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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number   811-4008

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

|Date of fiscal year end:  | October 31    
|------------------------- | --------------
|                          |               
|Date of reporting period: | April 30, 2005

Item 1.		Reports to Stockholders



Fidelity's

Broadly Diversified International Equity

Funds

Fidelity®Global Balanced Fund

Fidelity Diversified International Fund

Fidelity Aggressive International Fund

Fidelity Overseas Fund

Fidelity Worldwide Fund

Semiannual Report

April 30, 2005

(2_fidelity_logos) (Registered_Trademark)

# Contents

|Shareholder Expense Example                             | <Click
Here> | An example of shareholder expenses.
|------------------------------------------------------- | ------------ | -----------------------------------
|Global Balanced Fund                                    | <Click
Here> | Investment Changes                 
|                                                        | <Click
Here> | Investments                        
|                                                        | <Click
Here> | Financial Statements               
|Diversified International Fund                          | <Click
Here> | Investment Changes                 
|                                                        | <Click
Here> | Investments                        
|                                                        | <Click
Here> | Financial Statements               
|Aggressive International Fund                           | <Click
Here> | Investment Changes                 
|                                                        | <Click
Here> | Investments                        
|                                                        | <Click
Here> | Financial Statements               
|Overseas Fund                                           | <Click
Here> | Investment Changes                 
|                                                        | <Click
Here> | Investments                        
|                                                        | <Click
Here> | Financial Statements               
|Worldwide Fund                                          | <Click
Here> | Investment Changes                 
|                                                        | <Click
Here> | Investments                        
|                                                        | <Click
Here> | Financial Statements               
|Notes to Financial Statements                           | <Click
Here> | Notes to the Financial Statements  
|Report of Independent Registered
Public Accounting Firm | <Click
Here> |                                    

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

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

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

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

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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

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, 2004 to April 30,
2005).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

|                          | Beginning
Account Value
November 1, 2004 | Ending
Account Value
April 30, 2005 | Expenses Paid
During Period*November 1, 2004
to April 30, 2005
|------------------------- | ---------------------------------------- | ----------------------------------- | --------------------------------------------------------------
|Global Balanced           |                                          |                                     |                                                               
|Actual                    | $	1,000.00                               | $	1,071.20                          | $	6.11                                                        
|HypotheticalA             | $	1,000.00                               | $	1,018.89                          | $	5.96                                                        
|Diversified International |                                          |                                     |                                                               
|Actual                    | $	1,000.00                               | $	1,085.80                          | $	5.74                                                        
|HypotheticalA             | $	1,000.00                               | $	1,019.29                          | $	5.56                                                        
|Aggressive International  |                                          |                                     |                                                               
|Actual                    | $	1,000.00                               | $	1,052.00                          | $	5.04                                                        
|HypotheticalA             | $	1,000.00                               | $	1,019.89                          | $	4.96                                                        
|Overseas                  |                                          |                                     |                                                               
|Actual                    | $	1,000.00                               | $	1,053.10                          | $	4.68                                                        
|HypotheticalA             | $	1,000.00                               | $	1,020.23                          | $	4.61                                                        
|Worldwide                 |                                          |                                     |                                                               
|Actual                    | $	1,000.00                               | $	1,044.20                          | $	5.47                                                        
|HypotheticalA             | $	1,000.00                               | $	1,019.44                          | $	5.41                                                        

A5% return per year before expenses

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

|                          | Annualized
Expense Ratio
|------------------------- | ------------------------
|Global Balanced           | 1.19%                   
|Diversified International | 1.11%                   
|Aggressive International  | .99%                    
|Overseas                  | .92%                    
|Worldwide                 | 1.08%                   

Semiannual Report

Global Balanced



# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      



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

|Asset Allocation                                
|------------------------------------------------
|                                                
|Stocks                                          
|Bonds                                           
|Short-Term Investments and Net Other Assets     
|Top Five Stocks as of April 30, 2005            
|                                                
|Telewest Global, Inc. (United States of America)
|General Electric Co. (United States of America) 
|Altria Group, Inc. (United States of America)   
|Intel Corp. (United States of America)          
|Exxon Mobil Corp. (United States of America)    
|                                                
|Top Five Bond Issuers as of April 30, 2005      
|                                                
|Japan Government                                
|U.S. Treasury Obligations                       
|German Federal Republic                         
|Kingdom of Norway                               
|United Kingdom, Great Britain
& Northern Ireland
|                                                
|Market Sectors as of April 30, 2005             
|                                                
|Financials                                      
|Consumer Discretionary                          
|Information Technology                          
|Energy                                          
|Consumer Staples                                
|Health Care                                     
|Industrials                                     
|Telecommunication Services                      
|Materials                                       
|Utilities                                       

Semiannual Report



Global Balanced

# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 61.9%                                        
|-------------------------------------------------------------
|                                                             
|Australia - 0.4%                                             
|BHP Billiton Ltd.                                            
|Downer EDI Ltd.                                              
|Macquarie Airports unit                                      
|TOTAL AUSTRALIA                                              
|Belgium - 0.2%                                               
|Cumerio SA (a)                                               
|Mobistar SA (a)                                              
|Roularta Media Group NV                                      
|Solvay SA                                                    
|Umicore SA                                                   
|TOTAL BELGIUM                                                
|Bermuda - 0.1%                                               
|Willis Group Holdings Ltd.                                   
|Brazil - 0.0%                                                
|Uniao de Bancos Brasileiros SA (Unibanco) GDR                
|Canada - 2.1%                                                
|Alcan, Inc.                                                  
|EnCana Corp.                                                 
|Newmont Mining Corp. of Canada Ltd. (exchangeable shares)    
|Novelis, Inc.                                                
|Research In Motion Ltd. (a)                                  
|Talisman Energy, Inc.                                        
|TOTAL CANADA                                                 
|China - 0.1%                                                 
|Beijing Media Corp. Ltd. (H Shares)                          
|Denmark - 0.4%                                               
|Coloplast AS Series B                                        
|GN Store Nordic AS                                           
|Novo Nordisk AS Series B                                     
|Novozymes AS Series B                                        
|TDC AS                                                       
|TOTAL DENMARK                                                
|Egypt - 0.1%                                                 
|Orascom Telecom SAE GDR (a)                                  
|Finland - 0.3%                                               
|Neste Oil Oyj (a)                                            
|Nokia Corp. sponsored ADR                                    
|TOTAL FINLAND                                                
|France - 2.4%                                                
|Accor SA                                                     
|BNP Paribas SA                                               
|Boursorama (a)                                               
|Carrefour SA                                                 
|Clarins SA                                                   
|CNP Assurances                                               
|                                                             
|                                                             
|Financiere Marc de Lacharriere SA (Fimalac)                  
|France Telecom SA                                            
|Ipsos SA                                                     
|Lagardere S.C.A. (Reg.)                                      
|Laurent-Perrier Group                                        
|Louvre (SOCIETE DU)                                          
|Nexity                                                       
|Orpea (a)                                                    
|Pernod-Ricard                                                
|Sagem SA                                                     
|Sanofi-Aventis                                               
|Silicon On Insulator TEChnologies SA (SOITEC) (a)            
|Taittinger SA (a)                                            
|Thomson SA                                                   
|Total SA:                                                    
|Series B                                                     
|sponsored ADR                                                
|Vivendi Universal SA sponsored ADR                           
|TOTAL FRANCE                                                 
|Germany - 1.7%                                               
|Adidas-Salomon AG                                            
|Allianz AG:                                                  
|(Reg.)                                                       
|sponsored ADR                                                
|BASF AG (d)                                                  
|Bayer AG                                                     
|Bijou Brigitte Modische Accessoires AG                       
|DAB Bank AG                                                  
|Deutsche Telekom AG (Reg.)                                   
|E.ON AG                                                      
|ESCADA AG (a)                                                
|GFK AG                                                       
|HeidelbergCement AG                                          
|Hugo Boss AG                                                 
|Hypo Real Estate Holding AG                                  
|Infineon Technologies AG (a)                                 
|K&S AG                                                       
|Metro AG                                                     
|Norddeutsche Affinerie AG                                    
|Pfleiderer AG (a)                                            
|Premiere AG                                                  
|SAP AG sponsored ADR                                         
|Siemens AG (Reg.)                                            
|TOTAL GERMANY                                                
|Greece - 0.1%                                                
|Greek Organization of Football Prognostics SA                
|Hong Kong - 0.9%                                             
|Cheung Kong Holdings Ltd.                                    
|Esprit Holdings Ltd.                                         
|Common Stocks - continued                                    
|                                                             
|Hong Kong - continued                                        
|Hong Kong & China Gas Co. Ltd.                               
|Orient Overseas International Ltd.                           
|Shun Tak Holdings Ltd.                                       
|TOTAL HONG KONG                                              
|Ireland - 0.5%                                               
|Allied Irish Banks PLC                                       
|C&C Group PLC                                                
|IAWS Group PLC (Ireland)                                     
|Irish Life & Permanent PLC                                   
|Paddy Power PLC                                              
|TOTAL IRELAND                                                
|Italy - 0.8%                                                 
|Amplifon Spa                                                 
|Banca Intesa Spa                                             
|Banca Popolare di Milano                                     
|Banche Popolari Unite Scarl                                  
|Bulgari Spa                                                  
|El.En. Group Spa                                             
|ENI Spa                                                      
|ENI Spa sponsored ADR                                        
|Geox Spa                                                     
|Mediaset Spa                                                 
|Telecom Italia Spa                                           
|TOTAL ITALY                                                  
|Japan - 10.3%                                                
|Aeon Co. Ltd.                                                
|Aisin Seiki Co. Ltd.                                         
|Ajinomoto Co., Inc.                                          
|Asahi Glass Co. Ltd.                                         
|Astellas Pharma, Inc.                                        
|Bridgestone Corp.                                            
|Canon, Inc.                                                  
|Create SD Co. Ltd.                                           
|D&M Holdings, Inc. (a)                                       
|Daiwa House Industry Co. Ltd.                                
|Diamond Lease Co. Ltd.                                       
|East Japan Railway Co.                                       
|First Juken Co. Ltd.                                         
|Fujitsu Ltd.                                                 
|Fuyo General Lease Co. Ltd.                                  
|Hirose Electric Co. Ltd.                                     
|Honda Motor Co. Ltd.                                         
|Itochushokuhin Co. Ltd.                                      
|Japan Retail Fund Investment Corp.                           
|Juroku Bank Ltd.                                             
|Kamigumi Co. Ltd.                                            
|Kaneka Corp.                                                 
|KDDI Corp.                                                   
|                                                             
|                                                             
|Keio Electric Railway Co. Ltd.                               
|KOEI Co. Ltd.                                                
|Konica Minolta Holdings, Inc.                                
|Kose Corp.                                                   
|Kuraray Co. Ltd.                                             
|Kuraya Sanseido, Inc. (d)                                    
|Mars Engineering Corp.                                       
|Matsushita Electric Industrial Co. Ltd.                      
|Mercian Corp.                                                
|Millea Holdings, Inc.                                        
|Mitsui & Co. Ltd.                                            
|Mitsui Fudosan Co. Ltd.                                      
|Mizuho Financial Group, Inc.                                 
|Nikko Cordial Corp.                                          
|Nippon Oil Corp.                                             
|Nippon Steel Corp.                                           
|Nitto Denko Corp.                                            
|NOK Corp.                                                    
|NTT DoCoMo, Inc.                                             
|ORIX Corp.                                                   
|Parco Co. Ltd.                                               
|Renown D'urban Holdings, Inc. (a)                            
|Sega Sammy Holdings, Inc. (a)                                
|Seiyu Ltd. (a)(d)                                            
|Shinagawa Refractories Co. Ltd.                              
|Sho-Bond Corp. (a)                                           
|SMC Corp.                                                    
|Softbank Corp.                                               
|Sony Corp.                                                   
|Stanley Electric Co. Ltd.                                    
|Sumitomo Corp.                                               
|Sumitomo Electric Industries Ltd.                            
|Sumitomo Forestry Co. Ltd.                                   
|Sumitomo Mitsui Financial Group, Inc.                        
|Sumitomo Rubber Industries Ltd.                              
|T&D Holdings, Inc.                                           
|Takara Holdings, Inc.                                        
|Takeda Pharamaceutical Co. Ltd.                              
|Takefuji Corp.                                               
|Teijin Ltd.                                                  
|Tokyo Electric Power Co.                                     
|Tokyo Tomin Bank Ltd.                                        
|TonenGeneral Sekiyu KK (a)                                   
|Toyota Motor Corp.                                           
|Uniden Corp.                                                 
|USS Co. Ltd.                                                 
|Yokogawa Electric Corp.                                      
|York-Benimaru Co. Ltd.                                       
|TOTAL JAPAN                                                  
|Common Stocks - continued                                    
|                                                             
|Korea (South) - 0.2%                                         
|Kookmin Bank                                                 
|S-Oil Corp.                                                  
|TOTAL KOREA (SOUTH)                                          
|Luxembourg - 0.1%                                            
|Stolt-Nielsen SA                                             
|Tenaris SA sponsored ADR                                     
|TOTAL LUXEMBOURG                                             
|Netherlands - 0.9%                                           
|ASML Holding NV (NY Shares) (a)                              
|EADS NV                                                      
|ING Groep NV (Certificaten Van Aandelen)                     
|Koninklijke Ahold NV sponsored ADR (a)                       
|Koninklijke Numico NV (Certificaten Van Aandelen) (a)        
|Koninklijke Philips Electronics NV                           
|Royal Dutch Petroleum Co.:                                   
|(Hague Registry)                                             
|(NY Shares)                                                  
|Trader Classified Media NV (A Shares)                        
|Unilever NV (Certificaten Van Aandelen)                      
|VNU NV                                                       
|TOTAL NETHERLANDS                                            
|Norway - 0.6%                                                
|ABG Sundal Collier ASA (d)                                   
|DnB NOR ASA                                                  
|Norsk Hydro ASA sponsored ADR                                
|Ocean RIG ASA (a)                                            
|Schibsted ASA (B Shares)                                     
|TANDBERG ASA                                                 
|TANDBERG Television ASA (a)                                  
|Yara International ASA                                       
|TOTAL NORWAY                                                 
|Panama - 0.2%                                                
|Carnival Corp. unit                                          
|Poland - 0.1%                                                
|Polski Koncern Naftowy Orlen SA                              
|Powszechna Kasa Oszczednosci Bank SA                         
|TOTAL POLAND                                                 
|Portugal - 0.2%                                              
|Impresa SGPS (a)                                             
|Media Capital SGPS SA                                        
|TOTAL PORTUGAL                                               
|South Africa - 0.2%                                          
|African Bank Investments Ltd.                                
|Edgars Consolidated Stores Ltd.                              
|Massmart Holdings Ltd.                                       
|                                                             
|                                                             
|MTN Group Ltd.                                               
|Nedcor Ltd.                                                  
|TOTAL SOUTH AFRICA                                           
|Spain - 1.0%                                                 
|Actividades de Construccion y Servicios SA (ACS)             
|Antena 3 Television SA                                       
|Banco Bilbao Vizcaya Argentaria SA                           
|Banco Espanol de Credito SA (Reg.)                           
|Banco Pastor SA (Reg.)                                       
|Banco Popular Espanol SA (Reg.)                              
|Banco Santander Central Hispano SA                           
|Gestevision Telecinco SA                                     
|Telefonica SA sponsored ADR                                  
|TOTAL SPAIN                                                  
|Sweden - 0.3%                                                
|Eniro AB                                                     
|Gambro AB (A Shares)                                         
|Skandia Foersaekrings AB                                     
|Skandinaviska Enskilda Banken AB (A Shares)                  
|Telefonaktiebolaget LM Ericsson (B Shares) ADR (a)           
|TOTAL SWEDEN                                                 
|Switzerland - 2.1%                                           
|Clariant AG (Reg.)                                           
|Compagnie Financiere Richemont unit                          
|Credit Suisse Group sponsored ADR                            
|Nestle SA:                                                   
|ADR                                                          
|(Reg.)                                                       
|Nobel Biocare Holding AG (Switzerland)                       
|Novartis AG (Reg.)                                           
|Phonak Holding AG                                            
|Roche Holding AG (participation certificate)                 
|Sika AG (Bearer)                                             
|Societe Generale de Surveillance Holding SA (SGS) (Reg.)     
|Syngenta AG (Switzerland)                                    
|UBS AG (NY Shares)                                           
|TOTAL SWITZERLAND                                            
|Taiwan - 0.2%                                                
|Far EasTone Telecommunications Co. Ltd.                      
|United Microelectronics Corp.                                
|TOTAL TAIWAN                                                 
|Thailand - 0.0%                                              
|Advanced Info Service PCL (For. Reg.)                        
|United Kingdom - 5.8%                                        
|AstraZeneca PLC (United Kingdom)                             
|Common Stocks - continued                                    
|                                                             
|United Kingdom - continued                                   
|BAE Systems PLC                                              
|Barclays PLC                                                 
|BG Group PLC                                                 
|Big Yellow Group PLC                                         
|Blacks Leisure Group PLC                                     
|Body Shop International PLC                                  
|BP PLC sponsored ADR                                         
|Brambles Industries PLC                                      
|British Land Co. PLC                                         
|Brown & Jackson PLC (a)                                      
|Cadbury Schweppes PLC                                        
|Caffe Nero Group PLC (a)                                     
|Capital Radio PLC                                            
|Coffeeheaven International PLC (a)                           
|Corin Group PLC                                              
|Diageo PLC                                                   
|Eircom Group PLC                                             
|EMI Group PLC                                                
|Flomerics Group PLC                                          
|Gallaher Group PLC                                           
|GlaxoSmithKline PLC                                          
|GWR Group PLC                                                
|HBOS PLC                                                     
|Hilton Group PLC                                             
|HSBC Holdings PLC (United Kingdom) (Reg.)                    
|Intertek Group PLC                                           
|Inventive Leisure PLC                                        
|ITE Group PLC                                                
|Jessops PLC                                                  
|Lloyds TSB Group PLC                                         
|Man Group PLC                                                
|Matalan PLC                                                  
|O2 PLC (a)                                                   
|Peacock Group PLC                                            
|Prudential PLC                                               
|Reckitt Benckiser PLC                                        
|Reed Elsevier PLC                                            
|Reuters Group PLC                                            
|Royal Bank of Scotland Group PLC                             
|Schroder Venture International Investment Trust PLC (a)      
|Schroders PLC                                                
|Shell Transport & Trading Co. PLC (Reg.)                     
|Signet Group PLC                                             
|SkyePharma PLC (a)                                           
|Spirent PLC sponsored ADR (a)                                
|Sportingbet PLC (a)                                          
|Standard Chartered PLC (United Kingdom)                      
|Taylor Nelson Sofres PLC                                     
|Ted Baker PLC                                                
|Tesco PLC                                                    
|                                                             
|                                                             
|Unilever PLC                                                 
|Urbium PLC                                                   
|Vodafone Group PLC sponsored ADR                             
|Whatman PLC                                                  
|Wolseley PLC                                                 
|Yell Group PLC                                               
|TOTAL UNITED KINGDOM                                         
|United States of America - 29.6%                             
|Alcoa, Inc.                                                  
|Alexander & Baldwin, Inc.                                    
|Altria Group, Inc.                                           
|American Dental Partners, Inc. (a)                           
|American Express Co.                                         
|American International Group, Inc.                           
|American Tower Corp. Class A (a)                             
|Analog Devices, Inc.                                         
|Anteon International Corp. (a)                               
|Apple Computer, Inc. (a)                                     
|Aspect Medical Systems, Inc. (a)                             
|Bank of America Corp.                                        
|Baxter International, Inc.                                   
|BioMarin Pharmaceutical, Inc. (a)                            
|Blue Nile, Inc.                                              
|Buffalo Wild Wings, Inc. (a)                                 
|Burlington Northern Santa Fe Corp.                           
|Caterpillar, Inc.                                            
|Cephalon, Inc. (a)                                           
|Colgate-Palmolive Co.                                        
|CONSOL Energy, Inc.                                          
|Corn Products International, Inc.                            
|Covad Communications Group, Inc. (a)                         
|CVS Corp.                                                    
|Dell, Inc. (a)                                               
|Dominion Resources, Inc.                                     
|eBay, Inc. (a)                                               
|Equity Lifestyle Properties, Inc.                            
|Exelon Corp.                                                 
|Exxon Mobil Corp.                                            
|FARO Technologies, Inc. (a)                                  
|Federated Department Stores, Inc.                            
|FedEx Corp.                                                  
|First Marblehead Corp. (a)                                   
|Fluor Corp.                                                  
|GameStop Corp. Class A (a)                                   
|Gen-Probe, Inc. (a)                                          
|Genentech, Inc. (a)                                          
|General Electric Co.                                         
|General Growth Properties, Inc.                              
|Gillette Co.                                                 
|Golden West Financial Corp., Delaware                        
|Goldman Sachs Group, Inc.                                    
|Google, Inc. Class A (sub. vtg.)                             
|Halliburton Co.                                              
|Common Stocks - continued                                    
|                                                             
|United States of America - continued                         
|Harris Corp.                                                 
|Headwaters, Inc. (a)                                         
|Highwoods Properties, Inc. (SBI)                             
|Honeywell International, Inc.                                
|Intel Corp.                                                  
|Interface, Inc. Class A (a)                                  
|Janus Capital Group, Inc.                                    
|JCPenney Co., Inc.                                           
|Johnson & Johnson                                            
|Juniper Networks, Inc. (a)                                   
|KB Home                                                      
|Lamar Advertising Co. Class A (a)                            
|Lehman Brothers Holdings, Inc.                               
|Macrovision Corp. (a)                                        
|Medtronic, Inc.                                              
|Microsoft Corp.                                              
|Monsanto Co.                                                 
|NAVTEQ Corp.                                                 
|Newmont Mining Corp.                                         
|Nucor Corp.                                                  
|Omnicom Group, Inc.                                          
|PepsiCo, Inc.                                                
|Phelps Dodge Corp.                                           
|Praxair, Inc.                                                
|Procter & Gamble Co.                                         
|Prudential Financial, Inc.                                   
|QUALCOMM, Inc.                                               
|Quicksilver Resources, Inc. (a)                              
|Red Robin Gourmet Burgers, Inc. (a)                          
|Robert Half International, Inc.                              
|Saks, Inc.                                                   
|SBA Communications Corp. Class A (a)                         
|Sepracor, Inc. (a)                                           
|Staples, Inc.                                                
|Starbucks Corp. (a)                                          
|Symantec Corp. (a)                                           
|Synthes, Inc.                                                
|Telewest Global, Inc. (a)                                    
|Tessera Technologies, Inc. (a)                               
|The Boeing Co.                                               
|Toll Brothers, Inc. (a)                                      
|TradeStation Group, Inc. (a)                                 
|UnitedHealth Group, Inc.                                     
|Urban Outfitters, Inc. (a)                                   
|Valero Energy Corp.                                          
|Wachovia Corp.                                               
|Walgreen Co.                                                 
|Walt Disney Co.                                              
|WebMD Corp. (a)                                              
|Wells Fargo & Co.                                            
|Wm. Wrigley Jr. Co.                                          
|                                                             
|                                                             
|XM Satellite Radio Holdings, Inc. Class A (a)                
|Yahoo!, Inc. (a)                                             
|TOTAL UNITED STATES OF AMERICA                               
|TOTAL COMMON STOCKS
(Cost $93,844,554)                       
|Government Obligations - 20.9%                               
|                                                             
|Germany - 3.8%                                               
|German Federal Republic 4.5% 8/18/06                         
|Italy - 0.7%                                                 
|Italian Republic 4.25% 8/1/14                                
|Japan - 10.3%                                                
|Japan Government:                                            
|0.1% 8/20/05                                                 
|1.9% 3/20/08                                                 
|3% 9/20/05                                                   
|TOTAL JAPAN                                                  
|Norway - 0.8%                                                
|Kingdom of Norway 6.75% 1/15/07                              
|United Kingdom - 0.8%                                        
|United Kingdom, Great Britain & Northern Ireland 8.5% 12/7/05
|United States of America - 4.5%                              
|U.S. Treasury Notes:                                         
|2.5% 5/31/06                                                 
|3.375% 12/15/08                                              
|TOTAL UNITED STATES OF AMERICA                               
|TOTAL GOVERNMENT OBLIGATIONS
(Cost $34,473,857)              
|Money Market Funds - 16.8%                                   
|                                                             
|Fidelity Cash Central Fund, 2.84% (b)                        
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)  
|TOTAL MONEY MARKET FUNDS
(Cost $29,760,561)                  
|TOTAL INVESTMENT PORTFOLIO - 99.6%
(Cost $158,078,972)       
|NET OTHER ASSETS - 0.4%                                      
|NET ASSETS - 100%                                            

|Currency Abbreviations
|----------------------
|EUR                   
|GBP                   
|JPY                   
|NOK                   

|Legend                                                                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|(e)	Principal amount is stated in United States dollars unless otherwise noted.                                                                                                                                                                                                                           
|Other Information                                                                                                                                                                                                                                                                                         
|The composition of credit quality ratings as a percentage of net assets is as follows (ratings are unaudited):                                                                                                                                                                                            

|U.S. Government and U.S. Government Agency Obligations | 4.5%  
|------------------------------------------------------ | ------
|AAA, AA, A                                             | 16.4% 
|BBB                                                    | 0.0%  
|BB                                                     | 0.0%  
|B                                                      | 0.0%  
|CCC, CC, C                                             | 0.0%  
|Equities                                               | 61.9% 
|Short-Term Investments and Net Other Assets            | 17.2% 
|                                                       | 100.0%

|We have used ratings from Moody's Investors Services, Inc. Where Moody's ratings are not available, we have used S&P ratings.
|-----------------------------------------------------------------------------------------------------------------------------

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

Semiannual Report

Global Balanced

# Financial Statements

Statement of Assets and Liabilities

|                                                                                                                             | April 30, 2005 (Unaudited)
|---------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                             |                           
|Assets                                                                                                                       |                           
|Investment in securities, at value (including securities loaned of $391,858) (cost $158,078,972) - See accompanying
schedule |                           
|Foreign currency held at value (cost $505,170)                                                                               |                           
|Receivable for investments sold                                                                                              |                           
|Receivable for fund shares sold                                                                                              |                           
|Dividends receivable                                                                                                         |                           
|Interest receivable                                                                                                          |                           
|Prepaid expenses                                                                                                             |                           
|Other affiliated receivables                                                                                                 |                           
|Other receivables                                                                                                            |                           
|Total assets                                                                                                                 |                           
|                                                                                                                             |                           
|Liabilities                                                                                                                  |                           
|Payable to custodian bank                                                                                                    | $	82                      
|Payable for investments purchased                                                                                            | 926,195                   
|Payable for fund shares redeemed                                                                                             | 71,312                    
|Accrued management fee                                                                                                       | 106,728                   
|Other affiliated payables                                                                                                    | 46,285                    
|Other payables and accrued expenses                                                                                          | 69,195                    
|Collateral on securities loaned, at value                                                                                    | 415,784                   
|Total liabilities                                                                                                            |                           
|                                                                                                                             |                           
|Net Assets                                                                                                                   |                           
|Net Assets consist of:                                                                                                       |                           
|Paid in capital                                                                                                              |                           
|Undistributed net investment income                                                                                          |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions                          |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies                   |                           
|Net Assets, for 8,583,275 shares outstanding                                                                                 |                           
|Net Asset Value, offering price and redemption price per share ($177,118,501 ÷ 8,583,275 shares)                             |                           

Statement of Operations

|                                                                               | Six months ended April 30, 2005
(Unaudited)
|------------------------------------------------------------------------------ | -------------------------------------------
|                                                                               |                                            
|Investment Income                                                              |                                            
|Dividends                                                                      |                                            
|Special Dividends                                                              |                                            
|Interest                                                                       |                                            
|Security lending                                                               |                                            
|                                                                               |                                            
|Less foreign taxes withheld                                                    |                                            
|Total income                                                                   |                                            
|                                                                               |                                            
|Expenses                                                                       |                                            
|Management fee                                                                 | $	593,319                                  
|Transfer agent fees                                                            | 214,750                                    
|Accounting and security lending fees                                           | 41,093                                     
|Independent trustees' compensation                                             | 452                                        
|Custodian fees and expenses                                                    | 69,073                                     
|Registration fees                                                              | 21,641                                     
|Audit                                                                          | 38,316                                     
|Legal                                                                          | 628                                        
|Miscellaneous                                                                  | 636                                        
|Total expenses before reductions                                               | 979,908                                    
|Expense reductions                                                             | (15,238)                                   
|Net investment income (loss)                                                   |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:               |                                            
|Investment securities                                                          | 8,590,283                                  
|Foreign currency transactions                                                  | 25,931                                     
|Total net realized gain (loss)                                                 |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities | 485,288                                    
|Assets and liabilities in foreign currencies                                   | 12,592                                     
|Total change in net unrealized appreciation (depreciation)                     |                                            
|Net gain (loss)                                                                |                                            
|Net increase (decrease) in net assets resulting from operations                |                                            

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

Semiannual Report

Global Balanced
Financial Statements - continued

Statement of Changes in Net Assets

|                                                                                                                                                | Six months ended
April 30, 2005
(Unaudited) | Year ended
October 31,
2004
|----------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ---------------------------
|Increase (Decrease) in Net Assets                                                                                                               |                                             |                            
|Operations                                                                                                                                      |                                             |                            
|Net investment income (loss)                                                                                                                    | $	709,192                                   | $	707,428                  
|Net realized gain (loss)                                                                                                                        | 8,616,214                                   | 10,231,992                 
|Change in net unrealized appreciation (depreciation)                                                                                            | 497,880                                     | 1,921,438                  
|Net increase (decrease) in net assets resulting from operations                                                                                 | 9,823,286                                   | 12,860,858                 
|Distributions to shareholders from net investment income                                                                                        | (947,033)                                   | (2,085,080)                
|Distributions to shareholders from net realized gain                                                                                            | (2,331,147)                                 | -                          
|Total distributions                                                                                                                             | (3,278,180)                                 | (2,085,080)                
|Share transactions 
Proceeds from sales of shares                                                                                               | 50,835,119                                  | 43,116,007                 
|Reinvestment of distributions                                                                                                                   | 3,105,549                                   | 1,937,941                  
|Cost of shares redeemed                                                                                                                         | (20,991,665)                                | (34,092,066)               
|Net increase (decrease) in net assets resulting from share transactions                                                                         | 32,949,003                                  | 10,961,882                 
|Redemption fees                                                                                                                                 | 5,590                                       | 17,177                     
|Total increase (decrease) in net assets                                                                                                         | 39,499,699                                  | 21,754,837                 
|Net Assets                                                                                                                                      |                                             |                            
|Beginning of period                                                                                                                             | 137,618,802                                 | 115,863,965                
|End of period (including undistributed net investment income of $1,439,253 and undistributed net investment income of
$1,969,601, respectively) | $	177,118,501                               | $	137,618,802              
|Other Information
Shares                                                                                                                        |                                             |                            
|Sold                                                                                                                                            | 2,455,455                                   | 2,259,780                  
|Issued in reinvestment of distributions                                                                                                         | 151,048                                     | 105,592                    
|Redeemed                                                                                                                                        | (1,012,577)                                 | (1,790,393)                
|Net increase (decrease)                                                                                                                         | 1,593,926                                   | 574,979                    

Financial Highlights

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Six months ended
April 30, 2005 | Years ended October 31,
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | -----------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (Unaudited)                     | 2004                   
|Selected Per-Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                 |                        
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $	19.69                         | $	18.06                
|Income from Investment Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                 |                        
|Net investment income (loss)D                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | .09E                            | .10J                   
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 1.31                            | 1.85                   
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 1.40                            | 1.95                   
|Distributions from net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (.13)                           | (.32)                  
|Distributions from net realized gain                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (.32)                           | -                      
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (.45)                           | (.32)                  
|Redemption fees added to paid in capitalD                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | -I                              | -I                     
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $	20.64                         | $	19.69                
|Total ReturnB, C                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 7.12%                           | 10.93%                 
|Ratios to Average Net AssetsG                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                 |                        
|Expenses before expense reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 1.19%A                          | 1.20%                  
|Expenses net of voluntary waivers, if any                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 1.19%A                          | 1.20%                  
|Expenses net of all reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 1.18%A                          | 1.19%                  
|Net investment income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | .86%A, E                        | .54%J                  
|Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                 |                        
|Net assets, end of period (000 omitted)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $	177,119                       | $	137,619              
|Portfolio turnover rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 93%A                            | 94%                    
|AAnnualizedBTotal returns for periods of less than one year are not annualized.CTotal returns would have been lower had certain expenses not been reduced during the periods shown.DCalculated based on average shares outstanding during the
period.EInvestment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been .56%.FInvestment income per share
reflects a special dividend which amounted to $.04 per share.GExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service
arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment
adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.HEffective November 1, 2001, the fund adopted the provisions of the
AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities. Per-share data and ratios for periods prior to adoption have not been restated to reflect this change.IAmount represents less
than $.01 per share.JNet investment income per share includes approximately $.05 per share received as a result of a reorganization of an issuer that was in bankruptcy. Excluding this non-recurring amount, the ratio of net investment income to average
net assets would have been .26%.

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

Semiannual Report

Diversified International



# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      



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

|Asset Allocation                                                                      
|--------------------------------------------------------------------------------------
|                                                                                      
|Stocks                                                                                
|Bonds                                                                                 
|Short-Term Investments and Net Other Assets                                           
|Top Ten Stocks as of April 30, 2005                                                   
|                                                                                      
|Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)           
|Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)
|BP PLC sponsored ADR (United Kingdom, Oil & Gas)                                      
|Novartis AG sponsored ADR (Switzerland, Pharmaceuticals)                              
|Total SA sponsored ADR (France, Oil & Gas)                                            
|Sanofi-Aventis sponsored ADR (France, Pharmaceuticals)                                
|Nestle SA (Reg.) (Switzerland, Food Products)                                         
|UBS AG (NY Shares) (Switzerland, Capital Markets)                                     
|HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)                    
|Tesco PLC (United Kingdom, Food & Staples Retailing)                                  
|                                                                                      
|Market Sectors as of April 30, 2005                                                   
|                                                                                      
|Financials                                                                            
|Consumer Discretionary                                                                
|Health Care                                                                           
|Industrials                                                                           
|Consumer Staples                                                                      
|Information Technology                                                                
|Energy                                                                                
|Materials                                                                             
|Telecommunication Services                                                            
|Utilities                                                                             

Semiannual Report



Diversified International

# Investments April 30, 2005 (Audited)

Showing Percentage of Net Assets

|Common Stocks - 94.2%                                         
|--------------------------------------------------------------
|                                                              
|Australia - 2.4%                                              
|AMP Ltd.                                                      
|Australia & New Zealand Banking Group Ltd.                    
|Australian Gas Light Co.                                      
|BHP Billiton Ltd. sponsored ADR                               
|Brambles Industries Ltd. (d)                                  
|Computershare Ltd.                                            
|CSL Ltd.                                                      
|Macquarie Bank Ltd.                                           
|Macquarie Capital Alliance Group (a)                          
|Promina Group Ltd.                                            
|QBE Insurance Group Ltd.                                      
|TOTAL AUSTRALIA                                               
|Austria - 0.2%                                                
|Bank Austria Creditanstalt AG                                 
|Belgium - 0.5%                                                
|Cumerio SA (a)                                                
|KBC Groupe SA (d)                                             
|RHJ International                                             
|Umicore SA                                                    
|TOTAL BELGIUM                                                 
|Bermuda - 0.2%                                                
|Clear Media Ltd. (a)(e)                                       
|GOME Electrical Appliances Holdings Ltd.                      
|Peace Mark Holdings Ltd.                                      
|TOTAL BERMUDA                                                 
|Brazil - 0.3%                                                 
|Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR  
|Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)       
|TOTAL BRAZIL                                                  
|Canada - 5.5%                                                 
|Aber Diamond Corp.                                            
|ACE Aviation Holdings, Inc. Class A (a)                       
|Astral Media, Inc. Class A (non-vtg.)                         
|Brascan Corp. Class A (ltd. vtg.) (d)                         
|Canadian National Railway Co.                                 
|Canadian Natural Resources Ltd.                               
|Canadian Pacific Railway Ltd.                                 
|Canadian Western Bank, Edmonton                               
|EnCana Corp.                                                  
|Fording Canadian Coal Trust                                   
|Goldcorp, Inc.                                                
|ITF Optical Technologies, Inc. Series A (g)                   
|Jean Coutu Group, Inc.:                                       
|Class A (f)                                                   
|Class A (sub. vtg.)                                           
|                                                              
|                                                              
|Loblaw Companies Ltd.                                         
|Meridian Gold, Inc. (a)                                       
|Metro, Inc. Class A (sub. vtg.)                               
|National Bank of Canada                                       
|OZ Optics Ltd. unit (a)(g)                                    
|Petro-Canada                                                  
|Power Corp. of Canada (sub. vtg.)                             
|Precision Drilling Corp. (a)                                  
|Research In Motion Ltd. (a)                                   
|Sun Life Financial, Inc.                                      
|Talisman Energy, Inc.                                         
|TELUS Corp. (non-vtg.)                                        
|TimberWest Forest Corp. unit                                  
|TOTAL CANADA                                                  
|Cayman Islands - 0.3%                                         
|Apex Silver Mines Ltd. (a)(d)(e)                              
|Hutchison Telecommunications International Ltd. ADR (d)       
|TOTAL CAYMAN ISLANDS                                          
|China - 0.7%                                                  
|BYD Co. Ltd. (H Shares) (e)                                   
|Global Bio-Chem Technology Group Co. Ltd.                     
|Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)
|People's Food Holdings Ltd.                                   
|Shanghai Zhenhua Port Machinery Co. Ltd. (B Shares)           
|Sinopec Zhenhai Refining & Chemical Co. Ltd. (H Shares)       
|Weichai Power Co. Ltd. (H Shares)                             
|TOTAL CHINA                                                   
|Denmark - 2.0%                                                
|Coloplast AS Series B (d)                                     
|Danske Bank AS                                                
|GN Store Nordic AS                                            
|Novo Nordisk AS Series B                                      
|Novozymes AS Series B                                         
|TDC AS                                                        
|Vestas Wind Systems AS (a)(d)                                 
|TOTAL DENMARK                                                 
|Finland - 0.4%                                                
|Neste Oil Oyj (a)                                             
|Nokia Corp. sponsored ADR                                     
|TOTAL FINLAND                                                 
|France - 9.5%                                                 
|Accor SA                                                      
|AXA SA sponsored ADR                                          
|BNP Paribas SA                                                
|Common Stocks - continued                                     
|                                                              
|France - continued                                            
|CNP Assurances                                                
|Dassault Aviation SA (d)                                      
|Essilor International SA                                      
|Financiere Marc de Lacharriere SA (Fimalac)                   
|Groupe Danone                                                 
|Ipsos SA                                                      
|JC Decaux SA (a)                                              
|L'Air Liquide SA                                              
|L'Oreal SA                                                    
|Lafarge SA (Bearer)                                           
|Lagardere S.C.A. (Reg.)                                       
|Michelin SA (Compagnie Generale des Etablissements) Series B  
|Neopost SA                                                    
|Pernod-Ricard                                                 
|Pinault Printemps-Redoute SA                                  
|Renault SA                                                    
|Sanofi-Aventis sponsored ADR                                  
|Suez SA (France)                                              
|Thomson SA                                                    
|Total SA sponsored ADR                                        
|Veolia Environnement                                          
|Vinci SA (d)                                                  
|Vivendi Universal SA sponsored ADR (d)                        
|TOTAL FRANCE                                                  
|Germany - 5.3%                                                
|Adidas-Salomon AG (d)                                         
|Allianz AG sponsored ADR                                      
|BASF AG (d)                                                   
|BASF AG sponsored ADR                                         
|Bayer AG (d)                                                  
|Bayerische Hypo-und Vereinsbank AG (a)                        
|Bijou Brigitte Modische Accessoires AG                        
|Celesio AG (d)                                                
|Continental AG                                                
|Deutsche Boerse AG                                            
|Deutsche Telekom AG sponsored ADR                             
|E.ON AG sponsored ADR (d)                                     
|GFK AG                                                        
|Hypo Real Estate Holding AG                                   
|K&S AG (d)                                                    
|Linde AG                                                      
|MAN AG                                                        
|Merck KGaA                                                    
|Metro AG                                                      
|Premiere AG                                                   
|RWE AG (d)                                                    
|SAP AG sponsored ADR                                          
|Siemens AG sponsored ADR                                      
|                                                              
|                                                              
|SolarWorld AG                                                 
|Wincor Nixdorf AG                                             
|TOTAL GERMANY                                                 
|Greece - 0.3%                                                 
|Greek Organization of Football Prognostics SA                 
|Public Power Corp. of Greece                                  
|TOTAL GREECE                                                  
|Hong Kong - 1.5%                                              
|Aeon Credit Service (Asia) Co. Ltd.                           
|China Netcom Group Corp. Hong Kong Ltd. ADR (d)               
|Cosco Pacific Ltd.                                            
|Hengan International Group Co. Ltd.                           
|Hutchison Whampoa Ltd.                                        
|Li & Fung Ltd.                                                
|Melco International Development Ltd.                          
|NWS Holdings Ltd.                                             
|Shun Tak Holdings Ltd.                                        
|Techtronic Industries Co. Ltd.                                
|Television Broadcasts Ltd.                                    
|Wharf Holdings Ltd.                                           
|Yue Yuen Industrial Holdings Ltd.                             
|TOTAL HONG KONG                                               
|Hungary - 0.0%                                                
|OTP Bank Rt.                                                  
|India - 1.9%                                                  
|ABB Ltd. India                                                
|Bajaj Auto Ltd.                                               
|Bharat Forge Ltd.                                             
|HDFC Bank Ltd. sponsored ADR                                  
|Housing Development Finance Corp. Ltd.                        
|Infosys Technologies Ltd.                                     
|Larsen & Toubro Ltd.                                          
|Ranbaxy Laboratories Ltd.                                     
|Reliance Industries Ltd.                                      
|Satyam Computer Services Ltd.                                 
|State Bank of India                                           
|TOTAL INDIA                                                   
|Ireland - 1.9%                                                
|Allied Irish Banks PLC                                        
|CRH PLC                                                       
|DEPFA BANK PLC                                                
|IAWS Group PLC (Ireland)                                      
|Independent News & Media PLC (Ireland)                        
|Ryanair Holdings PLC sponsored ADR (a)                        
|TOTAL IRELAND                                                 
|Italy - 1.8%                                                  
|Autostrade Spa (d)                                            
|Common Stocks - continued                                     
|                                                              
|Italy - continued                                             
|Banca Intesa Spa                                              
|Banco Popolare di Verona e Novara (d)                         
|Bulgari Spa (d)                                               
|ENI Spa sponsored ADR                                         
|Mediaset Spa (d)                                              
|Milano Assicurazioni Spa (d)                                  
|Telecom Italia Spa ADR                                        
|UNIPOL Assicurazioni Spa                                      
|TOTAL ITALY                                                   
|Japan - 11.8%                                                 
|Advantest Corp.                                               
|Asahi Glass Co. Ltd.                                          
|Canon, Inc. ADR                                               
|Chugai Pharmaceutical Co. Ltd.                                
|Credit Saison Co. Ltd.                                        
|Daiwa Securities Group, Inc.                                  
|East Japan Railway Co.                                        
|Fanuc Ltd.                                                    
|Fuji Photo Film Co. Ltd.                                      
|Hirose Electric Co. Ltd.                                      
|Honda Motor Co. Ltd.                                          
|Hoya Corp.                                                    
|Ito Yokado Ltd.                                               
|Keyence Corp.                                                 
|Kose Corp.                                                    
|Kuraray Co. Ltd.                                              
|Kuraya Sanseido, Inc. (d)                                     
|Millea Holdings, Inc.                                         
|Mitsubishi Electric Corp.                                     
|Mitsubishi Tokyo Financial Group, Inc. (MTFG)                 
|Mitsui & Co. Ltd.                                             
|Mitsui O.S.K. Lines Ltd.                                      
|Mizuho Financial Group, Inc.                                  
|Murata Manufacturing Co. Ltd.                                 
|Net One Systems Co. Ltd.                                      
|Nikko Cordial Corp.                                           
|Nintendo Co. Ltd.                                             
|Nippon Electric Glass Co. Ltd.                                
|Nitto Denko Corp.                                             
|Nomura Holdings, Inc.                                         
|Nomura Research Institute Ltd.                                
|OMC Card, Inc. (d)                                            
|ORIX Corp.                                                    
|Rakuten, Inc. (d)                                             
|Ricoh Co. Ltd.                                                
|Rohm Co. Ltd.                                                 
|Seiyu Ltd. (a)(d)                                             
|SFCG Co. Ltd.                                                 
|Sony Corp.                                                    
|Sumitomo Forestry Co. Ltd.                                    
|                                                              
|                                                              
|Sumitomo Mitsui Financial Group, Inc.                         
|Sumitomo Rubber Industries Ltd.                               
|T&D Holdings, Inc.                                            
|Takefuji Corp.                                                
|TIS, Inc.                                                     
|Tokyo Electron Ltd.                                           
|Toyota Motor Corp. sponsored ADR                              
|UFJ Holdings, Inc. (a)                                        
|USS Co. Ltd.                                                  
|Yahoo! Japan Corp.                                            
|Yahoo! Japan Corp. New                                        
|Yamato Transport Co. Ltd.                                     
|TOTAL JAPAN                                                   
|Korea (South) - 2.7%                                          
|AmorePacific Corp.                                            
|Daewoo Shipbuilding & Marine Engineering Co. Ltd.             
|Hana Bank                                                     
|Hanjin Shipping Co. Ltd.                                      
|Honam Petrochemical Corp.                                     
|Hyundai Motor Co.                                             
|INTOPS Co. Ltd.                                               
|Kookmin Bank sponsored ADR                                    
|Korea Exchange Bank (a)                                       
|LG Electronics, Inc.                                          
|LG Household & Health Care Ltd.                               
|NCsoft Corp. (a)                                              
|Power Logics Co. Ltd.                                         
|Samsung Electronics Co. Ltd.                                  
|Samsung SDI Co. Ltd.                                          
|Shinhan Financial Group Co. Ltd.                              
|TOTAL KOREA (SOUTH)                                           
|Mexico - 0.5%                                                 
|America Movil SA de CV Series L sponsored ADR                 
|Cemex SA de CV sponsored ADR                                  
|Fomento Economico Mexicano SA de CV sponsored ADR             
|TOTAL MEXICO                                                  
|Netherlands - 3.8%                                            
|ASML Holding NV (NY Shares) (a)                               
|EADS NV                                                       
|Fugro NV (Certificaten Van Aandelen) unit                     
|ING Groep NV sponsored ADR                                    
|Koninklijke Numico NV (Certificaten Van Aandelen) (a)         
|Koninklijke Philips Electronics NV (NY Shares)                
|OPG Groep NV (A Shares) unit                                  
|Common Stocks - continued                                     
|                                                              
|Netherlands - continued                                       
|QIAGEN NV (a)                                                 
|Randstad Holdings NV                                          
|Reed Elsevier NV ADR (d)                                      
|Royal Dutch Petroleum Co. (NY Shares)                         
|VNU NV                                                        
|TOTAL NETHERLANDS                                             
|Netherlands Antilles - 0.1%                                   
|Schlumberger Ltd. (NY Shares)                                 
|Norway - 0.9%                                                 
|DnB NOR ASA (d)                                               
|Schibsted ASA (B Shares) (d)                                  
|Storebrand ASA (A Shares)                                     
|TOTAL NORWAY                                                  
|Philippines - 0.1%                                            
|Philippine Long Distance Telephone Co. sponsored ADR          
|Poland - 0.1%                                                 
|Polski Koncern Naftowy Orlen SA                               
|Singapore - 0.2%                                              
|Flextronics International Ltd. (a)                            
|Want Want Holdings Ltd.                                       
|TOTAL SINGAPORE                                               
|South Africa - 0.2%                                           
|African Bank Investments Ltd.                                 
|Massmart Holdings Ltd.                                        
|Nedcor Ltd.                                                   
|TOTAL SOUTH AFRICA                                            
|Spain - 4.3%                                                  
|Actividades de Construccion y Servicios SA (ACS)              
|Altadis SA (Spain)                                            
|Antena 3 Television SA                                        
|Banco Bilbao Vizcaya Argentaria SA sponsored ADR              
|Banco Popular Espanol SA (Reg.)                               
|Banco Santander Central Hispano SA ADR                        
|Compania de Distribucion Integral Logista SA                  
|Fomento Construcciones y Contratas SA (FOCSA)                 
|Gestevision Telecinco SA (d)                                  
|Grupo Ferrovial SA                                            
|Iberdrola SA                                                  
|Inditex SA                                                    
|Prosegur Comp Securidad SA (Reg.)                             
|Red Electrica de Espana SA                                    
|                                                              
|                                                              
|Repsol YPF SA sponsored ADR                                   
|Telefonica SA sponsored ADR                                   
|TOTAL SPAIN                                                   
|Sweden - 1.4%                                                 
|Assa Abloy AB (B Shares) (d)                                  
|Atlas Copco AB (A Shares)                                     
|Gambro AB (A Shares)                                          
|Hennes & Mauritz AB (H&M) (B Shares) (d)                      
|Skandia Foersaekrings AB                                      
|Skandinaviska Enskilda Banken AB (A Shares)                   
|SKF AB (B Shares) (d)                                         
|Telefonaktiebolaget LM Ericsson (B Shares) ADR (a)            
|TOTAL SWEDEN                                                  
|Switzerland - 10.5%                                           
|ABB Ltd. (Reg.) (a)                                           
|Actelion Ltd. (Reg.) (a)                                      
|Alcon, Inc.                                                   
|Compagnie Financiere Richemont unit                           
|Credit Suisse Group sponsored ADR                             
|INFICON Holding AG (a)(e)                                     
|Logitech International SA (Reg.) (a)(d)                       
|Nestle SA (Reg.) (d)                                          
|Nobel Biocare Holding AG (Switzerland) (d)                    
|Novartis AG sponsored ADR                                     
|Phonak Holding AG                                             
|Roche Holding AG (participation certificate)                  
|Schindler Holding AG (Reg.)                                   
|Societe Generale de Surveillance Holding SA (SGS) (Reg.) (d)  
|Swiss Life Holding (a)                                        
|Syngenta AG sponsored ADR                                     
|Tecan Group AG (d)(e)                                         
|The Swatch Group AG (Reg.)                                    
|UBS AG (NY Shares)                                            
|TOTAL SWITZERLAND                                             
|Taiwan - 0.4%                                                 
|Cheng Shin Rubber Industry Co. Ltd.                           
|MediaTek, Inc.                                                
|Novatek Microelectronics Corp.                                
|Taishin Financial Holdings Co. Ltd.                           
|Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR     
|United Microelectronics Corp. sponsored ADR                   
|TOTAL TAIWAN                                                  
|Common Stocks - continued                                     
|                                                              
|Thailand - 0.0%                                               
|Thai Oil PCL (For. Reg.)                                      
|Turkey - 0.1%                                                 
|Petrol Ofisi AS                                               
|United Kingdom - 18.4%                                        
|Amdocs Ltd. (a)                                               
|AMEC PLC                                                      
|AstraZeneca PLC sponsored ADR                                 
|BAE Systems PLC                                               
|BG Group PLC                                                  
|Big Yellow Group PLC (e)                                      
|BOC Group PLC                                                 
|BP PLC sponsored ADR                                          
|British American Tobacco PLC sponsored ADR                    
|British Land Co. PLC                                          
|Cadbury Schweppes PLC sponsored ADR                           
|Capita Group PLC                                              
|Carnival PLC ADR (d)                                          
|Daily Mail & General Trust PLC Class A                        
|Enterprise Inns PLC                                           
|GlaxoSmithKline PLC sponsored ADR                             
|Group 4 Securicor PLC (Denmark) (a)                           
|Hilton Group PLC                                              
|HSBC Holdings PLC sponsored ADR (d)                           
|Imperial Tobacco Group PLC                                    
|Inchcape PLC                                                  
|Intertek Group PLC                                            
|ITV PLC                                                       
|Kesa Electricals PLC                                          
|Maiden Group PLC                                              
|Matalan PLC                                                   
|Meggitt PLC                                                   
|National Grid Transco PLC                                     
|Next PLC                                                      
|Provident Financial PLC                                       
|Punch Taverns Ltd.                                            
|Rank Group PLC                                                
|Reckitt Benckiser PLC                                         
|Reuters Group PLC sponsored ADR                               
|Rio Tinto PLC (Reg.)                                          
|Royal Bank of Scotland Group PLC                              
|Serco Group PLC                                               
|Signet Group PLC                                              
|SMG PLC                                                       
|Smith & Nephew PLC                                            
|Sportingbet PLC (a)                                           
|Standard Chartered PLC (United Kingdom)                       
|Taylor Nelson Sofres PLC                                      
|                                                              
|                                                              
|Tesco PLC                                                     
|Vodafone Group PLC sponsored ADR                              
|VT Group PLC                                                  
|William Hill PLC                                              
|Wolseley PLC                                                  
|WPP Group PLC                                                 
|Xstrata PLC                                                   
|Yell Group PLC                                                
|TOTAL UNITED KINGDOM                                          
|United States of America - 4.0%                               
|AES Corp. (a)                                                 
|Corning, Inc. (a)                                             
|Covance, Inc. (a)                                             
|Evergreen Solar, Inc. (a)                                     
|Freeport-McMoRan Copper & Gold, Inc. Class B                  
|Halliburton Co.                                               
|Harte-Hanks, Inc.                                             
|Mettler-Toledo International, Inc. (a)                        
|Newmont Mining Corp.                                          
|News Corp. Class A                                            
|NTL, Inc. (a)                                                 
|Pfizer, Inc.                                                  
|Phelps Dodge Corp.                                            
|Rockwell Automation, Inc.                                     
|Shaw Group, Inc. (a)                                          
|Synthes, Inc.                                                 
|Telewest Global, Inc. (a)                                     
|TOTAL UNITED STATES OF AMERICA                                
|TOTAL COMMON STOCKS
(Cost $19,011,237,203)                    
|Preferred Stocks - 0.5%                                       
|                                                              
|Convertible Preferred Stocks - 0.0%                           
|Canada - 0.0%                                                 
|MetroPhotonics, Inc. Series 2 (g)                             
|Nonconvertible Preferred Stocks - 0.5%                        
|Germany - 0.3%                                                
|Fresenius AG                                                  
|Porsche AG (non-vtg.)                                         
|TOTAL GERMANY                                                 
|Preferred Stocks - continued                                  
|                                                              
|Nonconvertible Preferred Stocks - continued                   
|Italy - 0.2%                                                  
|Banca Intesa Spa (Risp)                                       
|UNIPOL Assicurazioni Spa                                      
|TOTAL ITALY                                                   
|TOTAL NONCONVERTIBLE PREFERRED STOCKS                         
|TOTAL PREFERRED STOCKS
(Cost $99,177,800)                     
|Money Market Funds - 10.5%                                    
|                                                              
|Fidelity Cash Central Fund, 2.84% (b)                         
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)   
|TOTAL MONEY MARKET FUNDS
(Cost $2,646,674,175)                
|TOTAL INVESTMENT
 PORTFOLIO - 105.2%
(Cost $21,757,089,178)   
|NET OTHER ASSETS - (5.2)%                                     
|NET ASSETS - 100%                                             

|Legend                                                                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|(e)	Affiliated company                                                                                                                                                                                                                                                                                    
|(f)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At the period end, the value of these securities amounted to $24,223,340 or 0.1% of net assets. 
|(g)	Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of
restricted securities (excluding 144A issues) amounted to $1,504,502 or 0.0% of net assets.                                          
|Additional information on each holding is as follows:                                                                                                                                                                                                                                                     

|Security                                | Acquisition Date | Acquisition Cost
|--------------------------------------- | ---------------- | ----------------
|ITF Optical Technologies, Inc. Series A | 10/11/00         | $	1,999,935     
|MetroPhotonics, Inc. Series 2           | 9/29/00          | $	1,980,000     
|OZ Optics Ltd. unit                     | 8/18/00          | $	1,505,520     

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

|Affiliate               | Value,
beginning of
period | Purchases    | Sales Proceeds | Dividend Income | Value, end
of period
|----------------------- | -------------------------- | ------------ | -------------- | --------------- | --------------------
|Apex Silver Mines Ltd.  | $	35,081,200               | $	14,044,252 | $	-            | $	-             | $	35,069,760        
|Big Yellow Group PLC    | -                          | 25,082,879   | -              | -               | 25,053,864          
|BYD Co. Ltd. (H Shares) | 27,497,039                 | -            | -              | 681,319         | 27,707,217          
|Clear Media Ltd.        | 26,325,687                 | -            | -              | -               | 24,534,393          
|INFICON Holding AG      | 9,662,513                  | -            | -              | -               | 13,055,058          
|Tecan Group AG          | 15,117,843                 | 3,009,544    | -              | 250,958         | 23,131,011          
|Total                   | $	113,684,282              | $	42,136,675 | $	-            | $	932,277       | $	148,551,303       

|Income Tax Information                                                                                                                   
|-----------------------------------------------------------------------------------------------------------------------------------------
|At October 31, 2004, the fund had a capital loss carryforward of approximately $179,438,207 all of which will expire on October 31, 2010.

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, 2005 (Audited)
|------------------------------------------------------------------------------------------------------------------------------------- | ------------------------
|                                                                                                                                      |                         
|Assets                                                                                                                                |                         
|Investment in securities, at value (including securities loaned of $1,252,440,603) (cost $21,757,089,178) - See
accompanying schedule |                         
|Cash                                                                                                                                  |                         
|Foreign currency held at value (cost $33,054,537)                                                                                     |                         
|Receivable for investments sold                                                                                                       |                         
|Receivable for fund shares sold                                                                                                       |                         
|Dividends receivable                                                                                                                  |                         
|Interest receivable                                                                                                                   |                         
|Prepaid expenses                                                                                                                      |                         
|Other affiliated receivables                                                                                                          |                         
|Other receivables                                                                                                                     |                         
|Total assets                                                                                                                          |                         
|                                                                                                                                      |                         
|Liabilities                                                                                                                           |                         
|Payable for investments purchased                                                                                                     | $	181,897,523           
|Payable for fund shares redeemed                                                                                                      | 79,742,992              
|Accrued management fee                                                                                                                | 17,058,750              
|Other affiliated payables                                                                                                             | 5,406,706               
|Other payables and accrued expenses                                                                                                   | 11,550,886              
|Collateral on securities loaned, at value                                                                                             | 1,308,877,008           
|Total liabilities                                                                                                                     |                         
|                                                                                                                                      |                         
|Net Assets                                                                                                                            |                         
|Net Assets consist of:                                                                                                                |                         
|Paid in capital                                                                                                                       |                         
|Undistributed net investment income                                                                                                   |                         
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions                                   |                         
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies                            |                         
|Net Assets, for 899,683,694 shares outstanding                                                                                        |                         
|Net Asset Value, offering price and redemption price per share ($25,281,468,867 ÷ 899,683,694 shares)                                 |                         

Statement of Operations

|                                                                                                                                         | Six months ended April 30, 2005
(Audited)
|---------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------
|                                                                                                                                         |                                          
|Investment Income                                                                                                                        |                                          
|Dividends (including $932,277 received from affiliated issuers)                                                                          |                                          
|Interest                                                                                                                                 |                                          
|Security lending                                                                                                                         |                                          
|                                                                                                                                         |                                          
|Less foreign taxes withheld                                                                                                              |                                          
|Total income                                                                                                                             |                                          
|                                                                                                                                         |                                          
|Expenses                                                                                                                                 |                                          
|Management fee
Basic fee                                                                                                                 | $	85,710,331                             
|Performance adjustment                                                                                                                   | 11,480,151                               
|Transfer agent fees                                                                                                                      | 29,170,157                               
|Accounting and security lending fees                                                                                                     | 1,175,348                                
|Independent trustees' compensation                                                                                                       | 55,791                                   
|Appreciation in deferred trustee compensation account                                                                                    | 10,541                                   
|Custodian fees and expenses                                                                                                              | 3,012,812                                
|Registration fees                                                                                                                        | 729,091                                  
|Audit                                                                                                                                    | 126,564                                  
|Legal                                                                                                                                    | 24,938                                   
|Miscellaneous                                                                                                                            | 103,184                                  
|Total expenses before reductions                                                                                                         | 131,598,908                              
|Expense reductions                                                                                                                       | (3,853,288)                              
|Net investment income (loss)                                                                                                             |                                          
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:                                                                         |                                          
|Investment securities                                                                                                                    | 449,642,641                              
|Foreign currency transactions                                                                                                            | 2,096,083                                
|Total net realized gain (loss)                                                                                                           |                                          
|Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $3,123,513) | 1,107,196,300                            
|Assets and liabilities in foreign currencies                                                                                             | (740,106)                                
|Total change in net unrealized appreciation (depreciation)                                                                               |                                          
|Net gain (loss)                                                                                                                          |                                          
|Net increase (decrease) in net assets resulting from operations                                                                          |                                          

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

Semiannual Report

Statement of Changes in Net Assets (Audited)

|                                                                                                                                                   | Six months ended
April 30,
2005 | Year ended 
October 31,
2004
|-------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | ----------------------------
|Increase (Decrease) in Net Assets                                                                                                                  |                                 |                             
|Operations                                                                                                                                         |                                 |                             
|Net investment income (loss)                                                                                                                       | $	141,047,092                   | $	106,665,095               
|Net realized gain (loss)                                                                                                                           | 451,738,724                     | 680,780,914                 
|Change in net unrealized appreciation (depreciation)                                                                                               | 1,106,456,194                   | 1,619,684,046               
|Net increase (decrease) in net assets resulting from operations                                                                                    | 1,699,242,010                   | 2,407,130,055               
|Distributions to shareholders from net investment income                                                                                           | (119,489,432)                   | (162,070,361)               
|Distributions to shareholders from net realized gain                                                                                               | (47,795,646)                    | -                           
|Total distributions                                                                                                                                | (167,285,078)                   | (162,070,361)               
|Share transactions 
Proceeds from sales of shares                                                                                                  | 5,814,621,169                   | 9,058,506,235               
|Reinvestment of distributions                                                                                                                      | 158,992,887                     | 153,854,160                 
|Cost of shares redeemed                                                                                                                            | (2,126,736,229)                 | (3,099,431,189)             
|Net increase (decrease) in net assets resulting from share transactions                                                                            | 3,846,877,827                   | 6,112,929,206               
|Redemption fees                                                                                                                                    | 571,088                         | 1,687,773                   
|Total increase (decrease) in net assets                                                                                                            | 5,379,405,847                   | 8,359,676,673               
|                                                                                                                                                   |                                 |                             
|Net Assets                                                                                                                                         |                                 |                             
|Beginning of period                                                                                                                                | 19,902,063,020                  | 11,542,386,347              
|End of period (including undistributed net investment income of $107,034,134 and undistributed net investment
income of $85,476,474, respectively) | $	25,281,468,867                | $	19,902,063,020            
|Other Information
Shares                                                                                                                           |                                 |                             
|Sold                                                                                                                                               | 205,926,144                     | 366,041,656                 
|Issued in reinvestment of distributions                                                                                                            | 5,838,887                       | 6,640,238                   
|Redeemed                                                                                                                                           | (75,331,620)                    | (125,764,850)               
|Net increase (decrease)                                                                                                                            | 136,433,411                     | 246,917,044                 

Financial Highlights (Audited)

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Six months ended
April 30, | Years ended October 31,
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------- | -----------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2005                       | 2004                   
|Selected Per-Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                            |                        
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $	26.08                    | $	22.35                
|Income from Investment Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                            |                        
|Net investment income (loss)D                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | .17                        | .16                    
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 2.06                       | 3.87                   
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2.23                       | 4.03                   
|Distributions from net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (.15)                      | (.30)                  
|Distributions from net realized gain                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (.06)                      | -                      
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (.21)                      | (.30)                  
|Redemption fees added to paid in capitalD                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | -G                         | -G                     
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $	28.10                    | $	26.08                
|Total ReturnB, C                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 8.58%                      | 18.20%                 
|Ratios to Average Net AssetsF                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                            |                        
|Expenses before expense reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 1.11%A                     | 1.15%                  
|Expenses net of voluntary waivers, if any                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 1.11%A                     | 1.15%                  
|Expenses net of all reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 1.08%A                     | 1.12%                  
|Net investment income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 1.19%A                     | .66%                   
|Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                            |                        
|Net assets, end of period (000 omitted)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $	25,281,469               | $	19,902,063           
|Portfolio turnover rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 36%A                       | 55%                    
|AAnnualizedBTotal returns for periods of less than one year are not annualized.CTotal returns would have been lower had certain expenses not been reduced during the periods shown.DCalculated based on average shares outstanding during the
period.EInvestment income per share reflects a special dividend which amounted to $.19 per share.FExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or
reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after
reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.GAmount represents less than $.01
per share.

