions of the Fund.

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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, International Small Cap Opportunities as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .11% 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 - continued

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%	$ 18,180	$ -
Class T	.25%	.25%	23,272	-
Class B	.75%	.25%	11,031	8,319
Class C	.75%	.25%	34,827	4,389
			$ 87,310	$ 12,708

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

	Retained by FDC
Class A	$ 2,843
Class T	1,406
Class B*	4,653
Class C*	344
	$ 9,246

* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 20,372	.28
Class T	13,963	.30
Class B	3,154	.29
Class C	9,421	.27
International Small Cap Opportunities	351,268	.28
Institutional Class	7,877	.32
	$ 406,055

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $975 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Security Lending - continued

9. Expense Reductions.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Class A	$ -	$ 91,280
International Small Cap Opportunities	138,653	4,620,425
Institutional Class	2,047	105,667
Total	$ 140,700	$ 4,817,372
From net realized gain
Class A	$ -	$ 6,856,940
Class T	-	4,515,065
Class B	-	1,019,225
Class C	-	3,838,511
International Small Cap Opportunities	-	135,580,534
Institutional Class	-	2,681,658
Total	$ -	$ 154,491,933

Semiannual Report

11. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
Class A
Shares sold	306,031	828,854	$ 1,679,889	$ 10,916,918
Reinvestment of distributions	-	416,175	-	6,313,370
Shares redeemed	(688,496)	(2,104,322)	(3,771,211)	(25,609,420)
Net increase (decrease)	(382,465)	(859,293)	$ (2,091,322)	$ (8,379,132)
Class T
Shares sold	140,491	298,437	$ 769,501	$ 3,745,246
Reinvestment of distributions	-	288,615	-	4,360,975
Shares redeemed	(476,431)	(1,182,864)	(2,585,053)	(14,814,150)
Net increase (decrease)	(335,940)	(595,812)	$ (1,815,552)	$ (6,707,929)
Class B
Shares sold	26,402	67,210	$ 142,248	$ 882,196
Reinvestment of distributions	-	61,167	-	917,505
Shares redeemed	(88,900)	(278,427)	(475,968)	(3,422,675)
Net increase (decrease)	(62,498)	(150,050)	$ (333,720)	$ (1,622,974)
Class C
Shares sold	96,634	393,320	$ 518,145	$ 4,565,906
Reinvestment of distributions	-	216,879	-	3,248,846
Shares redeemed	(496,685)	(1,252,106)	(2,520,914)	(14,199,211)
Net increase (decrease)	(400,051)	(641,907)	$ (2,002,769)	$ (6,384,459)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Share Transactions - continued

Shares

Dollars

	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
International Small Cap Opportunities
Shares sold	2,817,958	10,644,155	$ 15,766,040	$ 141,713,979
Reinvestment of distributions	21,738	8,363,264	128,470	127,539,782
Shares redeemed	(10,475,028)	(44,345,885)	(58,082,259)	(553,799,561)
Net increase (decrease)	(7,635,332)	(25,338,466)	$ (42,187,749)	$ (284,545,800)
Institutional Class
Shares sold	233,398	915,939	$ 1,282,566	$ 11,419,413
Reinvestment of distributions	122	149,148	720	2,273,017
Shares redeemed	(1,175,804)	(1,217,529)	(6,469,056)	(14,541,508)
Net increase (decrease)	(942,284)	(152,442)	$ (5,185,770)	$ (849,078)

12. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

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

Fidelity Research & Analysis Company

FIL Investment Advisors

Fidelity Investments Japan Limited

FIL Investment Advisors (U.K.) Ltd.

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

AILS-USAN-0609
1.815093.103

fid1007

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Small Cap Opportunities
Fund - Institutional Class

Semiannual Report

April 30, 2009

Institutional Class
is a class of Fidelity®
International Small Cap
Opportunities Fund

(2_fidelity_logos) (Registered_Trademark)

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 http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	.81%
Actual		$ 1,000.00	$ 931.10	$ 3.88
Hypothetical^A		$ 1,000.00	$ 1,020.78	$ 4.06
Class T	1.08%
Actual		$ 1,000.00	$ 929.00	$ 5.17
Hypothetical^A		$ 1,000.00	$ 1,019.44	$ 5.41
Class B	1.57%
Actual		$ 1,000.00	$ 928.10	$ 7.51
Hypothetical^A		$ 1,000.00	$ 1,017.01	$ 7.85
Class C	1.55%
Actual		$ 1,000.00	$ 928.00	$ 7.41
Hypothetical^A		$ 1,000.00	$ 1,017.11	$ 7.75
International Small Cap Opportunities	.56%
Actual		$ 1,000.00	$ 932.00	$ 2.68
Hypothetical^A		$ 1,000.00	$ 1,022.02	$ 2.81
Institutional Class	.60%
Actual		$ 1,000.00	$ 933.30	$ 2.88**
Hypothetical^A		$ 1,000.00	$ 1,021.82	$ 3.01**

^A 5% return per year before expenses

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

	Annualized Expense Ratio	Expenses Paid
Institutional Class	.63%
Actual		$ 3.02
Hypothetical^A		$ 3.16

^A 5% return per year before expenses

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan 22.1%
	United Kingdom 19.1%
	United States of America 14.0%
	Canada 4.7%
	Germany 4.3%
	Switzerland 4.3%
	South Africa 3.6%
	Spain 2.9%
	Netherlands 2.7%
	Other 22.3%

fid1618

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

As of October 31, 2008
	Japan 15.4%
	United Kingdom 13.6%
	China 9.2%
	Netherlands 7.6%
	Cayman Islands 7.5%
	United States of America 7.3%
	Papua New Guinea 7.3%
	Australia 6.4%
	Germany 6.4%
	Other 19.3%

fid1630

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	98.3	98.9
Short-Term Investments and Net Other Assets	1.7	1.1
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
CyberSource Corp. (United States of America, IT Services)	2.6	0.0
Bank Sarasin & Co. Ltd. Series B (Reg.) (Switzerland, Capital Markets)	2.6	0.0
Serco Group PLC (United Kingdom, Commercial Services & Supplies)	2.5	0.0
Spirax-Sarco Engineering PLC (United Kingdom, Machinery)	2.4	0.0
Pricesmart, Inc. (United States of America, Food & Staples Retailing)	2.4	0.0
Promise Co. Ltd. (Japan, Consumer Finance)	2.2	1.4
Tsumura & Co. (Japan, Pharmaceuticals)	2.2	0.0
Software AG (Bearer) (Germany, Software)	2.0	0.0
Osaka Securities Exchange Co. Ltd. (Japan, Diversified Financial Services)	1.9	0.0
Autonomy Corp. PLC (United Kingdom, Software)	1.8	2.7
	22.6
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	18.4	10.5
Consumer Discretionary	16.9	9.5
Industrials	16.8	21.5
Information Technology	11.5	27.5
Health Care	10.2	6.5
Materials	8.6	11.3
Consumer Staples	7.4	10.6
Energy	4.5	1.0
Telecommunication Services	3.6	0.0
Utilities	0.4	0.5

Semiannual Report

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
Austria - 0.4%
Andritz AG	34,800		$ 1,182,692
Belgium - 0.7%
Umicore SA (d)	101,900		1,996,539
Bermuda - 2.2%
China Sports International Ltd.	6,306,000		447,234
Lazard Ltd. Class A	48,700		1,329,510
Ports Design Ltd.	2,107,000		3,199,613
Seadrill Ltd.	105,300		1,123,671
TOTAL BERMUDA			6,100,028
Brazil - 2.0%
Banco ABC Brasil SA	219,000		700,976
BM&F BOVESPA SA	653,500		2,689,362
Braskem SA Class A sponsored ADR (d)	74,500		422,415
MRV Engenharia e Participacoes SA	168,800		1,675,689
TOTAL BRAZIL			5,488,442
Canada - 4.7%
Agnico-Eagle Mines Ltd. (Canada)	34,400		1,520,721
Eldorado Gold Corp. (a)	174,600		1,387,143
Fairfax Financial Holdings Ltd.	14,900		3,940,867
Niko Resources Ltd.	40,300		2,039,570
Petrobank Energy & Resources Ltd. (a)	205,200		4,410,962
TOTAL CANADA			13,299,263
Cayman Islands - 0.5%
Bosideng International Holdings Ltd.	3,974,000		321,078
China Dongxiang Group Co. Ltd.	2,215,000		1,075,702
TOTAL CAYMAN ISLANDS			1,396,780
China - 0.5%
China Nepstar Chain Drugstore Ltd. ADR	119,200		600,768
China Zaino International Ltd.	1,490,000		261,668
Li Ning Co. Ltd.	256,500		524,917
TOTAL CHINA			1,387,353
Finland - 1.4%
Nokian Tyres PLC	101,300		1,599,310
Outotec Oyj	67,800		1,437,492
Poyry Oyj	74,238		922,276
TOTAL FINLAND			3,959,078
Common Stocks - continued
	Shares		Value
France - 2.7%
Audika SA	123,284		$ 2,974,894
Laurent-Perrier Group	10,367		607,981
Remy Cointreau SA	34,000		1,120,518
Saft Groupe SA	90,700		2,775,307
TOTAL FRANCE			7,478,700
Germany - 4.3%
Bilfinger Berger AG (d)	31,000		1,457,664
DIC Asset AG	166,800		1,314,462
Software AG (Bearer) (d)	89,800		5,553,359
Vossloh AG	36,600		3,731,351
TOTAL GERMANY			12,056,836
Greece - 0.4%
Terna Energy SA	187,051		1,114,838
India - 0.9%
Bharti Airtel Ltd. (a)	170,930		2,605,137
Ireland - 1.1%
CRH PLC	75,057		1,950,745
Kerry Group PLC Class A	53,700		1,100,267
TOTAL IRELAND			3,051,012
Israel - 1.1%
Partner Communications Co. Ltd. ADR (d)	182,700		2,968,875
Italy - 0.7%
Azimut Holdings SpA	288,000		2,012,028
Japan - 22.1%
Alpen Co. Ltd.	21,000		346,858
Autobacs Seven Co. Ltd.	108,300		2,961,252
Daikoku Denki Co. Ltd.	71,500		822,368
Denso Corp.	61,000		1,442,337
FCC Co. Ltd.	92,400		1,171,072
Glory Ltd.	53,000		972,859
Kamigumi Co. Ltd.	125,000		803,066
Kobayashi Pharmaceutical Co. Ltd.	146,800		4,776,245
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	761,300		4,126,246
Nagaileben Co. Ltd.	57,500		1,022,227
NGK Insulators Ltd.	120,000		1,840,818
Nihon Parkerizing Co. Ltd.	84,000		700,462
Nippon Seiki Co. Ltd.	199,000		1,795,351
Nippon Thompson Co. Ltd.	727,000		3,143,912
Nitta Corp.	31,000		356,365
Common Stocks - continued
	Shares		Value
Japan - continued
Obic Co. Ltd.	10,840		$ 1,471,922
Ohashi Technica, Inc.	50,000		309,620
Osaka Securities Exchange Co. Ltd.	1,659		5,270,472
OSG Corp.	178,800		1,125,918
Ozeki Co. Ltd.	21,300		530,441
Pal Co. Ltd.	19,250		294,698
Promise Co. Ltd. (d)	475,100		6,279,446
SAZABY, Inc.	36,800		393,270
SHIMANO, Inc.	29,800		881,846
SHO-BOND Holdings Co. Ltd.	86,400		1,553,811
Sony Financial Holdings, Inc.	269		846,549
Sparx Group Co. Ltd.	5,960		781,684
The Nippon Synthetic Chemical Industry Co. Ltd.	338,000		1,178,450
THK Co. Ltd.	99,900		1,385,832
Toho Holdings Co. Ltd. (d)	116,800		1,130,198
Tsumura & Co.	225,600		6,179,818
Tsutsumi Jewelry Co. Ltd.	82,300		1,351,764
USS Co. Ltd.	91,120		4,130,249
Yamato Kogyo Co. Ltd.	31,800		722,487
TOTAL JAPAN			62,099,913
Korea (South) - 0.8%
NHN Corp. (a)	18,040		2,195,009
Mexico - 1.1%
America Movil SAB de CV Series L sponsored ADR	41,300		1,356,705
Cemex SA de CV sponsored ADR	109,200		816,816
Wal-Mart de Mexico SA de CV Series V	378,200		1,031,417
TOTAL MEXICO			3,204,938
Netherlands - 2.7%
Aalberts Industries NV	111,200		848,674
ASML Holding NV (NY Shares)	104,193		2,203,682
James Hardie Industries NV sponsored ADR	52,600		857,906
QIAGEN NV (a)	224,400		3,698,112
TOTAL NETHERLANDS			7,608,374
Norway - 0.3%
Det Norske Oljeselskap ASA (DNO) (A Shares) (a)	944,000		797,395
Common Stocks - continued
	Shares		Value
Papua New Guinea - 1.1%
Lihir Gold Ltd. sponsored ADR (a)(d)	89,500		$ 1,915,300
Oil Search Ltd.	288,658		1,076,701
TOTAL PAPUA NEW GUINEA			2,992,001
Philippines - 0.5%
Jollibee Food Corp.	1,473,900		1,409,551
Singapore - 2.0%
Keppel Land Ltd.	596,000		692,415
Singapore Exchange Ltd.	1,023,000		4,332,462
Wing Tai Holdings Ltd.	759,000		451,145
TOTAL SINGAPORE			5,476,022
South Africa - 3.6%
African Rainbow Minerals Ltd.	309,800		4,186,775
JSE Ltd.	237,181		1,456,120
Mr. Price Group Ltd.	471,800		1,444,577
MTN Group Ltd.	234,300		3,042,860
TOTAL SOUTH AFRICA			10,130,332
Spain - 2.9%
Grifols SA	264,580		4,641,558
Prosegur Comp Securidad SA (Reg.)	125,709		3,588,954
TOTAL SPAIN			8,230,512
Sweden - 0.8%
Swedish Match Co. (d)	152,000		2,168,697
Switzerland - 4.3%
Actelion Ltd. (Reg.) (a)	38,110		1,735,823
Bank Sarasin & Co. Ltd. Series B (Reg.)	301,717		7,190,451
Sonova Holding AG	47,970		3,103,165
TOTAL SWITZERLAND			12,029,439
Turkey - 1.1%
Anadolu Efes Biracilik ve Malt Sanyii AS	323,000		2,301,015
Tupras-Turkiye Petrol Rafinerileri AS	88,800		887,861
TOTAL TURKEY			3,188,876
United Kingdom - 19.1%
Aberdeen Asset Management PLC	914,700		1,773,172
Autonomy Corp. PLC (a)	243,285		5,102,003
Babcock International Group PLC	173,800		1,114,502
Begbies Traynor Group PLC	498,000		815,427
Common Stocks - continued
	Shares		Value
United Kingdom - continued
BG Group PLC	35,500		$ 566,647
Bovis Homes Group PLC	594,452		4,024,312
Cobham PLC	795,000		2,058,794
Derwent London PLC	94,400		1,162,327
Great Portland Estates PLC	392,300		1,768,769
H&T Group PLC	403,000		1,156,732
Informa PLC	693,700		3,030,829
InterContinental Hotel Group PLC ADR (d)	80,400		761,388
Johnson Matthey PLC	100,300		1,770,499
Man Group PLC	134,400		496,591
Persimmon PLC	489,200		2,727,593
Serco Group PLC	1,275,300		6,877,863
Shaftesbury PLC	317,800		1,638,678
Spirax-Sarco Engineering PLC	538,450		6,781,552
SSL International PLC	582,657		4,083,435
Ted Baker PLC	284,300		1,551,603
Ultra Electronics Holdings PLC	148,969		2,610,927
Victrex PLC	210,682		1,664,202
TOTAL UNITED KINGDOM			53,537,845
United States of America - 12.3%
Advanced Energy Industries, Inc. (a)	505,219		4,258,996
Airgas, Inc.	51,700		2,229,304
Autoliv, Inc.	115,700		2,854,319
CyberSource Corp. (a)	506,900		7,405,807
Dril-Quip, Inc. (a)	21,900		752,922
FMC Technologies, Inc. (a)	26,500		907,095
Martin Marietta Materials, Inc. (d)	9,900		831,897
Mohawk Industries, Inc. (a)(d)	91,400		4,324,134
Pricesmart, Inc.	369,240		6,590,934
Varian Semiconductor Equipment Associates, Inc. (a)	88,700		2,269,833
Visa, Inc.	30,800		2,000,768
TOTAL UNITED STATES OF AMERICA			34,426,009
TOTAL COMMON STOCKS (Cost $266,244,744)		275,592,514
Money Market Funds - 8.4%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	2,247,442		$ 2,247,442
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	21,426,743		21,426,743
TOTAL MONEY MARKET FUNDS (Cost $23,674,185)		23,674,185
TOTAL INVESTMENT PORTFOLIO - 106.7% (Cost $289,918,929)			299,266,699
NET OTHER ASSETS - (6.7)%			(18,772,137)
NET ASSETS - 100%		$ 280,494,562

Legend

(a) Non-income producing

(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	$ 19,725
Fidelity Securities Lending Cash Central Fund	318,472
Total	$ 338,197

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 299,266,699	$ 112,609,685	$ 186,657,014	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $146,419,794 all of which will expire on October 31, 2016.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $20,172,805) - See accompanying schedule: Unaffiliated issuers (cost $266,244,744)	$ 275,592,514
Fidelity Central Funds (cost $23,674,185)	23,674,185
Total Investments (cost $289,918,929)		$ 299,266,699
Cash		130,191
Receivable for investments sold		7,491,860
Receivable for fund shares sold		204,871
Dividends receivable		1,416,458
Distributions receivable from Fidelity Central Funds		36,969
Prepaid expenses		3,177
Other receivables		25,086
Total assets		308,575,311