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

Semiannual Report

Aggressive International



# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      



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

|Asset Allocation                                                                                            
|------------------------------------------------------------------------------------------------------------
|                                                                                                            
|Stocks                                                                                                      
|Short-Term Investments and Net Other Assets                                                                 
|Top Ten Stocks as of April 30, 2005                                                                         
|                                                                                                            
|UBS AG (Reg.) (Switzerland, Capital Markets)                                                                
|ASML Holding NV (NY Shares) (Netherlands, Semiconductors & Semiconductor Equipment)                         
|Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)                                 
|Sumitomo Mitsui Financial Group, Inc. (Japan, Commercial Banks)                                             
|State Bank of India (India, Commercial Banks)                                                               
|Credit Suisse Group (Reg.) (Switzerland, Capital Markets)                                                   
|Total SA Series B (France, Oil & Gas)                                                                       
|BP PLC (United Kingdom, Oil & Gas)                                                                          
|Thomson SA (France, Household Durables)                                                                     
|Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (Taiwan, Semiconductors & Semiconductor
Equipment)
|                                                                                                            
|Market Sectors as of April 30, 2005                                                                         
|                                                                                                            
|Financials                                                                                                  
|Consumer Discretionary                                                                                      
|Information Technology                                                                                      
|Energy                                                                                                      
|Health Care                                                                                                 
|Industrials                                                                                                 
|Telecommunication Services                                                                                  
|Materials                                                                                                   
|Consumer Staples                                                                                            
|Utilities                                                                                                   

Semiannual Report



Aggressive International

# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 94.8%                                      
|-----------------------------------------------------------
|                                                           
|Australia - 0.8%                                           
|CSL Ltd.                                                   
|Bermuda - 0.2%                                             
|GOME Electrical Appliances Holdings Ltd.                   
|Brazil - 2.7%                                              
|Aracruz Celulose SA (PN-B) sponsored ADR                   
|Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)    
|TOTAL BRAZIL                                               
|Canada - 2.5%                                              
|Canadian Natural Resources Ltd.                            
|EnCana Corp.                                               
|TOTAL CANADA                                               
|China - 2.3%                                               
|Global Bio-Chem Technology Group Co. Ltd.                  
|People's Food Holdings Ltd.                                
|Weichai Power Co. Ltd. (H Shares)                          
|TOTAL CHINA                                                
|Denmark - 3.2%                                             
|GN Store Nordic AS                                         
|Novo Nordisk AS Series B                                   
|TOTAL DENMARK                                              
|France - 10.8%                                             
|Groupe Danone                                              
|Pernod-Ricard                                              
|Renault SA                                                 
|Societe Generale Series A                                  
|Technip-Coflexip SA (d)                                    
|Thomson SA                                                 
|Total SA Series B                                          
|TOTAL FRANCE                                               
|Germany - 2.6%                                             
|Allianz AG (Reg.)                                          
|Deutsche Telekom AG (Reg.) (d)                             
|Linde AG                                                   
|TOTAL GERMANY                                              
|Greece - 1.3%                                              
|Public Power Corp. of Greece                               
|Hong Kong - 2.2%                                           
|Li & Fung Ltd.                                             
|Solomon Systech Ltd.                                       
|Techtronic Industries Co. Ltd.                             
|TOTAL HONG KONG                                            
|                                                           
|                                                           
|India - 4.0%                                               
|Bank of Baroda                                             
|State Bank of India                                        
|Tata Motors Ltd.                                           
|Zee Telefilms Ltd.                                         
|TOTAL INDIA                                                
|Ireland - 1.0%                                             
|Ryanair Holdings PLC sponsored ADR (a)                     
|Italy - 2.4%                                               
|Banca Intesa Spa                                           
|ENI Spa                                                    
|TOTAL ITALY                                                
|Japan - 14.6%                                              
|Credit Saison Co. Ltd.                                     
|Don Quijote Co. Ltd. (d)                                   
|Honda Motor Co. Ltd.                                       
|Hoya Corp.                                                 
|JAFCO Co. Ltd. (d)                                         
|Matsui Securities Co. Ltd. (d)                             
|Matsui Securities Co. Ltd. New (d)(e)                      
|Mitsui Trust Holdings, Inc.                                
|Nomura Holdings, Inc.                                      
|Sega Sammy Holdings, Inc. (a)                              
|Softbank Corp.                                             
|Sony Corp. sponsored ADR                                   
|Sumitomo Mitsui Financial Group, Inc.                      
|TOTAL JAPAN                                                
|Mexico - 0.8%                                              
|Grupo Mexico SA de CV Series B (a)                         
|Netherlands - 6.8%                                         
|ASML Holding NV (NY Shares) (a)                            
|ING Groep NV (Certificaten Van Aandelen)                   
|QIAGEN NV (a)(d)                                           
|TOTAL NETHERLANDS                                          
|Norway - 0.8%                                              
|DnB NOR ASA                                                
|Philippines - 1.3%                                         
|Philippine Long Distance Telephone Co.                     
|Russia - 1.0%                                              
|Mobile TeleSystems OJSC sponsored ADR                      
|South Africa - 0.6%                                        
|JD Group Ltd.                                              
|Spain - 1.2%                                               
|Telefonica SA                                              
|Switzerland - 14.7%                                        
|ABB Ltd. (Reg.) (a)                                        
|Credit Suisse Group (Reg.) (d)                             
|Common Stocks - continued                                  
|                                                           
|Switzerland - continued                                    
|Novartis AG (Reg.)                                         
|Phonak Holding AG                                          
|Roche Holding AG (participation certificate)               
|The Swatch Group AG (Reg.)                                 
|UBS AG (Reg.) (d)                                          
|TOTAL SWITZERLAND                                          
|Taiwan - 3.8%                                              
|Optimax Technology Corp.                                   
|Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  
|TOTAL TAIWAN                                               
|United Kingdom - 11.2%                                     
|BAE Systems PLC                                            
|BHP Billiton PLC                                           
|BP PLC                                                     
|British Airways PLC (a)                                    
|Carnival PLC                                               
|Invensys PLC (a)                                           
|Reuters Group PLC                                          
|Vodafone Group PLC                                         
|TOTAL UNITED KINGDOM                                       
|United States of America - 2.0%                            
|NTL, Inc. (a)                                              
|Telewest Global, Inc. (a)                                  
|TOTAL UNITED STATES OF AMERICA                             
|TOTAL COMMON STOCKS
(Cost $593,460,295)                    
|Money Market Funds - 16.3%                                 
|                                                           
|Fidelity Cash Central Fund, 2.84% (b)                      
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)
|TOTAL MONEY MARKET FUNDS
(Cost $109,334,329)               
|TOTAL INVESTMENT PORTFOLIO - 111.1%
(Cost $702,794,624)    
|NET OTHER ASSETS - (11.1)%                                 
|NET ASSETS - 100%                                          

|Legend                                                                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|(e)	Security or a portion of the security purchased on a delayed delivery or when-issued basis.                                                                                                                                                                                                           
|Income Tax Information                                                                                                                                                                                                                                                                                    
|At October 31, 2004, the fund had a capital loss carryforward of approximately $46,349,544 of which $25,876,315 and $20,473,229 will expire on October
31, 2009 and 2010, respectively.                                                                                                                   

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

Semiannual Report

Aggressive International

# Financial Statements

Statement of Assets and Liabilities

|                                                                                                                                | April 30, 2005 (Unaudited)
|------------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                                |                           
|Assets                                                                                                                          |                           
|Investment in securities, at value (including securities loaned of $72,169,164) (cost $702,794,624) - See accompanying
schedule |                           
|Foreign currency held at value (cost $38,113)                                                                                   |                           
|Receivable for investments sold                                                                                                 |                           
|Receivable for fund shares sold                                                                                                 |                           
|Dividends receivable                                                                                                            |                           
|Interest receivable                                                                                                             |                           
|Prepaid expenses                                                                                                                |                           
|Other receivables                                                                                                               |                           
|Total assets                                                                                                                    |                           
|                                                                                                                                |                           
|Liabilities                                                                                                                     |                           
|Payable for investments purchased 
Regular delivery                                                                             | $	11,466,563              
|Delayed delivery                                                                                                                | 331,035                   
|Payable for fund shares redeemed                                                                                                | 875,374                   
|Accrued management fee                                                                                                          | 327,928                   
|Other affiliated payables                                                                                                       | 179,681                   
|Other payables and accrued expenses                                                                                             | 73,248                    
|Collateral on securities loaned, at value                                                                                       | 75,531,695                
|Total liabilities                                                                                                               |                           
|                                                                                                                                |                           
|Net Assets                                                                                                                      |                           
|Net Assets consist of:                                                                                                          |                           
|Paid in capital                                                                                                                 |                           
|Undistributed net investment income                                                                                             |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions                             |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies                      |                           
|Net Assets, for 42,139,482 shares outstanding                                                                                   |                           
|Net Asset Value, offering price and redemption price per share ($671,971,468 ÷ 42,139,482 shares)                               |                           

Statement of Operations

|                                                                               | Six months ended April 30, 2005
(Unaudited)
|------------------------------------------------------------------------------ | -------------------------------------------
|                                                                               |                                            
|Investment Income                                                              |                                            
|Dividends                                                                      |                                            
|Interest                                                                       |                                            
|Security lending                                                               |                                            
|                                                                               |                                            
|Less foreign taxes withheld                                                    |                                            
|Total income                                                                   |                                            
|                                                                               |                                            
|Expenses                                                                       |                                            
|Management fee
Basic fee                                                       | $	2,531,659                                
|Performance adjustment                                                         | (388,924)                                  
|Transfer agent fees                                                            | 929,021                                    
|Accounting and security lending fees                                           | 167,778                                    
|Independent trustees' compensation                                             | 1,759                                      
|Custodian fees and expenses                                                    | 154,373                                    
|Registration fees                                                              | 20,826                                     
|Audit                                                                          | 39,589                                     
|Legal                                                                          | 982                                        
|Miscellaneous                                                                  | 3,730                                      
|Total expenses before reductions                                               | 3,460,793                                  
|Expense reductions                                                             | (200,193)                                  
|Net investment income (loss)                                                   |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:               |                                            
|Investment securities                                                          | 56,184,829                                 
|Foreign currency transactions                                                  | (22,221)                                   
|Total net realized gain (loss)                                                 |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities | (21,278,588)                               
|Assets and liabilities in foreign currencies                                   | (21,701)                                   
|Total change in net unrealized appreciation (depreciation)                     |                                            
|Net gain (loss)                                                                |                                            
|Net increase (decrease) in net assets resulting from operations                |                                            

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

Semiannual Report

Aggressive International
Financial Statements - continued

Statement of Changes in Net Assets

|                                                                                                                                                | Six months ended
April 30, 2005
(Unaudited) | Year ended
October 31,
2004
|----------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ---------------------------
|Increase (Decrease) in Net Assets                                                                                                               |                                             |                            
|Operations                                                                                                                                      |                                             |                            
|Net investment income (loss)                                                                                                                    | $	2,669,247                                 | $	1,806,113                
|Net realized gain (loss)                                                                                                                        | 56,162,608                                  | 38,196,116                 
|Change in net unrealized appreciation (depreciation)                                                                                            | (21,300,289)                                | (10,890,917)               
|Net increase (decrease) in net assets resulting from operations                                                                                 | 37,531,566                                  | 29,111,312                 
|Distributions to shareholders from net investment income                                                                                        | (2,242,652)                                 | (3,891,060)                
|Share transactions 
Proceeds from sales of shares                                                                                               | 138,113,159                                 | 403,776,314                
|Reinvestment of distributions                                                                                                                   | 2,093,978                                   | 3,653,262                  
|Cost of shares redeemed                                                                                                                         | (224,700,931)                               | (266,445,863)              
|Net increase (decrease) in net assets resulting from share transactions                                                                         | (84,493,794)                                | 140,983,713                
|Redemption fees                                                                                                                                 | 32,709                                      | 86,557                     
|Total increase (decrease) in net assets                                                                                                         | (49,172,171)                                | 166,290,522                
|                                                                                                                                                |                                             |                            
|Net Assets                                                                                                                                      |                                             |                            
|Beginning of period                                                                                                                             | 721,143,639                                 | 554,853,117                
|End of period (including undistributed net investment income of $2,125,583 and undistributed net investment income of
$1,698,988, respectively) | $	671,971,468                               | $	721,143,639              
|Other Information
Shares                                                                                                                        |                                             |                            
|Sold                                                                                                                                            | 8,456,974                                   | 26,581,892                 
|Issued in reinvestment of distributions                                                                                                         | 132,029                                     | 252,472                    
|Redeemed                                                                                                                                        | (13,871,204)                                | (18,045,512)               
|Net increase (decrease)                                                                                                                         | (5,282,201)                                 | 8,788,852                  

Financial Highlights

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Six months ended
April 30, 2005 | Years ended October 31,
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | -----------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (Unaudited)                     | 2004                   
|Selected Per-Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                 |                        
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $	15.21                         | $	14.36                
|Income from Investment Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                 |                        
|Net investment income (loss)D                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | .06                             | .04                    
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | .73                             | .91                    
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | .79                             | .95                    
|Distributions from net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (.05)                           | (.10)                  
|Distributions from net realized gain                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | -                               | -                      
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (.05)                           | (.10)                  
|Redemption fees added to paid in capitalD                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | -F                              | -F                     
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $	15.95                         | $	15.21                
|Total ReturnB, C                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 5.20%                           | 6.65%                  
|Ratios to Average Net AssetsE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                 |                        
|Expenses before expense reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | .99%A                           | 1.24%                  
|Expenses net of voluntary waivers, if any                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | .99%A                           | 1.24%                  
|Expenses net of all reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | .93%A                           | 1.16%                  
|Net investment income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | .76%A                           | .27%                   
|Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                 |                        
|Net assets, end of period (000 omitted)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $	671,971                       | $	721,144              
|Portfolio turnover rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 137%A                           | 161%                   
|AAnnualizedBTotal returns for periods of less than one year are not annualized.CTotal returns would have been lower had certain expenses not been reduced during the periods shown.DCalculated based on average shares outstanding during the
period.EExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not
represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service
arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.FAmount represents less than $.01 per share.

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

Semiannual Report

Overseas



# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      



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

|Asset Allocation                                                                
|--------------------------------------------------------------------------------
|                                                                                
|Stocks                                                                          
|Bonds                                                                           
|Short-Term Investments and Net Other Assets                                     
|Top Ten Stocks as of April 30, 2005                                             
|                                                                                
|Total SA Series B (France, Oil & Gas)                                           
|Allianz AG (Reg.) (Germany, Insurance)                                          
|Nokia Corp. (Finland, Communications Equipment)                                 
|ASML Holding NV (Netherlands, Semiconductors & Semiconductor Equipment)         
|BP PLC (United Kingdom, Oil & Gas)                                              
|Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)        
|United Microelectronics Corp. (Taiwan, Semiconductors & Semiconductor Equipment)
|Credit Suisse Group (Reg.) (Switzerland, Capital Markets)                       
|UBS AG (Reg.) (Switzerland, Capital Markets)                                    
|Sumitomo Mitsui Financial Group, Inc. (Japan, Commercial Banks)                 
|                                                                                
|Market Sectors as of April 30, 2005                                             
|                                                                                
|Financials                                                                      
|Information Technology                                                          
|Consumer Discretionary                                                          
|Energy                                                                          
|Health Care                                                                     
|Telecommunication Services                                                      
|Materials                                                                       
|Consumer Staples                                                                
|Industrials                                                                     
|Utilities                                                                       

Semiannual Report

Overseas

# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 98.7%                                         
|--------------------------------------------------------------
|                                                              
|Belgium - 0.4%                                                
|Fortis                                                        
|Brazil - 0.3%                                                 
|Aracruz Celulose SA (PN-B) sponsored ADR                      
|Canada - 2.2%                                                 
|Alcan, Inc.                                                   
|EnCana Corp.                                                  
|Inmet Mining Corp. (a)                                        
|Research In Motion Ltd. (a)                                   
|Talisman Energy, Inc.                                         
|TOTAL CANADA                                                  
|China - 0.2%                                                  
|Global Bio-Chem Technology Group Co. Ltd.                     
|Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)
|People's Food Holdings Ltd.                                   
|TOTAL CHINA                                                   
|Denmark - 0.4%                                                
|Novo Nordisk AS Series B                                      
|Finland - 3.6%                                                
|Nokia Corp.                                                   
|France - 11.4%                                                
|Accor SA                                                      
|Alcatel SA sponsored ADR (a)(d)                               
|AXA SA (d)                                                    
|BNP Paribas SA                                                
|Dassault Systemes SA                                          
|France Telecom SA                                             
|L'Oreal SA                                                    
|Lagardere S.C.A. (Reg.)                                       
|Pernod-Ricard                                                 
|Sanofi-Aventis sponsored ADR                                  
|Thomson SA                                                    
|Total SA Series B                                             
|Vivendi Universal SA sponsored ADR (d)                        
|TOTAL FRANCE                                                  
|Germany - 8.5%                                                
|Allianz AG (Reg.) (d)                                         
|BASF AG (d)                                                   
|Deutsche Boerse AG                                            
|Deutsche Telekom AG sponsored ADR                             
|E.ON AG (d)                                                   
|Epcos AG (a)                                                  
|Infineon Technologies AG sponsored ADR (a)(d)                 
|SAP AG sponsored ADR                                          
|TOTAL GERMANY                                                 
|                                                              
|                                                              
|Hong Kong - 2.1%                                              
|ASM Pacific Technology Ltd.                                   
|Esprit Holdings Ltd.                                          
|Hong Kong Exchanges & Clearing Ltd.                           
|Hutchison Whampoa Ltd.                                        
|Techtronic Industries Co. Ltd.                                
|Television Broadcasts Ltd.                                    
|Wharf Holdings Ltd.                                           
|TOTAL HONG KONG                                               
|India - 2.5%                                                  
|Cipla Ltd.                                                    
|Housing Development Finance Corp. Ltd.                        
|Infosys Technologies Ltd.                                     
|Reliance Industries Ltd.                                      
|Satyam Computer Services Ltd.                                 
|State Bank of India                                           
|TOTAL INDIA                                                   
|Ireland - 0.2%                                                
|Ryanair Holdings PLC sponsored ADR (a)                        
|Italy - 1.2%                                                  
|Banca Intesa Spa                                              
|ENI Spa                                                       
|TOTAL ITALY                                                   
|Japan - 20.2%                                                 
|Advantest Corp.                                               
|Aeon Co. Ltd.                                                 
|Bridgestone Corp.                                             
|Canon, Inc.                                                   
|Daiwa Securities Group, Inc.                                  
|Fast Retailing Co. Ltd.                                       
|Honda Motor Co. Ltd.                                          
|Ito Yokado Ltd.                                               
|JAFCO Co. Ltd.                                                
|Matsui Securities Co. Ltd. (d)                                
|Matsui Securities Co. Ltd. New (d)                            
|Millea Holdings, Inc.                                         
|Mitsui & Co. Ltd.                                             
|Mizuho Financial Group, Inc.                                  
|Murata Manufacturing Co. Ltd.                                 
|Nikko Cordial Corp.                                           
|Nitto Denko Corp.                                             
|Nomura Holdings, Inc.                                         
|Oracle Corp. Japan (d)                                        
|ORIX Corp.                                                    
|Ricoh Co. Ltd.                                                
|Rohm Co. Ltd.                                                 
|Softbank Corp.                                                
|Sompo Japan Insurance, Inc.                                   
|Sumitomo Mitsui Financial Group, Inc.                         
|T&D Holdings, Inc.                                            
|TDK Corp.                                                     
|Common Stocks - continued                                     
|                                                              
|Japan - continued                                             
|Tokyo Electron Ltd.                                           
|Toyota Motor Corp.                                            
|USS Co. Ltd.                                                  
|Yahoo! Japan Corp.                                            
|Yahoo! Japan Corp. New                                        
|TOTAL JAPAN                                                   
|Korea (South) - 4.3%                                          
|Honam Petrochemical Corp.                                     
|Hyundai Motor Co.                                             
|Kookmin Bank                                                  
|LG Electronics, Inc.                                          
|Samsung Electro-Mechanics Co. Ltd.                            
|Samsung Electronics Co. Ltd.                                  
|Shinhan Financial Group Co. Ltd.                              
|Shinsegae Co. Ltd.                                            
|TOTAL KOREA (SOUTH)                                           
|Netherlands - 6.3%                                            
|Aegon NV                                                      
|ASML Holding NV (a)(d)                                        
|EADS NV                                                       
|ING Groep NV (Certificaten Van Aandelen)                      
|VNU NV                                                        
|TOTAL NETHERLANDS                                             
|Philippines - 0.3%                                            
|Philippine Long Distance Telephone Co. sponsored ADR          
|Singapore - 0.7%                                              
|STATS ChipPAC Ltd. (a)                                        
|United Test & Assembly Center Ltd. (a)                        
|TOTAL SINGAPORE                                               
|Spain - 2.2%                                                  
|Banco Bilbao Vizcaya Argentaria SA                            
|Banco Santander Central Hispano SA                            
|Telefonica SA                                                 
|TOTAL SPAIN                                                   
|Sweden - 0.2%                                                 
|Telefonaktiebolaget LM Ericsson (B Shares) ADR (a)(d)         
|Switzerland - 10.8%                                           
|ABB Ltd. (Reg.) (a)                                           
|Actelion Ltd. (Reg.) (a)                                      
|Compagnie Financiere Richemont unit                           
|Credit Suisse Group (Reg.) (d)                                
|Nestle SA (Reg.)                                              
|Novartis AG (Reg.)                                            
|                                                              
|                                                              
|Phonak Holding AG                                             
|Roche Holding AG (participation certificate)                  
|Societe Generale de Surveillance Holding SA (SGS) (Reg.)      
|UBS AG (Reg.) (d)                                             
|TOTAL SWITZERLAND                                             
|Taiwan - 6.3%                                                 
|Acer, Inc.                                                    
|Advanced Semiconductor Engineering, Inc.                      
|Hon Hai Precision Industries Co. Ltd.                         
|King Yuan Electronics Co. Ltd.                                
|Siliconware Precision Industries Co. Ltd.                     
|Sunplus Technology Co. Ltd.                                   
|Taiwan Semiconductor Manufacturing Co. Ltd.                   
|United Microelectronics Corp.                                 
|United Microelectronics Corp. sponsored ADR (d)               
|Yageo Corp. (a)                                               
|TOTAL TAIWAN                                                  
|United Kingdom - 12.1%                                        
|3i Group PLC                                                  
|AstraZeneca PLC (United Kingdom)                              
|BAE Systems PLC                                               
|BHP Billiton PLC                                              
|BP PLC                                                        
|British Sky Broadcasting Group PLC (BSkyB)                    
|HSBC Holdings PLC (United Kingdom) (Reg.)                     
|ITV PLC                                                       
|Man Group PLC                                                 
|Reckitt Benckiser PLC                                         
|Rio Tinto PLC (Reg.)                                          
|Smiths Group PLC                                              
|Tesco PLC                                                     
|Vodafone Group PLC                                            
|Xstrata PLC                                                   
|TOTAL UNITED KINGDOM                                          
|United States of America - 2.3%                               
|Freeport-McMoRan Copper & Gold, Inc. Class B                  
|Honeywell International, Inc.                                 
|NTL, Inc. (a)                                                 
|Synthes, Inc.                                                 
|Telewest Global, Inc. (a)                                     
|TOTAL UNITED STATES OF AMERICA                                
|TOTAL COMMON STOCKS
(Cost $4,155,077,440)                     
|Money Market Funds - 11.5%                                    
|                                                              
|Fidelity Cash Central Fund, 2.84% (b)                         
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)   
|TOTAL MONEY MARKET FUNDS
(Cost $509,560,458)                  
|TOTAL INVESTMENT
 PORTFOLIO - 110.2%
(Cost $4,664,637,898)    
|NET OTHER ASSETS - (10.2)%                                    
|NET ASSETS - 100%                                             

|Legend                                                                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|Income Tax Information                                                                                                                                                                                                                                                                                    
|At October 31, 2004, the fund had a capital loss carryforward of approximately $385,218,646 of which $63,598,278 and $321,620,368 will expire on
October 31, 2009 and 2010, respectively.                                                                                                                 

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

Semiannual Report

Overseas

# Financial Statements

Statement of Assets and Liabilities

|                                                                                                                                   | April 30, 2005 (Unaudited)
|---------------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                                   |                           
|Assets                                                                                                                             |                           
|Investment in securities, at value (including securities loaned of $447,739,362) (cost $4,664,637,898) - See
accompanying schedule |                           
|Foreign currency held at value (cost $10,825,811)                                                                                  |                           
|Receivable for fund shares sold                                                                                                    |                           
|Dividends receivable                                                                                                               |                           
|Interest receivable                                                                                                                |                           
|Prepaid expenses                                                                                                                   |                           
|Other affiliated receivables                                                                                                       |                           
|Other receivables                                                                                                                  |                           
|Total assets                                                                                                                       |                           
|                                                                                                                                   |                           
|Liabilities                                                                                                                        |                           
|Payable to custodian bank                                                                                                          | $	203,807                 
|Payable for investments purchased                                                                                                  | 5,621,166                 
|Payable for fund shares redeemed                                                                                                   | 7,988,811                 
|Accrued management fee                                                                                                             | 2,119,786                 
|Other affiliated payables                                                                                                          | 1,244,978                 
|Other payables and accrued expenses                                                                                                | 2,935,131                 
|Collateral on securities loaned, at value                                                                                          | 468,682,038               
|Total liabilities                                                                                                                  |                           
|                                                                                                                                   |                           
|Net Assets                                                                                                                         |                           
|Net Assets consist of:                                                                                                             |                           
|Paid in capital                                                                                                                    |                           
|Undistributed net investment income                                                                                                |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions                                |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies                         |                           
|Net Assets, for 131,908,743 shares outstanding                                                                                     |                           
|Net Asset Value, offering price and redemption price per share ($4,435,562,281 ÷ 131,908,743 shares)                               |                           

Statement of Operations

|                                                                                                                                       | Six months ended April 30, 2005
(Unaudited)
|-------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------
|                                                                                                                                       |                                            
|Investment Income                                                                                                                      |                                            
|Dividends                                                                                                                              |                                            
|Interest                                                                                                                               |                                            
|Security lending                                                                                                                       |                                            
|                                                                                                                                       |                                            
|Less foreign taxes withheld                                                                                                            |                                            
|Total income                                                                                                                           |                                            
|                                                                                                                                       |                                            
|Expenses                                                                                                                               |                                            
|Management fee
Basic fee                                                                                                               | $	16,459,745                               
|Performance adjustment                                                                                                                 | (3,363,052)                                
|Transfer agent fees                                                                                                                    | 6,144,103                                  
|Accounting and security lending fees                                                                                                   | 753,647                                    
|Independent trustees' compensation                                                                                                     | 11,125                                     
|Appreciation in deferred trustee compensation account                                                                                  | 7,685                                      
|Custodian fees and expenses                                                                                                            | 861,528                                    
|Registration fees                                                                                                                      | 43,692                                     
|Audit                                                                                                                                  | 64,690                                     
|Legal                                                                                                                                  | 5,375                                      
|Interest                                                                                                                               | 4,811                                      
|Miscellaneous                                                                                                                          | 22,605                                     
|Total expenses before reductions                                                                                                       | 21,015,954                                 
|Expense reductions                                                                                                                     | (1,146,022)                                
|Net investment income (loss)                                                                                                           |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:                                                                       |                                            
|Investment securities                                                                                                                  | 242,513,357                                
|Foreign currency transactions                                                                                                          | 1,648,965                                  
|Total net realized gain (loss)                                                                                                         |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $670,621) | (52,291,121)                               
|Assets and liabilities in foreign currencies                                                                                           | (142,419)                                  
|Total change in net unrealized appreciation (depreciation)                                                                             |                                            
|Net gain (loss)                                                                                                                        |                                            
|Net increase (decrease) in net assets resulting from operations                                                                        |                                            

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

Semiannual Report

Overseas
Financial Statements - continued

Statement of Changes in Net Assets

|                                                                                                                                                  | Six months ended
April 30, 2005
(Unaudited) | Year ended
October 31,
2004
|------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ---------------------------
|Increase (Decrease) in Net Assets                                                                                                                 |                                             |                            
|Operations                                                                                                                                        |                                             |                            
|Net investment income (loss)                                                                                                                      | $	27,626,534                                | $	22,336,646               
|Net realized gain (loss)                                                                                                                          | 244,162,322                                 | 339,924,402                
|Change in net unrealized appreciation (depreciation)                                                                                              | (52,433,540)                                | 48,284,538                 
|Net increase (decrease) in net assets resulting from operations                                                                                   | 219,355,316                                 | 410,545,586                
|Distributions to shareholders from net investment income                                                                                          | (24,791,510)                                | (36,930,253)               
|Distributions to shareholders from net realized gain                                                                                              | (14,353,048)                                | -                          
|Total distributions                                                                                                                               | (39,144,558)                                | (36,930,253)               
|Share transactions 
Proceeds from sales of shares                                                                                                 | 584,254,509                                 | 1,084,706,957              
|Reinvestment of distributions                                                                                                                     | 38,479,884                                  | 36,240,273                 
|Cost of shares redeemed                                                                                                                           | (549,612,158)                               | (813,113,012)              
|Net increase (decrease) in net assets resulting from share transactions                                                                           | 73,122,235                                  | 307,834,218                
|Redemption fees                                                                                                                                   | 125,956                                     | 259,688                    
|Total increase (decrease) in net assets                                                                                                           | 253,458,949                                 | 681,709,239                
|                                                                                                                                                  |                                             |                            
|Net Assets                                                                                                                                        |                                             |                            
|Beginning of period                                                                                                                               | 4,182,103,332                               | 3,500,394,093              
|End of period (including undistributed net investment income of $22,251,114 and undistributed net investment income of
$19,416,090, respectively) | $	4,435,562,281                             | $	4,182,103,332            
|Other Information
Shares                                                                                                                          |                                             |                            
|Sold                                                                                                                                              | 16,847,552                                  | 34,493,299                 
|Issued in reinvestment of distributions                                                                                                           | 1,105,744                                   | 1,212,455                  
|Redeemed                                                                                                                                          | (15,865,191)                                | (25,819,606)               
|Net increase (decrease)                                                                                                                           | 2,088,105                                   | 9,886,148                  

Financial Highlights

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Six months ended
April 30, 2005 | Years ended October 31,
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | -----------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (Unaudited)                     | 2004                   
|Selected Per-Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                 |                        
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $	32.21                         | $	29.19                
|Income from Investment Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                 |                        
|Net investment income (loss)D                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | .21                             | .17F                   
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 1.51                            | 3.15                   
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 1.72                            | 3.32                   
|Distributions from net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (.19)                           | (.30)                  
|Distributions from net realized gain                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (.11)                           | -                      
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (.30)                           | (.30)                  
|Redemption fees added to paid in capitalD                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | -H                              | -H                     
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $	33.63                         | $	32.21                
|Total ReturnB, C                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 5.31%                           | 11.45%                 
|Ratios to Average Net AssetsG                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                 |                        
|Expenses before expense reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | .92%A                           | 1.05%                  
|Expenses net of voluntary waivers, if any                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | .92%A                           | 1.05%                  
|Expenses net of all reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | .87%A                           | 1.01%                  
|Net investment income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 1.21%A                          | .55%F                  
|Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                 |                        
|Net assets, end of period (000 omitted)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $	4,435,562                     | $	4,182,103            
|Portfolio turnover rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 71%A                            | 79%                    
|AAnnualizedBTotal returns for periods of less than one year are not annualized.CTotal returns would have been lower had certain expenses not been reduced during the periods shown.DCalculated based on average shares outstanding during the
period.EInvestment income per share reflects a special dividend which amounted to $.08 per share.FNet  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 to average net assets would have been .52%.GExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the
investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers
reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.HAmount
represents less than $.01 per share.

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

Semiannual Report

Worldwide



# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      



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

|Asset Allocation                                                                   
|-----------------------------------------------------------------------------------
|                                                                                   
|Stocks                                                                             
|Short-Term Investments and Net Other Assets                                        
|Top Ten Stocks as of April 30, 2005                                                
|                                                                                   
|Allianz AG (Reg.) (Germany, Insurance)                                             
|General Electric Co. (United States of America, Industrial Conglomerates)          
|Total SA Series B (France, Oil & Gas)                                              
|Nokia Corp. sponsored ADR (Finland, Communications Equipment)                      
|ASML Holding NV (NY Shares) (Netherlands, Semiconductors & Semiconductor Equipment)
|Microsoft Corp. (United States of America, Software)                               
|American International Group, Inc. (United States of America, Insurance)           
|United Microelectronics Corp. (Taiwan, Semiconductors & Semiconductor Equipment)   
|BP PLC (United Kingdom, Oil & Gas)                                                 
|Honeywell International, Inc. (United States of America, Aerospace & Defense)      
|                                                                                   
|Market Sectors as of April 30, 2005                                                
|                                                                                   
|Information Technology                                                             
|Financials                                                                         
|Health Care                                                                        
|Industrials                                                                        
|Energy                                                                             
|Consumer Discretionary                                                             
|Consumer Staples                                                                   
|Materials                                                                          
|Telecommunication Services                                                         
|Utilities                                                                          

Semiannual Report



Worldwide

# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 97.6%                                         
|--------------------------------------------------------------
|                                                              
|Belgium - 0.4%                                                
|Fortis                                                        
|Bermuda - 0.2%                                                
|ACE Ltd.                                                      
|Brazil - 0.2%                                                 
|Aracruz Celulose SA (PN-B) sponsored ADR                      
|Canada - 1.5%                                                 
|Alcan, Inc.                                                   
|EnCana Corp.                                                  
|Inmet Mining Corp. (a)                                        
|Research In Motion Ltd. (a)                                   
|Talisman Energy, Inc.                                         
|TOTAL CANADA                                                  
|Cayman Islands - 0.1%                                         
|GlobalSantaFe Corp.                                           
|China - 0.3%                                                  
|China Mengniu Dairy Co. Ltd.                                  
|Global Bio-Chem Technology Group Co. Ltd.                     
|Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)
|People's Food Holdings Ltd.                                   
|TOTAL CHINA                                                   
|Denmark - 0.3%                                                
|Novo Nordisk AS Series B                                      
|Finland - 1.9%                                                
|Nokia Corp. sponsored ADR                                     
|France - 6.0%                                                 
|Accor SA                                                      
|Alcatel SA sponsored ADR (a)                                  
|AXA SA (d)                                                    
|BNP Paribas SA                                                
|Dassault Systemes SA                                          
|L'Oreal SA                                                    
|Lagardere S.C.A. (Reg.)                                       
|Pernod-Ricard                                                 
|Sanofi-Aventis sponsored ADR                                  
|Thomson SA                                                    
|Total SA Series B                                             
|Vivendi Universal SA sponsored ADR (d)                        
|TOTAL FRANCE                                                  
|Germany - 4.6%                                                
|Allianz AG (Reg.) (d)                                         
|BASF AG (d)                                                   
|Deutsche Boerse AG                                            
|Deutsche Telekom AG sponsored ADR                             
|E.ON AG (d)                                                   
|Epcos AG (a)                                                  
|                                                              
|                                                              
|Infineon Technologies AG sponsored ADR (a)                    
|SAP AG sponsored ADR                                          
|TOTAL GERMANY                                                 
|Hong Kong - 1.0%                                              
|ASM Pacific Technology Ltd.                                   
|Esprit Holdings Ltd.                                          
|Hong Kong Exchanges & Clearing Ltd.                           
|Techtronic Industries Co. Ltd.                                
|Television Broadcasts Ltd.                                    
|Wharf Holdings Ltd.                                           
|TOTAL HONG KONG                                               
|India - 1.2%                                                  
|Cipla Ltd.                                                    
|Housing Development Finance Corp. Ltd.                        
|Infosys Technologies Ltd.                                     
|Reliance Industries Ltd.                                      
|Satyam Computer Services Ltd.                                 
|State Bank of India                                           
|TOTAL INDIA                                                   
|Ireland - 0.2%                                                
|Ryanair Holdings PLC sponsored ADR (a)                        
|Italy - 0.5%                                                  
|Banca Intesa Spa                                              
|ENI Spa                                                       
|TOTAL ITALY                                                   
|Japan - 11.0%                                                 
|Advantest Corp.                                               
|Aeon Co. Ltd.                                                 
|Bridgestone Corp.                                             
|Canon, Inc.                                                   
|Daiwa Securities Group, Inc.                                  
|Fast Retailing Co. Ltd.                                       
|Honda Motor Co. Ltd.                                          
|Ito Yokado Ltd.                                               
|JAFCO Co. Ltd.                                                
|Matsui Securities Co. Ltd. (d)                                
|Matsui Securities Co. Ltd. New (d)                            
|Millea Holdings, Inc.                                         
|Mitsui & Co. Ltd.                                             
|Mizuho Financial Group, Inc.                                  
|Murata Manufacturing Co. Ltd.                                 
|Nikko Cordial Corp.                                           
|Nitto Denko Corp.                                             
|Nomura Holdings, Inc.                                         
|Oracle Corp. Japan                                            
|ORIX Corp.                                                    
|Ricoh Co. Ltd.                                                
|Rohm Co. Ltd.                                                 
|Softbank Corp. (d)                                            
|Common Stocks - continued                                     
|                                                              
|Japan - continued                                             
|Sompo Japan Insurance, Inc.                                   
|Sumitomo Mitsui Financial Group, Inc.                         
|T&D Holdings, Inc.                                            
|TDK Corp.                                                     
|Tokyo Electron Ltd.                                           
|Toyota Motor Corp.                                            
|USS Co. Ltd.                                                  
|Yahoo! Japan Corp.                                            
|Yahoo! Japan Corp. New                                        
|TOTAL JAPAN                                                   
|Korea (South) - 2.7%                                          
|Honam Petrochemical Corp.                                     
|Hyundai Motor Co.                                             
|Kookmin Bank                                                  
|LG Electronics, Inc.                                          
|LG Petrochemical Co. Ltd.                                     
|Samsung Electro-Mechanics Co. Ltd.                            
|Samsung Electronics Co. Ltd.                                  
|Shinhan Financial Group Co. Ltd.                              
|Shinsegae Co. Ltd.                                            
|TOTAL KOREA (SOUTH)                                           
|Netherlands - 3.4%                                            
|Aegon NV                                                      
|ASML Holding NV (NY Shares) (a)                               
|Chicago Bridge & Iron Co. NV
(NY Shares)                      
|EADS NV                                                       
|ING Groep NV
(Certificaten Van Aandelen)                      
|VNU NV                                                        
|TOTAL NETHERLANDS                                             
|Netherlands Antilles - 0.3%                                   
|Schlumberger Ltd. (NY Shares)                                 
|Panama - 0.0%                                                 
|Carnival Corp. unit                                           
|Philippines - 0.1%                                            
|Philippine Long Distance Telephone Co. sponsored ADR          
|Singapore - 0.5%                                              
|STATS ChipPAC Ltd. (a)                                        
|Spain - 0.7%                                                  
|Banco Bilbao Vizcaya Argentaria SA                            
|Banco Santander Central Hispano SA                            
|Telefonica SA sponsored ADR                                   
|TOTAL SPAIN                                                   
|Sweden - 0.1%                                                 
|Telefonaktiebolaget LM Ericsson
(B Shares) ADR (a)(d)         
|                                                              
|                                                              
|Switzerland - 5.7%                                            
|ABB Ltd. (Reg.) (a)                                           
|Actelion Ltd. (Reg.) (a)(d)                                   
|Alcon, Inc.                                                   
|Compagnie Financiere Richemont unit                           
|Credit Suisse Group (Reg.) (d)                                
|Nestle SA (Reg.) (d)                                          
|Novartis AG sponsored ADR                                     
|Phonak Holding AG                                             
|Roche Holding AG (participation certificate)                  
|Societe Generale de Surveillance Holding SA (SGS) (Reg.)      
|UBS AG (NY Shares)                                            
|TOTAL SWITZERLAND                                             
|Taiwan - 3.5%                                                 
|Acer, Inc.                                                    
|Advanced Semiconductor Engineering, Inc.                      
|Hon Hai Precision Industries Co. Ltd.                         
|Siliconware Precision Industries Co. Ltd.                     
|Sunplus Technology Co. Ltd.                                   
|Taiwan Semiconductor Manufacturing Co. Ltd.                   
|United Microelectronics Corp.                                 
|United Microelectronics Corp.
sponsored ADR (d)               
|Yageo Corp. (a)                                               
|TOTAL TAIWAN                                                  
|United Kingdom - 5.5%                                         
|3i Group PLC                                                  
|AstraZeneca PLC sponsored ADR                                 
|BAE Systems PLC                                               
|BHP Billiton PLC                                              
|BP PLC                                                        
|British Sky Broadcasting Group PLC (BSkyB)                    
|ITV PLC                                                       
|London Stock Exchange PLC                                     
|Man Group PLC                                                 
|Reckitt Benckiser PLC                                         
|Rio Tinto PLC (Reg.)                                          
|Smiths Group PLC                                              
|Vodafone Group PLC sponsored ADR                              
|Xstrata PLC                                                   
|TOTAL UNITED KINGDOM                                          
|United States of America - 45.7%                              
|99 Cents Only Stores (a)(d)                                   
|AES Corp. (a)                                                 
|Affiliated Computer Services, Inc.
Class A (a)                
|Agilent Technologies, Inc. (a)                                
|Common Stocks - continued                                     
|                                                              
|United States of America - continued                          
|AirTran Holdings, Inc. (a)                                    
|Akamai Technologies, Inc. (a)                                 
|Albemarle Corp.                                               
|Alcoa, Inc.                                                   
|Alkermes, Inc. (a)                                            
|Allergan, Inc.                                                
|Altria Group, Inc.                                            
|AMBAC Financial Group, Inc.                                   
|American International Group, Inc.                            
|American Tower Corp. Class A (a)                              
|Amgen, Inc. (a)                                               
|Amkor Technology, Inc. (a)                                    
|Amphenol Corp. Class A                                        
|Analog Devices, Inc.                                          
|Anteon International Corp. (a)                                
|Apartment Investment & Management Co. Class A                 
|Apollo Group, Inc. Class A (a)                                
|Apple Computer, Inc. (a)                                      
|Applied Materials, Inc.                                       
|Avaya, Inc. (a)                                               
|Avnet, Inc. (a)                                               
|Avon Products, Inc.                                           
|Bank of America Corp.                                         
|Baxter International, Inc.                                    
|BEA Systems, Inc. (a)                                         
|Bear Stearns Companies, Inc.                                  
|BearingPoint, Inc. (a)                                        
|BioMarin Pharmaceutical, Inc. (a)                             
|BJ Services Co.                                               
|Bristol-Myers Squibb Co.                                      
|Burlington Resources, Inc.                                    
|Cabot Microelectronics Corp. (a)                              
|Capital One Financial Corp.                                   
|Career Education Corp. (a)                                    
|Ceridian Corp. (a)                                            
|ChevronTexaco Corp.                                           
|Cintas Corp.                                                  
|Cisco Systems, Inc. (a)                                       
|Citigroup, Inc.                                               
|Clear Channel Communications, Inc.                            
|Clorox Co.                                                    
|CMS Energy Corp. (a)                                          
|Colgate-Palmolive Co.                                         
|Computer Associates International, Inc.                       
|Comverse Technology, Inc. (a)                                 
|CONMED Corp. (a)                                              
|ConocoPhillips                                                
|Corn Products International, Inc.                             
|Covad Communications Group, Inc. (a)                          
|Crown Holdings, Inc. (a)                                      
|Dade Behring Holdings, Inc. (a)                               
|                                                              
|                                                              
|Deere & Co.                                                   
|Dell, Inc. (a)                                                
|Delta Air Lines, Inc. (a)                                     
|Dow Chemical Co.                                              
|E.I. du Pont de Nemours & Co.                                 
|Eastman Kodak Co.                                             
|eBay, Inc. (a)                                                
|Ecolab, Inc.                                                  
|EGL, Inc. (a)                                                 
|El Paso Corp.                                                 
|Eli Lilly & Co.                                               
|Emmis Communications Corp.
Class A (a)                        
|Encore Acquisition Co. (a)                                    
|Entergy Corp.                                                 
|Expeditors International of Washington, Inc.                  
|Exxon Mobil Corp.                                             
|Fannie Mae                                                    
|Federated Department Stores, Inc.                             
|Fluor Corp.                                                   
|Freddie Mac                                                   
|Freeport-McMoRan Copper & Gold, Inc. Class B                  
|Freescale Semiconductor, Inc. Class A                         
|Genentech, Inc. (a)                                           
|General Electric Co.                                          
|General Growth Properties, Inc.                               
|General Mills, Inc.                                           
|Gillette Co.                                                  
|Grant Prideco, Inc. (a)                                       
|Guidant Corp.                                                 
|Halliburton Co.                                               
|Hartford Financial Services Group, Inc.                       
|Hewlett-Packard Co.                                           
|Hexcel Corp. (a)                                              
|Hilb Rogal & Hobbs Co.                                        
|Home Depot, Inc.                                              
|Honeywell International, Inc.                                 
|Huntsman Corp.                                                
|IAC/InterActiveCorp (a)                                       
|Intel Corp.                                                   
|International Business Machines Corp.                         
|Interstate Bakeries Corp. (a)                                 
|ITT Industries, Inc.                                          
|J.P. Morgan Chase & Co.                                       
|Jacobs Engineering Group, Inc. (a)                            
|JCPenney Co., Inc.                                            
|Johnson & Johnson                                             
|Juniper Networks, Inc. (a)                                    
|KB Home                                                       
|Kroger Co. (a)                                                
|Lam Research Corp. (a)                                        
|Lamar Advertising Co. Class A (a)                             
|Common Stocks - continued                                     
|                                                              
|United States of America - continued                          
|Leap Wireless International, Inc. (a)                         
|Lehman Brothers Holdings, Inc.                                
|Liberty Media Corp. Class A (a)                               
|Lincoln Electric Holdings, Inc.                               
|Lockheed Martin Corp.                                         
|Lyondell Chemical Co.                                         
|Masco Corp.                                                   
|Massey Energy Co.                                             
|MasTec, Inc. (a)                                              
|MBNA Corp.                                                    
|McDonald's Corp.                                              
|McKesson Corp.                                                
|MedImmune, Inc. (a)                                           
|Medtronic, Inc.                                               
|Merck & Co., Inc.                                             
|Merrill Lynch & Co., Inc.                                     
|MetLife, Inc.                                                 
|Microsoft Corp.                                               
|Monsanto Co.                                                  
|Motorola, Inc.                                                
|Nalco Holding Co.                                             
|National Oilwell Varco, Inc. (a)                              
|National Semiconductor Corp.                                  
|Newmont Mining Corp.                                          
|News Corp.:                                                   
|Class A                                                       
|Class B                                                       
|Nextel Communications, Inc. Class A (a)                       
|Nordstrom, Inc.                                               
|Norfolk Southern Corp.                                        
|NTL, Inc. (a)                                                 
|Nuveen Investments, Inc. Class A                              
|Occidental Petroleum Corp.                                    
|Omnicom Group, Inc.                                           
|Oracle Corp. (a)                                              
|Owens-Illinois, Inc. (a)                                      
|Packaging Corp. of America                                    
|palmOne, Inc. (a)                                             
|PalmSource, Inc. (a)                                          
|PepsiCo, Inc.                                                 
|PerkinElmer, Inc.                                             
|Pfizer, Inc.                                                  
|PG&E Corp.                                                    
|Phelps Dodge Corp.                                            
|PMC-Sierra, Inc. (a)                                          
|Precision Castparts Corp.                                     
|Pride International, Inc. (a)                                 
|Procter & Gamble Co.                                          
|QUALCOMM, Inc.                                                
|Ralcorp Holdings, Inc.                                        
|Raytheon Co.                                                  
|                                                              
|                                                              
|Robert Half International, Inc.                               
|Rockwell Automation, Inc.                                     
|Safeway, Inc. (a)                                             
|SBC Communications, Inc.                                      
|Schering-Plough Corp.                                         
|Service Corp. International (SCI)                             
|Siebel Systems, Inc. (a)                                      
|Sierra Health Services, Inc. (a)                              
|Smith International, Inc.                                     
|Smurfit-Stone Container Corp. (a)                             
|Southwest Airlines Co.                                        
|Sovereign Bancorp, Inc.                                       
|SPX Corp.                                                     
|State Street Corp.                                            
|Symantec Corp. (a)                                            
|Symbol Technologies, Inc.                                     
|Synthes, Inc.                                                 
|Target Corp.                                                  
|Telewest Global, Inc. (a)                                     
|The Boeing Co.                                                
|The Chubb Corp.                                               
|The Coca-Cola Co.                                             
|Thermo Electron Corp. (a)                                     
|Time Warner, Inc. (a)                                         
|Toll Brothers, Inc. (a)                                       
|TradeStation Group, Inc. (a)                                  
|Transocean, Inc. (a)                                          
|TXU Corp.                                                     
|Tyco International Ltd.                                       
|Tyson Foods, Inc. Class A                                     
|UAP Holding Corp.                                             
|Union Pacific Corp.                                           
|UnitedHealth Group, Inc.                                      
|Univision Communications, Inc.
Class A (a)                    
|Valero Energy Corp.                                           
|Varian, Inc. (a)                                              
|Verizon Communications, Inc.                                  
|Viacom, Inc. Class B (non-vtg.)                               
|Wachovia Corp.                                                
|Wal-Mart Stores, Inc.                                         
|Walgreen Co.                                                  
|Walt Disney Co.                                               
|Washington Mutual, Inc.                                       
|Waters Corp. (a)                                              
|Weatherford International Ltd. (a)                            
|WESCO International, Inc. (a)                                 
|Western Digital Corp. (a)                                     
|Wyeth                                                         
|Common Stocks - continued                                     
|                                                              
|United States of America - continued                          
|Xerox Corp. (a)                                               
|Yahoo!, Inc. (a)                                              
|TOTAL UNITED STATES OF AMERICA                                
|TOTAL COMMON STOCKS
(Cost $1,024,054,907)                     
|Money Market Funds - 8.0%                                     
|                                                              
|Fidelity Cash Central Fund, 2.84% (b)                         
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)   
|TOTAL MONEY MARKET FUNDS
(Cost $90,615,963)                   
|TOTAL INVESTMENT
 PORTFOLIO - 105.6%
(Cost $1,114,670,870)    
|NET OTHER ASSETS - (5.6)%                                     
|NET ASSETS - 100%                                             

|Legend                                                                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|Income Tax Information                                                                                                                                                                                                                                                                                    
|At October 31, 2004, the fund had a capital loss carryforward of approximately $15,189,069 all of which will expire on October 31, 2010.                                                                                                                                                                  

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

Semiannual Report

Worldwide

# Financial Statements

Statement of Assets and Liabilities

|                                                                                                                                  | April 30, 2005 (Unaudited)
|--------------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                                  |                           
|Assets                                                                                                                            |                           
|Investment in securities, at value (including securities loaned of $69,156,911) (cost $1,114,670,870) - See
accompanying schedule |                           
|Foreign currency held at value (cost $10,225,668)                                                                                 |                           
|Receivable for investments sold                                                                                                   |                           
|Receivable for fund shares sold                                                                                                   |                           
|Dividends receivable                                                                                                              |                           
|Interest receivable                                                                                                               |                           
|Prepaid expenses                                                                                                                  |                           
|Other affiliated receivables                                                                                                      |                           
|Other receivables                                                                                                                 |                           
|Total assets                                                                                                                      |                           
|                                                                                                                                  |                           
|Liabilities                                                                                                                       |                           
|Payable for investments purchased                                                                                                 | $	8,165,213               
|Payable for fund shares redeemed                                                                                                  | 1,184,834                 
|Accrued management fee                                                                                                            | 643,437                   
|Other affiliated payables                                                                                                         | 296,237                   
|Other payables and accrued expenses                                                                                               | 389,974                   
|Collateral on securities loaned, at value                                                                                         | 72,374,214                
|Total liabilities                                                                                                                 |                           
|                                                                                                                                  |                           
|Net Assets                                                                                                                        |                           
|Net Assets consist of:                                                                                                            |                           
|Paid in capital                                                                                                                   |                           
|Undistributed net investment income                                                                                               |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions                               |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies                        |                           
|Net Assets, for 65,206,295 shares outstanding                                                                                     |                           
|Net Asset Value, offering price and redemption price per share ($1,130,352,318 ÷ 65,206,295 shares)                               |                           

Statement of Operations

|                                                                                                                                      | Six months ended April 30, 2005
(Unaudited)
|------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------
|                                                                                                                                      |                                            
|Investment Income                                                                                                                     |                                            
|Dividends                                                                                                                             |                                            
|Special Dividends                                                                                                                     |                                            
|Interest                                                                                                                              |                                            
|Security lending                                                                                                                      |                                            
|                                                                                                                                      |                                            
|Less foreign taxes withheld                                                                                                           |                                            
|Total income                                                                                                                          |                                            
|                                                                                                                                      |                                            
|Expenses                                                                                                                              |                                            
|Management fee
Basic fee                                                                                                              | $	4,124,771                                
|Performance adjustment                                                                                                                | 67,261                                     
|Transfer agent fees                                                                                                                   | 1,511,012                                  
|Accounting and security lending fees                                                                                                  | 254,739                                    
|Independent trustees' compensation                                                                                                    | 2,962                                      
|Custodian fees and expenses                                                                                                           | 126,348                                    
|Registration fees                                                                                                                     | 20,627                                     
|Audit                                                                                                                                 | 34,074                                     
|Legal                                                                                                                                 | 1,521                                      
|Miscellaneous                                                                                                                         | 5,697                                      
|Total expenses before reductions                                                                                                      | 6,149,012                                  
|Expense reductions                                                                                                                    | (271,153)                                  
|Net investment income (loss)                                                                                                          |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:                                                                      |                                            
|Investment securities                                                                                                                 | 55,761,521                                 
|Foreign currency transactions                                                                                                         | 510,442                                    
|Total net realized gain (loss)                                                                                                        |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $51,789) | (16,365,565)                               
|Assets and liabilities in foreign currencies                                                                                          | 77,432                                     
|Total change in net unrealized appreciation (depreciation)                                                                            |                                            
|Net gain (loss)                                                                                                                       |                                            
|Net increase (decrease) in net assets resulting from operations                                                                       |                                            

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

Semiannual Report

Worldwide
Financial Statements - continued

Statement of Changes in Net Assets

|                                                                                                                                                | Six months ended
April 30, 2005
(Unaudited) | Year ended
October 31,
2004
|----------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ---------------------------
|Increase (Decrease) in Net Assets                                                                                                               |                                             |                            
|Operations                                                                                                                                      |                                             |                            
|Net investment income (loss)                                                                                                                    | $	6,236,147                                 | $	2,870,466                
|Net realized gain (loss)                                                                                                                        | 56,271,963                                  | 59,169,947                 
|Change in net unrealized appreciation (depreciation)                                                                                            | (16,288,133)                                | 23,149,862                 
|Net increase (decrease) in net assets resulting from operations                                                                                 | 46,219,977                                  | 85,190,275                 
|Distributions to shareholders from net investment income                                                                                        | (6,368,720)                                 | (4,009,737)                
|Distributions to shareholders from net realized gain                                                                                            | (1,273,744)                                 | -                          
|Total distributions                                                                                                                             | (7,642,464)                                 | (4,009,737)                
|Share transactions 
Proceeds from sales of shares                                                                                               | 144,149,101                                 | 336,194,112                
|Reinvestment of distributions                                                                                                                   | 7,416,066                                   | 3,842,365                  
|Cost of shares redeemed                                                                                                                         | (123,968,091)                               | (206,186,102)              
|Net increase (decrease) in net assets resulting from share transactions                                                                         | 27,597,076                                  | 133,850,375                
|Redemption fees                                                                                                                                 | 15,385                                      | 44,363                     
|Total increase (decrease) in net assets                                                                                                         | 66,189,974                                  | 215,075,276                
|                                                                                                                                                |                                             |                            
|Net Assets                                                                                                                                      |                                             |                            
|Beginning of period                                                                                                                             | 1,064,162,344                               | 849,087,068                
|End of period (including undistributed net investment income of $2,334,452 and undistributed net investment income of
$2,469,918, respectively) | $	1,130,352,318                             | $	1,064,162,344            
|Other Information
Shares                                                                                                                        |                                             |                            
|Sold                                                                                                                                            | 8,071,819                                   | 20,486,089                 
|Issued in reinvestment of distributions                                                                                                         | 421,368                                     | 243,496                    
|Redeemed                                                                                                                                        | (6,926,837)                                 | (12,574,086)               
|Net increase (decrease)                                                                                                                         | 1,566,350                                   | 8,155,499                  

Financial Highlights

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Six months ended
April 30, 2005 | Years ended October 31,
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | -----------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (Unaudited)                     | 2004                   
|Selected Per-Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                 |                        
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $	16.72                         | $	15.30                
|Income from Investment Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                 |                        
|Net investment income (loss)D                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | .10E                            | .05H                   
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | .64                             | 1.44                   
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | .74                             | 1.49                   
|Distributions from net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (.10)                           | (.07)                  
|Distributions from net realized gain                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (.02)                           | -                      
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (.12)                           | (.07)                  
|Redemption fees added to paid in capitalD                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | -G                              | -G                     
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $	17.34                         | $	16.72                
|Total ReturnB, C                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 4.42%                           | 9.77%                  
|Ratios to Average Net AssetsF                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                 |                        
|Expenses before expense reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 1.08%A                          | 1.23%                  
|Expenses net of voluntary waivers, if any                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 1.08%A                          | 1.23%                  
|Expenses net of all reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 1.03%A                          | 1.19%                  
|Net investment income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 1.09%A, E                       | .29%H                  
|Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                 |                        
|Net assets, end of period (000 omitted)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $	1,130,352                     | $	1,064,162            
|Portfolio turnover rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 89%A                            | 95%                    
|AAnnualizedBTotal returns for periods of less than one year are not annualized.CTotal returns would have been lower had certain expenses not been reduced during the periods shown.DCalculated based on average shares outstanding during
the period.EInvestment income per share reflects a special dividend which amounted to $.04 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been .65%.FExpense ratios reflect
operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the
fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset
arrangements. Expenses net of all reductions represent the net expenses paid by the fund.GAmount represents less than $.01 per share.HNet 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 to average net assets would have been .25%.

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

Semiannual Report

# Notes to Financial Statements

For the period ended April 30, 2005 (Unaudited, except as indicated)

1. Significant Accounting Policies.

Fidelity Global Balanced Fund, Fidelity Diversified International Fund, Fidelity Aggressive International Fund, Fidelity Overseas Fund and Fidelity
Worldwide Fund (the funds) are funds of Fidelity Investment Trust (the trust). The trust is registered under the Investment Company Act of 1940, as
amended (the 1940 Act), as a diversified open-end management investment company organized as a Massachusetts business trust. Each fund is
authorized to issue an unlimited number of shares. The financial statements and notes to financial statements, as they relate to Fidelity Diversified
International Fund, have been audited by Deloitte and Touche LLP. Effective the close of business on October 25, 2004, the Diversified International
Fund was closed to most new accounts. Certain funds' investments in emerging markets can be subject to social, economic, regulatory, and political
uncertainties and can be extremely volatile. The financial statements have been prepared in conformity with accounting principles generally
accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial
statements. The following summarizes the significant accounting policies of the funds:

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

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

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

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

Investment Transactions and Income.Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined
on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for
certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the funds are informed of the
ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received.
Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a
realized gain. The funds estimate the components of distributions received that may be considered return of capital distributions or capital gain
distributions. Large, non-recurring dividends recognized by the funds are presented separately on the Statement of Operations as "Special Dividends"
and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned. Interest income includes coupon
interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where
recovery of such taxes is uncertain.

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

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

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

Semiannual Report

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

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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, Global Balanced and Worldwide claimed a portion of the payment made
to redeeming shareholders as a distribution for income tax purposes. Capital accounts within the financial statements are adjusted for permanent
book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a
subsequent period.

Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment
companies (PFIC), prior period premium and discount on debt securities, market discount, non-taxable dividends, capital loss carryforwards and
losses deferred due to wash sales.

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

|                          | Cost for Federal
Income Tax Purposes | Unrealized
Appreciation | Unrealized
Depreciation | Net Unrealized
Appreciation/
(Depreciation)
|------------------------- | ------------------------------------ | ----------------------- | ----------------------- | -------------------------------------------
|Global Balanced           | $	158,197,788                        | $	21,635,176            | $	(3,497,326)           | $	18,137,850                               
|Diversified International | 21,850,551,556                       | 5,150,706,954           | (414,113,750)           | 4,736,593,204                              
|Aggressive International  | 703,162,187                          | 62,462,547              | (19,156,402)            | 43,306,145                                 
|Overseas                  | 4,715,105,527                        | 484,447,249             | (310,146,649)           | 174,300,600                                
|Worldwide                 | 1,118,016,692                        | 129,565,521             | (54,404,923)            | 75,160,598                                 

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

2. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits each
fund 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. 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.

Delayed Delivery Transactions and When-Issued Securities.Each 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 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 each applicable fund's Schedule of Investments. Each fund may receive
compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each
applicable 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.

Restricted Securities. Each 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 each applicable fund's Schedule of Investments.

Semiannual Report

3. Purchases and Sales of Investments.

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

|                          | Purchases ($) | Sales ($)    
|------------------------- | ------------- | -------------
|Global Balanced           | 74,857,665    | 65,888,106   
|Diversified International | 7,732,829,151 | 4,111,278,370
|Aggressive International  | 454,986,417   | 515,645,689  
|Overseas                  | 1,808,128,685 | 1,542,229,109
|Worldwide                 | 525,229,244   | 493,980,578  

4. Fees and Other Transactions with Affiliates.

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

|                          | Individual Rate | Group Rate | Total
|------------------------- | --------------- | ---------- | -----
|Global Balanced           | .45%            | .27%       | .72% 
|Diversified International | .45%            | .27%       | .82% 
|Aggressive International  | .45%            | .27%       | .61% 
|Overseas                  | .45%            | .27%       | .57% 
|Worldwide                 | .45%            | .27%       | .73% 

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

|Global Balanced           | .26% | 
|------------------------- | ---- | 
|Diversified International | .25% | 
|Aggressive International  | .27% | 
|Overseas                  | .27% | 
|Worldwide                 | .26% | 

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

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

|                          | Income Distributions | 
|------------------------- | -------------------- | 
|Global Balanced           | $	267,026            | 
|Diversified International | 11,276,423           | 
|Aggressive International  | 466,018              | 
|Overseas                  | 1,237,805            | 
|Worldwide                 | 170,787              | 

Semiannual Report

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

4. Fees and Other Transactions with Affiliates - continued

Brokerage Commissions.Each fund placed a portion of their portfolio transactions with brokerage firms which are affiliates of the investment
adviser. The commissions paid to these affiliated firms were as follows:

|                          | Amount  | 
|------------------------- | ------- | 
|Global Balanced           | $	2,862 | 
|Diversified International | 33,145  | 
|Aggressive International  | 652     | 
|Overseas                  | 223     | 
|Worldwide                 | 27,432  | 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the funds, along with other registered investment companies
having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility
allowing the funds to borrow from, or lend money to, other participating funds. At period end, there were no interfund loans outstanding. Each
applicable fund's activity in this program during the period for which loans were outstanding was as follows:

|         | Borrower or
Lender | Average Daily
Loan Balance | Weighted Average
Interest Rate | Interest
Expense
|-------- | ------------------ | -------------------------- | ------------------------------ | ----------------
|Overseas | Borrower           | $	14,544,333               | 2.91%                          | $	3,521         

5. Committed Line of Credit.

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

6. Security Lending.

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

7. Bank Borrowings.

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

|         | Average Daily Loan
Balance | Weighted Average
Interest Rate
|-------- | -------------------------- | ------------------------------
|Overseas | $	16,529,000               | 2.81%                         

Semiannual Report

8. Expense Reductions.

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

|                          | Brokerage Service
Arrangements | Custody
expense
reduction | Transfer
Agent
expense
reduction
|------------------------- | ------------------------------ | ------------------------- | --------------------------------
|Global Balanced           | $	14,510                       | $	69                      | $	659                           
|Diversified International | 3,556,795                      | 8,106                     | 288,387                         
|Aggressive International  | 199,249                        | 244                       | 700                             
|Overseas                  | 1,072,510                      | 365                       | 73,147                          
|Worldwide                 | 260,151                        | -                         | 11,002                          

9. Other.

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

At the end of the period, certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares of the following
funds:

|                         | Number of
Unaffiliated
Shareholders | Unaffiliated
Shareholders %
|------------------------ | ----------------------------------- | ---------------------------
|Aggressive International | 1                                   | 13%                        

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 portfolio of investments, as of April 30, 2005, and the related statement of operations for the six months then ended,
the statement of changes in net assets for the six months then ended, and the year ended October 31, 2004, and the financial highlights for the six
months ended April 30, 2005 and for each of the five years in the period ended October 31, 2004. 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, 2005, 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, 2005, the results of its operations for the six months then ended, the changes in its net assets
for the six months then ended and the year ended October 31, 2004, and its financial highlights for the six months ended April 30, 2005 and for each
of the five years in the period ended October 31, 2004 in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

June 20, 2005

Semiannual Report

# Managing Your Investments

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

By Phone

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

(phone_graphic)

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

Press

1   For mutual fund and brokerage trading.

2   For quotes.*

3   For account balances and holdings.

4   To review orders and mutual fund activity.

5   To change your PIN.

*0   To speak to a Fidelity representative.

By PC

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

(computer_graphic)

Fidelity's Web Site
www.fidelity.com



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

Semiannual Report

# To Write Fidelity

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

(letter_graphic)

Making Changes
To Your Account

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

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

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

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

Overnight ExpressFidelity InvestmentsAttn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

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

Overnight ExpressFidelity 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 ExpressFidelity 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 (Far East) Inc.
Fidelity International Investment Advisors
Fidelity International Investment Advisors
	(U.K.) Limited
Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agent

Fidelity Service Company, Inc.
Boston, MA

Custodians

Brown Brothers Harriman & Co.
Boston, MA

Global Balanced Fund

JPMorgan Chase Bank
New York, NY

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

Corporate Headquarters

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

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information	1-800-544-6666

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

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

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

(automated graphic)   	Automated line for quickest service



(2_fidelity_logos) (Registered_Trademark)

P.O. Box 193

Boston, MA 02101

(prepaid_mail_graphic)

IBD-USAN-0605
1.784910.102



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, 2005

(2_fidelity_logos) (Registered_Trademark)

# Contents

|Shareholder Expense Example                                         | <Click
Here> | An example of Shareholder Expenses                     
|------------------------------------------------------------------- | ------------ | -------------------------------------------------------
|Canada Fund                                                         | <Click
Here> | Investment Changes                                     
|                                                                    | <Click
Here> | Investments                                            
|                                                                    | <Click
Here> | Financial Statements                                   
|China Region Fund                                                   | <Click
Here> | Investment Changes                                     
|                                                                    | <Click
Here> | Investments                                            
|                                                                    | <Click
Here> | Financial Statements                                   
|Emerging Markets Fund                                               | <Click
Here> | Investment Changes                                     
|                                                                    | <Click
Here> | Investments                                            
|                                                                    | <Click
Here> | Financial Statements                                   
|Europe Fund                                                         | <Click
Here> | Investment Changes                                     
|                                                                    | <Click
Here> | Investments                                            
|                                                                    | <Click
Here> | Financial Statements                                   
|Europe Capital Appreciation Fund                                    | <Click
Here> | Investment Changes                                     
|                                                                    | <Click
Here> | Investments                                            
|                                                                    | <Click
Here> | Financial Statements                                   
|Japan Fund                                                          | <Click
Here> | Investment Changes                                     
|                                                                    | <Click
Here> | Investments                                            
|                                                                    | <Click
Here> | Financial Statements                                   
|Japan Smaller Companies Fund                                        | <Click
Here> | Investment Changes                                     
|                                                                    | <Click
Here> | Investments                                            
|                                                                    | <Click
Here> | Financial Statements                                   
|Latin America Fund                                                  | <Click
Here> | Investment Changes                                     
|                                                                    | <Click
Here> | Investments                                            
|                                                                    | <Click
Here> | Financial Statements                                   
|Nordic Fund                                                         | <Click
Here> | Investment Changes                                     
|                                                                    | <Click
Here> | Investments                                            
|                                                                    | <Click
Here> | Financial Statements                                   
|Pacific Basin Fund                                                  | <Click
Here> | Investment Changes                                     
|                                                                    | <Click
Here> | Investments                                            
|                                                                    | <Click
Here> | Financial Statements                                   
|Southeast Asia Fund                                                 | <Click
Here> | Investment Changes                                     
|                                                                    | <Click
Here> | Investments                                            
|                                                                    | <Click
Here> | Financial Statements                                   
|Notes to Financial Statements                                       | <Click
Here> | Notes to Financial Statements                          
|Report of Independent Registered
Public Accounting Firm             | <Click
Here> |                                                        
|Board Approval of Investment
Advisory Contracts and
Management Fees | <Click
Here> | Board Approval of Subadvisory Agreement for Europe
Fund

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

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

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

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

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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Semiannual Report

# Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2004 to April 30,
2005).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

|                            | Beginning
Account Value
November 1, 2004 | Ending
Account Value
April 30, 2005 | Expenses Paid
During Period*November 1, 2004
to April 30, 2005
|--------------------------- | ---------------------------------------- | ----------------------------------- | --------------------------------------------------------------
|Canada                      |                                          |                                     |                                                               
|Actual                      | $	1,000.00                               | $	1,052.70                          | $	5.90                                                        
|HypotheticalA               | $	1,000.00                               | $	1,019.04                          | $	5.81                                                        
|China Region                |                                          |                                     |                                                               
|Actual                      | $	1,000.00                               | $	1,097.90                          | $	6.03                                                        
|HypotheticalA               | $	1,000.00                               | $	1,019.04                          | $	5.81                                                        
|Emerging Markets            |                                          |                                     |                                                               
|Actual                      | $	1,000.00                               | $	1,151.70                          | $	6.40                                                        
|HypotheticalA               | $	1,000.00                               | $	1,018.84                          | $	6.01                                                        
|Europe                      |                                          |                                     |                                                               
|Actual                      | $	1,000.00                               | $	1,125.80                          | $	5.90                                                        
|HypotheticalA               | $	1,000.00                               | $	1,019.24                          | $	5.61                                                        
|Europe Capital Appreciation |                                          |                                     |                                                               
|Actual                      | $	1,000.00                               | $	1,088.40                          | $	5.13                                                        
|HypotheticalA               | $	1,000.00                               | $	1,019.89                          | $	4.96                                                        
|Japan                       |                                          |                                     |                                                               
|Actual                      | $	1,000.00                               | $	1,069.60                          | $	5.18                                                        
|HypotheticalA               | $	1,000.00                               | $	1,019.79                          | $	5.06                                                        
|Japan Smaller Companies     |                                          |                                     |                                                               
|Actual                      | $	1,000.00                               | $	1,124.00                          | $	5.37                                                        
|HypotheticalA               | $	1,000.00                               | $	1,019.74                          | $	5.11                                                        
|Latin America               |                                          |                                     |                                                               
|Actual                      | $	1,000.00                               | $	1,182.00                          | $	6.17                                                        
|HypotheticalA               | $	1,000.00                               | $	1,019.14                          | $	5.71                                                        
|Nordic                      |                                          |                                     |                                                               
|Actual                      | $	1,000.00                               | $	1,137.40                          | $	6.31                                                        
|HypotheticalA               | $	1,000.00                               | $	1,018.89                          | $	5.96                                                        
|                            | Beginning
Account Value
November 1, 2004 | Ending
Account Value
April 30, 2005 | Expenses Paid
During Period*November 1, 2004
to April 30, 2005
|Pacific Basin               |                                          |                                     |                                                               
|Actual                      | $	1,000.00                               | $	1,101.90                          | $	5.63                                                        
|HypotheticalA               | $	1,000.00                               | $	1,019.44                          | $	5.41                                                        
|Southeast Asia              |                                          |                                     |                                                               
|Actual                      | $	1,000.00                               | $	1,147.00                          | $	6.28                                                        
|HypotheticalA               | $	1,000.00                               | $	1,018.94                          | $	5.91                                                        

A5% return per year before expenses

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

|                            | Annualized
Expense Ratio
|--------------------------- | ------------------------
|Canada                      | 1.16%                   
|China Region                | 1.16%                   
|Emerging Markets            | 1.20%                   
|Europe                      | 1.12%                   
|Europe Capital Appreciation | 0.99%                   
|Japan                       | 1.01%                   
|Japan Smaller Companies     | 1.02%                   
|Latin America               | 1.14%                   
|Nordic                      | 1.19%                   
|Pacific Basin               | 1.08%                   
|Southeast Asia              | 1.18%                   

Semiannual Report

Canada



# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      



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

|Asset Allocation                                      
|------------------------------------------------------
|                                                      
|Stocks                                                
|Short-Term Investments and
Net Other Assets           
|Top Ten Stocks as of April 30, 2005                   
|                                                      
|Toronto-Dominion Bank (Commercial Banks)              
|EnCana Corp. (Oil & Gas)                              
|Canadian Imperial Bank of Commerce (Commercial Banks) 
|Manulife Financial Corp. (Insurance)                  
|Canadian National Railway Co. (Road & Rail)           
|Loblaw Companies Ltd. (Food & Staples Retailing)      
|Rogers Communications, Inc. Class B (non-vtg.) (Media)
|Royal Bank of Canada (Commercial Banks)               
|Canadian Natural Resources Ltd. (Oil & Gas)           
|BCE, Inc. (Diversified Telecommunication Services)    
|                                                      
|Market Sectors as of April 30, 2005                   
|                                                      
|Financials                                            
|Energy                                                
|Consumer Discretionary                                
|Materials                                             
|Industrials                                           
|Consumer Staples                                      
|Information Technology                                
|Telecommunication Services                            
|Utilities                                             
|Health Care                                           

Semiannual Report

Canada

# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 93.1%                                                                     
|------------------------------------------------------------------------------------------
|                                                                                          
|CONSUMER DISCRETIONARY - 10.4%                                                            
|Hotels, Restaurants & Leisure - 1.3%                                                      
|Great Canadian Gaming Corp. (a)                                                           
|Media - 7.4%                                                                              
|Alliance Atlantis Communications, Inc. Class B (non-vtg.) (a)                             
|Astral Media, Inc. Class A (non-vtg.)                                                     
|Chum Ltd. Class B (non-vtg.)                                                              
|Corus Entertainment, Inc. Class B (non-vtg.)                                              
|Quebecor, Inc. Class B (sub. vtg.)                                                        
|Rogers Communications, Inc. Class B (non-vtg.)                                            
|Thomson Corp.                                                                             
|Yellow Pages Income Fund                                                                  
|                                                                                          
|Multiline Retail - 0.9%                                                                   
|Canadian Tire Corp. Ltd. Class A (non-vtg.) (d)                                           
|Specialty Retail - 0.8%                                                                   
|RONA, Inc. (a)                                                                            
|TOTAL CONSUMER DISCRETIONARY                                                              
|CONSUMER STAPLES - 6.6%                                                                   
|Food & Staples Retailing - 6.6%                                                           
|Alimentation Couche-Tard, Inc. Class B (sub. vtg.) (a)                                    
|Jean Coutu Group, Inc.:                                                                   
|Class A (e)                                                                               
|Class A (sub. vtg.)                                                                       
|Loblaw Companies Ltd.                                                                     
|Shoppers Drug Mart Corp.                                                                  
|                                                                                          
|ENERGY - 17.2%                                                                            
|Energy Equipment & Services - 3.5%                                                        
|CCS Income Trust                                                                          
|CHC Helicopter Corp. Class A (sub. vtg.)                                                  
|Pason Systems, Inc.                                                                       
|Precision Drilling Corp. (a)                                                              
|Savanna Energy Services Corp. (a)                                                         
|                                                                                          
|Oil & Gas - 13.7%                                                                         
|Canadian Natural Resources Ltd.                                                           
|EnCana Corp.                                                                              
|First Calgary Petroleum Ltd. (a)                                                          
|Imperial Oil Ltd.                                                                         
|Penn West Petroleum Ltd.                                                                  
|Petro-Canada                                                                              
|PetroKazakhstan, Inc. (e)                                                                 
|PetroKazakhstan, Inc. Class A                                                             
|Quicksilver Resources, Inc. (a)                                                           
|                                                                                          
|                                                                                          
|Talisman Energy, Inc.                                                                     
|TransCanada Corp.                                                                         
|                                                                                          
|TOTAL ENERGY                                                                              
|FINANCIALS - 28.7%                                                                        
|Capital Markets - 0.3%                                                                    
|Addenda Capital, Inc.                                                                     
|Commercial Banks - 16.5%                                                                  
|Bank of Montreal, Quebec                                                                  
|Bank of Nova Scotia                                                                       
|Canadian Imperial Bank of Commerce                                                        
|National Bank of Canada                                                                   
|Royal Bank of Canada                                                                      
|Toronto-Dominion Bank                                                                     
|                                                                                          
|Diversified Financial Services - 3.5%                                                     
|Brascan Corp. Class A (ltd. vtg.) (d)                                                     
|Power Corp. of Canada (sub. vtg.)                                                         
|TSX Group, Inc.                                                                           
|                                                                                          
|Insurance - 8.4%                                                                          
|Industrial Alliance Life Insurance Co.                                                    
|ING Canada, Inc.                                                                          
|ING Canada, Inc. (e)                                                                      
|Manulife Financial Corp.                                                                  
|Sun Life Financial, Inc.                                                                  
|                                                                                          
|TOTAL FINANCIALS                                                                          
|HEALTH CARE - 0.4%                                                                        
|Biotechnology - 0.4%                                                                      
|Angiotech Pharmaceuticals, Inc. (a)                                                       
|INDUSTRIALS - 9.2%                                                                        
|Aerospace & Defense - 0.4%                                                                
|CAE, Inc.                                                                                 
|Airlines - 1.4%                                                                           
|ACE Aviation Holdings, Inc. Class A (a)                                                   
|Transat A.T., Inc. Class A (a)                                                            
|WestJet Airlines Ltd. (a)                                                                 
|                                                                                          
|Commercial Services & Supplies - 0.1%                                                     
|Garda World Security Corp. (a)                                                            
|Construction & Engineering - 1.3%                                                         
|SNC-Lavalin Group, Inc.                                                                   
|Electrical Equipment - 0.1%                                                               
|Hydrogenics Corp. (a)                                                                     
|Road & Rail - 5.2%                                                                        
|Canadian National Railway Co.                                                             
|Common Stocks - continued                                                                 
|                                                                                          
|INDUSTRIALS - continued                                                                   
|Road & Rail - continued                                                                   
|Canadian Pacific Railway Ltd.                                                             
|Mullen Transportation, Inc.                                                               
|TransForce Income Fund                                                                    
|                                                                                          
|Trading Companies & Distributors - 0.7%                                                   
|Finning International, Inc.                                                               
|Russel Metals, Inc.                                                                       
|Russel Metals, Inc. (e)                                                                   
|                                                                                          
|TOTAL INDUSTRIALS                                                                         
|INFORMATION TECHNOLOGY - 5.2%                                                             
|Communications Equipment - 2.4%                                                           
|Nortel Networks Corp. (a)                                                                 
|Research In Motion Ltd. (a)                                                               
|                                                                                          
|Internet Software & Services - 0.2%                                                       
|Emergis, Inc.                                                                             
|IT Services - 0.8%                                                                        
|Affiliated Computer Services, Inc. Class A (a)                                            
|CGI Group, Inc. Class A (sub. vtg.) (a)                                                   
|                                                                                          
|Semiconductors & Semiconductor Equipment - 0.5%                                           
|ATI Technologies, Inc. (a)                                                                
|Tundra Semiconductor Corp. Ltd. (a)                                                       
|Tundra Semiconductor Corp. Ltd. (a)(e)                                                    
|                                                                                          
|Software - 1.3%                                                                           
|Cognos, Inc. (a)                                                                          
|MacDonald Dettwiler & Associates Ltd. (a)                                                 
|NAVTEQ Corp.                                                                              
|Workbrain Corp. (a)                                                                       
|                                                                                          
|TOTAL INFORMATION TECHNOLOGY                                                              
|MATERIALS - 9.6%                                                                          
|Chemicals - 1.6%                                                                          
|Potash Corp. of Saskatchewan                                                              
|Metals & Mining - 7.6%                                                                    
|Aber Diamond Corp.                                                                        
|Alcan, Inc.                                                                               
|Cameco Corp.                                                                              
|Eldorado Gold Corp. (a)                                                                   
|Falconbridge Ltd.                                                                         
|Gabriel Resources Ltd. (a)                                                                
|Gabriel Resources Ltd. (a)(e)                                                             
|                                                                                          
|                                                                                          
|Goldcorp, Inc.                                                                            
|IPSCO, Inc.                                                                               
|Kinross Gold Corp. (a)                                                                    
|Placer Dome, Inc.                                                                         
|Teck Cominco Ltd. Class B (sub. vtg.)                                                     
|                                                                                          
|Paper & Forest Products - 0.4%                                                            
|Canfor Corp. (a)                                                                          
|Cascades, Inc.                                                                            
|                                                                                          
|TOTAL MATERIALS                                                                           
|TELECOMMUNICATION SERVICES - 4.9%                                                         
|Diversified Telecommunication Services - 4.3%                                             
|BCE, Inc.                                                                                 
|TELUS Corp. (non-vtg.)                                                                    
|                                                                                          
|Wireless Telecommunication Services - 0.6%                                                
|Telesystem International Wireless, Inc. (a)                                               
|TOTAL TELECOMMUNICATION SERVICES                                                          
|UTILITIES - 0.9%                                                                          
|Electric Utilities - 0.9%                                                                 
|Fortis, Inc.                                                                              
|TOTAL COMMON STOCKS
(Cost $780,338,792)                                                   
|Government Obligations - 3.2%                                                             
|                                                                                          
|Canadian Government Treasury Bills 2.4514% to 2.5218% 6/2/05 to 6/30/05
(Cost $31,846,269)
|Money Market Funds - 5.8%                                                                 
|                                                                                          
|Fidelity Cash Central Fund, 2.84% (b)                                                     
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)                               
|TOTAL MONEY MARKET FUNDS
(Cost $55,053,504)                                               
|TOTAL INVESTMENT PORTFOLIO - 102.1%
(Cost $867,238,565)                                   
|NET OTHER ASSETS - (2.1)%                                                                 
|NET ASSETS - 100%                                                                         

|Currency Abbreviations
|----------------------
|CAD                   

|Legend                                                                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At the period end, the value of these securities amounted to $3,039,256 or 0.3% of net assets.  
|Income Tax Information                                                                                                                                                                                                                                                                                    
|At October 31, 2004, the fund had a capital loss carryforward of approximately $16,889,215 all of which will expire on October 31, 2009.                                                                                                                                                                  

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

Semiannual Report

Canada

# Financial Statements

Statement of Assets and Liabilities

|                                                                                                                                | April 30, 2005 (Unaudited)
|------------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                                |                           
|Assets                                                                                                                          |                           
|Investment in securities, at value (including securities loaned of $19,267,700) (cost $867,238,565) - See accompanying
schedule |                           
|Receivable for investments sold                                                                                                 |                           
|Receivable for fund shares sold                                                                                                 |                           
|Dividends receivable                                                                                                            |                           
|Interest receivable                                                                                                             |                           
|Prepaid expenses                                                                                                                |                           
|Other affiliated receivables                                                                                                    |                           
|Other receivables                                                                                                               |                           
|Total assets                                                                                                                    |                           
|                                                                                                                                |                           
|Liabilities                                                                                                                     |                           
|Payable to custodian bank                                                                                                       | $	4,481                   
|Payable for investments purchased                                                                                               | 3,763,793                 
|Payable for fund shares redeemed                                                                                                | 3,616,103                 
|Accrued management fee                                                                                                          | 613,536                   
|Other affiliated payables                                                                                                       | 230,702                   
|Other payables and accrued expenses                                                                                             | 124,618                   
|Collateral on securities loaned, at value                                                                                       | 19,762,750                
|Total liabilities                                                                                                               |                           
|                                                                                                                                |                           
|Net Assets                                                                                                                      |                           
|Net Assets consist of:                                                                                                          |                           
|Paid in capital                                                                                                                 |                           
|Undistributed net investment income                                                                                             |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions                             |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies                      |                           
|Net Assets, for 28,522,939 shares outstanding                                                                                   |                           
|Net Asset Value, offering price and redemption price per share ($954,705,386 ÷ 28,522,939 shares)                               |                           

Statement of Operations

|                                                                               | Six months ended April 30, 2005
(Unaudited)
|------------------------------------------------------------------------------ | -------------------------------------------
|                                                                               |                                            
|Investment Income                                                              |                                            
|Dividends                                                                      |                                            
|Interest                                                                       |                                            
|Security lending                                                               |                                            
|                                                                               |                                            
|Less foreign taxes withheld                                                    |                                            
|Total income                                                                   |                                            
|                                                                               |                                            
|Expenses                                                                       |                                            
|Management fee
Basic fee                                                       | $	2,642,726                                
|Performance adjustment                                                         | 205,856                                    
|Transfer agent fees                                                            | 965,556                                    
|Accounting and security lending fees                                           | 172,717                                    
|Independent trustees' compensation                                             | 1,642                                      
|Custodian fees and expenses                                                    | 89,346                                     
|Registration fees                                                              | 123,072                                    
|Audit                                                                          | 31,903                                     
|Legal                                                                          | 629                                        
|Miscellaneous                                                                  | 2,138                                      
|Total expenses before reductions                                               | 4,235,585                                  
|Expense reductions                                                             | (125,235)                                  
|Net investment income (loss)                                                   |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:               |                                            
|Investment securities                                                          | 3,211,275                                  
|Foreign currency transactions                                                  | (441,139)                                  
|Total net realized gain (loss)                                                 |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities | 10,736,039                                 
|Assets and liabilities in foreign currencies                                   | (30,928)                                   
|Total change in net unrealized appreciation (depreciation)                     |                                            
|Net gain (loss)                                                                |                                            
|Net increase (decrease) in net assets resulting from operations                |                                            

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

Semiannual Report

Canada
Financial Statements - continued

Statement of Changes in Net Assets

|                                                                                                                                              | Six months ended
April 30, 2005
(Unaudited) | Year ended
October 31,
2004
|--------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ---------------------------
|Increase (Decrease) in Net Assets                                                                                                             |                                             |                            
|Operations                                                                                                                                    |                                             |                            
|Net investment income (loss)                                                                                                                  | $	1,934,840                                 | $	978,546                  
|Net realized gain (loss)                                                                                                                      | 2,770,136                                   | 3,284,925                  
|Change in net unrealized appreciation (depreciation)                                                                                          | 10,705,111                                  | 58,584,424                 
|Net increase (decrease) in net assets resulting from operations                                                                               | 15,410,087                                  | 62,847,895                 
|Distributions to shareholders from net investment income                                                                                      | (1,384,456)                                 | (959,083)                  
|Share transactions 
Proceeds from sales of shares                                                                                             | 642,598,072                                 | 305,089,295                
|Reinvestment of distributions                                                                                                                 | 1,331,051                                   | 926,386                    
|Cost of shares redeemed                                                                                                                       | (116,986,051)                               | (122,097,358)              
|Net increase (decrease) in net assets resulting from share transactions                                                                       | 526,943,072                                 | 183,918,323                
|Redemption fees                                                                                                                               | 418,149                                     | 306,230                    
|Total increase (decrease) in net assets                                                                                                       | 541,386,852                                 | 246,113,365                
|                                                                                                                                              |                                             |                            
|Net Assets                                                                                                                                    |                                             |                            
|Beginning of period                                                                                                                           | 413,318,534                                 | 167,205,169                
|End of period (including undistributed net investment income of $1,163,695 and undistributed net investment income of
$613,311, respectively) | $	954,705,386                               | $	413,318,534              
|Other Information
Shares                                                                                                                      |                                             |                            
|Sold                                                                                                                                          | 18,969,705                                  | 10,724,172                 
|Issued in reinvestment of distributions                                                                                                       | 40,068                                      | 35,372                     
|Redeemed                                                                                                                                      | (3,455,169)                                 | (4,444,814)                
|Net increase (decrease)                                                                                                                       | 15,554,604                                  | 6,314,730                  

Financial Highlights

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Six months ended
April 30, 2005 | Years ended October 31,
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | -----------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (Unaudited)                     | 2004                   
|Selected Per-Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                 |                        
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $	31.87                         | $	25.13                
|Income from Investment Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                 |                        
|Net investment income (loss) F                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | .09                             | .10                    
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 1.57                            | 6.74                   
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 1.66                            | 6.84                   
|Distributions from net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (.08)                           | (.13)                  
|Redemption fees added to paid in capital F                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | .02                             | .03                    
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $	33.47                         | $	31.87                
|Total ReturnB, C, D, E                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 5.27%                           | 27.45%                 
|Ratios to Average Net AssetsH                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                 |                        
|Expenses before expense reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 1.16%A                          | 1.20%                  
|Expenses net of voluntary waivers, if any                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 1.16%A                          | 1.20%                  
|Expenses net of all reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 1.12%A                          | 1.15%                  
|Net investment income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | .53%A                           | .34%                   
|Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                 |                        
|Net assets, end of period (000 omitted)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $	954,705                       | $	413,319              
|Portfolio turnover rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 25%A                            | 47%                    
|AAnnualizedBTotal returns for periods of less than one year are not annualized.CTotal returns would have been lower had certain expenses not been reduced during the periods shown.DTotal returns do not include the effect of the former sales
charges.ETotal returns do not include the effect of the contingent deferred sales charge.FCalculated based on average shares outstanding during the period.GInvestment income per share reflects a special dividend which amounted to $1.97 per
share.HExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not
represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service
arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.

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

Semiannual Report

China Region



# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      



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

|Asset Allocation                                                                       
|---------------------------------------------------------------------------------------
|                                                                                       
|Stocks                                                                                 
|Short-Term Investments and
Net Other Assets                                            
|Top Ten Stocks as of April 30, 2005                                                    
|                                                                                       
|HSBC Holdings PLC (Hong Kong) (Reg.)  (Commercial Banks)                               
|Cheung Kong Holdings Ltd.  (Real Estate)                                               
|Esprit Holdings Ltd.  (Specialty Retail)                                               
|Hong Kong & China Gas Co. Ltd.  (Gas Utilities)                                        
|Hutchison Whampoa Ltd.  (Industrial Conglomerates)                                     
|Standard Chartered PLC (Commerical Banks)                                              
|Sun Hung Kai Properties Ltd.  (Real Estate)                                            
|PetroChina Co. Ltd. (H Shares)  (Oil & Gas)                                            
|Taiwan Semiconductor Manufacturing Co. Ltd.  (Semiconductors & Semiconductor Equipment)
|Hon Hai Precision Industries Co. Ltd.  (Electronic Equipment & Instruments)            
|                                                                                       
|Market Sectors as of April 30, 2005                                                    
|                                                                                       
|Financials                                                                             
|Information Technology                                                                 
|Consumer Discretionary                                                                 
|Industrials                                                                            
|Energy                                                                                 
|Utilities                                                                              
|Materials                                                                              
|Telecommunication Services                                                             
|Consumer Staples                                                                       

Semiannual Report

China Region

# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 96.1%                                  
|-------------------------------------------------------
|                                                       
|CONSUMER DISCRETIONARY - 13.6%                         
|Auto Components - 0.8%                                 
|Tong Yang Industry Co. Ltd.                            
|Automobiles - 1.7%                                     
|Hyundai Motor Co.                                      
|Kia Motors Corp.                                       
|                                                       
|Distributors - 1.9%                                    
|Integrated Distribution Services Group Ltd. (IDS)      
|Li & Fung Ltd.                                         
|                                                       
|Hotels, Restaurants & Leisure - 3.2%                   
|Cafe de Coral Holdings Ltd.                            
|Hong Kong & Shanghai Hotels Ltd.                       
|Mandarin Oriental International Ltd.                   
|Regal Hotel International Holdings Ltd.                
|Shangri-La Asia Ltd.                                   
|                                                       
|Household Durables - 0.7%                              
|Basso Industry Corp. Ltd.                              
|Merry Electronics Co. Ltd.                             
|Skyworth Digital Holdings Ltd.                         
|                                                       
|Leisure Equipment & Products - 0.5%                    
|Li Ning Co. Ltd.                                       
|Media - 0.2%                                           
|Television Broadcasts Ltd.                             
|Specialty Retail - 4.2%                                
|Esprit Holdings Ltd.                                   
|Textiles, Apparel & Luxury Goods - 0.4%                
|Yue Yuen Industrial Holdings Ltd.                      
|TOTAL CONSUMER DISCRETIONARY                           
|CONSUMER STAPLES - 3.0%                                
|Beverages - 0.2%                                       
|Dynasty Fine Wines Group Ltd.                          
|Food & Staples Retailing - 2.7%                        
|Convenience Retail Asia Ltd.                           
|Dairy Farm International Holdings Ltd.                 
|Wumart Stores, Inc. (H Shares)                         
|                                                       
|Food Products - 0.1%                                   
|China Mengniu Dairy Co. Ltd.                           
|TOTAL CONSUMER STAPLES                                 
|                                                       
|                                                       
|ENERGY - 5.9%                                          
|Oil & Gas - 5.9%                                       
|China Petroleum & Chemical Corp.
(H Shares)            
|CNOOC Ltd.                                             
|Formosa Petrochemical Corp.                            
|PetroChina Co. Ltd. (H Shares)                         
|S-Oil Corp.                                            
|                                                       
|FINANCIALS - 40.8%                                     
|Commercial Banks - 23.1%                               
|BOC Hong Kong Holdings Ltd.                            
|Chinatrust Financial Holding Co.                       
|First Financial Holding Co. Ltd. (a)                   
|Hang Seng Bank Ltd.                                    
|HSBC Holdings PLC (Hong Kong) (Reg.)                   
|Mega Financial Holding Co. Ltd.                        
|Standard Chartered PLC:                                
|(Hong Kong)                                            
|(United Kingdom)                                       
|Taishin Financial Holdings Co. Ltd.                    
|Wing Hang Bank Ltd.                                    
|Wing Lung Bank Ltd.                                    
|                                                       
|Diversified Financial Services - 3.8%                  
|First Pacific Co. Ltd. (a)                             
|Guoco Group Ltd.                                       
|Jardine Matheson Holdings Ltd.                         
|                                                       
|Insurance - 2.2%                                       
|AXA Asia Pacific Holdings Ltd.                         
|Cathay Financial Holding Co. Ltd.                      
|China Life Insurance Co. Ltd. (H Shares) (a)           
|                                                       
|Real Estate - 11.7%                                    
|Cheung Kong Holdings Ltd.                              
|Fortune (REIT)                                         
|Great Eagle Holdings Ltd.                              
|Henderson Land Development Co. Ltd.                    
|Hong Kong Land Holdings Ltd.                           
|Hysan Development Co. Ltd.                             
|Shun Tak Holdings Ltd.                                 
|Sun Hung Kai Properties Ltd.                           
|Swire Pacific Ltd. (A Shares)                          
|Wharf Holdings Ltd.                                    
|                                                       
|TOTAL FINANCIALS                                       
|Common Stocks - continued                              
|                                                       
|INDUSTRIALS - 7.4%                                     
|Electrical Equipment - 0.3%                            
|Cheng Uei Precision Industries Co. Ltd.                
|Industrial Conglomerates - 3.1%                        
|Hutchison Whampoa Ltd.                                 
|Machinery - 1.3%                                       
|Daewoo Shipbuilding & Marine Engineering Co. Ltd.      
|Jenn Feng Industrial Co. Ltd.                          
|Weichai Power Co. Ltd. (H Shares)                      
|                                                       
|Transportation Infrastructure - 2.7%                   
|Cosco Pacific Ltd.                                     
|Hopewell Holdings Ltd.                                 
|Jiangsu Expressway Co. Ltd. (H Shares)                 
|                                                       
|TOTAL INDUSTRIALS                                      
|INFORMATION TECHNOLOGY - 13.9%                         
|Communications Equipment - 0.6%                        
|Foxconn International Holdings Ltd.                    
|ZTE Corp. (H Shares)                                   
|                                                       
|Computers & Peripherals - 3.3%                         
|ASUSTeK Computer, Inc.                                 
|High Tech Computer Corp.                               
|                                                       
|Electronic Equipment & Instruments - 5.1%              
|AU Optronics Corp.                                     
|Hon Hai Precision Industries Co. Ltd.                  
|Kingboard Chemical Holdings Ltd.                       
|Kingboard Chemical Holdings Ltd. warrants 12/31/06 (a) 
|                                                       
|Semiconductors & Semiconductor Equipment - 4.6%        
|Siliconware Precision Industries Co. Ltd.              
|Solomon Systech Ltd.                                   
|Sunplus Technology Co. Ltd.                            
|Taiwan Semiconductor Manufacturing Co. Ltd.            
|United Microelectronics Corp.                          
|                                                       
|Software - 0.3%                                        
|GOME Electrical Appliances Holdings Ltd.               
|TOTAL INFORMATION TECHNOLOGY                           
|                                                       
|                                                       
|MATERIALS - 3.2%                                       
|Chemicals - 1.1%                                       
|Formosa Chemicals & Fibre Corp.                        
|Metals & Mining - 2.1%                                 
|China Steel Corp.                                      
|Yanzhou Coal Mining Co. Ltd.
(H Shares) (a)            
|                                                       
|TOTAL MATERIALS                                        
|TELECOMMUNICATION SERVICES - 3.1%                      
|Diversified Telecommunication Services - 1.6%          
|China Telecom Corp. Ltd. (H Shares)                    
|PCCW Ltd.                                              
|                                                       
|Wireless Telecommunication Services - 1.5%             
|Far EasTone Telecommunications Co. Ltd.                
|TOTAL TELECOMMUNICATION SERVICES                       
|UTILITIES - 5.2%                                       
|Electric Utilities - 1.5%                              
|Cheung Kong Infrastructure Holdings Ltd.               
|Gas Utilities - 3.7%                                   
|Hong Kong & China Gas Co. Ltd.                         
|TOTAL UTILITIES                                        
|TOTAL COMMON STOCKS
(Cost $275,964,823)                
|Money Market Funds - 1.8%                              
|                                                       
|Fidelity Cash Central Fund, 2.84% (b)
(Cost $6,308,463)
|TOTAL INVESTMENT PORTFOLIO - 97.9%
(Cost $282,273,286) 
|NET OTHER ASSETS - 2.1%                                
|NET ASSETS - 100%                                      

|Legend                                                                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|Income Tax Information                                                                                                                                                                                                                                                                                    
|At October 31, 2004, the fund had a capital loss carryforward of approximately $21,989,888 of which $12,624,109, $1,349,959 and $8,015,820 will expire
on October 31, 2006, 2009 and 2010, respectively.                                                                                                  

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

Semiannual Report

China Region

# Financial Statements

Statement of Assets and Liabilities

|                                                                                                           | April 30, 2005 (Unaudited)
|---------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                           |                           
|Assets                                                                                                     |                           
|Investment in securities, at value (cost $282,273,286) - See accompanying schedule                         |                           
|Cash                                                                                                       |                           
|Foreign currency held at value (cost $3,051,944)                                                           |                           
|Receivable for investments sold                                                                            |                           
|Receivable for fund shares sold                                                                            |                           
|Dividends receivable                                                                                       |                           
|Interest receivable                                                                                        |                           
|Prepaid expenses                                                                                           |                           
|Other affiliated receivables                                                                               |                           
|Total assets                                                                                               |                           
|                                                                                                           |                           
|Liabilities                                                                                                |                           
|Payable for investments purchased                                                                          | $	1,590,583               
|Payable for fund shares redeemed                                                                           | 153,772                   
|Accrued management fee                                                                                     | 203,531                   
|Other affiliated payables                                                                                  | 90,971                    
|Other payables and accrued expenses                                                                        | 100,665                   
|Total liabilities                                                                                          |                           
|                                                                                                           |                           
|Net Assets                                                                                                 |                           
|Net Assets consist of:                                                                                     |                           
|Paid in capital                                                                                            |                           
|Undistributed net investment income                                                                        |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions        |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |                           
|Net Assets, for 19,886,593 shares outstanding                                                              |                           
|Net Asset Value, offering price and redemption price per share ($341,393,255 ÷ 19,886,593 shares)          |                           

Statement of Operations

|                                                                               | Six months ended April 30, 2005
(Unaudited)
|------------------------------------------------------------------------------ | -------------------------------------------
|                                                                               |                                            
|Investment Income                                                              |                                            
|Dividends                                                                      |                                            
|Interest                                                                       |                                            
|                                                                               |                                            
|Less foreign taxes withheld                                                    |                                            
|Total income                                                                   |                                            
|                                                                               |                                            
|Expenses                                                                       |                                            
|Management fee                                                                 | $	1,191,969                                
|Transfer agent fees                                                            | 448,279                                    
|Accounting fees and expenses                                                   | 82,493                                     
|Independent trustees' compensation                                             | 801                                        
|Custodian fees and expenses                                                    | 141,124                                    
|Registration fees                                                              | 18,280                                     
|Audit                                                                          | 29,418                                     
|Legal                                                                          | 418                                        
|Miscellaneous                                                                  | 2,620                                      
|Total expenses before reductions                                               | 1,915,402                                  
|Expense reductions                                                             | (5,716)                                    
|Net investment income (loss)                                                   |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:               |                                            
|Investment securities                                                          | 5,896,564                                  
|Foreign currency transactions                                                  | 16,665                                     
|Total net realized gain (loss)                                                 |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities | 20,781,606                                 
|Assets and liabilities in foreign currencies                                   | 4,731                                      
|Total change in net unrealized appreciation (depreciation)                     |                                            
|Net gain (loss)                                                                |                                            
|Net increase (decrease) in net assets resulting from operations                |                                            

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

Semiannual Report

China Region
Financial Statements - continued

Statement of Changes in Net Assets

|                                                                                                                                                | Six months ended
April 30, 2005
(Unaudited) | Year ended
October 31,
2004
|----------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ---------------------------
|Increase (Decrease) in Net Assets                                                                                                               |                                             |                            
|Operations                                                                                                                                      |                                             |                            
|Net investment income (loss)                                                                                                                    | $	2,442,083                                 | $	4,955,750                
|Net realized gain (loss)                                                                                                                        | 5,913,229                                   | 27,929,705                 
|Change in net unrealized appreciation (depreciation)                                                                                            | 20,786,337                                  | (21,880,393)               
|Net increase (decrease) in net assets resulting from operations                                                                                 | 29,141,649                                  | 11,005,062                 
|Distributions to shareholders from net investment income                                                                                        | (4,953,877)                                 | (4,174,789)                
|Share transactions 
Proceeds from sales of shares                                                                                               | 73,147,033                                  | 206,037,339                
|Reinvestment of distributions                                                                                                                   | 4,707,630                                   | 3,973,983                  
|Cost of shares redeemed                                                                                                                         | (56,725,397)                                | (152,913,710)              
|Net increase (decrease) in net assets resulting from share transactions                                                                         | 21,129,266                                  | 57,097,612                 
|Redemption fees                                                                                                                                 | 72,309                                      | 421,910                    
|Total increase (decrease) in net assets                                                                                                         | 45,389,347                                  | 64,349,795                 
|                                                                                                                                                |                                             |                            
|Net Assets                                                                                                                                      |                                             |                            
|Beginning of period                                                                                                                             | 296,003,908                                 | 231,654,113                
|End of period (including undistributed net investment income of $1,602,367 and undistributed net investment income of
$4,701,276, respectively) | $	341,393,255                               | $	296,003,908              
|Other Information
Shares                                                                                                                        |                                             |                            
|Sold                                                                                                                                            | 4,326,780                                   | 12,991,397                 
|Issued in reinvestment of distributions                                                                                                         | 279,550                                     | 266,174                    
|Redeemed                                                                                                                                        | (3,364,743)                                 | (9,912,893)                
|Net increase (decrease)                                                                                                                         | 1,241,587                                   | 3,344,678                  

Financial Highlights

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Six months ended
April 30, 2005 | Years ended October 31,
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | -----------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (Unaudited)                     | 2004                   
|Selected Per-Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                 |                        
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $	15.88                         | $	15.14                
|Income from Investment Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                 |                        
|Net investment income (loss) E                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | .12                             | .25                    
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 1.43                            | .73                    
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 1.55                            | .98                    
|Distributions from net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (.26)                           | (.26)                  
|Redemption fees added to paid in capital E                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | -G                              | .02                    
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $	17.17                         | $	15.88                
|Total ReturnB, C, D                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 9.79%                           | 6.71%                  
|Ratios to Average Net AssetsF                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                 |                        
|Expenses before expense reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 1.16%A                          | 1.22%                  
|Expenses net of voluntary waivers, if any                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 1.16%A                          | 1.22%                  
|Expenses net of all reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 1.16%A                          | 1.22%                  
|Net investment income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 1.48%A                          | 1.64%                  
|Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                 |                        
|Net assets, end of period (000 omitted)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $	341,393                       | $	296,004              
|Portfolio turnover rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 55%A                            | 101%                   
|AAnnualizedBTotal returns for periods of less than one year are not annualized.CTotal returns would have been lower had certain expenses not been reduced during the periods shown.DTotal returns do not include the effect of the former sales
charges.ECalculated based on average shares outstanding during the period.FExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage
service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the
investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.GAmount represents less than $.01 per share.

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

Semiannual Report

Emerging Markets



# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      



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

|Asset Allocation                                                                              
|----------------------------------------------------------------------------------------------
|                                                                                              
|Stocks                                                                                        
|Short-Term Investments and
Net Other Assets                                                   
|Top Ten Stocks as of April 30, 2005                                                           
|                                                                                              
|Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)        
|America Movil SA de CV Series L sponsored ADR (Mexico, Wireless Telecommunication Services)   
|Orascom Telecom SAE GDR (Egypt, Wireless Telecommunication Services)                          
|Petroleo Brasileiro SA Petrobras (PN) (Brazil, Oil & Gas)                                     
|Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment)
|Companhia Vale do Rio Doce (PN-A) sponsored ADR (non-vtg.) (Brazil, Metals & Mining)          
|Teva Pharmaceutical Industries Ltd. sponsored ADR (Israel, Pharmaceuticals)                   
|MTN Group Ltd. (South Africa, Wireless Telecommunication Services)                            
|LG Electronics, Inc. (Korea (South), Household Durables)                                      
|Surgutneftegaz JSC sponsored ADR (Russia, Oil & Gas)                                          
|                                                                                              
|Market Sectors as of April 30, 2005                                                           
|                                                                                              
|Financials                                                                                    
|Information Technology                                                                        
|Consumer Discretionary                                                                        
|Telecommunication Services                                                                    
|Energy                                                                                        
|Materials                                                                                     
|Industrials                                                                                   
|Consumer Staples                                                                              
|Health Care                                                                                   
|Utilities                                                                                     

Semiannual Report

Emerging Markets

# Investments April 30, 2005 (Audited)

Showing Percentage of Net Assets

|Common Stocks - 98.0%                                      
|-----------------------------------------------------------
|                                                           
|Argentina - 0.5%                                           
|Inversiones y Representaciones SA sponsored GDR (a)(d)     
|Nortel Inversora S A ADR (a)                               
|TOTAL ARGENTINA                                            
|Austria - 1.7%                                             
|Bank Austria Creditanstalt AG                              
|Raiffeisen International Bank Holding AG                   
|voestalpine AG                                             
|TOTAL AUSTRIA                                              
|Bermuda - 1.6%                                             
|Aquarius Platinum Ltd. (Australia)                         
|Central European Media Enterprises Ltd. Class A (a)        
|GOME Electrical Appliances Holdings Ltd.                   
|TOTAL BERMUDA                                              
|Brazil - 10.3%                                             
|Aracruz Celulose SA (PN-B) sponsored ADR                   
|Banco Bradesco SA (PN)                                     
|Banco Itau Holding Financeira SA (PN)                      
|Caemi Mineracao E Metalurgia SA (PN)                       
|Centrais Electricas Brasileiras (Electrobras) SA (PN-B)    
|Companhia Vale do Rio Doce (PN-A) sponsored ADR (non-vtg.) 
|Diagnosticos da America SA                                 
|Gerdau SA sponsored ADR (d)                                
|Natura Cosmeticos SA                                       
|NET Servicos de Communicacao SA sponsored ADR              
|Petroleo Brasileiro SA Petrobras:                          
|(PN)                                                       
|(PN) sponsored ADR (non-vtg.)                              
|sponsored ADR                                              
|Uniao de Bancos Brasileiros SA (Unibanco):                 
|unit                                                       
|GDR                                                        
|Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A)   
|Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)    
|TOTAL BRAZIL                                               
|Canada - 0.4%                                              
|PetroKazakhstan, Inc. Class A                              
|                                                           
|                                                           
|Cayman Islands - 0.3%                                      
|Kingboard Chemical Holdings Ltd.                           
|Lifestyle International Holdings Ltd.                      
|TOTAL CAYMAN ISLANDS                                       
|Chile - 0.3%                                               
|Lan Chile SA sponsored ADR                                 
|China - 1.5%                                               
|Beijing Capital International Airport Co. Ltd. (H Shares)  
|China International Marine Containers Co. Ltd. (B Shares)  
|China Petroleum & Chemical Corp.
(H Shares)                
|Guangdong Kelon Electrical Holdings Ltd. Series H (a)      
|Xinao Gas Holdings Ltd.                                    
|TOTAL CHINA                                                
|Czech Republic - 0.9%                                      
|Ceske Energeticke Zavody AS                                
|Philip Morris CR AS                                        
|TOTAL CZECH REPUBLIC                                       
|Egypt - 3.3%                                               
|Commercial International Bank Ltd. sponsored GDR           
|Lecico Egypt S.A.E. GDR (e)                                
|Misr International Bank Sae GDR                            
|Orascom Construction Industries SAE GDR                    
|Orascom Telecom SAE GDR (a)                                
|TOTAL EGYPT                                                
|Hong Kong - 2.5%                                           
|Chaoda Modern Agriculture (Holdings) Ltd.                  
|China Overseas Land & Investment Ltd.                      
|Golden Meditech Co. Ltd.                                   
|Kerry Properties Ltd.                                      
|Midland Realty Holdings Ltd.                               
|Television Broadcasts Ltd.                                 
|TOTAL HONG KONG                                            
|Hungary - 1.1%                                             
|OTP Bank Rt.                                               
|India - 3.5%                                               
|Bank of India                                              
|Bharat Forge Ltd.                                          
|Crompton Greaves Ltd.                                      
|ITC Ltd.                                                   
|Larsen & Toubro Ltd.                                       
|Mphasis BFL Ltd.                                           
|Oil & Natural Gas Corp. Ltd.                               
|Common Stocks - continued                                  
|                                                           
|India - continued                                          
|Reliance Industries Ltd.                                   
|State Bank of India                                        
|TOTAL INDIA                                                
|Indonesia - 1.3%                                           
|PT Astra International Tbk                                 
|PT Bank Central Asia Tbk                                   
|PT Bank Danamon Indonesia Tbk
Series A                     
|PT Telkomunikasi Indonesia Tbk Series B                    
|TOTAL INDONESIA                                            
|Israel - 4.8%                                              
|Bank Hapoalim BM (Reg.)                                    
|Bank Leumi le-Israel BM                                    
|ECI Telecom Ltd. (a)                                       
|ECtel Ltd. (a)                                             
|Koor Industries Ltd. sponsored ADR (a)(d)                  
|M-Systems Flash Disk Pioneers Ltd. (a)                     
|Nice Systems Ltd. sponsored ADR (a)                        
|RADWARE Ltd. (a)                                           
|Teva Pharmaceutical Industries Ltd. sponsored ADR          
|TOTAL ISRAEL                                               
|Korea (South) - 21.5%                                      
|Asiana Airlines, Inc. (a)                                  
|CJ Home Shopping                                           
|Core Logic, Inc.                                           
|Daegu Bank Co. Ltd.                                        
|Daelim Industrial Co.                                      
|Daewoo Shipbuilding & Marine Engineering Co. Ltd.          
|Handsome Co. Ltd.                                          
|Hanjin Shipping Co. Ltd.                                   
|Hyundai Heavy Industries Co. Ltd.                          
|Hyundai Mipo Dockyard Co. Ltd.                             
|Hyundai Mobis                                              
|Hyundai Motor Co.                                          
|Hyundai Securities Co. Ltd. (a)                            
|Industrial Bank of Korea                                   
|Interflex Co. Ltd.                                         
|Kia Motors Corp.                                           
|Korean Air Co. Ltd. (a)                                    
|Kumho Tire Co., Inc. GDR (e)                               
|Kyeryong Construction Industrial Co. Ltd.                  
|LG Chemical Ltd.                                           
|LG Electronics, Inc.                                       
|LG Engineering & Construction Co. Ltd.                     
|NCsoft Corp. (a)                                           
|POSCO                                                      
|Pyung Hwa Industrial Co.                                   
|                                                           
|                                                           
|S-Oil Corp.                                                
|Samsung Electronics Co. Ltd.                               
|Samsung SDI Co. Ltd.                                       
|Shinhan Financial Group Co. Ltd.                           
|TOTAL KOREA (SOUTH)                                        
|Lebanon - 0.2%                                             
|Solidere GDR (a)                                           
|Luxembourg - 0.8%                                          
|Orco Property Group (d)                                    
|Tenaris SA sponsored ADR                                   
|TOTAL LUXEMBOURG                                           
|Malaysia - 0.3%                                            
|Malakoff BHD                                               
|Southern Bank BHD (For. Reg.)                              
|TOTAL MALAYSIA                                             
|Mexico - 7.1%                                              
|America Movil SA de CV Series L sponsored ADR              
|Cemex SA de CV sponsored ADR                               
|Grupo Aeroportuario del Sureste SA de CV Series B ADR      
|Grupo Mexico SA de CV Series B (a)                         
|Grupo Televisa SA de CV sponsored ADR                      
|Industrias Penoles SA de CV                                
|Sare Holding SA de CV Series B (a)                         
|Urbi, Desarrollos Urbanos, SA de CV                        
|Wal-Mart de Mexico SA de CV Series V                       
|TOTAL MEXICO                                               
|Panama - 0.2%                                              
|Banco Latin Americano de Exporaciones SA (BLADEX) Series E 
|Philippines - 1.4%                                         
|Ayala Land, Inc.                                           
|Philippine Long Distance Telephone Co.                     
|SM Investments Corp.                                       
|TOTAL PHILIPPINES                                          
|Russia - 4.7%                                              
|Lukoil Oil Co. sponsored ADR                               
|Mobile TeleSystems OJSC sponsored ADR                      
|OAO Gazprom sponsored ADR                                  
|Pharmacy Chain 36.6 Jsc (a)                                
|RBC Information Systems Jsc (a)                            
|Seventh Continent (a)                                      
|Sistema Jsfc sponsored GDR (a)(e)                          
|Surgutneftegaz JSC sponsored ADR                           
|Common Stocks - continued                                  
|                                                           
|Russia - continued                                         
|Vimpel Communications sponsored ADR (a)                    
|VSMPO-Avisma Corp. (a)                                     
|TOTAL RUSSIA                                               
|South Africa - 12.0%                                       
|ABSA Group Ltd.                                            
|Aeci Ltd.                                                  
|Aflease Gold & Uranium Resources Ltd. (a)                  
|African Bank Investments Ltd.                              
|Barloworld Ltd.                                            
|Edgars Consolidated Stores Ltd.                            
|Harmony Gold Mining Co. Ltd.                               
|Impala Platinum Holdings Ltd.                              
|JD Group Ltd.                                              
|Lewis Group Ltd.                                           
|Massmart Holdings Ltd.                                     
|MTN Group Ltd.                                             
|Naspers Ltd. sponsored ADR                                 
|Sanlam Ltd.                                                
|Sasol Ltd.                                                 
|Standard Bank Group Ltd.                                   
|Steinhoff International Holdings Ltd.                      
|Telkom SA Ltd.                                             
|TOTAL SOUTH AFRICA                                         
|Taiwan - 8.9%                                              
|Acer, Inc.                                                 
|Cathay Financial Holding Co. Ltd.                          
|Chinatrust Financial Holding Co.                           
|Chipbond Technology Corp.                                  
|Delta Electronics, Inc.                                    
|E.Sun Financial Holdings Co. Ltd.                          
|Evergreen Marine Corp.                                     
|Far EasTone Telecommunications Co. Ltd.                    
|First Financial Holding Co. Ltd. (a)                       
|Formosa Chemicals & Fibre Corp.                            
|High Tech Computer Corp.                                   
|Hon Hai Precision Industries Co. Ltd.                      
|Polaris Securities Co. Ltd.                                
|Taiwan Semiconductor Manufacturing Co. Ltd.                
|TOTAL TAIWAN                                               
|Thailand - 1.7%                                            
|Advanced Info Service PCL (For. Reg.)                      
|Italian-Thai Development PCL                               
|Siam Cement PCL (For. Reg.)                                
|Siam Commercial Bank PCL (For. Reg.)                       
|TOTAL THAILAND                                             
|                                                           
|                                                           
|Turkey - 3.8%                                              
|Buyuk Magazacilik AS (a)                                   
|Dogan Yayin Holding AS                                     
|Enka Insaat ve Sanayi AS                                   
|Finansbank AS                                              
|Koytas Tekstil Sanayi ve Ticaret AS (a)                    
|Petrol Ofisi AS                                            
|Turk Sise ve Cam Fabrikalari AS                            
|Turk Traktor ve Ziraat Makinalari AS                       
|Turkcell Iletisim Hizmet AS sponsored ADR                  
|Turkiye Garanti Bankasi AS                                 
|Turkiye Is Bankasi AS Series C unit                        
|Yapi ve Kredi Bankasi AS (a)                               
|TOTAL TURKEY                                               
|United States of America - 1.4%                            
|Central European Distribution Corp. (a)(d)                 
|CTC Media, Inc. (f)                                        
|DSP Group, Inc. (a)                                        
|NII Holdings, Inc. (a)                                     
|Zoran Corp. (a)                                            
|TOTAL UNITED STATES OF AMERICA                             
|TOTAL COMMON STOCKS
(Cost $782,488,805)                    
|Nonconvertible Preferred Stocks - 0.4%                     
|                                                           
|Korea (South) - 0.4%                                       
|Samsung Electronics Co. Ltd. 
(Cost $3,955,937)            
|Money Market Funds - 2.1%                                  
|                                                           
|Fidelity Cash Central Fund, 2.84% (b)                      
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)
|TOTAL MONEY MARKET FUNDS
(Cost $19,596,100)                
|TOTAL INVESTMENT PORTFOLIO - 100.5%
(Cost $806,040,842)    
|NET OTHER ASSETS - (0.5)%                                  
|NET ASSETS - 100%                                          

|Legend                                                                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At the period end, the value of these securities amounted to $3,679,730 or 0.4% of net assets.  
|(f)	Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of
restricted securities (excluding 144A issues) amounted to $1,400,073 or 0.2% of net assets.                                          
|Additional information on each holding is as follows:                                                                                                                                                                                                                                                     

|Security        | Acquisition Date | Acquisition Cost
|--------------- | ---------------- | ----------------
|CTC Media, Inc. | 1/26/05          | $	1,400,073     

|Income Tax Information                                                                                                                                                                                                                            
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|At October 31, 2004, the fund had a capital loss carryforward of approximately $427,327,186 of which $19,326,370, $309,415,899, $46,041,026,
$40,040,568 and $12,503,323 will expire on October 31, 2006, 2007, 2008, 2010 and 2011, respectively.

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

Semiannual Report

Emerging Markets

# Financial Statements

Statement of Assets and Liabilities

|                                                                                                                               | April 30, 2005 (Audited)
|------------------------------------------------------------------------------------------------------------------------------ | ------------------------
|                                                                                                                               |                         
|Assets                                                                                                                         |                         
|Investment in securities, at value (including securities loaned of $8,025,270) (cost $806,040,842) - See accompanying
schedule |                         
|Foreign currency held at value (cost $4,961,195)                                                                               |                         
|Receivable for investments sold                                                                                                |                         
|Receivable for fund shares sold                                                                                                |                         
|Dividends receivable                                                                                                           |                         
|Interest receivable                                                                                                            |                         
|Prepaid expenses                                                                                                               |                         
|Other affiliated receivables                                                                                                   |                         
|Other receivables                                                                                                              |                         
|Total assets                                                                                                                   |                         
|                                                                                                                               |                         
|Liabilities                                                                                                                    |                         
|Payable for investments purchased                                                                                              | $	7,709,909             
|Payable for fund shares redeemed                                                                                               | 1,989,958               
|Accrued management fee                                                                                                         | 569,606                 
|Other affiliated payables                                                                                                      | 237,801                 
|Other payables and accrued expenses                                                                                            | 233,772                 
|Collateral on securities loaned, at value                                                                                      | 8,069,100               
|Total liabilities                                                                                                              |                         
|                                                                                                                               |                         
|Net Assets                                                                                                                     |                         
|Net Assets consist of:                                                                                                         |                         
|Paid in capital                                                                                                                |                         
|Undistributed net investment income                                                                                            |                         
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions                            |                         
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies                     |                         
|Net Assets, for 71,344,866 shares outstanding                                                                                  |                         
|Net Asset Value, offering price and redemption price per share ($920,108,592 ÷ 71,344,866 shares)                              |                         

Statement of Operations

|                                                                                                                                      | Six months ended April 30, 2005
(Audited)
|------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------
|                                                                                                                                      |                                          
|Investment Income                                                                                                                     |                                          
|Dividends                                                                                                                             |                                          
|Interest                                                                                                                              |                                          
|Security lending                                                                                                                      |                                          
|                                                                                                                                      |                                          
|Less foreign taxes withheld                                                                                                           |                                          
|Total income                                                                                                                          |                                          
|                                                                                                                                      |                                          
|Expenses                                                                                                                              |                                          
|Management fee                                                                                                                        | $	2,961,146                              
|Transfer agent fees                                                                                                                   | 1,089,367                                
|Accounting and security lending fees                                                                                                  | 190,064                                  
|Independent trustees' compensation                                                                                                    | 2,134                                    
|Custodian fees and expenses                                                                                                           | 518,197                                  
|Registration fees                                                                                                                     | 54,157                                   
|Audit                                                                                                                                 | 86,796                                   
|Legal                                                                                                                                 | 793                                      
|Miscellaneous                                                                                                                         | 11,137                                   
|Total expenses before reductions                                                                                                      | 4,913,791                                
|Expense reductions                                                                                                                    | (315,336)                                
|Net investment income (loss)                                                                                                          |                                          
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:                                                                      |                                          
|Investment securities (net of foreign taxes of $23,298)                                                                               | 25,282,796                               
|Foreign currency transactions                                                                                                         | (534,128)                                
|Total net realized gain (loss)                                                                                                        |                                          
|Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $30,908) | 51,597,033                               
|Assets and liabilities in foreign currencies                                                                                          | 11,747                                   
|Total change in net unrealized appreciation (depreciation)                                                                            |                                          
|Net gain (loss)                                                                                                                       |                                          
|Net increase (decrease) in net assets resulting from operations                                                                       |                                          

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, 2005
(Audited) | Year ended
October 31,
2004
|----------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------- | ---------------------------
|Increase (Decrease) in Net Assets                                                                                                               |                                           |                            
|Operations                                                                                                                                      |                                           |                            
|Net investment income (loss)                                                                                                                    | $	6,366,234                               | $	7,186,891                
|Net realized gain (loss)                                                                                                                        | 24,748,668                                | 72,957,810                 
|Change in net unrealized appreciation (depreciation)                                                                                            | 51,608,780                                | (19,559,671)               
|Net increase (decrease) in net assets resulting from operations                                                                                 | 82,723,682                                | 60,585,030                 
|Distributions to shareholders from net investment income                                                                                        | (5,999,282)                               | (5,261,351)                
|Share transactions 
Proceeds from sales of shares                                                                                               | 387,787,356                               | 349,686,058                
|Reinvestment of distributions                                                                                                                   | 5,785,646                                 | 4,973,151                  
|Cost of shares redeemed                                                                                                                         | (155,342,731)                             | (237,151,194)              
|Net increase (decrease) in net assets resulting from share transactions                                                                         | 238,230,271                               | 117,508,015                
|Redemption fees                                                                                                                                 | 603,519                                   | 790,209                    
|Total increase (decrease) in net assets                                                                                                         | 315,558,190                               | 173,621,903                
|                                                                                                                                                |                                           |                            
|Net Assets                                                                                                                                      |                                           |                            
|Beginning of period                                                                                                                             | 604,550,402                               | 430,928,499                
|End of period (including undistributed net investment income of $3,732,772 and undistributed net investment income of
$3,365,820, respectively) | $	920,108,592                             | $	604,550,402              
|Other Information
Shares                                                                                                                        |                                           |                            
|Sold                                                                                                                                            | 29,338,171                                | 31,618,832                 
|Issued in reinvestment of distributions                                                                                                         | 485,074                                   | 482,623                    
|Redeemed                                                                                                                                        | (11,958,588)                              | (22,532,170)               
|Net increase (decrease)                                                                                                                         | 17,864,657                                | 9,569,285                  

Financial Highlights

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Six months ended
April 30, 2005 | Years ended October 31,
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | -----------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (Audited)                       | 2004                   
|Selected Per-Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                 |                        
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $	11.30                         | $	9.81                 
|Income from Investment Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                 |                        
|Net investment income (loss)E                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | .10                             | .14                    
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 1.60                            | 1.46                   
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 1.70                            | 1.60                   
|Distributions from net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (.11)                           | (.12)                  
|Redemption fees added to paid in capitalE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | .01                             | .01                    
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $	12.90                         | $	11.30                
|Total ReturnB, C, D                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 15.17%                          | 16.48%                 
|Ratios to Average Net AssetsH                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                 |                        
|Expenses before expense reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 1.20%A                          | 1.23%                  
|Expenses net of voluntary waivers, if any                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 1.20%A                          | 1.23%                  
|Expenses net of all reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 1.12%A                          | 1.18%                  
|Net investment income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 1.55%A                          | 1.27%                  
|Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                 |                        
|Net assets, end of period (000 omitted)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $	920,109                       | $	604,550              
|Portfolio turnover rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 75%A                            | 112%                   
|AAnnualizedBTotal returns for periods of less than one year are not annualized.CTotal returns would have been lower had certain expenses not been reduced during the periods shown.DTotal returns do not include the effect of the former sales
charges.ECalculated based on average shares outstanding during the period.FInvestment income per share reflects a special dividend which amounted to $.02 per share.GInvestment income per share reflects a special dividend which amounted to
$.01 per share.HExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements
and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service
arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.IAmount represents less than $.01 per share.

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

Semiannual Report

Europe



# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      



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

|Asset Allocation                                                                   
|-----------------------------------------------------------------------------------
|                                                                                   
|Stocks                                                                             
|Short-Term Investments and
Net Other Assets                                        
|Top Ten Stocks as of April 30, 2005                                                
|                                                                                   
|Antena 3 Television SA 
(Spain, Media)                                             
|Sanofi-Aventis (France, Pharmaceuticals)                                           
|MTN Group Ltd. (South Africa, Wireless Telecommunication Services)                 
|AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)                 
|Dassault Systemes SA (France, Software)                                            
|SAP AG (Germany, Software)                                                         
|Deutsche Boerse AG (Germany, Diversified Financial Services)                       
|Compagnie Financiere Richemont unit (Switzerland, Textiles, Apparel & Luxury Goods)
|Euronext NV (Netherlands, Diversified Financial Services)                          
|Total SA Series B (France, Oil & Gas)                                              
|                                                                                   
|Market Sectors as of April 30, 2005                                                
|                                                                                   
|Financials                                                                         
|Consumer Discretionary                                                             
|Health Care                                                                        
|Industrials                                                                        
|Telecommunication Services                                                         
|Energy                                                                             
|Information Technology                                                             
|Consumer Staples                                                                   
|Utilities                                                                          

Semiannual Report

Europe

# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 92.5%                                      
|-----------------------------------------------------------
|                                                           
|Belgium - 5.0%                                             
|Belgacom SA                                                
|KBC Groupe SA (d)                                          
|TOTAL BELGIUM                                              
|France - 18.4%                                             
|Air France KLM (Reg.) (d)                                  
|Carrefour SA (d)                                           
|Dassault Systemes SA                                       
|Financiere Marc de Lacharriere SA (Fimalac)                
|Renault SA                                                 
|Sanofi-Aventis                                             
|Total SA Series B                                          
|TOTAL FRANCE                                               
|Germany - 14.2%                                            
|Allianz AG (Reg.) (d)                                      
|Deutsche Boerse AG                                         
|Deutsche Post AG                                           
|Infineon Technologies AG (a)                               
|Premiere AG                                                
|SAP AG                                                     
|TOTAL GERMANY                                              
|Italy - 8.1%                                               
|Autostrade Spa                                             
|Banca Popolare di Milano (d)                               
|Mediobanca Spa                                             
|Pirelli & C. Real Estate Spa                               
|TOTAL ITALY                                                
|Netherlands - 5.3%                                         
|Efes Breweries International NV GDR                        
|Euronext NV                                                
|Rodamco Europe NV                                          
|TOTAL NETHERLANDS                                          
|Poland - 4.2%                                              
|Polski Koncern Naftowy Orlen SA                            
|Powszechna Kasa Oszczednosci Bank SA                       
|TOTAL POLAND                                               
|Russia - 7.7%                                              
|Mobile TeleSystems OJSC:                                   
|GDR (Reg. S)                                               
|sponsored ADR                                              
|Surgutneftegaz JSC sponsored ADR                           
|UBS AG London Branch warrants 11/1/05 (a)                  
|TOTAL RUSSIA                                               
|                                                           
|                                                           
|South Africa - 3.6%                                        
|MTN Group Ltd.                                             
|Spain - 4.4%                                               
|Antena 3 Television SA                                     
|Sweden - 2.0%                                              
|Skandia Foersaekrings AB                                   
|Switzerland - 10.3%                                        
|ABB Ltd. (Reg.) (a)                                        
|Compagnie Financiere Richemont unit                        
|Roche Holding AG (participation certificate)               
|Societe Generale de Surveillance Holding SA (SGS) (Reg.)   
|TOTAL SWITZERLAND                                          
|Turkey - 2.6%                                              
|Turkiye Garanti Bankasi AS                                 
|United Kingdom - 4.6%                                      
|AstraZeneca PLC (United Kingdom)                           
|Signet Group PLC                                           
|TOTAL UNITED KINGDOM                                       
|United States of America - 2.1%                            
|Synthes, Inc.                                              
|TOTAL COMMON STOCKS
(Cost $1,955,957,856)                  
|Nonconvertible Preferred Stocks - 3.9%                     
|                                                           
|Germany - 1.8%                                             
|Porsche AG (non-vtg.)                                      
|Italy - 2.1%                                               
|Banca Intesa Spa (Risp)                                    
|TOTAL NONCONVERTIBLE PREFERRED STOCKS
(Cost $56,819,650)   
|Money Market Funds - 6.7%                                  
|                                                           
|Fidelity Cash Central Fund, 2.84% (b)                      
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)
|TOTAL MONEY MARKET FUNDS
(Cost $159,599,156)               
|TOTAL INVESTMENT PORTFOLIO - 103.1%
(Cost $2,172,376,662)  
|NET OTHER ASSETS - (3.1)%                                  
|NET ASSETS - 100%                                          

|Legend                                                                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|Income Tax Information                                                                                                                                                                                                                                                                                    
|At October 31, 2004, the fund had a capital loss carryforward of approximately $93,906,199 all of which will expire on October 31, 2011.                                                                                                                                                                  

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

Semiannual Report

Europe

# Financial Statements

Statement of Assets and Liabilities

|                                                                                                                                   | April 30, 2005 (Unaudited)
|---------------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                                   |                           
|Assets                                                                                                                             |                           
|Investment in securities, at value (including securities loaned of $122,550,576) (cost $2,172,376,662) - See
accompanying schedule |                           
|Receivable for investments sold                                                                                                    |                           
|Receivable for fund shares sold                                                                                                    |                           
|Dividends receivable                                                                                                               |                           
|Interest receivable                                                                                                                |                           
|Prepaid expenses                                                                                                                   |                           
|Other affiliated receivables                                                                                                       |                           
|Other receivables                                                                                                                  |                           
|Total assets                                                                                                                       |                           
|                                                                                                                                   |                           
|Liabilities                                                                                                                        |                           
|Payable for fund shares redeemed                                                                                                   | $	3,084,337               
|Accrued management fee                                                                                                             | 1,580,910                 
|Other affiliated payables                                                                                                          | 580,240                   
|Other payables and accrued expenses                                                                                                | 232,437                   
|Collateral on securities loaned, at value                                                                                          | 128,653,126               
|Total liabilities                                                                                                                  |                           
|                                                                                                                                   |                           
|Net Assets                                                                                                                         |                           
|Net Assets consist of:                                                                                                             |                           
|Paid in capital                                                                                                                    |                           
|Undistributed net investment income                                                                                                |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions                                |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies                         |                           
|Net Assets, for 70,183,835 shares outstanding                                                                                      |                           
|Net Asset Value, offering price and redemption price per share ($2,390,973,893 ÷ 70,183,835 shares)                                |                           

Statement of Operations

|                                                                               | Six months ended April 30, 2005
(Unaudited)
|------------------------------------------------------------------------------ | -------------------------------------------
|                                                                               |                                            
|Investment Income                                                              |                                            
|Dividends                                                                      |                                            
|Interest                                                                       |                                            
|Security lending                                                               |                                            
|                                                                               |                                            
|Less foreign taxes withheld                                                    |                                            
|Total income                                                                   |                                            
|                                                                               |                                            
|Expenses                                                                       |                                            
|Management fee
Basic fee                                                       | $	8,145,902                                
|Performance adjustment                                                         | 371,879                                    
|Transfer agent fees                                                            | 2,802,819                                  
|Accounting and security lending fees                                           | 481,211                                    
|Independent trustees' compensation                                             | 5,904                                      
|Custodian fees and expenses                                                    | 627,002                                    
|Registration fees                                                              | 75,229                                     
|Audit                                                                          | 38,393                                     
|Legal                                                                          | 2,517                                      
|Interest                                                                       | 3,518                                      
|Miscellaneous                                                                  | 9,617                                      
|Total expenses before reductions                                               | 12,563,991                                 
|Expense reductions                                                             | (894,401)                                  
|Net investment income (loss)                                                   |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:               |                                            
|Investment securities                                                          | 226,075,318                                
|Foreign currency transactions                                                  | (468,389)                                  
|Total net realized gain (loss)                                                 |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities | 4,423,540                                  
|Assets and liabilities in foreign currencies                                   | (28,893)                                   
|Total change in net unrealized appreciation (depreciation)                     |                                            
|Net gain (loss)                                                                |                                            
|Net increase (decrease) in net assets resulting from operations                |                                            

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

Semiannual Report

Europe
Financial Statements - continued

Statement of Changes in Net Assets

|                                                                                                                                                | Six months ended
April 30, 2005
(Unaudited) | Year ended
October 31,
2004
|----------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ---------------------------
|Increase (Decrease) in Net Assets                                                                                                               |                                             |                            
|Operations                                                                                                                                      |                                             |                            
|Net investment income (loss)                                                                                                                    | $	5,516,731                                 | $	5,035,844                
|Net realized gain (loss)                                                                                                                        | 225,606,929                                 | 289,718,773                
|Change in net unrealized appreciation (depreciation)                                                                                            | 4,394,647                                   | 61,249,846                 
|Net increase (decrease) in net assets resulting from operations                                                                                 | 235,518,307                                 | 356,004,463                
|Distributions to shareholders from net investment income                                                                                        | (5,654,760)                                 | (15,656,206)               
|Distributions to shareholders from net realized gain                                                                                            | (5,026,446)                                 | -                          
|Total distributions                                                                                                                             | (10,681,206)                                | (15,656,206)               
|Share transactions 
Proceeds from sales of shares                                                                                               | 472,761,227                                 | 423,185,947                
|Reinvestment of distributions                                                                                                                   | 10,481,613                                  | 15,242,825                 
|Cost of shares redeemed                                                                                                                         | (162,633,126)                               | (216,598,289)              
|Net increase (decrease) in net assets resulting from share transactions                                                                         | 320,609,714                                 | 221,830,483                
|Redemption fees                                                                                                                                 | 86,653                                      | 70,412                     
|Total increase (decrease) in net assets                                                                                                         | 545,533,468                                 | 562,249,152                
|Net Assets                                                                                                                                      |                                             |                            
|Beginning of period                                                                                                                             | 1,845,440,425                               | 1,283,191,273              
|End of period (including undistributed net investment income of $5,031,679 and undistributed net investment income of
$5,169,708, respectively) | $	2,390,973,893                             | $	1,845,440,425            
|Other Information
Shares                                                                                                                        |                                             |                            
|Sold                                                                                                                                            | 13,957,064                                  | 15,357,591                 
|Issued in reinvestment of distributions                                                                                                         | 318,978                                     | 579,135                    
|Redeemed                                                                                                                                        | (4,766,953)                                 | (7,925,889)                
|Net increase (decrease)                                                                                                                         | 9,509,089                                   | 8,010,837                  

Financial Highlights

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Six months ended
April 30, 2005 | Years ended October 31,
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | -----------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                 |                        
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $	30.42                         | $	24.37                
|Income from Investment Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                 |                        
|Net investment income (loss)F                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | .08                             | .09                    
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 3.74                            | 6.25                   
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 3.82                            | 6.34                   
|Distributions from net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (.09)                           | (.29)                  
|Distributions from net realized gain                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (.08)                           | -                      
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (.17)                           | (.29)                  
|Redemption fees added to paid in capitalF                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | -J                              | -J                     
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $	34.07                         | $	30.42                
|Total ReturnB, C, D, E                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 12.58%                          | 26.20%                 
|Ratios to Average Net AssetsH                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                 |                        
|Expenses before expense reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 1.12%A                          | 1.11%                  
|Expenses net of voluntary waivers, if any                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 1.12%A                          | 1.11%                  
|Expenses net of all reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 1.04%A                          | 1.05%                  
|Net investment income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | .49%A                           | .32%                   
|Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                 |                        
|Net assets, end of period (000 omitted)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $	2,390,974                     | $	1,845,440            
|Portfolio turnover rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 86%A                            | 106%                   
|AAnnualizedBTotal returns for periods of less than one year are not annualized.CTotal returns would have been lower had certain expenses not been reduced during the periods shown.DTotal returns do not include the effect of the former sales
charges.ETotal returns do not include the effect of the contingent deferred sales charge.FCalculated based on average shares outstanding during the period.GInvestment income per share reflects a special dividend which amounted to $.05 per
share.HExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not
represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service
arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.IThe portfolio turnover rate does not include the assets acquired in the merger of Fidelity France, Fidelity Germany and
Fidelity United Kingdom Funds.JAmount represents less than $.01 per share.