Liabilities
Payable to custodian bank	$ 41,093
Payable for investments purchased	6,145,393
Payable for fund shares redeemed	306,223
Accrued management fee	19,817
Distribution fees payable	13,785
Other affiliated payables	85,340
Other payables and accrued expenses	42,355
Collateral on securities loaned, at value	21,426,743
Total liabilities		28,080,749

Net Assets		$ 280,494,562
Net Assets consist of:
Paid in capital		$ 780,759,555
Undistributed net investment income		1,760,581
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(511,354,885)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		9,329,311
Net Assets		$ 280,494,562

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, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($14,453,410 ÷ 2,489,176 shares)		$ 5.81

Maximum offering price per share (100/94.25 of $5.81)		$ 6.16
Class T: Net Asset Value and redemption price per share ($8,865,106 ÷ 1,538,405 shares)		$ 5.76

Maximum offering price per share (100/96.50 of $5.76)		$ 5.97
Class B: Net Asset Value and offering price per share ($2,137,810 ÷ 376,327 shares)^A		$ 5.68

Class C: Net Asset Value and offering price per share ($6,541,663 ÷ 1,153,122 shares)^A		$ 5.67

International Small Cap Opportunities: Net Asset Value, offering price and redemption price per share ($246,440,745 ÷ 42,119,425 shares)		$ 5.85

Institutional Class: Net Asset Value, offering price and redemption price per share ($2,055,828 ÷ 351,718 shares)		$ 5.85

^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, 2009 (Unaudited)
Investment Income
Dividends		$ 2,593,711
Income from Fidelity Central Funds (including $318,472 from security lending)		338,197
		2,931,908
Less foreign taxes withheld		(213,734)
Total income		2,718,174

Expenses
Management fee Basic fee	$ 1,257,672
Performance adjustment	(1,092,965)
Transfer agent fees	406,055
Distribution fees	87,310
Accounting and security lending fees	79,416
Custodian fees and expenses	87,089
Independent trustees' compensation	1,211
Registration fees	30,245
Audit	39,974
Legal	1,134
Miscellaneous	3,600
Total expenses before reductions	900,741
Expense reductions	(83,848)	816,893
Net investment income (loss)		1,901,281
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(352,217,191)
Investment not meeting investment restrictions	1,590,340
Foreign currency transactions	(173,038)
Total net realized gain (loss)		(350,799,889)
Change in net unrealized appreciation (depreciation) on: Investment securities	320,908,827
Assets and liabilities in foreign currencies	(14,227)
Total change in net unrealized appreciation (depreciation)		320,894,600
Net gain (loss)		(29,905,289)
Net increase (decrease) in net assets resulting from operations		$ (28,004,008)

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, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,901,281	$ 2,902,276
Net realized gain (loss)	(350,799,889)	(156,690,003)
Change in net unrealized appreciation (depreciation)	320,894,600	(647,198,943)
Net increase (decrease) in net assets resulting from operations	(28,004,008)	(800,986,670)
Distributions to shareholders from net investment income	(140,700)	(4,817,372)
Distributions to shareholders from net realized gain	-	(154,491,933)
Total distributions	(140,700)	(159,309,305)
Share transactions - net increase (decrease)	(53,616,882)	(308,489,372)
Redemption fees	58,992	307,719
Total increase (decrease) in net assets	(81,702,598)	(1,268,477,628)

Net Assets
Beginning of period	362,197,160	1,630,674,788
End of period (including undistributed net investment income of $1,760,581 and $0, respectively)	$ 280,494,562	$ 362,197,160

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.24	$ 18.97	$ 14.18	$ 10.41	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.03	.02	.02	- ^J	- ^J
Net realized and unrealized gain (loss)	(.46)	(10.85)	4.76	3.74	.40
Total from investment operations	(.43)	(10.83)	4.78	3.74	.40
Distributions from net investment income	-	(.03)	-	-	-
Distributions from net realized gain	-	(1.88)	-	- ^J	-
Total distributions	-	(1.90) ^K	-	- ^J	-
Redemption fees added to paid in capital ^E	- ^J	- ^J	.01	.03	.01
Net asset value, end of period	$ 5.81	$ 6.24	$ 18.97	$ 14.18	$ 10.41
Total Return ^{B, C, D}	(6.89)%	(62.98)%	33.78%	36.25%	4.10%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	.81% ^A	1.75%	1.63%	1.63%	2.67% ^A
Expenses net of fee waivers, if any	.81% ^A	1.66%	1.63%	1.63%	1.65% ^A
Expenses net of all reductions	.75% ^A	1.62%	1.59%	1.51%	1.54% ^A
Net investment income (loss)	1.12% ^A	.13%	.10%	.02%	(.09)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 14,453	$ 17,905	$ 70,785	$ 35,674	$ 5,533
Portfolio turnover rate ^G	271% ^A	61%	107%	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.

^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.

^J Amount represents less than $.01 per share.

^K Total distributions of $1.903 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $1.878 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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.20	$ 18.85	$ 14.12	$ 10.38	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.02	(.02)	(.02)	(.03)	(.01)
Net realized and unrealized gain (loss)	(.46)	(10.78)	4.74	3.74	.38
Total from investment operations	(.44)	(10.80)	4.72	3.71	.37
Distributions from net realized gain	-	(1.85) ^K	-	-	-
Redemption fees added to paid in capital ^E	- ^J	- ^J	.01	.03	.01
Net asset value, end of period	$ 5.76	$ 6.20	$ 18.85	$ 14.12	$ 10.38
Total Return ^{B, C, D}	(7.10)%	(63.08)%	33.50%	36.03%	3.80%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.08% ^A	2.00%	1.85%	1.85%	2.92% ^A
Expenses net of fee waivers, if any	1.08% ^A	1.91%	1.85%	1.85%	1.90% ^A
Expenses net of all reductions	1.02% ^A	1.87%	1.81%	1.74%	1.78% ^A
Net investment income (loss)	.85% ^A	(.12)%	(.13)%	(.20)%	(.33)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 8,865	$ 11,614	$ 46,568	$ 28,309	$ 2,704
Portfolio turnover rate ^G	271% ^A	61%	107%	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.

^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.

^J Amount represents less than $.01 per share.

^K Total distributions of $1.852 per share is comprised of distributions from net realized gain of $1.852 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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.12	$ 18.64	$ 14.04	$ 10.37	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.01	(.08)	(.11)	(.10)	(.02)
Net realized and unrealized gain (loss)	(.45)	(10.68)	4.70	3.74	.38
Total from investment operations	(.44)	(10.76)	4.59	3.64	.36
Distributions from net realized gain	-	(1.76) ^K	-	-	-
Redemption fees added to paid in capital ^E	- ^J	- ^J	.01	.03	.01
Net asset value, end of period	$ 5.68	$ 6.12	$ 18.64	$ 14.04	$ 10.37
Total Return ^{B, C, D}	(7.19)%	(63.32)%	32.76%	35.39%	3.70%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.57% ^A	2.51%	2.40%	2.45%	3.43% ^A
Expenses net of fee waivers, if any	1.57% ^A	2.41%	2.40%	2.41%	2.40% ^A
Expenses net of all reductions	1.51% ^A	2.38%	2.36%	2.30%	2.27% ^A
Net investment income (loss)	.37% ^A	(.62)%	(.67)%	(.76)%	(.82)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,138	$ 2,687	$ 10,975	$ 7,709	$ 1,705
Portfolio turnover rate ^G	271% ^A	61%	107%	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.

^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.

^J Amount represents less than $.01 per share.

^K Total distributions of $1.760 per share is comprised of distributions from net realized gain of $1.760 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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.11	$ 18.63	$ 14.03	$ 10.37	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.01	(.08)	(.11)	(.10)	(.02)
Net realized and unrealized gain (loss)	(.45)	(10.66)	4.70	3.73	.38
Total from investment operations	(.44)	(10.74)	4.59	3.63	.36
Distributions from net realized gain	-	(1.78)^K	-	-	-
Redemption fees added to paid in capital ^E	- ^J	- ^J	.01	.03	.01
Net asset value, end of period	$ 5.67	$ 6.11	$ 18.63	$ 14.03	$ 10.37
Total Return ^{B, C, D}	(7.20)%	(63.32)%	32.79%	35.29%	3.70%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.55% ^A	2.51%	2.38%	2.38%	3.32% ^A
Expenses net of fee waivers, if any	1.55% ^A	2.41%	2.38%	2.38%	2.40% ^A
Expenses net of all reductions	1.50% ^A	2.38%	2.34%	2.27%	2.29% ^A
Net investment income (loss)	.38% ^A	(.62)%	(.66)%	(.73)%	(.84)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 6,542	$ 9,497	$ 40,894	$ 26,320	$ 3,317
Portfolio turnover rate ^G	271% ^A	61%	107%	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.

^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.

^J Amount represents less than $.01 per share.

^K Total distributions of $1.775 per share is comprised of distributions from net realized gain of $1.775 per share.

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

Semiannual Report

Financial Highlights - International Small Cap Opportunities

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 6.28	$ 19.09	$ 14.23	$ 10.40	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.04	.05	.07	.05	- ^I
Net realized and unrealized gain (loss)	(.47)	(10.92)	4.78	3.75	.39
Total from investment operations	(.43)	(10.87)	4.85	3.80	.39
Distributions from net investment income	- ^I	(.06)	-	-	-
Distributions from net realized gain	-	(1.88)	-	- ^I	-
Total distributions	- ^I	(1.94) ^J	-	- ^I	-
Redemption fees added to paid in capital ^D	- ^I	- ^I	.01	.03	.01
Net asset value, end of period	$ 5.85	$ 6.28	$ 19.09	$ 14.23	$ 10.40
Total Return ^{B, C}	(6.80)%	(62.91)%	34.15%	36.86%	4.00%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.56% ^A	1.44%	1.30%	1.28%	2.25% ^A
Expenses net of fee waivers, if any	.56% ^A	1.44%	1.30%	1.28%	1.40% ^A
Expenses net of all reductions	.50% ^A	1.40%	1.25%	1.16%	1.31% ^A
Net investment income (loss)	1.37% ^A	.36%	.43%	.37%	.14% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 246,441	$ 312,376	$ 1,433,844	$ 981,210	$ 197,349
Portfolio turnover rate ^F	271% ^A	61%	107%	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.

^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.

^I Amount represents less than $.01 per share.

^J Total distributions of $1.942 per share is comprised of distributions from net investment income of $.064 and distributions from net realized gain of $1.878 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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006	2005 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 6.27	$ 19.09	$ 14.22	$ 10.40	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.04	.05	.08	.05	- ^I
Net realized and unrealized gain (loss)	(.46)	(10.92)	4.78	3.74	.39
Total from investment operations	(.42)	(10.87)	4.86	3.79	.39
Distributions from net investment income	- ^I	(.07)	-	-	-
Distributions from net realized gain	-	(1.88)	-	- ^I	-
Total distributions	- ^I	(1.95) ^J	-	- ^I	-
Redemption fees added to paid in capital ^D	- ^I	- ^I	.01	.03	.01
Net asset value, end of period	$ 5.85	$ 6.27	$ 19.09	$ 14.22	$ 10.40
Total Return ^{B, C}	(6.67)%	(62.95)%	34.25%	36.77%	4.00%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.60% ^A	1.40%	1.29%	1.25%	2.25% ^A
Expenses net of fee waivers, if any	.60% ^A	1.40%	1.29%	1.25%	1.40% ^A
Expenses net of all reductions	.54% ^A	1.37%	1.25%	1.14%	1.29% ^A
Net investment income (loss)	1.33% ^A	.39%	.44%	.40%	.16% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,056	$ 8,117	$ 27,609	$ 13,954	$ 2,849
Portfolio turnover rate ^F	271% ^A	61%	107%	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.

^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.

^I Amount represents less than $.01 per share.

^J Total distributions of $1.952 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $1.878 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, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

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

Unrealized appreciation	$ 28,692,689
Unrealized depreciation	(21,269,988)
Net unrealized appreciation (depreciation)	$ 7,422,701
Cost for federal income tax purposes	$ 291,843,998

Semiannual Report

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $396,585,240 and $449,434,727, respectively.

The Fund realized a gain on the sale of an investment not meeting the investment restrictions of the Fund.

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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, International Small Cap Opportunities as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .11% 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 - continued

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%	$ 18,180	$ -
Class T	.25%	.25%	23,272	-
Class B	.75%	.25%	11,031	8,319
Class C	.75%	.25%	34,827	4,389
			$ 87,310	$ 12,708

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

	Retained by FDC
Class A	$ 2,843
Class T	1,406
Class B*	4,653
Class C*	344
	$ 9,246

* 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 respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 20,372	.28
Class T	13,963	.30
Class B	3,154	.29
Class C	9,421	.27
International Small Cap Opportunities	351,268	.28
Institutional Class	7,877	.32
	$ 406,055

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $975 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Security Lending - continued

9. Expense Reductions.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Class A	$ -	$ 91,280
International Small Cap Opportunities	138,653	4,620,425
Institutional Class	2,047	105,667
Total	$ 140,700	$ 4,817,372
From net realized gain
Class A	$ -	$ 6,856,940
Class T	-	4,515,065
Class B	-	1,019,225
Class C	-	3,838,511
International Small Cap Opportunities	-	135,580,534
Institutional Class	-	2,681,658
Total	$ -	$ 154,491,933

Semiannual Report

11. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
Class A
Shares sold	306,031	828,854	$ 1,679,889	$ 10,916,918
Reinvestment of distributions	-	416,175	-	6,313,370
Shares redeemed	(688,496)	(2,104,322)	(3,771,211)	(25,609,420)
Net increase (decrease)	(382,465)	(859,293)	$ (2,091,322)	$ (8,379,132)
Class T
Shares sold	140,491	298,437	$ 769,501	$ 3,745,246
Reinvestment of distributions	-	288,615	-	4,360,975
Shares redeemed	(476,431)	(1,182,864)	(2,585,053)	(14,814,150)
Net increase (decrease)	(335,940)	(595,812)	$ (1,815,552)	$ (6,707,929)
Class B
Shares sold	26,402	67,210	$ 142,248	$ 882,196
Reinvestment of distributions	-	61,167	-	917,505
Shares redeemed	(88,900)	(278,427)	(475,968)	(3,422,675)
Net increase (decrease)	(62,498)	(150,050)	$ (333,720)	$ (1,622,974)
Class C
Shares sold	96,634	393,320	$ 518,145	$ 4,565,906
Reinvestment of distributions	-	216,879	-	3,248,846
Shares redeemed	(496,685)	(1,252,106)	(2,520,914)	(14,199,211)
Net increase (decrease)	(400,051)	(641,907)	$ (2,002,769)	$ (6,384,459)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Share Transactions - continued

Shares

Dollars

	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
International Small Cap Opportunities
Shares sold	2,817,958	10,644,155	$ 15,766,040	$ 141,713,979
Reinvestment of distributions	21,738	8,363,264	128,470	127,539,782
Shares redeemed	(10,475,028)	(44,345,885)	(58,082,259)	(553,799,561)
Net increase (decrease)	(7,635,332)	(25,338,466)	$ (42,187,749)	$ (284,545,800)
Institutional Class
Shares sold	233,398	915,939	$ 1,282,566	$ 11,419,413
Reinvestment of distributions	122	149,148	720	2,273,017
Shares redeemed	(1,175,804)	(1,217,529)	(6,469,056)	(14,541,508)
Net increase (decrease)	(942,284)	(152,442)	$ (5,185,770)	$ (849,078)

12. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company

FIL Investment Advisors

Fidelity Investments Japan Limited

FIL Investment Advisors (U.K.) Ltd.

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

AILSI-USAN-0609
1.815084.103

fid1007

Fidelity®
International Value
Fund

Semiannual Report

April 30, 2009

(2_fidelity_logos) (Registered_Trademark)

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 financial statements.