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

Semiannual Report

Europe Capital Appreciation



# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      



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

|Asset Allocation                                                          
|--------------------------------------------------------------------------
|                                                                          
|Stocks                                                                    
|Short-Term Investments and
Net Other Assets                               
|Top Ten Stocks as of April 30, 2005                                       
|                                                                          
|Total SA sponsored ADR (France, Oil & Gas)                                
|Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)  
|Novartis AG (Reg.) (Switzerland, Pharmaceuticals)                         
|GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals)                     
|ENI Spa (Italy, Oil & Gas)                                                
|Allianz AG (Reg.) (Germany, Insurance)                                    
|TANDBERG Television ASA (Norway, Communications Equipment)                
|Bayer AG (Germany, Chemicals)                                             
|Standard Chartered PLC (United Kingdom) (United Kingdom, Commercial Banks)
|AstraZeneca PLC sponsored ADR (United Kingdom, Pharmaceuticals)           
|                                                                          
|Market Sectors as of April 30, 2005                                       
|                                                                          
|Financials                                                                
|Energy                                                                    
|Telecommunication Services                                                
|Consumer Discretionary                                                    
|Health Care                                                               
|Materials                                                                 
|Industrials                                                               
|Information Technology                                                    
|Utilities                                                                 
|Consumer Staples                                                          

Semiannual Report

Europe Capital Appreciation

# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 95.1%                                                                                                                                              
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                   
|Bermuda - 0.4%                                                                                                                                                     
|Tsakos Energy Navigation Ltd.                                                                                                                                      
|Canada - 1.1%                                                                                                                                                      
|Eldorado Gold Corp. (a)                                                                                                                                            
|Hydrogenics Corp. (a)                                                                                                                                              
|TOTAL CANADA                                                                                                                                                       
|Denmark - 0.9%                                                                                                                                                     
|Novo Nordisk AS Series B                                                                                                                                           
|Finland - 3.4%                                                                                                                                                     
|F-Secure Oyj (a)(d)                                                                                                                                                
|Kemira GrowHow Oyj                                                                                                                                                 
|Metso Corp.                                                                                                                                                        
|Nokia Corp. sponsored ADR                                                                                                                                          
|TOTAL FINLAND                                                                                                                                                      
|France - 12.1%                                                                                                                                                     
|AXA SA (d)                                                                                                                                                         
|BNP Paribas SA                                                                                                                                                     
|France Telecom SA sponsored ADR                                                                                                                                    
|Lagardere S.C.A. (Reg.)                                                                                                                                            
|Michelin SA (Compagnie Generale des Etablissements) Series B                                                                                                       
|Pernod-Ricard                                                                                                                                                      
|Renault SA                                                                                                                                                         
|Sanofi-Aventis sponsored ADR                                                                                                                                       
|Total SA sponsored ADR                                                                                                                                             
|TOTAL FRANCE                                                                                                                                                       
|Germany - 11.3%                                                                                                                                                    
|Adidas-Salomon AG                                                                                                                                                  
|Allianz AG (Reg.) (d)                                                                                                                                              
|BASF AG (d)                                                                                                                                                        
|Bayer AG (d)                                                                                                                                                       
|Bilfinger & Berger Bau AG                                                                                                                                          
|DAB Bank AG                                                                                                                                                        
|Deutsche Boerse AG                                                                                                                                                 
|E.ON AG (d)                                                                                                                                                        
|Linde AG                                                                                                                                                           
|MAN AG                                                                                                                                                             
|TOTAL GERMANY                                                                                                                                                      
|Greece - 0.9%                                                                                                                                                      
|Alpha Bank AE                                                                                                                                                      
|Hellenic Petroleum SA                                                                                                                                              
|TOTAL GREECE                                                                                                                                                       
|Ireland - 0.5%                                                                                                                                                     
|C&C Group PLC                                                                                                                                                      
|Israel - 0.6%                                                                                                                                                      
|Emblaze Ltd. (a)                                                                                                                                                   
|Italy - 5.3%                                                                                                                                                       
|Banca Intesa Spa                                                                                                                                                   
|ENI Spa                                                                                                                                                            
|                                                                                                                                                                   
|                                                                                                                                                                   
|ENI Spa sponsored ADR                                                                                                                                              
|FASTWEB Spa (a)                                                                                                                                                    
|Gemina Spa                                                                                                                                                         
|TOTAL ITALY                                                                                                                                                        
|Luxembourg - 1.0%                                                                                                                                                  
|Millicom International Cellular SA unit (a)                                                                                                                        
|Netherlands - 5.3%                                                                                                                                                 
|Aegon NV                                                                                                                                                           
|Akzo Nobel NV sponsored ADR                                                                                                                                        
|Completel Europe NV (a)                                                                                                                                            
|ING Groep NV (Certificaten Van Aandelen)                                                                                                                           
|Koninklijke Philips Electronics NV (NY Shares)                                                                                                                     
|Royal Dutch Petroleum Co. (Hague Registry)                                                                                                                         
|TOTAL NETHERLANDS                                                                                                                                                  
|Norway - 5.4%                                                                                                                                                      
|Ocean RIG ASA (a)(d)                                                                                                                                               
|Petroleum Geo-Services ASA (a)                                                                                                                                     
|Statoil ASA                                                                                                                                                        
|TANDBERG ASA (d)                                                                                                                                                   
|TANDBERG Television ASA (a)(d)                                                                                                                                     
|TOTAL NORWAY                                                                                                                                                       
|Poland - 1.2%                                                                                                                                                      
|Polski Koncern Naftowy Orlen SA                                                                                                                                    
|Powszechna Kasa Oszczednosci Bank SA                                                                                                                               
|TOTAL POLAND                                                                                                                                                       
|Russia - 0.9%                                                                                                                                                      
|Mobile TeleSystems OJSC sponsored ADR                                                                                                                              
|South Africa - 0.7%                                                                                                                                                
|MTN Group Ltd.                                                                                                                                                     
|Steinhoff International Holdings Ltd.                                                                                                                              
|TOTAL SOUTH AFRICA                                                                                                                                                 
|Spain - 2.2%                                                                                                                                                       
|Banco Bilbao Vizcaya Argentaria SA                                                                                                                                 
|Banco Santander Central Hispano SA                                                                                                                                 
|Telefonica SA sponsored ADR                                                                                                                                        
|TOTAL SPAIN                                                                                                                                                        
|Sweden - 1.8%                                                                                                                                                      
|Modern Times Group AB (MTG) (B Shares) (a)                                                                                                                         
|OMX AB (a)(d)                                                                                                                                                      
|Skandia Foersaekrings AB                                                                                                                                           
|TOTAL SWEDEN                                                                                                                                                       
|Common Stocks - continued                                                                                                                                          
|                                                                                                                                                                   
|Switzerland - 10.0%                                                                                                                                                
|ABB Ltd. (Reg.) (a)                                                                                                                                                
|Actelion Ltd. (Reg.) (a)(d)                                                                                                                                        
|Baloise Holdings AG (Reg.)                                                                                                                                         
|Credit Suisse Group (Reg.) (d)                                                                                                                                     
|Novartis AG:                                                                                                                                                       
|(Reg.)                                                                                                                                                             
|sponsored ADR                                                                                                                                                      
|Phonak Holding AG                                                                                                                                                  
|Syngenta AG (Switzerland)                                                                                                                                          
|UBS AG (NY Shares)                                                                                                                                                 
|TOTAL SWITZERLAND                                                                                                                                                  
|Turkey - 5.1%                                                                                                                                                      
|Akenerji Elektrik Uretimi Otoproduktor Grubu AS                                                                                                                    
|Petkim Petrokimya Holding AS (a)                                                                                                                                   
|Petrol Ofisi AS                                                                                                                                                    
|Turkcell Iletisim Hizmet AS sponsored ADR                                                                                                                          
|Turkiye Garanti Bankasi AS                                                                                                                                         
|Yapi ve Kredi Bankasi AS (a)                                                                                                                                       
|TOTAL TURKEY                                                                                                                                                       
|United Kingdom - 22.9%                                                                                                                                             
|Amlin PLC                                                                                                                                                          
|AstraZeneca PLC sponsored ADR                                                                                                                                      
|Autonomy Corp. PLC (a)                                                                                                                                             
|Axis Shield PLC (a)                                                                                                                                                
|BAE Systems PLC                                                                                                                                                    
|Barratt Developments PLC                                                                                                                                           
|BG Group PLC                                                                                                                                                       
|British Land Co. PLC                                                                                                                                               
|BT Group PLC                                                                                                                                                       
|Chaucer Holdings PLC                                                                                                                                               
|Easynet Group PLC (a)                                                                                                                                              
|Expro International Group PLC                                                                                                                                      
|George Wimpey PLC                                                                                                                                                  
|GlaxoSmithKline PLC                                                                                                                                                
|GlaxoSmithKline PLC sponsored ADR                                                                                                                                  
|ITV PLC                                                                                                                                                            
|Maiden Group PLC                                                                                                                                                   
|Prudential PLC                                                                                                                                                     
|Shell Transport & Trading Co. PLC ADR                                                                                                                              
|Standard Chartered PLC (United Kingdom)                                                                                                                            
|Ted Baker PLC                                                                                                                                                      
|Vodafone Group PLC                                                                                                                                                 
|Vodafone Group PLC sponsored ADR                                                                                                                                   
|William Hill PLC                                                                                                                                                   
|Wilson Bowden PLC                                                                                                                                                  
|TOTAL UNITED KINGDOM                                                                                                                                               
|                                                                                                                                                                   
|                                                                                                                                                                   
|United States of America - 2.1%                                                                                                                                    
|Forest Oil Corp. (a)                                                                                                                                               
|Telewest Global, Inc. (a)                                                                                                                                          
|TOTAL UNITED STATES OF AMERICA                                                                                                                                     
|TOTAL COMMON STOCKS
(Cost $428,875,524)                                                                                                                            
|Nonconvertible Preferred Stocks - 1.3%                                                                                                                             
|                                                                                                                                                                   
|Germany - 1.3%                                                                                                                                                     
|Porsche AG (non-vtg.)
(Cost $5,916,304)                                                                                                                            
|Money Market Funds - 14.6%                                                                                                                                         
|                                                                                                                                                                   
|Fidelity Cash Central Fund, 2.84% (b)                                                                                                                              
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)                                                                                                        
|TOTAL MONEY MARKET FUNDS
(Cost $68,588,081)                                                                                                                        
|Cash Equivalents - 0.5%                                                                                                                                            
|                                                                                                                                                                   
|Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 2.86%,
dated 4/29/05 due 5/2/05)
(Cost $2,406,000)
|TOTAL INVESTMENT PORTFOLIO - 111.5%
(Cost $505,785,909)                                                                                                            
|NET OTHER ASSETS - (11.5)%                                                                                                                                         
|NET ASSETS - 100%                                                                                                                                                  

|Legend                                                                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|Income Tax Information                                                                                                                                                                                                                                                                                    
|At October 31, 2004, the fund had a capital loss carryforward of approximately $18,785,243 all of which will expire on October 31, 2010.                                                                                                                                                                  

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, 2005 (Unaudited)
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                                                                        |                           
|Assets                                                                                                                                                                  |                           
|Investment in securities, at value (including securities loaned of $58,822,650 and repurchase agreements of $2,406,000)
(cost $505,785,909) - See accompanying schedule |                           
|Cash                                                                                                                                                                    |                           
|Receivable for investments sold                                                                                                                                         |                           
|Receivable for fund shares sold                                                                                                                                         |                           
|Dividends receivable                                                                                                                                                    |                           
|Interest receivable                                                                                                                                                     |                           
|Prepaid expenses                                                                                                                                                        |                           
|Other affiliated receivables                                                                                                                                            |                           
|Other receivables                                                                                                                                                       |                           
|Total assets                                                                                                                                                            |                           
|                                                                                                                                                                        |                           
|Liabilities                                                                                                                                                             |                           
|Payable for investments purchased                                                                                                                                       | $	18,753,811              
|Payable for fund shares redeemed                                                                                                                                        | 453,781                   
|Accrued management fee                                                                                                                                                  | 218,089                   
|Other affiliated payables                                                                                                                                               | 111,476                   
|Other payables and accrued expenses                                                                                                                                     | 66,729                    
|Collateral on securities loaned, at value                                                                                                                               | 61,678,596                
|Total liabilities                                                                                                                                                       |                           
|                                                                                                                                                                        |                           
|Net Assets                                                                                                                                                              |                           
|Net Assets consist of:                                                                                                                                                  |                           
|Paid in capital                                                                                                                                                         |                           
|Undistributed net investment income                                                                                                                                     |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions                                                                     |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies                                                              |                           
|Net Assets, for 22,128,178 shares outstanding                                                                                                                           |                           
|Net Asset Value, offering price and redemption price per share ($467,539,754 ÷ 22,128,178 shares)                                                                       |                           

Statement of Operations

|                                                                               | Six months ended April 30, 2005
(Unaudited)
|------------------------------------------------------------------------------ | -------------------------------------------
|                                                                               |                                            
|Investment Income                                                              |                                            
|Dividends                                                                      |                                            
|Interest                                                                       |                                            
|Security lending                                                               |                                            
|                                                                               |                                            
|Less foreign taxes withheld                                                    |                                            
|Total income                                                                   |                                            
|                                                                               |                                            
|Expenses                                                                       |                                            
|Management fee
Basic fee                                                       | $	1,664,107                                
|Performance adjustment                                                         | (211,226)                                  
|Transfer agent fees                                                            | 527,076                                    
|Accounting and security lending fees                                           | 118,082                                    
|Independent trustees' compensation                                             | 1,191                                      
|Custodian fees and expenses                                                    | 133,133                                    
|Registration fees                                                              | 16,761                                     
|Audit                                                                          | 27,940                                     
|Legal                                                                          | 528                                        
|Miscellaneous                                                                  | 2,362                                      
|Total expenses before reductions                                               | 2,279,954                                  
|Expense reductions                                                             | (308,470)                                  
|Net investment income (loss)                                                   |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:               |                                            
|Investment securities                                                          | 62,483,486                                 
|Foreign currency transactions                                                  | (117,667)                                  
|Total net realized gain (loss)                                                 |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities | (31,161,625)                               
|Assets and liabilities in foreign currencies                                   | 3,614                                      
|Total change in net unrealized appreciation (depreciation)                     |                                            
|Net gain (loss)                                                                |                                            
|Net increase (decrease) in net assets resulting from operations                |                                            

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, 2005
(Unaudited) | Year ended
October 31,
2004
|----------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ---------------------------
|Increase (Decrease) in Net Assets                                                                                                               |                                             |                            
|Operations                                                                                                                                      |                                             |                            
|Net investment income (loss)                                                                                                                    | $	3,567,693                                 | $	2,887,463                
|Net realized gain (loss)                                                                                                                        | 62,365,819                                  | 67,679,530                 
|Change in net unrealized appreciation (depreciation)                                                                                            | (31,158,011)                                | (16,298,996)               
|Net increase (decrease) in net assets resulting from operations                                                                                 | 34,775,501                                  | 54,267,997                 
|Distributions to shareholders from net investment income                                                                                        | (3,546,592)                                 | (4,908,750)                
|Distributions to shareholders from net realized gain                                                                                            | (1,251,738)                                 | -                          
|Total distributions                                                                                                                             | (4,798,330)                                 | (4,908,750)                
|Share transactions 
Proceeds from sales of shares                                                                                               | 72,485,807                                  | 89,528,778                 
|Reinvestment of distributions                                                                                                                   | 4,494,786                                   | 4,561,606                  
|Cost of shares redeemed                                                                                                                         | (46,788,996)                                | (130,168,755)              
|Net increase (decrease) in net assets resulting from share transactions                                                                         | 30,191,597                                  | (36,078,371)               
|Redemption fees                                                                                                                                 | 9,094                                       | 65,769                     
|Total increase (decrease) in net assets                                                                                                         | 60,177,862                                  | 13,346,645                 
|Net Assets                                                                                                                                      |                                             |                            
|Beginning of period                                                                                                                             | 407,361,892                                 | 394,015,247                
|End of period (including undistributed net investment income of $4,003,611 and undistributed net investment income of
$3,982,510, respectively) | $	467,539,754                               | $	407,361,892              
|Other Information
Shares                                                                                                                        |                                             |                            
|Sold                                                                                                                                            | 3,341,836                                   | 4,555,418                  
|Issued in reinvestment of distributions                                                                                                         | 217,455                                     | 254,554                    
|Redeemed                                                                                                                                        | (2,183,967)                                 | (6,880,267)                
|Net increase (decrease)                                                                                                                         | 1,375,324                                   | (2,070,295)                

Financial Highlights

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Six months ended
April 30, 2005 | Years ended October 31,
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | -----------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (Unaudited)                     | 2004                   
|Selected Per-Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                 |                        
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $	19.63                         | $	17.26                
|Income from Investment Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                 |                        
|Net investment income (loss)E                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | .17                             | .13H                   
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 1.56                            | 2.46                   
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 1.73                            | 2.59                   
|Distributions from net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (.17)                           | (.22)                  
|Distributions from net realized gain                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (.06)                           | -                      
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (.23)                           | (.22)                  
|Redemption fees added to paid in capitalE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | -G                              | -G                     
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $	21.13                         | $	19.63                
|Total ReturnB, C, D                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 8.84%                           | 15.13%                 
|Ratios to Average Net AssetsF                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                 |                        
|Expenses before expense reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | .99%A                           | 1.22%                  
|Expenses net of voluntary waivers, if any                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | .99%A                           | 1.22%                  
|Expenses net of all reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | .86%A                           | 1.15%                  
|Net investment income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 1.55%A                          | .69%H                  
|Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                 |                        
|Net assets, end of period (000 omitted)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $	467,540                       | $	407,362              
|Portfolio turnover rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 193%A                           | 119%                   
|AAnnualizedBTotal returns for periods of less than one year are not annualized.CTotal returns would have been lower had certain expenses not been reduced during the periods shown.DTotal returns do not include the effect of the former sales
charges.ECalculated based on average shares outstanding during the period.FExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage
service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the
investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.GAmount represents less than $.01 per share.HNet
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 to average net assets would have been
..65%.

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

Semiannual Report

Japan



# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      



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

|Asset Allocation                                        
|--------------------------------------------------------
|                                                        
|Stocks                                                  
|Short-Term Investments and
Net Other Assets             
|Top Ten Stocks as of April 30, 2005                     
|                                                        
|Sumitomo Mitsui Financial Group, Inc. (Commercial Banks)
|Mizuho Financial Group, Inc. (Commercial Banks)         
|Casio Computer Co. Ltd. (Household Durables)            
|Toyota Motor Corp. (Automobiles)                        
|Nintendo Co. Ltd. (Software)                            
|Nippon Oil Corp. (Oil & Gas)                            
|JGC Corp. (Construction & Engineering)                  
|Teijin Ltd. (Chemicals)                                 
|Ito Yokado Ltd. (Food & Staples Retailing)              
|The Daimaru, Inc. (Multiline Retail)                    
|                                                        
|Market Sectors as of April 30, 2005                     
|                                                        
|Consumer Discretionary                                  
|Financials                                              
|Information Technology                                  
|Industrials                                             
|Materials                                               
|Consumer Staples                                        
|Health Care                                             
|Energy                                                  
|Telecommunication Services                              

Semiannual Report

Japan

# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 99.4%                                                         
|------------------------------------------------------------------------------
|                                                                              
|CONSUMER DISCRETIONARY - 29.3%                                                
|Auto Components - 2.0%                                                        
|Bridgestone Corp.                                                             
|Exedy Corp.                                                                   
|NOK Corp.                                                                     
|Press Kogyo Co. Ltd. (d)                                                      
|Riken Corp. (d)                                                               
|Stanley Electric Co. Ltd.                                                     
|Sumitomo Rubber Industries Ltd.                                               
|Tokai Rika Co. Ltd. (d)                                                       
|                                                                              
|Automobiles - 4.8%                                                            
|Honda Motor Co. Ltd.                                                          
|Mazda Motor Corp. (d)                                                         
|Toyota Motor Corp.                                                            
|                                                                              
|Hotels, Restaurants & Leisure - 1.0%                                          
|H.I.S. Co. Ltd.                                                               
|Taito Corp. (d)                                                               
|Yoshinoya D&C Co. Ltd. (d)                                                    
|                                                                              
|Household Durables - 7.9%                                                     
|Casio Computer Co. Ltd.                                                       
|Matsushita Electric Industrial Co. Ltd.                                       
|Sekisui Chemical Co. Ltd.                                                     
|Sony Corp. (d)                                                                
|Sumitomo Forestry Co. Ltd.                                                    
|                                                                              
|Internet & Catalog Retail - 1.2%                                              
|Rakuten, Inc. (d)                                                             
|Leisure Equipment & Products - 3.3%                                           
|Bandai Co. Ltd.                                                               
|Fuji Photo Film Co. Ltd.                                                      
|Mizuno Corp.                                                                  
|Nidec Copal Corp.                                                             
|Sega Sammy Holdings, Inc. (a)                                                 
|                                                                              
|Multiline Retail - 2.9%                                                       
|Don Quijote Co. Ltd. (d)                                                      
|The Daimaru, Inc. (d)                                                         
|                                                                              
|Specialty Retail - 4.1%                                                       
|Homac Corp. (d)                                                               
|Otsuka Kagu Ltd. (d)                                                          
|Toys R Us Japan Ltd. (d)                                                      
|United Arrows Ltd.                                                            
|Yamada Denki Co. Ltd.                                                         
|                                                                              
|                                                                              
|                                                                              
|Textiles, Apparel & Luxury Goods - 2.1%                                       
|Onward Kashiyama Co. Ltd.                                                     
|Renown D'urban Holdings, Inc. (a)                                             
|                                                                              
|TOTAL CONSUMER DISCRETIONARY                                                  
|CONSUMER STAPLES - 5.6%                                                       
|Beverages - 0.5%                                                              
|Asahi Breweries Ltd.                                                          
|Food & Staples Retailing - 3.4%                                               
|Ito Yokado Ltd.                                                               
|Matsumotokiyoshi Co. Ltd.                                                     
|                                                                              
|Food Products - 0.8%                                                          
|Hokuto Corp. (d)                                                              
|Kibun Food Chemifa Co. Ltd.                                                   
|                                                                              
|Household Products - 0.6%                                                     
|Kao Corp.                                                                     
|Uni-Charm Corp.                                                               
|                                                                              
|Personal Products - 0.3%                                                      
|Fancl Corp. (d)                                                               
|TOTAL CONSUMER STAPLES                                                        
|ENERGY - 5.3%                                                                 
|Oil & Gas - 5.3%                                                              
|INPEX Corp.                                                                   
|Nippon Mining Holdings, Inc.                                                  
|Nippon Oil Corp.                                                              
|TonenGeneral Sekiyu KK (a)                                                    
|                                                                              
|FINANCIALS - 18.3%                                                            
|Capital Markets - 3.4%                                                        
|Nikko Cordial Corp.                                                           
|Nomura Holdings, Inc.                                                         
|                                                                              
|Commercial Banks - 9.2%                                                       
|Juroku Bank Ltd.                                                              
|Mitsui Trust Holdings, Inc.                                                   
|Mizuho Financial Group, Inc.                                                  
|Nishi-Nippon City Bank Ltd.                                                   
|Ogaki Kyoritsu Bank Ltd.                                                      
|Sumitomo Mitsui Financial Group, Inc.                                         
|The Keiyo Bank Ltd.                                                           
|Tokyo Tomin Bank Ltd. (d)                                                     
|                                                                              
|Consumer Finance - 3.1%                                                       
|Credit Saison Co. Ltd.                                                        
|Common Stocks - continued                                                     
|                                                                              
|FINANCIALS - continued                                                        
|Consumer Finance - continued                                                  
|Nissin Co. Ltd.                                                               
|OMC Card, Inc.                                                                
|SFCG Co. Ltd.                                                                 
|                                                                              
|Insurance - 1.0%                                                              
|T&D Holdings, Inc.                                                            
|Real Estate - 1.6%                                                            
|Mitsui Fudosan Co. Ltd.                                                       
|Sumitomo Realty & Development Co. Ltd.                                        
|                                                                              
|TOTAL FINANCIALS                                                              
|HEALTH CARE - 5.5%                                                            
|Health Care Equipment & Supplies - 0.7%                                       
|Hogy Medical Co. (d)                                                          
|Terumo Corp.                                                                  
|                                                                              
|Pharmaceuticals - 4.8%                                                        
|Astellas Pharma, Inc.                                                         
|Sankyo Co. Ltd.                                                               
|Takeda Pharamaceutical Co. Ltd.                                               
|                                                                              
|TOTAL HEALTH CARE                                                             
|INDUSTRIALS - 10.0%                                                           
|Building Products - 0.4%                                                      
|Asahi Glass Co. Ltd.                                                          
|Toto Ltd.                                                                     
|                                                                              
|Commercial Services & Supplies - 1.5%                                         
|Benesse Corp.                                                                 
|Diamond Lease Co. Ltd.                                                        
|Riso Kyoiku Co. Ltd. (d)                                                      
|Riso Kyoiku Co. Ltd. New (d)                                                  
|                                                                              
|Construction & Engineering - 3.9%                                             
|Chiyoda Corp.                                                                 
|JGC Corp.                                                                     
|Kajima Corp.                                                                  
|                                                                              
|Machinery - 3.8%                                                              
|Koyo Seiko Co. Ltd. (d)                                                       
|Mitsui Engineering & Shipbuilding Co. (d)                                     
|Nikkiso Co. Ltd. (d)                                                          
|THK Co. Ltd.                                                                  
|                                                                              
|                                                                              
|                                                                              
|Marine - 0.0%                                                                 
|Mitsui O.S.K. Lines Ltd.                                                      
|Road & Rail - 0.2%                                                            
|East Japan Railway Co.                                                        
|Trading Companies & Distributors - 0.2%                                       
|Itochu Corp. (a)                                                              
|Transportation Infrastructure - 0.0%                                          
|Kamigumi Co. Ltd.                                                             
|TOTAL INDUSTRIALS                                                             
|INFORMATION TECHNOLOGY - 16.1%                                                
|Computers & Peripherals - 1.6%                                                
|Fujitsu Ltd.                                                                  
|Electronic Equipment & Instruments - 4.9%                                     
|Hoya Corp.                                                                    
|Murata Manufacturing Co. Ltd.                                                 
|Nidec Corp.                                                                   
|Nihon Dempa Kogyo Co. Ltd.                                                    
|Nippon Chemi-con Corp.                                                        
|Nippon Electric Glass Co. Ltd.                                                
|Yokogawa Electric Corp.                                                       
|                                                                              
|Internet Software & Services - 2.5%                                           
|Softbank Corp.                                                                
|Yahoo! Japan Corp.                                                            
|Yahoo! Japan Corp. New (d)                                                    
|                                                                              
|IT Services - 1.4%                                                            
|ITOCHU TECHNO-SCIENCE Corp. (CTC)                                             
|NTT Data Corp.                                                                
|Otsuka Corp.                                                                  
|TIS, Inc.                                                                     
|                                                                              
|Office Electronics - 0.6%                                                     
|Canon, Inc.                                                                   
|Konica Minolta Holdings, Inc.                                                 
|Ricoh Co. Ltd.                                                                
|                                                                              
|Semiconductors & Semiconductor Equipment - 1.6%                               
|Rohm Co. Ltd.                                                                 
|Sanken Electric Co. Ltd. (d)                                                  
|                                                                              
|Software - 3.5%                                                               
|Nintendo Co. Ltd.                                                             
|Oracle Corp. Japan (d)                                                        
|Square Enix Co. Ltd.                                                          
|                                                                              
|TOTAL INFORMATION TECHNOLOGY                                                  
|Common Stocks - continued                                                     
|                                                                              
|MATERIALS - 9.3%                                                              
|Chemicals - 3.9%                                                              
|JSR Corp.                                                                     
|Kaneka Corp.                                                                  
|Kuraray Co. Ltd.                                                              
|Mitsubishi Gas Chemical Co., Inc.                                             
|Nitto Denko Corp.                                                             
|Teijin Ltd.                                                                   
|                                                                              
|Containers & Packaging - 0.2%                                                 
|Fuji Seal International, Inc.                                                 
|Metals & Mining - 5.2%                                                        
|JFE Holdings, Inc.                                                            
|Nippon Steel Corp.                                                            
|Sumitomo Light Metal Industries Ltd. (d)                                      
|Sumitomo Metal Industries Ltd.                                                
|Sumitomo Metal Mining Co. Ltd.                                                
|Sumitomo Titanium Corp. (d)                                                   
|Toho Titanium Co. Ltd. (d)                                                    
|                                                                              
|TOTAL MATERIALS                                                               
|TELECOMMUNICATION SERVICES - 0.0%                                             
|Wireless Telecommunication Services - 0.0%                                    
|NTT DoCoMo, Inc.                                                              
|NTT DoCoMo, Inc. (e)                                                          
|                                                                              
|TOTAL COMMON STOCKS
(Cost $667,861,179)                                       
|Money Market Funds - 9.9%                                                     
|                                                                              
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)
(Cost $70,734,543)
|TOTAL INVESTMENT PORTFOLIO - 109.3%
(Cost $738,595,722)                       
|NET OTHER ASSETS - (9.3)%                                                     
|NET ASSETS - 100%                                                             

|Legend                                                                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At the period end, the value of these securities amounted to $43,262 or 0.0% of net assets.     
|Income Tax Information                                                                                                                                                                                                                                                                                    
|At October 31, 2004, the fund had a capital loss carryforward of approximately $72,544,615 of which $60,133,302 and $12,411,313 will expire on October
31, 2010 and 2011, respectively.                                                                                                                   

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

Semiannual Report

Japan

# Financial Statements

Statement of Assets and Liabilities

|                                                                                                                                | April 30, 2005 (Unaudited)
|------------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                                |                           
|Assets                                                                                                                          |                           
|Investment in securities, at value (including securities loaned of $67,089,257) (cost $738,595,722) - See accompanying
schedule |                           
|Receivable for investments sold                                                                                                 |                           
|Receivable for fund shares sold                                                                                                 |                           
|Dividends receivable                                                                                                            |                           
|Interest receivable                                                                                                             |                           
|Prepaid expenses                                                                                                                |                           
|Other affiliated receivables                                                                                                    |                           
|Other receivables                                                                                                               |                           
|Total assets                                                                                                                    |                           
|                                                                                                                                |                           
|Liabilities                                                                                                                     |                           
|Payable to custodian bank                                                                                                       | $	906,698                 
|Payable for investments purchased                                                                                               | 2,468,589                 
|Payable for fund shares redeemed                                                                                                | 435,615                   
|Accrued management fee                                                                                                          | 380,181                   
|Other affiliated payables                                                                                                       | 175,339                   
|Other payables and accrued expenses                                                                                             | 73,901                    
|Collateral on securities loaned, at value                                                                                       | 70,734,543                
|Total liabilities                                                                                                               |                           
|                                                                                                                                |                           
|Net Assets                                                                                                                      |                           
|Net Assets consist of:                                                                                                          |                           
|Paid in capital                                                                                                                 |                           
|Undistributed net investment income                                                                                             |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions                             |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies                      |                           
|Net Assets, for 57,502,449 shares outstanding                                                                                   |                           
|Net Asset Value, offering price and redemption price per share ($715,285,492 ÷ 57,502,449 shares)                               |                           

Statement of Operations

|                                                                               | Six months ended April 30, 2005
(Unaudited)
|------------------------------------------------------------------------------ | -------------------------------------------
|                                                                               |                                            
|Investment Income                                                              |                                            
|Dividends                                                                      |                                            
|Interest                                                                       |                                            
|Security lending                                                               |                                            
|                                                                               |                                            
|Less foreign taxes withheld                                                    |                                            
|Total income                                                                   |                                            
|                                                                               |                                            
|Expenses                                                                       |                                            
|Management fee
Basic fee                                                       | $	2,559,658                                
|Performance adjustment                                                         | (215,641)                                  
|Transfer agent fees                                                            | 860,368                                    
|Accounting and security lending fees                                           | 177,904                                    
|Independent trustees' compensation                                             | 1,803                                      
|Custodian fees and expenses                                                    | 127,422                                    
|Registration fees                                                              | 18,025                                     
|Audit                                                                          | 32,077                                     
|Legal                                                                          | 818                                        
|Miscellaneous                                                                  | 3,699                                      
|Total expenses before reductions                                               | 3,566,133                                  
|Expense reductions                                                             | (6,431)                                    
|Net investment income (loss)                                                   |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:               |                                            
|Investment securities                                                          | 28,562,609                                 
|Foreign currency transactions                                                  | 205,302                                    
|Total net realized gain (loss)                                                 |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities | 13,445,856                                 
|Assets and liabilities in foreign currencies                                   | (24,115)                                   
|Total change in net unrealized appreciation (depreciation)                     |                                            
|Net gain (loss)                                                                |                                            
|Net increase (decrease) in net assets resulting from operations                |                                            

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, 2005
(Unaudited) | Year ended
October 31,
2004
|--------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ---------------------------
|Increase (Decrease) in Net Assets                                                                                                       |                                             |                            
|Operations                                                                                                                              |                                             |                            
|Net investment income (loss)                                                                                                            | $	1,688,597                                 | $	(269,566)                
|Net realized gain (loss)                                                                                                                | 28,767,911                                  | 78,492,003                 
|Change in net unrealized appreciation (depreciation)                                                                                    | 13,421,741                                  | (67,333,484)               
|Net increase (decrease) in net assets resulting from operations                                                                         | 43,878,249                                  | 10,888,953                 
|Distributions to shareholders from net investment income                                                                                | -                                           | (461,710)                  
|Share transactions 
Proceeds from sales of shares                                                                                       | 104,309,608                                 | 285,965,451                
|Reinvestment of distributions                                                                                                           | -                                           | 397,157                    
|Cost of shares redeemed                                                                                                                 | (80,457,977)                                | (179,346,914)              
|Net increase (decrease) in net assets resulting from share transactions                                                                 | 23,851,631                                  | 107,015,694                
|Redemption fees                                                                                                                         | 102,690                                     | 658,140                    
|Total increase (decrease) in net assets                                                                                                 | 67,832,570                                  | 118,101,077                
|                                                                                                                                        |                                             |                            
|Net Assets                                                                                                                              |                                             |                            
|Beginning of period                                                                                                                     | 647,452,922                                 | 529,351,845                
|End of period (including undistributed net investment income of $862,364 and accumulated net investment loss of
$826,233, respectively) | $	715,285,492                               | $	647,452,922              
|Other Information
Shares                                                                                                                |                                             |                            
|Sold                                                                                                                                    | 8,328,914                                   | 23,920,101                 
|Issued in reinvestment of distributions                                                                                                 | -                                           | 35,942                     
|Redeemed                                                                                                                                | (6,478,202)                                 | (15,630,288)               
|Net increase (decrease)                                                                                                                 | 1,850,712                                   | 8,325,755                  

Financial Highlights

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Six months ended
April 30, 2005 | Years ended October 31,
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | -----------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (Unaudited)                     | 2004                   
|Selected Per-Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                 |                        
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $	11.63                         | $	11.19                
|Income from Investment Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                 |                        
|Net investment income (loss)E                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | .03                             | (.01)                  
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | .78                             | .45                    
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | .81                             | .44                    
|Distributions from net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | -                               | (.01)                  
|Distributions in excess of net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | -                               | -                      
|Distributions from net realized gain                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | -                               | -                      
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | -                               | (.01)                  
|Redemption fees added to paid in capitalE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | -G                              | .01                    
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $	12.44                         | $	11.63                
|Total ReturnB, C, D                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 6.96%                           | 4.03%                  
|Ratios to Average Net AssetsF                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                 |                        
|Expenses before expense reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 1.01%A                          | 1.04%                  
|Expenses net of voluntary waivers, if any                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 1.01%A                          | 1.04%                  
|Expenses net of all reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 1.00%A                          | 1.04%                  
|Net investment income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | .48%A                           | (.04)%                 
|Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                 |                        
|Net assets, end of period (000 omitted)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $	715,285                       | $	647,453              
|Portfolio turnover rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 83%A                            | 99%                    
|AAnnualizedBTotal returns for periods of less than one year are not annualized.CTotal returns would have been lower had certain expenses not been reduced during the periods shown.DTotal returns do not include the effect of the former sales
charges.ECalculated based on average shares outstanding during the period.FExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage
service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the
investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.GAmount represents less than $.01 per share.

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

Semiannual Report

Japan Smaller Companies



# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      



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

|Asset Allocation                                                   
|-------------------------------------------------------------------
|                                                                   
|Stocks                                                             
|Short-Term Investments and Net Other Assets                        
|Top Ten Stocks as of April 30, 2005                                
|                                                                   
|USS Co. Ltd. (Specialty Retail)                                    
|Hikari Tsushin, Inc. (Specialty Retail)                            
|Nippon Electric Glass Co. Ltd. (Electronic Equipment & Instruments)
|Reins International, Inc. (Hotels, Restaurants & Leisure)          
|Nexus Co. Ltd. (Electronic Equipment & Instruments)                
|Usen Corp. (Media)                                                 
|Culture Convenience Club Co. Ltd. (Specialty Retail)               
|Kobe Steel Ltd. (Metals & Mining)                                  
|I-CF, Inc. (Internet Software & Services)                          
|Telewave, Inc. New (Internet Software & Services)                  
|                                                                   
|Market Sectors as of April 30, 2005                                
|                                                                   
|Information Technology                                             
|Consumer Discretionary                                             
|Industrials                                                        
|Materials                                                          
|Financials                                                         
|Consumer Staples                                                   
|Health Care                                                        
|Energy                                                             
|Telecommunication Services                                         

Semiannual Report

Japan Smaller Companies

# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 97.9%                                       
|------------------------------------------------------------
|                                                            
|CONSUMER DISCRETIONARY - 23.9%                              
|Auto Components - 3.5%                                      
|Alpha Corp. (d)                                             
|Fine Sinter Co. Ltd.                                        
|Fuji Kiko Co. Ltd. (d)                                      
|Imasen Electric Industrial Co. Ltd.                         
|Kuriyama Corp.                                              
|NHK Spring Co. Ltd. (d)                                     
|Nissin Kogyo Co. Ltd.                                       
|Nittan Valve Co. Ltd.                                       
|NOK Corp.                                                   
|Pacific Industrial Co. Ltd.                                 
|Suncall Corp.                                               
|Teikoku Piston Ring Co. Ltd. (d)                            
|                                                            
|Distributors - 0.3%                                         
|Crymson Co. Ltd.                                            
|Ohashi Technica, Inc.                                       
|                                                            
|Hotels, Restaurants & Leisure - 3.3%                        
|H.I.S. Co. Ltd. (d)                                         
|Kazokutei Co. Ltd.                                          
|Reins International, Inc. (d)                               
|Tenpo Ryutsuu Net, Inc.                                     
|                                                            
|Household Durables - 0.6%                                   
|Fujipream Corp.                                             
|Sanrio Co. Ltd. (d)                                         
|Victor Co. of Japan Ltd. (d)                                
|                                                            
|Internet & Catalog Retail - 0.4%                            
|Prime Network, Inc. (a)                                     
|Rakuten, Inc. (d)                                           
|                                                            
|Leisure Equipment & Products - 1.2%                         
|Endo Manufacturing Co. Ltd.                                 
|Kimoto Co. Ltd.                                             
|KOEI Co. Ltd. (d)                                           
|Nidec Copal Corp. (d)                                       
|Sankyo Co. Ltd. (Gunma)                                     
|Tomy Co. Ltd. (d)                                           
|                                                            
|Media - 3.2%                                                
|Gendai Agency, Inc.                                         
|KG Intelligence Co. Ltd.                                    
|Opt, Inc. (a)(d)                                            
|Oricon, Inc. (d)                                            
|Oricon, Inc. New (d)                                        
|Usen Corp. (a)(d)                                           
|                                                            
|                                                            
|                                                            
|Specialty Retail - 10.8%                                    
|Arc Land Sakamoto Co. Ltd.                                  
|Culture Convenience Club Co. Ltd. (d)                       
|Hikari Tsushin, Inc. (d)                                    
|Meganesuper Co. Ltd.                                        
|Narumiya International Co. Ltd.                             
|Nihon Optical Co. Ltd. (a)                                  
|Nishimatsuya Chain Co. Ltd.                                 
|Pal Co. Ltd. (d)                                            
|Top Culture Co. Ltd. (d)                                    
|USS Co. Ltd.                                                
|Yamada Denki Co. Ltd.                                       
|                                                            
|Textiles, Apparel & Luxury Goods - 0.6%                     
|Miyota Co. Ltd.                                             
|Seiren Co. Ltd. (d)                                         
|Workman Co. Ltd.                                            
|                                                            
|TOTAL CONSUMER DISCRETIONARY                                
|CONSUMER STAPLES - 4.4%                                     
|Food & Staples Retailing - 2.7%                             
|Frente Co. Ltd.                                             
|Itochushokuhin Co. Ltd.                                     
|Kirindo Co. Ltd.                                            
|Kraft, Inc.                                                 
|Nihon Chouzai Co. Ltd.                                      
|Ninety-Nine Plus, Inc. (d)                                  
|Plant Co. Ltd.                                              
|                                                            
|Food Products - 1.2%                                        
|Hokuto Corp. (d)                                            
|Kameda Seika Co. Ltd.                                       
|Kibun Food Chemifa Co. Ltd.                                 
|Nippon Suisan Kaisha Co. Ltd.                               
|Oriental Yeast Co. Ltd. Tokio                               
|Warabeya Nichiyo Co. Ltd. (d)                               
|                                                            
|Household Products - 0.2%                                   
|Pigeon Corp.                                                
|Personal Products - 0.3%                                    
|Fancl Corp.                                                 
|TOTAL CONSUMER STAPLES                                      
|ENERGY - 1.6%                                               
|Energy Equipment & Services - 0.1%                          
|Modec, Inc. (d)                                             
|Common Stocks - continued                                   
|                                                            
|ENERGY - continued                                          
|Oil & Gas - 1.5%                                            
|Japan Petroleum Exploration Co. Ltd. (d)                    
|Teikoku Oil Co. Ltd.                                        
|                                                            
|TOTAL ENERGY                                                
|FINANCIALS - 7.1%                                           
|Capital Markets - 1.8%                                      
|E*Trade Securities Co. Ltd. (d)                             
|kabu.com Securities Co. Ltd.                                
|Matsui Securities Co. Ltd. (d)                              
|Matsui Securities Co. Ltd. New (d)                          
|SMBC Friend Securities Co. Ltd.                             
|                                                            
|Commercial Banks - 2.7%                                     
|Bank of Yokohama Ltd.                                       
|Chiba Bank Ltd.                                             
|Juroku Bank Ltd.                                            
|Mitsui Trust Holdings, Inc.                                 
|Tokyo Tomin Bank Ltd.                                       
|                                                            
|Consumer Finance - 1.0%                                     
|Credit Saison Co. Ltd.                                      
|Pocket Card Co. Ltd.                                        
|SFCG Co. Ltd.                                               
|STB Leasing Co. Ltd.                                        
|                                                            
|Real Estate - 1.6%                                          
|Apamanshop Network Co. Ltd.                                 
|Kennedy-Wilson Japan Co. Ltd.                               
|KK daVinci Advisors (a)(d)                                  
|Relo Holdings Corp. (d)                                     
|Relo Holdings Corp. New (a)(d)                              
|                                                            
|TOTAL FINANCIALS                                            
|HEALTH CARE - 3.9%                                          
|Health Care Equipment & Supplies - 1.8%                     
|Asahi Intecc Co. Ltd.                                       
|Hogy Medical Co. (d)                                        
|Nakanishi, Inc.                                             
|                                                            
|Health Care Providers & Services - 0.4%                     
|Hoshiiryou Sanki Co. Ltd.                                   
|Tokai Corp.                                                 
|                                                            
|                                                            
|                                                            
|Pharmaceuticals - 1.7%                                      
|Cosmos Pharmaceutical Corp.                                 
|Fuji Pharmaceutical Co. Ltd.                                
|Nichi-iko Pharmaceutical Co. Ltd. (a)                       
|Sawai Pharmaceutical Co. Ltd. (d)                           
|                                                            
|TOTAL HEALTH CARE                                           
|INDUSTRIALS - 21.2%                                         
|Air Freight & Logistics - 1.1%                              
|Kintetsu World Express, Inc. (d)                            
|Yusen Air & Sea Service Co. Ltd.                            
|                                                            
|Building Products - 0.2%                                    
|Wavelock Holdings Co. Ltd. (d)                              
|Commercial Services & Supplies - 6.9%                       
|ARRK Corp.                                                  
|Best Bridal, Inc. (d)                                       
|Career Design Center Co. Ltd.                               
|Career Design Center Co. Ltd. New (a)                       
|Certo Corp.                                                 
|Fullcast Co. Ltd. (d)                                       
|Gakujo Co. Ltd. (d)                                         
|Human Holdings Co. Ltd.                                     
|IBJ Leasing Co. Ltd.                                        
|Ichinen Co. Ltd.                                            
|Intelligence Ltd.                                           
|Moc Corp. (d)                                               
|Nac Co. Ltd. (d)                                            
|Nisca Corp.                                                 
|Prestige International, Inc. (a)(d)                         
|Secom Techno Service Co. Ltd. (d)                           
|Studio Alice Co. Ltd.                                       
|Sumisho Lease Co. Ltd.                                      
|Take & Give Needs Co. Ltd. (a)(d)                           
|                                                            
|Construction & Engineering - 3.1%                           
|Chiyoda Corp.                                               
|COMSYS Holdings Corp.                                       
|Kyowa Exeo Corp.                                            
|Token Corp. (d)                                             
|                                                            
|Electrical Equipment - 1.9%                                 
|Chiyoda Integre Co. Ltd.                                    
|Endo Lighting Corp.                                         
|Iwabuchi Corp.                                              
|Nissei Corp.                                                
|Sansha Electric Manufacturing Co. Ltd.                      
|Sumitomo Electric Industries Ltd.                           
|                                                            
|Common Stocks - continued                                   
|                                                            
|INDUSTRIALS - continued                                     
|Machinery - 5.2%                                            
|Fuji Seiko Ltd.                                             
|Ihara Science Corp.                                         
|Kitz Corp.                                                  
|Koyo Seiko Co. Ltd. (d)                                     
|Nihon Trim Co. Ltd. (d)                                     
|Nitta Corp.                                                 
|NTN Corp.                                                   
|Obara Corp. (d)                                             
|Tadano Ltd. (d)                                             
|THK Co. Ltd.                                                
|                                                            
|Marine - 0.7%                                               
|Mitsui O.S.K. Lines Ltd.                                    
|Road & Rail - 0.9%                                          
|Hamakyorex Co. Ltd. (d)                                     
|Trading Companies & Distributors - 1.2%                     
|Itochu Corp. (a)                                            
|Marubeni Corp.                                              
|Parker Corp.                                                
|                                                            
|TOTAL INDUSTRIALS                                           
|INFORMATION TECHNOLOGY - 25.5%                              
|Communications Equipment - 1.1%                             
|Allied Telesis Holdings KK (a)                              
|Tamura Taiko Holdings, Inc. (a)                             
|                                                            
|Computers & Peripherals - 1.3%                              
|Meiko Electronics Co. Ltd.                                  
|Optoelectronics Co. Ltd.                                    
|                                                            
|Electronic Equipment & Instruments - 10.4%                  
|A&D Co. Ltd.                                                
|EM Systems Co. Ltd.                                         
|Excel Co. Ltd. (d)                                          
|Forval Corp.                                                
|Hamamatsu Photonics K.K. (d)                                
|Honda Tsushin Kogyo Co. Ltd. (a)                            
|Ibiden Co. Ltd. (d)                                         
|Iriso Electronics Co. Ltd. (d)                              
|KAGA ELECTRONICS Co. Ltd. (d)                               
|Nagano Keiki Co. Ltd.                                       
|Nexus Co. Ltd. (d)                                          
|Nippon Chemi-con Corp.                                      
|Nippon Electric Glass Co. Ltd.                              
|Optex Co. Ltd.                                              
|Shibaura Electronics Co. Ltd.                               
|Siix Corp.                                                  
|Sunx Ltd.                                                   
|                                                            
|                                                            
|Tietech Co. Ltd.                                            
|Tosei Engineering Corp.                                     
|Yokogawa Electric Corp.                                     
|                                                            
|Internet Software & Services - 5.6%                         
|eAccess Ltd. (d)                                            
|For-side.com Co. Ltd. (d)                                   
|Gourmet Navigator, Inc. (a)                                 
|I-CF, Inc. (a)(d)(e)                                        
|livedoor Co. Ltd. (a)(d)                                    
|Sammy NetWorks Co. Ltd. (d)                                 
|Telewave, Inc. (d)                                          
|Telewave, Inc. New (d)                                      
|                                                            
|IT Services - 2.4%                                          
|Cyber Firm, Inc. (a)                                        
|Faith, Inc. (d)                                             
|Future System Consulting Corp.                              
|Otsuka Corp.                                                
|                                                            
|Office Electronics - 1.9%                                   
|Canon Fintech, Inc.                                         
|Konica Minolta Holdings, Inc.                               
|Riso Kagaku Corp.                                           
|                                                            
|Semiconductors & Semiconductor Equipment - 0.4%             
|AOI Electronics Co. Ltd.                                    
|Sanken Electric Co. Ltd.                                    
|                                                            
|Software - 2.4%                                             
|Intelligent Wave, Inc.                                      
|Nihon Falcom Corp.                                          
|Square Enix Co. Ltd.                                        
|VIC Tokai Corp.                                             
|Works Applications Co. Ltd. (a)(d)                          
|Works Applications Co. Ltd. New (a)(d)                      
|                                                            
|TOTAL INFORMATION TECHNOLOGY                                
|MATERIALS - 10.0%                                           
|Chemicals - 4.9%                                            
|Asahi Denka Co. Ltd.                                        
|C. Uyemura & Co. Ltd.                                       
|Daiichi Kigenso Kagaku-Kogyo Co. Ltd.                       
|Harima Chemicals, Inc.                                      
|JSP Corp.                                                   
|Lintec Corp. (d)                                            
|Nihon Micro Coating Co. Ltd. (a)                            
|NOF Corp.                                                   
|Osaka Organic Chemical Industry Ltd.                        
|Common Stocks - continued                                   
|                                                            
|MATERIALS - continued                                       
|Chemicals - continued                                       
|Soken Chemical & Engineer Co. Ltd.                          
|Taiyo Kagaku (d)                                            
|Tohcello Co. Ltd.                                           
|Tokai Carbon Co. Ltd. (d)                                   
|Tosoh Corp.                                                 
|                                                            
|Containers & Packaging - 0.6%                               
|Fuji Seal International, Inc.                               
|Sun A Kaken Co. Ltd.                                        
|                                                            
|Metals & Mining - 4.3%                                      
|Kobe Steel Ltd.                                             
|Sumitomo Metal Industries Ltd.                              
|Sumitomo Metal Mining Co. Ltd.                              
|Sumitomo Titanium Corp. (d)                                 
|                                                            
|Paper & Forest Products - 0.2%                              
|Kokusai Chart Corp.                                         
|TOTAL MATERIALS                                             
|TELECOMMUNICATION SERVICES - 0.3%                           
|Diversified Telecommunication Services - 0.3%               
|Mitsui & Associates Telepark Corp.                          
|TOTAL COMMON STOCKS
(Cost $911,362,174)                     
|Money Market Funds - 19.1%                                  
|                                                            
|Fidelity Cash Central Fund, 2.84% (b)                       
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c) 
|TOTAL MONEY MARKET FUNDS
(Cost $240,160,726)                
|TOTAL INVESTMENT 
	PORTFOLIO -  117.0%
(Cost $1,151,522,900)
|NET OTHER ASSETS - (17.0)%                                  
|NET ASSETS - 100%                                           

|Legend                                                                                                                                                                                                                                                                                                          
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                        
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.      
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                      
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                             
|(e)	Affiliated company                                                                                                                                                                                                                                                                                          
|Other Information                                                                                                                                                                                                                                                                                               
|An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at
period-end are noted in the fund's Schedule of Investments. Transactions during the period with companies which are or were affiliates are as follows:

|Affiliate                | Value, beginning 
of period | Purchases    | Sales Proceeds | Dividend Income | Value, end
of period
|------------------------ | --------------------------- | ------------ | -------------- | --------------- | --------------------
|Chiyoda Integre Co. Ltd. | $	14,601,757                | $	-          | $	2,429,330    | $	-             | $	-                 
|I-CF, Inc.               | -                           | 16,287,616   | -              | -               | 19,674,773          
|Total                    | $	14,601,757                | $	16,287,616 | $	2,429,330    | $	-             | $	19,674,773        

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, 2005 (Unaudited)
|---------------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                                   |                           
|Assets                                                                                                                             |                           
|Investment in securities, at value (including securities loaned of $206,491,907) (cost $1,151,522,900) - See
accompanying schedule |                           
|Receivable for investments sold                                                                                                    |                           
|Receivable for fund shares sold                                                                                                    |                           
|Dividends receivable                                                                                                               |                           
|Interest receivable                                                                                                                |                           
|Prepaid expenses                                                                                                                   |                           
|Other affiliated receivables                                                                                                       |                           
|Other receivables                                                                                                                  |                           
|Total assets                                                                                                                       |                           
|                                                                                                                                   |                           
|Liabilities                                                                                                                        |                           
|Payable for investments purchased                                                                                                  | $	2,916,966               
|Payable for fund shares redeemed                                                                                                   | 1,099,521                 
|Accrued management fee                                                                                                             | 745,435                   
|Other affiliated payables                                                                                                          | 254,641                   
|Other payables and accrued expenses                                                                                                | 147,853                   
|Collateral on securities loaned, at value                                                                                          | 217,115,436               
|Total liabilities                                                                                                                  |                           
|                                                                                                                                   |                           
|Net Assets                                                                                                                         |                           
|Net Assets consist of:                                                                                                             |                           
|Paid in capital                                                                                                                    |                           
|Undistributed net investment income                                                                                                |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions                                |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies                         |                           
|Net Assets, for 96,952,098 shares outstanding                                                                                      |                           
|Net Asset Value, offering price and redemption price per share ($1,255,916,074 ÷ 96,952,098 shares)                                |                           

Statement of Operations

|                                                                                           | Six months ended April 30, 2005
(Unaudited)
|------------------------------------------------------------------------------------------ | -------------------------------------------
|                                                                                           |                                            
|Investment Income                                                                          |                                            
|Dividends                                                                                  |                                            
|Interest                                                                                   |                                            
|Security lending                                                                           |                                            
|                                                                                           |                                            
|Less foreign taxes withheld                                                                |                                            
|Total income                                                                               |                                            
|                                                                                           |                                            
|Expenses                                                                                   |                                            
|Management fee                                                                             | $	4,664,414                                
|Transfer agent fees                                                                        | 1,268,753                                  
|Accounting and security lending fees                                                       | 307,696                                    
|Independent trustees' compensation                                                         | 3,256                                      
|Custodian fees and expenses                                                                | 257,529                                    
|Registration fees                                                                          | 22,632                                     
|Audit                                                                                      | 30,165                                     
|Legal                                                                                      | 1,695                                      
|Miscellaneous                                                                              | 7,411                                      
|Total expenses before reductions                                                           | 6,563,551                                  
|Expense reductions                                                                         | (2,864)                                    
|Net investment income (loss)                                                               |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:                           |                                            
|Investment securities (Including realized gain (loss) of $711,308 from affiliated issuers) | 62,400,345                                 
|Foreign currency transactions                                                              | 101,589                                    
|Total net realized gain (loss)                                                             |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities             | 83,198,495                                 
|Assets and liabilities in foreign currencies                                               | (95,375)                                   
|Total change in net unrealized appreciation (depreciation)                                 |                                            
|Net gain (loss)                                                                            |                                            
|Net increase (decrease) in net assets resulting from operations                            |                                            

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

Semiannual Report

Japan Smaller Companies
Financial Statements - continued

Statement of Changes in Net Assets

|                                                                                                                                              | Six months ended
April 30, 2005
(Unaudited) | Year ended
October 31,
2004
|--------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ---------------------------
|Increase (Decrease) in Net Assets                                                                                                             |                                             |                            
|Operations                                                                                                                                    |                                             |                            
|Net investment income (loss)                                                                                                                  | $	1,965,307                                 | $	1,253,664                
|Net realized gain (loss)                                                                                                                      | 62,501,934                                  | 77,654,004                 
|Change in net unrealized appreciation (depreciation)                                                                                          | 83,103,120                                  | (20,395,531)               
|Net increase (decrease) in net assets resulting from operations                                                                               | 147,570,361                                 | 58,512,137                 
|Distributions to shareholders from net investment income                                                                                      | (1,062,984)                                 | (1,684,858)                
|Distributions to shareholders from net realized gain                                                                                          | (5,323,788)                                 | -                          
|Total distributions                                                                                                                           | (6,386,772)                                 | (1,684,858)                
|Share transactions 
Proceeds from sales of shares                                                                                             | 195,383,820                                 | 1,097,920,415              
|Reinvestment of distributions                                                                                                                 | 5,778,163                                   | 1,313,116                  
|Cost of shares redeemed                                                                                                                       | (365,869,388)                               | (812,920,279)              
|Net increase (decrease) in net assets resulting from share transactions                                                                       | (164,707,405)                               | 286,313,252                
|Redemption fees                                                                                                                               | 348,566                                     | 4,222,862                  
|Total increase (decrease) in net assets                                                                                                       | (23,175,250)                                | 347,363,393                
|Net Assets                                                                                                                                    |                                             |                            
|Beginning of period                                                                                                                           | 1,279,091,324                               | 931,727,931                
|End of period (including undistributed net investment income of $1,722,033 and undistributed net investment income of
$832,961, respectively) | $	1,255,916,074                             | $	1,279,091,324            
|Other Information
Shares                                                                                                                      |                                             |                            
|Sold                                                                                                                                          | 15,682,678                                  | 94,304,368                 
|Issued in reinvestment of distributions                                                                                                       | 493,860                                     | 136,641                    
|Redeemed                                                                                                                                      | (29,656,229)                                | (74,002,513)               
|Net increase (decrease)                                                                                                                       | (13,479,691)                                | 20,438,496                 

Financial Highlights

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Six months ended
April 30, 2005 | Years ended October 31,
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | -----------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (Unaudited)                     | 2004                   
|Selected Per-Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                 |                        
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $	11.58                         | $	10.35                
|Income from Investment Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                 |                        
|Net investment income (loss)E                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | .02                             | .01                    
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 1.41                            | 1.20                   
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 1.43                            | 1.21                   
|Distributions from net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (.01)                           | (.02)                  
|Distributions in excess of net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | -                               | -                      
|Distributions from net realized gain                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (.05)                           | -                      
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (.06)                           | (.02)                  
|Redemption fees added to paid in capitalE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | -G                              | .04                    
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $	12.95                         | $	11.58                
|Total ReturnB, C, D                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 12.40%                          | 12.12%                 
|Ratios to Average Net AssetsF                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                 |                        
|Expenses before expense reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 1.02%A                          | 1.04%                  
|Expenses net of voluntary waivers, if any                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 1.02%A                          | 1.04%                  
|Expenses net of all reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 1.02%A                          | 1.04%                  
|Net investment income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | .30%A                           | .11%                   
|Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                 |                        
|Net assets, end of period (000 omitted)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $	1,255,916                     | $	1,279,091            
|Portfolio turnover rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 59%A                            | 57%                    
|AAnnualizedBTotal returns for periods of less than one year are not annualized.CTotal returns would have been lower had certain expenses not been reduced during the periods shown.DTotal returns do not include the effect of the former sales
charges.ECalculated based on average shares outstanding during the period.FExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from
brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement
by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.GAmount represents less than $.01 per share.

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

Semiannual Report

Latin America



# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      



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

|Asset Allocation                                                                                    
|----------------------------------------------------------------------------------------------------
|                                                                                                    
|Stocks                                                                                              
|Short-Term Investments and
Net Other Assets                                                         
|Top Ten Stocks as of April 30, 2005                                                                 
|                                                                                                    
|Petroleo Brasileiro SA Petrobras (PN) (Brazil, Oil & Gas)                                           
|America Movil SA de CV Series L sponsored ADR (Mexico, Wireless Telecommunication Services)         
|Telefonos de Mexico SA de CV Series L sponsored ADR (Mexico, Diversified Telecommunication Services)
|Cemex SA de CV sponsored ADR (Mexico, Construction Materials)                                       
|Banco Itau Holding Financeira SA (Brazil, Commercial Banks)                                         
|Wal-Mart de Mexico SA de CV Series V (Mexico, Food & Staples Retailing)                             
|Companhia Vale do Rio Doce sponsored ADR (Brazil, Metals & Mining)                                  
|Grupo Televisa SA de CV sponsored ADR (Mexico, Media)                                               
|Banco Bradesco SA (PN) (Brazil, Commerical Banks)                                                   
|Companhia Vale do Rio Doce (PN-A) (Brazil, Metals & Mining)                                         
|                                                                                                    
|Market Sectors as of April 30, 2005                                                                 
|                                                                                                    
|Materials                                                                                           
|Telecommunication Services                                                                          
|Financials                                                                                          
|Energy                                                                                              
|Consumer Staples                                                                                    
|Utilities                                                                                           
|Consumer Discretionary                                                                              
|Industrials                                                                                         
|Health Care                                                                                         
|Information Technology                                                                              

Semiannual Report

Latin America

# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 98.5%                                                           
|--------------------------------------------------------------------------------
|                                                                                
|Argentina - 1.0%                                                                
|Cresud S.A.C.I.F.y A. sponsored ADR (d)                                         
|Grupo Financiero Galicia SA sponsored ADR (a)                                   
|Inversiones y Representaciones SA sponsored GDR (a)                             
|Telecom Argentina SA Class B sponsored ADR (a)                                  
|TOTAL ARGENTINA                                                                 
|Brazil - 52.9%                                                                  
|Aracruz Celulose SA (PN-B) sponsored ADR                                        
|Banco Bradesco SA:                                                              
|(PN)                                                                            
|(PN) sponsored ADR (non-vtg.) (d)                                               
|Banco do Brasil SA                                                              
|Banco Itau Holding Financeira SA:                                               
|(PN)                                                                            
|sponsored ADR (non-vtg.)                                                        
|Bradespar SA (PN)                                                               
|Brasil Telecom Participacoes SA                                                 
|Braskem SA (PN-A)                                                               
|Caemi Mineracao E Metalurgia SA (PN)                                            
|Centrais Electricas Brasileiras (Electrobras) SA (PN-B)                         
|Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR          
|Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR                    
|Companhia Energetica Minas Gerais (CEMIG):                                      
|(PN)                                                                            
|(PN) sponsored ADR (non-vtg.)                                                   
|Companhia Paranaense de Energia-Copel (PN-B) sponsored ADR                      
|Companhia Siderurgica de Tubarao (CST) (PN)                                     
|Companhia Vale do Rio Doce:                                                     
|(PN-A)                                                                          
|(PN-A) sponsored ADR (non-vtg.)                                                 
|sponsored ADR                                                                   
|Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) sponsored ADR (d)
|Diagnosticos da America SA                                                      
|Eletropaulo Metropolitana SA (PN) (a)                                           
|Embraer - Empresa Brasileira de Aeronautica SA                                  
|Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR                    
|Empresa Nacional de Comercio Redito e Participacoes SA (PN) (a)                 
|Gerdau SA                                                                       
|                                                                                
|                                                                                
|Gerdau SA sponsored ADR (d)                                                     
|Itausa Investimentos Itau SA (PN)                                               
|Natura Cosmeticos SA                                                            
|Petroleo Brasileiro SA Petrobras:                                               
|(PN)                                                                            
|(PN) sponsored ADR (non-vtg.)                                                   
|sponsored ADR (d)                                                               
|Sadia SA (PN)                                                                   
|Siderurgica Nacional Compania sponsored ADR (d)                                 
|Tele Centro Oeste Celular Participacoes SA ADR (non-vtg.) (d)                   
|Tele Leste Celular Participacoes SA sponsored ADR (non-vtg.) (a)                
|Tele Norte Leste Participacoes SA                                               
|Tele Norte Leste Participacoes SA ADR (non-vtg.) (a)                            
|Telebras (PN) sponsored ADR                                                     
|Telemar Norte Leste SA (PN-A)                                                   
|Telesp Celular Participacoes SA ADR (a)                                         
|TIM Participacoes SA sponsored ADR (non-vtg.)                                   
|Uniao de Bancos Brasileiros SA (Unibanco):                                      
|unit                                                                            
|GDR                                                                             
|Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A)                        
|Votorantim Celulose e Papel SA:                                                 
|(PN)                                                                            
|sponsored ADR (non-vtg.)                                                        
|TOTAL BRAZIL                                                                    
|Chile - 4.6%                                                                    
|Banco Santander Chile sponsored ADR                                             
|Compania Acero del Pacifico SA                                                  
|CorpBanca SA ADR                                                                
|Empresa Nacional de Electricidad SA sponsored ADR                               
|Enersis SA sponsored ADR                                                        
|Sociedad Quimica y Minera de Chile SA (SQM) (PN-B) sponsored ADR                
|Vina Concha y Toro SA sponsored ADR                                             
|TOTAL CHILE                                                                     
|Luxembourg - 1.8%                                                               
|Tenaris SA sponsored ADR                                                        
|Mexico - 36.8%                                                                  
|Alfa SA de CV Series A                                                          
|America Movil SA de CV Series L sponsored ADR                                   
|America Telecom SA de CV Series A1 (a)                                          
|Cemex SA de CV sponsored ADR                                                    
|Consorcio ARA SA de CV (a)                                                      
|Corporacion Geo SA de CV Series B (a)                                           
|Common Stocks - continued                                                       
|                                                                                
|Mexico - continued                                                              
|Fomento Economico Mexicano SA de CV sponsored ADR                               
|Gruma SA de CV Series B                                                         
|Grupo Aeroportuario del Sureste SA de CV Series B ADR                           
|Grupo Bimbo SA de CV Series A                                                   
|Grupo Financiero Banorte SA de CV Series O                                      
|Grupo Financiero Inbursa SA de CV Series O                                      
|Grupo Mexico SA de CV Series B (a)                                              
|Grupo Modelo SA de CV Series C                                                  
|Grupo Televisa SA de CV sponsored ADR                                           
|Industrias Penoles SA de CV                                                     
|Sare Holding SA de CV Series B (a)                                              
|Telefonos de Mexico SA de CV Series L sponsored ADR                             
|TV Azteca SA de CV sponsored ADR (d)                                            
|Urbi, Desarrollos Urbanos, SA de CV                                             
|Wal-Mart de Mexico SA de CV Series V                                            
|TOTAL MEXICO                                                                    
|Peru - 1.0%                                                                     
|Compania de Minas Buenaventura SA sponsored ADR                                 
|United Kingdom - 0.4%                                                           
|Antofagasta PLC                                                                 
|TOTAL COMMON STOCKS
(Cost $498,952,139)                                         
|Money Market Funds - 4.7%                                                       
|                                                                                
|Fidelity Cash Central Fund, 2.84% (b)                                           
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)                     
|TOTAL MONEY MARKET FUNDS
(Cost $30,255,524)                                     
|TOTAL INVESTMENT PORTFOLIO - 103.2%
(Cost $529,207,663)                         
|NET OTHER ASSETS - (3.2)%                                                       
|NET ASSETS - 100%                                                               

|Legend                                                                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|Income Tax Information                                                                                                                                                                                                                                                                                    
|At October 31, 2004, the fund had a capital loss carryforward of approximately $61,123,042 of which $22,657,462, $11,150,432, $7,285,557, $11,980,076
and $8,049,515 will expire on October 31, 2007, 2008, 2009, 2010 and 2011, respectively.                                                            

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

Semiannual Report

Latin America

# Financial Statements

Statement of Assets and Liabilities

|                                                                                                                                | April 30, 2005 (Unaudited)
|------------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                                |                           
|Assets                                                                                                                          |                           
|Investment in securities, at value (including securities loaned of $27,677,865) (cost $529,207,663) - See accompanying
schedule |                           
|Receivable for investments sold                                                                                                 |                           
|Receivable for fund shares sold                                                                                                 |                           
|Dividends receivable                                                                                                            |                           
|Interest receivable                                                                                                             |                           
|Prepaid expenses                                                                                                                |                           
|Other affiliated receivables                                                                                                    |                           
|Other receivables                                                                                                               |                           
|Total assets                                                                                                                    |                           
|                                                                                                                                |                           
|Liabilities                                                                                                                     |                           
|Payable to custodian bank                                                                                                       | $	3,590                   
|Payable for fund shares redeemed                                                                                                | 1,905,677                 
|Accrued management fee                                                                                                          | 401,317                   
|Other affiliated payables                                                                                                       | 161,499                   
|Other payables and accrued expenses                                                                                             | 116,371                   
|Collateral on securities loaned, at value                                                                                       | 27,666,913                
|Total liabilities                                                                                                               |                           
|                                                                                                                                |                           
|Net Assets                                                                                                                      |                           
|Net Assets consist of:                                                                                                          |                           
|Paid in capital                                                                                                                 |                           
|Undistributed net investment income                                                                                             |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions                             |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies                      |                           
|Net Assets, for 30,444,809 shares outstanding                                                                                   |                           
|Net Asset Value, offering price and redemption price per share ($641,506,100 ÷ 30,444,809 shares)                               |                           

Statement of Operations

|                                                                               | Six months ended April 30, 2005
(Unaudited)
|------------------------------------------------------------------------------ | -------------------------------------------
|                                                                               |                                            
|Investment Income                                                              |                                            
|Dividends                                                                      |                                            
|Interest                                                                       |                                            
|Security lending                                                               |                                            
|                                                                               |                                            
|Less foreign taxes withheld                                                    |                                            
|Total income                                                                   |                                            
|                                                                               |                                            
|Expenses                                                                       |                                            
|Management fee                                                                 | $	2,030,068                                
|Transfer agent fees                                                            | 688,040                                    
|Accounting and security lending fees                                           | 137,535                                    
|Independent trustees' compensation                                             | 1,553                                      
|Custodian fees and expenses                                                    | 177,336                                    
|Registration fees                                                              | 64,227                                     
|Audit                                                                          | 38,851                                     
|Legal                                                                          | 465                                        
|Interest                                                                       | 5,470                                      
|Miscellaneous                                                                  | 49,045                                     
|Total expenses before reductions                                               | 3,192,590                                  
|Expense reductions                                                             | (138,342)                                  
|Net investment income (loss)                                                   |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:               |                                            
|Investment securities                                                          | 31,739,226                                 
|Foreign currency transactions                                                  | (100,982)                                  
|Total net realized gain (loss)                                                 |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities | 16,987,198                                 
|Assets and liabilities in foreign currencies                                   | 79,015                                     
|Total change in net unrealized appreciation (depreciation)                     |                                            
|Net gain (loss)                                                                |                                            
|Net increase (decrease) in net assets resulting from operations                |                                            

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, 2005
(Unaudited) | Year ended
October 31,
2004
|----------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ---------------------------
|Increase (Decrease) in Net Assets                                                                                                               |                                             |                            
|Operations                                                                                                                                      |                                             |                            
|Net investment income (loss)                                                                                                                    | $	7,076,105                                 | $	7,432,184                
|Net realized gain (loss)                                                                                                                        | 31,638,244                                  | 21,419,141                 
|Change in net unrealized appreciation (depreciation)                                                                                            | 17,066,213                                  | 53,156,255                 
|Net increase (decrease) in net assets resulting from operations                                                                                 | 55,780,562                                  | 82,007,580                 
|Distributions to shareholders from net investment income                                                                                        | (6,575,674)                                 | (3,905,133)                
|Share transactions 
Proceeds from sales of shares                                                                                               | 401,909,030                                 | 169,215,930                
|Reinvestment of distributions                                                                                                                   | 6,298,102                                   | 3,746,651                  
|Cost of shares redeemed                                                                                                                         | (174,297,613)                               | (113,691,284)              
|Net increase (decrease) in net assets resulting from share transactions                                                                         | 233,909,519                                 | 59,271,297                 
|Redemption fees                                                                                                                                 | 1,057,024                                   | 442,226                    
|Total increase (decrease) in net assets                                                                                                         | 284,171,431                                 | 137,815,970                
|                                                                                                                                                |                                             |                            
|Net Assets                                                                                                                                      |                                             |                            
|Beginning of period                                                                                                                             | 357,334,669                                 | 219,518,699                
|End of period (including undistributed net investment income of $6,394,989 and undistributed net investment income of
$5,894,558, respectively) | $	641,506,100                               | $	357,334,669              
|Other Information
Shares                                                                                                                        |                                             |                            
|Sold                                                                                                                                            | 18,636,598                                  | 10,428,289                 
|Issued in reinvestment of distributions                                                                                                         | 323,696                                     | 264,221                    
|Redeemed                                                                                                                                        | (8,259,352)                                 | (7,355,849)                
|Net increase (decrease)                                                                                                                         | 10,700,942                                  | 3,336,661                  

Financial Highlights

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Six months ended
April 30, 2005 | Years ended October 31,
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | -----------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (Unaudited)                     | 2004                   
|Selected Per-Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                 |                        
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $	18.10                         | $	13.38                
|Income from Investment Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                 |                        
|Net investment income (loss)E                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | .27                             | .40                    
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 2.96                            | 4.53                   
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 3.23                            | 4.93                   
|Distributions from net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (.30)                           | (.23)                  
|Redemption fees added to paid in capitalE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | .04                             | .02                    
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $	21.07                         | $	18.10                
|Total ReturnB, C, D                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 18.20%                          | 37.47%                 
|Ratios to Average Net AssetsG                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                 |                        
|Expenses before expense reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 1.14%A                          | 1.19%                  
|Expenses net of voluntary waivers, if any                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 1.14%A                          | 1.19%                  
|Expenses net of all reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 1.09%A                          | 1.16%                  
|Net investment income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2.52%A                          | 2.56%                  
|Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                 |                        
|Net assets, end of period (000 omitted)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $	641,506                       | $	357,335              
|Portfolio turnover rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 28%A                            | 25%                    
|AAnnualizedBTotal returns for periods of less than one year are not annualized.CTotal returns would have been lower had certain expenses not been reduced during the periods shown.DTotal returns do not include the effect of the former sales
charges.ECalculated based on average shares outstanding during the period.FInvestment income per share reflects a special dividend which amounted to $.07 per share.GExpense ratios reflect operating expenses of the fund. Expenses before
reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or
reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions
represent the net expenses paid by the fund.