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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.32%
Actual		$ 1,000.00	$ 1,001.80	$ 6.55
Hypothetical^A		$ 1,000.00	$ 1,018.25	$ 6.61
Class T	1.57%
Actual		$ 1,000.00	$ 998.30	$ 7.78
Hypothetical^A		$ 1,000.00	$ 1,017.01	$ 7.85
Class B	2.06%
Actual		$ 1,000.00	$ 996.60	$ 10.20
Hypothetical^A		$ 1,000.00	$ 1,014.58	$ 10.29
Class C	2.05%
Actual		$ 1,000.00	$ 996.60	$ 10.15
Hypothetical^A		$ 1,000.00	$ 1,014.63	$ 10.24
International Value	1.07%
Actual		$ 1,000.00	$ 1,002.90	$ 5.31
Hypothetical^A		$ 1,000.00	$ 1,019.49	$ 5.36
Institutional Class	.96%
Actual		$ 1,000.00	$ 1,001.40	$ 4.76
Hypothetical^A		$ 1,000.00	$ 1,020.03	$ 4.81

^A 5% return per year before expenses

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

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan 20.2%
	United Kingdom 15.3%
	Germany 13.0%
	France 9.3%
	Switzerland 7.5%
	Italy 5.8%
	Canada 3.8%
	Australia 2.7%
	Hong Kong 2.5%
	Other 19.9%

fid1649

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

As of October 31, 2008
	Japan 19.6%
	United Kingdom 14.2%
	Germany 13.5%
	France 11.5%
	Switzerland 7.5%
	Italy 4.8%
	Spain 3.6%
	Norway 3.0%
	Cayman Islands 2.6%
	Other 19.7%

fid1662

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	97.8	99.2
Short-Term Investments and Net Other Assets	2.2	0.8
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Toyota Motor Corp. (Japan, Automobiles)	3.9	3.5
E.ON AG (Germany, Electric Utilities)	3.6	2.9
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	3.1	2.6
Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors)	3.1	2.6
Munich Re Group (Reg.) (Germany, Insurance)	3.1	3.0
UniCredit SpA (Italy, Commercial Banks)	2.8	2.5
Daimler AG (Germany, Automobiles)	2.6	2.3
AXA SA sponsored ADR (France, Insurance)	2.6	2.6
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels)	2.5	3.7
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	2.5	3.4
	29.8
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	33.8	32.2
Consumer Discretionary	11.0	9.5
Energy	10.8	14.9
Industrials	10.3	9.2
Telecommunication Services	7.6	7.0
Utilities	6.8	8.2
Materials	6.6	5.9
Health Care	4.9	5.1
Information Technology	3.6	4.0
Consumer Staples	2.4	3.2

Semiannual Report

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
Australia - 2.7%
AMP Ltd.	388,042		$ 1,464,334
Macquarie Airports unit	462,720		608,963
Macquarie Group Ltd. (d)	34,191		832,322
Macquarie Infrastructure Group unit	593,083		582,161
Wesfarmers Ltd.	20,099		330,861
TOTAL AUSTRALIA			3,818,641
Bermuda - 1.0%
Seadrill Ltd.	128,500		1,371,242
Brazil - 0.6%
Itau Unibanco Banco Multiplo SA ADR	34,030		467,232
Petroleo Brasileiro SA - Petrobras sponsored ADR	12,000		402,840
TOTAL BRAZIL			870,072
Canada - 3.8%
Cameco Corp.	22,800		523,545
Canadian Natural Resources Ltd.	17,800		820,598
First Quantum Minerals Ltd.	12,800		495,051
Petrobank Energy & Resources Ltd. (a)	52,200		1,122,087
Potash Corp. of Saskatchewan, Inc.	3,700		317,829
Power Corp. of Canada (sub. vtg.)	24,600		459,942
Suncor Energy, Inc.	27,400		689,564
Toronto-Dominion Bank	24,700		974,959
TOTAL CANADA			5,403,575
Cayman Islands - 0.8%
Chaoda Modern Agriculture (Holdings) Ltd.	1,537,952		869,638
Subsea 7, Inc. (a)(d)	41,000		306,442
TOTAL CAYMAN ISLANDS			1,176,080
China - 1.1%
China Merchants Bank Co. Ltd. (H Shares)	333,000		594,980
Industrial & Commercial Bank of China Ltd.	983,000		559,211
Nine Dragons Paper (Holdings) Ltd.	1,087,000		491,994
TOTAL CHINA			1,646,185
Denmark - 0.5%
Vestas Wind Systems AS (a)	11,900		772,406
Finland - 0.6%
Nokia Corp. sponsored ADR (d)	56,100		793,254
France - 9.3%
AXA SA sponsored ADR	216,500		3,719,470
Common Stocks - continued
	Shares		Value
France - continued
BNP Paribas SA	53,900		$ 2,836,751
Compagnie de St. Gobain (d)	17,612		631,667
GDF Suez (d)	20,989		748,840
Pernod Ricard SA	4,591		271,105
Pernod Ricard SA rights 4/29/09 (a)	4,591		19,595
Societe Generale Series A	22,800		1,164,966
Total SA:
Series B	5,400		270,122
sponsored ADR	42,200		2,098,184
Unibail-Rodamco	11,072		1,650,681
TOTAL FRANCE			13,411,381
Germany - 13.0%
Allianz AG sponsored ADR	351,300		3,182,778
BASF AG (d)	16,700		623,536
Daimler AG	105,000		3,748,500
Deutsche Bank AG	10,900		571,497
E.ON AG (d)	152,700		5,116,721
GEA Group AG	11,600		150,991
GFK AG	21,800		505,981
Metro AG	8,200		345,068
Munich Re Group (Reg.) (d)	32,100		4,389,307
TOTAL GERMANY			18,634,379
Greece - 0.7%
Public Power Corp. of Greece	51,600		994,415
Hong Kong - 2.5%
China Overseas Land & Investment Ltd.	486,038		846,540
CNOOC Ltd.	260,000		290,243
Swire Pacific Ltd. (A Shares)	320,300		2,503,748
TOTAL HONG KONG			3,640,531
India - 0.4%
Bharti Airtel Ltd. (a)	20,985		319,831
Satyam Computer Services Ltd. sponsored ADR	400		720
Suzlon Energy Ltd.	177,784		229,488
TOTAL INDIA			550,039
Indonesia - 0.1%
PT Bank Rakyat Indonesia Tbk	274,500		149,845
Ireland - 1.2%
CRH PLC sponsored ADR (d)	68,800		1,769,536
Common Stocks - continued
	Shares		Value
Italy - 4.8%
ENI SpA sponsored ADR	42,400		$ 1,810,056
Finmeccanica SpA	73,400		1,033,724
UniCredit SpA	1,675,300		4,078,230
TOTAL ITALY			6,922,010
Japan - 20.2%
Denso Corp.	39,800		941,065
East Japan Railway Co.	24,300		1,369,636
Eisai Co. Ltd.	11,000		295,266
Japan Retail Fund Investment Corp.	83		290,331
JSR Corp.	31,400		382,687
Konica Minolta Holdings, Inc.	100,000		826,264
Miraca Holdings, Inc.	65,600		1,339,239
Mitsubishi Estate Co. Ltd.	25,000		326,862
Mitsubishi UFJ Financial Group, Inc.	403,700		2,202,689
Mitsui & Co. Ltd.	415,000		4,402,839
NGK Insulators Ltd.	23,000		352,823
Nippon Electric Glass Co. Ltd.	31,000		252,325
Obic Co. Ltd.	3,880		526,850
ORIX Corp.	9,460		443,158
Osaka Gas Co. Ltd.	904,000		2,865,435
Promise Co. Ltd. (d)	37,450		494,981
Seven & i Holdings Co., Ltd.	15,500		350,337
Sumitomo Corp.	97,000		844,554
Sumitomo Metal Industries Ltd.	330,000		773,232
Sumitomo Mitsui Financial Group, Inc.	13,700		475,253
Tokuyama Corp.	136,000		811,197
Toyota Motor Corp.	142,800		5,653,283
USS Co. Ltd.	11,900		539,398
Xebio Co. Ltd.	51,600		793,034
Yamada Denki Co. Ltd.	30,170		1,390,028
TOTAL JAPAN			28,942,766
Kazakhstan - 0.4%
JSC Halyk Bank of Kazakhstan unit	140,800		520,960
Korea (South) - 0.0%
Shinhan Financial Group Co. Ltd.	5		124
Luxembourg - 0.3%
ArcelorMittal SA (Netherlands)	17,800		416,843
Mexico - 0.6%
America Movil SAB de CV Series L sponsored ADR	26,700		877,095
Common Stocks - continued
	Shares		Value
Netherlands - 1.5%
Gemalto NV (a)	25,400		$ 799,566
Heineken NV (Bearer)	10,900		323,820
Koninklijke KPN NV (d)	82,400		990,376
TOTAL NETHERLANDS			2,113,762
Norway - 2.1%
DnB Nor ASA	221,900		1,380,951
Orkla ASA (A Shares)	175,950		1,259,452
Petroleum Geo-Services ASA (a)	67,850		328,190
TOTAL NORWAY			2,968,593
Philippines - 0.4%
Philippine Long Distance Telephone Co. sponsored ADR	13,600		623,832
Singapore - 1.2%
DBS Group Holdings Ltd.	272,000		1,745,356
South Africa - 1.4%
Impala Platinum Holdings Ltd.	75,100		1,435,362
MTN Group Ltd.	39,300		510,390
TOTAL SOUTH AFRICA			1,945,752
Spain - 2.1%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)	38,816		419,989
Banco Santander SA	45,600		433,245
Telefonica SA sponsored ADR	39,200		2,206,568
TOTAL SPAIN			3,059,802
Sweden - 0.3%
Telefonaktiebolaget LM Ericsson (B Shares)	53,600		455,197
Switzerland - 7.5%
EFG International	77,540		937,844
Nestle SA (Reg.)	16,379		533,762
Roche Holding AG (participation certificate)	28,353		3,574,491
Sonova Holding AG	18,842		1,218,883
Transocean Ltd. (a)	24,339		1,642,396
Zurich Financial Services AG (Reg.)	15,415		2,863,825
TOTAL SWITZERLAND			10,771,201
Taiwan - 0.3%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	174,000		502,170
Thailand - 0.1%
Siam Commercial Bank PCL (For. Reg.)	82,400		140,700
Common Stocks - continued
	Shares		Value
United Kingdom - 15.3%
Aegis Group PLC	342,500		$ 458,347
Anglo American PLC (United Kingdom)	30,595		658,105
AstraZeneca PLC (United Kingdom)	21,000		735,048
BAE Systems PLC	151,600		797,156
BHP Billiton PLC	23,200		481,336
easyJet PLC (a)	169,400		787,215
HSBC Holdings PLC (United Kingdom) (Reg.)	122,123		868,147
Imperial Tobacco Group PLC	6,300		143,688
Informa PLC	131,000		572,349
Man Group PLC	534,800		1,976,020
Misys PLC	439,600		896,895
Prudential PLC	313,428		1,800,808
Rio Tinto PLC (Reg.)	26,100		1,060,081
Royal Dutch Shell PLC Class A sponsored ADR	80,000		3,654,400
Standard Chartered PLC (United Kingdom)	60,450		934,769
Tesco PLC	44,100		218,426
Vodafone Group PLC	372,400		684,204
Vodafone Group PLC sponsored ADR	204,312		3,749,125
Wolseley PLC	24,704		442,895
WPP PLC	159,800		1,092,932
TOTAL UNITED KINGDOM			22,011,946
TOTAL COMMON STOCKS (Cost $211,965,297)		139,019,690
Nonconvertible Preferred Stocks - 1.0%

Italy - 1.0%
Fiat SpA (Risparmio Shares)	55,700		336,305
Telecom Italia SpA (Risparmio Shares)	1,172,100		1,046,838
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,076,157)		1,383,143
Money Market Funds - 11.8%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	2,202,626		$ 2,202,626
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	14,736,200		14,736,200
TOTAL MONEY MARKET FUNDS (Cost $16,938,826)		16,938,826
TOTAL INVESTMENT PORTFOLIO - 109.6% (Cost $230,980,280)			157,341,659
NET OTHER ASSETS - (9.6)%			(13,810,413)
NET ASSETS - 100%		$ 143,531,246

Legend

(a) Non-income producing

(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	$ 4,833
Fidelity Securities Lending Cash Central Fund	82,301
Total	$ 87,134

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 157,341,659	$ 59,883,878	$ 97,457,781	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $17,062,233 all of which will expire on October 31, 2016.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $14,328,554) - See accompanying schedule: Unaffiliated issuers (cost $214,041,454)	$ 140,402,833
Fidelity Central Funds (cost $16,938,826)	16,938,826
Total Investments (cost $230,980,280)		$ 157,341,659
Cash		5,437
Foreign currency held at value (cost $78,969)		79,152
Receivable for investments sold		763,446
Receivable for fund shares sold		95,467
Dividends receivable		980,751
Distributions receivable from Fidelity Central Funds		62,865
Prepaid expenses		1,343
Other receivables		26,630
Total assets		159,356,750

Liabilities
Payable for investments purchased	$ 896,173
Payable for fund shares redeemed	48,078
Accrued management fee	68,181
Distribution fees payable	3,176
Other affiliated payables	40,409
Other payables and accrued expenses	33,287
Collateral on securities loaned, at value	14,736,200
Total liabilities		15,825,504

Net Assets		$ 143,531,246
Net Assets consist of:
Paid in capital		$ 294,329,269
Undistributed net investment income		1,145,152
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(78,297,753)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(73,645,422)
Net Assets		$ 143,531,246

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, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($2,899,540 ÷ 496,065 shares)		$ 5.85

Maximum offering price per share (100/94.25 of $5.85)		$ 6.21
Class T: Net Asset Value and redemption price per share ($1,760,606 ÷ 301,394 shares)		$ 5.84

Maximum offering price per share (100/96.50 of $5.84)		$ 6.05
Class B: Net Asset Value and offering price per share ($763,338 ÷ 130,196 shares) ^A		$ 5.86

Class C: Net Asset Value and offering price per share ($1,630,367 ÷ 278,340 shares) ^A		$ 5.86

International Value: Net Asset Value, offering price and redemption price per share ($135,806,980 ÷ 23,267,280 shares)		$ 5.84

Institutional Class: Net Asset Value, offering price and redemption price per share ($670,415 ÷ 114,716 shares)		$ 5.84

^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, 2009 (Unaudited)
Investment Income
Dividends		$ 2,815,548
Interest		265
Income from Fidelity Central Funds		87,134
		2,902,947
Less foreign taxes withheld		(366,253)
Total income		2,536,694

Expenses
Management fee Basic fee	$ 513,998
Performance adjustment	(101,746)
Transfer agent fees	212,870
Distribution fees	19,383
Accounting and security lending fees	37,381
Custodian fees and expenses	26,393
Independent trustees' compensation	570
Registration fees	41,992
Audit	31,426
Legal	457
Miscellaneous	1,618
Total expenses before reductions	784,342
Expense reductions	(5,748)	778,594
Net investment income (loss)		1,758,100
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(56,903,012)
Foreign currency transactions	(26,357)
Total net realized gain (loss)		(56,929,369)
Change in net unrealized appreciation (depreciation) on: Investment securities	51,611,574
Assets and liabilities in foreign currencies	(24,867)
Total change in net unrealized appreciation (depreciation)		51,586,707
Net gain (loss)		(5,342,662)
Net increase (decrease) in net assets resulting from operations		$ (3,584,562)

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, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,758,100	$ 7,306,482
Net realized gain (loss)	(56,929,369)	(21,258,353)
Change in net unrealized appreciation (depreciation)	51,586,707	(181,063,041)
Net increase (decrease) in net assets resulting from operations	(3,584,562)	(195,014,912)
Distributions to shareholders from net investment income	(3,076,516)	(5,562,901)
Distributions to shareholders from net realized gain	-	(18,717,865)
Total distributions	(3,076,516)	(24,280,766)
Share transactions - net increase (decrease)	(19,297,117)	(16,138,151)
Redemption fees	3,733	26,598
Total increase (decrease) in net assets	(25,954,462)	(235,407,231)

Net Assets
Beginning of period	169,485,708	404,892,939
End of period (including undistributed net investment income of $1,145,152 and undistributed net investment income of $5,906,440, respectively)	$ 143,531,246	$ 169,485,708

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 5.93	$ 13.02	$ 10.60	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.06	.21	.18	.06 ^H
Net realized and unrealized gain (loss)	(.06)	(6.53)	2.29	.54
Total from investment operations	- ^K	(6.32)	2.47	.60
Distributions from net investment income	(.08)	(.15)	(.03)	-
Distributions from net realized gain	-	(.62)	(.02)	-
Total distributions	(.08)	(.77)	(.05)	-
Redemption fees added to paid in capital ^E,K	-	-	-	-
Net asset value, end of period	$ 5.85	$ 5.93	$ 13.02	$ 10.60
Total Return ^B,C,D	.18%	(51.50)%	23.43%	6.00%
Ratios to Average Net Assets ^F,J
Expenses before reductions	1.32% ^A	1.42%	1.38%	1.75% ^A
Expenses net of fee waivers, if any	1.32% ^A	1.42%	1.38%	1.50% ^A
Expenses net of all reductions	1.31% ^A	1.41%	1.37%	1.46% ^A
Net investment income (loss)	2.24% ^A	2.05%	1.49%	1.29% ^A,H
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,900	$ 2,854	$ 6,052	$ 1,537
Portfolio turnover rate ^G	41% ^A	68%	59%	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.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 5.91	$ 12.99	$ 10.59	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.05	.18	.15	.05 ^H
Net realized and unrealized gain (loss)	(.07)	(6.50)	2.29	.54
Total from investment operations	(.02)	(6.32)	2.44	.59
Distributions from net investment income	(.05)	(.14)	(.02)	-
Distributions from net realized gain	-	(.62)	(.02)	-
Total distributions	(.05)	(.76)	(.04)	-
Redemption fees added to paid in capital ^E,K	-	-	-	-
Net asset value, end of period	$ 5.84	$ 5.91	$ 12.99	$ 10.59
Total Return ^B,C,D	(.17)%	(51.60)%	23.13%	5.90%
Ratios to Average Net Assets ^F,J
Expenses before reductions	1.57% ^A	1.67%	1.60%	2.01% ^A
Expenses net of fee waivers, if any	1.57% ^A	1.67%	1.60%	1.75% ^A
Expenses net of all reductions	1.56% ^A	1.66%	1.58%	1.71% ^A
Net investment income (loss)	1.99% ^A	1.80%	1.27%	1.04% ^A,H
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,761	$ 2,087	$ 5,081	$ 1,789
Portfolio turnover rate ^G	41% ^A	68%	59%	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.

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

^I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 5.88	$ 12.93	$ 10.56	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.04	.13	.09	.02 ^H
Net realized and unrealized gain (loss)	(.06)	(6.48)	2.29	.54
Total from investment operations	(.02)	(6.35)	2.38	.56
Distributions from net investment income	-	(.08)	-	-
Distributions from net realized gain	-	(.62)	(.01)	-
Total distributions	-	(.70)	(.01)	-
Redemption fees added to paid in capital ^E,K	-	-	-	-
Net asset value, end of period	$ 5.86	$ 5.88	$ 12.93	$ 10.56
Total Return ^B,C,D	(.34)%	(51.85)%	22.59%	5.60%
Ratios to Average Net Assets ^F,J
Expenses before reductions	2.06% ^A	2.18%	2.10%	2.50% ^A
Expenses net of fee waivers, if any	2.06% ^A	2.18%	2.10%	2.25% ^A
Expenses net of all reductions	2.05% ^A	2.17%	2.08%	2.21% ^A
Net investment income (loss)	1.50% ^A	1.29%	.77%	.54% ^A,H
Supplemental Data
Net assets, end of period (000 omitted)	$ 763	$ 931	$ 2,651	$ 1,304
Portfolio turnover rate ^G	41% ^A	68%	59%	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.

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

^I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 5.88	$ 12.92	$ 10.56	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.04	.13	.09	.02 ^H
Net realized and unrealized gain (loss)	(.06)	(6.47)	2.29	.54
Total from investment operations	(.02)	(6.34)	2.38	.56
Distributions from net investment income	-	(.08)	-	-
Distributions from net realized gain	-	(.62)	(.02)	-
Total distributions	-	(.70)	(.02)	-
Redemption fees added to paid in capital ^E,K	-	-	-	-
Net asset value, end of period	$ 5.86	$ 5.88	$ 12.92	$ 10.56
Total Return ^B,C,D	(.34)%	(51.80)%	22.56%	5.60%
Ratios to Average Net Assets ^F,J
Expenses before reductions	2.05% ^A	2.17%	2.07%	2.47% ^A
Expenses net of fee waivers, if any	2.05% ^A	2.17%	2.07%	2.25% ^A
Expenses net of all reductions	2.04% ^A	2.16%	2.05%	2.21% ^A
Net investment income (loss)	1.51% ^A	1.30%	.80%	.54% ^A,H
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,630	$ 1,784	$ 5,996	$ 2,183
Portfolio turnover rate ^G	41% ^A	68%	59%	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.

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

^I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 5.95	$ 13.06	$ 10.61	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.07	.24	.22	.07 ^G
Net realized and unrealized gain (loss)	(.07)	(6.54)	2.29	.54
Total from investment operations	- ^J	(6.30)	2.51	.61
Distributions from net investment income	(.11)	(.19)	(.04)	-
Distributions from net realized gain	-	(.62)	(.02)	-
Total distributions	(.11)	(.81)	(.06)	-
Redemption fees added to paid in capital ^D,J	-	-	-	-
Net asset value, end of period	$ 5.84	$ 5.95	$ 13.06	$ 10.61
Total Return ^B,C	.29%	(51.34)%	23.81%	6.10%
Ratios to Average Net Assets ^E,I
Expenses before reductions	1.07% ^A	1.10%	1.03%	1.50% ^A
Expenses net of fee waivers, if any	1.07% ^A	1.10%	1.03%	1.25% ^A
Expenses net of all reductions	1.06% ^A	1.09%	1.02%	1.21% ^A
Net investment income (loss)	2.48% ^A	2.37%	1.84%	1.54% ^A,G
Supplemental Data
Net assets, end of period (000 omitted)	$ 135,807	$ 160,777	$ 381,148	$ 221,130
Portfolio turnover rate ^F	41% ^A	68%	59%	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.

^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.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 5.96	$ 13.07	$ 10.61	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.07	.25	.22	.07 ^G
Net realized and unrealized gain (loss)	(.07)	(6.54)	2.30	.54
Total from investment operations	- ^J	(6.29)	2.52	.61
Distributions from net investment income	(.12)	(.20)	(.04)	-
Distributions from net realized gain	-	(.62)	(.02)	-
Total distributions	(.12)	(.82)	(.06)	-
Redemption fees added to paid in capital ^D,J	-	-	-	-
Net asset value, end of period	$ 5.84	$ 5.96	$ 13.07	$ 10.61
Total Return ^B,C	.14%	(51.27)%	23.91%	6.10%
Ratios to Average Net Assets ^E,I
Expenses before reductions	.96% ^A	1.02%	.98%	1.38% ^A
Expenses net of fee waivers, if any	.96% ^A	1.02%	.98%	1.25% ^A
Expenses net of all reductions	.96% ^A	1.01%	.96%	1.21% ^A
Net investment income (loss)	2.59% ^A	2.45%	1.89%	1.54% ^A,G
Supplemental Data
Net assets, end of period (000 omitted)	$ 670	$ 1,052	$ 3,965	$ 3,064
Portfolio turnover rate ^F	41% ^A	68%	59%	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.

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

^H For the period May 18, 2006 (commencement of operations) to October 31, 2006.

^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, 2009 (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 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.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

The three levels of the hierarchy under SFAS 157 are described below:

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

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

Unrealized appreciation	$ 4,554,557
Unrealized depreciation	(79,037,017)
Net unrealized appreciation (depreciation)	$ (74,482,460)
Cost for federal income tax purposes	$ 231,824,119

Semiannual Report

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $29,329,299 and $51,828,149, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, International Value as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .58% 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 - continued

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	-%	.25%	$ 3,371	$ 182
Class T	.25%	.25%	4,266	20
Class B	.75%	.25%	3,837	2,992
Class C	.75%	.25%	7,909	1,569
			$ 19,383	$ 4,763

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

	Retained by FDC
Class A	$ 1,137
Class T	347
Class B*	805
Class C*	54
	$ 2,343

* 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. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of 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 were as follows:

	Amount	% of Average Net Assets*
Class A	$ 3,945	.29
Class T	2,546	.30
Class B	1,101	.29
Class C	2,194	.28
International Value	202,407	.30
Institutional Class	677	.19
	$ 212,870

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $465 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.

9. Expense Reductions.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Class A	$ 38,784	$ 71,381
Class T	19,023	53,705
Class B	-	15,783
Class C	-	37,642
International Value	3,001,128	5,325,187
Institutional Class	17,581	59,203
Total	$ 3,076,516	$ 5,562,901

Semiannual Report

10. Distributions to Shareholders - continued

	Six months ended April 30, 2009	Year ended October 31, 2008
From net realized gain
Class A	$ -	$ 297,020
Class T	-	246,645
Class B	-	128,753
Class C	-	295,420
International Value	-	17,561,793
Institutional Class	-	188,234
Total	$ -	$ 18,717,865

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
Class A
Shares sold	168,662	298,063	$ 907,903	$ 3,154,503
Reinvestment of distributions	6,730	30,184	35,265	357,686
Shares redeemed	(160,430)	(312,021)	(787,914)	(3,010,663)
Net increase (decrease)	14,962	16,226	$ 155,254	$ 501,526
Class T
Shares sold	45,205	169,412	$ 240,301	$ 1,740,848
Reinvestment of distributions	2,980	21,586	15,614	255,358
Shares redeemed	(100,076)	(228,991)	(577,055)	(2,152,407)
Net increase (decrease)	(51,891)	(37,993)	$ (321,140)	$ (156,201)
Class B
Shares sold	31,983	48,187	$ 169,869	$ 472,858
Reinvestment of distributions	-	10,866	-	128,544
Shares redeemed	(60,015)	(105,867)	(313,428)	(916,142)
Net increase (decrease)	(28,032)	(46,814)	$ (143,559)	$ (314,740)
Class C
Shares sold	67,677	114,256	$ 375,363	$ 1,072,554
Reinvestment of distributions	-	22,711	-	268,223
Shares redeemed	(92,999)	(297,329)	(517,004)	(2,692,615)
Net increase (decrease)	(25,322)	(160,362)	$ (141,641)	$ (1,351,838)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
International Value
Shares sold	1,911,677	13,343,931	$ 10,419,251	$ 131,489,328
Reinvestment of distributions	550,070	1,810,134	2,876,866	21,468,187
Shares redeemed	(6,196,190)	(17,329,561)	(31,804,761)	(166,721,411)
Net increase (decrease)	(3,734,443)	(2,175,496)	$ (18,508,644)	$ (13,763,896)
Institutional Class
Shares sold	6,604	50,248	$ 34,426	$ 566,166
Reinvestment of distributions	572	6,826	2,992	80,952
Shares redeemed	(69,021)	(183,848)	(374,805)	(1,700,120)
Net increase (decrease)	(61,845)	(126,774)	$ (337,387)	$ (1,053,002)

12. Other.

Semiannual Report

Managing Your Investments

By Phone

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

Press

fid406 For mutual fund and brokerage trading.

fid408 For quotes.*

fid410 For account balances and holdings.

fid412 To review orders and mutual
fund activity.

fid414 To change your PIN.

fid416 fid418 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

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

2000 Avenue of the Stars
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

16656 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

398 West El Camino Real
Sunnyvale, CA

111 South Westlake Blvd
Thousand Oaks, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6326 Canoga Avenue
Woodland Hills, CA

Colorado

281 East Flatiron Circle
Broomfield, CO

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

175 East Altamonte Drive
Altamonte Springs, FL

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

8880 Tamiami Trail, North
Naples, FL

230 Royal Palm Way
Palm Beach, 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

401 North Michigan Avenue
Chicago, IL

One Skokie Valley Road
Highland Park, IL

1415 West 22nd Street
Oak Brook, IL

15105 S LaGrange Road
Orland Park, IL

1572 East Golf Road
Schaumburg, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

8480 Keystone Crossing
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

610 York Road
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

200 Endicott Street
Danvers, MA

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

Semiannual Report

405 Cochituate Road
Framingham, MA

551 Boston Turnpike
Shrewsbury, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 Old N. Woodward Ave.
Birmingham, MI

30200 Northwestern Hwy.
Farmington Hills, MI

43420 Grand River Avenue
Novi, MI

Minnesota

7740 France Avenue South
Edina, MN

8342 3rd Street North
Oakdale, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

501 Route 73 South
Marlton, NJ

150 Essex Street
Millburn, NJ

35 Morris Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New Mexico

2261 Q Street NE
Albuquerque, NM

New York

1130 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

1800 Crocker Road
Westlake, 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

10 Memorial Boulevard
Providence, RI

Tennessee

3018 Peoples Street
Johnson City, TN

7628 West Farmington Blvd.
Germantown, TN

2035 Mallory Lane
Franklin, 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

1701 Lake Robbins Drive
The Woodlands, 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

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

10500 NE 8th Street
Bellevue, WA

1518 6th Avenue
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

16020 West Bluemound 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

(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

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company

FIL Investment Advisors

Fidelity Investments Japan Limited

FIL Investment Advisors (U.K.) Ltd.

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, Illinois

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

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Automated line for quickest service

FIV-USAN-0609
1.827484.102

fid1136

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Value
Fund - Class A, Class T, Class B
and Class C

Semiannual Report

April 30, 2009

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

(2_fidelity_logos) (Registered_Trademark)

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 financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.32%
Actual		$ 1,000.00	$ 1,001.80	$ 6.55
Hypothetical^A		$ 1,000.00	$ 1,018.25	$ 6.61
Class T	1.57%
Actual		$ 1,000.00	$ 998.30	$ 7.78
Hypothetical^A		$ 1,000.00	$ 1,017.01	$ 7.85
Class B	2.06%
Actual		$ 1,000.00	$ 996.60	$ 10.20
Hypothetical^A		$ 1,000.00	$ 1,014.58	$ 10.29
Class C	2.05%
Actual		$ 1,000.00	$ 996.60	$ 10.15
Hypothetical^A		$ 1,000.00	$ 1,014.63	$ 10.24
International Value	1.07%
Actual		$ 1,000.00	$ 1,002.90	$ 5.31
Hypothetical^A		$ 1,000.00	$ 1,019.49	$ 5.36
Institutional Class	.96%
Actual		$ 1,000.00	$ 1,001.40	$ 4.76
Hypothetical^A		$ 1,000.00	$ 1,020.03	$ 4.81

^A 5% return per year before expenses

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

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan 20.2%
	United Kingdom 15.3%
	Germany 13.0%
	France 9.3%
	Switzerland 7.5%
	Italy 5.8%
	Canada 3.8%
	Australia 2.7%
	Hong Kong 2.5%
	Other 19.9%

fid1690

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

As of October 31, 2008
	Japan 19.6%
	United Kingdom 14.2%
	Germany 13.5%
	France 11.5%
	Switzerland 7.5%
	Italy 4.8%
	Spain 3.6%
	Norway 3.0%
	Cayman Islands 2.6%
	Other 19.7%

fid1702

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	97.8	99.2
Short-Term Investments and Net Other Assets	2.2	0.8
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Toyota Motor Corp. (Japan, Automobiles)	3.9	3.5
E.ON AG (Germany, Electric Utilities)	3.6	2.9
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	3.1	2.6
Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors)	3.1	2.6
Munich Re Group (Reg.) (Germany, Insurance)	3.1	3.0
UniCredit SpA (Italy, Commercial Banks)	2.8	2.5
Daimler AG (Germany, Automobiles)	2.6	2.3
AXA SA sponsored ADR (France, Insurance)	2.6	2.6
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels)	2.5	3.7
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	2.5	3.4
	29.8
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	33.8	32.2
Consumer Discretionary	11.0	9.5
Energy	10.8	14.9
Industrials	10.3	9.2
Telecommunication Services	7.6	7.0
Utilities	6.8	8.2
Materials	6.6	5.9
Health Care	4.9	5.1
Information Technology	3.6	4.0
Consumer Staples	2.4	3.2

Semiannual Report

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
Australia - 2.7%
AMP Ltd.	388,042		$ 1,464,334
Macquarie Airports unit	462,720		608,963
Macquarie Group Ltd. (d)	34,191		832,322
Macquarie Infrastructure Group unit	593,083		582,161
Wesfarmers Ltd.	20,099		330,861
TOTAL AUSTRALIA			3,818,641
Bermuda - 1.0%
Seadrill Ltd.	128,500		1,371,242
Brazil - 0.6%
Itau Unibanco Banco Multiplo SA ADR	34,030		467,232
Petroleo Brasileiro SA - Petrobras sponsored ADR	12,000		402,840
TOTAL BRAZIL			870,072
Canada - 3.8%
Cameco Corp.	22,800		523,545
Canadian Natural Resources Ltd.	17,800		820,598
First Quantum Minerals Ltd.	12,800		495,051
Petrobank Energy & Resources Ltd. (a)	52,200		1,122,087
Potash Corp. of Saskatchewan, Inc.	3,700		317,829
Power Corp. of Canada (sub. vtg.)	24,600		459,942
Suncor Energy, Inc.	27,400		689,564
Toronto-Dominion Bank	24,700		974,959
TOTAL CANADA			5,403,575
Cayman Islands - 0.8%
Chaoda Modern Agriculture (Holdings) Ltd.	1,537,952		869,638
Subsea 7, Inc. (a)(d)	41,000		306,442
TOTAL CAYMAN ISLANDS			1,176,080
China - 1.1%
China Merchants Bank Co. Ltd. (H Shares)	333,000		594,980
Industrial & Commercial Bank of China Ltd.	983,000		559,211
Nine Dragons Paper (Holdings) Ltd.	1,087,000		491,994
TOTAL CHINA			1,646,185
Denmark - 0.5%
Vestas Wind Systems AS (a)	11,900		772,406
Finland - 0.6%
Nokia Corp. sponsored ADR (d)	56,100		793,254
France - 9.3%
AXA SA sponsored ADR	216,500		3,719,470
Common Stocks - continued
	Shares		Value
France - continued
BNP Paribas SA	53,900		$ 2,836,751
Compagnie de St. Gobain (d)	17,612		631,667
GDF Suez (d)	20,989		748,840
Pernod Ricard SA	4,591		271,105
Pernod Ricard SA rights 4/29/09 (a)	4,591		19,595
Societe Generale Series A	22,800		1,164,966
Total SA:
Series B	5,400		270,122
sponsored ADR	42,200		2,098,184
Unibail-Rodamco	11,072		1,650,681
TOTAL FRANCE			13,411,381
Germany - 13.0%
Allianz AG sponsored ADR	351,300		3,182,778
BASF AG (d)	16,700		623,536
Daimler AG	105,000		3,748,500
Deutsche Bank AG	10,900		571,497
E.ON AG (d)	152,700		5,116,721
GEA Group AG	11,600		150,991
GFK AG	21,800		505,981
Metro AG	8,200		345,068
Munich Re Group (Reg.) (d)	32,100		4,389,307
TOTAL GERMANY			18,634,379
Greece - 0.7%
Public Power Corp. of Greece	51,600		994,415
Hong Kong - 2.5%
China Overseas Land & Investment Ltd.	486,038		846,540
CNOOC Ltd.	260,000		290,243
Swire Pacific Ltd. (A Shares)	320,300		2,503,748
TOTAL HONG KONG			3,640,531
India - 0.4%
Bharti Airtel Ltd. (a)	20,985		319,831
Satyam Computer Services Ltd. sponsored ADR	400		720
Suzlon Energy Ltd.	177,784		229,488
TOTAL INDIA			550,039
Indonesia - 0.1%
PT Bank Rakyat Indonesia Tbk	274,500		149,845
Ireland - 1.2%
CRH PLC sponsored ADR (d)	68,800		1,769,536
Common Stocks - continued
	Shares		Value
Italy - 4.8%
ENI SpA sponsored ADR	42,400		$ 1,810,056
Finmeccanica SpA	73,400		1,033,724
UniCredit SpA	1,675,300		4,078,230
TOTAL ITALY			6,922,010
Japan - 20.2%
Denso Corp.	39,800		941,065
East Japan Railway Co.	24,300		1,369,636
Eisai Co. Ltd.	11,000		295,266
Japan Retail Fund Investment Corp.	83		290,331
JSR Corp.	31,400		382,687
Konica Minolta Holdings, Inc.	100,000		826,264
Miraca Holdings, Inc.	65,600		1,339,239
Mitsubishi Estate Co. Ltd.	25,000		326,862
Mitsubishi UFJ Financial Group, Inc.	403,700		2,202,689
Mitsui & Co. Ltd.	415,000		4,402,839
NGK Insulators Ltd.	23,000		352,823
Nippon Electric Glass Co. Ltd.	31,000		252,325
Obic Co. Ltd.	3,880		526,850
ORIX Corp.	9,460		443,158
Osaka Gas Co. Ltd.	904,000		2,865,435
Promise Co. Ltd. (d)	37,450		494,981
Seven & i Holdings Co., Ltd.	15,500		350,337
Sumitomo Corp.	97,000		844,554
Sumitomo Metal Industries Ltd.	330,000		773,232
Sumitomo Mitsui Financial Group, Inc.	13,700		475,253
Tokuyama Corp.	136,000		811,197
Toyota Motor Corp.	142,800		5,653,283
USS Co. Ltd.	11,900		539,398
Xebio Co. Ltd.	51,600		793,034
Yamada Denki Co. Ltd.	30,170		1,390,028
TOTAL JAPAN			28,942,766
Kazakhstan - 0.4%
JSC Halyk Bank of Kazakhstan unit	140,800		520,960
Korea (South) - 0.0%
Shinhan Financial Group Co. Ltd.	5		124
Luxembourg - 0.3%
ArcelorMittal SA (Netherlands)	17,800		416,843
Mexico - 0.6%
America Movil SAB de CV Series L sponsored ADR	26,700		877,095
Common Stocks - continued
	Shares		Value
Netherlands - 1.5%
Gemalto NV (a)	25,400		$ 799,566
Heineken NV (Bearer)	10,900		323,820
Koninklijke KPN NV (d)	82,400		990,376
TOTAL NETHERLANDS			2,113,762
Norway - 2.1%
DnB Nor ASA	221,900		1,380,951
Orkla ASA (A Shares)	175,950		1,259,452
Petroleum Geo-Services ASA (a)	67,850		328,190
TOTAL NORWAY			2,968,593
Philippines - 0.4%
Philippine Long Distance Telephone Co. sponsored ADR	13,600		623,832
Singapore - 1.2%
DBS Group Holdings Ltd.	272,000		1,745,356
South Africa - 1.4%
Impala Platinum Holdings Ltd.	75,100		1,435,362
MTN Group Ltd.	39,300		510,390
TOTAL SOUTH AFRICA			1,945,752
Spain - 2.1%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)	38,816		419,989
Banco Santander SA	45,600		433,245
Telefonica SA sponsored ADR	39,200		2,206,568
TOTAL SPAIN			3,059,802
Sweden - 0.3%
Telefonaktiebolaget LM Ericsson (B Shares)	53,600		455,197
Switzerland - 7.5%
EFG International	77,540		937,844
Nestle SA (Reg.)	16,379		533,762
Roche Holding AG (participation certificate)	28,353		3,574,491
Sonova Holding AG	18,842		1,218,883
Transocean Ltd. (a)	24,339		1,642,396
Zurich Financial Services AG (Reg.)	15,415		2,863,825
TOTAL SWITZERLAND			10,771,201
Taiwan - 0.3%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	174,000		502,170
Thailand - 0.1%
Siam Commercial Bank PCL (For. Reg.)	82,400		140,700
Common Stocks - continued
	Shares		Value
United Kingdom - 15.3%
Aegis Group PLC	342,500		$ 458,347
Anglo American PLC (United Kingdom)	30,595		658,105
AstraZeneca PLC (United Kingdom)	21,000		735,048
BAE Systems PLC	151,600		797,156
BHP Billiton PLC	23,200		481,336
easyJet PLC (a)	169,400		787,215
HSBC Holdings PLC (United Kingdom) (Reg.)	122,123		868,147
Imperial Tobacco Group PLC	6,300		143,688
Informa PLC	131,000		572,349
Man Group PLC	534,800		1,976,020
Misys PLC	439,600		896,895
Prudential PLC	313,428		1,800,808
Rio Tinto PLC (Reg.)	26,100		1,060,081
Royal Dutch Shell PLC Class A sponsored ADR	80,000		3,654,400
Standard Chartered PLC (United Kingdom)	60,450		934,769
Tesco PLC	44,100		218,426
Vodafone Group PLC	372,400		684,204
Vodafone Group PLC sponsored ADR	204,312		3,749,125
Wolseley PLC	24,704		442,895
WPP PLC	159,800		1,092,932
TOTAL UNITED KINGDOM			22,011,946
TOTAL COMMON STOCKS (Cost $211,965,297)		139,019,690
Nonconvertible Preferred Stocks - 1.0%