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

Semiannual Report

Nordic



# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      



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

|Asset Allocation                                                                      
|--------------------------------------------------------------------------------------
|                                                                                      
|Stocks                                                                                
|Short-Term Investments and
Net Other Assets                                           
|Top Ten Stocks as of April 30, 2005                                                   
|                                                                                      
|Telefonaktiebolaget LM Ericsson
(B Shares) (Sweden, Communications Equipment)         
|Nokia Corp. (Finland, Communications Equipment)                                       
|Hennes & Mauritz AB (H&M)
(B Shares) (Sweden, Specialty Retail)                       
|Norsk Hydro ASA (Norway, Oil & Gas)                                                   
|DnB NOR ASA (Norway, Commercial Banks)                                                
|Nobel Biocare Holding AG (Switzerland) (Switzerland, Health Care Equipment & Supplies)
|Nordea Bank AB (Sweden, Commercial Banks)                                             
|TANDBERG ASA (Norway, Communications Equipment)                                       
|Svenska Handelsbanken AB
(A Shares) (Sweden, Commercial Banks)                        
|Storebrand ASA (A Shares) (Norway, Insurance)                                         
|                                                                                      
|Market Sectors as of April 30, 2005                                                   
|                                                                                      
|Information Technology                                                                
|Financials                                                                            
|Energy                                                                                
|Industrials                                                                           
|Consumer Discretionary                                                                
|Health Care                                                                           
|Consumer Staples                                                                      
|Telecommunication Services                                                            
|Materials                                                                             
|Utilities                                                                             

Semiannual Report

Nordic

# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 91.5%                                      
|-----------------------------------------------------------
|                                                           
|Bermuda - 1.1%                                             
|Frontline Ltd.                                             
|Ship Finance International Ltd. (NY Shares)                
|TOTAL BERMUDA                                              
|Denmark - 5.7%                                             
|Coloplast AS Series B                                      
|Danske Bank AS                                             
|GN Store Nordic AS                                         
|Kobenhaven Lufthave AS                                     
|Novo Nordisk AS Series B                                   
|Novozymes AS Series B                                      
|Rockwool International AS Series B                         
|TOTAL DENMARK                                              
|Finland - 12.3%                                            
|Kesko Oyj                                                  
|Marimekko Oyj                                              
|Neste Oil Oyj (a)                                          
|Nokia Corp.                                                
|Nokian Tyres Ltd.                                          
|TietoEnator Oyj                                            
|Vacon Oyj                                                  
|TOTAL FINLAND                                              
|Iceland - 1.0%                                             
|Ossur Hf (a)                                               
|Luxembourg - 3.1%                                          
|Millicom International Cellular SA unit (a)                
|SBS Broadcasting SA (a)                                    
|Stolt Offshore SA (a)                                      
|Stolt-Nielsen SA                                           
|TOTAL LUXEMBOURG                                           
|Norway - 27.7%                                             
|Aker Kvaerner ASA                                          
|Awilco Offshore ASA (e)                                    
|Camillo Eitzen & Co. ASA                                   
|Catch Communications ASA                                   
|DnB NOR ASA                                                
|Farstad Shipping ASA (a)                                   
|Fred Olsen Energy ASA (a)                                  
|Havila Shipping ASA (a)                                    
|Leroy Seafood Group ASA (a)                                
|Norsk Hydro ASA                                            
|Norwegian Air Shuttle AS (a)                               
|Ocean RIG ASA (a)                                          
|Odfjell ASA (A Shares)                                     
|Olav Thon Eiendomsselskap AS (a)                           
|Orkla ASA (A Shares)                                       
|Otrum Electronics ASA (a)(d)                               
|Petroleum Geo-Services ASA (a)                             
|                                                           
|                                                           
|Schibsted ASA (B Shares)                                   
|Sevan Marine ASA (a)                                       
|Sinvest ASA (a)                                            
|Solstad Offshore ASA                                       
|Statoil ASA                                                
|Steen & Stroem ASA (a)                                     
|Storebrand ASA (A Shares)                                  
|TANDBERG ASA (d)                                           
|TANDBERG Television ASA (a)                                
|Telenor ASA                                                
|TOTAL NORWAY                                               
|Sweden - 36.8%                                             
|Assa Abloy AB (B Shares) (d)                               
|Atlas Copco AB (A Shares) (d)                              
|Cherryforetagen AB (B Shares) (a)                          
|Concordia Maritime AB (B Shares) (d)                       
|Elekta AB (B Shares) (a)                                   
|Getinge AB (B Shares) (d)                                  
|Hennes & Mauritz AB (H&M) (B Shares) (d)                   
|Hexagon AB (B Shares) (d)                                  
|Intrum Justitia AB (a)                                     
|Intrum Justitia AB rights 5/26/05 (a)                      
|JC Aktiebolag (a)                                          
|Lindex AB                                                  
|Mekonomen AB                                               
|Modern Times Group AB (MTG)
(B Shares) (a)                 
|NCC AB Series B                                            
|NeoNet AB (a)                                              
|Nordea Bank AB                                             
|Peab AB                                                    
|Pergo AB (a)                                               
|POOLiA AB (B Shares)                                       
|Readsoft AB (B Shares) (a)                                 
|Sandvik AB (d)                                             
|Securitas AB (B Shares)                                    
|Skandia Foersaekrings AB (d)                               
|Skandinaviska Enskilda Banken AB
(A Shares)                
|Skanska AB (B Shares)                                      
|SKF AB (B Shares)                                          
|Svenska Handelsbanken AB
(A Shares) (d)                    
|Telefonaktiebolaget LM Ericsson
(B Shares)                 
|Uniflex AB                                                 
|Wihlborgs Fastigheter AB                                   
|TOTAL SWEDEN                                               
|Switzerland - 3.5%                                         
|Nobel Biocare Holding AG (Switzerland)                     
|Common Stocks - continued                                  
|                                                           
|United Kingdom - 0.3%                                      
|Group 4 Securicor PLC (Denmark) (a)                        
|TOTAL COMMON STOCKS
(Cost $123,697,641)                    
|Money Market Funds - 18.4%                                 
|                                                           
|Fidelity Cash Central Fund, 2.84% (b)                      
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)
|TOTAL MONEY MARKET FUNDS
(Cost $28,746,151)                
|TOTAL INVESTMENT PORTFOLIO - 109.9%
(Cost $152,443,792)    
|NET OTHER ASSETS - (9.9)%                                  
|NET ASSETS - 100%                                          

|Legend                                                                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|(e)	Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of
restricted securities (excluding 144A issues) amounted to $269,551 or 0.2% of net assets.                                            
|Additional information on each holding is as follows:                                                                                                                                                                                                                                                     

|Security            | Acquisition Date | Acquisition Cost
|------------------- | ---------------- | ----------------
|Awilco Offshore ASA | 2/18/05          | $	241,305       

|Income Tax Information                                                                                                                                                              
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|At October 31, 2004, the fund had a capital loss carryforward of approximately $6,515,410 of which $4,586,943 and $1,928,467 will expire on October 31,
2010 and 2011, respectively.

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

Semiannual Report

Nordic

# Financial Statements

Statement of Assets and Liabilities

|                                                                                                                                | April 30, 2005 (Unaudited)
|------------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                                |                           
|Assets                                                                                                                          |                           
|Investment in securities, at value (including securities loaned of $22,651,299) (cost $152,443,792) - See accompanying
schedule |                           
|Receivable for investments sold                                                                                                 |                           
|Receivable for fund shares sold                                                                                                 |                           
|Dividends receivable                                                                                                            |                           
|Interest receivable                                                                                                             |                           
|Prepaid expenses                                                                                                                |                           
|Other affiliated receivables                                                                                                    |                           
|Other receivables                                                                                                               |                           
|Total assets                                                                                                                    |                           
|                                                                                                                                |                           
|Liabilities                                                                                                                     |                           
|Payable for fund shares redeemed                                                                                                | $	165,654                 
|Accrued management fee                                                                                                          | 96,974                    
|Other affiliated payables                                                                                                       | 43,623                    
|Other payables and accrued expenses                                                                                             | 55,659                    
|Collateral on securities loaned, at value                                                                                       | 23,871,017                
|Total liabilities                                                                                                               |                           
|                                                                                                                                |                           
|Net Assets                                                                                                                      |                           
|Net Assets consist of:                                                                                                          |                           
|Paid in capital                                                                                                                 |                           
|Undistributed net investment income                                                                                             |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions                             |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies                      |                           
|Net Assets, for 5,674,107 shares outstanding                                                                                    |                           
|Net Asset Value, offering price and redemption price per share ($156,423,657 ÷ 5,674,107 shares)                                |                           

Statement of Operations

|                                                                               | Six months ended April 30, 2005
(Unaudited)
|------------------------------------------------------------------------------ | -------------------------------------------
|                                                                               |                                            
|Investment Income                                                              |                                            
|Dividends                                                                      |                                            
|Interest                                                                       |                                            
|Security lending                                                               |                                            
|                                                                               |                                            
|Less foreign taxes withheld                                                    |                                            
|Total income                                                                   |                                            
|                                                                               |                                            
|Expenses                                                                       |                                            
|Management fee                                                                 | $	552,023                                  
|Transfer agent fees                                                            | 216,980                                    
|Accounting and security lending fees                                           | 39,005                                     
|Independent trustees' compensation                                             | 353                                        
|Custodian fees and expenses                                                    | 60,298                                     
|Registration fees                                                              | 12,654                                     
|Audit                                                                          | 26,391                                     
|Legal                                                                          | 169                                        
|Miscellaneous                                                                  | 529                                        
|Total expenses before reductions                                               | 908,402                                    
|Expense reductions                                                             | (20,465)                                   
|Net investment income (loss)                                                   |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:               |                                            
|Investment securities                                                          | 11,389,020                                 
|Foreign currency transactions                                                  | (2,796)                                    
|Total net realized gain (loss)                                                 |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities | 2,384,326                                  
|Assets and liabilities in foreign currencies                                   | (8,811)                                    
|Total change in net unrealized appreciation (depreciation)                     |                                            
|Net gain (loss)                                                                |                                            
|Net increase (decrease) in net assets resulting from operations                |                                            

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, 2005
(Unaudited) | Year ended
October 31,
2004
|----------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ---------------------------
|Increase (Decrease) in Net Assets                                                                                                               |                                             |                            
|Operations                                                                                                                                      |                                             |                            
|Net investment income (loss)                                                                                                                    | $	2,735,571                                 | $	1,181,777                
|Net realized gain (loss)                                                                                                                        | 11,386,224                                  | 18,349,102                 
|Change in net unrealized appreciation (depreciation)                                                                                            | 2,375,515                                   | 918,272                    
|Net increase (decrease) in net assets resulting from operations                                                                                 | 16,497,310                                  | 20,449,151                 
|Distributions to shareholders from net investment income                                                                                        | (1,181,664)                                 | (633,291)                  
|Share transactions 
Proceeds from sales of shares                                                                                               | 53,074,756                                  | 51,430,152                 
|Reinvestment of distributions                                                                                                                   | 1,146,167                                   | 613,718                    
|Cost of shares redeemed                                                                                                                         | (29,688,868)                                | (36,891,811)               
|Net increase (decrease) in net assets resulting from share transactions                                                                         | 24,532,055                                  | 15,152,059                 
|Redemption fees                                                                                                                                 | 83,313                                      | 187,429                    
|Total increase (decrease) in net assets                                                                                                         | 39,931,014                                  | 35,155,348                 
|                                                                                                                                                |                                             |                            
|Net Assets                                                                                                                                      |                                             |                            
|Beginning of period                                                                                                                             | 116,492,643                                 | 81,337,295                 
|End of period (including undistributed net investment income of $2,660,512 and undistributed net investment income of
$1,106,605, respectively) | $	156,423,657                               | $	116,492,643              
|Other Information
Shares                                                                                                                        |                                             |                            
|Sold                                                                                                                                            | 1,942,957                                   | 2,222,711                  
|Issued in reinvestment of distributions                                                                                                         | 43,024                                      | 29,807                     
|Redeemed                                                                                                                                        | (1,078,021)                                 | (1,659,315)                
|Net increase (decrease)                                                                                                                         | 907,960                                     | 593,203                    

Financial Highlights

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Six months ended
April 30, 2005 | Years ended October 31,
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | -----------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (Unaudited)                     | 2004                   
|Selected Per-Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                 |                        
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $	24.44                         | $	19.49                
|Income from Investment Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                 |                        
|Net investment income (loss)E                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | .49                             | .26                    
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2.84                            | 4.80                   
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 3.33                            | 5.06                   
|Distributions from net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (.22)                           | (.15)                  
|Distributions from net realized gain                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | -                               | -                      
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (.22)                           | (.15)                  
|Redemption fees added to paid in capitalE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | .02                             | .04                    
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $	27.57                         | $	24.44                
|Total ReturnB, C, D                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 13.74%                          | 26.31%                 
|Ratios to Average Net AssetsF                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                 |                        
|Expenses before expense reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 1.19%A                          | 1.28%                  
|Expenses net of voluntary waivers, if any                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 1.19%A                          | 1.28%                  
|Expenses net of all reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 1.16%A                          | 1.24%                  
|Net investment income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 1.79%H                          | 1.16%                  
|Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                 |                        
|Net assets, end of period (000 omitted)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $	156,424                       | $	116,493              
|Portfolio turnover rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 74%A                            | 90%                    
|AAnnualizedBTotal returns for periods of less than one year are not annualized.CTotal returns would have been lower had certain expenses not been reduced during the periods shown.DTotal returns do not include the effect of the former sales
charges.ECalculated based on average shares outstanding during the period.FExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage
service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the
investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.GAmount represents less than $.01 per share.HRatio
has not been annualized as most of the fund's investment income is earned in the first half of its fiscal year.

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

Semiannual Report

Pacific Basin



# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      



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

|Asset Allocation                                                          
|--------------------------------------------------------------------------
|                                                                          
|Stocks                                                                    
|Short-Term Investments and
Net Other Assets                               
|Top Ten Stocks as of April 30, 2005                                       
|                                                                          
|Toyota Motor Corp. (Japan, Automobiles)                                   
|BHP Billiton Ltd. (Australia, Metals & Mining)                            
|Nippon Electric Glass Co. Ltd. (Japan, Electronic Equipment & Instruments)
|Esprit Holdings Ltd. (Hong Kong, Specialty Retail)                        
|Sumitomo Mitsui Financial Group, Inc. (Japan, Commercial Banks)           
|Techtronic Industries Co. Ltd. (Hong Kong, Household Durables)            
|Hyundai Motor Co. (Korea (South), Automobiles)                            
|Geodesic Information Systems Ltd. (India, Software)                       
|ORIX Corp. (Japan, Consumer Finance)                                      
|Bridgestone Corp. (Japan, Auto Components)                                
|                                                                          
|Market Sectors as of April 30, 2005                                       
|                                                                          
|Consumer Discretionary                                                    
|Industrials                                                               
|Financials                                                                
|Information Technology                                                    
|Materials                                                                 
|Health Care                                                               
|Consumer Staples                                                          
|Telecommunication Services                                                
|Energy                                                                    
|Utilities                                                                 

Semiannual Report

Pacific Basin

# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 98.8%                                         
|--------------------------------------------------------------
|                                                              
|Australia - 11.8%                                             
|ABC Learning Centres Ltd.                                     
|AMP Ltd.                                                      
|BHP Billiton Ltd.                                             
|Billabong International Ltd.                                  
|Bradken Ltd.                                                  
|Cochlear Ltd.                                                 
|Computershare Ltd.                                            
|ConnectEast Group                                             
|CSL Ltd.                                                      
|DCA Group Ltd. (d)                                            
|Downer EDI Ltd.                                               
|Fosters Group Ltd.                                            
|Macquarie Airports unit                                       
|Macquarie Bank Ltd.                                           
|Macquarie Communications Infrastructure Group unit            
|Macquarie Infrastructure Group unit                           
|Newcrest Mining Ltd.                                          
|PaperlinX Ltd.                                                
|Promina Group Ltd.                                            
|QBE Insurance Group Ltd.                                      
|Seek Ltd.                                                     
|Sonic Healthcare Ltd.                                         
|United Group Ltd.                                             
|Westfield Group unit                                          
|TOTAL AUSTRALIA                                               
|Bermuda - 1.1%                                                
|Asia Aluminum Holdings Ltd. (a)                               
|GOME Electrical Appliances Holdings Ltd.                      
|Ports Design Ltd.                                             
|Sinolink Worldwide Holdings Ltd.                              
|Skyworth Digital Holdings Ltd.                                
|TOTAL BERMUDA                                                 
|Cayman Islands - 1.4%                                         
|Dynasty Fine Wines Group Ltd.                                 
|Foxconn International Holdings Ltd.                           
|Hutchison Telecommunications International Ltd.               
|Kingboard Chemical Holdings Ltd.                              
|Kingboard Chemical Holdings Ltd. warrants 12/31/06 (a)        
|SinoCom Software Group Ltd.                                   
|TOTAL CAYMAN ISLANDS                                          
|China - 4.7%                                                  
|Beijing Capital Land Ltd. (H Shares)                          
|Beijing Media Corp. Ltd. (H Shares)                           
|China Petroleum & Chemical Corp.
(H Shares)                   
|Chitaly Holdings Ltd.                                         
|                                                              
|                                                              
|Dongfang Electrical Machinery Co. Ltd. (H Shares)             
|Global Bio-Chem Technology Group Co. Ltd.                     
|Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)
|Li Ning Co. Ltd.                                              
|People's Food Holdings Ltd.                                   
|PetroChina Co. Ltd. (H Shares)                                
|Ping An Insurance (Group) Co. of China, Ltd. (H Shares)       
|Tencent Holdings Ltd.                                         
|Tong Ren Tang Technologies Co. Ltd.
(H Shares)                
|Weichai Power Co. Ltd. (H Shares)                             
|Wumart Stores, Inc. (H Shares)                                
|Yantai Changyu Pioneer Wine Co.
(B Shares)                    
|TOTAL CHINA                                                   
|Hong Kong - 7.9%                                              
|ASM Pacific Technology Ltd.                                   
|China Overseas Land & Investment Ltd.                         
|China Travel International Investment HK Ltd.                 
|Esprit Holdings Ltd.                                          
|Hanny Holdings Ltd.                                           
|Henderson Land Development Co. Ltd.                           
|Hengan International Group Co. Ltd.                           
|Hong Kong & China Gas Co. Ltd.                                
|Hutchison Whampoa Ltd.                                        
|Hutchison Whampoa Ltd. ADR                                    
|Paul Y-ITC Construction Holdings Ltd.                         
|Shun Tak Holdings Ltd.                                        
|Solomon Systech Ltd.                                          
|Techtronic Industries Co. Ltd.                                
|Television Broadcasts Ltd.                                    
|Tom.com Ltd. (a)                                              
|Wharf Holdings Ltd.                                           
|TOTAL HONG KONG                                               
|India - 4.7%                                                  
|ABB Ltd. India                                                
|Alembic Ltd.                                                  
|Aztec Software & Technology Services Ltd. (a)                 
|Bajaj Auto Ltd.                                               
|Bharat Electronics Ltd.                                       
|Crompton Greaves Ltd.                                         
|Geodesic Information Systems Ltd.                             
|Housing Development Finance Corp. Ltd.                        
|Indiabulls Financial Services Ltd.                            
|Indiabulls Financial Services Ltd. GDR (a)                    
|Kotak Mahindra Bank Ltd.                                      
|Max India Ltd. (a)                                            
|Common Stocks - continued                                     
|                                                              
|India - continued                                             
|Pantaloon Retail India Ltd.                                   
|Pfizer Ltd.                                                   
|State Bank of India                                           
|TOTAL INDIA                                                   
|Indonesia - 1.3%                                              
|PT Indocement Tunggal Prakarsa Tbk (a)                        
|PT Mitra Adiperkasa Tbk                                       
|PT Telkomunikasi Indonesia Tbk Series B                       
|TOTAL INDONESIA                                               
|Japan - 42.9%                                                 
|Aisin Seiki Co. Ltd.                                          
|Aruze Corp. (d)                                               
|Asahi Breweries Ltd.                                          
|Astellas Pharma, Inc.                                         
|Bandai Visual Co. Ltd. (d)                                    
|Bridgestone Corp.                                             
|Canon, Inc.                                                   
|Casio Computer Co. Ltd.                                       
|Central Glass Co. Ltd.                                        
|Chiyoda Corp.                                                 
|Chugai Pharmaceutical Co. Ltd.                                
|Commuture Corp.                                               
|Cosmo Oil Co. Ltd.                                            
|Credit Saison Co. Ltd.                                        
|Cyber Agent Ltd.                                              
|Daikin Industries Ltd.                                        
|Don Quijote Co. Ltd. (d)                                      
|E*Trade Securities Co. Ltd.                                   
|East Japan Railway Co.                                        
|Forval Corp.                                                  
|Fuji Seal International, Inc.                                 
|Fujirebio, Inc. (d)                                           
|Fujitsu Ltd.                                                  
|Fullcast Co. Ltd.                                             
|Geomatec Co. Ltd. (d)                                         
|H.I.S. Co. Ltd.                                               
|Hamakyorex Co. Ltd. (d)                                       
|Hikari Tsushin, Inc. (d)                                      
|Hokuhoku Financial Group, Inc.                                
|Hokuto Corp.                                                  
|Honda Motor Co. Ltd.                                          
|Hoya Corp.                                                    
|Intelligent Wave, Inc.                                        
|Ise Chemical Corp.                                            
|JAFCO Co. Ltd.                                                
|Japan Logistics Fund, Inc. (a)                                
|JSR Corp.                                                     
|Kamigumi Co. Ltd.                                             
|Kaneka Corp.                                                  
|KOEI Co. Ltd. (d)                                             
|                                                              
|                                                              
|Konica Minolta Holdings, Inc.                                 
|Koyo Seiko Co. Ltd.                                           
|livedoor Co. Ltd. (a)                                         
|Mars Engineering Corp.                                        
|Millea Holdings, Inc.                                         
|Mitsubishi Corp.                                              
|Mitsubishi Securities Co. Ltd. (d)                            
|Mitsui & Co. Ltd.                                             
|Mitsui Trust Holdings, Inc.                                   
|Mizuho Financial Group, Inc.                                  
|Monex Beans Holdings, Inc. (a)(d)                             
|Nidec Corp.                                                   
|Nikko Cordial Corp.                                           
|Nippon Chemi-con Corp.                                        
|Nippon Electric Glass Co. Ltd.                                
|Nippon Mining Holdings, Inc.                                  
|Nippon Shinpan Co. Ltd. (a)                                   
|Nishi-Nippon City Bank Ltd.                                   
|Nissin Co. Ltd.                                               
|Nitto Denko Corp.                                             
|Nittoku Engineering Co. Ltd.                                  
|NOK Corp.                                                     
|Oracle Corp. Japan (d)                                        
|Oricon, Inc.                                                  
|Oricon, Inc. New                                              
|ORIX Corp.                                                    
|Ricoh Co. Ltd.                                                
|Riso Kyoiku Co. Ltd. (d)                                      
|Riso Kyoiku Co. Ltd. New (d)                                  
|Sankyo Co. Ltd. (Gunma)                                       
|Sega Sammy Holdings, Inc. (a)                                 
|SFCG Co. Ltd. (d)                                             
|Softbank Corp. (d)                                            
|Sony Corp.                                                    
|Square Enix Co. Ltd.                                          
|Stanley Electric Co. Ltd.                                     
|Sumitomo Electric Industries Ltd.                             
|Sumitomo Forestry Co. Ltd.                                    
|Sumitomo Mitsui Financial Group, Inc.                         
|Sumitomo Osaka Cement Co. Ltd.                                
|Sumitomo Rubber Industries Ltd.                               
|T&D Holdings, Inc.                                            
|Takara Holdings, Inc. (d)                                     
|Teijin Ltd.                                                   
|Telewave, Inc. New (d)                                        
|TIS, Inc.                                                     
|Tokyo Tomin Bank Ltd.                                         
|Toyota Motor Corp.                                            
|USS Co. Ltd.                                                  
|ValueClick Japan, Inc. (a)                                    
|Yamato Transport Co. Ltd.                                     
|TOTAL JAPAN                                                   
|Common Stocks - continued                                     
|                                                              
|Korea (South) - 10.9%                                         
|Ace Digitech Co. Ltd. (a)                                     
|Binggrea Co. Ltd.                                             
|Core Logic, Inc.                                              
|Doosan Heavy Industries & Construction Co. Ltd.               
|Edubox, Inc. (a)                                              
|GS Holdings Corp.                                             
|Hyundai Heavy Industries Co. Ltd.                             
|Hyundai Mipo Dockyard Co. Ltd.                                
|Hyundai Motor Co.                                             
|INSUN ENT Co. Ltd.                                            
|Jahwa Electronics Co. Ltd.                                    
|Jeonbuk Bank                                                  
|Keangnam Enterprises (a)                                      
|Kia Motors Corp.                                              
|Kookmin Bank                                                  
|Kumho Electric Co. Ltd.                                       
|LG Corp.                                                      
|LG Electronics, Inc.                                          
|LG Household & Health Care Ltd.                               
|Lightron Fiber-Optic Devices, Inc. (a)                        
|NCsoft Corp. (a)                                              
|NHN Corp.                                                     
|Phoenix PDE Co. Ltd.                                          
|S1 Corp.                                                      
|Seoul Semiconductor Co. Ltd.                                  
|SFA Engineering Corp.                                         
|Shinhan Financial Group Co. Ltd.                              
|STX Engine Co. Ltd.                                           
|STX Shipbuilding Co. Ltd.                                     
|Taewoong Co. Ltd.                                             
|TSM Tech Co. Ltd.                                             
|Woori Finance Holdings Co. Ltd.                               
|Yedang Entertainment Co. Ltd. (a)                             
|TOTAL KOREA (SOUTH)                                           
|Malaysia - 0.9%                                               
|PLUS Expressways BHD                                          
|Public Bank BHD (For. Reg.)                                   
|Southern Bank BHD                                             
|Southern Bank BHD (For. Reg.)                                 
|TOTAL MALAYSIA                                                
|Philippines - 1.0%                                            
|Philippine Long Distance Telephone Co.                        
|Philippine Long Distance Telephone Co. sponsored ADR (d)      
|TOTAL PHILIPPINES                                             
|                                                              
|                                                              
|Singapore - 4.0%                                              
|Accord Customer Care Solutions Ltd. (a)                       
|Ascendas Real Estate Investment Trust (A-REIT)                
|CapitaLand Ltd.                                               
|Citiraya Industries Ltd.                                      
|ComfortDelgro Corp. Ltd.                                      
|Fortune (REIT)                                                
|HTL International Holdings Ltd.                               
|Hyflux Ltd.                                                   
|Keppel Corp. Ltd.                                             
|Pertama Holdings Ltd.                                         
|Petra Foods Ltd.                                              
|Raffles Education Corp. Ltd.                                  
|TOTAL SINGAPORE                                               
|Taiwan - 4.8%                                                 
|Acer, Inc.                                                    
|Asia Optical Co., Inc.                                        
|Chinatrust Financial Holding Co.                              
|Chipbond Technology Corp.                                     
|Far EasTone Telecommunications Co. Ltd.                       
|Formosa Petrochemical Corp.                                   
|High Tech Computer Corp.                                      
|Hon Hai Precision Industries Co. Ltd.                         
|King Yuan Electronics Co. Ltd.                                
|Optimax Technology Corp.                                      
|Opto Technology Corp. (a)                                     
|Pihsiang Machinery Manufacturing Co.                          
|Springsoft, Inc.                                              
|Taiwan Secom Co.                                              
|Tong Yang Industry Co. Ltd.                                   
|Tsann Kuen Enterprise Co. Ltd.                                
|United Microelectronics Corp.                                 
|Yageo Corp. (a)                                               
|TOTAL TAIWAN                                                  
|Thailand - 1.2%                                               
|Advanced Info Service PCL (For. Reg.)                         
|Bumrungrad Hospital PCL (For. Reg.) (a)                       
|Italian-Thai Development PCL                                  
|Thai Oil PCL (For. Reg.)                                      
|True Corp. PCL (a)                                            
|True Corp. PCL (For. Reg.) rights 4/30/08 (a)                 
|TOTAL THAILAND                                                
|United States of America - 0.2%                               
|ResMed, Inc. CHESS Depositary Interests (a)                   
|TOTAL COMMON STOCKS
(Cost $458,885,949)                       
|Nonconvertible Preferred Stocks - 0.2%                        
|                                                              
|Korea (South) - 0.2%                                          
|LG Electronics, Inc. 
(Cost $845,811)                         
|Money Market Funds - 4.8%                                     
|                                                              
|Fidelity Cash Central Fund, 2.84% (b)                         
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)   
|TOTAL MONEY MARKET FUNDS
(Cost $24,468,332)                   
|TOTAL INVESTMENT PORTFOLIO - 103.8%
(Cost $484,200,092)       
|NET OTHER ASSETS - (3.8)%                                     
|NET ASSETS - 100%                                             

|Legend                                                                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|Income Tax Information                                                                                                                                                                                                                                                                                    
|At October 31, 2004, the fund had a capital loss carryforward of approximately $43,207,928 of which $12,713,654 and $30,494,274 will expire on October
31, 2009 and 2010, respectively.                                                                                                                   

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

Semiannual Report

Pacific Basin

# Financial Statements

Statement of Assets and Liabilities

|                                                                                                                                | April 30, 2005 (Unaudited)
|------------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                                |                           
|Assets                                                                                                                          |                           
|Investment in securities, at value (including securities loaned of $20,841,380) (cost $484,200,092) - See accompanying
schedule |                           
|Foreign currency held at value (cost $2,049,157)                                                                                |                           
|Receivable for investments sold                                                                                                 |                           
|Receivable for fund shares sold                                                                                                 |                           
|Dividends receivable                                                                                                            |                           
|Interest receivable                                                                                                             |                           
|Prepaid expenses                                                                                                                |                           
|Other affiliated receivables                                                                                                    |                           
|Other receivables                                                                                                               |                           
|Total assets                                                                                                                    |                           
|                                                                                                                                |                           
|Liabilities                                                                                                                     |                           
|Payable for investments purchased                                                                                               | $	4,454,329               
|Payable for fund shares redeemed                                                                                                | 716,163                   
|Accrued management fee                                                                                                          | 275,352                   
|Other affiliated payables                                                                                                       | 139,064                   
|Other payables and accrued expenses                                                                                             | 802,772                   
|Collateral on securities loaned, at value                                                                                       | 21,837,470                
|Total liabilities                                                                                                               |                           
|                                                                                                                                |                           
|Net Assets                                                                                                                      |                           
|Net Assets consist of:                                                                                                          |                           
|Paid in capital                                                                                                                 |                           
|Undistributed net investment income                                                                                             |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions                             |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies                      |                           
|Net Assets, for 26,350,115 shares outstanding                                                                                   |                           
|Net Asset Value, offering price and redemption price per share ($514,144,626 ÷ 26,350,115 shares)                               |                           

Statement of Operations

|                                                                                                                                       | Six months ended April 30, 2005
(Unaudited)
|-------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------
|                                                                                                                                       |                                            
|Investment Income                                                                                                                      |                                            
|Dividends                                                                                                                              |                                            
|Interest                                                                                                                               |                                            
|Security lending                                                                                                                       |                                            
|                                                                                                                                       |                                            
|Less foreign taxes withheld                                                                                                            |                                            
|Total income                                                                                                                           |                                            
|                                                                                                                                       |                                            
|Expenses                                                                                                                               |                                            
|Management fee
Basic fee                                                                                                               | $	1,811,900                                
|Performance adjustment                                                                                                                 | (201,545)                                  
|Transfer agent fees                                                                                                                    | 678,170                                    
|Accounting and security lending fees                                                                                                   | 127,453                                    
|Independent trustees' compensation                                                                                                     | 1,405                                      
|Custodian fees and expenses                                                                                                            | 220,537                                    
|Registration fees                                                                                                                      | 34,446                                     
|Audit                                                                                                                                  | 37,082                                     
|Legal                                                                                                                                  | 615                                        
|Miscellaneous                                                                                                                          | 2,226                                      
|Total expenses before reductions                                                                                                       | 2,712,289                                  
|Expense reductions                                                                                                                     | (31,140)                                   
|Net investment income (loss)                                                                                                           |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:                                                                       |                                            
|Investment securities (net of foreign taxes of $415,737)                                                                               | 31,876,083                                 
|Foreign currency transactions                                                                                                          | 21,877                                     
|Total net realized gain (loss)                                                                                                         |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $487,999) | 10,534,728                                 
|Assets and liabilities in foreign currencies                                                                                           | (24,586)                                   
|Total change in net unrealized appreciation (depreciation)                                                                             |                                            
|Net gain (loss)                                                                                                                        |                                            
|Net increase (decrease) in net assets resulting from operations                                                                        |                                            

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, 2005
(Unaudited) | Year ended
October 31,
2004
|----------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ---------------------------
|Increase (Decrease) in Net Assets                                                                                                               |                                             |                            
|Operations                                                                                                                                      |                                             |                            
|Net investment income (loss)                                                                                                                    | $	1,953,189                                 | $	1,889,777                
|Net realized gain (loss)                                                                                                                        | 31,897,960                                  | 37,378,041                 
|Change in net unrealized appreciation (depreciation)                                                                                            | 10,510,142                                  | (19,720,916)               
|Net increase (decrease) in net assets resulting from operations                                                                                 | 44,361,291                                  | 19,546,902                 
|Distributions to shareholders from net investment income                                                                                        | (1,990,052)                                 | (3,891,845)                
|Distributions to shareholders from net realized gain                                                                                            | (3,233,832)                                 | -                          
|Total distributions                                                                                                                             | (5,223,884)                                 | (3,891,845)                
|Share transactions 
Proceeds from sales of shares                                                                                               | 88,770,062                                  | 173,753,484                
|Reinvestment of distributions                                                                                                                   | 4,800,773                                   | 3,503,557                  
|Cost of shares redeemed                                                                                                                         | (63,789,589)                                | (167,584,200)              
|Net increase (decrease) in net assets resulting from share transactions                                                                         | 29,781,246                                  | 9,672,841                  
|Redemption fees                                                                                                                                 | 98,791                                      | 548,652                    
|Total increase (decrease) in net assets                                                                                                         | 69,017,444                                  | 25,876,550                 
|Net Assets                                                                                                                                      |                                             |                            
|Beginning of period                                                                                                                             | 445,127,182                                 | 419,250,632                
|End of period (including undistributed net investment income of $1,817,586 and undistributed net investment income of
$1,854,449, respectively) | $	514,144,626                               | $	445,127,182              
|Other Information
Shares                                                                                                                        |                                             |                            
|Sold                                                                                                                                            | 4,499,864                                   | 9,569,285                  
|Issued in reinvestment of distributions                                                                                                         | 262,912                                     | 207,801                    
|Redeemed                                                                                                                                        | (3,269,167)                                 | (9,495,851)                
|Net increase (decrease)                                                                                                                         | 1,493,609                                   | 281,235                    

Financial Highlights

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Six months ended
April 30, 2005 | Years ended October 31,
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | -----------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (Unaudited)                     | 2004                   
|Selected Per-Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                 |                        
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $	17.91                         | $	17.06                
|Income from Investment Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                 |                        
|Net investment income (loss)F                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | .08                             | .07                    
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 1.73                            | .92                    
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 1.81                            | .99                    
|Distributions from net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (.08)                           | (.16)                  
|Distributions in excess of net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | -                               | -                      
|Distributions from net realized gain                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (.13)                           | -                      
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (.21)                           | (.16)                  
|Redemption fees added to paid in capitalF                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | -H                              | .02                    
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $	19.51                         | $	17.91                
|Total ReturnB, C, D, E                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 10.19%                          | 5.98%                  
|Ratios to Average Net AssetsG                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                 |                        
|Expenses before expense reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 1.08%A                          | 1.20%                  
|Expenses net of voluntary waivers, if any                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 1.08%A                          | 1.20%                  
|Expenses net of all reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 1.07%A                          | 1.19%                  
|Net investment income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | .78%A                           | .42%                   
|Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                 |                        
|Net assets, end of period (000 omitted)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $	514,145                       | $	445,127              
|Portfolio turnover rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 94%A                            | 145%                   
|AAnnualizedBTotal returns for periods of less than one year are not annualized.CTotal returns would have been lower had certain expenses not been reduced during the periods shown.DTotal returns do not include the effect of the former sales
charges.ETotal returns do not include the effect of the contingent deferred sales charge.FCalculated based on average shares outstanding during the period.GExpense ratios reflect operating expenses of the fund. Expenses before reductions do not
reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur.
Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net
expenses paid by the fund.HAmount represents less than $.01 per share.

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

Semiannual Report

Southeast Asia



# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      



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

|Asset Allocation                                                                      
|--------------------------------------------------------------------------------------
|                                                                                      
|Stocks                                                                                
|Short-Term Investments and
Net Other Assets                                           
|Top Ten Stocks as of April 30, 2005                                                   
|                                                                                      
|Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)
|Shinhan Financial Group Co. Ltd. (Korea (South), Commercial Banks)                    
|Esprit Holdings Ltd. (Hong Kong, Specialty Retail)                                    
|Kookmin Bank (Korea (South), Commercial Banks)                                        
|Kingboard Chemical Holdings Ltd. (Cayman Islands, Electronic Equipment & Instruments) 
|PetroChina Co. Ltd. (H Shares) (China, Oil & Gas)                                     
|Hyundai Motor Co. (Korea (South), Automobiles)                                        
|Hutchison Whampoa Ltd. (Hong Kong, Industrial Conglomerates)                          
|Far EasTone Telecommunications Co. Ltd. (Taiwan, Wireless Telecommunication Services) 
|Keppel Corp. Ltd. (Singapore, Industrial Conglomerates)                               
|                                                                                      
|Market Sectors as of April 30, 2005                                                   
|                                                                                      
|Information Technology                                                                
|Financials                                                                            
|Industrials                                                                           
|Consumer Discretionary                                                                
|Energy                                                                                
|Materials                                                                             
|Telecommunication Services                                                            
|Consumer Staples                                                                      
|Utilities                                                                             
|Health Care                                                                           

Semiannual Report

Southeast Asia

# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 95.7%                                         
|--------------------------------------------------------------
|                                                              
|Australia - 1.5%                                              
|Caltex Australia Ltd.                                         
|ConnectEast Group                                             
|Downer EDI Ltd.                                               
|Seek Ltd.                                                     
|TOTAL AUSTRALIA                                               
|Bermuda - 0.3%                                                
|Titan Petrochemicals Group Ltd.                               
|Cayman Islands - 3.3%                                         
|China Shineway Pharmaceutical Group Ltd.                      
|Dynasty Fine Wines Group Ltd.                                 
|Foxconn International Holdings Ltd.                           
|International Entertainment Co. (a)                           
|Kingboard Chemical Holdings Ltd.                              
|Kingboard Chemical Holdings Ltd. warrants 12/31/06 (a)        
|TOTAL CAYMAN ISLANDS                                          
|China - 9.4%                                                  
|Angang New Steel Co. Ltd. (H Shares)                          
|Anhui Expressway Co. Ltd. (H Shares)                          
|Beijing Capital Land Ltd. (H Shares)                          
|Beijing Media Corp. Ltd. (H Shares)                           
|China Mengniu Dairy Co. Ltd.                                  
|China Petroleum & Chemical Corp.
(H Shares)                   
|China Resources Land Ltd.                                     
|China Shipping Development Co. Ltd.
(H Shares)                
|Chitaly Holdings Ltd.                                         
|Dongfang Electrical Machinery Co. Ltd. (H Shares)             
|Global Bio-Chem Technology Group Co. Ltd.                     
|Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)
|Guangshen Railway Co. Ltd. Class H                            
|Li Ning Co. Ltd.                                              
|PetroChina Co. Ltd. (H Shares)                                
|Shanda Interactive Entertainment Ltd. ADR (d)                 
|Shanghai Electric (Group) Corp.
(H Shares) (a)                
|Shanghai Forte Land Co. Ltd. (H Shares)                       
|Sinopec Zhenhai Refining & Chemical Co. Ltd. (H Shares)       
|Tencent Holdings Ltd.                                         
|Weichai Power Co. Ltd. (H Shares)                             
|Wumart Stores, Inc. (H Shares)                                
|ZTE Corp. (H Shares)                                          
|TOTAL CHINA                                                   
|                                                              
|                                                              
|Hong Kong - 14.8%                                             
|ASM Pacific Technology Ltd. (d)                               
|Cheung Kong Holdings Ltd.                                     
|Cross-Harbour Holdings Ltd.                                   
|Esprit Holdings Ltd.                                          
|Great Eagle Holdings Ltd.                                     
|Hong Kong & China Gas Co. Ltd.                                
|Hong Kong Electric Holdings Ltd.                              
|Hong Kong Land Holdings Ltd.                                  
|Hutchison Whampoa Ltd.                                        
|Jardine Matheson Holdings Ltd.                                
|Jardine Strategic Holdings Ltd.                               
|Joyce Boutique Holdings Ltd. (a)                              
|Li & Fung Ltd.                                                
|Paul Y-ITC Construction Holdings Ltd.                         
|Swire Pacific Ltd. (A Shares)                                 
|Techtronic Industries Co. Ltd.                                
|Television Broadcasts Ltd.                                    
|YGM Trading Ltd.                                              
|TOTAL HONG KONG                                               
|Indonesia - 4.2%                                              
|PT Bakrie & Brothers Tbk (a)                                  
|PT Ciputra Development Tbk (a)                                
|PT Energi Mega Persada Tbk                                    
|PT Gadjah Tunggal Tbk (a)                                     
|PT Hanjaya Mandala Sampoerna Tbk                              
|PT Hexindo Adiperkasa Tbk                                     
|PT Jakarta International Hotel & Development Tbk (a)          
|PT Pabrik Kertas Tjiwi Kimia Tbk (a)                          
|PT Perusahaan Gas Negara Tbk Series B                         
|PT Perushahaan Perkebunan London Sumatra Tbk                  
|PT Tambang Batubbara Bukit Asam Tbk                           
|PT United Tractors Tbk                                        
|TOTAL INDONESIA                                               
|Korea (South) - 27.2%                                         
|AmorePacific Corp.                                            
|Cheil Communications, Inc.                                    
|CJ Home Shopping                                              
|Daewoo Heavy Industries & Machinery Ltd.                      
|Daewoo Shipbuilding & Marine Engineering Co. Ltd.             
|Dongbu Insurance Co. Ltd.                                     
|Hanjin Shipping Co. Ltd.                                      
|Hanwha Chemical Corp.                                         
|Hyundai Department Store Co. Ltd.                             
|Hyundai Fire&Marine Insurance Co. Ltd.                        
|Hyundai Heavy Industries Co. Ltd.                             
|Hyundai Mipo Dockyard Co. Ltd.                                
|Hyundai Mobis                                                 
|Common Stocks - continued                                     
|                                                              
|Korea (South) - continued                                     
|Hyundai Motor Co.                                             
|Kookmin Bank                                                  
|Korea Exchange Bank (a)                                       
|LG Card Co. Ltd. (a)                                          
|LG Electronics, Inc.                                          
|LG.Philips LCD Co. Ltd. ADR (d)                               
|NCsoft Corp. (a)                                              
|Phoenix PDE Co. Ltd.                                          
|S-Oil Corp.                                                   
|Samsung Electronics Co. Ltd.                                  
|Shinhan Financial Group Co. Ltd.                              
|Shinsegae Co. Ltd.                                            
|Ssangyong Engineering & Construction Co. Ltd. (a)             
|TOTAL KOREA (SOUTH)                                           
|Malaysia - 3.4%                                               
|Bintulu Port Holdings BHD                                     
|Bursa Malaysia BHD                                            
|DRB-Hicom BHD                                                 
|KLCC Property Holdings BHD                                    
|Kurnia Asia BHD                                               
|Landmarks BHD                                                 
|Lion Corp. BHD (a)                                            
|Lion Industries Corp. BHD                                     
|Malayan Banking BHD                                           
|Malaysian International Shipping Corp. BHD (For. Reg.)        
|PLUS Expressways BHD                                          
|Public Bank BHD (For. Reg.)                                   
|Southern Bank BHD (For. Reg.)                                 
|Star Publications (Malaysia) BHD                              
|TOTAL MALAYSIA                                                
|Philippines - 0.7%                                            
|Philippine Long Distance Telephone Co.                        
|Singapore - 11.2%                                             
|Ascendas Real Estate Investment Trust (A-REIT)                
|CapitaLand Ltd.                                               
|ComfortDelgro Corp. Ltd.                                      
|Cosco Investment (Singapore) Ltd.                             
|Ezra Holdings Ltd.                                            
|Fortune (REIT)                                                
|Hotel Properties Ltd.                                         
|Hyflux Ltd.                                                   
|Jurong Technologies Industrial Corp. Ltd.                     
|Keppel Corp. Ltd.                                             
|Keppel Land Ltd.                                              
|KS Tech Ltd.                                                  
|Neptune Orient Lines Ltd.                                     
|Overseas Union Enterprises Ltd.                               
|Raffles Holdings Ltd.                                         
|                                                              
|                                                              
|Sembcorp Marine Ltd.                                          
|Singapore Land Ltd.                                           
|Singapore Petroleum Co. Ltd. (d)                              
|Singapore Telecommunications Ltd.                             
|Starhub Ltd.                                                  
|STATS ChipPAC Ltd. (a)                                        
|United Industrial Corp. Ltd.                                  
|United Overseas Bank Ltd.                                     
|TOTAL SINGAPORE                                               
|Taiwan - 17.0%                                                
|Acer, Inc.                                                    
|Advanced Semiconductor Engineering, Inc.                      
|Asia Optical Co., Inc.                                        
|AU Optronics Corp.                                            
|AU Optronics Corp. sponsored ADR                              
|Chi Mei Optoelectronics Corp.                                 
|China Steel Corp.                                             
|Chinatrust Financial Holding Co.                              
|Chunghwa Telecom Co. Ltd.                                     
|E.Sun Financial Holdings Co. Ltd.                             
|EVA Airways Corp.                                             
|Far EasTone Telecommunications Co. Ltd.                       
|Formosa Petrochemical Corp.                                   
|High Tech Computer Corp.                                      
|Hon Hai Precision Industries Co. Ltd.                         
|King Yuan Electronics Co. Ltd.                                
|Kinsus Interconnect Technology Corp.                          
|Merida Industry Co. Ltd.                                      
|Nien Made Enterprise Co. Ltd.                                 
|Novatek Microelectronics Corp.                                
|Optimax Technology Corp.                                      
|Siliconware Precision Industries Co. Ltd.                     
|Tainan Enterprises Co. Ltd.                                   
|Taiwan Semiconductor Manufacturing Co. Ltd.                   
|United Microelectronics Corp.                                 
|Yang Ming Marine Trnsport Corp.                               
|TOTAL TAIWAN                                                  
|Thailand - 1.5%                                               
|Advanced Info Service PCL (For. Reg.)                         
|Aromatics (Thailand) PCL                                      
|Asia Credit PCL (For. Reg.) (a)                               
|Sino Thai Engineering & Construction PCL:                     
|(For. Reg.)                                                   
|(For. Reg.) warrants 3/17/08 (a)                              
|Thai Oil PCL (For. Reg.)                                      
|True Corp. PCL (a)                                            
|TOTAL THAILAND                                                
|Common Stocks - continued                                     
|                                                              
|United Kingdom - 1.2%                                         
|HSBC Holdings PLC (Hong Kong) (Reg.)                          
|TOTAL COMMON STOCKS
(Cost $475,327,791)                       
|Nonconvertible Preferred Stocks - 3.2%                        
|                                                              
|Korea (South) - 3.2%                                          
|Hyundai Motor Co.                                             
|LG Electronics, Inc.                                          
|Samsung Electronics Co. Ltd.                                  
|TOTAL NONCONVERTIBLE PREFERRED STOCKS
(Cost $12,515,842)      
|Money Market Funds - 1.9%                                     
|                                                              
|Fidelity Cash Central Fund, 2.84% (b)                         
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)   
|TOTAL MONEY MARKET FUNDS
(Cost $11,164,561)                   
|TOTAL INVESTMENT PORTFOLIO - 100.8%
(Cost $499,008,194)       
|NET OTHER ASSETS - (0.8)%                                     
|NET ASSETS - 100%                                             

|Legend                                                                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|Income Tax Information                                                                                                                                                                                                                                                                                    
|At October 31, 2004, the fund had a capital loss carryforward of approximately $41,732,035 of which $12,016,985, $323,970 and $29,391,080 will expire
on October 31, 2006, 2007 and 2009, respectively.                                                                                                   

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

Semiannual Report

Southeast Asia

# Financial Statements

Statement of Assets and Liabilities

|                                                                                                                               | April 30, 2005 (Unaudited)
|------------------------------------------------------------------------------------------------------------------------------ | --------------------------
|                                                                                                                               |                           
|Assets                                                                                                                         |                           
|Investment in securities, at value (including securities loaned of $6,982,232) (cost $499,008,194) - See accompanying
schedule |                           
|Cash                                                                                                                           |                           
|Foreign currency held at value (cost $171,065)                                                                                 |                           
|Receivable for investments sold                                                                                                |                           
|Receivable for fund shares sold                                                                                                |                           
|Dividends receivable                                                                                                           |                           
|Interest receivable                                                                                                            |                           
|Prepaid expenses                                                                                                               |                           
|Other affiliated receivables                                                                                                   |                           
|Other receivables                                                                                                              |                           
|Total assets                                                                                                                   |                           
|                                                                                                                               |                           
|Liabilities                                                                                                                    |                           
|Payable for investments purchased                                                                                              | $	106,000                 
|Payable for fund shares redeemed                                                                                               | 387,765                   
|Accrued management fee                                                                                                         | 350,351                   
|Other affiliated payables                                                                                                      | 142,544                   
|Other payables and accrued expenses                                                                                            | 121,606                   
|Collateral on securities loaned, at value                                                                                      | 7,065,081                 
|Total liabilities                                                                                                              |                           
|                                                                                                                               |                           
|Net Assets                                                                                                                     |                           
|Net Assets consist of:                                                                                                         |                           
|Paid in capital                                                                                                                |                           
|Undistributed net investment income                                                                                            |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions                            |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies                     |                           
|Net Assets, for 34,072,714 shares outstanding                                                                                  |                           
|Net Asset Value, offering price and redemption price per share ($576,249,997 ÷ 34,072,714 shares)                              |                           

Statement of Operations

|                                                                               | Six months ended April 30, 2005
(Unaudited)
|------------------------------------------------------------------------------ | -------------------------------------------
|                                                                               |                                            
|Investment Income                                                              |                                            
|Dividends                                                                      |                                            
|Interest                                                                       |                                            
|Security lending                                                               |                                            
|                                                                               |                                            
|Less foreign taxes withheld                                                    |                                            
|Total income                                                                   |                                            
|                                                                               |                                            
|Expenses                                                                       |                                            
|Management fee
Basic fee                                                       | $	1,945,018                                
|Performance adjustment                                                         | (23,808)                                   
|Transfer agent fees                                                            | 677,027                                    
|Accounting and security lending fees                                           | 133,019                                    
|Independent trustees' compensation                                             | 1,448                                      
|Custodian fees and expenses                                                    | 368,142                                    
|Registration fees                                                              | 22,769                                     
|Audit                                                                          | 47,453                                     
|Legal                                                                          | 650                                        
|Miscellaneous                                                                  | 2,208                                      
|Total expenses before reductions                                               | 3,173,926                                  
|Expense reductions                                                             | (10,690)                                   
|Net investment income (loss)                                                   |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:               |                                            
|Investment securities                                                          | 53,658,536                                 
|Foreign currency transactions                                                  | (286,978)                                  
|Total net realized gain (loss)                                                 |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities | 9,577,005                                  
|Assets and liabilities in foreign currencies                                   | 49,074                                     
|Total change in net unrealized appreciation (depreciation)                     |                                            
|Net gain (loss)                                                                |                                            
|Net increase (decrease) in net assets resulting from operations                |                                            

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, 2005
(Unaudited) | Year ended
October 31,
2004
|----------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ---------------------------
|Increase (Decrease) in Net Assets                                                                                                               |                                             |                            
|Operations                                                                                                                                      |                                             |                            
|Net investment income (loss)                                                                                                                    | $	4,187,427                                 | $	5,201,331                
|Net realized gain (loss)                                                                                                                        | 53,371,558                                  | 56,124,758                 
|Change in net unrealized appreciation (depreciation)                                                                                            | 9,626,079                                   | (34,410,743)               
|Net increase (decrease) in net assets resulting from operations                                                                                 | 67,185,064                                  | 26,915,346                 
|Distributions to shareholders from net investment income                                                                                        | (4,393,636)                                 | (3,836,810)                
|Share transactions 
Proceeds from sales of shares                                                                                               | 110,127,329                                 | 224,915,681                
|Reinvestment of distributions                                                                                                                   | 4,237,758                                   | 3,688,981                  
|Cost of shares redeemed                                                                                                                         | (65,915,246)                                | (182,949,102)              
|Net increase (decrease) in net assets resulting from share transactions                                                                         | 48,449,841                                  | 45,655,560                 
|Redemption fees                                                                                                                                 | 134,871                                     | 585,457                    
|Total increase (decrease) in net assets                                                                                                         | 111,376,140                                 | 69,319,553                 
|                                                                                                                                                |                                             |                            
|Net Assets                                                                                                                                      |                                             |                            
|Beginning of period                                                                                                                             | 464,873,857                                 | 395,554,304                
|End of period (including undistributed net investment income of $1,773,298 and undistributed net investment income of
$1,979,507, respectively) | $	576,249,997                               | $	464,873,857              
|Other Information
Shares                                                                                                                        |                                             |                            
|Sold                                                                                                                                            | 6,550,442                                   | 14,904,527                 
|Issued in reinvestment of distributions                                                                                                         | 261,752                                     | 264,130                    
|Redeemed                                                                                                                                        | (3,991,598)                                 | (12,752,681)               
|Net increase (decrease)                                                                                                                         | 2,820,596                                   | 2,415,976                  

Financial Highlights

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Six months ended
April 30, 2005 | Years ended October 31,
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | -----------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (Unaudited)                     | 2004                   
|Selected Per-Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                 |                        
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $	14.87                         | $	13.72                
|Income from Investment Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                 |                        
|Net investment income (loss)E                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | .13                             | .16                    
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2.05                            | 1.10                   
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 2.18                            | 1.26                   
|Distributions from net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (.14)                           | (.13)                  
|Redemption fees added to paid in capitalE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | -G                              | .02                    
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $	16.91                         | $	14.87                
|Total ReturnB, C, D                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 14.70%                          | 9.39%                  
|Ratios to Average Net AssetsF                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                 |                        
|Expenses before expense reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 1.18%A                          | 1.21%                  
|Expenses net of voluntary waivers, if any                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 1.18%A                          | 1.21%                  
|Expenses net of all reductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 1.17%A                          | 1.20%                  
|Net investment income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 1.56%A                          | 1.11%                  
|Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                 |                        
|Net assets, end of period (000 omitted)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $	576,250                       | $	464,874              
|Portfolio turnover rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 125%A                           | 131%                   
|AAnnualizedBTotal returns for periods of less than one year are not annualized.CTotal returns would have been lower had certain expenses not been reduced during the periods shown.DTotal returns do not include the effect of the former sales
charges.ECalculated based on average shares outstanding during the period.FExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage
service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the
investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.GAmount 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, 2005 (Unaudited, except as indicated)



1. Significant Accounting Policies.

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

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

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

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

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

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

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

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

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted
accounting principles. In addition, China Region and Japan Smaller Companies claimed a portion of the payment made to redeeming shareholders as
a distribution for income tax purposes. Capital accounts within the financial statements are adjusted for permanent book-tax differences. These
adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to short-term capital gains, foreign currency transactions, passive foreign investment companies (PFIC),
market discount, capital loss carryforwards and losses deferred due to wash sales.

Semiannual Report

1. 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 for each fund:

|                            | Cost for
Federal Income Tax
Purposes | Unrealized
Appreciation | Unrealized
Depreciation | Net Unrealized
Appreciation/
(Depreciation)
|--------------------------- | ------------------------------------ | ----------------------- | ----------------------- | -------------------------------------------
|Canada                      | $	868,972,048                        | $	136,387,262           | $	(30,244,206)          | $	106,143,056                              
|China Region                | 282,889,480                          | 57,418,847              | (5,986,743)             | 51,432,104                                 
|Emerging Markets            | 807,003,801                          | 157,088,938             | (39,536,222)            | 117,552,716                                
|Europe                      | 2,175,704,470                        | 347,994,224             | (59,783,617)            | 288,210,607                                
|Europe Capital Appreciation | 505,890,116                          | 35,979,879              | (20,384,649)            | 15,595,230                                 
|Japan                       | 738,956,795                          | 71,912,445              | (28,980,855)            | 42,931,590                                 
|Japan Smaller Companies     | 1,152,387,161                        | 346,416,809             | (29,317,663)            | 317,099,146                                
|Latin America               | 531,503,183                          | 154,191,306             | (23,625,289)            | 130,566,017                                
|Nordic                      | 153,774,287                          | 25,163,009              | (7,061,141)             | 18,101,868                                 
|Pacific Basin               | 488,033,927                          | 70,911,194              | (25,512,774)            | 45,398,420                                 
|Southeast Asia              | 499,334,120                          | 95,204,774              | (13,648,671)            | 81,556,103                                 

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

2. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits each
fund 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. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a
default of the counterparty. Each applicable fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal
amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds
could be delayed, during which time the value of the collateral may decline.

Restricted Securities. Each 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 each applicable fund's Schedule of Investments.

3. Purchases and Sales of Investments.

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

|                            | Purchases ($) | Sales ($)  
|--------------------------- | ------------- | -----------
|Canada                      | 565,828,524   | 84,584,494 
|China Region                | 99,666,989    | 88,591,222 
|Emerging Markets            | 540,722,937   | 297,303,026
|Europe                      | 1,208,861,492 | 924,981,688
|Europe Capital Appreciation | 462,347,285   | 422,395,346
|Japan                       | 322,029,789   | 292,085,394
|Japan Smaller Companies     | 368,148,684   | 498,879,452
|Latin America               | 312,940,210   | 76,396,911 
|Nordic                      | 68,601,310    | 53,700,426 
|Pacific Basin               | 260,786,034   | 233,318,633
|Southeast Asia              | 386,165,006   | 338,197,215

Semiannual Report

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

4. Fees and Other Transactions with Affiliates.

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

|                            | Individual Rate | Group Rate | Total
|--------------------------- | --------------- | ---------- | -----
|Canada                      | .45%            | .27%       | .78% 
|China Region                | .45%            | .27%       | .72% 
|Emerging Markets            | .45%            | .27%       | .72% 
|Europe                      | .45%            | .27%       | .76% 
|Europe Capital Appreciation | .45%            | .27%       | .63% 
|Japan                       | .45%            | .27%       | .66% 
|Japan Smaller Companies     | .45%            | .27%       | .72% 
|Latin America               | .45%            | .27%       | .72% 
|Nordic                      | .45%            | .27%       | .72% 
|Pacific Basin               | .45%            | .27%       | .64% 
|Southeast Asia              | .45%            | .27%       | .71% 

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

|              | Retained
by FDC | 
|------------- | --------------- | 
|Canada        | $	666           | 
|Europe        | 9,336           | 
|Pacific Basin | 3,297           | 

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

|Canada                      | .26% | 
|--------------------------- | ---- | 
|China Region                | .27% | 
|Emerging Markets            | .27% | 
|Europe                      | .25% | 
|Europe Capital Appreciation | .23% | 
|Japan                       | .24% | 
|Japan Smaller Companies     | .20% | 
|Latin America               | .25% | 
|Nordic                      | .28% | 
|Pacific Basin               | .27% | 
|Southeast Asia              | .25% | 

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

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

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

|                            | Income
Distributions | 
|--------------------------- | -------------------- | 
|Canada                      | $	372,561            | 
|China Region                | 82,494               | 
|Emerging Markets            | 208,972              | 
|Europe                      | 645,275              | 
|Europe Capital Appreciation | 178,572              | 
|Japan                       | 74,551               | 
|Japan Smaller Companies     | 415,573              | 
|Latin America               | 162,547              | 
|Nordic                      | 41,669               | 
|Pacific Basin               | 35,849               | 
|Southeast Asia              | 80,609               | 

Brokerage Commissions.Certain funds placed a portion of their portfolio transactions with brokerage firms which are affiliates of the investment
adviser. For each applicable fund, the commissions paid to these affiliated firms were as follows:

|                            | Amount  | 
|--------------------------- | ------- | 
|Canada                      | $	7,095 | 
|Emerging Markets            | 670     | 
|Europe Capital Appreciation | 3,512   | 
|Latin America               | 1,670   | 
|Nordic                      | 17      | 

Interfund Lending Program.Pursuant to an Exemptive Order issued by the SEC, the funds, along with other registered investment companies
having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility
allowing the funds to borrow from, or lend money to, other participating funds. At period end, there were no interfund loans outstanding. Each
applicable fund's activity in this program during the period was as follows:

|              | Borrower or Lender | Average Daily
Loan Balance | Weighted Average
Interest Rate | Interest Expense
|------------- | ------------------ | -------------------------- | ------------------------------ | ----------------
|Europe        | Borrower           | $	5,961,250                | 2.88%                          | $	1,909         
|Latin America | Borrower           | 7,540,778                  | 2.90%                          | 5,470           

5. Committed Line of Credit.

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

6. Security Lending.

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

Semiannual Report

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

7. Bank Borrowings.

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

|       | Average Daily
Loan Balance | Weighted Average
Interest Rate
|------ | -------------------------- | ------------------------------
|Europe | $5,879,250                 | 2.46%                         

8. Expense Reductions.

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

|                            | Brokerage Service
Arrangements | Custody expense
reduction | Transfer Agent
expense reduction
|--------------------------- | ------------------------------ | ------------------------- | --------------------------------
|Canada                      | $	118,373                      | $	3,438                   | $	3,424                         
|China Region                | 4,842                          | 80                        | 794                             
|Emerging Markets            | 308,343                        | 2,365                     | 4,628                           
|Europe                      | 870,454                        | 65                        | 23,882                          
|Europe Capital Appreciation | 307,714                        | 397                       | 359                             
|Japan                       | -                              | -                         | 6,431                           
|Japan Smaller Companies     | -                              | 5                         | 2,859                           
|Latin America               | 136,422                        | 560                       | 1,360                           
|Nordic                      | 19,923                         | -                         | 542                             
|Pacific Basin               | 28,246                         | -                         | 2,894                           
|Southeast Asia              | 7,426                          | -                         | 3,264                           

9. Other.

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

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

|                        | Affiliated % | Number of
Unaffiliated
Shareholders | Unaffiliated
Shareholders %
|----------------------- | ------------ | ----------------------------------- | ---------------------------
|Canada                  | -            | 1                                   | 11%                        
|Emerging Markets        | -            | 1                                   | 10%                        
|Japan                   | 10%          | -                                   | -                          
|Japan Smaller Companies | 19%          | -                                   | -                          
|Pacific Basin           | -            | 1                                   | 11%                        

At the end of the period, Fidelity Freedom Fund 2020 was the owner of record of approximately 18%, 14% and 10% of the total outstanding shares of
Europe, Japan and Southeast Asia, respectively. Fidelity Freedom Fund 2030 was the owner of record of approximately 13% and 10% of the total
outstanding shares of Europe and Japan, respectively. The Fidelity Freedom Funds were the owners of record, in the aggregate, of approximately 49%,
38% and 27% of the total outstanding shares of Europe, Japan and Southeast Asia, respectively.

Semiannual Report

# Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Emerging Markets
Fund (a fund of Fidelity Investment Trust) at April 30, 2005 and the results of its operations, the changes in its net assets and the financial highlights
for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements
and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Investment Trust's management; our
responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in
accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which
included confirmation of securities at April 30, 2005, by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

June 20, 2005

Semiannual Report

# Board Approval of Investment Advisory Contracts and Management Fees

On November 18, 2004, the Board of Trustees, including the independent Trustees (together, the Board), voted to approve a sub-advisory agreement
between Fidelity Gestion (FIGEST) and Fidelity International Investment Advisers (U.K.) Limited for Fidelity Europe Fund. The Board considered
that it has approved various sub-advisory agreements for the fund with non-U.S investment advisory affiliates of FMR that allow FMR to obtain
research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of
fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to
access additional sub-advisory services from FIGEST at no additional expense to the fund.

Nature, Extent, and Quality of Services Provided by Fidelity. The Board considered the background of the fund's portfolio manager and the
fund's investment objective and discipline.

Investment Performance. The Board noted that the approval of the sub-advisory agreement would not change the fund's portfolio manager, the
investment processes, the level or nature of services provided, the resources and personnel allocated, or its trading and compliance operations. The
Board determined that the new sub-advisory structure could reasonably be expected to enhance the fund's performance.

Based on this review of services, the Board concluded that the nature, extent, and quality of services provided by Fidelity will benefit shareholders of
the fund.

Competitiveness of Management Fees and Total Fund Expenses. The Board considered that the fund will not bear any additional management
fees or expenses under the new arrangement with FIGEST.

Costs of the Services and Profitability. As the Board was approving the FIGEST arrangement for the first time, no data regarding the impact on
FIGEST's or FMR's costs of services, revenues or profitability from the new arrangement were available for the Board to review.

Economies of Scale. The Board did not consider whether economies of scale were present in this single sub-advisory agreement, as the agreement is
one of several arrangements among FMR-affiliated sub-advisers that are intended to allow the fund to access sub-advisory services from non-U.S.
advisers at no additional expense to the fund.

Based on its evaluation of all of the conclusions noted above, and after consideration of all material factors, the Board concluded that the sub-advisory
fee structure is fair and reasonable, and that the FIGEST sub-advisory agreement should be approved.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agent

Fidelity Service Company, Inc.
Boston, MA

Custodians

JPMorgan Chase Bank
New York, NY

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

Brown Brothers Harriman & Co.
Boston, MA

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

Corporate Headquarters

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

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information	1-800-544-6666

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

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

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

(automated graphic)   	Automated line for quickest service



(2_fidelity_logos) (Registered_Trademark)

P.O. Box 193

Boston, MA 02101

(prepaid_mail_graphic)

TIF-USAN-0605
1.784917.102



(Fidelity Investment logo)(registered trademark)

Fidelity Advisor

International Discovery

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

Semiannual Report

April 30, 2005

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

(2_fidelity_logos) (Registered_Trademark)

# Contents

|Chairman's Message          | <Click
Here> | Ned Johnson's message to shareholders.                                                                        
|--------------------------- | ------------ | --------------------------------------------------------------------------------------------------------------
|Shareholder Expense Example | <Click
Here> | An example of shareholder expenses.                                                                           
|Investment Changes          | <Click
Here> | A summary of major shifts in the fund's investments over the past six
months.                                 
|Investments                 | <Click
Here> | A complete list of the fund's investments with their market values.                                           
|Financial Statements        | <Click
Here> | Statements of assets and liabilities, operations, and changes in net
assets, 
as well as financial highlights.
|Notes                       | <Click
Here> | Notes to the financial statements.                                                                            

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

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

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

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



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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

# Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

During the past year or so, much has been reported about the mutual fund industry, and much of it has been more critical than I believe is warranted.
Allegations that some companies have been less than forthright with their shareholders have cast a shadow on the entire industry. I continue to find these
reports disturbing, and assert that they do not create an accurate picture of the industry overall. Therefore, I would like to remind everyone where Fidelity
stands on these issues. I will say two things specifically regarding allegations that some mutual fund companies were in violation of the Securities and
Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities.

First, Fidelity has no agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not a new policy. This is not to
say that someone could not deceive the company through fraudulent acts. However, we are extremely diligent in preventing fraud from occurring in this
manner - and in every other. But I underscore again that Fidelity has no so-called "agreements" that sanction illegal practices.

Second, Fidelity continues to stand on record, as we have for years, in opposition to predatory short-term trading that adversely affects shareholders in a
mutual fund. Back in the 1980s, we initiated a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. Further, we
took the lead several years ago in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. I am confident we will
find other ways to make it more difficult for predatory traders to operate. However, this will only be achieved through close cooperation among regulators,
legislators and the industry.

Yes, there have been unfortunate instances of unethical and illegal activity within the mutual fund industry from time to time. That is true of any industry.
When this occurs, confessed or convicted offenders should be dealt with appropriately. But we are still concerned about the risk of over-regulation and the
quick application of simplistic solutions to intricate problems. Every system can be improved, and we support and applaud well thought out improvements
by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings.

For nearly 60 years, Fidelity has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946,
we had only a few hundred customers. Today, we serve more than 18 million customers including individual investors and participants in retirement plans
across America.

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

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report





# 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 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, 2004
to April 30, 2005) for International Discovery Fund and for the entire period (January 6, 2005 to April 30, 2005) for Class A, T, B, 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, 2004 to April 30, 2005).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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.

Semiannual Report

|                             | Beginning
Account Value | Ending
Account Value
April 30, 2005 | Expenses Paid
During Period
|---------------------------- | ----------------------- | ----------------------------------- | ---------------------------
|Class A                      |                         |                                     |                            
|Actual                       | $	1,000.00              | $	1,009.10                          | $	4.40B                    
|HypotheticalA                | $	1,000.00              | $	1,017.90                          | $	6.95C                    
|Class T                      |                         |                                     |                            
|Actual                       | $	1,000.00              | $	1,008.40                          | $	5.32B                    
|HypotheticalA                | $	1,000.00              | $	1,016.46                          | $	8.40C                    
|Class B                      |                         |                                     |                            
|Actual                       | $	1,000.00              | $	1,006.60                          | $	6.92B                    
|HypotheticalA                | $	1,000.00              | $	1,013.93                          | $	10.94C                   
|Class C                      |                         |                                     |                            
|Actual                       | $	1,000.00              | $	1,006.90                          | $	6.45B                    
|HypotheticalA                | $	1,000.00              | $	1,014.68                          | $	10.19C                   
|International Discovery Fund |                         |                                     |                            
|Actual                       | $	1,000.00              | $	1,104.80                          | $	5.64B                    
|HypotheticalA                | $	1,000.00              | $	1,019.44                          | $	5.41C                    
|Institutional Class          |                         |                                     |                            
|Actual                       | $	1,000.00              | $	1,010.60                          | $	3.07B                    
|HypotheticalA                | $	1,000.00              | $	1,019.98                          | $	4.86C                    

A5% return per year before expenses

BActual expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over
the period, multiplied by 181/365 (to reflect the one-half year period) for International Discovery Fund and multiplied by 115/365 (to reflect
the period January 6, 2005 to April 30, 2005) for Class A, T, B, C and Institutional Class.