Italy - 1.0%
Fiat SpA (Risparmio Shares)	55,700		336,305
Telecom Italia SpA (Risparmio Shares)	1,172,100		1,046,838
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,076,157)		1,383,143
Money Market Funds - 11.8%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	2,202,626		$ 2,202,626
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	14,736,200		14,736,200
TOTAL MONEY MARKET FUNDS (Cost $16,938,826)		16,938,826
TOTAL INVESTMENT PORTFOLIO - 109.6% (Cost $230,980,280)			157,341,659
NET OTHER ASSETS - (9.6)%			(13,810,413)
NET ASSETS - 100%		$ 143,531,246

Legend

(a) Non-income producing

(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	$ 4,833
Fidelity Securities Lending Cash Central Fund	82,301
Total	$ 87,134

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 157,341,659	$ 59,883,878	$ 97,457,781	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $17,062,233 all of which will expire on October 31, 2016.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $14,328,554) - See accompanying schedule: Unaffiliated issuers (cost $214,041,454)	$ 140,402,833
Fidelity Central Funds (cost $16,938,826)	16,938,826
Total Investments (cost $230,980,280)		$ 157,341,659
Cash		5,437
Foreign currency held at value (cost $78,969)		79,152
Receivable for investments sold		763,446
Receivable for fund shares sold		95,467
Dividends receivable		980,751
Distributions receivable from Fidelity Central Funds		62,865
Prepaid expenses		1,343
Other receivables		26,630
Total assets		159,356,750

Liabilities
Payable for investments purchased	$ 896,173
Payable for fund shares redeemed	48,078
Accrued management fee	68,181
Distribution fees payable	3,176
Other affiliated payables	40,409
Other payables and accrued expenses	33,287
Collateral on securities loaned, at value	14,736,200
Total liabilities		15,825,504

Net Assets		$ 143,531,246
Net Assets consist of:
Paid in capital		$ 294,329,269
Undistributed net investment income		1,145,152
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(78,297,753)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(73,645,422)
Net Assets		$ 143,531,246

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, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($2,899,540 ÷ 496,065 shares)		$ 5.85

Maximum offering price per share (100/94.25 of $5.85)		$ 6.21
Class T: Net Asset Value and redemption price per share ($1,760,606 ÷ 301,394 shares)		$ 5.84

Maximum offering price per share (100/96.50 of $5.84)		$ 6.05
Class B: Net Asset Value and offering price per share ($763,338 ÷ 130,196 shares) ^A		$ 5.86

Class C: Net Asset Value and offering price per share ($1,630,367 ÷ 278,340 shares) ^A		$ 5.86

International Value: Net Asset Value, offering price and redemption price per share ($135,806,980 ÷ 23,267,280 shares)		$ 5.84

Institutional Class: Net Asset Value, offering price and redemption price per share ($670,415 ÷ 114,716 shares)		$ 5.84

^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, 2009 (Unaudited)
Investment Income
Dividends		$ 2,815,548
Interest		265
Income from Fidelity Central Funds		87,134
		2,902,947
Less foreign taxes withheld		(366,253)
Total income		2,536,694

Expenses
Management fee Basic fee	$ 513,998
Performance adjustment	(101,746)
Transfer agent fees	212,870
Distribution fees	19,383
Accounting and security lending fees	37,381
Custodian fees and expenses	26,393
Independent trustees' compensation	570
Registration fees	41,992
Audit	31,426
Legal	457
Miscellaneous	1,618
Total expenses before reductions	784,342
Expense reductions	(5,748)	778,594
Net investment income (loss)		1,758,100
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(56,903,012)
Foreign currency transactions	(26,357)
Total net realized gain (loss)		(56,929,369)
Change in net unrealized appreciation (depreciation) on: Investment securities	51,611,574
Assets and liabilities in foreign currencies	(24,867)
Total change in net unrealized appreciation (depreciation)		51,586,707
Net gain (loss)		(5,342,662)
Net increase (decrease) in net assets resulting from operations		$ (3,584,562)

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, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,758,100	$ 7,306,482
Net realized gain (loss)	(56,929,369)	(21,258,353)
Change in net unrealized appreciation (depreciation)	51,586,707	(181,063,041)
Net increase (decrease) in net assets resulting from operations	(3,584,562)	(195,014,912)
Distributions to shareholders from net investment income	(3,076,516)	(5,562,901)
Distributions to shareholders from net realized gain	-	(18,717,865)
Total distributions	(3,076,516)	(24,280,766)
Share transactions - net increase (decrease)	(19,297,117)	(16,138,151)
Redemption fees	3,733	26,598
Total increase (decrease) in net assets	(25,954,462)	(235,407,231)

Net Assets
Beginning of period	169,485,708	404,892,939
End of period (including undistributed net investment income of $1,145,152 and undistributed net investment income of $5,906,440, respectively)	$ 143,531,246	$ 169,485,708

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 5.93	$ 13.02	$ 10.60	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.06	.21	.18	.06 ^H
Net realized and unrealized gain (loss)	(.06)	(6.53)	2.29	.54
Total from investment operations	- ^K	(6.32)	2.47	.60
Distributions from net investment income	(.08)	(.15)	(.03)	-
Distributions from net realized gain	-	(.62)	(.02)	-
Total distributions	(.08)	(.77)	(.05)	-
Redemption fees added to paid in capital ^E,K	-	-	-	-
Net asset value, end of period	$ 5.85	$ 5.93	$ 13.02	$ 10.60
Total Return ^B,C,D	.18%	(51.50)%	23.43%	6.00%
Ratios to Average Net Assets ^F,J
Expenses before reductions	1.32% ^A	1.42%	1.38%	1.75% ^A
Expenses net of fee waivers, if any	1.32% ^A	1.42%	1.38%	1.50% ^A
Expenses net of all reductions	1.31% ^A	1.41%	1.37%	1.46% ^A
Net investment income (loss)	2.24% ^A	2.05%	1.49%	1.29% ^A,H
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,900	$ 2,854	$ 6,052	$ 1,537
Portfolio turnover rate ^G	41% ^A	68%	59%	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.

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

^I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 5.91	$ 12.99	$ 10.59	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.05	.18	.15	.05 ^H
Net realized and unrealized gain (loss)	(.07)	(6.50)	2.29	.54
Total from investment operations	(.02)	(6.32)	2.44	.59
Distributions from net investment income	(.05)	(.14)	(.02)	-
Distributions from net realized gain	-	(.62)	(.02)	-
Total distributions	(.05)	(.76)	(.04)	-
Redemption fees added to paid in capital ^E,K	-	-	-	-
Net asset value, end of period	$ 5.84	$ 5.91	$ 12.99	$ 10.59
Total Return ^B,C,D	(.17)%	(51.60)%	23.13%	5.90%
Ratios to Average Net Assets ^F,J
Expenses before reductions	1.57% ^A	1.67%	1.60%	2.01% ^A
Expenses net of fee waivers, if any	1.57% ^A	1.67%	1.60%	1.75% ^A
Expenses net of all reductions	1.56% ^A	1.66%	1.58%	1.71% ^A
Net investment income (loss)	1.99% ^A	1.80%	1.27%	1.04% ^A,H
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,761	$ 2,087	$ 5,081	$ 1,789
Portfolio turnover rate ^G	41% ^A	68%	59%	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.

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

^I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 5.88	$ 12.93	$ 10.56	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.04	.13	.09	.02 ^H
Net realized and unrealized gain (loss)	(.06)	(6.48)	2.29	.54
Total from investment operations	(.02)	(6.35)	2.38	.56
Distributions from net investment income	-	(.08)	-	-
Distributions from net realized gain	-	(.62)	(.01)	-
Total distributions	-	(.70)	(.01)	-
Redemption fees added to paid in capital ^E,K	-	-	-	-
Net asset value, end of period	$ 5.86	$ 5.88	$ 12.93	$ 10.56
Total Return ^B,C,D	(.34)%	(51.85)%	22.59%	5.60%
Ratios to Average Net Assets ^F,J
Expenses before reductions	2.06% ^A	2.18%	2.10%	2.50% ^A
Expenses net of fee waivers, if any	2.06% ^A	2.18%	2.10%	2.25% ^A
Expenses net of all reductions	2.05% ^A	2.17%	2.08%	2.21% ^A
Net investment income (loss)	1.50% ^A	1.29%	.77%	.54% ^A,H
Supplemental Data
Net assets, end of period (000 omitted)	$ 763	$ 931	$ 2,651	$ 1,304
Portfolio turnover rate ^G	41% ^A	68%	59%	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.

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

^I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 5.88	$ 12.92	$ 10.56	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.04	.13	.09	.02 ^H
Net realized and unrealized gain (loss)	(.06)	(6.47)	2.29	.54
Total from investment operations	(.02)	(6.34)	2.38	.56
Distributions from net investment income	-	(.08)	-	-
Distributions from net realized gain	-	(.62)	(.02)	-
Total distributions	-	(.70)	(.02)	-
Redemption fees added to paid in capital ^E,K	-	-	-	-
Net asset value, end of period	$ 5.86	$ 5.88	$ 12.92	$ 10.56
Total Return ^B,C,D	(.34)%	(51.80)%	22.56%	5.60%
Ratios to Average Net Assets ^F,J
Expenses before reductions	2.05% ^A	2.17%	2.07%	2.47% ^A
Expenses net of fee waivers, if any	2.05% ^A	2.17%	2.07%	2.25% ^A
Expenses net of all reductions	2.04% ^A	2.16%	2.05%	2.21% ^A
Net investment income (loss)	1.51% ^A	1.30%	.80%	.54% ^A,H
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,630	$ 1,784	$ 5,996	$ 2,183
Portfolio turnover rate ^G	41% ^A	68%	59%	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.

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

^I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 5.95	$ 13.06	$ 10.61	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.07	.24	.22	.07 ^G
Net realized and unrealized gain (loss)	(.07)	(6.54)	2.29	.54
Total from investment operations	- ^J	(6.30)	2.51	.61
Distributions from net investment income	(.11)	(.19)	(.04)	-
Distributions from net realized gain	-	(.62)	(.02)	-
Total distributions	(.11)	(.81)	(.06)	-
Redemption fees added to paid in capital ^D,J	-	-	-	-
Net asset value, end of period	$ 5.84	$ 5.95	$ 13.06	$ 10.61
Total Return ^B,C	.29%	(51.34)%	23.81%	6.10%
Ratios to Average Net Assets ^E,I
Expenses before reductions	1.07% ^A	1.10%	1.03%	1.50% ^A
Expenses net of fee waivers, if any	1.07% ^A	1.10%	1.03%	1.25% ^A
Expenses net of all reductions	1.06% ^A	1.09%	1.02%	1.21% ^A
Net investment income (loss)	2.48% ^A	2.37%	1.84%	1.54% ^A,G
Supplemental Data
Net assets, end of period (000 omitted)	$ 135,807	$ 160,777	$ 381,148	$ 221,130
Portfolio turnover rate ^F	41% ^A	68%	59%	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.

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

^H For the period May 18, 2006 (commencement of operations) to October 31, 2006.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 5.96	$ 13.07	$ 10.61	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.07	.25	.22	.07 ^G
Net realized and unrealized gain (loss)	(.07)	(6.54)	2.30	.54
Total from investment operations	- ^J	(6.29)	2.52	.61
Distributions from net investment income	(.12)	(.20)	(.04)	-
Distributions from net realized gain	-	(.62)	(.02)	-
Total distributions	(.12)	(.82)	(.06)	-
Redemption fees added to paid in capital ^D,J	-	-	-	-
Net asset value, end of period	$ 5.84	$ 5.96	$ 13.07	$ 10.61
Total Return ^B,C	.14%	(51.27)%	23.91%	6.10%
Ratios to Average Net Assets ^E,I
Expenses before reductions	.96% ^A	1.02%	.98%	1.38% ^A
Expenses net of fee waivers, if any	.96% ^A	1.02%	.98%	1.25% ^A
Expenses net of all reductions	.96% ^A	1.01%	.96%	1.21% ^A
Net investment income (loss)	2.59% ^A	2.45%	1.89%	1.54% ^A,G
Supplemental Data
Net assets, end of period (000 omitted)	$ 670	$ 1,052	$ 3,965	$ 3,064
Portfolio turnover rate ^F	41% ^A	68%	59%	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.

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

^H For the period May 18, 2006 (commencement of operations) to October 31, 2006.

^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, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

The three levels of the hierarchy under SFAS 157 are described below:

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

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

Unrealized appreciation	$ 4,554,557
Unrealized depreciation	(79,037,017)
Net unrealized appreciation (depreciation)	$ (74,482,460)
Cost for federal income tax purposes	$ 231,824,119

Semiannual Report

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $29,329,299 and $51,828,149, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, International Value as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .58% 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 - continued

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	-%	.25%	$ 3,371	$ 182
Class T	.25%	.25%	4,266	20
Class B	.75%	.25%	3,837	2,992
Class C	.75%	.25%	7,909	1,569
			$ 19,383	$ 4,763

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

	Retained by FDC
Class A	$ 1,137
Class T	347
Class B*	805
Class C*	54
	$ 2,343

* 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. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of 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 were as follows:

	Amount	% of Average Net Assets*
Class A	$ 3,945	.29
Class T	2,546	.30
Class B	1,101	.29
Class C	2,194	.28
International Value	202,407	.30
Institutional Class	677	.19
	$ 212,870

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $465 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.

9. Expense Reductions.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Class A	$ 38,784	$ 71,381
Class T	19,023	53,705
Class B	-	15,783
Class C	-	37,642
International Value	3,001,128	5,325,187
Institutional Class	17,581	59,203
Total	$ 3,076,516	$ 5,562,901

Semiannual Report

10. Distributions to Shareholders - continued

	Six months ended April 30, 2009	Year ended October 31, 2008
From net realized gain
Class A	$ -	$ 297,020
Class T	-	246,645
Class B	-	128,753
Class C	-	295,420
International Value	-	17,561,793
Institutional Class	-	188,234
Total	$ -	$ 18,717,865

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
Class A
Shares sold	168,662	298,063	$ 907,903	$ 3,154,503
Reinvestment of distributions	6,730	30,184	35,265	357,686
Shares redeemed	(160,430)	(312,021)	(787,914)	(3,010,663)
Net increase (decrease)	14,962	16,226	$ 155,254	$ 501,526
Class T
Shares sold	45,205	169,412	$ 240,301	$ 1,740,848
Reinvestment of distributions	2,980	21,586	15,614	255,358
Shares redeemed	(100,076)	(228,991)	(577,055)	(2,152,407)
Net increase (decrease)	(51,891)	(37,993)	$ (321,140)	$ (156,201)
Class B
Shares sold	31,983	48,187	$ 169,869	$ 472,858
Reinvestment of distributions	-	10,866	-	128,544
Shares redeemed	(60,015)	(105,867)	(313,428)	(916,142)
Net increase (decrease)	(28,032)	(46,814)	$ (143,559)	$ (314,740)
Class C
Shares sold	67,677	114,256	$ 375,363	$ 1,072,554
Reinvestment of distributions	-	22,711	-	268,223
Shares redeemed	(92,999)	(297,329)	(517,004)	(2,692,615)
Net increase (decrease)	(25,322)	(160,362)	$ (141,641)	$ (1,351,838)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
International Value
Shares sold	1,911,677	13,343,931	$ 10,419,251	$ 131,489,328
Reinvestment of distributions	550,070	1,810,134	2,876,866	21,468,187
Shares redeemed	(6,196,190)	(17,329,561)	(31,804,761)	(166,721,411)
Net increase (decrease)	(3,734,443)	(2,175,496)	$ (18,508,644)	$ (13,763,896)
Institutional Class
Shares sold	6,604	50,248	$ 34,426	$ 566,166
Reinvestment of distributions	572	6,826	2,992	80,952
Shares redeemed	(69,021)	(183,848)	(374,805)	(1,700,120)
Net increase (decrease)	(61,845)	(126,774)	$ (337,387)	$ (1,053,002)

12. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company

FIL Investment Advisors

Fidelity Investments Japan Limited

FIL Investment Advisors (U.K.) Ltd.

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

AFIV-USAN-0609
1.827499.102

fid1007

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Value
Fund - Institutional Class

Semiannual Report

April 30, 2009

Institutional Class is a class of Fidelity^® International Value Fund

(2_fidelity_logos) (Registered_Trademark)

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 financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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

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, 2008 to April 30, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value November 1, 2008	Ending Account Value April 30, 2009	Expenses Paid During Period* November 1, 2008 to April 30, 2009
Class A	1.32%
Actual		$ 1,000.00	$ 1,001.80	$ 6.55
Hypothetical^A		$ 1,000.00	$ 1,018.25	$ 6.61
Class T	1.57%
Actual		$ 1,000.00	$ 998.30	$ 7.78
Hypothetical^A		$ 1,000.00	$ 1,017.01	$ 7.85
Class B	2.06%
Actual		$ 1,000.00	$ 996.60	$ 10.20
Hypothetical^A		$ 1,000.00	$ 1,014.58	$ 10.29
Class C	2.05%
Actual		$ 1,000.00	$ 996.60	$ 10.15
Hypothetical^A		$ 1,000.00	$ 1,014.63	$ 10.24
International Value	1.07%
Actual		$ 1,000.00	$ 1,002.90	$ 5.31
Hypothetical^A		$ 1,000.00	$ 1,019.49	$ 5.36
Institutional Class	.96%
Actual		$ 1,000.00	$ 1,001.40	$ 4.76
Hypothetical^A		$ 1,000.00	$ 1,020.03	$ 4.81

^A 5% return per year before expenses

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

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Japan 20.2%
	United Kingdom 15.3%
	Germany 13.0%
	France 9.3%
	Switzerland 7.5%
	Italy 5.8%
	Canada 3.8%
	Australia 2.7%
	Hong Kong 2.5%
	Other 19.9%

fid1721

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

As of October 31, 2008
	Japan 19.6%
	United Kingdom 14.2%
	Germany 13.5%
	France 11.5%
	Switzerland 7.5%
	Italy 4.8%
	Spain 3.6%
	Norway 3.0%
	Cayman Islands 2.6%
	Other 19.7%

fid1733

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	97.8	99.2
Short-Term Investments and Net Other Assets	2.2	0.8
Top Ten Stocks as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Toyota Motor Corp. (Japan, Automobiles)	3.9	3.5
E.ON AG (Germany, Electric Utilities)	3.6	2.9
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	3.1	2.6
Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors)	3.1	2.6
Munich Re Group (Reg.) (Germany, Insurance)	3.1	3.0
UniCredit SpA (Italy, Commercial Banks)	2.8	2.5
Daimler AG (Germany, Automobiles)	2.6	2.3
AXA SA sponsored ADR (France, Insurance)	2.6	2.6
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels)	2.5	3.7
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	2.5	3.4
	29.8
Market Sectors as of April 30, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	33.8	32.2
Consumer Discretionary	11.0	9.5
Energy	10.8	14.9
Industrials	10.3	9.2
Telecommunication Services	7.6	7.0
Utilities	6.8	8.2
Materials	6.6	5.9
Health Care	4.9	5.1
Information Technology	3.6	4.0
Consumer Staples	2.4	3.2

Semiannual Report

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
Australia - 2.7%
AMP Ltd.	388,042		$ 1,464,334
Macquarie Airports unit	462,720		608,963
Macquarie Group Ltd. (d)	34,191		832,322
Macquarie Infrastructure Group unit	593,083		582,161
Wesfarmers Ltd.	20,099		330,861
TOTAL AUSTRALIA			3,818,641
Bermuda - 1.0%
Seadrill Ltd.	128,500		1,371,242
Brazil - 0.6%
Itau Unibanco Banco Multiplo SA ADR	34,030		467,232
Petroleo Brasileiro SA - Petrobras sponsored ADR	12,000		402,840
TOTAL BRAZIL			870,072
Canada - 3.8%
Cameco Corp.	22,800		523,545
Canadian Natural Resources Ltd.	17,800		820,598
First Quantum Minerals Ltd.	12,800		495,051
Petrobank Energy & Resources Ltd. (a)	52,200		1,122,087
Potash Corp. of Saskatchewan, Inc.	3,700		317,829
Power Corp. of Canada (sub. vtg.)	24,600		459,942
Suncor Energy, Inc.	27,400		689,564
Toronto-Dominion Bank	24,700		974,959
TOTAL CANADA			5,403,575
Cayman Islands - 0.8%
Chaoda Modern Agriculture (Holdings) Ltd.	1,537,952		869,638
Subsea 7, Inc. (a)(d)	41,000		306,442
TOTAL CAYMAN ISLANDS			1,176,080
China - 1.1%
China Merchants Bank Co. Ltd. (H Shares)	333,000		594,980
Industrial & Commercial Bank of China Ltd.	983,000		559,211
Nine Dragons Paper (Holdings) Ltd.	1,087,000		491,994
TOTAL CHINA			1,646,185
Denmark - 0.5%
Vestas Wind Systems AS (a)	11,900		772,406
Finland - 0.6%
Nokia Corp. sponsored ADR (d)	56,100		793,254
France - 9.3%
AXA SA sponsored ADR	216,500		3,719,470
Common Stocks - continued
	Shares		Value
France - continued
BNP Paribas SA	53,900		$ 2,836,751
Compagnie de St. Gobain (d)	17,612		631,667
GDF Suez (d)	20,989		748,840
Pernod Ricard SA	4,591		271,105
Pernod Ricard SA rights 4/29/09 (a)	4,591		19,595
Societe Generale Series A	22,800		1,164,966
Total SA:
Series B	5,400		270,122
sponsored ADR	42,200		2,098,184
Unibail-Rodamco	11,072		1,650,681
TOTAL FRANCE			13,411,381
Germany - 13.0%
Allianz AG sponsored ADR	351,300		3,182,778
BASF AG (d)	16,700		623,536
Daimler AG	105,000		3,748,500
Deutsche Bank AG	10,900		571,497
E.ON AG (d)	152,700		5,116,721
GEA Group AG	11,600		150,991
GFK AG	21,800		505,981
Metro AG	8,200		345,068
Munich Re Group (Reg.) (d)	32,100		4,389,307
TOTAL GERMANY			18,634,379
Greece - 0.7%
Public Power Corp. of Greece	51,600		994,415
Hong Kong - 2.5%
China Overseas Land & Investment Ltd.	486,038		846,540
CNOOC Ltd.	260,000		290,243
Swire Pacific Ltd. (A Shares)	320,300		2,503,748
TOTAL HONG KONG			3,640,531
India - 0.4%
Bharti Airtel Ltd. (a)	20,985		319,831
Satyam Computer Services Ltd. sponsored ADR	400		720
Suzlon Energy Ltd.	177,784		229,488
TOTAL INDIA			550,039
Indonesia - 0.1%
PT Bank Rakyat Indonesia Tbk	274,500		149,845
Ireland - 1.2%
CRH PLC sponsored ADR (d)	68,800		1,769,536
Common Stocks - continued
	Shares		Value
Italy - 4.8%
ENI SpA sponsored ADR	42,400		$ 1,810,056
Finmeccanica SpA	73,400		1,033,724
UniCredit SpA	1,675,300		4,078,230
TOTAL ITALY			6,922,010
Japan - 20.2%
Denso Corp.	39,800		941,065
East Japan Railway Co.	24,300		1,369,636
Eisai Co. Ltd.	11,000		295,266
Japan Retail Fund Investment Corp.	83		290,331
JSR Corp.	31,400		382,687
Konica Minolta Holdings, Inc.	100,000		826,264
Miraca Holdings, Inc.	65,600		1,339,239
Mitsubishi Estate Co. Ltd.	25,000		326,862
Mitsubishi UFJ Financial Group, Inc.	403,700		2,202,689
Mitsui & Co. Ltd.	415,000		4,402,839
NGK Insulators Ltd.	23,000		352,823
Nippon Electric Glass Co. Ltd.	31,000		252,325
Obic Co. Ltd.	3,880		526,850
ORIX Corp.	9,460		443,158
Osaka Gas Co. Ltd.	904,000		2,865,435
Promise Co. Ltd. (d)	37,450		494,981
Seven & i Holdings Co., Ltd.	15,500		350,337
Sumitomo Corp.	97,000		844,554
Sumitomo Metal Industries Ltd.	330,000		773,232
Sumitomo Mitsui Financial Group, Inc.	13,700		475,253
Tokuyama Corp.	136,000		811,197
Toyota Motor Corp.	142,800		5,653,283
USS Co. Ltd.	11,900		539,398
Xebio Co. Ltd.	51,600		793,034
Yamada Denki Co. Ltd.	30,170		1,390,028
TOTAL JAPAN			28,942,766
Kazakhstan - 0.4%
JSC Halyk Bank of Kazakhstan unit	140,800		520,960
Korea (South) - 0.0%
Shinhan Financial Group Co. Ltd.	5		124
Luxembourg - 0.3%
ArcelorMittal SA (Netherlands)	17,800		416,843
Mexico - 0.6%
America Movil SAB de CV Series L sponsored ADR	26,700		877,095
Common Stocks - continued
	Shares		Value
Netherlands - 1.5%
Gemalto NV (a)	25,400		$ 799,566
Heineken NV (Bearer)	10,900		323,820
Koninklijke KPN NV (d)	82,400		990,376
TOTAL NETHERLANDS			2,113,762
Norway - 2.1%
DnB Nor ASA	221,900		1,380,951
Orkla ASA (A Shares)	175,950		1,259,452
Petroleum Geo-Services ASA (a)	67,850		328,190
TOTAL NORWAY			2,968,593
Philippines - 0.4%
Philippine Long Distance Telephone Co. sponsored ADR	13,600		623,832
Singapore - 1.2%
DBS Group Holdings Ltd.	272,000		1,745,356
South Africa - 1.4%
Impala Platinum Holdings Ltd.	75,100		1,435,362
MTN Group Ltd.	39,300		510,390
TOTAL SOUTH AFRICA			1,945,752
Spain - 2.1%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)	38,816		419,989
Banco Santander SA	45,600		433,245
Telefonica SA sponsored ADR	39,200		2,206,568
TOTAL SPAIN			3,059,802
Sweden - 0.3%
Telefonaktiebolaget LM Ericsson (B Shares)	53,600		455,197
Switzerland - 7.5%
EFG International	77,540		937,844
Nestle SA (Reg.)	16,379		533,762
Roche Holding AG (participation certificate)	28,353		3,574,491
Sonova Holding AG	18,842		1,218,883
Transocean Ltd. (a)	24,339		1,642,396
Zurich Financial Services AG (Reg.)	15,415		2,863,825
TOTAL SWITZERLAND			10,771,201
Taiwan - 0.3%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	174,000		502,170
Thailand - 0.1%
Siam Commercial Bank PCL (For. Reg.)	82,400		140,700
Common Stocks - continued
	Shares		Value
United Kingdom - 15.3%
Aegis Group PLC	342,500		$ 458,347
Anglo American PLC (United Kingdom)	30,595		658,105
AstraZeneca PLC (United Kingdom)	21,000		735,048
BAE Systems PLC	151,600		797,156
BHP Billiton PLC	23,200		481,336
easyJet PLC (a)	169,400		787,215
HSBC Holdings PLC (United Kingdom) (Reg.)	122,123		868,147
Imperial Tobacco Group PLC	6,300		143,688
Informa PLC	131,000		572,349
Man Group PLC	534,800		1,976,020
Misys PLC	439,600		896,895
Prudential PLC	313,428		1,800,808
Rio Tinto PLC (Reg.)	26,100		1,060,081
Royal Dutch Shell PLC Class A sponsored ADR	80,000		3,654,400
Standard Chartered PLC (United Kingdom)	60,450		934,769
Tesco PLC	44,100		218,426
Vodafone Group PLC	372,400		684,204
Vodafone Group PLC sponsored ADR	204,312		3,749,125
Wolseley PLC	24,704		442,895
WPP PLC	159,800		1,092,932
TOTAL UNITED KINGDOM			22,011,946
TOTAL COMMON STOCKS (Cost $211,965,297)		139,019,690
Nonconvertible Preferred Stocks - 1.0%

Italy - 1.0%
Fiat SpA (Risparmio Shares)	55,700		336,305
Telecom Italia SpA (Risparmio Shares)	1,172,100		1,046,838
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,076,157)		1,383,143
Money Market Funds - 11.8%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	2,202,626		$ 2,202,626
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	14,736,200		14,736,200
TOTAL MONEY MARKET FUNDS (Cost $16,938,826)		16,938,826
TOTAL INVESTMENT PORTFOLIO - 109.6% (Cost $230,980,280)			157,341,659
NET OTHER ASSETS - (9.6)%			(13,810,413)
NET ASSETS - 100%		$ 143,531,246

Legend

(a) Non-income producing

(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	$ 4,833
Fidelity Securities Lending Cash Central Fund	82,301
Total	$ 87,134

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 157,341,659	$ 59,883,878	$ 97,457,781	$ -

Income Tax Information

At October 31, 2008, the fund had a capital loss carryforward of approximately $17,062,233 all of which will expire on October 31, 2016.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $14,328,554) - See accompanying schedule: Unaffiliated issuers (cost $214,041,454)	$ 140,402,833
Fidelity Central Funds (cost $16,938,826)	16,938,826
Total Investments (cost $230,980,280)		$ 157,341,659
Cash		5,437
Foreign currency held at value (cost $78,969)		79,152
Receivable for investments sold		763,446
Receivable for fund shares sold		95,467
Dividends receivable		980,751
Distributions receivable from Fidelity Central Funds		62,865
Prepaid expenses		1,343
Other receivables		26,630
Total assets		159,356,750

Liabilities
Payable for investments purchased	$ 896,173
Payable for fund shares redeemed	48,078
Accrued management fee	68,181
Distribution fees payable	3,176
Other affiliated payables	40,409
Other payables and accrued expenses	33,287
Collateral on securities loaned, at value	14,736,200
Total liabilities		15,825,504

Net Assets		$ 143,531,246
Net Assets consist of:
Paid in capital		$ 294,329,269
Undistributed net investment income		1,145,152
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(78,297,753)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(73,645,422)
Net Assets		$ 143,531,246

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, 2009 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($2,899,540 ÷ 496,065 shares)		$ 5.85

Maximum offering price per share (100/94.25 of $5.85)		$ 6.21
Class T: Net Asset Value and redemption price per share ($1,760,606 ÷ 301,394 shares)		$ 5.84

Maximum offering price per share (100/96.50 of $5.84)		$ 6.05
Class B: Net Asset Value and offering price per share ($763,338 ÷ 130,196 shares) ^A		$ 5.86

Class C: Net Asset Value and offering price per share ($1,630,367 ÷ 278,340 shares) ^A		$ 5.86

International Value: Net Asset Value, offering price and redemption price per share ($135,806,980 ÷ 23,267,280 shares)		$ 5.84

Institutional Class: Net Asset Value, offering price and redemption price per share ($670,415 ÷ 114,716 shares)		$ 5.84

^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, 2009 (Unaudited)
Investment Income
Dividends		$ 2,815,548
Interest		265
Income from Fidelity Central Funds		87,134
		2,902,947
Less foreign taxes withheld		(366,253)
Total income		2,536,694

Expenses
Management fee Basic fee	$ 513,998
Performance adjustment	(101,746)
Transfer agent fees	212,870
Distribution fees	19,383
Accounting and security lending fees	37,381
Custodian fees and expenses	26,393
Independent trustees' compensation	570
Registration fees	41,992
Audit	31,426
Legal	457
Miscellaneous	1,618
Total expenses before reductions	784,342
Expense reductions	(5,748)	778,594
Net investment income (loss)		1,758,100
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(56,903,012)
Foreign currency transactions	(26,357)
Total net realized gain (loss)		(56,929,369)
Change in net unrealized appreciation (depreciation) on: Investment securities	51,611,574
Assets and liabilities in foreign currencies	(24,867)
Total change in net unrealized appreciation (depreciation)		51,586,707
Net gain (loss)		(5,342,662)
Net increase (decrease) in net assets resulting from operations		$ (3,584,562)

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, 2009 (Unaudited)	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,758,100	$ 7,306,482
Net realized gain (loss)	(56,929,369)	(21,258,353)
Change in net unrealized appreciation (depreciation)	51,586,707	(181,063,041)
Net increase (decrease) in net assets resulting from operations	(3,584,562)	(195,014,912)
Distributions to shareholders from net investment income	(3,076,516)	(5,562,901)
Distributions to shareholders from net realized gain	-	(18,717,865)
Total distributions	(3,076,516)	(24,280,766)
Share transactions - net increase (decrease)	(19,297,117)	(16,138,151)
Redemption fees	3,733	26,598
Total increase (decrease) in net assets	(25,954,462)	(235,407,231)

Net Assets
Beginning of period	169,485,708	404,892,939
End of period (including undistributed net investment income of $1,145,152 and undistributed net investment income of $5,906,440, respectively)	$ 143,531,246	$ 169,485,708

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 5.93	$ 13.02	$ 10.60	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.06	.21	.18	.06 ^H
Net realized and unrealized gain (loss)	(.06)	(6.53)	2.29	.54
Total from investment operations	- ^K	(6.32)	2.47	.60
Distributions from net investment income	(.08)	(.15)	(.03)	-
Distributions from net realized gain	-	(.62)	(.02)	-
Total distributions	(.08)	(.77)	(.05)	-
Redemption fees added to paid in capital ^E,K	-	-	-	-
Net asset value, end of period	$ 5.85	$ 5.93	$ 13.02	$ 10.60
Total Return ^B,C,D	.18%	(51.50)%	23.43%	6.00%
Ratios to Average Net Assets ^F,J
Expenses before reductions	1.32% ^A	1.42%	1.38%	1.75% ^A
Expenses net of fee waivers, if any	1.32% ^A	1.42%	1.38%	1.50% ^A
Expenses net of all reductions	1.31% ^A	1.41%	1.37%	1.46% ^A
Net investment income (loss)	2.24% ^A	2.05%	1.49%	1.29% ^A,H
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,900	$ 2,854	$ 6,052	$ 1,537
Portfolio turnover rate ^G	41% ^A	68%	59%	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.