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

|                             | Annualized
Expense Ratio
|---------------------------- | ------------------------
|Class A                      | 1.39%                   
|Class T                      | 1.68%                   
|Class B                      | 2.19%                   
|Class C                      | 2.04%                   
|International Discovery Fund | 1.08%                   
|Institutional Class          | .97%                    

Semiannual Report





# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      



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

|Asset Allocation                                                            
|----------------------------------------------------------------------------
|                                                                            
|Stocks and Equity Futures                                                   
|Short-Term Investments and Net Other Assets                                 
|Top Ten Stocks as of April 30, 2005                                         
|                                                                            
|Shell Transport & Trading Co. PLC (Reg.) (United Kingdom, Oil & Gas)        
|BP PLC sponsored ADR (United Kingdom, Oil & Gas)                            
|Novartis AG (Reg.) (Switzerland, Pharmaceuticals)                           
|Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
|Total SA Series B (France, Oil & Gas)                                       
|Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)    
|HSBC Holdings PLC (Hong Kong) (Reg.) (United Kingdom, Commercial Banks)     
|Allianz AG (Reg.) (Germany, Insurance)                                      
|Nestle SA (Reg.) (Switzerland, Food Products)                               
|Sanofi-Aventis sponsored ADR (France, Pharmaceuticals)                      
|                                                                            
|Market Sectors as of April 30, 2005                                         
|                                                                            
|Financials                                                                  
|Consumer Discretionary                                                      
|Health Care                                                                 
|Industrials                                                                 
|Energy                                                                      
|Information Technology                                                      
|Telecommunication Services                                                  
|Consumer Staples                                                            
|Materials                                                                   
|Utilities                                                                   

Semiannual Report



# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 96.0%                                                                            
|-------------------------------------------------------------------------------------------------
|                                                                                                 
|Australia - 4.6%                                                                                 
|ABC Learning Centres Ltd.                                                                        
|AMP Ltd.                                                                                         
|Babcock & Brown Japan Property Trust                                                             
|BHP Billiton Ltd.                                                                                
|Billabong International Ltd.                                                                     
|Commonwealth Bank of Australia                                                                   
|Computershare Ltd.                                                                               
|ConnectEast Group                                                                                
|CSL Ltd.                                                                                         
|Downer EDI Ltd.                                                                                  
|Macquarie Airports unit                                                                          
|Macquarie Bank Ltd.                                                                              
|Macquarie Capital Alliance Group (a)                                                             
|Macquarie Communications Infrastructure Group unit                                               
|Newcrest Mining Ltd.                                                                             
|QBE Insurance Group Ltd.                                                                         
|Rinker Group Ltd.                                                                                
|Transurban Group unit                                                                            
|Westfield Group unit                                                                             
|TOTAL AUSTRALIA                                                                                  
|Austria - 0.8%                                                                                   
|Bank Austria Creditanstalt AG                                                                    
|Raiffeisen International Bank Holding AG                                                         
|TOTAL AUSTRIA                                                                                    
|Bermuda - 0.2%                                                                                   
|GOME Electrical Appliances Holdings Ltd.                                                         
|Brazil - 0.5%                                                                                    
|Banco Bradesco SA (PN) sponsored ADR (non-vtg.)                                                  
|Banco Itau Holding Financeira SA (PN)                                                            
|TOTAL BRAZIL                                                                                     
|Cayman Islands - 0.3%                                                                            
|Hutchison Telecommunications International Ltd.                                                  
|Kingboard Chemical Holdings Ltd.                                                                 
|TOTAL CAYMAN ISLANDS                                                                             
|China - 0.6%                                                                                     
|Beijing Media Corp. Ltd. (H Shares)                                                              
|Common Stocks - continued                                                                        
|                                                                                                 
|China - continued                                                                                
|Shanghai Electric (Group) Corp. (H Shares) (a)                                                   
|Weichai Power Co. Ltd. (H Shares)                                                                
|TOTAL CHINA                                                                                      
|Denmark - 0.8%                                                                                   
|GN Store Nordic AS                                                                               
|Novo Nordisk AS sponsored ADR                                                                    
|TOTAL DENMARK                                                                                    
|Egypt - 0.5%                                                                                     
|Orascom Telecom SAE GDR (a)                                                                      
|Finland - 1.7%                                                                                   
|Citycon Oyj                                                                                      
|Kemira GrowHow Oyj                                                                               
|Neste Oil Oyj (a)                                                                                
|Nokia Corp. sponsored ADR                                                                        
|Nokian Tyres Ltd.                                                                                
|Sampo Oyj (A Shares)                                                                             
|TOTAL FINLAND                                                                                    
|France - 10.9%                                                                                   
|Accor SA                                                                                         
|AXA SA (d)                                                                                       
|Beneteau SA                                                                                      
|BNP Paribas SA                                                                                   
|CNP Assurances                                                                                   
|Dassault Systemes SA sponsored ADR                                                               
|Eiffage SA (d)                                                                                   
|France Telecom SA sponsored ADR (d)                                                              
|Groupe Danone                                                                                    
|Lagardere S.C.A. (Reg.)                                                                          
|Michelin SA (Compagnie Generale des Etablissements) Series B                                     
|Neopost SA                                                                                       
|Nexity                                                                                           
|Orpea (a)                                                                                        
|Pernod-Ricard                                                                                    
|Pinault Printemps-Redoute SA                                                                     
|Renault SA                                                                                       
|Sanofi-Aventis sponsored ADR                                                                     
|Suez SA (France)                                                                                 
|Thomson SA                                                                                       
|Common Stocks - continued                                                                        
|                                                                                                 
|France - continued                                                                               
|Total SA Series B                                                                                
|Vinci SA                                                                                         
|Vivendi Universal SA (d)                                                                         
|Vivendi Universal SA sponsored ADR (d)                                                           
|TOTAL FRANCE                                                                                     
|Germany - 8.4%                                                                                   
|Adidas-Salomon AG                                                                                
|Allianz AG (Reg.) (d)                                                                            
|Bayer AG sponsored ADR (d)                                                                       
|Bijou Brigitte Modische Accessoires AG                                                           
|Deutsche Boerse AG                                                                               
|Deutsche Telekom AG sponsored ADR                                                                
|Deutz AG (a)(d)                                                                                  
|E.ON AG (d)                                                                                      
|ElringKlinger AG                                                                                 
|Fielmann AG                                                                                      
|Fresenius AG                                                                                     
|GFK AG                                                                                           
|Hypo Real Estate Holding AG                                                                      
|K&S AG (d)                                                                                       
|Krones AG                                                                                        
|Linde AG                                                                                         
|MAN AG                                                                                           
|Merck KGaA                                                                                       
|Metro AG                                                                                         
|Pfleiderer AG (a)                                                                                
|RWE AG (d)                                                                                       
|Siemens AG sponsored ADR                                                                         
|SolarWorld AG                                                                                    
|TOTAL GERMANY                                                                                    
|Greece - 1.1%                                                                                    
|EFG Eurobank Ergasias SA                                                                         
|Greek Organization of Football Prognostics SA                                                    
|Public Power Corp. of Greece                                                                     
|TOTAL GREECE                                                                                     
|Hong Kong - 3.7%                                                                                 
|Chaoda Modern Agriculture (Holdings) Ltd.                                                        
|CNOOC Ltd. sponsored ADR (d)                                                                     
|Cosco Pacific Ltd.                                                                               
|Common Stocks - continued                                                                        
|                                                                                                 
|Hong Kong - continued                                                                            
|Esprit Holdings Ltd.                                                                             
|Hutchison Whampoa Ltd.                                                                           
|Kerry Properties Ltd.                                                                            
|Li & Fung Ltd.                                                                                   
|Paul Y-ITC Construction Holdings Ltd.                                                            
|Shun Tak Holdings Ltd.                                                                           
|Sino Land Co.                                                                                    
|Techtronic Industries Co. Ltd.                                                                   
|Wharf Holdings Ltd.                                                                              
|TOTAL HONG KONG                                                                                  
|India - 1.2%                                                                                     
|ABB Ltd. India                                                                                   
|Alembic Ltd.                                                                                     
|Bharat Forge Ltd.                                                                                
|Cipla Ltd.                                                                                       
|Infosys Technologies Ltd.                                                                        
|Pfizer Ltd.                                                                                      
|State Bank of India                                                                              
|TOTAL INDIA                                                                                      
|Ireland - 1.5%                                                                                   
|Allied Irish Banks PLC                                                                           
|C&C Group PLC                                                                                    
|Independent News & Media PLC (Ireland)                                                           
|Jurys Doyle Hotel Group PLC (Ireland)                                                            
|Paddy Power PLC                                                                                  
|TOTAL IRELAND                                                                                    
|Italy - 3.1%                                                                                     
|Assicurazioni Generali Spa (d)                                                                   
|Autostrade Spa (d)                                                                               
|Banche Popolari Unite Scarl (d)                                                                  
|Banco Popolare di Verona e Novara (d)                                                            
|Buzzi Unicem Spa (d)                                                                             
|Cassa Di Risparmio Di Firenze                                                                    
|ENI Spa                                                                                          
|ENI Spa sponsored ADR                                                                            
|Lottomatica Spa New (d)                                                                          
|Mediaset Spa (d)                                                                                 
|Common Stocks - continued                                                                        
|                                                                                                 
|Italy - continued                                                                                
|Mediobanca Spa                                                                                   
|Pirelli & C. Real Estate Spa                                                                     
|TOTAL ITALY                                                                                      
|Japan - 15.5%                                                                                    
|Aiful Corp.                                                                                      
|Aiful Corp. New (a)                                                                              
|Aisin Seiki Co. Ltd.                                                                             
|Asahi Breweries Ltd.                                                                             
|Asahi Glass Co. Ltd.                                                                             
|Astellas Pharma, Inc.                                                                            
|Canon, Inc.                                                                                      
|Credit Saison Co. Ltd.                                                                           
|Don Quijote Co. Ltd.                                                                             
|East Japan Railway Co.                                                                           
|Fuji Photo Film Co. Ltd.                                                                         
|Hokuto Corp.                                                                                     
|Honda Motor Co. Ltd.                                                                             
|Hoya Corp.                                                                                       
|JAFCO Co. Ltd.                                                                                   
|Kose Corp.                                                                                       
|Matsui Securities Co. Ltd. New (d)                                                               
|Millea Holdings, Inc.                                                                            
|Mitsui & Co. Ltd.                                                                                
|Mitsui Trust Holdings, Inc.                                                                      
|Mizuho Financial Group, Inc.                                                                     
|Nikko Cordial Corp.                                                                              
|Nippon Chemi-con Corp.                                                                           
|Nippon Oil Corp.                                                                                 
|Nishi-Nippon City Bank Ltd.                                                                      
|Nishimatsuya Chain Co. Ltd.                                                                      
|Nitto Denko Corp.                                                                                
|OMC Card, Inc.                                                                                   
|Omron Corp.                                                                                      
|ORIX Corp.                                                                                       
|Rakuten, Inc. (d)                                                                                
|Ricoh Co. Ltd.                                                                                   
|Sanken Electric Co. Ltd.                                                                         
|Sega Sammy Holdings, Inc. (a)                                                                    
|SFCG Co. Ltd.                                                                                    
|Sony Corp.                                                                                       
|Sumitomo Electric Industries Ltd.                                                                
|Common Stocks - continued                                                                        
|                                                                                                 
|Japan - continued                                                                                
|Sumitomo Forestry Co. Ltd.                                                                       
|Sumitomo Mitsui Financial Group, Inc.                                                            
|Sumitomo Rubber Industries Ltd.                                                                  
|T&D Holdings, Inc.                                                                               
|Takara Holdings, Inc. (d)                                                                        
|Takeda Pharamaceutical Co. Ltd.                                                                  
|THK Co. Ltd.                                                                                     
|TIS, Inc.                                                                                        
|Tokuyama Corp. (d)                                                                               
|Tokyo Electron Ltd.                                                                              
|Tokyo Tomin Bank Ltd.                                                                            
|Toyo Ink Manufacturing Co. Ltd.                                                                  
|Toyota Motor Corp.                                                                               
|USS Co. Ltd.                                                                                     
|Yamato Transport Co. Ltd.                                                                        
|TOTAL JAPAN                                                                                      
|Korea (South) - 0.9%                                                                             
|Hyundai Mipo Dockyard Co. Ltd.                                                                   
|LG Electronics, Inc.                                                                             
|S-Oil Corp.                                                                                      
|Shinhan Financial Group Co. Ltd.                                                                 
|Shinsegae Co. Ltd.                                                                               
|TOTAL KOREA (SOUTH)                                                                              
|Luxembourg - 0.6%                                                                                
|SES Global unit                                                                                  
|Stolt-Nielsen SA Class B sponsored ADR                                                           
|TOTAL LUXEMBOURG                                                                                 
|Mexico - 0.1%                                                                                    
|Urbi, Desarrollos Urbanos, SA de CV                                                              
|Netherlands - 2.6%                                                                               
|ASM International NV (Nasdaq) (a)                                                                
|ASML Holding NV (NY Shares) (a)                                                                  
|Axalto Holding NV                                                                                
|EADS NV                                                                                          
|ING Groep NV (Certificaten Van Aandelen)                                                         
|Koninklijke Numico NV (Certificaten Van Aandelen) (a)                                            
|Koninklijke Philips Electronics NV (NY Shares)                                                   
|Common Stocks - continued                                                                        
|                                                                                                 
|Netherlands - continued                                                                          
|Randstad Holdings NV                                                                             
|VNU NV                                                                                           
|TOTAL NETHERLANDS                                                                                
|Norway - 1.4%                                                                                    
|DnB NOR ASA (d)                                                                                  
|Schibsted ASA (B Shares) (d)                                                                     
|TANDBERG ASA                                                                                     
|TANDBERG Television ASA (a)                                                                      
|Yara International ASA                                                                           
|TOTAL NORWAY                                                                                     
|Philippines - 0.4%                                                                               
|Philippine Long Distance Telephone Co.                                                           
|Philippine Long Distance Telephone Co. sponsored ADR (d)                                         
|TOTAL PHILIPPINES                                                                                
|Poland - 0.3%                                                                                    
|Powszechna Kasa Oszczednosci Bank SA                                                             
|TVN SA                                                                                           
|TOTAL POLAND                                                                                     
|Portugal - 0.8%                                                                                  
|Impresa SGPS (a)                                                                                 
|Media Capital SGPS SA                                                                            
|TOTAL PORTUGAL                                                                                   
|Russia - 0.3%                                                                                    
|Mobile TeleSystems OJSC sponsored ADR                                                            
|Singapore - 0.7%                                                                                 
|CapitaLand Ltd.                                                                                  
|HTL International Holdings Ltd.                                                                  
|Keppel Corp. Ltd.                                                                                
|TOTAL SINGAPORE                                                                                  
|South Africa - 0.5%                                                                              
|MTN Group Ltd.                                                                                   
|Standard Bank Group Ltd.                                                                         
|Steinhoff International Holdings Ltd.                                                            
|TOTAL SOUTH AFRICA                                                                               
|Common Stocks - continued                                                                        
|                                                                                                 
|Spain - 3.1%                                                                                     
|Altadis SA (Spain)                                                                               
|Antena 3 Television SA                                                                           
|Banco Bilbao Vizcaya Argentaria SA                                                               
|Banco Santander Central Hispano SA                                                               
|Gestevision Telecinco SA (d)                                                                     
|Telefonica SA sponsored ADR                                                                      
|TOTAL SPAIN                                                                                      
|Sweden - 1.9%                                                                                    
|Eniro AB                                                                                         
|Gambro AB (A Shares)                                                                             
|Hennes & Mauritz AB (H&M) (B Shares) (d)                                                         
|Skandia Foersaekrings AB                                                                         
|Skandinaviska Enskilda Banken AB (A Shares)                                                      
|Telefonaktiebolaget LM Ericsson (B Shares) ADR (a)(d)                                            
|TOTAL SWEDEN                                                                                     
|Switzerland - 9.5%                                                                               
|ABB Ltd. sponsored ADR (a)(d)                                                                    
|Actelion Ltd. (Reg.) (a)                                                                         
|Bucher Holding AG (Bearer)                                                                       
|Compagnie Financiere Richemont unit                                                              
|Credit Suisse Group (Reg.) (d)                                                                   
|Logitech International SA (Reg.) (a)                                                             
|Nestle SA (Reg.)                                                                                 
|Nobel Biocare Holding AG (Switzerland) (d)                                                       
|Novartis AG (Reg.)                                                                               
|Phonak Holding AG                                                                                
|Roche Holding AG (participation certificate)                                                     
|Societe Generale de Surveillance Holding SA (SGS) (Reg.)                                         
|Syngenta AG (Switzerland)                                                                        
|UBS AG (NY Shares)                                                                               
|TOTAL SWITZERLAND                                                                                
|Taiwan - 0.9%                                                                                    
|Advanced Semiconductor Engineering, Inc.                                                         
|High Tech Computer Corp.                                                                         
|Hon Hai Precision Industries Co. Ltd.                                                            
|United Microelectronics Corp.                                                                    
|TOTAL TAIWAN                                                                                     
|Common Stocks - continued                                                                        
|                                                                                                 
|Thailand - 0.3%                                                                                  
|PTT Exploration & Production PCL (For. Reg.)                                                     
|United Kingdom - 15.6%                                                                           
|3i Group PLC                                                                                     
|Aegis Group PLC                                                                                  
|AstraZeneca PLC sponsored ADR                                                                    
|BAE Systems PLC                                                                                  
|BG Group PLC ADR                                                                                 
|Big Yellow Group PLC                                                                             
|Body Shop International PLC                                                                      
|BP PLC sponsored ADR                                                                             
|British Land Co. PLC                                                                             
|Carnival PLC                                                                                     
|CLS Holdings PLC (a)                                                                             
|Enterprise Inns PLC                                                                              
|GlaxoSmithKline PLC sponsored ADR                                                                
|HSBC Holdings PLC (Hong Kong) (Reg.)                                                             
|Inchcape PLC                                                                                     
|Invensys PLC (a)                                                                                 
|Kesa Electricals PLC                                                                             
|Man Group PLC                                                                                    
|Matalan PLC                                                                                      
|NDS Group PLC sponsored ADR (a)                                                                  
|Prudential PLC                                                                                   
|Reckitt Benckiser PLC                                                                            
|Reuters Group PLC sponsored ADR                                                                  
|Rio Tinto PLC sponsored ADR                                                                      
|Rolls-Royce Group PLC                                                                            
|Royal Bank of Scotland Group PLC                                                                 
|Shell Transport & Trading Co. PLC (Reg.)                                                         
|SIG PLC                                                                                          
|Smiths Group PLC                                                                                 
|Sportingbet PLC (a)                                                                              
|Standard Chartered PLC (United Kingdom)                                                          
|Ted Baker PLC                                                                                    
|Tesco PLC                                                                                        
|Vodafone Group PLC                                                                               
|William Hill PLC                                                                                 
|TOTAL UNITED KINGDOM                                                                             
|Common Stocks - continued                                                                        
|                                                                                                 
|United States of America - 0.7%                                                                  
|Macquarie Infrastructure Co. Trust                                                               
|Telewest Global, Inc. (a)                                                                        
|TOTAL UNITED STATES OF AMERICA                                                                   
|TOTAL COMMON STOCKS
(Cost $2,547,004)                                                            
|Nonconvertible Preferred Stocks - 1.7%                                                           
|                                                                                                 
|Germany - 0.8%                                                                                   
|Fresenius AG                                                                                     
|Porsche AG (non-vtg.)                                                                            
|TOTAL GERMANY                                                                                    
|Italy - 0.9%                                                                                     
|Banca Intesa Spa (Risp)                                                                          
|Telecom Italia Spa (Risp) (d)                                                                    
|TOTAL ITALY                                                                                      
|United Kingdom - 0.0%                                                                            
|Rolls-Royce Group PLC Series B                                                                   
|TOTAL NONCONVERTIBLE PREFERRED STOCKS
(Cost $40,441)                                             
|Government Obligations - 0.0%                                                                    
|                                                                                                 
|United States of America - 0.0%                                                                  
|U.S. Treasury Bills, yield at date of purchase 2.55% to 2.72% 5/19/05 to 6/9/05 (e)
(Cost $1,545)
|Money Market Funds - 10.6%                                                                       
|                                                                                                 
|Fidelity Cash Central Fund, 2.84% (b)                                                            
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)                                      
|TOTAL MONEY MARKET FUNDS
(Cost $320,348)                                                         
|TOTAL INVESTMENT PORTFOLIO - 108.3%
(Cost $2,909,338)                                            
|NET OTHER ASSETS - (8.3)%                                                                        
|NET ASSETS - 100%                                                                                

|Futures Contracts                     
|--------------------------------------
|                                      
|Purchased                             
|Equity Index Contracts                
|450 Nikkei 225 Index Contracts (Japan)

|                                                                                                                                                                                                                                                                                                          
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The face value of futures purchased as a percentage of net assets - 0.8%                                                                                                                                                                                                                                  
|Legend                                                                                                                                                                                                                                                                                                    
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|(e)	Security 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 $1,546,000.                                                                                                                      

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, 2005 (Unaudited)
|-------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                           |                           
|Assets                                                                                                                     |                           
|Investment in securities, at value (including securities loaned of $277,265) (cost $2,909,338) -
See accompanying schedule |                           
|Foreign currency held at value (cost $22,575)                                                                              |                           
|Receivable for investments sold                                                                                            |                           
|Receivable for fund shares sold                                                                                            |                           
|Dividends receivable                                                                                                       |                           
|Interest receivable                                                                                                        |                           
|Receivable for daily variation on futures contracts                                                                        |                           
|Prepaid expenses                                                                                                           |                           
|Other affiliated receivables                                                                                               |                           
|Other receivables                                                                                                          |                           
|Total assets                                                                                                               |                           
|                                                                                                                           |                           
|Liabilities                                                                                                                |                           
|Payable for investments purchased                                                                                          | $	14,867                  
|Payable for fund shares redeemed                                                                                           | 3,507                     
|Accrued management fee                                                                                                     | 1,840                     
|Distribution fees payable                                                                                                  | 1                         
|Other affiliated payables                                                                                                  | 719                       
|Other payables and accrued expenses                                                                                        | 1,628                     
|Collateral on securities loaned, at value                                                                                  | 289,934                   
|Total liabilities                                                                                                          |                           
|                                                                                                                           |                           
|Net Assets                                                                                                                 |                           
|Net Assets consist of:                                                                                                     |                           
|Paid in capital                                                                                                            |                           
|Undistributed net investment income                                                                                        |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency
transactions                        |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign
currencies                 |                           
|Net Assets                                                                                                                 |                           

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, 2005 (Unaudited)
|--------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                      |                           
|Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
	($474 ÷ 17.134 shares) |                           
|                                                                                                                      |                           
|Maximum offering price per share (100/94.25 of $27.66)                                                                |                           
|Class T:
Net Asset Value and redemption price per share
($343 ÷ 12.41 shares)                                         |                           
|                                                                                                                      |                           
|Maximum offering price per share (100/96.50 of $27.64)                                                                |                           
|Class B:
Net Asset Value and offering price per share
($410 ÷ 14.86 shares)A                                          |                           
|                                                                                                                      |                           
|Class C:
Net Asset Value and offering price per share
($1,151 ÷ 41.7 shares)A                                         |                           
|                                                                                                                      |                           
|                                                                                                                      |                           
|International Discovery Fund:
Net Asset Value and offering price per share ($3,018,977 ÷ 109,043 shares)A             |                           
|                                                                                                                      |                           
|Institutional Class:
Net Asset Value, offering price and redemption price per share ($7,556 ÷ 272.8 shares)           |                           

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

Statement of Operations

|Amounts in thousands                                                                                                               | Six months ended April 30, 2005 (Unaudited)
|---------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------
|                                                                                                                                   |                                            
|Investment Income                                                                                                                  |                                            
|Dividends                                                                                                                          |                                            
|Interest                                                                                                                           |                                            
|Security lending                                                                                                                   |                                            
|                                                                                                                                   |                                            
|Less foreign taxes withheld                                                                                                        |                                            
|Total income                                                                                                                       |                                            
|                                                                                                                                   |                                            
|Expenses                                                                                                                           |                                            
|Management fee                                                                                                                     | $	9,691                                    
|Transfer agent fees                                                                                                                | 3,297                                      
|Distribution fees                                                                                                                  | 4                                          
|Accounting and security lending fees                                                                                               | 606                                        
|Independent trustees' compensation                                                                                                 | 7                                          
|Custodian fees and expenses                                                                                                        | 584                                        
|Registration fees                                                                                                                  | 251                                        
|Audit                                                                                                                              | 52                                         
|Legal                                                                                                                              | 10                                         
|Interest                                                                                                                           | 1                                          
|Miscellaneous                                                                                                                      | 10                                         
|Total expenses before reductions                                                                                                   | 14,513                                     
|Expense reductions                                                                                                                 | (846)                                      
|Net investment income (loss)                                                                                                       |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:                                                                   |                                            
|Investment securities (net of foreign taxes of $430)                                                                               | 101,666                                    
|Foreign currency transactions                                                                                                      | 881                                        
|Futures contracts                                                                                                                  | 1,363                                      
|Total net realized gain (loss)                                                                                                     |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $593) | 98,022                                     
|Assets and liabilities in foreign currencies                                                                                       | (303)                                      
|Futures contracts                                                                                                                  | (844)                                      
|Total change in net unrealized appreciation (depreciation)                                                                         |                                            
|Net gain (loss)                                                                                                                    |                                            
|Net increase (decrease) in net assets resulting from operations                                                                    |                                            

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, 2005
(Unaudited) | Year ended 
October 31,
2004
|----------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ----------------------------
|Increase (Decrease) in Net Assets                                                                                                         |                                             |                             
|Operations                                                                                                                                |                                             |                             
|Net investment income (loss)                                                                                                              | $	17,802                                    | $	16,421                    
|Net realized gain (loss)                                                                                                                  | 103,910                                     | 91,216                      
|Change in net unrealized appreciation (depreciation)                                                                                      | 96,875                                      | 127,395                     
|Net increase (decrease) in net assets resulting
from operations                                                                           | 218,587                                     | 235,032                     
|Distributions to shareholders from net investment income                                                                                  | (12,813)                                    | (10,818)                    
|Distributions to shareholders from net realized gain                                                                                      | (10,250)                                    | -                           
|Total distributions                                                                                                                       | (23,063)                                    | (10,818)                    
|Share transactions - net increase (decrease)                                                                                              | 640,611                                     | 725,354                     
|Redemption fees                                                                                                                           | 114                                         | 227                         
|Total increase (decrease) in net assets                                                                                                   | 836,249                                     | 949,795                     
|                                                                                                                                          |                                             |                             
|Net Assets                                                                                                                                |                                             |                             
|Beginning of period                                                                                                                       | 2,192,662                                   | 1,242,867                   
|End of period (including undistributed net investment income of $15,678 and undistributed net
investment income of $15,147, respectively) | $	3,028,911                                 | $	2,192,662                 

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

Semiannual Report

Financial Highlights - Class A

|                                          | (Unaudited)
|----------------------------------------- | -----------
|                                          | 2005F      
|Selected Per-Share Data                   |            
|Net asset value, beginning of period      | $	27.41    
|Income from Investment Operations         |            
|Net investment income (loss)E             | .13        
|Net realized and unrealized gain (loss)   | .12        
|Total from investment operations          | .25        
|Redemption fees added to paid in capitalE | -H         
|Net asset value, end of period            | $	27.66    
|Total ReturnB,C,D                         | .91%       
|Ratios to Average Net AssetsG             |            
|Expenses before expense reductions        | 1.39%A     
|Expenses net of voluntary waivers, if any | 1.39%A     
|Expenses net of all reductions            | 1.33%A     
|Net investment income (loss)              | 1.51%A     
|Supplemental Data                         |            
|Net assets, end of period (000 omitted)   | $	474      
|Portfolio turnover rate                   | 77%A       

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

FFor the period January 6, 2005 (commencement of sale of shares) to April 30, 2005.

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

HAmount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class T

|                                          | (Unaudited)
|----------------------------------------- | -----------
|                                          | 2005F      
|Selected Per-Share Data                   |            
|Net asset value, beginning of period      | $	27.41    
|Income from Investment Operations         |            
|Net investment income (loss)E             | .11        
|Net realized and unrealized gain (loss)   | .12        
|Total from investment operations          | .23        
|Redemption fees added to paid in capitalE | -H         
|Net asset value, end of period            | $	27.64    
|Total ReturnB,C,D                         | .84%       
|Ratios to Average Net AssetsG             |            
|Expenses before expense reductions        | 1.68%A     
|Expenses net of voluntary waivers, if any | 1.68%A     
|Expenses net of all reductions            | 1.62%A     
|Net investment income (loss)              | 1.20%A     
|Supplemental Data                         |            
|Net assets, end of period (000 omitted)   | $	343      
|Portfolio turnover rate                   | 77%A       

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

FFor the period January 6, 2005 (commencement of sale of shares) to April 30, 2005.

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

HAmount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class B

|                                          | (Unaudited)
|----------------------------------------- | -----------
|                                          | 2005F      
|Selected Per-Share Data                   |            
|Net asset value, beginning of period      | $	27.41    
|Income from Investment Operations         |            
|Net investment income (loss)E             | .06        
|Net realized and unrealized gain (loss)   | .12        
|Total from investment operations          | .18        
|Redemption fees added to paid in capitalE | -H         
|Net asset value, end of period            | $	27.59    
|Total ReturnB,C,D                         | .66%       
|Ratios to Average Net AssetsG             |            
|Expenses before expense reductions        | 2.19%A     
|Expenses net of voluntary waivers, if any | 2.19%A     
|Expenses net of all reductions            | 2.14%A     
|Net investment income (loss)              | .70%A      
|Supplemental Data                         |            
|Net assets, end of period (000 omitted)   | $	410      
|Portfolio turnover rate                   | 77%A       

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

FFor the period January 6, 2005 (commencement of sale of shares) to April 30, 2005.

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

HAmount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class C

|                                          | (Unaudited)
|----------------------------------------- | -----------
|                                          | 2005F      
|Selected Per-Share Data                   |            
|Net asset value, beginning of period      | $	27.41    
|Income from Investment Operations         |            
|Net investment income (loss)E             | .08        
|Net realized and unrealized gain (loss)   | .11        
|Total from investment operations          | .19        
|Redemption fees added to paid in capitalE | -H         
|Net asset value, end of period            | $	27.60    
|Total ReturnB,C,D                         | .69%       
|Ratios to Average Net AssetsG             |            
|Expenses before expense reductions        | 2.04%A     
|Expenses net of voluntary waivers, if any | 2.04%A     
|Expenses net of all reductions            | 1.99%A     
|Net investment income (loss)              | .86%A      
|Supplemental Data                         |            
|Net assets, end of period (000 omitted)   | $	1,151    
|Portfolio turnover rate                   | 77%A       

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

FFor the period January 6, 2005 (commencement of sale of shares) to April 30, 2005.

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

HAmount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - International Discovery Fund

|                                          | Six months ended April 30,
2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	25.31                         | $	21.87                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)E             | .18                             | .22                    
|Net realized and unrealized gain (loss)   | 2.47                            | 3.40                   
|Total from investment operations          | 2.65                            | 3.62                   
|Distributions from net investment income  | (.15)                           | (.18)                  
|Distributions from net realized gain      | (.12)                           | -                      
|Total distributions                       | (.27)                           | (.18)                  
|Redemption fees added to paid in capitalE | -I                              | -I                     
|Net asset value, end of period            | $	27.69                         | $	25.31                
|Total ReturnB,C,D                         | 10.48%                          | 16.65%                 
|Ratios to Average Net AssetsH             |                                 |                        
|Expenses before expense reductions        | 1.08%A                          | 1.10%                  
|Expenses net of voluntary waivers, if any | 1.08%A                          | 1.10%                  
|Expenses net of all reductions            | 1.02%A                          | 1.06%                  
|Net investment income (loss)              | 1.33%A                          | .92%                   
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	3,019                         | $	2,193                
|Portfolio turnover rate                   | 77%A                            | 87%                    

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

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

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

HExpense ratios reflect operating expenses of the 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 any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service
arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

IAmount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Institutional Class

|                                          | (Unaudited)
|----------------------------------------- | -----------
|                                          | 2005E      
|Selected Per-Share Data                   |            
|Net asset value, beginning of period      | $	27.41    
|Income from Investment Operations         |            
|Net investment income (loss)D             | .17        
|Net realized and unrealized gain (loss)   | .12        
|Total from investment operations          | .29        
|Redemption fees added to paid in capitalD | -G         
|Net asset value, end of period            | $	27.70    
|Total ReturnB,C                           | 1.06%      
|Ratios to Average Net AssetsF             |            
|Expenses before expense reductions        | .97%A      
|Expenses net of voluntary waivers, if any | .97%A      
|Expenses net of all reductions            | .90%A      
|Net investment income (loss)              | 1.95%A     
|Supplemental Data                         |            
|Net assets, end of period (000 omitted)   | $	7,556    
|Portfolio turnover rate                   | 77%A       

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

EFor the period January 6, 2005 (commencement of sale of shares) to April 30, 2005.

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

GAmount 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, 2005 (Unaudited)

1. Significant Accounting Policies.

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

The fund offers Class A, Class T, Class B, Class C, Fidelity International Discovery Fund, and Institutional Class shares, each of which has equal rights
as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The fund commenced sale of
Class A, Class T, Class B, Class C and Institutional shares on January 6, 2005. Class B shares will automatically convert to Class A shares after a holding
period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of
the fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class
to the total net assets of the fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense
reductions also differ by class.

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

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Security Valuation - continued

securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost.
Investments in open-end investment companies are valued at their net asset value each business day.

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

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

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

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

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

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

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income
and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting
principles. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes. Capital
accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the
results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment
companies (PFIC), market discount, 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                    | $	439,330,855  
|------------------------------------------ | ---------------
|Unrealized depreciation                    | (69,686,881)   
|Net unrealized appreciation (depreciation) | $	369,643,974  
|Cost for federal income tax purposes       | $	2,910,297,225

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 Fidelity Management & Research Company (FMR), are
retained by the fund and accounted for as an addition to paid in capital.

2. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund
and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts 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. 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

2. Operating Policies - continued

Futures Contracts. The fund may use futures contracts to manage its exposure to the stock market and to fluctuations in currency values. Buying
futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying
instrument or hedge other fund investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin
reflected in 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 contracts' terms.
Gains (losses) are realized upon the expiration or closing of the futures contracts. Futures contracts are valued at the settlement price established
each day by the board of trade or exchange on which they are traded.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $1,664,741,449 and $992,411,601,
respectively.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly
management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the fund's average net assets
and a group fee rate that averaged .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by
FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the
management fee will be subject to a performance adjustment effective September 2005. The upward or downward adjustment to the management fee
will be based on the fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized
management fee rate was .72% 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

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan - continued

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%         | $	234       | $	81           
|Class T | .25%             | .25%        | 396         | 166            
|Class B | .75%             | .25%        | 725         | 624            
|Class C | .75%             | .25%        | 2,189       | 2,000          
|        |                  |             | $	3,544     | $	2,871        

Sales Load. FDC is the general distributor of the fund. Shares purchased prior to October 12, 1990 are subject to a 1% deferred sales charge upon
redemption. For the period, FDC received sales charges of $1,524 on redemption of shares of the fund. 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, and .25% for certain purchases of Class A and Class T
shares.

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

|         | Retained by
FDC | 
|-------- | --------------- | 
|Class A  | $	1,833         | 
|Class T  | 276             | 
|Class B* | -               | 
|Class C* | -               | 
|         | $	2,109         | 

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

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

|                                      | Amount      | % of
Average
Net Assets
|------------------------------------- | ----------- | -----------------------
|Class A                               | $	301       | .32 *                  
|Class T                               | 283         | .36 *                  
|Class B                               | 284         | .39 *                  
|Class C                               | 514         | .23 *                  
|Fidelity International Discovery Fund | 3,293,326   | .25 *                  
|Institutional Class                   | 2,077       | .15 *                  
|                                      | $	3,296,785 |                        

*Annualized

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

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of
FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its
affiliates. The Central Funds do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying
financial statements and totaled $883,165 for the period.

Brokerage Commissions.The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser.
The commissions paid to these affiliated firms were $221 for the period.

Semiannual Report

5. Committed Line of Credit.

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

6. Security Lending.

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

7. 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 $5,090,000. The weighted average interest rate was 3.13%. At
period end, there were no bank borrowings outstanding.

8. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Fidelity International Discovery Fund's operating expenses. During the period, this reimbursement
reduced the class expenses by $63,175.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

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 $758,894 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 $847. During the period, credits reduced each class' transfer agent expense as noted in the table below.

|                             | Transfer Agent
expense reduction | 
|---------------------------- | -------------------------------- | 
|International Discovery Fund | $	22,453                         | 
|Institutional Class          | 293                              | 
|                             | $	22,746                         | 

9. Other.

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

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

|                             | Six months ended
April 30,
2005 | Year ended
October 31,
2004
|---------------------------- | ------------------------------- | ---------------------------
|From net investment income   |                                 |                            
|International Discovery Fund | $	12,812,803                    | $	10,817,689               
|From net realized gain       |                                 |                            
|International Discovery Fund | $	10,250,246                    | $	-                        

Semiannual Report

11. Share Transactions.

Transactions for each class of shares were as follows:

|                              | Shares                           | Dollars                    
|----------------------------- | -------------------------------- | ---------------------------
|                              | Six months ended
April 30,
2005A | Year ended
October 31,
2004
|Class A                       |                                  |                            
|Shares sold                   | 17,122                           | -                          
|Net increase (decrease)       | 17,122                           | -                          
|Class T                       |                                  |                            
|Shares sold                   | 12,409                           | -                          
|Shares redeemed               | (3)                              | -                          
|Net increase (decrease)       | 12,406                           | -                          
|Class B                       |                                  |                            
|Shares sold                   | 15,162                           | -                          
|Shares redeemed               | (309)                            | -                          
|Net increase (decrease)       | 14,853                           | -                          
|Class C                       |                                  |                            
|Shares sold                   | 41,724                           | -                          
|Net increase (decrease)       | 41,724                           | -                          
|International Discovery Fund  |                                  |                            
|Shares sold                   | 40,747,918                       | 46,698,105                 
|Reinvestment of distributions | 780,847                          | 435,617                    
|Shares redeemed               | (19,127,519)                     | (17,322,166)               
|Net increase (decrease)       | 22,401,246                       | 29,811,556                 
|Institutional Class           |                                  |                            
|Shares sold                   | 274,830                          | -                          
|Shares redeemed               | (2,066)                          | -                          
|Net increase (decrease)       | 272,764                          | -                          

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

Semiannual Report

# 

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Far East) Inc.

Fidelity International
Investment Advisors

Fidelity Investments Japan Limited

Fidelity International Investment Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

AID-USAN-0605
1.806663.100

(Fidelity Investment logo)(registered trademark)Corporate Headquarters82 Devonshire St., Boston, MA 02109www.fidelity.com



(Fidelity Investment logo)(registered trademark)

Fidelity Advisor

International Discovery

Fund - Institutional Class

Semiannual Report

April 30, 2005

Institutional Class is
a class of Fidelity®
International Discovery Fund

(2_fidelity_logos) (Registered_Trademark)

# Contents

|Chairman's Message          | <Click
Here> | Ned Johnson's message to shareholders.                                                                        
|--------------------------- | ------------ | --------------------------------------------------------------------------------------------------------------
|Shareholder Expense Example | <Click
Here> | An example of shareholder expenses.                                                                           
|Investment Changes          | <Click
Here> | A summary of major shifts in the fund's investments over the past six
months.                                 
|Investments                 | <Click
Here> | A complete list of the fund's investments with their market values.                                           
|Financial Statements        | <Click
Here> | Statements of assets and liabilities, operations, and changes in net
assets, 
as well as financial highlights.
|Notes                       | <Click
Here> | Notes to the financial statements.                                                                            

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

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

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

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



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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

# Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

During the past year or so, much has been reported about the mutual fund industry, and much of it has been more critical than I believe is warranted.
Allegations that some companies have been less than forthright with their shareholders have cast a shadow on the entire industry. I continue to find these
reports disturbing, and assert that they do not create an accurate picture of the industry overall. Therefore, I would like to remind everyone where Fidelity
stands on these issues. I will say two things specifically regarding allegations that some mutual fund companies were in violation of the Securities and
Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities.

First, Fidelity has no agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not a new policy. This is not to
say that someone could not deceive the company through fraudulent acts. However, we are extremely diligent in preventing fraud from occurring in this
manner - and in every other. But I underscore again that Fidelity has no so-called "agreements" that sanction illegal practices.

Second, Fidelity continues to stand on record, as we have for years, in opposition to predatory short-term trading that adversely affects shareholders in a
mutual fund. Back in the 1980s, we initiated a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. Further, we
took the lead several years ago in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. I am confident we will
find other ways to make it more difficult for predatory traders to operate. However, this will only be achieved through close cooperation among regulators,
legislators and the industry.

Yes, there have been unfortunate instances of unethical and illegal activity within the mutual fund industry from time to time. That is true of any industry.
When this occurs, confessed or convicted offenders should be dealt with appropriately. But we are still concerned about the risk of over-regulation and the
quick application of simplistic solutions to intricate problems. Every system can be improved, and we support and applaud well thought out improvements
by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings.

For nearly 60 years, Fidelity has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946,
we had only a few hundred customers. Today, we serve more than 18 million customers including individual investors and participants in retirement plans
across America.

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

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report





# 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 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, 2004
to April 30, 2005) for International Discovery Fund and for the entire period (January 6, 2005 to April 30, 2005) for Class A, T, B, 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, 2004 to April 30, 2005).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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.

Semiannual Report

|                             | Beginning
Account Value | Ending
Account Value
April 30, 2005 | Expenses Paid
During Period
|---------------------------- | ----------------------- | ----------------------------------- | ---------------------------
|Class A                      |                         |                                     |                            
|Actual                       | $	1,000.00              | $	1,009.10                          | $	4.40B                    
|HypotheticalA                | $	1,000.00              | $	1,017.90                          | $	6.95C                    
|Class T                      |                         |                                     |                            
|Actual                       | $	1,000.00              | $	1,008.40                          | $	5.32B                    
|HypotheticalA                | $	1,000.00              | $	1,016.46                          | $	8.40C                    
|Class B                      |                         |                                     |                            
|Actual                       | $	1,000.00              | $	1,006.60                          | $	6.92B                    
|HypotheticalA                | $	1,000.00              | $	1,013.93                          | $	10.94C                   
|Class C                      |                         |                                     |                            
|Actual                       | $	1,000.00              | $	1,006.90                          | $	6.45B                    
|HypotheticalA                | $	1,000.00              | $	1,014.68                          | $	10.19C                   
|International Discovery Fund |                         |                                     |                            
|Actual                       | $	1,000.00              | $	1,104.80                          | $	5.64B                    
|HypotheticalA                | $	1,000.00              | $	1,019.44                          | $	5.41C                    
|Institutional Class          |                         |                                     |                            
|Actual                       | $	1,000.00              | $	1,010.60                          | $	3.07B                    
|HypotheticalA                | $	1,000.00              | $	1,019.98                          | $	4.86C                    

A5% return per year before expenses

BActual expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over
the period, multiplied by 181/365 (to reflect the one-half year period) for International Discovery Fund and multiplied by 115/365 (to reflect
the period January 6, 2005 to April 30, 2005) for Class A, T, B, C and Institutional Class.

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

|                             | Annualized
Expense Ratio
|---------------------------- | ------------------------
|Class A                      | 1.39%                   
|Class T                      | 1.68%                   
|Class B                      | 2.19%                   
|Class C                      | 2.04%                   
|International Discovery Fund | 1.08%                   
|Institutional Class          | .97%                    

Semiannual Report





# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      



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

|Asset Allocation                                                            
|----------------------------------------------------------------------------
|                                                                            
|Stocks and Equity Futures                                                   
|Short-Term Investments and Net Other Assets                                 
|Top Ten Stocks as of April 30, 2005                                         
|                                                                            
|Shell Transport & Trading Co. PLC (Reg.) (United Kingdom, Oil & Gas)        
|BP PLC sponsored ADR (United Kingdom, Oil & Gas)                            
|Novartis AG (Reg.) (Switzerland, Pharmaceuticals)                           
|Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
|Total SA Series B (France, Oil & Gas)                                       
|Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)    
|HSBC Holdings PLC (Hong Kong) (Reg.) (United Kingdom, Commercial Banks)     
|Allianz AG (Reg.) (Germany, Insurance)                                      
|Nestle SA (Reg.) (Switzerland, Food Products)                               
|Sanofi-Aventis sponsored ADR (France, Pharmaceuticals)                      
|                                                                            
|Market Sectors as of April 30, 2005                                         
|                                                                            
|Financials                                                                  
|Consumer Discretionary                                                      
|Health Care                                                                 
|Industrials                                                                 
|Energy                                                                      
|Information Technology                                                      
|Telecommunication Services                                                  
|Consumer Staples                                                            
|Materials                                                                   
|Utilities                                                                   

Semiannual Report



# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 96.0%                                                                            
|-------------------------------------------------------------------------------------------------
|                                                                                                 
|Australia - 4.6%                                                                                 
|ABC Learning Centres Ltd.                                                                        
|AMP Ltd.                                                                                         
|Babcock & Brown Japan Property Trust                                                             
|BHP Billiton Ltd.                                                                                
|Billabong International Ltd.                                                                     
|Commonwealth Bank of Australia                                                                   
|Computershare Ltd.                                                                               
|ConnectEast Group                                                                                
|CSL Ltd.                                                                                         
|Downer EDI Ltd.                                                                                  
|Macquarie Airports unit                                                                          
|Macquarie Bank Ltd.                                                                              
|Macquarie Capital Alliance Group (a)                                                             
|Macquarie Communications Infrastructure Group unit                                               
|Newcrest Mining Ltd.                                                                             
|QBE Insurance Group Ltd.                                                                         
|Rinker Group Ltd.                                                                                
|Transurban Group unit                                                                            
|Westfield Group unit                                                                             
|TOTAL AUSTRALIA                                                                                  
|Austria - 0.8%                                                                                   
|Bank Austria Creditanstalt AG                                                                    
|Raiffeisen International Bank Holding AG                                                         
|TOTAL AUSTRIA                                                                                    
|Bermuda - 0.2%                                                                                   
|GOME Electrical Appliances Holdings Ltd.                                                         
|Brazil - 0.5%                                                                                    
|Banco Bradesco SA (PN) sponsored ADR (non-vtg.)                                                  
|Banco Itau Holding Financeira SA (PN)                                                            
|TOTAL BRAZIL                                                                                     
|Cayman Islands - 0.3%                                                                            
|Hutchison Telecommunications International Ltd.                                                  
|Kingboard Chemical Holdings Ltd.                                                                 
|TOTAL CAYMAN ISLANDS                                                                             
|China - 0.6%                                                                                     
|Beijing Media Corp. Ltd. (H Shares)                                                              
|Common Stocks - continued                                                                        
|                                                                                                 
|China - continued                                                                                
|Shanghai Electric (Group) Corp. (H Shares) (a)                                                   
|Weichai Power Co. Ltd. (H Shares)                                                                
|TOTAL CHINA                                                                                      
|Denmark - 0.8%                                                                                   
|GN Store Nordic AS                                                                               
|Novo Nordisk AS sponsored ADR                                                                    
|TOTAL DENMARK                                                                                    
|Egypt - 0.5%                                                                                     
|Orascom Telecom SAE GDR (a)                                                                      
|Finland - 1.7%                                                                                   
|Citycon Oyj                                                                                      
|Kemira GrowHow Oyj                                                                               
|Neste Oil Oyj (a)                                                                                
|Nokia Corp. sponsored ADR                                                                        
|Nokian Tyres Ltd.                                                                                
|Sampo Oyj (A Shares)                                                                             
|TOTAL FINLAND                                                                                    
|France - 10.9%                                                                                   
|Accor SA                                                                                         
|AXA SA (d)                                                                                       
|Beneteau SA                                                                                      
|BNP Paribas SA                                                                                   
|CNP Assurances                                                                                   
|Dassault Systemes SA sponsored ADR                                                               
|Eiffage SA (d)                                                                                   
|France Telecom SA sponsored ADR (d)                                                              
|Groupe Danone                                                                                    
|Lagardere S.C.A. (Reg.)                                                                          
|Michelin SA (Compagnie Generale des Etablissements) Series B                                     
|Neopost SA                                                                                       
|Nexity                                                                                           
|Orpea (a)                                                                                        
|Pernod-Ricard                                                                                    
|Pinault Printemps-Redoute SA                                                                     
|Renault SA                                                                                       
|Sanofi-Aventis sponsored ADR                                                                     
|Suez SA (France)                                                                                 
|Thomson SA                                                                                       
|Common Stocks - continued                                                                        
|                                                                                                 
|France - continued                                                                               
|Total SA Series B                                                                                
|Vinci SA                                                                                         
|Vivendi Universal SA (d)                                                                         
|Vivendi Universal SA sponsored ADR (d)                                                           
|TOTAL FRANCE                                                                                     
|Germany - 8.4%                                                                                   
|Adidas-Salomon AG                                                                                
|Allianz AG (Reg.) (d)                                                                            
|Bayer AG sponsored ADR (d)                                                                       
|Bijou Brigitte Modische Accessoires AG                                                           
|Deutsche Boerse AG                                                                               
|Deutsche Telekom AG sponsored ADR                                                                
|Deutz AG (a)(d)                                                                                  
|E.ON AG (d)                                                                                      
|ElringKlinger AG                                                                                 
|Fielmann AG                                                                                      
|Fresenius AG                                                                                     
|GFK AG                                                                                           
|Hypo Real Estate Holding AG                                                                      
|K&S AG (d)                                                                                       
|Krones AG                                                                                        
|Linde AG                                                                                         
|MAN AG                                                                                           
|Merck KGaA                                                                                       
|Metro AG                                                                                         
|Pfleiderer AG (a)                                                                                
|RWE AG (d)                                                                                       
|Siemens AG sponsored ADR                                                                         
|SolarWorld AG                                                                                    
|TOTAL GERMANY                                                                                    
|Greece - 1.1%                                                                                    
|EFG Eurobank Ergasias SA                                                                         
|Greek Organization of Football Prognostics SA                                                    
|Public Power Corp. of Greece                                                                     
|TOTAL GREECE                                                                                     
|Hong Kong - 3.7%                                                                                 
|Chaoda Modern Agriculture (Holdings) Ltd.                                                        
|CNOOC Ltd. sponsored ADR (d)                                                                     
|Cosco Pacific Ltd.                                                                               
|Common Stocks - continued                                                                        
|                                                                                                 
|Hong Kong - continued                                                                            
|Esprit Holdings Ltd.                                                                             
|Hutchison Whampoa Ltd.                                                                           
|Kerry Properties Ltd.                                                                            
|Li & Fung Ltd.                                                                                   
|Paul Y-ITC Construction Holdings Ltd.                                                            
|Shun Tak Holdings Ltd.                                                                           
|Sino Land Co.                                                                                    
|Techtronic Industries Co. Ltd.                                                                   
|Wharf Holdings Ltd.                                                                              
|TOTAL HONG KONG                                                                                  
|India - 1.2%                                                                                     
|ABB Ltd. India                                                                                   
|Alembic Ltd.                                                                                     
|Bharat Forge Ltd.                                                                                
|Cipla Ltd.                                                                                       
|Infosys Technologies Ltd.                                                                        
|Pfizer Ltd.                                                                                      
|State Bank of India                                                                              
|TOTAL INDIA                                                                                      
|Ireland - 1.5%                                                                                   
|Allied Irish Banks PLC                                                                           
|C&C Group PLC                                                                                    
|Independent News & Media PLC (Ireland)                                                           
|Jurys Doyle Hotel Group PLC (Ireland)                                                            
|Paddy Power PLC                                                                                  
|TOTAL IRELAND                                                                                    
|Italy - 3.1%                                                                                     
|Assicurazioni Generali Spa (d)                                                                   
|Autostrade Spa (d)                                                                               
|Banche Popolari Unite Scarl (d)                                                                  
|Banco Popolare di Verona e Novara (d)                                                            
|Buzzi Unicem Spa (d)                                                                             
|Cassa Di Risparmio Di Firenze                                                                    
|ENI Spa                                                                                          
|ENI Spa sponsored ADR                                                                            
|Lottomatica Spa New (d)                                                                          
|Mediaset Spa (d)                                                                                 
|Common Stocks - continued                                                                        
|                                                                                                 
|Italy - continued                                                                                
|Mediobanca Spa                                                                                   
|Pirelli & C. Real Estate Spa                                                                     
|TOTAL ITALY                                                                                      
|Japan - 15.5%                                                                                    
|Aiful Corp.                                                                                      
|Aiful Corp. New (a)                                                                              
|Aisin Seiki Co. Ltd.                                                                             
|Asahi Breweries Ltd.                                                                             
|Asahi Glass Co. Ltd.                                                                             
|Astellas Pharma, Inc.                                                                            
|Canon, Inc.                                                                                      
|Credit Saison Co. Ltd.                                                                           
|Don Quijote Co. Ltd.                                                                             
|East Japan Railway Co.                                                                           
|Fuji Photo Film Co. Ltd.                                                                         
|Hokuto Corp.                                                                                     
|Honda Motor Co. Ltd.                                                                             
|Hoya Corp.                                                                                       
|JAFCO Co. Ltd.                                                                                   
|Kose Corp.                                                                                       
|Matsui Securities Co. Ltd. New (d)                                                               
|Millea Holdings, Inc.                                                                            
|Mitsui & Co. Ltd.                                                                                
|Mitsui Trust Holdings, Inc.                                                                      
|Mizuho Financial Group, Inc.                                                                     
|Nikko Cordial Corp.                                                                              
|Nippon Chemi-con Corp.                                                                           
|Nippon Oil Corp.                                                                                 
|Nishi-Nippon City Bank Ltd.                                                                      
|Nishimatsuya Chain Co. Ltd.                                                                      
|Nitto Denko Corp.                                                                                
|OMC Card, Inc.                                                                                   
|Omron Corp.                                                                                      
|ORIX Corp.                                                                                       
|Rakuten, Inc. (d)                                                                                
|Ricoh Co. Ltd.                                                                                   
|Sanken Electric Co. Ltd.                                                                         
|Sega Sammy Holdings, Inc. (a)                                                                    
|SFCG Co. Ltd.                                                                                    
|Sony Corp.                                                                                       
|Sumitomo Electric Industries Ltd.                                                                
|Common Stocks - continued                                                                        
|                                                                                                 
|Japan - continued                                                                                
|Sumitomo Forestry Co. Ltd.                                                                       
|Sumitomo Mitsui Financial Group, Inc.                                                            
|Sumitomo Rubber Industries Ltd.                                                                  
|T&D Holdings, Inc.                                                                               
|Takara Holdings, Inc. (d)                                                                        
|Takeda Pharamaceutical Co. Ltd.                                                                  
|THK Co. Ltd.                                                                                     
|TIS, Inc.                                                                                        
|Tokuyama Corp. (d)                                                                               
|Tokyo Electron Ltd.                                                                              
|Tokyo Tomin Bank Ltd.                                                                            
|Toyo Ink Manufacturing Co. Ltd.                                                                  
|Toyota Motor Corp.                                                                               
|USS Co. Ltd.                                                                                     
|Yamato Transport Co. Ltd.                                                                        
|TOTAL JAPAN                                                                                      
|Korea (South) - 0.9%                                                                             
|Hyundai Mipo Dockyard Co. Ltd.                                                                   
|LG Electronics, Inc.                                                                             
|S-Oil Corp.                                                                                      
|Shinhan Financial Group Co. Ltd.                                                                 
|Shinsegae Co. Ltd.                                                                               
|TOTAL KOREA (SOUTH)                                                                              
|Luxembourg - 0.6%                                                                                
|SES Global unit                                                                                  
|Stolt-Nielsen SA Class B sponsored ADR                                                           
|TOTAL LUXEMBOURG                                                                                 
|Mexico - 0.1%                                                                                    
|Urbi, Desarrollos Urbanos, SA de CV                                                              
|Netherlands - 2.6%                                                                               
|ASM International NV (Nasdaq) (a)                                                                
|ASML Holding NV (NY Shares) (a)                                                                  
|Axalto Holding NV                                                                                
|EADS NV                                                                                          
|ING Groep NV (Certificaten Van Aandelen)                                                         
|Koninklijke Numico NV (Certificaten Van Aandelen) (a)                                            
|Koninklijke Philips Electronics NV (NY Shares)                                                   
|Common Stocks - continued                                                                        
|                                                                                                 
|Netherlands - continued                                                                          
|Randstad Holdings NV                                                                             
|VNU NV                                                                                           
|TOTAL NETHERLANDS                                                                                
|Norway - 1.4%                                                                                    
|DnB NOR ASA (d)                                                                                  
|Schibsted ASA (B Shares) (d)                                                                     
|TANDBERG ASA                                                                                     
|TANDBERG Television ASA (a)                                                                      
|Yara International ASA                                                                           
|TOTAL NORWAY                                                                                     
|Philippines - 0.4%                                                                               
|Philippine Long Distance Telephone Co.                                                           
|Philippine Long Distance Telephone Co. sponsored ADR (d)                                         
|TOTAL PHILIPPINES                                                                                
|Poland - 0.3%                                                                                    
|Powszechna Kasa Oszczednosci Bank SA                                                             
|TVN SA                                                                                           
|TOTAL POLAND                                                                                     
|Portugal - 0.8%                                                                                  
|Impresa SGPS (a)                                                                                 
|Media Capital SGPS SA                                                                            
|TOTAL PORTUGAL                                                                                   
|Russia - 0.3%                                                                                    
|Mobile TeleSystems OJSC sponsored ADR                                                            
|Singapore - 0.7%                                                                                 
|CapitaLand Ltd.                                                                                  
|HTL International Holdings Ltd.                                                                  
|Keppel Corp. Ltd.                                                                                
|TOTAL SINGAPORE                                                                                  
|South Africa - 0.5%                                                                              
|MTN Group Ltd.                                                                                   
|Standard Bank Group Ltd.                                                                         
|Steinhoff International Holdings Ltd.                                                            
|TOTAL SOUTH AFRICA                                                                               
|Common Stocks - continued                                                                        
|                                                                                                 
|Spain - 3.1%                                                                                     
|Altadis SA (Spain)                                                                               
|Antena 3 Television SA                                                                           
|Banco Bilbao Vizcaya Argentaria SA                                                               
|Banco Santander Central Hispano SA                                                               
|Gestevision Telecinco SA (d)                                                                     
|Telefonica SA sponsored ADR                                                                      
|TOTAL SPAIN                                                                                      
|Sweden - 1.9%                                                                                    
|Eniro AB                                                                                         
|Gambro AB (A Shares)                                                                             
|Hennes & Mauritz AB (H&M) (B Shares) (d)                                                         
|Skandia Foersaekrings AB                                                                         
|Skandinaviska Enskilda Banken AB (A Shares)                                                      
|Telefonaktiebolaget LM Ericsson (B Shares) ADR (a)(d)                                            
|TOTAL SWEDEN                                                                                     
|Switzerland - 9.5%                                                                               
|ABB Ltd. sponsored ADR (a)(d)                                                                    
|Actelion Ltd. (Reg.) (a)                                                                         
|Bucher Holding AG (Bearer)                                                                       
|Compagnie Financiere Richemont unit                                                              
|Credit Suisse Group (Reg.) (d)                                                                   
|Logitech International SA (Reg.) (a)                                                             
|Nestle SA (Reg.)                                                                                 
|Nobel Biocare Holding AG (Switzerland) (d)                                                       
|Novartis AG (Reg.)                                                                               
|Phonak Holding AG                                                                                
|Roche Holding AG (participation certificate)                                                     
|Societe Generale de Surveillance Holding SA (SGS) (Reg.)                                         
|Syngenta AG (Switzerland)                                                                        
|UBS AG (NY Shares)                                                                               
|TOTAL SWITZERLAND                                                                                
|Taiwan - 0.9%                                                                                    
|Advanced Semiconductor Engineering, Inc.                                                         
|High Tech Computer Corp.                                                                         
|Hon Hai Precision Industries Co. Ltd.                                                            
|United Microelectronics Corp.                                                                    
|TOTAL TAIWAN                                                                                     
|Common Stocks - continued                                                                        
|                                                                                                 
|Thailand - 0.3%                                                                                  
|PTT Exploration & Production PCL (For. Reg.)                                                     
|United Kingdom - 15.6%                                                                           
|3i Group PLC                                                                                     
|Aegis Group PLC                                                                                  
|AstraZeneca PLC sponsored ADR                                                                    
|BAE Systems PLC                                                                                  
|BG Group PLC ADR                                                                                 
|Big Yellow Group PLC                                                                             
|Body Shop International PLC                                                                      
|BP PLC sponsored ADR                                                                             
|British Land Co. PLC                                                                             
|Carnival PLC                                                                                     
|CLS Holdings PLC (a)                                                                             
|Enterprise Inns PLC                                                                              
|GlaxoSmithKline PLC sponsored ADR                                                                
|HSBC Holdings PLC (Hong Kong) (Reg.)                                                             
|Inchcape PLC                                                                                     
|Invensys PLC (a)                                                                                 
|Kesa Electricals PLC                                                                             
|Man Group PLC                                                                                    
|Matalan PLC                                                                                      
|NDS Group PLC sponsored ADR (a)                                                                  
|Prudential PLC                                                                                   
|Reckitt Benckiser PLC                                                                            
|Reuters Group PLC sponsored ADR                                                                  
|Rio Tinto PLC sponsored ADR                                                                      
|Rolls-Royce Group PLC                                                                            
|Royal Bank of Scotland Group PLC                                                                 
|Shell Transport & Trading Co. PLC (Reg.)                                                         
|SIG PLC                                                                                          
|Smiths Group PLC                                                                                 
|Sportingbet PLC (a)                                                                              
|Standard Chartered PLC (United Kingdom)                                                          
|Ted Baker PLC                                                                                    
|Tesco PLC                                                                                        
|Vodafone Group PLC                                                                               
|William Hill PLC                                                                                 
|TOTAL UNITED KINGDOM                                                                             
|Common Stocks - continued                                                                        
|                                                                                                 
|United States of America - 0.7%                                                                  
|Macquarie Infrastructure Co. Trust                                                               
|Telewest Global, Inc. (a)                                                                        
|TOTAL UNITED STATES OF AMERICA                                                                   
|TOTAL COMMON STOCKS
(Cost $2,547,004)                                                            
|Nonconvertible Preferred Stocks - 1.7%                                                           
|                                                                                                 
|Germany - 0.8%                                                                                   
|Fresenius AG                                                                                     
|Porsche AG (non-vtg.)                                                                            
|TOTAL GERMANY                                                                                    
|Italy - 0.9%                                                                                     
|Banca Intesa Spa (Risp)                                                                          
|Telecom Italia Spa (Risp) (d)                                                                    
|TOTAL ITALY                                                                                      
|United Kingdom - 0.0%                                                                            
|Rolls-Royce Group PLC Series B                                                                   
|TOTAL NONCONVERTIBLE PREFERRED STOCKS
(Cost $40,441)                                             
|Government Obligations - 0.0%                                                                    
|                                                                                                 
|United States of America - 0.0%                                                                  
|U.S. Treasury Bills, yield at date of purchase 2.55% to 2.72% 5/19/05 to 6/9/05 (e)
(Cost $1,545)
|Money Market Funds - 10.6%                                                                       
|                                                                                                 
|Fidelity Cash Central Fund, 2.84% (b)                                                            
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)                                      
|TOTAL MONEY MARKET FUNDS
(Cost $320,348)                                                         
|TOTAL INVESTMENT PORTFOLIO - 108.3%
(Cost $2,909,338)                                            
|NET OTHER ASSETS - (8.3)%                                                                        
|NET ASSETS - 100%                                                                                

|Futures Contracts                     
|--------------------------------------
|                                      
|Purchased                             
|Equity Index Contracts                
|450 Nikkei 225 Index Contracts (Japan)

|                                                                                                                                                                                                                                                                                                          
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The face value of futures purchased as a percentage of net assets - 0.8%                                                                                                                                                                                                                                  
|Legend                                                                                                                                                                                                                                                                                                    
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|(e)	Security 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 $1,546,000.                                                                                                                      

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, 2005 (Unaudited)
|-------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                           |                           
|Assets                                                                                                                     |                           
|Investment in securities, at value (including securities loaned of $277,265) (cost $2,909,338) -
See accompanying schedule |                           
|Foreign currency held at value (cost $22,575)                                                                              |                           
|Receivable for investments sold                                                                                            |                           
|Receivable for fund shares sold                                                                                            |                           
|Dividends receivable                                                                                                       |                           
|Interest receivable                                                                                                        |                           
|Receivable for daily variation on futures contracts                                                                        |                           
|Prepaid expenses                                                                                                           |                           
|Other affiliated receivables                                                                                               |                           
|Other receivables                                                                                                          |                           
|Total assets                                                                                                               |                           
|                                                                                                                           |                           
|Liabilities                                                                                                                |                           
|Payable for investments purchased                                                                                          | $	14,867                  
|Payable for fund shares redeemed                                                                                           | 3,507                     
|Accrued management fee                                                                                                     | 1,840                     
|Distribution fees payable                                                                                                  | 1                         
|Other affiliated payables                                                                                                  | 719                       
|Other payables and accrued expenses                                                                                        | 1,628                     
|Collateral on securities loaned, at value                                                                                  | 289,934                   
|Total liabilities                                                                                                          |                           
|                                                                                                                           |                           
|Net Assets                                                                                                                 |                           
|Net Assets consist of:                                                                                                     |                           
|Paid in capital                                                                                                            |                           
|Undistributed net investment income                                                                                        |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency
transactions                        |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign
currencies                 |                           
|Net Assets                                                                                                                 |                           

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, 2005 (Unaudited)
|--------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                      |                           
|Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
	($474 ÷ 17.134 shares) |                           
|                                                                                                                      |                           
|Maximum offering price per share (100/94.25 of $27.66)                                                                |                           
|Class T:
Net Asset Value and redemption price per share
($343 ÷ 12.41 shares)                                         |                           
|                                                                                                                      |                           
|Maximum offering price per share (100/96.50 of $27.64)                                                                |                           
|Class B:
Net Asset Value and offering price per share
($410 ÷ 14.86 shares)A                                          |                           
|                                                                                                                      |                           
|Class C:
Net Asset Value and offering price per share
($1,151 ÷ 41.7 shares)A                                         |                           
|                                                                                                                      |                           
|                                                                                                                      |                           
|International Discovery Fund:
Net Asset Value and offering price per share ($3,018,977 ÷ 109,043 shares)A             |                           
|                                                                                                                      |                           
|Institutional Class:
Net Asset Value, offering price and redemption price per share ($7,556 ÷ 272.8 shares)           |                           

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

Statement of Operations

|Amounts in thousands                                                                                                               | Six months ended April 30, 2005 (Unaudited)
|---------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------
|                                                                                                                                   |                                            
|Investment Income                                                                                                                  |                                            
|Dividends                                                                                                                          |                                            
|Interest                                                                                                                           |                                            
|Security lending                                                                                                                   |                                            
|                                                                                                                                   |                                            
|Less foreign taxes withheld                                                                                                        |                                            
|Total income                                                                                                                       |                                            
|                                                                                                                                   |                                            
|Expenses                                                                                                                           |                                            
|Management fee                                                                                                                     | $	9,691                                    
|Transfer agent fees                                                                                                                | 3,297                                      
|Distribution fees                                                                                                                  | 4                                          
|Accounting and security lending fees                                                                                               | 606                                        
|Independent trustees' compensation                                                                                                 | 7                                          
|Custodian fees and expenses                                                                                                        | 584                                        
|Registration fees                                                                                                                  | 251                                        
|Audit                                                                                                                              | 52                                         
|Legal                                                                                                                              | 10                                         
|Interest                                                                                                                           | 1                                          
|Miscellaneous                                                                                                                      | 10                                         
|Total expenses before reductions                                                                                                   | 14,513                                     
|Expense reductions                                                                                                                 | (846)                                      
|Net investment income (loss)                                                                                                       |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:                                                                   |                                            
|Investment securities (net of foreign taxes of $430)                                                                               | 101,666                                    
|Foreign currency transactions                                                                                                      | 881                                        
|Futures contracts                                                                                                                  | 1,363                                      
|Total net realized gain (loss)                                                                                                     |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $593) | 98,022                                     
|Assets and liabilities in foreign currencies                                                                                       | (303)                                      
|Futures contracts                                                                                                                  | (844)                                      
|Total change in net unrealized appreciation (depreciation)                                                                         |                                            
|Net gain (loss)                                                                                                                    |                                            
|Net increase (decrease) in net assets resulting from operations                                                                    |                                            

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, 2005
(Unaudited) | Year ended 
October 31,
2004
|----------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ----------------------------
|Increase (Decrease) in Net Assets                                                                                                         |                                             |                             
|Operations                                                                                                                                |                                             |                             
|Net investment income (loss)                                                                                                              | $	17,802                                    | $	16,421                    
|Net realized gain (loss)                                                                                                                  | 103,910                                     | 91,216                      
|Change in net unrealized appreciation (depreciation)                                                                                      | 96,875                                      | 127,395                     
|Net increase (decrease) in net assets resulting
from operations                                                                           | 218,587                                     | 235,032                     
|Distributions to shareholders from net investment income                                                                                  | (12,813)                                    | (10,818)                    
|Distributions to shareholders from net realized gain                                                                                      | (10,250)                                    | -                           
|Total distributions                                                                                                                       | (23,063)                                    | (10,818)                    
|Share transactions - net increase (decrease)                                                                                              | 640,611                                     | 725,354                     
|Redemption fees                                                                                                                           | 114                                         | 227                         
|Total increase (decrease) in net assets                                                                                                   | 836,249                                     | 949,795                     
|                                                                                                                                          |                                             |                             
|Net Assets                                                                                                                                |                                             |                             
|Beginning of period                                                                                                                       | 2,192,662                                   | 1,242,867                   
|End of period (including undistributed net investment income of $15,678 and undistributed net
investment income of $15,147, respectively) | $	3,028,911                                 | $	2,192,662                 

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

Semiannual Report

Financial Highlights - Class A

|                                          | (Unaudited)
|----------------------------------------- | -----------
|                                          | 2005F      
|Selected Per-Share Data                   |            
|Net asset value, beginning of period      | $	27.41    
|Income from Investment Operations         |            
|Net investment income (loss)E             | .13        
|Net realized and unrealized gain (loss)   | .12        
|Total from investment operations          | .25        
|Redemption fees added to paid in capitalE | -H         
|Net asset value, end of period            | $	27.66    
|Total ReturnB,C,D                         | .91%       
|Ratios to Average Net AssetsG             |            
|Expenses before expense reductions        | 1.39%A     
|Expenses net of voluntary waivers, if any | 1.39%A     
|Expenses net of all reductions            | 1.33%A     
|Net investment income (loss)              | 1.51%A     
|Supplemental Data                         |            
|Net assets, end of period (000 omitted)   | $	474      
|Portfolio turnover rate                   | 77%A       

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

FFor the period January 6, 2005 (commencement of sale of shares) to April 30, 2005.