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

^I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 5.91	$ 12.99	$ 10.59	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.05	.18	.15	.05 ^H
Net realized and unrealized gain (loss)	(.07)	(6.50)	2.29	.54
Total from investment operations	(.02)	(6.32)	2.44	.59
Distributions from net investment income	(.05)	(.14)	(.02)	-
Distributions from net realized gain	-	(.62)	(.02)	-
Total distributions	(.05)	(.76)	(.04)	-
Redemption fees added to paid in capital ^E,K	-	-	-	-
Net asset value, end of period	$ 5.84	$ 5.91	$ 12.99	$ 10.59
Total Return ^B,C,D	(.17)%	(51.60)%	23.13%	5.90%
Ratios to Average Net Assets ^F,J
Expenses before reductions	1.57% ^A	1.67%	1.60%	2.01% ^A
Expenses net of fee waivers, if any	1.57% ^A	1.67%	1.60%	1.75% ^A
Expenses net of all reductions	1.56% ^A	1.66%	1.58%	1.71% ^A
Net investment income (loss)	1.99% ^A	1.80%	1.27%	1.04% ^A,H
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,761	$ 2,087	$ 5,081	$ 1,789
Portfolio turnover rate ^G	41% ^A	68%	59%	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.

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

^I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 5.88	$ 12.93	$ 10.56	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.04	.13	.09	.02 ^H
Net realized and unrealized gain (loss)	(.06)	(6.48)	2.29	.54
Total from investment operations	(.02)	(6.35)	2.38	.56
Distributions from net investment income	-	(.08)	-	-
Distributions from net realized gain	-	(.62)	(.01)	-
Total distributions	-	(.70)	(.01)	-
Redemption fees added to paid in capital ^E,K	-	-	-	-
Net asset value, end of period	$ 5.86	$ 5.88	$ 12.93	$ 10.56
Total Return ^B,C,D	(.34)%	(51.85)%	22.59%	5.60%
Ratios to Average Net Assets ^F,J
Expenses before reductions	2.06% ^A	2.18%	2.10%	2.50% ^A
Expenses net of fee waivers, if any	2.06% ^A	2.18%	2.10%	2.25% ^A
Expenses net of all reductions	2.05% ^A	2.17%	2.08%	2.21% ^A
Net investment income (loss)	1.50% ^A	1.29%	.77%	.54% ^A,H
Supplemental Data
Net assets, end of period (000 omitted)	$ 763	$ 931	$ 2,651	$ 1,304
Portfolio turnover rate ^G	41% ^A	68%	59%	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.

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

^I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 5.88	$ 12.92	$ 10.56	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.04	.13	.09	.02 ^H
Net realized and unrealized gain (loss)	(.06)	(6.47)	2.29	.54
Total from investment operations	(.02)	(6.34)	2.38	.56
Distributions from net investment income	-	(.08)	-	-
Distributions from net realized gain	-	(.62)	(.02)	-
Total distributions	-	(.70)	(.02)	-
Redemption fees added to paid in capital ^E,K	-	-	-	-
Net asset value, end of period	$ 5.86	$ 5.88	$ 12.92	$ 10.56
Total Return ^B,C,D	(.34)%	(51.80)%	22.56%	5.60%
Ratios to Average Net Assets ^F,J
Expenses before reductions	2.05% ^A	2.17%	2.07%	2.47% ^A
Expenses net of fee waivers, if any	2.05% ^A	2.17%	2.07%	2.25% ^A
Expenses net of all reductions	2.04% ^A	2.16%	2.05%	2.21% ^A
Net investment income (loss)	1.51% ^A	1.30%	.80%	.54% ^A,H
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,630	$ 1,784	$ 5,996	$ 2,183
Portfolio turnover rate ^G	41% ^A	68%	59%	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.

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

^I For the period May 18, 2006 (commencement of operations) to October 31, 2006.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 5.95	$ 13.06	$ 10.61	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.07	.24	.22	.07 ^G
Net realized and unrealized gain (loss)	(.07)	(6.54)	2.29	.54
Total from investment operations	- ^J	(6.30)	2.51	.61
Distributions from net investment income	(.11)	(.19)	(.04)	-
Distributions from net realized gain	-	(.62)	(.02)	-
Total distributions	(.11)	(.81)	(.06)	-
Redemption fees added to paid in capital ^D,J	-	-	-	-
Net asset value, end of period	$ 5.84	$ 5.95	$ 13.06	$ 10.61
Total Return ^B,C	.29%	(51.34)%	23.81%	6.10%
Ratios to Average Net Assets ^E,I
Expenses before reductions	1.07% ^A	1.10%	1.03%	1.50% ^A
Expenses net of fee waivers, if any	1.07% ^A	1.10%	1.03%	1.25% ^A
Expenses net of all reductions	1.06% ^A	1.09%	1.02%	1.21% ^A
Net investment income (loss)	2.48% ^A	2.37%	1.84%	1.54% ^A,G
Supplemental Data
Net assets, end of period (000 omitted)	$ 135,807	$ 160,777	$ 381,148	$ 221,130
Portfolio turnover rate ^F	41% ^A	68%	59%	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.

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

^H For the period May 18, 2006 (commencement of operations) to October 31, 2006.

^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, 2009	Years ended October 31,
	(Unaudited)	2008	2007	2006 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 5.96	$ 13.07	$ 10.61	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.07	.25	.22	.07 ^G
Net realized and unrealized gain (loss)	(.07)	(6.54)	2.30	.54
Total from investment operations	- ^J	(6.29)	2.52	.61
Distributions from net investment income	(.12)	(.20)	(.04)	-
Distributions from net realized gain	-	(.62)	(.02)	-
Total distributions	(.12)	(.82)	(.06)	-
Redemption fees added to paid in capital ^D,J	-	-	-	-
Net asset value, end of period	$ 5.84	$ 5.96	$ 13.07	$ 10.61
Total Return ^B,C	.14%	(51.27)%	23.91%	6.10%
Ratios to Average Net Assets ^E,I
Expenses before reductions	.96% ^A	1.02%	.98%	1.38% ^A
Expenses net of fee waivers, if any	.96% ^A	1.02%	.98%	1.25% ^A
Expenses net of all reductions	.96% ^A	1.01%	.96%	1.21% ^A
Net investment income (loss)	2.59% ^A	2.45%	1.89%	1.54% ^A,G
Supplemental Data
Net assets, end of period (000 omitted)	$ 670	$ 1,052	$ 3,965	$ 3,064
Portfolio turnover rate ^F	41% ^A	68%	59%	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.

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

^H For the period May 18, 2006 (commencement of operations) to October 31, 2006.

^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, 2009 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

The three levels of the hierarchy under SFAS 157 are described below:

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

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

Unrealized appreciation	$ 4,554,557
Unrealized depreciation	(79,037,017)
Net unrealized appreciation (depreciation)	$ (74,482,460)
Cost for federal income tax purposes	$ 231,824,119

Semiannual Report

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $29,329,299 and $51,828,149, 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 .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, International Value as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .58% 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 - continued

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	-%	.25%	$ 3,371	$ 182
Class T	.25%	.25%	4,266	20
Class B	.75%	.25%	3,837	2,992
Class C	.75%	.25%	7,909	1,569
			$ 19,383	$ 4,763

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

	Retained by FDC
Class A	$ 1,137
Class T	347
Class B*	805
Class C*	54
	$ 2,343

* 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. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of 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 were as follows:

	Amount	% of Average Net Assets*
Class A	$ 3,945	.29
Class T	2,546	.30
Class B	1,101	.29
Class C	2,194	.28
International Value	202,407	.30
Institutional Class	677	.19
	$ 212,870

* Annualized

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $465 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.

9. Expense Reductions.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2009	Year ended October 31, 2008
From net investment income
Class A	$ 38,784	$ 71,381
Class T	19,023	53,705
Class B	-	15,783
Class C	-	37,642
International Value	3,001,128	5,325,187
Institutional Class	17,581	59,203
Total	$ 3,076,516	$ 5,562,901

Semiannual Report

10. Distributions to Shareholders - continued

	Six months ended April 30, 2009	Year ended October 31, 2008
From net realized gain
Class A	$ -	$ 297,020
Class T	-	246,645
Class B	-	128,753
Class C	-	295,420
International Value	-	17,561,793
Institutional Class	-	188,234
Total	$ -	$ 18,717,865

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
Class A
Shares sold	168,662	298,063	$ 907,903	$ 3,154,503
Reinvestment of distributions	6,730	30,184	35,265	357,686
Shares redeemed	(160,430)	(312,021)	(787,914)	(3,010,663)
Net increase (decrease)	14,962	16,226	$ 155,254	$ 501,526
Class T
Shares sold	45,205	169,412	$ 240,301	$ 1,740,848
Reinvestment of distributions	2,980	21,586	15,614	255,358
Shares redeemed	(100,076)	(228,991)	(577,055)	(2,152,407)
Net increase (decrease)	(51,891)	(37,993)	$ (321,140)	$ (156,201)
Class B
Shares sold	31,983	48,187	$ 169,869	$ 472,858
Reinvestment of distributions	-	10,866	-	128,544
Shares redeemed	(60,015)	(105,867)	(313,428)	(916,142)
Net increase (decrease)	(28,032)	(46,814)	$ (143,559)	$ (314,740)
Class C
Shares sold	67,677	114,256	$ 375,363	$ 1,072,554
Reinvestment of distributions	-	22,711	-	268,223
Shares redeemed	(92,999)	(297,329)	(517,004)	(2,692,615)
Net increase (decrease)	(25,322)	(160,362)	$ (141,641)	$ (1,351,838)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2009	Year ended October 31, 2008	Six months ended April 30, 2009	Year ended October 31, 2008
International Value
Shares sold	1,911,677	13,343,931	$ 10,419,251	$ 131,489,328
Reinvestment of distributions	550,070	1,810,134	2,876,866	21,468,187
Shares redeemed	(6,196,190)	(17,329,561)	(31,804,761)	(166,721,411)
Net increase (decrease)	(3,734,443)	(2,175,496)	$ (18,508,644)	$ (13,763,896)
Institutional Class
Shares sold	6,604	50,248	$ 34,426	$ 566,166
Reinvestment of distributions	572	6,826	2,992	80,952
Shares redeemed	(69,021)	(183,848)	(374,805)	(1,700,120)
Net increase (decrease)	(61,845)	(126,774)	$ (337,387)	$ (1,053,002)

12. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company

FIL Investment Advisors

Fidelity Investments Japan Limited

FIL Investment Advisors (U.K.) Ltd.

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

AFIVI-USAN-0609
1.827491.102

fid1007

Fidelity®
Series Emerging Markets
Fund

Semiannual Report

April 30, 2009

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	Ned Johnson's message to shareholders.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Summary	<Click Here>	A summary of the fund's holdings.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the Financial Statements.
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

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 LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by 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, 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 Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 9, 2008 to April 30, 2009). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (November 1, 2008 to April 30, 2009).

Actual Expenses

The first line of the accompanying table 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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. 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 provides information about hypothetical account values and hypothetical expenses based on the 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. 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

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value	Ending Account Value April 30, 2009	Expenses Paid During Period
Actual	1.25%	$ 1,000.00	$ 1,171.90	$ 5.32 ^A
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,018.60	$ 6.26 ^B

^A Actual expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 143/365 (to reflect the period December 9, 2008 to April 30, 2009).

^B Hypothetical expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)
As of April 30, 2009
	Brazil 14.3%
	China 12.3%
	Korea (South) 8.6%
	South Africa 8.2%
	India 8.0%
	Hong Kong 6.1%
	Taiwan 6.0%
	Russia 5.6%
	Mexico 4.2%
	Other 26.7%

fid1753

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

Asset Allocation
	% of fund's net assets
Stocks	97.7
Short-Term Investments and Net Other Assets	2.3
Top Ten Stocks as of April 30, 2009
	% of fund's net assets
Companhia Vale do Rio Doce (PN-A) sponsored ADR (Brazil, Metals & Mining)	2.8
China Mobile (Hong Kong) Ltd. sponsored ADR (Hong Kong, Wireless Telecommunication Services)	2.7
Industrial & Commercial Bank of China Ltd. (China, Commercial Banks)	2.5
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)	2.2
Teva Pharmaceutical Industries Ltd. sponsored ADR (Israel, Pharmaceuticals)	2.2
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)	2.2
Petroleo Brasileiro SA - Petrobras sponsored ADR (Brazil, Oil, Gas & Consumable Fuels)	2.1
America Movil SAB de CV Series L sponsored ADR (Mexico, Wireless Telecommunication Services)	2.1
MTN Group Ltd. (South Africa, Wireless Telecommunication Services)	2.1
China Construction Bank Corp. (H Shares) (China, Commercial Banks)	2.0
	22.9
Market Sectors as of April 30, 2009
	% of fund's net assets
Financials	21.6
Energy	15.6
Materials	13.6
Information Technology	11.3
Telecommunication Services	10.7
Industrials	7.7
Consumer Discretionary	5.5
Consumer Staples	5.2
Utilities	3.6
Health Care	2.9

Semiannual Report

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
Australia - 0.4%
Sino Gold Mining Ltd. (a)	400,417		$ 1,586,730
Austria - 0.3%
Erste Bank AG	66,800		1,393,453
Bermuda - 1.4%
Aquarius Platinum Ltd. (a)	49,113		182,121
Aquarius Platinum Ltd. (Australia)	535,178		1,984,552
Credicorp Ltd. (NY Shares)	30,800		1,540,616
Orient Overseas International Ltd.	443,000		1,268,943
Ports Design Ltd.	830,500		1,261,167
TOTAL BERMUDA			6,237,399
Brazil - 14.3%
B2W Companhia Global Do Varejo	48,800		775,418
Banco ABC Brasil SA	194,000		620,956
Banco Bradesco SA (PN) sponsored ADR	619,300		7,605,004
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.)	97,600		1,468,880
Companhia Siderurgica Nacional SA (CSN) sponsored ADR	191,700		3,550,284
Companhia Vale do Rio Doce (PN-A) sponsored ADR	901,000		12,370,733
GVT Holding SA (a)	172,400		2,279,800
Iguatemi Empresa de Shopping Centers SA	139,300		1,052,258
Localiza Rent a Car SA	171,100		887,205
Log-in Logistica Intermodal SA	531,600		1,786,625
Natura Cosmeticos SA	163,800		1,947,370
Net Servicos de Comunicacao SA sponsored ADR	300,000		2,442,000
OGX Petroleo e Gas Participacoes SA	6,500		2,731,400
Petroleo Brasileiro SA - Petrobras:
(PN) sponsored ADR (non-vtg.)	364,100		9,823,418
sponsored ADR	275,700		9,255,249
Tele Norte Leste Participacoes SA sponsored ADR (non-vtg.)	118,100		1,836,455
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	269,600		2,356,304
TOTAL BRAZIL			62,789,359
Canada - 0.7%
Addax Petroleum, Inc.	59,200		1,629,271
Sino-Forest Corp. (a)	150,100		1,313,257
TOTAL CANADA			2,942,528
Cayman Islands - 2.9%
Chaoda Modern Agriculture (Holdings) Ltd.	2,980,000		1,685,046
China Infrastructure Machinery Holdings Ltd.	2,400,000		1,808,244
CNinsure, Inc. ADR (a)	52,500		400,050
Common Stocks - continued
	Shares		Value
Cayman Islands - continued
Foxconn International Holdings Ltd. (a)	3,353,000		$ 2,066,347
Integra Group Holdings unit (a)	519,200		872,048
Stella International Holdings Ltd.	1,334,500		1,768,252
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	36,800		549,424
Xinao Gas Holdings Ltd.	1,268,000		1,733,296
Yingli Green Energy Holding Co. Ltd. ADR (a)	246,000		1,717,080
TOTAL CAYMAN ISLANDS			12,599,787
China - 12.3%
Baidu.com, Inc. sponsored ADR (a)	8,300		1,933,070
China BlueChemical Ltd. (H shares)	1,427,000		756,963
China Communications Construction Co. Ltd. (H Shares)	2,263,000		2,684,098
China Construction Bank Corp. (H Shares)	15,058,000		8,693,260
China Gas Holdings Ltd.	10,996,000		2,016,554
China Merchants Bank Co. Ltd. (H Shares)	1,488,500		2,659,542
China National Materials Co. Ltd. (a)	1,700,000		1,292,271
China Shenhua Energy Co. Ltd. (H Shares)	1,258,500		3,479,523
China South Locomotive & Rolling Stock Corp. Ltd. (H Shares)	3,497,000		1,568,856
China Yurun Food Group Ltd.	1,841,000		2,180,406
Global Bio-Chem Technology Group Co. Ltd.	2,630,000		357,041
Golden Eagle Retail Group Ltd. (H Shares)	1,151,000		929,104
Industrial & Commercial Bank of China Ltd.	19,683,000		11,197,307
Li Ning Co. Ltd.	740,500		1,515,405
Parkson Retail Group Ltd.	912,500		1,145,977
PICC Property & Casualty Co. Ltd. (H Shares) (a)	1,760,000		993,436
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	928,500		5,735,808
Tencent Holdings Ltd.	298,400		2,637,443
ZTE Corp. (H Shares)	698,860		2,356,128
TOTAL CHINA			54,132,192
Czech Republic - 0.8%
Ceske Energeticke Zavody AS	91,500		3,777,347
Egypt - 1.0%
Eastern Tobacco Co.	50,849		1,398,934
Orascom Construction Industries SAE	50,900		1,455,267
Telecom Egypt SAE	494,400		1,391,761
TOTAL EGYPT			4,245,962
Georgia - 0.5%
Bank of Georgia unit (a)	539,900		2,159,600
Hong Kong - 6.1%
China Mobile (Hong Kong) Ltd. sponsored ADR	277,600		11,981,216
Common Stocks - continued
	Shares		Value
Hong Kong - continued
China Overseas Land & Investment Ltd.	1,772,000		$ 3,086,319
China Resources Power Holdings Co. Ltd.	660,000		1,478,970
CNOOC Ltd. sponsored ADR	47,100		5,244,585
CNPC (Hong Kong) Ltd.	2,930,000		1,453,766
Hong Kong Exchange & Clearing Ltd.	79,800		919,167
Shanghai Industrial Holdings Ltd. (H Shares)	786,000		2,678,029
TOTAL HONG KONG			26,842,052
Hungary - 0.3%
OTP Bank Ltd. (a)	107,900		1,410,910
India - 8.0%
Bank of Baroda	151,874		1,004,059
Bharat Heavy Electricals Ltd.	84,461		2,830,840
Bharti Airtel Ltd. (a)	121,427		1,850,664
Educomp Solutions Ltd.	18,984		953,951
Godrej Consumer Products Ltd.	607,136		1,713,157
Grasim Industries Ltd.	40,474		1,473,484
Housing Development Finance Corp. Ltd.	168,922		5,908,089
Infosys Technologies Ltd. sponsored ADR	149,600		4,609,176
IVRCL Infrastructures & Projects Ltd.	607,136		1,959,596
Jain Irrigation Systems Ltd.	202,380		2,048,753
Pantaloon Retail India Ltd.	300,206		1,152,997
Piramal Healthcare Ltd.	485,709		2,272,698
Power Finance Corp. Ltd.	375,257		1,169,380
Reliance Industries Ltd.	84,461		3,095,646
Rolta India Ltd.	34,300		55,418
Tata Power Co. Ltd.	126,690		2,300,544
Union Bank of India	249,458		829,855
TOTAL INDIA			35,228,307
Indonesia - 3.1%
PT Bank Central Asia Tbk	11,235,000		3,542,343
PT Bank Rakyat Indonesia Tbk	8,311,500		4,537,118
PT Perusahaan Gas Negara Tbk Series B	11,747,500		2,874,693
PT Telkomunikasi Indonesia Tbk Series B	3,620,500		2,674,921
TOTAL INDONESIA			13,629,075
Ireland - 0.5%
Dragon Oil PLC (a)	555,500		2,110,460
Israel - 3.6%
Cellcom Israel Ltd.	53,500		1,165,765
Israel Chemicals Ltd.	364,100		3,061,869
Common Stocks - continued
	Shares		Value
Israel - continued
Mizrahi Tefahot Bank Ltd.	145,200		$ 811,124
Nice Systems Ltd. sponsored ADR (a)	37,100		950,131
Teva Pharmaceutical Industries Ltd. sponsored ADR	222,900		9,783,081
TOTAL ISRAEL			15,771,970
Italy - 0.4%
UniCredit SpA	692,500		1,685,772
Kazakhstan - 0.6%
KazMunaiGas Exploration & Production JSC (Reg. S) GDR	139,000		2,468,640
Korea (South) - 8.6%
GS Engineering & Construction Corp.	39,214		2,068,095
Hana Financial Group, Inc.	175,190		3,029,500
Hyundai Industrial Development & Construction Co.	89,630		2,805,322
Hyunjin Materials Co. Ltd.	69,129		2,090,639
KT&G Corp.	46,117		2,547,623
MegaStudy Co. Ltd.	9,321		1,582,674
NHN Corp. (a)	23,563		2,867,017
POSCO sponsored ADR	74,800		5,757,356
Samsung Electronics Co. Ltd.	21,084		9,766,615
Shinhan Financial Group Co. Ltd.	47,422		1,177,810
Shinhan Financial Group Co. Ltd. sponsored ADR	81,300		4,012,155
TOTAL KOREA (SOUTH)			37,704,806
Luxembourg - 0.4%
ArcelorMittal SA (NY Shares) Class A	34,600		815,868
Evraz Group SA GDR	64,646		850,095
TOTAL LUXEMBOURG			1,665,963
Malaysia - 0.3%
DiGi.com Bhd	239,600		1,500,865
Mexico - 4.2%
America Movil SAB de CV Series L sponsored ADR	279,800		9,191,430
Fomento Economico Mexicano SAB de CV sponsored ADR	106,300		3,009,353
Grupo Televisa SA de CV (CPO) sponsored ADR	174,300		2,698,164
Telmex Internacional SAB de CV Series L ADR	148,800		1,544,544
Wal-Mart de Mexico SA de CV Series V	765,400		2,087,379
TOTAL MEXICO			18,530,870
Papua New Guinea - 0.3%
Oil Search Ltd.	411,427		1,534,632
Peru - 0.4%
Compania de Minas Buenaventura SA sponsored ADR	88,500		1,872,660
Common Stocks - continued
	Shares		Value
Philippines - 0.4%
Philippine Long Distance Telephone Co. sponsored ADR	35,300		$ 1,619,211
Russia - 5.6%
Lukoil Oil Co. sponsored ADR	135,500		5,978,260
OAO Gazprom sponsored ADR	402,800		7,129,560
OJSC MMC Norilsk Nickel sponsored ADR	334,500		2,759,625
OJSC Oil Company Rosneft GDR (Reg. S)	682,300		3,519,920
Sberbank (Savings Bank of the Russian Federation) GDR	23,200		3,259,351
Uralkali JSC GDR (Reg. S)	164,400		1,939,249
TOTAL RUSSIA			24,585,965
Singapore - 0.1%
Singapore Exchange Ltd.	90,000		381,155
South Africa - 8.2%
Absa Group Ltd.	150,485		1,736,018
African Bank Investments Ltd.	190,600		604,113
African Rainbow Minerals Ltd.	137,400		1,856,885
AngloGold Ashanti Ltd. sponsored ADR	89,600		2,759,680
Aspen Pharmacare Holdings Ltd.	204,600		1,038,526
Exxaro Resources Ltd.	333,400		2,444,989
FirstRand Ltd.	1,937,500		2,960,381
Harmony Gold Mining Co. Ltd. sponsored ADR (a)	199,700		1,861,204
Imperial Holdings Ltd.	152,146		975,058
Lewis Group Ltd.	139,200		687,508
Mr. Price Group Ltd.	595,700		1,823,939
MTN Group Ltd.	705,800		9,166,241
Mvelaphanda Resources Ltd. (a)	308,014		1,119,167
Naspers Ltd. Class N	93,000		1,895,773
New Clicks Holdings Ltd.	396,200		764,221
Sasol Ltd. sponsored ADR	96,800		2,914,648
Shoprite Holdings Ltd.	285,500		1,710,936
TOTAL SOUTH AFRICA			36,319,287
Taiwan - 6.0%
Acer, Inc.	1,401,000		2,676,756
Asia Cement Corp.	2,350,000		2,418,833
Hon Hai Precision Industry Co. Ltd. (Foxconn)	1,982,000		5,720,119
HTC Corp.	296,000		4,006,935
Innolux Display Corp.	1,466,000		1,616,126
Powertech Technology, Inc.	574,000		1,195,411
Taiwan Mobile Co. Ltd.	976,000		1,540,652
Common Stocks - continued
	Shares		Value
Taiwan - continued
Taiwan Semiconductor Manufacturing Co. Ltd.	3,884,000		$ 6,570,383
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	85,500		903,735
TOTAL TAIWAN			26,648,950
Thailand - 1.4%
PTT Exploration & Production PCL (For. Reg.)	897,200		2,631,719
Siam Commercial Bank PCL (For. Reg.)	2,189,300		3,738,283
TOTAL THAILAND			6,370,002
Turkey - 2.6%
Anadolu Efes Biracilik ve Malt Sanyii AS	258,000		1,837,963
Asya Katilim Bankasi AS	1,788,000		1,709,508
Coca-Cola Icecek AS	414,000		1,953,257
Enka Insaat ve Sanayi AS	433,000		1,853,492
Tupras-Turkiye Petrol Rafinerileri AS	156,000		1,559,756
Turkiye Garanti Bankasi AS (a)	1,211,000		2,542,703
TOTAL TURKEY			11,456,679
United Kingdom - 1.2%
Cairn Energy PLC (a)	29,600		927,699
Randgold Resources Ltd. sponsored ADR	28,900		1,398,760
Standard Chartered PLC (Hong Kong)	95,700		1,440,613
Xstrata PLC	165,500		1,458,527
TOTAL UNITED KINGDOM			5,225,599
United States of America - 0.8%
CTC Media, Inc. (a)	154,200		1,208,928
Freeport-McMoRan Copper & Gold, Inc. Class B	50,100		2,136,765
TOTAL UNITED STATES OF AMERICA			3,345,693
TOTAL COMMON STOCKS (Cost $357,507,645)		429,773,880
Money Market Funds - 3.4%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b) (Cost $15,059,390)	15,059,390		$ 15,059,390
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $372,567,035)			444,833,270
NET OTHER ASSETS - (1.1)%			(4,639,171)
NET ASSETS - 100%		$ 440,194,099

Legend

(a) Non-income producing

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	$ 26,203

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 444,833,270	$ 266,493,599	$ 178,339,671	$ -

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	April 30, 2009 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $357,507,645)	$ 429,773,880
Fidelity Central Funds (cost $15,059,390)	15,059,390
Total Investments (cost $372,567,035)		$ 444,833,270
Cash		249,446
Foreign currency held at value (cost $2,773,190)		2,781,541
Receivable for investments sold		4,753,042
Receivable for fund shares sold		3,404,445
Dividends receivable		913,334
Distributions receivable from Fidelity Central Funds		10,888
Receivable from investment adviser for expense reductions		7,076
Other receivables		83,813
Total assets		457,036,855

Liabilities
Payable for investments purchased	$ 15,520,336
Payable for fund shares redeemed	2,494
Accrued management fee	263,765
Other affiliated payables	91,559
Other payables and accrued expenses	964,602
Total liabilities		16,842,756

Net Assets		$ 440,194,099
Net Assets consist of:
Paid in capital		$ 367,122,925
Undistributed net investment income		1,131,760
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		661,496
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		71,277,918
Net Assets, for 37,703,686 shares outstanding		$ 440,194,099
Net Asset Value, offering price and redemption price per share ($440,194,099 ÷ 37,703,686 shares)		$ 11.68

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

Semiannual Report

Financial Statements - continued

Statement of Operations

		For the period December 9, 2008 (Commencement of operations) to April 30, 2009 (Unaudited)
Investment Income
Dividends		$ 2,008,897
Interest		805
Income from Fidelity Central Funds		26,203
		2,035,905
Less foreign taxes withheld		(93,453)
Total income		1,942,452

Expenses
Management fee	$ 517,573
Transfer agent fees	181,565
Accounting fees and expenses	32,807
Custodian fees and expenses	63,210
Independent trustees' compensation	236
Audit	17,167
Miscellaneous	400
Total expenses before reductions	812,958
Expense reductions	(89,766)	723,192
Net investment income (loss)		1,219,260
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	932,420
Foreign currency transactions	(270,924)
Total net realized gain (loss)		661,496
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $939,197)	71,327,038
Assets and liabilities in foreign currencies	(49,120)
Total change in net unrealized appreciation (depreciation)		71,277,918
Net gain (loss)		71,939,414
Net increase (decrease) in net assets resulting from operations		$ 73,158,674

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

Semiannual Report

Statement of Changes in Net Assets

	For the period December 9, 2008 (Commencement of operations) to April 30, 2009 (Unaudited)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,219,260
Net realized gain (loss)	661,496
Change in net unrealized appreciation (depreciation)	71,277,918
Net increase (decrease) in net assets resulting from operations	73,158,674
Distributions to shareholders from net investment income	(87,500)
Share transactions Proceeds from sales of shares	367,170,313
Reinvestment of distributions	87,500
Cost of shares redeemed	(134,888)
Net increase (decrease) in net assets resulting from share transactions	367,122,925
Total increase (decrease) in net assets	440,194,099

Net Assets
Beginning of period	-
End of period (including undistributed net investment income of $1,131,760)	$ 440,194,099
Other Information Shares
Sold	37,708,747
Issued in reinvestment of distributions	8,373
Redeemed	(13,434)
Net increase (decrease)	37,703,686

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

Semiannual Report

Financial Highlights

	April 30, 2009 ^G
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.08
Net realized and unrealized gain (loss)	1.64
Total from investment operations	1.72
Distributions from net investment income	(.04)
Net asset value, end of period	$ 11.68
Total Return ^{B, C}	17.19%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	1.26% ^A
Expenses net of fee waivers, if any	1.25% ^A
Expenses net of all reductions	1.13% ^A
Net investment income (loss)	1.90% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 440,194
Portfolio turnover rate ^F	39%

^A Annualized

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

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

^D Calculated based on average shares outstanding during the period.

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

^G For the period December 9, 2008 (commencement of operations) to April 30, 2009.

^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. 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 Fund.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2009 (Unaudited)

1. Organization.

Fidelity Series Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. 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's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. On January 15, 2009, the Board of Trustees of Fidelity Series Emerging Markets Fund approved the creation of an additional class of shares. The Fund will commence sale of shares of Class F on or about June 26, 2009.

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 FMR and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, 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.

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.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

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 per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions expected to be taken in the initial filing of the Fund's federal tax return. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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. The Fund may be subject to a tax imposed on net realized gains on securities of certain foreign countries. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of on the valuation date.

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

Unrealized appreciation	$ 74,444,905
Unrealized depreciation	(2,701,305)
Net unrealized appreciation (depreciation)	$ 71,743,600
Cost for federal income tax purposes	$ 373,089,670

4. Operating Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Operating Policies - continued

Repurchase Agreements - continued

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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $435,900,357 and $79,328,436, respectively.

6. Fees and Other Transactions with Affiliates.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $157 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Expense Reductions.

FMR voluntarily agreed to reimburse the Fund to the extent annual operating expenses exceeded 1.25% of average net assets. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $7,076.

Semiannual Report

8. 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 $82,598 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 $92.

9. Other.

At the end of the period, FMR or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Series Emerging Markets Fund

On September 17, 2008, 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. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline.

Administrative Services. The Board considered the nature, extent, quality and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians.

Investment Performance. Fidelity Series Emerging Markets Fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. Once the fund has been in operation for at least one calendar year, the Board will review the fund's absolute investment performance, as well as the fund's relative investment performance measured against a broad-based securities market index.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its review, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's proposed management fee and projected total operating expenses in reviewing the Advisory Contracts. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics. The Board also considered that the projected total operating expenses are comparable to those of similar funds that Fidelity offers to shareholders.

Based on its review, the Board concluded that the fund's management fee and projected total expenses were fair and reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets managed by FMR increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets.

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

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Investments Japan 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

ILF-SANN-0609
1.873104.100

fid1136

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. Investments

(a) Not applicable.

(b) 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/ Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	June 29, 2009

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/ Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	June 29, 2009

By:	/s/ Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	June 29, 2009

Contents

Chairman's Message

Shareholder Expense Example

Investment Changes (Unaudited)

Investments April 30, 2009

Financial Statements

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Diversified International

Six months ended April 30,

Years ended October 31,

2009

2008

2007

2006

2005

2004

Financial Highlights - Class K

Six months ended April 30,

Year ended October 31,

2009

2008 G

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Shareholder Expense Example

Investment Changes (Unaudited)

Investments April 30, 2009 (Unaudited)

Financial Statements

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Six months ended April 30, 2009

Years ended October 31,

(Unaudited)

2008

2007

2006

2005

2004

Notes to Financial Statements

Shareholder Expense Example

Investment Changes (Unaudited)

Investments April 30, 2009 (Unaudited)

Financial Statements

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Overseas

Six months ended April 30,2009

Years ended October 31,

(Unaudited)

2008

2007

2006

2005

2004

Financial Highlights - Class K

Six months ended April 30, 2009

Years ended October 31,

(Unaudited)

2008 G

Notes to Financial Statements

Shareholder Expense Example

Investment Changes (Unaudited)

Investments April 30, 2009 (Unaudited)

Financial Statements

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Class A

Period ended April 30, 2009 H

(Unaudited)

Financial Highlights - Class T

Period ended April 30, 2009 H

(Unaudited)

Financial Highlights - Class B

Period ended April 30, 2009 G

Six months ended
April 30,

Six months ended
April 30,

Year ended
October 31,

2008 ^G

Six months ended
April 30, 2009

2008 ^G

Period ended
April 30, 2009^H

Period ended
April 30, 2009^H

Period ended
April 30, 2009^G

Period ended
April 30, 2009^G

Period ended
April 30, 2009^G

Six months ended
April 30,

Six months ended
April 30,

Year ended
October 31,

2008 ^G