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

HAmount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class T

|                                          | (Unaudited)
|----------------------------------------- | -----------
|                                          | 2005F      
|Selected Per-Share Data                   |            
|Net asset value, beginning of period      | $	27.41    
|Income from Investment Operations         |            
|Net investment income (loss)E             | .11        
|Net realized and unrealized gain (loss)   | .12        
|Total from investment operations          | .23        
|Redemption fees added to paid in capitalE | -H         
|Net asset value, end of period            | $	27.64    
|Total ReturnB,C,D                         | .84%       
|Ratios to Average Net AssetsG             |            
|Expenses before expense reductions        | 1.68%A     
|Expenses net of voluntary waivers, if any | 1.68%A     
|Expenses net of all reductions            | 1.62%A     
|Net investment income (loss)              | 1.20%A     
|Supplemental Data                         |            
|Net assets, end of period (000 omitted)   | $	343      
|Portfolio turnover rate                   | 77%A       

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

FFor the period January 6, 2005 (commencement of sale of shares) to April 30, 2005.

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

HAmount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class B

|                                          | (Unaudited)
|----------------------------------------- | -----------
|                                          | 2005F      
|Selected Per-Share Data                   |            
|Net asset value, beginning of period      | $	27.41    
|Income from Investment Operations         |            
|Net investment income (loss)E             | .06        
|Net realized and unrealized gain (loss)   | .12        
|Total from investment operations          | .18        
|Redemption fees added to paid in capitalE | -H         
|Net asset value, end of period            | $	27.59    
|Total ReturnB,C,D                         | .66%       
|Ratios to Average Net AssetsG             |            
|Expenses before expense reductions        | 2.19%A     
|Expenses net of voluntary waivers, if any | 2.19%A     
|Expenses net of all reductions            | 2.14%A     
|Net investment income (loss)              | .70%A      
|Supplemental Data                         |            
|Net assets, end of period (000 omitted)   | $	410      
|Portfolio turnover rate                   | 77%A       

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

FFor the period January 6, 2005 (commencement of sale of shares) to April 30, 2005.

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

HAmount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class C

|                                          | (Unaudited)
|----------------------------------------- | -----------
|                                          | 2005F      
|Selected Per-Share Data                   |            
|Net asset value, beginning of period      | $	27.41    
|Income from Investment Operations         |            
|Net investment income (loss)E             | .08        
|Net realized and unrealized gain (loss)   | .11        
|Total from investment operations          | .19        
|Redemption fees added to paid in capitalE | -H         
|Net asset value, end of period            | $	27.60    
|Total ReturnB,C,D                         | .69%       
|Ratios to Average Net AssetsG             |            
|Expenses before expense reductions        | 2.04%A     
|Expenses net of voluntary waivers, if any | 2.04%A     
|Expenses net of all reductions            | 1.99%A     
|Net investment income (loss)              | .86%A      
|Supplemental Data                         |            
|Net assets, end of period (000 omitted)   | $	1,151    
|Portfolio turnover rate                   | 77%A       

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

FFor the period January 6, 2005 (commencement of sale of shares) to April 30, 2005.

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

HAmount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - International Discovery Fund

|                                          | Six months ended April 30,
2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	25.31                         | $	21.87                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)E             | .18                             | .22                    
|Net realized and unrealized gain (loss)   | 2.47                            | 3.40                   
|Total from investment operations          | 2.65                            | 3.62                   
|Distributions from net investment income  | (.15)                           | (.18)                  
|Distributions from net realized gain      | (.12)                           | -                      
|Total distributions                       | (.27)                           | (.18)                  
|Redemption fees added to paid in capitalE | -I                              | -I                     
|Net asset value, end of period            | $	27.69                         | $	25.31                
|Total ReturnB,C,D                         | 10.48%                          | 16.65%                 
|Ratios to Average Net AssetsH             |                                 |                        
|Expenses before expense reductions        | 1.08%A                          | 1.10%                  
|Expenses net of voluntary waivers, if any | 1.08%A                          | 1.10%                  
|Expenses net of all reductions            | 1.02%A                          | 1.06%                  
|Net investment income (loss)              | 1.33%A                          | .92%                   
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	3,019                         | $	2,193                
|Portfolio turnover rate                   | 77%A                            | 87%                    

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

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

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

HExpense ratios reflect operating expenses of the 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 any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service
arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

IAmount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Institutional Class

|                                          | (Unaudited)
|----------------------------------------- | -----------
|                                          | 2005E      
|Selected Per-Share Data                   |            
|Net asset value, beginning of period      | $	27.41    
|Income from Investment Operations         |            
|Net investment income (loss)D             | .17        
|Net realized and unrealized gain (loss)   | .12        
|Total from investment operations          | .29        
|Redemption fees added to paid in capitalD | -G         
|Net asset value, end of period            | $	27.70    
|Total ReturnB,C                           | 1.06%      
|Ratios to Average Net AssetsF             |            
|Expenses before expense reductions        | .97%A      
|Expenses net of voluntary waivers, if any | .97%A      
|Expenses net of all reductions            | .90%A      
|Net investment income (loss)              | 1.95%A     
|Supplemental Data                         |            
|Net assets, end of period (000 omitted)   | $	7,556    
|Portfolio turnover rate                   | 77%A       

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

EFor the period January 6, 2005 (commencement of sale of shares) to April 30, 2005.

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

GAmount 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, 2005 (Unaudited)

1. Significant Accounting Policies.

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

The fund offers Class A, Class T, Class B, Class C, Fidelity International Discovery Fund, and Institutional Class shares, each of which has equal rights
as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The fund commenced sale of
Class A, Class T, Class B, Class C and Institutional shares on January 6, 2005. Class B shares will automatically convert to Class A shares after a holding
period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of
the fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class
to the total net assets of the fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense
reductions also differ by class.

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

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Security Valuation - continued

securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost.
Investments in open-end investment companies are valued at their net asset value each business day.

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

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

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

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

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

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

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income
and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting
principles. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes. Capital
accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the
results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment
companies (PFIC), market discount, 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                    | $	439,330,855  
|------------------------------------------ | ---------------
|Unrealized depreciation                    | (69,686,881)   
|Net unrealized appreciation (depreciation) | $	369,643,974  
|Cost for federal income tax purposes       | $	2,910,297,225

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 Fidelity Management & Research Company (FMR), are
retained by the fund and accounted for as an addition to paid in capital.

2. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund
and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts 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. 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

2. Operating Policies - continued

Futures Contracts. The fund may use futures contracts to manage its exposure to the stock market and to fluctuations in currency values. Buying
futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying
instrument or hedge other fund investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin
reflected in 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 contracts' terms.
Gains (losses) are realized upon the expiration or closing of the futures contracts. Futures contracts are valued at the settlement price established
each day by the board of trade or exchange on which they are traded.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $1,664,741,449 and $992,411,601,
respectively.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly
management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the fund's average net assets
and a group fee rate that averaged .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by
FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the
management fee will be subject to a performance adjustment effective September 2005. The upward or downward adjustment to the management fee
will be based on the fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized
management fee rate was .72% 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

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan - continued

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%         | $	234       | $	81           
|Class T | .25%             | .25%        | 396         | 166            
|Class B | .75%             | .25%        | 725         | 624            
|Class C | .75%             | .25%        | 2,189       | 2,000          
|        |                  |             | $	3,544     | $	2,871        

Sales Load. FDC is the general distributor of the fund. Shares purchased prior to October 12, 1990 are subject to a 1% deferred sales charge upon
redemption. For the period, FDC received sales charges of $1,524 on redemption of shares of the fund. 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, and .25% for certain purchases of Class A and Class T
shares.

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

|         | Retained by
FDC | 
|-------- | --------------- | 
|Class A  | $	1,833         | 
|Class T  | 276             | 
|Class B* | -               | 
|Class C* | -               | 
|         | $	2,109         | 

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

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

|                                      | Amount      | % of
Average
Net Assets
|------------------------------------- | ----------- | -----------------------
|Class A                               | $	301       | .32 *                  
|Class T                               | 283         | .36 *                  
|Class B                               | 284         | .39 *                  
|Class C                               | 514         | .23 *                  
|Fidelity International Discovery Fund | 3,293,326   | .25 *                  
|Institutional Class                   | 2,077       | .15 *                  
|                                      | $	3,296,785 |                        

*Annualized

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

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of
FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its
affiliates. The Central Funds do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying
financial statements and totaled $883,165 for the period.

Brokerage Commissions.The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser.
The commissions paid to these affiliated firms were $221 for the period.

Semiannual Report

5. Committed Line of Credit.

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

6. Security Lending.

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

7. 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 $5,090,000. The weighted average interest rate was 3.13%. At
period end, there were no bank borrowings outstanding.

8. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Fidelity International Discovery Fund's operating expenses. During the period, this reimbursement
reduced the class expenses by $63,175.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

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 $758,894 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 $847. During the period, credits reduced each class' transfer agent expense as noted in the table below.

|                             | Transfer Agent
expense reduction | 
|---------------------------- | -------------------------------- | 
|International Discovery Fund | $	22,453                         | 
|Institutional Class          | 293                              | 
|                             | $	22,746                         | 

9. Other.

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

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

|                             | Six months ended
April 30,
2005 | Year ended
October 31,
2004
|---------------------------- | ------------------------------- | ---------------------------
|From net investment income   |                                 |                            
|International Discovery Fund | $	12,812,803                    | $	10,817,689               
|From net realized gain       |                                 |                            
|International Discovery Fund | $	10,250,246                    | $	-                        

Semiannual Report

11. Share Transactions.

Transactions for each class of shares were as follows:

|                              | Shares                           | Dollars                    
|----------------------------- | -------------------------------- | ---------------------------
|                              | Six months ended
April 30,
2005A | Year ended
October 31,
2004
|Class A                       |                                  |                            
|Shares sold                   | 17,122                           | -                          
|Net increase (decrease)       | 17,122                           | -                          
|Class T                       |                                  |                            
|Shares sold                   | 12,409                           | -                          
|Shares redeemed               | (3)                              | -                          
|Net increase (decrease)       | 12,406                           | -                          
|Class B                       |                                  |                            
|Shares sold                   | 15,162                           | -                          
|Shares redeemed               | (309)                            | -                          
|Net increase (decrease)       | 14,853                           | -                          
|Class C                       |                                  |                            
|Shares sold                   | 41,724                           | -                          
|Net increase (decrease)       | 41,724                           | -                          
|International Discovery Fund  |                                  |                            
|Shares sold                   | 40,747,918                       | 46,698,105                 
|Reinvestment of distributions | 780,847                          | 435,617                    
|Shares redeemed               | (19,127,519)                     | (17,322,166)               
|Net increase (decrease)       | 22,401,246                       | 29,811,556                 
|Institutional Class           |                                  |                            
|Shares sold                   | 274,830                          | -                          
|Shares redeemed               | (2,066)                          | -                          
|Net increase (decrease)       | 272,764                          | -                          

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

Semiannual Report



Semiannual Report



Semiannual Report

# 

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Far East) Inc.

Fidelity International
Investment Advisors

Fidelity Investments Japan Limited

Fidelity International Investment Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

AIDI-USAN-0605
1.806664.100

(Fidelity Investment logo)(registered trademark)Corporate Headquarters82 Devonshire St., Boston, MA 02109www.fidelity.com

Fidelity®

International Discovery

Fund

Semiannual Report

April 30, 2005

(2_fidelity_logos) (Registered_Trademark)

# Contents

|Chairman's Message          | <Click
Here> | Ned Johnson's message to shareholders.                                                                        
|--------------------------- | ------------ | --------------------------------------------------------------------------------------------------------------
|Shareholder Expense Example | <Click
Here> | An example of shareholder expenses.                                                                           
|Investment Changes          | <Click
Here> | A summary of major shifts in the fund's investments over the past six
months.                                 
|Investments                 | <Click
Here> | A complete list of the fund's investments with their market values.                                           
|Financial Statements        | <Click
Here> | Statements of assets and liabilities, operations, and changes in net
assets, 
as well as financial highlights.
|Notes                       | <Click
Here> | Notes to the financial statements.                                                                            

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

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

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

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



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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

# Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

During the past year or so, much has been reported about the mutual fund industry, and much of it has been more critical than I believe is warranted.
Allegations that some companies have been less than forthright with their shareholders have cast a shadow on the entire industry. I continue to find these
reports disturbing, and assert that they do not create an accurate picture of the industry overall. Therefore, I would like to remind everyone where Fidelity
stands on these issues. I will say two things specifically regarding allegations that some mutual fund companies were in violation of the Securities and
Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities.

First, Fidelity has no agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not a new policy. This is not to
say that someone could not deceive the company through fraudulent acts. However, we are extremely diligent in preventing fraud from occurring in this
manner - and in every other. But I underscore again that Fidelity has no so-called "agreements" that sanction illegal practices.

Second, Fidelity continues to stand on record, as we have for years, in opposition to predatory short-term trading that adversely affects shareholders in a
mutual fund. Back in the 1980s, we initiated a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. Further, we
took the lead several years ago in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. I am confident we will
find other ways to make it more difficult for predatory traders to operate. However, this will only be achieved through close cooperation among regulators,
legislators and the industry.

Yes, there have been unfortunate instances of unethical and illegal activity within the mutual fund industry from time to time. That is true of any industry.
When this occurs, confessed or convicted offenders should be dealt with appropriately. But we are still concerned about the risk of over-regulation and the
quick application of simplistic solutions to intricate problems. Every system can be improved, and we support and applaud well thought out improvements
by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings.

For nearly 60 years, Fidelity has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946,
we had only a few hundred customers. Today, we serve more than 18 million customers including individual investors and participants in retirement plans
across America.

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

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report





# 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 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, 2004
to April 30, 2005) for International Discovery Fund and for the entire period (January 6, 2005 to April 30, 2005) for Class A, T, B, 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, 2004 to April 30, 2005).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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.

Semiannual Report

|                             | Beginning
Account Value | Ending
Account Value
April 30, 2005 | Expenses Paid
During Period
|---------------------------- | ----------------------- | ----------------------------------- | ---------------------------
|Class A                      |                         |                                     |                            
|Actual                       | $	1,000.00              | $	1,009.10                          | $	4.40B                    
|HypotheticalA                | $	1,000.00              | $	1,017.90                          | $	6.95C                    
|Class T                      |                         |                                     |                            
|Actual                       | $	1,000.00              | $	1,008.40                          | $	5.32B                    
|HypotheticalA                | $	1,000.00              | $	1,016.46                          | $	8.40C                    
|Class B                      |                         |                                     |                            
|Actual                       | $	1,000.00              | $	1,006.60                          | $	6.92B                    
|HypotheticalA                | $	1,000.00              | $	1,013.93                          | $	10.94C                   
|Class C                      |                         |                                     |                            
|Actual                       | $	1,000.00              | $	1,006.90                          | $	6.45B                    
|HypotheticalA                | $	1,000.00              | $	1,014.68                          | $	10.19C                   
|International Discovery Fund |                         |                                     |                            
|Actual                       | $	1,000.00              | $	1,104.80                          | $	5.64B                    
|HypotheticalA                | $	1,000.00              | $	1,019.44                          | $	5.41C                    
|Institutional Class          |                         |                                     |                            
|Actual                       | $	1,000.00              | $	1,010.60                          | $	3.07B                    
|HypotheticalA                | $	1,000.00              | $	1,019.98                          | $	4.86C                    

A5% return per year before expenses

BActual expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over
the period, multiplied by 181/365 (to reflect the one-half year period) for International Discovery Fund and multiplied by 115/365 (to reflect
the period January 6, 2005 to April 30, 2005) for Class A, T, B, C and Institutional Class.

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

|                             | Annualized
Expense Ratio
|---------------------------- | ------------------------
|Class A                      | 1.39%                   
|Class T                      | 1.68%                   
|Class B                      | 2.19%                   
|Class C                      | 2.04%                   
|International Discovery Fund | 1.08%                   
|Institutional Class          | .97%                    

Semiannual Report





# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      



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

|Asset Allocation                                                            
|----------------------------------------------------------------------------
|                                                                            
|Stocks and Equity Futures                                                   
|Short-Term Investments and Net Other Assets                                 
|Top Ten Stocks as of April 30, 2005                                         
|                                                                            
|Shell Transport & Trading Co. PLC (Reg.) (United Kingdom, Oil & Gas)        
|BP PLC sponsored ADR (United Kingdom, Oil & Gas)                            
|Novartis AG (Reg.) (Switzerland, Pharmaceuticals)                           
|Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
|Total SA Series B (France, Oil & Gas)                                       
|Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)    
|HSBC Holdings PLC (Hong Kong) (Reg.) (United Kingdom, Commercial Banks)     
|Allianz AG (Reg.) (Germany, Insurance)                                      
|Nestle SA (Reg.) (Switzerland, Food Products)                               
|Sanofi-Aventis sponsored ADR (France, Pharmaceuticals)                      
|                                                                            
|Market Sectors as of April 30, 2005                                         
|                                                                            
|Financials                                                                  
|Consumer Discretionary                                                      
|Health Care                                                                 
|Industrials                                                                 
|Energy                                                                      
|Information Technology                                                      
|Telecommunication Services                                                  
|Consumer Staples                                                            
|Materials                                                                   
|Utilities                                                                   

Semiannual Report



# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 96.0%                                                                            
|-------------------------------------------------------------------------------------------------
|                                                                                                 
|Australia - 4.6%                                                                                 
|ABC Learning Centres Ltd.                                                                        
|AMP Ltd.                                                                                         
|Babcock & Brown Japan Property Trust                                                             
|BHP Billiton Ltd.                                                                                
|Billabong International Ltd.                                                                     
|Commonwealth Bank of Australia                                                                   
|Computershare Ltd.                                                                               
|ConnectEast Group                                                                                
|CSL Ltd.                                                                                         
|Downer EDI Ltd.                                                                                  
|Macquarie Airports unit                                                                          
|Macquarie Bank Ltd.                                                                              
|Macquarie Capital Alliance Group (a)                                                             
|Macquarie Communications Infrastructure Group unit                                               
|Newcrest Mining Ltd.                                                                             
|QBE Insurance Group Ltd.                                                                         
|Rinker Group Ltd.                                                                                
|Transurban Group unit                                                                            
|Westfield Group unit                                                                             
|TOTAL AUSTRALIA                                                                                  
|Austria - 0.8%                                                                                   
|Bank Austria Creditanstalt AG                                                                    
|Raiffeisen International Bank Holding AG                                                         
|TOTAL AUSTRIA                                                                                    
|Bermuda - 0.2%                                                                                   
|GOME Electrical Appliances Holdings Ltd.                                                         
|Brazil - 0.5%                                                                                    
|Banco Bradesco SA (PN) sponsored ADR (non-vtg.)                                                  
|Banco Itau Holding Financeira SA (PN)                                                            
|TOTAL BRAZIL                                                                                     
|Cayman Islands - 0.3%                                                                            
|Hutchison Telecommunications International Ltd.                                                  
|Kingboard Chemical Holdings Ltd.                                                                 
|TOTAL CAYMAN ISLANDS                                                                             
|China - 0.6%                                                                                     
|Beijing Media Corp. Ltd. (H Shares)                                                              
|Common Stocks - continued                                                                        
|                                                                                                 
|China - continued                                                                                
|Shanghai Electric (Group) Corp. (H Shares) (a)                                                   
|Weichai Power Co. Ltd. (H Shares)                                                                
|TOTAL CHINA                                                                                      
|Denmark - 0.8%                                                                                   
|GN Store Nordic AS                                                                               
|Novo Nordisk AS sponsored ADR                                                                    
|TOTAL DENMARK                                                                                    
|Egypt - 0.5%                                                                                     
|Orascom Telecom SAE GDR (a)                                                                      
|Finland - 1.7%                                                                                   
|Citycon Oyj                                                                                      
|Kemira GrowHow Oyj                                                                               
|Neste Oil Oyj (a)                                                                                
|Nokia Corp. sponsored ADR                                                                        
|Nokian Tyres Ltd.                                                                                
|Sampo Oyj (A Shares)                                                                             
|TOTAL FINLAND                                                                                    
|France - 10.9%                                                                                   
|Accor SA                                                                                         
|AXA SA (d)                                                                                       
|Beneteau SA                                                                                      
|BNP Paribas SA                                                                                   
|CNP Assurances                                                                                   
|Dassault Systemes SA sponsored ADR                                                               
|Eiffage SA (d)                                                                                   
|France Telecom SA sponsored ADR (d)                                                              
|Groupe Danone                                                                                    
|Lagardere S.C.A. (Reg.)                                                                          
|Michelin SA (Compagnie Generale des Etablissements) Series B                                     
|Neopost SA                                                                                       
|Nexity                                                                                           
|Orpea (a)                                                                                        
|Pernod-Ricard                                                                                    
|Pinault Printemps-Redoute SA                                                                     
|Renault SA                                                                                       
|Sanofi-Aventis sponsored ADR                                                                     
|Suez SA (France)                                                                                 
|Thomson SA                                                                                       
|Common Stocks - continued                                                                        
|                                                                                                 
|France - continued                                                                               
|Total SA Series B                                                                                
|Vinci SA                                                                                         
|Vivendi Universal SA (d)                                                                         
|Vivendi Universal SA sponsored ADR (d)                                                           
|TOTAL FRANCE                                                                                     
|Germany - 8.4%                                                                                   
|Adidas-Salomon AG                                                                                
|Allianz AG (Reg.) (d)                                                                            
|Bayer AG sponsored ADR (d)                                                                       
|Bijou Brigitte Modische Accessoires AG                                                           
|Deutsche Boerse AG                                                                               
|Deutsche Telekom AG sponsored ADR                                                                
|Deutz AG (a)(d)                                                                                  
|E.ON AG (d)                                                                                      
|ElringKlinger AG                                                                                 
|Fielmann AG                                                                                      
|Fresenius AG                                                                                     
|GFK AG                                                                                           
|Hypo Real Estate Holding AG                                                                      
|K&S AG (d)                                                                                       
|Krones AG                                                                                        
|Linde AG                                                                                         
|MAN AG                                                                                           
|Merck KGaA                                                                                       
|Metro AG                                                                                         
|Pfleiderer AG (a)                                                                                
|RWE AG (d)                                                                                       
|Siemens AG sponsored ADR                                                                         
|SolarWorld AG                                                                                    
|TOTAL GERMANY                                                                                    
|Greece - 1.1%                                                                                    
|EFG Eurobank Ergasias SA                                                                         
|Greek Organization of Football Prognostics SA                                                    
|Public Power Corp. of Greece                                                                     
|TOTAL GREECE                                                                                     
|Hong Kong - 3.7%                                                                                 
|Chaoda Modern Agriculture (Holdings) Ltd.                                                        
|CNOOC Ltd. sponsored ADR (d)                                                                     
|Cosco Pacific Ltd.                                                                               
|Common Stocks - continued                                                                        
|                                                                                                 
|Hong Kong - continued                                                                            
|Esprit Holdings Ltd.                                                                             
|Hutchison Whampoa Ltd.                                                                           
|Kerry Properties Ltd.                                                                            
|Li & Fung Ltd.                                                                                   
|Paul Y-ITC Construction Holdings Ltd.                                                            
|Shun Tak Holdings Ltd.                                                                           
|Sino Land Co.                                                                                    
|Techtronic Industries Co. Ltd.                                                                   
|Wharf Holdings Ltd.                                                                              
|TOTAL HONG KONG                                                                                  
|India - 1.2%                                                                                     
|ABB Ltd. India                                                                                   
|Alembic Ltd.                                                                                     
|Bharat Forge Ltd.                                                                                
|Cipla Ltd.                                                                                       
|Infosys Technologies Ltd.                                                                        
|Pfizer Ltd.                                                                                      
|State Bank of India                                                                              
|TOTAL INDIA                                                                                      
|Ireland - 1.5%                                                                                   
|Allied Irish Banks PLC                                                                           
|C&C Group PLC                                                                                    
|Independent News & Media PLC (Ireland)                                                           
|Jurys Doyle Hotel Group PLC (Ireland)                                                            
|Paddy Power PLC                                                                                  
|TOTAL IRELAND                                                                                    
|Italy - 3.1%                                                                                     
|Assicurazioni Generali Spa (d)                                                                   
|Autostrade Spa (d)                                                                               
|Banche Popolari Unite Scarl (d)                                                                  
|Banco Popolare di Verona e Novara (d)                                                            
|Buzzi Unicem Spa (d)                                                                             
|Cassa Di Risparmio Di Firenze                                                                    
|ENI Spa                                                                                          
|ENI Spa sponsored ADR                                                                            
|Lottomatica Spa New (d)                                                                          
|Mediaset Spa (d)                                                                                 
|Common Stocks - continued                                                                        
|                                                                                                 
|Italy - continued                                                                                
|Mediobanca Spa                                                                                   
|Pirelli & C. Real Estate Spa                                                                     
|TOTAL ITALY                                                                                      
|Japan - 15.5%                                                                                    
|Aiful Corp.                                                                                      
|Aiful Corp. New (a)                                                                              
|Aisin Seiki Co. Ltd.                                                                             
|Asahi Breweries Ltd.                                                                             
|Asahi Glass Co. Ltd.                                                                             
|Astellas Pharma, Inc.                                                                            
|Canon, Inc.                                                                                      
|Credit Saison Co. Ltd.                                                                           
|Don Quijote Co. Ltd.                                                                             
|East Japan Railway Co.                                                                           
|Fuji Photo Film Co. Ltd.                                                                         
|Hokuto Corp.                                                                                     
|Honda Motor Co. Ltd.                                                                             
|Hoya Corp.                                                                                       
|JAFCO Co. Ltd.                                                                                   
|Kose Corp.                                                                                       
|Matsui Securities Co. Ltd. New (d)                                                               
|Millea Holdings, Inc.                                                                            
|Mitsui & Co. Ltd.                                                                                
|Mitsui Trust Holdings, Inc.                                                                      
|Mizuho Financial Group, Inc.                                                                     
|Nikko Cordial Corp.                                                                              
|Nippon Chemi-con Corp.                                                                           
|Nippon Oil Corp.                                                                                 
|Nishi-Nippon City Bank Ltd.                                                                      
|Nishimatsuya Chain Co. Ltd.                                                                      
|Nitto Denko Corp.                                                                                
|OMC Card, Inc.                                                                                   
|Omron Corp.                                                                                      
|ORIX Corp.                                                                                       
|Rakuten, Inc. (d)                                                                                
|Ricoh Co. Ltd.                                                                                   
|Sanken Electric Co. Ltd.                                                                         
|Sega Sammy Holdings, Inc. (a)                                                                    
|SFCG Co. Ltd.                                                                                    
|Sony Corp.                                                                                       
|Sumitomo Electric Industries Ltd.                                                                
|Common Stocks - continued                                                                        
|                                                                                                 
|Japan - continued                                                                                
|Sumitomo Forestry Co. Ltd.                                                                       
|Sumitomo Mitsui Financial Group, Inc.                                                            
|Sumitomo Rubber Industries Ltd.                                                                  
|T&D Holdings, Inc.                                                                               
|Takara Holdings, Inc. (d)                                                                        
|Takeda Pharamaceutical Co. Ltd.                                                                  
|THK Co. Ltd.                                                                                     
|TIS, Inc.                                                                                        
|Tokuyama Corp. (d)                                                                               
|Tokyo Electron Ltd.                                                                              
|Tokyo Tomin Bank Ltd.                                                                            
|Toyo Ink Manufacturing Co. Ltd.                                                                  
|Toyota Motor Corp.                                                                               
|USS Co. Ltd.                                                                                     
|Yamato Transport Co. Ltd.                                                                        
|TOTAL JAPAN                                                                                      
|Korea (South) - 0.9%                                                                             
|Hyundai Mipo Dockyard Co. Ltd.                                                                   
|LG Electronics, Inc.                                                                             
|S-Oil Corp.                                                                                      
|Shinhan Financial Group Co. Ltd.                                                                 
|Shinsegae Co. Ltd.                                                                               
|TOTAL KOREA (SOUTH)                                                                              
|Luxembourg - 0.6%                                                                                
|SES Global unit                                                                                  
|Stolt-Nielsen SA Class B sponsored ADR                                                           
|TOTAL LUXEMBOURG                                                                                 
|Mexico - 0.1%                                                                                    
|Urbi, Desarrollos Urbanos, SA de CV                                                              
|Netherlands - 2.6%                                                                               
|ASM International NV (Nasdaq) (a)                                                                
|ASML Holding NV (NY Shares) (a)                                                                  
|Axalto Holding NV                                                                                
|EADS NV                                                                                          
|ING Groep NV (Certificaten Van Aandelen)                                                         
|Koninklijke Numico NV (Certificaten Van Aandelen) (a)                                            
|Koninklijke Philips Electronics NV (NY Shares)                                                   
|Common Stocks - continued                                                                        
|                                                                                                 
|Netherlands - continued                                                                          
|Randstad Holdings NV                                                                             
|VNU NV                                                                                           
|TOTAL NETHERLANDS                                                                                
|Norway - 1.4%                                                                                    
|DnB NOR ASA (d)                                                                                  
|Schibsted ASA (B Shares) (d)                                                                     
|TANDBERG ASA                                                                                     
|TANDBERG Television ASA (a)                                                                      
|Yara International ASA                                                                           
|TOTAL NORWAY                                                                                     
|Philippines - 0.4%                                                                               
|Philippine Long Distance Telephone Co.                                                           
|Philippine Long Distance Telephone Co. sponsored ADR (d)                                         
|TOTAL PHILIPPINES                                                                                
|Poland - 0.3%                                                                                    
|Powszechna Kasa Oszczednosci Bank SA                                                             
|TVN SA                                                                                           
|TOTAL POLAND                                                                                     
|Portugal - 0.8%                                                                                  
|Impresa SGPS (a)                                                                                 
|Media Capital SGPS SA                                                                            
|TOTAL PORTUGAL                                                                                   
|Russia - 0.3%                                                                                    
|Mobile TeleSystems OJSC sponsored ADR                                                            
|Singapore - 0.7%                                                                                 
|CapitaLand Ltd.                                                                                  
|HTL International Holdings Ltd.                                                                  
|Keppel Corp. Ltd.                                                                                
|TOTAL SINGAPORE                                                                                  
|South Africa - 0.5%                                                                              
|MTN Group Ltd.                                                                                   
|Standard Bank Group Ltd.                                                                         
|Steinhoff International Holdings Ltd.                                                            
|TOTAL SOUTH AFRICA                                                                               
|Common Stocks - continued                                                                        
|                                                                                                 
|Spain - 3.1%                                                                                     
|Altadis SA (Spain)                                                                               
|Antena 3 Television SA                                                                           
|Banco Bilbao Vizcaya Argentaria SA                                                               
|Banco Santander Central Hispano SA                                                               
|Gestevision Telecinco SA (d)                                                                     
|Telefonica SA sponsored ADR                                                                      
|TOTAL SPAIN                                                                                      
|Sweden - 1.9%                                                                                    
|Eniro AB                                                                                         
|Gambro AB (A Shares)                                                                             
|Hennes & Mauritz AB (H&M) (B Shares) (d)                                                         
|Skandia Foersaekrings AB                                                                         
|Skandinaviska Enskilda Banken AB (A Shares)                                                      
|Telefonaktiebolaget LM Ericsson (B Shares) ADR (a)(d)                                            
|TOTAL SWEDEN                                                                                     
|Switzerland - 9.5%                                                                               
|ABB Ltd. sponsored ADR (a)(d)                                                                    
|Actelion Ltd. (Reg.) (a)                                                                         
|Bucher Holding AG (Bearer)                                                                       
|Compagnie Financiere Richemont unit                                                              
|Credit Suisse Group (Reg.) (d)                                                                   
|Logitech International SA (Reg.) (a)                                                             
|Nestle SA (Reg.)                                                                                 
|Nobel Biocare Holding AG (Switzerland) (d)                                                       
|Novartis AG (Reg.)                                                                               
|Phonak Holding AG                                                                                
|Roche Holding AG (participation certificate)                                                     
|Societe Generale de Surveillance Holding SA (SGS) (Reg.)                                         
|Syngenta AG (Switzerland)                                                                        
|UBS AG (NY Shares)                                                                               
|TOTAL SWITZERLAND                                                                                
|Taiwan - 0.9%                                                                                    
|Advanced Semiconductor Engineering, Inc.                                                         
|High Tech Computer Corp.                                                                         
|Hon Hai Precision Industries Co. Ltd.                                                            
|United Microelectronics Corp.                                                                    
|TOTAL TAIWAN                                                                                     
|Common Stocks - continued                                                                        
|                                                                                                 
|Thailand - 0.3%                                                                                  
|PTT Exploration & Production PCL (For. Reg.)                                                     
|United Kingdom - 15.6%                                                                           
|3i Group PLC                                                                                     
|Aegis Group PLC                                                                                  
|AstraZeneca PLC sponsored ADR                                                                    
|BAE Systems PLC                                                                                  
|BG Group PLC ADR                                                                                 
|Big Yellow Group PLC                                                                             
|Body Shop International PLC                                                                      
|BP PLC sponsored ADR                                                                             
|British Land Co. PLC                                                                             
|Carnival PLC                                                                                     
|CLS Holdings PLC (a)                                                                             
|Enterprise Inns PLC                                                                              
|GlaxoSmithKline PLC sponsored ADR                                                                
|HSBC Holdings PLC (Hong Kong) (Reg.)                                                             
|Inchcape PLC                                                                                     
|Invensys PLC (a)                                                                                 
|Kesa Electricals PLC                                                                             
|Man Group PLC                                                                                    
|Matalan PLC                                                                                      
|NDS Group PLC sponsored ADR (a)                                                                  
|Prudential PLC                                                                                   
|Reckitt Benckiser PLC                                                                            
|Reuters Group PLC sponsored ADR                                                                  
|Rio Tinto PLC sponsored ADR                                                                      
|Rolls-Royce Group PLC                                                                            
|Royal Bank of Scotland Group PLC                                                                 
|Shell Transport & Trading Co. PLC (Reg.)                                                         
|SIG PLC                                                                                          
|Smiths Group PLC                                                                                 
|Sportingbet PLC (a)                                                                              
|Standard Chartered PLC (United Kingdom)                                                          
|Ted Baker PLC                                                                                    
|Tesco PLC                                                                                        
|Vodafone Group PLC                                                                               
|William Hill PLC                                                                                 
|TOTAL UNITED KINGDOM                                                                             
|Common Stocks - continued                                                                        
|                                                                                                 
|United States of America - 0.7%                                                                  
|Macquarie Infrastructure Co. Trust                                                               
|Telewest Global, Inc. (a)                                                                        
|TOTAL UNITED STATES OF AMERICA                                                                   
|TOTAL COMMON STOCKS
(Cost $2,547,004)                                                            
|Nonconvertible Preferred Stocks - 1.7%                                                           
|                                                                                                 
|Germany - 0.8%                                                                                   
|Fresenius AG                                                                                     
|Porsche AG (non-vtg.)                                                                            
|TOTAL GERMANY                                                                                    
|Italy - 0.9%                                                                                     
|Banca Intesa Spa (Risp)                                                                          
|Telecom Italia Spa (Risp) (d)                                                                    
|TOTAL ITALY                                                                                      
|United Kingdom - 0.0%                                                                            
|Rolls-Royce Group PLC Series B                                                                   
|TOTAL NONCONVERTIBLE PREFERRED STOCKS
(Cost $40,441)                                             
|Government Obligations - 0.0%                                                                    
|                                                                                                 
|United States of America - 0.0%                                                                  
|U.S. Treasury Bills, yield at date of purchase 2.55% to 2.72% 5/19/05 to 6/9/05 (e)
(Cost $1,545)
|Money Market Funds - 10.6%                                                                       
|                                                                                                 
|Fidelity Cash Central Fund, 2.84% (b)                                                            
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)                                      
|TOTAL MONEY MARKET FUNDS
(Cost $320,348)                                                         
|TOTAL INVESTMENT PORTFOLIO - 108.3%
(Cost $2,909,338)                                            
|NET OTHER ASSETS - (8.3)%                                                                        
|NET ASSETS - 100%                                                                                

|Futures Contracts                     
|--------------------------------------
|                                      
|Purchased                             
|Equity Index Contracts                
|450 Nikkei 225 Index Contracts (Japan)

|                                                                                                                                                                                                                                                                                                          
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The face value of futures purchased as a percentage of net assets - 0.8%                                                                                                                                                                                                                                  
|Legend                                                                                                                                                                                                                                                                                                    
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day
yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|(e)	Security 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 $1,546,000.                                                                                                                      

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, 2005 (Unaudited)
|-------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                           |                           
|Assets                                                                                                                     |                           
|Investment in securities, at value (including securities loaned of $277,265) (cost $2,909,338) -
See accompanying schedule |                           
|Foreign currency held at value (cost $22,575)                                                                              |                           
|Receivable for investments sold                                                                                            |                           
|Receivable for fund shares sold                                                                                            |                           
|Dividends receivable                                                                                                       |                           
|Interest receivable                                                                                                        |                           
|Receivable for daily variation on futures contracts                                                                        |                           
|Prepaid expenses                                                                                                           |                           
|Other affiliated receivables                                                                                               |                           
|Other receivables                                                                                                          |                           
|Total assets                                                                                                               |                           
|                                                                                                                           |                           
|Liabilities                                                                                                                |                           
|Payable for investments purchased                                                                                          | $	14,867                  
|Payable for fund shares redeemed                                                                                           | 3,507                     
|Accrued management fee                                                                                                     | 1,840                     
|Distribution fees payable                                                                                                  | 1                         
|Other affiliated payables                                                                                                  | 719                       
|Other payables and accrued expenses                                                                                        | 1,628                     
|Collateral on securities loaned, at value                                                                                  | 289,934                   
|Total liabilities                                                                                                          |                           
|                                                                                                                           |                           
|Net Assets                                                                                                                 |                           
|Net Assets consist of:                                                                                                     |                           
|Paid in capital                                                                                                            |                           
|Undistributed net investment income                                                                                        |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency
transactions                        |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign
currencies                 |                           
|Net Assets                                                                                                                 |                           

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, 2005 (Unaudited)
|--------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                      |                           
|Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
	($474 ÷ 17.134 shares) |                           
|                                                                                                                      |                           
|Maximum offering price per share (100/94.25 of $27.66)                                                                |                           
|Class T:
Net Asset Value and redemption price per share
($343 ÷ 12.41 shares)                                         |                           
|                                                                                                                      |                           
|Maximum offering price per share (100/96.50 of $27.64)                                                                |                           
|Class B:
Net Asset Value and offering price per share
($410 ÷ 14.86 shares)A                                          |                           
|                                                                                                                      |                           
|Class C:
Net Asset Value and offering price per share
($1,151 ÷ 41.7 shares)A                                         |                           
|                                                                                                                      |                           
|                                                                                                                      |                           
|International Discovery Fund:
Net Asset Value and offering price per share ($3,018,977 ÷ 109,043 shares)A             |                           
|                                                                                                                      |                           
|Institutional Class:
Net Asset Value, offering price and redemption price per share ($7,556 ÷ 272.8 shares)           |                           

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

Statement of Operations

|Amounts in thousands                                                                                                               | Six months ended April 30, 2005 (Unaudited)
|---------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------
|                                                                                                                                   |                                            
|Investment Income                                                                                                                  |                                            
|Dividends                                                                                                                          |                                            
|Interest                                                                                                                           |                                            
|Security lending                                                                                                                   |                                            
|                                                                                                                                   |                                            
|Less foreign taxes withheld                                                                                                        |                                            
|Total income                                                                                                                       |                                            
|                                                                                                                                   |                                            
|Expenses                                                                                                                           |                                            
|Management fee                                                                                                                     | $	9,691                                    
|Transfer agent fees                                                                                                                | 3,297                                      
|Distribution fees                                                                                                                  | 4                                          
|Accounting and security lending fees                                                                                               | 606                                        
|Independent trustees' compensation                                                                                                 | 7                                          
|Custodian fees and expenses                                                                                                        | 584                                        
|Registration fees                                                                                                                  | 251                                        
|Audit                                                                                                                              | 52                                         
|Legal                                                                                                                              | 10                                         
|Interest                                                                                                                           | 1                                          
|Miscellaneous                                                                                                                      | 10                                         
|Total expenses before reductions                                                                                                   | 14,513                                     
|Expense reductions                                                                                                                 | (846)                                      
|Net investment income (loss)                                                                                                       |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:                                                                   |                                            
|Investment securities (net of foreign taxes of $430)                                                                               | 101,666                                    
|Foreign currency transactions                                                                                                      | 881                                        
|Futures contracts                                                                                                                  | 1,363                                      
|Total net realized gain (loss)                                                                                                     |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $593) | 98,022                                     
|Assets and liabilities in foreign currencies                                                                                       | (303)                                      
|Futures contracts                                                                                                                  | (844)                                      
|Total change in net unrealized appreciation (depreciation)                                                                         |                                            
|Net gain (loss)                                                                                                                    |                                            
|Net increase (decrease) in net assets resulting from operations                                                                    |                                            

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, 2005
(Unaudited) | Year ended 
October 31,
2004
|----------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ----------------------------
|Increase (Decrease) in Net Assets                                                                                                         |                                             |                             
|Operations                                                                                                                                |                                             |                             
|Net investment income (loss)                                                                                                              | $	17,802                                    | $	16,421                    
|Net realized gain (loss)                                                                                                                  | 103,910                                     | 91,216                      
|Change in net unrealized appreciation (depreciation)                                                                                      | 96,875                                      | 127,395                     
|Net increase (decrease) in net assets resulting
from operations                                                                           | 218,587                                     | 235,032                     
|Distributions to shareholders from net investment income                                                                                  | (12,813)                                    | (10,818)                    
|Distributions to shareholders from net realized gain                                                                                      | (10,250)                                    | -                           
|Total distributions                                                                                                                       | (23,063)                                    | (10,818)                    
|Share transactions - net increase (decrease)                                                                                              | 640,611                                     | 725,354                     
|Redemption fees                                                                                                                           | 114                                         | 227                         
|Total increase (decrease) in net assets                                                                                                   | 836,249                                     | 949,795                     
|                                                                                                                                          |                                             |                             
|Net Assets                                                                                                                                |                                             |                             
|Beginning of period                                                                                                                       | 2,192,662                                   | 1,242,867                   
|End of period (including undistributed net investment income of $15,678 and undistributed net
investment income of $15,147, respectively) | $	3,028,911                                 | $	2,192,662                 

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

Semiannual Report

Financial Highlights - Class A

|                                          | (Unaudited)
|----------------------------------------- | -----------
|                                          | 2005F      
|Selected Per-Share Data                   |            
|Net asset value, beginning of period      | $	27.41    
|Income from Investment Operations         |            
|Net investment income (loss)E             | .13        
|Net realized and unrealized gain (loss)   | .12        
|Total from investment operations          | .25        
|Redemption fees added to paid in capitalE | -H         
|Net asset value, end of period            | $	27.66    
|Total ReturnB,C,D                         | .91%       
|Ratios to Average Net AssetsG             |            
|Expenses before expense reductions        | 1.39%A     
|Expenses net of voluntary waivers, if any | 1.39%A     
|Expenses net of all reductions            | 1.33%A     
|Net investment income (loss)              | 1.51%A     
|Supplemental Data                         |            
|Net assets, end of period (000 omitted)   | $	474      
|Portfolio turnover rate                   | 77%A       

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

FFor the period January 6, 2005 (commencement of sale of shares) to April 30, 2005.

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

HAmount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class T

|                                          | (Unaudited)
|----------------------------------------- | -----------
|                                          | 2005F      
|Selected Per-Share Data                   |            
|Net asset value, beginning of period      | $	27.41    
|Income from Investment Operations         |            
|Net investment income (loss)E             | .11        
|Net realized and unrealized gain (loss)   | .12        
|Total from investment operations          | .23        
|Redemption fees added to paid in capitalE | -H         
|Net asset value, end of period            | $	27.64    
|Total ReturnB,C,D                         | .84%       
|Ratios to Average Net AssetsG             |            
|Expenses before expense reductions        | 1.68%A     
|Expenses net of voluntary waivers, if any | 1.68%A     
|Expenses net of all reductions            | 1.62%A     
|Net investment income (loss)              | 1.20%A     
|Supplemental Data                         |            
|Net assets, end of period (000 omitted)   | $	343      
|Portfolio turnover rate                   | 77%A       

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

FFor the period January 6, 2005 (commencement of sale of shares) to April 30, 2005.

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

HAmount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class B

|                                          | (Unaudited)
|----------------------------------------- | -----------
|                                          | 2005F      
|Selected Per-Share Data                   |            
|Net asset value, beginning of period      | $	27.41    
|Income from Investment Operations         |            
|Net investment income (loss)E             | .06        
|Net realized and unrealized gain (loss)   | .12        
|Total from investment operations          | .18        
|Redemption fees added to paid in capitalE | -H         
|Net asset value, end of period            | $	27.59    
|Total ReturnB,C,D                         | .66%       
|Ratios to Average Net AssetsG             |            
|Expenses before expense reductions        | 2.19%A     
|Expenses net of voluntary waivers, if any | 2.19%A     
|Expenses net of all reductions            | 2.14%A     
|Net investment income (loss)              | .70%A      
|Supplemental Data                         |            
|Net assets, end of period (000 omitted)   | $	410      
|Portfolio turnover rate                   | 77%A       

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

FFor the period January 6, 2005 (commencement of sale of shares) to April 30, 2005.

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

HAmount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class C

|                                          | (Unaudited)
|----------------------------------------- | -----------
|                                          | 2005F      
|Selected Per-Share Data                   |            
|Net asset value, beginning of period      | $	27.41    
|Income from Investment Operations         |            
|Net investment income (loss)E             | .08        
|Net realized and unrealized gain (loss)   | .11        
|Total from investment operations          | .19        
|Redemption fees added to paid in capitalE | -H         
|Net asset value, end of period            | $	27.60    
|Total ReturnB,C,D                         | .69%       
|Ratios to Average Net AssetsG             |            
|Expenses before expense reductions        | 2.04%A     
|Expenses net of voluntary waivers, if any | 2.04%A     
|Expenses net of all reductions            | 1.99%A     
|Net investment income (loss)              | .86%A      
|Supplemental Data                         |            
|Net assets, end of period (000 omitted)   | $	1,151    
|Portfolio turnover rate                   | 77%A       

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

FFor the period January 6, 2005 (commencement of sale of shares) to April 30, 2005.

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

HAmount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - International Discovery Fund

|                                          | Six months ended April 30,
2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	25.31                         | $	21.87                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)E             | .18                             | .22                    
|Net realized and unrealized gain (loss)   | 2.47                            | 3.40                   
|Total from investment operations          | 2.65                            | 3.62                   
|Distributions from net investment income  | (.15)                           | (.18)                  
|Distributions from net realized gain      | (.12)                           | -                      
|Total distributions                       | (.27)                           | (.18)                  
|Redemption fees added to paid in capitalE | -I                              | -I                     
|Net asset value, end of period            | $	27.69                         | $	25.31                
|Total ReturnB,C,D                         | 10.48%                          | 16.65%                 
|Ratios to Average Net AssetsH             |                                 |                        
|Expenses before expense reductions        | 1.08%A                          | 1.10%                  
|Expenses net of voluntary waivers, if any | 1.08%A                          | 1.10%                  
|Expenses net of all reductions            | 1.02%A                          | 1.06%                  
|Net investment income (loss)              | 1.33%A                          | .92%                   
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	3,019                         | $	2,193                
|Portfolio turnover rate                   | 77%A                            | 87%                    

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

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

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

HExpense ratios reflect operating expenses of the 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 any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service
arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

IAmount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Institutional Class

|                                          | (Unaudited)
|----------------------------------------- | -----------
|                                          | 2005E      
|Selected Per-Share Data                   |            
|Net asset value, beginning of period      | $	27.41    
|Income from Investment Operations         |            
|Net investment income (loss)D             | .17        
|Net realized and unrealized gain (loss)   | .12        
|Total from investment operations          | .29        
|Redemption fees added to paid in capitalD | -G         
|Net asset value, end of period            | $	27.70    
|Total ReturnB,C                           | 1.06%      
|Ratios to Average Net AssetsF             |            
|Expenses before expense reductions        | .97%A      
|Expenses net of voluntary waivers, if any | .97%A      
|Expenses net of all reductions            | .90%A      
|Net investment income (loss)              | 1.95%A     
|Supplemental Data                         |            
|Net assets, end of period (000 omitted)   | $	7,556    
|Portfolio turnover rate                   | 77%A       

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

EFor the period January 6, 2005 (commencement of sale of shares) to April 30, 2005.

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

GAmount 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, 2005 (Unaudited)

1. Significant Accounting Policies.

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

The fund offers Class A, Class T, Class B, Class C, Fidelity International Discovery Fund, and Institutional Class shares, each of which has equal rights
as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The fund commenced sale of
Class A, Class T, Class B, Class C and Institutional shares on January 6, 2005. Class B shares will automatically convert to Class A shares after a holding
period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of
the fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class
to the total net assets of the fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense
reductions also differ by class.

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

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Security Valuation - continued

securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost.
Investments in open-end investment companies are valued at their net asset value each business day.

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

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

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

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

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

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

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income
and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting
principles. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes. Capital
accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the
results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment
companies (PFIC), market discount, 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                    | $	439,330,855  
|------------------------------------------ | ---------------
|Unrealized depreciation                    | (69,686,881)   
|Net unrealized appreciation (depreciation) | $	369,643,974  
|Cost for federal income tax purposes       | $	2,910,297,225

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 Fidelity Management & Research Company (FMR), are
retained by the fund and accounted for as an addition to paid in capital.

2. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund
and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts 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. 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

2. Operating Policies - continued

Futures Contracts. The fund may use futures contracts to manage its exposure to the stock market and to fluctuations in currency values. Buying
futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying
instrument or hedge other fund investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin
reflected in 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 contracts' terms.
Gains (losses) are realized upon the expiration or closing of the futures contracts. Futures contracts are valued at the settlement price established
each day by the board of trade or exchange on which they are traded.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $1,664,741,449 and $992,411,601,
respectively.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly
management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the fund's average net assets
and a group fee rate that averaged .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by
FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the
management fee will be subject to a performance adjustment effective September 2005. The upward or downward adjustment to the management fee
will be based on the fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized
management fee rate was .72% 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

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan - continued

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%         | $	234       | $	81           
|Class T | .25%             | .25%        | 396         | 166            
|Class B | .75%             | .25%        | 725         | 624            
|Class C | .75%             | .25%        | 2,189       | 2,000          
|        |                  |             | $	3,544     | $	2,871        

Sales Load. FDC is the general distributor of the fund. Shares purchased prior to October 12, 1990 are subject to a 1% deferred sales charge upon
redemption. For the period, FDC received sales charges of $1,524 on redemption of shares of the fund. 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, and .25% for certain purchases of Class A and Class T
shares.

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

|         | Retained by
FDC | 
|-------- | --------------- | 
|Class A  | $	1,833         | 
|Class T  | 276             | 
|Class B* | -               | 
|Class C* | -               | 
|         | $	2,109         | 

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

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

|                                      | Amount      | % of
Average
Net Assets
|------------------------------------- | ----------- | -----------------------
|Class A                               | $	301       | .32 *                  
|Class T                               | 283         | .36 *                  
|Class B                               | 284         | .39 *                  
|Class C                               | 514         | .23 *                  
|Fidelity International Discovery Fund | 3,293,326   | .25 *                  
|Institutional Class                   | 2,077       | .15 *                  
|                                      | $	3,296,785 |                        

*Annualized

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

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of
FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its
affiliates. The Central Funds do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying
financial statements and totaled $883,165 for the period.

Brokerage Commissions.The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser.
The commissions paid to these affiliated firms were $221 for the period.

Semiannual Report

5. Committed Line of Credit.

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

6. Security Lending.

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

7. 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 $5,090,000. The weighted average interest rate was 3.13%. At
period end, there were no bank borrowings outstanding.

8. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Fidelity International Discovery Fund's operating expenses. During the period, this reimbursement
reduced the class expenses by $63,175.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

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 $758,894 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 $847. During the period, credits reduced each class' transfer agent expense as noted in the table below.

|                             | Transfer Agent
expense reduction | 
|---------------------------- | -------------------------------- | 
|International Discovery Fund | $	22,453                         | 
|Institutional Class          | 293                              | 
|                             | $	22,746                         | 

9. Other.

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

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

|                             | Six months ended
April 30,
2005 | Year ended
October 31,
2004
|---------------------------- | ------------------------------- | ---------------------------
|From net investment income   |                                 |                            
|International Discovery Fund | $	12,812,803                    | $	10,817,689               
|From net realized gain       |                                 |                            
|International Discovery Fund | $	10,250,246                    | $	-                        

Semiannual Report

11. Share Transactions.

Transactions for each class of shares were as follows:

|                              | Shares                           | Dollars                    
|----------------------------- | -------------------------------- | ---------------------------
|                              | Six months ended
April 30,
2005A | Year ended
October 31,
2004
|Class A                       |                                  |                            
|Shares sold                   | 17,122                           | -                          
|Net increase (decrease)       | 17,122                           | -                          
|Class T                       |                                  |                            
|Shares sold                   | 12,409                           | -                          
|Shares redeemed               | (3)                              | -                          
|Net increase (decrease)       | 12,406                           | -                          
|Class B                       |                                  |                            
|Shares sold                   | 15,162                           | -                          
|Shares redeemed               | (309)                            | -                          
|Net increase (decrease)       | 14,853                           | -                          
|Class C                       |                                  |                            
|Shares sold                   | 41,724                           | -                          
|Net increase (decrease)       | 41,724                           | -                          
|International Discovery Fund  |                                  |                            
|Shares sold                   | 40,747,918                       | 46,698,105                 
|Reinvestment of distributions | 780,847                          | 435,617                    
|Shares redeemed               | (19,127,519)                     | (17,322,166)               
|Net increase (decrease)       | 22,401,246                       | 29,811,556                 
|Institutional Class           |                                  |                            
|Shares sold                   | 274,830                          | -                          
|Shares redeemed               | (2,066)                          | -                          
|Net increase (decrease)       | 272,764                          | -                          

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

Semiannual Report

# Managing Your Investments

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

By Phone

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

(phone_graphic)

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

Press

1   For mutual fund and brokerage trading.

2   For quotes.*

3   For account balances and holdings.

4   To review orders and mutual 
fund activity.

5   To change your PIN.

*0   To speak to a Fidelity representative.

By PC

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

(computer_graphic)

Fidelity's Web Site
www.fidelity.com



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

Semiannual Report

# To Write Fidelity

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

(letter_graphic)

Making Changes
To Your Account

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

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

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

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

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

Selling shares

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

Overnight ExpressFidelity 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 ExpressFidelity 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 
	(Far East) Inc.

Fidelity International Investment 
	Advisors

Fidelity Investments Japan Limited

Fidelity International Investment
	Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agent

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information	1-800-544-8888

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

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

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

(automated graphic)   	Automated line for quickest service

IGI-USAN-0605
1.807260.100

(Fidelity Investment logo)(registered trademark)Corporate Headquarters82 Devonshire St., Boston, MA 02109www.fidelity.com



(Fidelity Investment logo)(registered trademark)Fidelity Advisor

International Small Cap

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

Semiannual Report

April 30, 2005

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

(2_fidelity_logos) (Registered_Trademark)

# Contents

|Chairman's Message          | <Click
Here> | Ned Johnson's message to shareholders.                                                                        
|--------------------------- | ------------ | --------------------------------------------------------------------------------------------------------------
|Shareholder Expense Example | <Click
Here> | An example of shareholder expenses.                                                                           
|Investment Changes          | <Click
Here> | A summary of major shifts in the fund's investments over the past six months.                                 
|Investments                 | <Click
Here> | A complete list of the fund's investments with their market values.                                           
|Financial Statements        | <Click
Here> | Statements of assets and liabilities, operations, and changes in net assets, 
as well as financial highlights.
|Notes                       | <Click
Here> | Notes to the financial statements.                                                                            

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

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

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

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



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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

# Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

During the past year or so, much has been reported about the mutual fund industry, and much of it has been more critical than I believe is warranted. Allegations that
some companies have been less than forthright with their shareholders have cast a shadow on the entire industry. I continue to find these reports disturbing, and assert
that they do not create an accurate picture of the industry overall. Therefore, I would like to remind everyone where Fidelity stands on these issues. I will say two things
specifically regarding allegations that some mutual fund companies were in violation of the Securities and Exchange Commission's forward pricing rules or were involved
in so-called "market timing" activities.

First, Fidelity has no agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not a new policy. This is not to say that someone
could not deceive the company through fraudulent acts. However, we are extremely diligent in preventing fraud from occurring in this manner - and in every other. But I
underscore again that Fidelity has no so-called "agreements" that sanction illegal practices.

Second, Fidelity continues to stand on record, as we have for years, in opposition to predatory short-term trading that adversely affects shareholders in a mutual fund. Back
in the 1980s, we initiated a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. Further, we took the lead several years ago in
developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. I am confident we will find other ways to make it more difficult for
predatory traders to operate. However, this will only be achieved through close cooperation among regulators, legislators and the industry.

Yes, there have been unfortunate instances of unethical and illegal activity within the mutual fund industry from time to time. That is true of any industry. When this
occurs, confessed or convicted offenders should be dealt with appropriately. But we are still concerned about the risk of over-regulation and the quick application of
simplistic solutions to intricate problems. Every system can be improved, and we support and applaud well thought out improvements by regulators, legislators and
industry representatives that achieve the common goal of building and protecting the value of investors' holdings.

For nearly 60 years, Fidelity has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a
few hundred customers. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.

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

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report





# 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, 2004 to April 30, 2005).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Semiannual Report

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

|                        | Beginning
Account Value
November 1, 2004 | Ending
Account Value
April 30, 2005 | Expenses Paid
During Period*November 1, 2004
to April 30, 2005
|----------------------- | ---------------------------------------- | ----------------------------------- | --------------------------------------------------------------
|Class A                 |                                          |                                     |                                                               
|Actual                  | $	1,000.00                               | $	1,183.60                          | $	8.93                                                        
|HypotheticalA           | $	1,000.00                               | $	1,016.61                          | $	8.25                                                        
|Class T                 |                                          |                                     |                                                               
|Actual                  | $	1,000.00                               | $	1,181.00                          | $	10.27                                                       
|HypotheticalA           | $	1,000.00                               | $	1,015.37                          | $	9.49                                                        
|Class B                 |                                          |                                     |                                                               
|Actual                  | $	1,000.00                               | $	1,178.10                          | $	12.96                                                       
|HypotheticalA           | $	1,000.00                               | $	1,012.89                          | $	11.98                                                       
|Class C                 |                                          |                                     |                                                               
|Actual                  | $	1,000.00                               | $	1,179.20                          | $	12.97                                                       
|HypotheticalA           | $	1,000.00                               | $	1,012.89                          | $	11.98                                                       
|International Small Cap |                                          |                                     |                                                               
|Actual                  | $	1,000.00                               | $	1,185.70                          | $	6.99                                                        
|HypotheticalA           | $	1,000.00                               | $	1,018.40                          | $	6.46                                                        
|Institutional Class     |                                          |                                     |                                                               
|Actual                  | $	1,000.00                               | $	1,185.30                          | $	7.04                                                        
|HypotheticalA           | $	1,000.00                               | $	1,018.35                          | $	6.51                                                        

A5% return per year before expenses

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

|                        | Annualized
Expense Ratio
|----------------------- | ------------------------
|Class A                 | 1.65%                   
|Class T                 | 1.90%                   
|Class B                 | 2.40%                   
|Class C                 | 2.40%                   
|International Small Cap | 1.29%                   
|Institutional Class     | 1.30%                   

Semiannual Report





# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      



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

|Asset Allocation                                                        
|------------------------------------------------------------------------
|                                                                        
|Stocks and Investment Companies                                         
|Short-Term Investments and Net Other Assets                             
|Top Ten Stocks as of April 30, 2005                                     
|                                                                        
|Orascom Telecom SAE GDR (Egypt, Wireless Telecommunication Services)    
|Hikari Tsushin, Inc. (Japan, Specialty Retail)                          
|Steinhoff International Holdings Ltd. (South Africa, Household Durables)
|Pfleiderer AG (Germany, Building Products)                              
|K&S AG (Germany, Chemicals)                                             
|United Group Ltd. (Australia, Construction & Engineering)               
|Asia Energy PLC (United Kingdom, Metals & Mining)                       
|Unibet Group PLC unit (United Kingdom, Hotels, Restaurants & Leisure)   
|Stolt-Nielsen SA (Luxembourg, Marine)                                   
|Nissin Kogyo Co. Ltd. (Japan, Auto Components)                          
|                                                                        
|Market Sectors as of April 30, 2005                                     
|                                                                        
|Consumer Discretionary                                                  
|Industrials                                                             
|Materials                                                               
|Information Technology                                                  
|Financials                                                              
|Energy                                                                  
|Health Care                                                             
|Telecommunication Services                                              
|Consumer Staples                                                        
|Utilities                                                               

Semiannual Report



# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 95.8%                                         
|--------------------------------------------------------------
|                                                              
|Australia - 7.7%                                              
|ABC Learning Centres Ltd.                                     
|Australian Stock Exchange Ltd. (d)                            
|Aztec Resources Ltd. (a)(e)                                   
|BlueScope Steel Ltd.                                          
|Bradken Ltd.                                                  
|Centamin Egypt Ltd. (a)                                       
|Centennial Coal Co. Ltd.                                      
|Corporate Express Australia Ltd.                              
|CSR Ltd.                                                      
|DCA Group Ltd. (d)                                            
|Dwyka Diamonds Ltd. (a)                                       
|Elkedra Diamonds NL (a)                                       
|Elkedra Diamonds NL warrants 8/31/07 (a)                      
|Fox Resources Ltd. (a)                                        
|Fox Resources Ltd. warrants 6/30/07 (a)                       
|Hardman Resources Ltd.:
(Australia) (a)                       
|(United Kingdom) (a)                                          
|JB Hi-Fi Ltd.                                                 
|Novera Energy Ltd. (a)                                        
|Patrick Corp. Ltd.                                            
|Promina Group Ltd.                                            
|QBE Insurance Group Ltd.                                      
|Roc Oil Co. Ltd. (a)                                          
|Sphere Investments Ltd. (a)                                   
|Stockland unit                                                
|Sylvania Resources Ltd. (a)(e)                                
|United Group Ltd. (d)                                         
|Virotec International Ltd.:                                   
|(Australia) (a)                                               
|(United Kingdom) (a)                                          
|Westpac Banking Corp.                                         
|TOTAL AUSTRALIA                                               
|Belgium - 0.7%                                                
|Euronav NV                                                    
|Melexis NV                                                    
|Omega Pharma SA                                               
|Recticel SA (d)                                               
|Roularta Media Group NV                                       
|TOTAL BELGIUM                                                 
|Common Stocks - continued                                     
|                                                              
|Bermuda - 0.2%                                                
|Jinhui Shipping & Transportation Ltd. (d)                     
|Ship Finance International Ltd. (NY Shares)                   
|Tanzanite One Ltd.                                            
|TOTAL BERMUDA                                                 
|Brazil - 0.5%                                                 
|Banco Bradesco SA (PN) sponsored ADR (non-vtg.) (d)           
|Petroleo Brasileiro SA Petrobras sponsored ADR                
|TOTAL BRAZIL                                                  
|British Virgin Islands - 0.0%                                 
|Albidon Ltd. unit (a)                                         
|Canada - 1.6%                                                 
|Adastra Minerals, Inc. (a)                                    
|Altius Minerals Corp. (a)                                     
|Azure Dynamics Corp. Class A (a)                              
|Bankers Petroleum Ltd. (a)                                    
|BDI Mining Corp. (a)                                          
|Brazilian Diamonds Ltd. (a)                                   
|First Quantum Minerals Ltd.                                   
|Grove Energy Ltd. (a)                                         
|La Mancha Resources, Inc. (a)                                 
|Oilexco, Inc. (a)                                             
|Starfield Resources, Inc. (a)(e)                              
|StrataGold Corp. (a)                                          
|Uruguay Mineral Exploration, Inc. (a)                         
|Western Canadian Coal Corp. (a)                               
|Western Canadian Coal Corp. (a)                               
|Western Canadian Coal Corp.:                                  
|warrants 2/9/06 (a)                                           
|(United Kingdom) (a)                                          
|TOTAL CANADA                                                  
|Cayman Islands - 1.0%                                         
|Kingboard Chemical Holdings Ltd.                              
|Kingboard Chemical Holdings Ltd. warrants 12/31/06 (a)        
|Norstar Founders Group Ltd.                                   
|SinoCom Software Group Ltd.                                   
|TOTAL CAYMAN ISLANDS                                          
|China - 0.9%                                                  
|Aluminum Corp. of China Ltd. (H Shares)                       
|Common Stocks - continued                                     
|                                                              
|China - continued                                             
|Bio-Treat Technology Ltd.                                     
|Global Bio-Chem Technology Group Co. Ltd.                     
|Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)
|PICC Property & Casualty Co. Ltd. (H Shares) (a)              
|Tong Ren Tang Technologies Co. Ltd. (H Shares)                
|TOTAL CHINA                                                   
|Czech Republic - 0.2%                                         
|Komercni Banka AS unit                                        
|Denmark - 0.0%                                                
|Coloplast AS Series B                                         
|Egypt - 2.0%                                                  
|Orascom Telecom SAE GDR (a)                                   
|Finland - 1.4%                                                
|Aldata Solutions Oyj (a)(d)                                   
|Alma Media Corp. (a)                                          
|Capman Oyj (B Shares) (d)                                     
|Citycon Oyj                                                   
|Inion OY                                                      
|Neste Oil Oyj (a)                                             
|Nokian Tyres Ltd.                                             
|Vacon Oyj (d)                                                 
|TOTAL FINLAND                                                 
|France - 1.9%                                                 
|Altamir et Compagnie SA (a)                                   
|bioMerieux SA                                                 
|Boiron SA                                                     
|Bongrain SA                                                   
|BVRP Software SA (a)                                          
|Constructions Industrielles dela Mediterranee SA              
|Damartex SA                                                   
|Gifi                                                          
|Groupe Bourbon SA (d)                                         
|Groupe Open SA                                                
|Groupe Open SA warrants 10/21/06 (a)                          
|Guerbet SA                                                    
|Ipsos SA                                                      
|Lagardere S.C.A. (Reg.)                                       
|Maisons France Confort                                        
|Common Stocks - continued                                     
|                                                              
|France - continued                                            
|Nexity                                                        
|Oeneo Group (a)(d)                                            
|Orpea (a)                                                     
|Renault SA                                                    
|Sechilienne-Sidec                                             
|Signaux Girod                                                 
|SPIR Communication SA                                         
|Stedim SA                                                     
|Tessi SA                                                      
|The Lisi Group                                                
|Toupargel-Agrigel                                             
|U10 SA (d)                                                    
|Vivendi Universal SA (d)                                      
|TOTAL FRANCE                                                  
|Germany - 4.8%                                                
|Advanced Photonics Technologies AG (a)                        
|Articon-Integralis AG (Reg.) (a)                              
|AWD Holding AG                                                
|Bijou Brigitte Modische Accessoires AG                        
|Deutsche Boerse AG                                            
|Deutz AG (a)(d)                                               
|ElringKlinger AG                                              
|Fielmann AG                                                   
|Freenet.de AG                                                 
|Fresenius AG                                                  
|Gpc Biotech AG (a)(d)                                         
|Grenkeleasing AG (d)                                          
|Hawesko Holding AG                                            
|Hyrican Informationssysteme AG                                
|K&S AG                                                        
|Kontron AG (a)                                                
|Merck KGaA                                                    
|Norddeutsche Affinerie AG                                     
|Parsytec AG (a)(d)                                            
|PC-Spezialist Franchise AG                                    
|Pfleiderer AG (a)                                             
|PSI AG (a)                                                    
|Pulsion Medical Systems AG (a)                                
|Common Stocks - continued                                     
|                                                              
|Germany - continued                                           
|Rational AG                                                   
|United Internet AG                                            
|TOTAL GERMANY                                                 
|Greece - 1.8%                                                 
|Alfa-Beta Vassilopoulos SA (Reg.)                             
|Autohellas SA                                                 
|Babis Vovos International Technical SA                        
|Fourlis Holdings SA (a)                                       
|Greek Organization of Football Prognostics SA                 
|Hellenic Exchanges Holding SA                                 
|Hyatt Regency SA (Reg.)                                       
|Intralot SA (a)                                               
|Motor Oil (HELLAS) Corinth Refineries SA                      
|Public Power Corp. of Greece                                  
|Sarantis SA (Reg.)                                            
|Technical Olympic SA (Reg.)                                   
|TOTAL GREECE                                                  
|Hong Kong - 1.5%                                              
|ASM Pacific Technology Ltd.                                   
|China Insurance International Holdings Co. Ltd.               
|China Merchants Holdings International Co. Ltd.               
|China Pharmaceutical Enterprise and Investment Corp. Ltd. (a) 
|Solomon Systech Ltd.                                          
|TOTAL HONG KONG                                               
|Hungary - 0.3%                                                
|MOL Magyar Olay-es Gazipari RT Series A (For. Reg.)           
|OTP Bank Rt.                                                  
|TOTAL HUNGARY                                                 
|India - 1.2%                                                  
|Indian Hotels Co. Ltd.                                        
|Kotak Mahindra Bank Ltd.                                      
|State Bank of India                                           
|TOTAL INDIA                                                   
|Ireland - 0.7%                                                
|Donegal Creameries PLC                                        
|IAWS Group PLC (Ireland)                                      
|Independent News & Media PLC (Ireland)                        
|Common Stocks - continued                                     
|                                                              
|Ireland - continued                                           
|Kenmare Resources PLC (a)                                     
|Kenmare Resources PLC warrants 7/23/09 (a)                    
|Minco PLC (a)                                                 
|Minco PLC warrants 12/3/05 (a)                                
|Paddy Power PLC                                               
|Petroceltic International PLC (a)                             
|Trinity Biotech PLC sponsored ADR (a)                         
|TOTAL IRELAND                                                 
|Israel - 0.2%                                                 
|Advanced Vision Technology Ltd. (a)                           
|Leadcom Integrated Solutions (e)                              
|Supercom Ltd. (a)                                             
|TOTAL ISRAEL                                                  
|Italy - 1.2%                                                  
|Amplifon Spa                                                  
|Brembo Spa                                                    
|Cassa Di Risparmio Di Firenze                                 
|Lottomatica Spa New (d)                                       
|Saipem Spa                                                    
|Teleunit Spa (a)(e)                                           
|TOTAL ITALY                                                   
|Japan - 30.8%                                                 
|Able, Inc.                                                    
|Acca Networks Co. Ltd.                                        
|Adtec Plasma Technology Co. Ltd.                              
|Aichi Steel Corp. (d)                                         
|Amada Co. Ltd.                                                
|ARRK Corp.                                                    
|Asahi Broadcasting Corp.                                      
|Asahi Denka Co. Ltd.                                          
|ASICS Trading Co. Ltd.                                        
|Axell Corp. (d)                                               
|Axell Corp. New (d)                                           
|Bando Chemical Industries Ltd. (d)                            
|Casio Computer Co. Ltd.                                       
|Central Glass Co. Ltd.                                        
|Chiyoda Corp.                                                 
|Chiyoda Integre Co. Ltd.                                      
|Chugoku Marine Paints Ltd. (d)                                
|Common Stocks - continued                                     
|                                                              
|Japan - continued                                             
|Citizen Electronics Co. Ltd. (d)                              
|Commuture Corp.                                               
|COMSYS Holdings Corp.                                         
|Create SD Co. Ltd.                                            
|Credit Saison Co. Ltd.                                        
|Cyber Agent Ltd. (d)                                          
|Cyber Communications, Inc. (a)(d)                             
|Cyber Firm, Inc. (a)(d)                                       
|Daiso Co. Ltd. (d)                                            
|Daiwabo Information System Ltd. (d)                           
|Dip Corp.                                                     
|Dynic Corp. (a)                                               
|E*Trade Securities Co. Ltd. (d)                               
|Endo Manufacturing Co. Ltd.                                   
|Enshu Ltd. (a)(d)                                             
|Faith, Inc. (d)                                               
|Fancl Corp.                                                   
|Finance All Corp. (d)                                         
|First Juken Co. Ltd.                                          
|Forval Corp.                                                  
|FT Communications Co. Ltd.                                    
|Fuji Seal International, Inc.                                 
|Fuji Spinning Co. Ltd. (a)                                    
|Fujikura Ltd.                                                 
|Fujitsu Business Systems Ltd.                                 
|Fullcast Co. Ltd.                                             
|Gourmet Navigator, Inc. (a)                                   
|Heian Ceremony Service Co. Ltd.                               
|Hikari Tsushin, Inc. (d)                                      
|Hogy Medical Co. (d)                                          
|Hokuto Corp. (d)                                              
|HUNET, Inc. (d)                                               
|I-CF, Inc. (a)                                                
|Ibiden Co. Ltd. (d)                                           
|Infocom Corp.                                                 
|Information Planning Co. Ltd.                                 
|Intelligent Wave, Inc. (d)                                    
|Ishihara Chemical Co. Ltd. (d)                                
|Itochushokuhin Co. Ltd.                                       
|JACCS Co. Ltd.                                                
|Japan Digital Contents, Inc. (a)                              
|Japan Vilene Co. Ltd. (d)                                     
|Common Stocks - continued                                     
|                                                              
|Japan - continued                                             
|Jastec Co. Ltd.                                               
|Jupiter Telecommunications Co.                                
|KAGA ELECTRONICS Co. Ltd. (d)                                 
|Kagome Co. Ltd. (a)(d)                                        
|Kakaku.com, Inc. (a)                                          
|Kawasaki Heavy Industries Ltd.                                
|Kennedy-Wilson Japan Co. Ltd. (d)                             
|Kibun Food Chemifa Co. Ltd.                                   
|KK daVinci Advisors (a)(d)                                    
|Kobe Steel Ltd.                                               
|Koito Manufacturing Co. Ltd.                                  
|Komehyo Co. Ltd. (a)                                          
|Kura Corp. Ltd. (d)                                           
|Kuraray Co. Ltd.                                              
|Kurita Water Industries Ltd.                                  
|livedoor Co. Ltd. (a)(d)                                      
|Lopro Corp. (d)                                               
|LTT Bio-Pharma Co. Ltd.                                       
|Mars Engineering Corp.                                        
|Maruei Department Store Co. Ltd. (a)(d)                       
|Maruha Group, Inc. (a)(d)                                     
|Matsui Securities Co. Ltd. (d)                                
|Matsui Securities Co. Ltd. New (d)                            
|Meganesuper Co. Ltd.                                          
|Misumi Group, Inc.                                            
|Mitsubishi Materials Corp.                                    
|Mitsui & Associates Telepark Corp.                            
|Mitsui & Co. Ltd.                                             
|Mitsui O.S.K. Lines Ltd.                                      
|Mitsui Trust Holdings, Inc.                                   
|Mobilephone Telecommunications International Ltd. (d)         
|Nabtesco Corp.                                                
|NextCom K.K.                                                  
|Nexus Co. Ltd.                                                
|NHK Spring Co. Ltd.                                           
|Nidec Corp.                                                   
|Nidec Tosok Corp.                                             
|Nihon Chouzai Co. Ltd.                                        
|Nihon Dempa Kogyo Co. Ltd.                                    
|Nihon Micro Coating Co. Ltd. (a)                              
|Nihon Trim Co. Ltd. (d)                                       
|Nihon Unicom Corp.                                            
|Common Stocks - continued                                     
|                                                              
|Japan - continued                                             
|Nikko Cordial Corp.                                           
|Ninety-Nine Plus, Inc.                                        
|Nippon Chemi-con Corp.                                        
|Nippon Denwa Shisetsu                                         
|Nippon Electric Glass Co. Ltd.                                
|Nippon Mining Holdings, Inc.                                  
|Nippon Oil Corp.                                              
|Nippon Seiki Co. Ltd. (d)                                     
|Nippon Suisan Kaisha Co. Ltd.                                 
|Nissin Co. Ltd.                                               
|Nissin Kogyo Co. Ltd.                                         
|Nissin Servicer Co. Ltd. (d)                                  
|Nissin Servicer Co. Ltd. New (d)                              
|Nitta Corp.                                                   
|Nitto Denko Corp.                                             
|NOK Corp.                                                     
|Ogaki Kyoritsu Bank Ltd.                                      
|Opt, Inc. (a)(d)                                              
|Oracle Corp. Japan (d)                                        
|Orient Corp. (a)(d)                                           
|Oriental Yeast Co. Ltd. Tokio                                 
|Otaki Gas Co. Ltd. (a)                                        
|Otsuka Corp.                                                  
|Pacific Metals Co. Ltd. (a)(d)                                
|Paris Miki, Inc. (d)                                          
|Parker Corp.                                                  
|Pigeon Corp.                                                  
|Point, Inc. (a)                                               
|Pro-Ship, Inc.                                                
|Rakuten, Inc. (d)                                             
|Reins International, Inc.                                     
|Rohto Pharmaceutical Co. Ltd.                                 
|Sammy NetWorks Co. Ltd.                                       
|Sankyo Co. Ltd. (Gunma)                                       
|Sega Sammy Holdings, Inc. (a)                                 
|Seikagaku Corp. (d)                                           
|Seikagaku Corp. New (d)                                       
|Sekisui Chemical Co. Ltd.                                     
|Sekisui Plastics Co. Ltd.                                     
|Shin Nippon Biomedical Laboratories Ltd. (d)                  
|Showa Denko KK                                                
|Silex Technology, Inc.                                        
|Common Stocks - continued                                     
|                                                              
|Japan - continued                                             
|Softbank Investment Corp.                                     
|Software Research Association (SRA) (d)                       
|Soken Chemical & Engineer Co. Ltd.                            
|Square Enix Co. Ltd.                                          
|Stanley Electric Co. Ltd.                                     
|Sumisho Computer Service Corp. (d)                            
|Sumitomo Corp.                                                
|Sumitomo Metal Mining Co. Ltd.                                
|Sumitomo Rubber Industries Ltd.                               
|Sun Frontier Fudousan Co. Ltd.                                
|Sun Frontier Fudousan Co. Ltd. New                            
|Suncall Corp.                                                 
|Sunx Ltd.                                                     
|Taisei Corp.                                                  
|Taiyo Kagaku                                                  
|Tamron Co. Ltd. (d)                                           
|Tanabe Seiyaku Co. Ltd.                                       
|Techno Medica Co. Ltd.                                        
|Teijin Ltd.                                                   
|Teikoku Oil Co. Ltd.                                          
|Telewave, Inc. New (d)                                        
|The First Energy Service Co. Ltd.                             
|Token Corp.                                                   
|Tokuyama Corp. (d)                                            
|Tokyo Cathode Laborator Co. Ltd. (d)                          
|Tokyo Seimitsu Co. Ltd. (d)                                   
|Tokyo Steel Manufacturing Co. Ltd. (d)                        
|TonenGeneral Sekiyu KK (a)                                    
|Toppan Printing Co. Ltd.                                      
|Toray Industries, Inc.                                        
|Tosoh Corp.                                                   
|Toyo Corp. (d)                                                
|Toyo Ink Manufacturing Co. Ltd.                               
|Toyo Machinery & Metal Co. Ltd.                               
|Toyo Suisan Kaisha Ltd.                                       
|Trancom Co. Ltd.                                              
|Trend Micro, Inc.                                             
|Uniden Corp.                                                  
|Usen Corp. (a)(d)                                             
|USS Co. Ltd.                                                  
|Warabeya Nichiyo Co. Ltd.                                     
|Works Applications Co. Ltd. (a)(d)                            
|Common Stocks - continued                                     
|                                                              
|Japan - continued                                             
|Works Applications Co. Ltd. New (a)                           
|Yachiyo Industry Co. Ltd.                                     
|Yamaichi Electronics Co. Ltd.                                 
|Yasuragi Co. Ltd. (a)                                         
|Yoshimoto Kogyo Co. Ltd. (d)                                  
|Zakkaya Bulldog Co. Ltd.                                      
|TOTAL JAPAN                                                   
|Korea (South) - 0.1%                                          
|SKC Co. Ltd. (a)                                              
|Luxembourg - 1.4%                                             
|Gaming VC Holdings SA                                         
|Stolt-Nielsen SA (d)                                          
|TOTAL LUXEMBOURG                                              
|Netherlands - 0.4%                                            
|Axalto Holding NV                                             
|Completel Europe NV (a)                                       
|TOTAL NETHERLANDS                                             
|New Zealand - 0.7%                                            
|Fisher & Paykel Healthcare Corp.                              
|Pumpkin Patch Ltd.                                            
|Sky City Entertainment Group Ltd.                             
|TOTAL NEW ZEALAND                                             
|Norway - 2.2%                                                 
|ABG Sundal Collier ASA (d)                                    
|Camillo Eitzen & Co. ASA                                      
|Catch Communications ASA                                      
|Expert ASA (d)                                                
|Kongsberg Gruppen ASA (a)(d)                                  
|Mamut ASA                                                     
|Nordic VLSI ASA (a)(d)                                        
|Norman ASA (a)                                                
|Norsk Hydro ASA (d)                                           
|Odfjell ASA (A Shares)                                        
|P4 Radio Hele Norge ASA (a)(d)                                
|Petroleum Geo-Services ASA (a)                                
|Profdoc ASA (a)                                               
|Schibsted ASA (B Shares)                                      
|Solstad Offshore ASA                                          
|Common Stocks - continued                                     
|                                                              
|Norway - continued                                            
|Statoil ASA                                                   
|Stepstone ASA (a)(e)                                          
|TANDBERG ASA                                                  
|TANDBERG Television ASA (a)                                   
|TOTAL NORWAY                                                  
|Poland - 1.0%                                                 
|Pfleiderer Grajewo SA                                         
|Polski Koncern Naftowy Orlen SA unit                          
|Powszechna Kasa Oszczednosci Bank SA                          
|TVN SA                                                        
|TOTAL POLAND                                                  
|Portugal - 0.6%                                               
|Impresa SGPS (a)                                              
|Media Capital SGPS SA                                         
|TOTAL PORTUGAL                                                
|Russia - 1.4%                                                 
|Mobile TeleSystems OJSC:                                      
|GDR (Reg. S)                                                  
|sponsored ADR                                                 
|Sibirtelecom Open Joint Stock Co. ADR (a)                     
|Sistema Jsfc sponsored GDR                                    
|Uralsvyazinform ADR                                           
|VolgaTelecom sponsored ADR                                    
|TOTAL RUSSIA                                                  
|Singapore - 1.4%                                              
|Accord Customer Care Solutions Ltd. (a)                       
|ComfortDelgro Corp. Ltd.                                      
|HTL International Holdings Ltd.                               
|Hyflux Ltd.                                                   
|SIA Engineering Co. Ltd.                                      
|Singapore Exchange Ltd.                                       
|Singapore Petroleum Co. Ltd. (d)                              
|Venture Corp. Ltd.                                            
|TOTAL SINGAPORE                                               
|South Africa - 3.3%                                           
|Aflease Gold & Uranium Resources Ltd. (a)                     
|African Bank Investments Ltd.                                 
|Common Stocks - continued                                     
|                                                              
|South Africa - continued                                      
|Discovery Holdings Ltd. (a)                                   
|JD Group Ltd.                                                 
|MTN Group Ltd.                                                
|Nedcor Ltd.                                                   
|Steinhoff International Holdings Ltd.                         
|Wilson Bayly Holmes-Ovcon Ltd.                                
|TOTAL SOUTH AFRICA                                            
|Spain - 0.3%                                                  
|Antena 3 Television SA                                        
|Construcciones y Auxiliar de Ferrocarriles                    
|TOTAL SPAIN                                                   
|Sweden - 1.6%                                                 
|Consafe Offshore AB (a)(f)                                    
|Eniro AB                                                      
|Gambro AB (A Shares)                                          
|Hexagon AB (B Shares) (d)                                     
|Intrum Justitia AB (a)                                        
|Intrum Justitia AB rights 5/26/05 (a)                         
|Mekonomen AB                                                  
|Modern Times Group AB (MTG) (B Shares) (a)                    
|Observer AB (d)                                               
|VBG AB (B Shares)                                             
|TOTAL SWEDEN                                                  
|Switzerland - 0.9%                                            
|Actelion Ltd. (Reg.) (a)                                      
|Amazys Holding AG                                             
|Barry Callebaut AG                                            
|Bucher Holding AG (Bearer) (d)                                
|Escor Casino & Entertainment SA                               
|Micronas Semiconductor Holding AG (a)                         
|Mobilezone Holding AG                                         
|Roche Holding AG (participation certificate)                  
|Sulzer AG (Reg.)                                              
|Swissquote Group Holding SA (a)                               
|TOTAL SWITZERLAND                                             
|Taiwan - 0.1%                                                 
|Merry Electronics Co. Ltd.                                    
|Common Stocks - continued                                     
|                                                              
|Thailand - 0.1%                                               
|Bumrungrad Hospital PCL (For. Reg.) (a)                       
|Turkey - 1.3%                                                 
|Alarko Gayrimenkul Yatirim Ortakligi AS (a)                   
|Atakule Gayrimenkul Yatirim Ortakligi AS                      
|Dogan Gazetecilik AS (a)                                      
|Dogan Sirketler Grubu Holding AS                              
|Dogan Yayin Holding AS                                        
|Efes Sinai Yatirim Holding AS Class B (a)                     
|Enka Insaat ve Sanayi AS                                      
|Is Gayrimenkul Yatirim Ortakligi AS                           
|Tupras-Turkiye Petrol Rafinerileri AS                         
|Turkiye Sinai Kalkinma Bankasi AS                             
|Yapi ve Kredi Bankasi AS (a)                                  
|TOTAL TURKEY                                                  
|United Kingdom - 16.3%                                        
|3DM Worldwide PLC (a)                                         
|Accuma Group PLC                                              
|Advanced Technology (UK) PLC (a)(e)                           
|AeroBox PLC (a)                                               
|Afren PLC (e)                                                 
|African Copper PLC                                            
|Air Partner PLC                                               
|Alba PLC                                                      
|Alliance Pharma PLC (a)(e)                                    
|Amlin PLC                                                     
|Andor Technology Ltd.                                         
|Appian Technology PLC (a)                                     
|Appian Technology PLC warrants 2/28/08 (a)                    
|Asia Energy PLC                                               
|Atrium Underwriting PLC                                       
|Axis Shield PLC (a)                                           
|BETonSPORTS PLC                                               
|BG Group PLC                                                  
|BHP Billiton PLC                                              
|Bioprogress PLC (a)                                           
|Blacks Leisure Group PLC                                      
|Body Shop International PLC                                   
|BowLeven PLC                                                  
|Caffe Nero Group PLC (a)                                      
|Cambrian Mining PLC (a)(e)                                    
|Common Stocks - continued                                     
|                                                              
|United Kingdom - continued                                    
|Cambrian Mining PLC warrants 1/25/06 (a)                      
|Cardpoint PLC (a)                                             
|Carphone Warehouse Group PLC                                  
|Central African Mining & Exploration Co. PLC (a)              
|Centurion Electronics PLC (e)                                 
|Ceres Power Holding PLC                                       
|Chaucer Holdings PLC                                          
|Clapham House Group PLC (a)                                   
|Cobra Biomanufacturing PLC (a)                                
|Corac Group PLC (a)(e)                                        
|Corin Group PLC                                               
|CSS Stellar PLC (a)                                           
|CustomVis PLC (a)                                             
|Daniel Stewart Securities PLC (a)                             
|Domino's Pizza UK & IRL PLC                                   
|Dream Direct Group PLC (a)                                    
|Eclipse Energy Co. Ltd. (f)                                   
|Entertainment Rights PLC (a)                                  
|Europa Oil & Gas Holdings PLC                                 
|Europa Oil & Gas Holdings PLC warrants 11/11/07 (a)           
|European Diamonds PLC (a)                                     
|Faroe Petroleum PLC (a)                                       
|Firestone Diamonds PLC (a)                                    
|Flomerics Group PLC                                           
|Freeport PLC                                                  
|Future PLC                                                    
|Gaming Corp. PLC (a)                                          
|GMA Resources PLC (a)(e)                                      
|Goals Soccer Centres PLC                                      
|Golden Prospect PLC (a)                                       
|Goldshield Group PLC                                          
|GTL Resources PLC (a)                                         
|Hardide Ltd. (e)                                              
|Healthcare Enterprise Group PLC (a)                           
|Highbury House Communications PLC                             
|Hornby PLC                                                    
|Hunting PLC                                                   
|Hydrodec Group PLC                                            
|Icap PLC                                                      
|Ideal Shopping Direct PLC                                     
|Imperial College Innovations Ltd.                             
|Inchcape PLC                                                  
|Common Stocks - continued                                     
|                                                              
|United Kingdom - continued                                    
|Intertek Group PLC                                            
|ITE Group PLC                                                 
|ITM Power PLC                                                 
|Jubilee Platinum PLC (a)(e)                                   
|Kesa Electricals PLC                                          
|Lambert Howarth Group PLC (e)                                 
|Landround PLC                                                 
|Lastminute.com PLC (a)                                        
|Lawrence PLC                                                  
|London Clubs International PLC (a)                            
|LTG Technologies PLC (a)                                      
|Manpower Software PLC (a)                                     
|Medical Solutions PLC (a)                                     
|Meridian Petroleum PLC                                        
|Metal Bulletin PLC                                            
|Mice Group PLC                                                
|Mice Group PLC (RFD) (a)                                      
|Microgen PLC (a)                                              
|N Brown Group PLC                                             
|NDS Group PLC sponsored ADR (a)                               
|NETeller PLC                                                  
|NeuTec Pharma PLC (a)                                         
|Ocean Wilsons Holdings Ltd.                                   
|Oil Quest Resources PLC (a)(e)                                
|Oystertec PLC (a)                                             
|P&MM Group PLC (e)                                            
|Peacock Group PLC                                             
|Phytopharm PLC (a)                                            
|Pilat Media Global PLC (a)(e)                                 
|Platinum Mining Corp. of India PLC (e)                        
|PlusNet Technologies Ltd.                                     
|Premier Oil PLC (a)                                           
|Primary Health Properties PLC                                 
|Proteome Sciences PLC (a)                                     
|Psion PLC                                                     
|QA PLC (a)                                                    
|Rambler Metals & Mining PLC                                   
|Regal Petroleum PLC (a)                                       
|Rheochem PLC (e)                                              
|Rheochem PLC warrants 12/21/07 (a)                            
|Royalblue Group PLC                                           
|Sanctuary Group PLC                                           
|Common Stocks - continued                                     
|                                                              
|United Kingdom - continued                                    
|Scapa Group PLC                                               
|SDL PLC (a)                                                   
|Sibir Energy PLC (a)                                          
|Sinclair Pharma PLC (a)                                       
|SkyePharma PLC (a)                                            
|Sondex PLC                                                    
|Spark Networks PLC unit (a)                                   
|Spice Holdings PLC                                            
|Sportingbet PLC (a)                                           
|Sterling Energy PLC (a)                                       
|SubSea Resources PLC (e)                                      
|SubSea Resources PLC warrants 11/4/09 (a)                     
|Synergy Healthcare PLC                                        
|Taghmen Energy PLC (a)(e)                                     
|Taghmen Energy PLC warrants 7/30/06 (a)                       
|Tanfield Group PLC (a)(e)                                     
|Teesland PLC (a)                                              
|Tikit Group PLC (e)                                           
|UK Coal PLC                                                   
|ukbetting PLC (a)                                             
|Unibet Group PLC unit                                         
|Urbium PLC                                                    
|Whatman PLC                                                   
|White Nile Ltd. (a)                                           
|William Hill PLC                                              
|William Ransom & Son PLC (e)                                  
|Windsor PLC                                                   
|Wolfson Microelectronics PLC (a)                              
|XN Checkout Holdings PLC                                      
|ZincOx Resources PLC (a)                                      
|TOTAL UNITED KINGDOM                                          
|United States of America - 2.1%                               
|121Media, Inc. (e)                                            
|Central European Distribution Corp. (a)(d)                    
|Chindex International, Inc. (a)                               
|Frontera Resources Corp.                                      
|Frontier Mining Ltd. (e)                                      
|Frontier Mining Ltd. (e)                                      
|Gatekeeper Systems LLC                                        
|Golden Telecom, Inc. (d)                                      
|Marathon Oil Corp.                                            
|Common Stocks - continued                                     
|                                                              
|United States of America - continued                          
|NTL, Inc. (a)                                                 
|Private Media Group, Inc. (a)(d)                              
|ResMed, Inc. CHESS Depositary Interests (a)                   
|Solar Integrated Technologies, Inc.                           
|Trico Marine Services, Inc. (a)                               
|UTEK Corp. (Reg. S)                                           
|Valero Energy Corp.                                           
|XL TechGroup, Inc.                                            
|TOTAL UNITED STATES OF AMERICA                                
|TOTAL COMMON STOCKS
(Cost $1,758,227)                         
|Nonconvertible Preferred Stocks - 0.7%                        
|                                                              
|Germany - 0.4%                                                
|Fresenius AG                                                  
|Fresenius Medical Care AG                                     
|TOTAL GERMANY                                                 
|Italy - 0.3%                                                  
|Buzzi Unicem Spa (Risp)                                       
|TOTAL NONCONVERTIBLE PREFERRED STOCKS
(Cost $9,863)           
|Investment Companies - 0.1%                                   
|                                                              
|United Kingdom - 0.1%                                         
|Black Sea Property Fund Ltd. (a)
(Cost $1,920)                
|Money Market Funds - 11.7%                                    
|                                                              
|Fidelity Cash Central Fund, 2.84% (b)                         
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)   
|TOTAL MONEY MARKET FUNDS
(Cost $254,481)                      
|TOTAL INVESTMENT PORTFOLIO - 108.3%
(Cost $2,024,491)         
|NET OTHER ASSETS - (8.3)%                                     
|NET ASSETS - 100%                                             

|Legend                                                                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund
at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|(e)	Affiliated company                                                                                                                                                                                                                                                                                    
|(f)	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 $10,543,000 or 0.5% of net assets.                                         
|Additional information on each holding is as follows:                                                                                                                                                                                                                                                     

|Security                | Acquisition Date | Acquisition Cost (000s)
|----------------------- | ---------------- | -----------------------
|Consafe Offshore AB     | 2/22/05          | $	7,218                
|Eclipse Energy Co. Ltd. | 4/28/05          | $	1,459                

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

|Affiliates(Amounts in thousands)               | Value,
beginning
of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period
|---------------------------------------------- | -------------------------- | --------- | -------------- | --------------- | --------------------
|121Media, Inc.                                 | $	-                        | $	2,195   | $	-            | $	-             | $	2,188             
|Advanced Technology (UK) PLC                   | 558                        | -         | -              | -               | 372                 
|Afren PLC                                      | -                          | 2,307     | 328            | -               | 10,885              
|Alliance Pharma PLC                            | 1,812                      | 835       | -              | -               | 2,542               
|Aztec Resources Ltd.                           | -                          | 4,297     | -              | -               | 5,112               
|Cambrian Mining PLC                            | -                          | 15,046    | -              | -               | 13,302              
|Centurion Electronics PLC                      | -                          | 1,979     | -              | 15              | 1,029               
|Corac Group PLC                                | 2,460                      | 92        | -              | -               | 3,363               
|Frontier Mining Ltd.                           | 1,443                      | 391       | -              | -               | 3,379               
|Frontier Mining Ltd.                           | -                          | 383       | -              | -               | 509                 
|GMA Resources PLC                              | 1,955                      | 162       | -              | -               | 1,954               
|Hardide Ltd.                                   | 919                        | 992       | -              | -               | 2,449               
|HudBay Minerals, Inc. (formerly Ontzinc
Corp.) | 1,841                      | -         | 1,328          | -               | -                   
|Jubilee Platinum PLC                           | 1,823                      | 728       | -              | -               | 3,683               
|Lambert Howarth Group PLC                      | 6,551                      | -         | -              | 276             | 7,020               
|Leadcom Integrated Solutions                   | -                          | 3,139     | -              | -               | 3,330               
|Oil Quest Resources PLC                        | 167                        | 874       | -              | -               | 796                 
|P&MM Group PLC                                 | 2,300                      | -         | -              | -               | 2,823               
|Pilat Media Global PLC                         | 2,196                      | -         | -              | -               | 2,164               
|Platinum Mining Corp. of India PLC             | -                          | 4,409     | -              | -               | 4,166               
|Rheochem PLC                                   | -                          | 2,692     | -              | -               | 2,943               
|Starfield Resources, Inc.                      | -                          | 4,654     | -              | -               | 4,988               
|Stepstone ASA                                  | -                          | 5,430     | -              | -               | 4,294               
|SubSea Resources PLC                           | 2,654                      | 560       | -              | -               | 4,829               
|Sylvania Resources Ltd.                        | -                          | 1,551     | -              | -               | 1,489               
|Taghmen Energy PLC                             | 1,482                      | 376       | -              | -               | 3,005               
|Tanfield Group PLC                             | -                          | 2,429     | -              | -               | 2,988               
|Teleunit Spa                                   | 2,572                      | 1,019     | -              | -               | 3,868               
|Tikit Group PLC                                | 2,155                      | -         | -              | 22              | 2,766               
|William Ransom & Son PLC                       | 2,393                      | -         | -              | 26              | 2,379               
|Total                                          | $	35,281                   | $	56,540  | $	1,656        | $	339           | $	104,615           

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, 2005 (Unaudited)
|-------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                           |                           
|Assets                                                                                                                     |                           
|Investment in securities, at value (including securities loaned of $183,028) (cost $2,024,491) - See
accompanying schedule |                           
|Cash                                                                                                                       |                           
|Foreign currency held at value (cost $5,486)                                                                               |                           
|Receivable for investments sold                                                                                            |                           
|Receivable for fund shares sold                                                                                            |                           
|Dividends receivable                                                                                                       |                           
|Interest receivable                                                                                                        |                           
|Prepaid expenses                                                                                                           |                           
|Receivable from investment adviser for expense reductions                                                                  |                           
|Other affiliated receivables                                                                                               |                           
|Other receivables                                                                                                          |                           
|Total assets                                                                                                               |                           
|                                                                                                                           |                           
|Liabilities                                                                                                                |                           
|Payable for investments purchased                                                                                          | $	13,358                  
|Payable for fund shares redeemed                                                                                           | 5,055                     
|Accrued management fee                                                                                                     | 1,705                     
|Distribution fees payable                                                                                                  | 47                        
|Other affiliated payables                                                                                                  | 451                       
|Other payables and accrued expenses                                                                                        | 391                       
|Collateral on securities loaned, at value                                                                                  | 194,210                   
|Total liabilities                                                                                                          |                           
|                                                                                                                           |                           
|Net Assets                                                                                                                 |                           
|Net Assets consist of:                                                                                                     |                           
|Paid in capital                                                                                                            |                           
|Undistributed net investment income                                                                                        |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions                        |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies                 |                           
|Net Assets                                                                                                                 |                           

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

Semiannual Report

Statement of Assets and Liabilities - continued

|Amounts in thousands (except per-share amounts)                                                                           | April 30, 2005 (Unaudited)
|------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                          |                           
|Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share 			($28,431 ÷ 1,171 shares) |                           
|                                                                                                                          |                           
|Maximum offering price per share (100/94.25 of $24.27)                                                                    |                           
|Class T:
Net Asset Value and redemption price per share ($36,225 ÷ 1,497 shares)                                          |                           
|                                                                                                                          |                           
|Maximum offering price per share (100/96.50 of $24.19)                                                                    |                           
|Class B:
Net Asset Value and offering price per share
($12,926 ÷ 540 shares)A                                             |                           
|                                                                                                                          |                           
|Class C:
Net Asset Value and offering price per share
($21,271 ÷ 886 shares)A                                             |                           
|                                                                                                                          |                           
|International Small Cap:
Net Asset Value, offering price and redemption price per share ($2,071,652 ÷ 84,914 shares)      |                           
|                                                                                                                          |                           
|Institutional Class:
Net Asset Value, offering price and redemption price per share ($6,440 ÷ 264 shares)                 |                           

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

|Amounts in thousands                                                                                                               | Six months ended April 30, 2005 (Unaudited)
|---------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------
|                                                                                                                                   |                                            
|Investment Income                                                                                                                  |                                            
|Dividends (including $339 received from affiliated issuers)                                                                        |                                            
|Interest                                                                                                                           |                                            
|Security lending                                                                                                                   |                                            
|                                                                                                                                   |                                            
|Less foreign taxes withheld                                                                                                        |                                            
|Total income                                                                                                                       |                                            
|                                                                                                                                   |                                            
|Expenses                                                                                                                           |                                            
|Management fee
Basic fee                                                                                                           | $	7,464                                    
|Performance adjustment                                                                                                             | 655                                        
|Transfer agent fees                                                                                                                | 1,845                                      
|Distribution fees                                                                                                                  | 207                                        
|Accounting and security lending fees                                                                                               | 414                                        
|Independent trustees' compensation                                                                                                 | 4                                          
|Custodian fees and expenses                                                                                                        | 461                                        
|Registration fees                                                                                                                  | 224                                        
|Audit                                                                                                                              | 27                                         
|Legal                                                                                                                              | 7                                          
|Miscellaneous                                                                                                                      | 6                                          
|Total expenses before reductions                                                                                                   | 11,314                                     
|Expense reductions                                                                                                                 | (266)                                      
|Net investment income (loss)                                                                                                       |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:                                                                   |                                            
|Investment securities (net of foreign taxes of $2) (Including realized gain (loss) of $(131) from affiliated
issuers)              | 62,180                                     
|Foreign currency transactions                                                                                                      | (136)                                      
|Total net realized gain (loss)                                                                                                     |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $135) | 156,454                                    
|Assets and liabilities in foreign currencies                                                                                       | 92                                         
|Total change in net unrealized appreciation (depreciation)                                                                         |                                            
|Net gain (loss)                                                                                                                    |                                            
|Net increase (decrease) in net assets resulting from operations                                                                    |                                            

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

Semiannual Report

Statement of Changes in Net Assets

|Amounts in thousands                                                                                                                    | Six months ended April 30, 2005
(Unaudited) | Year ended
October 31,
2004
|--------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ---------------------------
|Increase (Decrease) in Net Assets                                                                                                       |                                             |                            
|Operations                                                                                                                              |                                             |                            
|Net investment income (loss)                                                                                                            | $	3,042                                     | $	4,864                    
|Net realized gain (loss)                                                                                                                | 62,044                                      | 55,700                     
|Change in net unrealized appreciation (depreciation)                                                                                    | 156,546                                     | 104,988                    
|Net increase (decrease) in net assets resulting
from operations                                                                         | 221,632                                     | 165,552                    
|Distributions to shareholders from net investment income                                                                                | (3,406)                                     | (741)                      
|Distributions to shareholders from net realized gain                                                                                    | (45,235)                                    | (11,573)                   
|Total distributions                                                                                                                     | (48,641)                                    | (12,314)                   
|Share transactions - net increase (decrease)                                                                                            | 867,170                                     | 422,160                    
|Redemption fees                                                                                                                         | 747                                         | 1,900                      
|Total increase (decrease) in net assets                                                                                                 | 1,040,908                                   | 577,298                    
|                                                                                                                                        |                                             |                            
|Net Assets                                                                                                                              |                                             |                            
|Beginning of period                                                                                                                     | 1,136,037                                   | 558,739                    
|End of period (including undistributed net investment income of $3,176 and undistributed net investment
income of $5,018, respectively) | $	2,176,945                                 | $	1,136,037                

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

Semiannual Report

Financial Highlights - Class A

|                                          | Six months ended April 30, 2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	21.25                         | $	17.69                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)E             | -I                              | .02                    
|Net realized and unrealized gain (loss)   | 3.80                            | 3.83                   
|Total from investment operations          | 3.80                            | 3.85                   
|Distributions from net investment income  | (.02)                           | (.02)                  
|Distributions from net realized gain      | (.77)                           | (.31)                  
|Total distributions                       | (.79)                           | (.33)                  
|Redemption fees added to paid in capitalE | .01                             | .04                    
|Net asset value, end of period            | $	24.27                         | $	21.25                
|Total ReturnB, C, D                       | 18.36%                          | 22.36%                 
|Ratios to Average Net AssetsH             |                                 |                        
|Expenses before expense reductions        | 1.68%A                          | 1.71%                  
|Expenses net of voluntary waivers, if any | 1.66%A                          | 1.71%                  
|Expenses net of all reductions            | 1.63%A                          | 1.69%                  
|Net investment income (loss)              | .02%A                           | .09%                   
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	28                            | $	13                   
|Portfolio turnover rate                   | 45%A                            | 77%                    

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

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

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

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

IAmount 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, 2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	21.20                         | $	17.68                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)E             | (.03)                           | (.03)                  
|Net realized and unrealized gain (loss)   | 3.77                            | 3.83                   
|Total from investment operations          | 3.74                            | 3.80                   
|Distributions from net investment income  | -                               | (.01)                  
|Distributions from net realized gain      | (.76)                           | (.31)                  
|Total distributions                       | (.76)                           | (.32)                  
|Redemption fees added to paid in capitalE | .01                             | .04                    
|Net asset value, end of period            | $	24.19                         | $	21.20                
|Total ReturnB, C, D                       | 18.10%                          | 22.07%                 
|Ratios to Average Net AssetsH             |                                 |                        
|Expenses before expense reductions        | 1.95%A                          | 1.94%                  
|Expenses net of voluntary waivers, if any | 1.92%A                          | 1.94%                  
|Expenses net of all reductions            | 1.89%A                          | 1.92%                  
|Net investment income (loss)              | (.24)%A                         | (.14)%                 
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	36                            | $	15                   
|Portfolio turnover rate                   | 45%A                            | 77%                    

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

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

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

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

IAmount 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, 2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	20.99                         | $	17.62                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)E             | (.09)                           | (.16)                  
|Net realized and unrealized gain (loss)   | 3.74                            | 3.80                   
|Total from investment operations          | 3.65                            | 3.64                   
|Distributions from net realized gain      | (.71)                           | (.31)                  
|Redemption fees added to paid in capitalE | .01                             | .04                    
|Net asset value, end of period            | $	23.94                         | $	20.99                
|Total ReturnB, C, D                       | 17.81%                          | 21.21%                 
|Ratios to Average Net AssetsH             |                                 |                        
|Expenses before expense reductions        | 2.53%A                          | 2.63%                  
|Expenses net of voluntary waivers, if any | 2.45%A                          | 2.63%                  
|Expenses net of all reductions            | 2.42%A                          | 2.60%                  
|Net investment income (loss)              | (.77)%A                         | (.83)%                 
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	13                            | $	5                    
|Portfolio turnover rate                   | 45%A                            | 77%                    

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

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

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

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

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

Semiannual Report

Financial Highlights - Class C

|                                          | Six months ended April 30, 2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	21.04                         | $	17.64                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)E             | (.09)                           | (.12)                  
|Net realized and unrealized gain (loss)   | 3.77                            | 3.80                   
|Total from investment operations          | 3.68                            | 3.68                   
|Distributions from net investment income  | -                               | (.01)                  
|Distributions from net realized gain      | (.72)                           | (.31)                  
|Total distributions                       | (.72)                           | (.32)                  
|Redemption fees added to paid in capitalE | .01                             | .04                    
|Net asset value, end of period            | $	24.01                         | $	21.04                
|Total ReturnB, C, D                       | 17.92%                          | 21.43%                 
|Ratios to Average Net AssetsH             |                                 |                        
|Expenses before expense reductions        | 2.42%A                          | 2.43%                  
|Expenses net of voluntary waivers, if any | 2.40%A                          | 2.43%                  
|Expenses net of all reductions            | 2.37%A                          | 2.40%                  
|Net investment income (loss)              | (.73)%A                         | (.62)%                 
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	21                            | $	9                    
|Portfolio turnover rate                   | 45%A                            | 77%                    

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

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

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

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

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

Semiannual Report

Financial Highlights - International Small Cap

|                                          | Six months ended April 30, 2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	21.36                         | $	17.71                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)D             | .05                             | .10                    
|Net realized and unrealized gain (loss)   | 3.81                            | 3.84                   
|Total from investment operations          | 3.86                            | 3.94                   
|Distributions from net investment income  | (.06)                           | (.02)                  
|Distributions from net realized gain      | (.77)                           | (.31)                  
|Total distributions                       | (.83)                           | (.33)                  
|Redemption fees added to paid in capitalD | .01                             | .04                    
|Net asset value, end of period            | $	24.40                         | $	21.36                
|Total ReturnB, C                          | 18.57%                          | 22.84%                 
|Ratios to Average Net AssetsG             |                                 |                        
|Expenses before expense reductions        | 1.29%A                          | 1.30%                  
|Expenses net of voluntary waivers, if any | 1.29%A                          | 1.30%                  
|Expenses net of all reductions            | 1.26%A                          | 1.28%                  
|Net investment income (loss)              | .38%A                           | .50%                   
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	2,072                         | $	1,091                
|Portfolio turnover rate                   | 45%A                            | 77%                    

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

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

HAmount 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, 2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	21.36                         | $	17.72                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)D             | .05                             | .10                    
|Net realized and unrealized gain (loss)   | 3.80                            | 3.84                   
|Total from investment operations          | 3.85                            | 3.94                   
|Distributions from net investment income  | (.07)                           | (.03)                  
|Distributions from net realized gain      | (.77)                           | (.31)                  
|Total distributions                       | (.84)                           | (.34)                  
|Redemption fees added to paid in capitalD | .01                             | .04                    
|Net asset value, end of period            | $	24.38                         | $	21.36                
|Total ReturnB, C                          | 18.53%                          | 22.84%                 
|Ratios to Average Net AssetsG             |                                 |                        
|Expenses before expense reductions        | 1.30%A                          | 1.32%                  
|Expenses net of voluntary waivers, if any | 1.30%A                          | 1.32%                  
|Expenses net of all reductions            | 1.27%A                          | 1.29%                  
|Net investment income (loss)              | .38%A                           | .49%                   
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	6                             | $	3                    
|Portfolio turnover rate                   | 45%A                            | 77%                    

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

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

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

Semiannual Report

# Notes to Financial Statements

For the period ended April 30, 2005 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity International Small Cap Fund (the fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. Effective the
close of business on May 5, 2005, the fund was closed to most new accounts. The trust is registered under the Investment Company Act of 1940, as amended (the 1940
Act), as a diversified open-end management investment company organized as a Massachusetts business trust.

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

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

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

Semiannual Report

1. Significant Accounting Policies - continued

Security Valuation - continued

sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at
their net asset value each business day.

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

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

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

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

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

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

Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain
distributions are determined in accordance with income tax regulations, which may differ from

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

generally accepted accounting principles. In addition, the fund will claim a portion of the payment made to redeeming shareholders as a distribution for income tax
purposes.

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

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

|Unrealized appreciation                    | $	432,863   | 
|------------------------------------------ | ----------- | 
|Unrealized depreciation                    | (100,310)   | 
|Net unrealized appreciation (depreciation) | $	332,553   | 
|Cost for federal income tax purposes       | $	2,025,991 | 

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

2. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated
entities of FMR to transfer uninvested cash balances into joint trading accounts 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. 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.

Semiannual Report

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $1,153,046 and $365,197, respectively.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee. The
management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the fund's average net assets and a group fee rate that averaged .27%
during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under
management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of
±.20% of the fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment
performance of the asset-weighted return of all classes as compared to an appropriate benchmark index. For the period, the total annualized management fee rate,
including the performance adjustment, was .95% 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%        | $	26        | $	-            
|Class T | .25%             | .25%        | 63          | 1              
|Class B | .75%             | .25%        | 46          | 34             
|Class C | .75%             | .25%        | 72          | 35             
|        |                  |             | $	207       | $	70           

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. 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  | $	44            | 
|Class T  | 13              | 
|Class B* | 7               | 
|Class C* | 5               | 
|         | $	69            | 

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

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

|                        | Amount  | % of
Average
Net Assets
|----------------------- | ------- | -----------------------
|Class A                 | $	36    | .35 *                  
|Class T                 | 46      | .37 *                  
|Class B                 | 20      | .45 *                  
|Class C                 | 25      | .34 *                  
|International Small Cap | 1,713   | .21 *                  
|Institutional Class     | 5       | .22 *                  
|                        | $	1,845 |                        

*	Annualized

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

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central
Funds are

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Central Funds - continued

open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Money Market Central Funds seek
preservation of capital and current income. The Central Funds do not pay a management fee. Income distributions earned by the fund are recorded as income in the
accompanying financial statements and totaled $898 for the period.

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

5. Committed Line of Credit.

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

6. Security Lending.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

7. Expense Reductions.

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

|        | Expense
 Limitations | Reimbursement
from adviser
|------- | -------------------- | --------------------------
|Class A | 2.05%-1.65%*         | $	2                       
|Class T | 2.30%-1.90% *        | 5                         
|Class B | 2.80%-2.40% *        | 4                         
|Class C | 2.80%-2.40% *        | 1                         
|        |                      | $	12                      

*Expense limitation in effect at period end.

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 $248 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.
During the period, credits reduced each class' transfer agent expense as noted in the table below.

|                        | Transfer Agent
expense reduction | 
|----------------------- | -------------------------------- | 
|International Small Cap | $	3                              | 

8. Other.

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

Semiannual Report

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

|                           | Six months ended
April 30,
2005 | Year ended
October 31,
2004
|-------------------------- | ------------------------------- | ---------------------------
|From net investment income |                                 |                            
|Class A                    | $	14                            | $	3                        
|Class T                    | -                               | 3                          
|Class C                    | -                               | 2                          
|International Small Cap    | 3,381                           | 732                        
|Institutional Class        | 11                              | 1                          
|Total                      | $	3,406                         | $	741                      
|From net realized gain     |                                 |                            
|Class A                    | $	542                           | $	50                       
|Class T                    | 602                             | 92                         
|Class B                    | 221                             | 28                         
|Class C                    | 359                             | 42                         
|International Small Cap    | 43,388                          | 11,351                     
|Institutional Class        | 123                             | 10                         
|Total                      | $	45,235                        | $	11,573                   

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

10. Share Transactions.

Transactions for each class of shares were as follows:

|                              | Shares                          | Dollars                    
|----------------------------- | ------------------------------- | ---------------------------
|                              | Six months ended
April 30,
2005 | Year ended
October 31,
2004
|Class A                       |                                 |                            
|Shares sold                   | 613                             | 655                        
|Reinvestment of distributions | 20                              | 3                          
|Shares redeemed               | (87)                            | (313)                      
|Net increase (decrease)       | 546                             | 345                        
|Class T                       |                                 |                            
|Shares sold                   | 922                             | 729                        
|Reinvestment of distributions | 24                              | 5                          
|Shares redeemed               | (163)                           | (246)                      
|Net increase (decrease)       | 783                             | 488                        
|Class B                       |                                 |                            
|Shares sold                   | 348                             | 254                        
|Reinvestment of distributions | 9                               | 1                          
|Shares redeemed               | (58)                            | (72)                       
|Net increase (decrease)       | 299                             | 183                        
|Class C                       |                                 |                            
|Shares sold                   | 520                             | 413                        
|Reinvestment of distributions | 13                              | 2                          
|Shares redeemed               | (59)                            | (81)                       
|Net increase (decrease)       | 474                             | 334                        
|International Small Cap       |                                 |                            
|Shares sold                   | 40,910                          | 48,248                     
|Reinvestment of distributions | 2,008                           | 632                        
|Shares redeemed               | (9,095)                         | (28,670)                   
|Net increase (decrease)       | 33,823                          | 20,210                     
|Institutional Class           |                                 |                            
|Shares sold                   | 193                             | 181                        
|Reinvestment of distributions | 3                               | -                          
|Shares redeemed               | (52)                            | (84)                       
|Net increase (decrease)       | 144                             | 97                         

Semiannual Report



Semiannual Report



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Semiannual Report



Semiannual Report



Semiannual Report



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Semiannual Report

# 

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Far East) Inc.

Fidelity International
Investment Advisors

Fidelity Investments Japan Limited

Fidelity International Investment Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Mellon Bank

Pittsburgh, PA

AISC-USAN-0605
1.800643.101

(Fidelity Investment logo)(registered trademark)Corporate Headquarters82 Devonshire St., Boston, MA 02109www.fidelity.com



(Fidelity Investment logo)(registered trademark)Fidelity Advisor

International Small Cap

Fund - Institutional Class

Semiannual Report

April 30, 2005

Institutional Class is a class of 
Fidelity® International Small Cap Fund

(2_fidelity_logos) (Registered_Trademark)

# Contents

|Chairman's Message          | <Click
Here> | Ned Johnson's message to shareholders.                                                                        
|--------------------------- | ------------ | --------------------------------------------------------------------------------------------------------------
|Shareholder Expense Example | <Click
Here> | An example of shareholder expenses.                                                                           
|Investment Changes          | <Click
Here> | A summary of major shifts in the fund's investments over the past six months.                                 
|Investments                 | <Click
Here> | A complete list of the fund's investments with their market values.                                           
|Financial Statements        | <Click
Here> | Statements of assets and liabilities, operations, and changes in net assets, 
as well as financial highlights.
|Notes                       | <Click
Here> | Notes to the financial statements.                                                                            

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

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

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

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



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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

# Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

During the past year or so, much has been reported about the mutual fund industry, and much of it has been more critical than I believe is warranted. Allegations that
some companies have been less than forthright with their shareholders have cast a shadow on the entire industry. I continue to find these reports disturbing, and assert
that they do not create an accurate picture of the industry overall. Therefore, I would like to remind everyone where Fidelity stands on these issues. I will say two things
specifically regarding allegations that some mutual fund companies were in violation of the Securities and Exchange Commission's forward pricing rules or were involved
in so-called "market timing" activities.

First, Fidelity has no agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not a new policy. This is not to say that someone
could not deceive the company through fraudulent acts. However, we are extremely diligent in preventing fraud from occurring in this manner - and in every other. But I
underscore again that Fidelity has no so-called "agreements" that sanction illegal practices.

Second, Fidelity continues to stand on record, as we have for years, in opposition to predatory short-term trading that adversely affects shareholders in a mutual fund. Back
in the 1980s, we initiated a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. Further, we took the lead several years ago in
developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. I am confident we will find other ways to make it more difficult for
predatory traders to operate. However, this will only be achieved through close cooperation among regulators, legislators and the industry.

Yes, there have been unfortunate instances of unethical and illegal activity within the mutual fund industry from time to time. That is true of any industry. When this
occurs, confessed or convicted offenders should be dealt with appropriately. But we are still concerned about the risk of over-regulation and the quick application of
simplistic solutions to intricate problems. Every system can be improved, and we support and applaud well thought out improvements by regulators, legislators and
industry representatives that achieve the common goal of building and protecting the value of investors' holdings.

For nearly 60 years, Fidelity has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a
few hundred customers. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.

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

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report





# 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, 2004 to April 30, 2005).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Semiannual Report

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

|                        | Beginning
Account Value
November 1, 2004 | Ending
Account Value
April 30, 2005 | Expenses Paid
During Period*November 1, 2004
to April 30, 2005
|----------------------- | ---------------------------------------- | ----------------------------------- | --------------------------------------------------------------
|Class A                 |                                          |                                     |                                                               
|Actual                  | $	1,000.00                               | $	1,183.60                          | $	8.93                                                        
|HypotheticalA           | $	1,000.00                               | $	1,016.61                          | $	8.25                                                        
|Class T                 |                                          |                                     |                                                               
|Actual                  | $	1,000.00                               | $	1,181.00                          | $	10.27                                                       
|HypotheticalA           | $	1,000.00                               | $	1,015.37                          | $	9.49                                                        
|Class B                 |                                          |                                     |                                                               
|Actual                  | $	1,000.00                               | $	1,178.10                          | $	12.96                                                       
|HypotheticalA           | $	1,000.00                               | $	1,012.89                          | $	11.98                                                       
|Class C                 |                                          |                                     |                                                               
|Actual                  | $	1,000.00                               | $	1,179.20                          | $	12.97                                                       
|HypotheticalA           | $	1,000.00                               | $	1,012.89                          | $	11.98                                                       
|International Small Cap |                                          |                                     |                                                               
|Actual                  | $	1,000.00                               | $	1,185.70                          | $	6.99                                                        
|HypotheticalA           | $	1,000.00                               | $	1,018.40                          | $	6.46                                                        
|Institutional Class     |                                          |                                     |                                                               
|Actual                  | $	1,000.00                               | $	1,185.30                          | $	7.04                                                        
|HypotheticalA           | $	1,000.00                               | $	1,018.35                          | $	6.51                                                        

A5% return per year before expenses

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

|                        | Annualized
Expense Ratio
|----------------------- | ------------------------
|Class A                 | 1.65%                   
|Class T                 | 1.90%                   
|Class B                 | 2.40%                   
|Class C                 | 2.40%                   
|International Small Cap | 1.29%                   
|Institutional Class     | 1.30%                   

Semiannual Report





# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      



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

|Asset Allocation                                                        
|------------------------------------------------------------------------
|                                                                        
|Stocks and Investment Companies                                         
|Short-Term Investments and Net Other Assets                             
|Top Ten Stocks as of April 30, 2005                                     
|                                                                        
|Orascom Telecom SAE GDR (Egypt, Wireless Telecommunication Services)    
|Hikari Tsushin, Inc. (Japan, Specialty Retail)                          
|Steinhoff International Holdings Ltd. (South Africa, Household Durables)
|Pfleiderer AG (Germany, Building Products)                              
|K&S AG (Germany, Chemicals)                                             
|United Group Ltd. (Australia, Construction & Engineering)               
|Asia Energy PLC (United Kingdom, Metals & Mining)                       
|Unibet Group PLC unit (United Kingdom, Hotels, Restaurants & Leisure)   
|Stolt-Nielsen SA (Luxembourg, Marine)                                   
|Nissin Kogyo Co. Ltd. (Japan, Auto Components)                          
|                                                                        
|Market Sectors as of April 30, 2005                                     
|                                                                        
|Consumer Discretionary                                                  
|Industrials                                                             
|Materials                                                               
|Information Technology                                                  
|Financials                                                              
|Energy                                                                  
|Health Care                                                             
|Telecommunication Services                                              
|Consumer Staples                                                        
|Utilities                                                               

Semiannual Report



# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 95.8%                                         
|--------------------------------------------------------------
|                                                              
|Australia - 7.7%                                              
|ABC Learning Centres Ltd.                                     
|Australian Stock Exchange Ltd. (d)                            
|Aztec Resources Ltd. (a)(e)                                   
|BlueScope Steel Ltd.                                          
|Bradken Ltd.                                                  
|Centamin Egypt Ltd. (a)                                       
|Centennial Coal Co. Ltd.                                      
|Corporate Express Australia Ltd.                              
|CSR Ltd.                                                      
|DCA Group Ltd. (d)                                            
|Dwyka Diamonds Ltd. (a)                                       
|Elkedra Diamonds NL (a)                                       
|Elkedra Diamonds NL warrants 8/31/07 (a)                      
|Fox Resources Ltd. (a)                                        
|Fox Resources Ltd. warrants 6/30/07 (a)                       
|Hardman Resources Ltd.:
(Australia) (a)                       
|(United Kingdom) (a)                                          
|JB Hi-Fi Ltd.                                                 
|Novera Energy Ltd. (a)                                        
|Patrick Corp. Ltd.                                            
|Promina Group Ltd.                                            
|QBE Insurance Group Ltd.                                      
|Roc Oil Co. Ltd. (a)                                          
|Sphere Investments Ltd. (a)                                   
|Stockland unit                                                
|Sylvania Resources Ltd. (a)(e)                                
|United Group Ltd. (d)                                         
|Virotec International Ltd.:                                   
|(Australia) (a)                                               
|(United Kingdom) (a)                                          
|Westpac Banking Corp.                                         
|TOTAL AUSTRALIA                                               
|Belgium - 0.7%                                                
|Euronav NV                                                    
|Melexis NV                                                    
|Omega Pharma SA                                               
|Recticel SA (d)                                               
|Roularta Media Group NV                                       
|TOTAL BELGIUM                                                 
|Common Stocks - continued                                     
|                                                              
|Bermuda - 0.2%                                                
|Jinhui Shipping & Transportation Ltd. (d)                     
|Ship Finance International Ltd. (NY Shares)                   
|Tanzanite One Ltd.                                            
|TOTAL BERMUDA                                                 
|Brazil - 0.5%                                                 
|Banco Bradesco SA (PN) sponsored ADR (non-vtg.) (d)           
|Petroleo Brasileiro SA Petrobras sponsored ADR                
|TOTAL BRAZIL                                                  
|British Virgin Islands - 0.0%                                 
|Albidon Ltd. unit (a)                                         
|Canada - 1.6%                                                 
|Adastra Minerals, Inc. (a)                                    
|Altius Minerals Corp. (a)                                     
|Azure Dynamics Corp. Class A (a)                              
|Bankers Petroleum Ltd. (a)                                    
|BDI Mining Corp. (a)                                          
|Brazilian Diamonds Ltd. (a)                                   
|First Quantum Minerals Ltd.                                   
|Grove Energy Ltd. (a)                                         
|La Mancha Resources, Inc. (a)                                 
|Oilexco, Inc. (a)                                             
|Starfield Resources, Inc. (a)(e)                              
|StrataGold Corp. (a)                                          
|Uruguay Mineral Exploration, Inc. (a)                         
|Western Canadian Coal Corp. (a)                               
|Western Canadian Coal Corp. (a)                               
|Western Canadian Coal Corp.:                                  
|warrants 2/9/06 (a)                                           
|(United Kingdom) (a)                                          
|TOTAL CANADA                                                  
|Cayman Islands - 1.0%                                         
|Kingboard Chemical Holdings Ltd.                              
|Kingboard Chemical Holdings Ltd. warrants 12/31/06 (a)        
|Norstar Founders Group Ltd.                                   
|SinoCom Software Group Ltd.                                   
|TOTAL CAYMAN ISLANDS                                          
|China - 0.9%                                                  
|Aluminum Corp. of China Ltd. (H Shares)                       
|Common Stocks - continued                                     
|                                                              
|China - continued                                             
|Bio-Treat Technology Ltd.                                     
|Global Bio-Chem Technology Group Co. Ltd.                     
|Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)
|PICC Property & Casualty Co. Ltd. (H Shares) (a)              
|Tong Ren Tang Technologies Co. Ltd. (H Shares)                
|TOTAL CHINA                                                   
|Czech Republic - 0.2%                                         
|Komercni Banka AS unit                                        
|Denmark - 0.0%                                                
|Coloplast AS Series B                                         
|Egypt - 2.0%                                                  
|Orascom Telecom SAE GDR (a)                                   
|Finland - 1.4%                                                
|Aldata Solutions Oyj (a)(d)                                   
|Alma Media Corp. (a)                                          
|Capman Oyj (B Shares) (d)                                     
|Citycon Oyj                                                   
|Inion OY                                                      
|Neste Oil Oyj (a)                                             
|Nokian Tyres Ltd.                                             
|Vacon Oyj (d)                                                 
|TOTAL FINLAND                                                 
|France - 1.9%                                                 
|Altamir et Compagnie SA (a)                                   
|bioMerieux SA                                                 
|Boiron SA                                                     
|Bongrain SA                                                   
|BVRP Software SA (a)                                          
|Constructions Industrielles dela Mediterranee SA              
|Damartex SA                                                   
|Gifi                                                          
|Groupe Bourbon SA (d)                                         
|Groupe Open SA                                                
|Groupe Open SA warrants 10/21/06 (a)                          
|Guerbet SA                                                    
|Ipsos SA                                                      
|Lagardere S.C.A. (Reg.)                                       
|Maisons France Confort                                        
|Common Stocks - continued                                     
|                                                              
|France - continued                                            
|Nexity                                                        
|Oeneo Group (a)(d)                                            
|Orpea (a)                                                     
|Renault SA                                                    
|Sechilienne-Sidec                                             
|Signaux Girod                                                 
|SPIR Communication SA                                         
|Stedim SA                                                     
|Tessi SA                                                      
|The Lisi Group                                                
|Toupargel-Agrigel                                             
|U10 SA (d)                                                    
|Vivendi Universal SA (d)                                      
|TOTAL FRANCE                                                  
|Germany - 4.8%                                                
|Advanced Photonics Technologies AG (a)                        
|Articon-Integralis AG (Reg.) (a)                              
|AWD Holding AG                                                
|Bijou Brigitte Modische Accessoires AG                        
|Deutsche Boerse AG                                            
|Deutz AG (a)(d)                                               
|ElringKlinger AG                                              
|Fielmann AG                                                   
|Freenet.de AG                                                 
|Fresenius AG                                                  
|Gpc Biotech AG (a)(d)                                         
|Grenkeleasing AG (d)                                          
|Hawesko Holding AG                                            
|Hyrican Informationssysteme AG                                
|K&S AG                                                        
|Kontron AG (a)                                                
|Merck KGaA                                                    
|Norddeutsche Affinerie AG                                     
|Parsytec AG (a)(d)                                            
|PC-Spezialist Franchise AG                                    
|Pfleiderer AG (a)                                             
|PSI AG (a)                                                    
|Pulsion Medical Systems AG (a)                                
|Common Stocks - continued                                     
|                                                              
|Germany - continued                                           
|Rational AG                                                   
|United Internet AG                                            
|TOTAL GERMANY                                                 
|Greece - 1.8%                                                 
|Alfa-Beta Vassilopoulos SA (Reg.)                             
|Autohellas SA                                                 
|Babis Vovos International Technical SA                        
|Fourlis Holdings SA (a)                                       
|Greek Organization of Football Prognostics SA                 
|Hellenic Exchanges Holding SA                                 
|Hyatt Regency SA (Reg.)                                       
|Intralot SA (a)                                               
|Motor Oil (HELLAS) Corinth Refineries SA                      
|Public Power Corp. of Greece                                  
|Sarantis SA (Reg.)                                            
|Technical Olympic SA (Reg.)                                   
|TOTAL GREECE                                                  
|Hong Kong - 1.5%                                              
|ASM Pacific Technology Ltd.                                   
|China Insurance International Holdings Co. Ltd.               
|China Merchants Holdings International Co. Ltd.               
|China Pharmaceutical Enterprise and Investment Corp. Ltd. (a) 
|Solomon Systech Ltd.                                          
|TOTAL HONG KONG                                               
|Hungary - 0.3%                                                
|MOL Magyar Olay-es Gazipari RT Series A (For. Reg.)           
|OTP Bank Rt.                                                  
|TOTAL HUNGARY                                                 
|India - 1.2%                                                  
|Indian Hotels Co. Ltd.                                        
|Kotak Mahindra Bank Ltd.                                      
|State Bank of India                                           
|TOTAL INDIA                                                   
|Ireland - 0.7%                                                
|Donegal Creameries PLC                                        
|IAWS Group PLC (Ireland)                                      
|Independent News & Media PLC (Ireland)                        
|Common Stocks - continued                                     
|                                                              
|Ireland - continued                                           
|Kenmare Resources PLC (a)                                     
|Kenmare Resources PLC warrants 7/23/09 (a)                    
|Minco PLC (a)                                                 
|Minco PLC warrants 12/3/05 (a)                                
|Paddy Power PLC                                               
|Petroceltic International PLC (a)                             
|Trinity Biotech PLC sponsored ADR (a)                         
|TOTAL IRELAND                                                 
|Israel - 0.2%                                                 
|Advanced Vision Technology Ltd. (a)                           
|Leadcom Integrated Solutions (e)                              
|Supercom Ltd. (a)                                             
|TOTAL ISRAEL                                                  
|Italy - 1.2%                                                  
|Amplifon Spa                                                  
|Brembo Spa                                                    
|Cassa Di Risparmio Di Firenze                                 
|Lottomatica Spa New (d)                                       
|Saipem Spa                                                    
|Teleunit Spa (a)(e)                                           
|TOTAL ITALY                                                   
|Japan - 30.8%                                                 
|Able, Inc.                                                    
|Acca Networks Co. Ltd.                                        
|Adtec Plasma Technology Co. Ltd.                              
|Aichi Steel Corp. (d)                                         
|Amada Co. Ltd.                                                
|ARRK Corp.                                                    
|Asahi Broadcasting Corp.                                      
|Asahi Denka Co. Ltd.                                          
|ASICS Trading Co. Ltd.                                        
|Axell Corp. (d)                                               
|Axell Corp. New (d)                                           
|Bando Chemical Industries Ltd. (d)                            
|Casio Computer Co. Ltd.                                       
|Central Glass Co. Ltd.                                        
|Chiyoda Corp.                                                 
|Chiyoda Integre Co. Ltd.                                      
|Chugoku Marine Paints Ltd. (d)                                
|Common Stocks - continued                                     
|                                                              
|Japan - continued                                             
|Citizen Electronics Co. Ltd. (d)                              
|Commuture Corp.                                               
|COMSYS Holdings Corp.                                         
|Create SD Co. Ltd.                                            
|Credit Saison Co. Ltd.                                        
|Cyber Agent Ltd. (d)                                          
|Cyber Communications, Inc. (a)(d)                             
|Cyber Firm, Inc. (a)(d)                                       
|Daiso Co. Ltd. (d)                                            
|Daiwabo Information System Ltd. (d)                           
|Dip Corp.                                                     
|Dynic Corp. (a)                                               
|E*Trade Securities Co. Ltd. (d)                               
|Endo Manufacturing Co. Ltd.                                   
|Enshu Ltd. (a)(d)                                             
|Faith, Inc. (d)                                               
|Fancl Corp.                                                   
|Finance All Corp. (d)                                         
|First Juken Co. Ltd.                                          
|Forval Corp.                                                  
|FT Communications Co. Ltd.                                    
|Fuji Seal International, Inc.                                 
|Fuji Spinning Co. Ltd. (a)                                    
|Fujikura Ltd.                                                 
|Fujitsu Business Systems Ltd.                                 
|Fullcast Co. Ltd.                                             
|Gourmet Navigator, Inc. (a)                                   
|Heian Ceremony Service Co. Ltd.                               
|Hikari Tsushin, Inc. (d)                                      
|Hogy Medical Co. (d)                                          
|Hokuto Corp. (d)                                              
|HUNET, Inc. (d)                                               
|I-CF, Inc. (a)                                                
|Ibiden Co. Ltd. (d)                                           
|Infocom Corp.                                                 
|Information Planning Co. Ltd.                                 
|Intelligent Wave, Inc. (d)                                    
|Ishihara Chemical Co. Ltd. (d)                                
|Itochushokuhin Co. Ltd.                                       
|JACCS Co. Ltd.                                                
|Japan Digital Contents, Inc. (a)                              
|Japan Vilene Co. Ltd. (d)                                     
|Common Stocks - continued                                     
|                                                              
|Japan - continued                                             
|Jastec Co. Ltd.                                               
|Jupiter Telecommunications Co.                                
|KAGA ELECTRONICS Co. Ltd. (d)                                 
|Kagome Co. Ltd. (a)(d)                                        
|Kakaku.com, Inc. (a)                                          
|Kawasaki Heavy Industries Ltd.                                
|Kennedy-Wilson Japan Co. Ltd. (d)                             
|Kibun Food Chemifa Co. Ltd.                                   
|KK daVinci Advisors (a)(d)                                    
|Kobe Steel Ltd.                                               
|Koito Manufacturing Co. Ltd.                                  
|Komehyo Co. Ltd. (a)                                          
|Kura Corp. Ltd. (d)                                           
|Kuraray Co. Ltd.                                              
|Kurita Water Industries Ltd.                                  
|livedoor Co. Ltd. (a)(d)                                      
|Lopro Corp. (d)                                               
|LTT Bio-Pharma Co. Ltd.                                       
|Mars Engineering Corp.                                        
|Maruei Department Store Co. Ltd. (a)(d)                       
|Maruha Group, Inc. (a)(d)                                     
|Matsui Securities Co. Ltd. (d)                                
|Matsui Securities Co. Ltd. New (d)                            
|Meganesuper Co. Ltd.                                          
|Misumi Group, Inc.                                            
|Mitsubishi Materials Corp.                                    
|Mitsui & Associates Telepark Corp.                            
|Mitsui & Co. Ltd.                                             
|Mitsui O.S.K. Lines Ltd.                                      
|Mitsui Trust Holdings, Inc.                                   
|Mobilephone Telecommunications International Ltd. (d)         
|Nabtesco Corp.                                                
|NextCom K.K.                                                  
|Nexus Co. Ltd.                                                
|NHK Spring Co. Ltd.                                           
|Nidec Corp.                                                   
|Nidec Tosok Corp.                                             
|Nihon Chouzai Co. Ltd.                                        
|Nihon Dempa Kogyo Co. Ltd.                                    
|Nihon Micro Coating Co. Ltd. (a)                              
|Nihon Trim Co. Ltd. (d)                                       
|Nihon Unicom Corp.                                            
|Common Stocks - continued                                     
|                                                              
|Japan - continued                                             
|Nikko Cordial Corp.                                           
|Ninety-Nine Plus, Inc.                                        
|Nippon Chemi-con Corp.                                        
|Nippon Denwa Shisetsu                                         
|Nippon Electric Glass Co. Ltd.                                
|Nippon Mining Holdings, Inc.                                  
|Nippon Oil Corp.                                              
|Nippon Seiki Co. Ltd. (d)                                     
|Nippon Suisan Kaisha Co. Ltd.                                 
|Nissin Co. Ltd.                                               
|Nissin Kogyo Co. Ltd.                                         
|Nissin Servicer Co. Ltd. (d)                                  
|Nissin Servicer Co. Ltd. New (d)                              
|Nitta Corp.                                                   
|Nitto Denko Corp.                                             
|NOK Corp.                                                     
|Ogaki Kyoritsu Bank Ltd.                                      
|Opt, Inc. (a)(d)                                              
|Oracle Corp. Japan (d)                                        
|Orient Corp. (a)(d)                                           
|Oriental Yeast Co. Ltd. Tokio                                 
|Otaki Gas Co. Ltd. (a)                                        
|Otsuka Corp.                                                  
|Pacific Metals Co. Ltd. (a)(d)                                
|Paris Miki, Inc. (d)                                          
|Parker Corp.                                                  
|Pigeon Corp.                                                  
|Point, Inc. (a)                                               
|Pro-Ship, Inc.                                                
|Rakuten, Inc. (d)                                             
|Reins International, Inc.                                     
|Rohto Pharmaceutical Co. Ltd.                                 
|Sammy NetWorks Co. Ltd.                                       
|Sankyo Co. Ltd. (Gunma)                                       
|Sega Sammy Holdings, Inc. (a)                                 
|Seikagaku Corp. (d)                                           
|Seikagaku Corp. New (d)                                       
|Sekisui Chemical Co. Ltd.                                     
|Sekisui Plastics Co. Ltd.                                     
|Shin Nippon Biomedical Laboratories Ltd. (d)                  
|Showa Denko KK                                                
|Silex Technology, Inc.                                        
|Common Stocks - continued                                     
|                                                              
|Japan - continued                                             
|Softbank Investment Corp.                                     
|Software Research Association (SRA) (d)                       
|Soken Chemical & Engineer Co. Ltd.                            
|Square Enix Co. Ltd.                                          
|Stanley Electric Co. Ltd.                                     
|Sumisho Computer Service Corp. (d)                            
|Sumitomo Corp.                                                
|Sumitomo Metal Mining Co. Ltd.                                
|Sumitomo Rubber Industries Ltd.                               
|Sun Frontier Fudousan Co. Ltd.                                
|Sun Frontier Fudousan Co. Ltd. New                            
|Suncall Corp.                                                 
|Sunx Ltd.                                                     
|Taisei Corp.                                                  
|Taiyo Kagaku                                                  
|Tamron Co. Ltd. (d)                                           
|Tanabe Seiyaku Co. Ltd.                                       
|Techno Medica Co. Ltd.                                        
|Teijin Ltd.                                                   
|Teikoku Oil Co. Ltd.                                          
|Telewave, Inc. New (d)                                        
|The First Energy Service Co. Ltd.                             
|Token Corp.                                                   
|Tokuyama Corp. (d)                                            
|Tokyo Cathode Laborator Co. Ltd. (d)                          
|Tokyo Seimitsu Co. Ltd. (d)                                   
|Tokyo Steel Manufacturing Co. Ltd. (d)                        
|TonenGeneral Sekiyu KK (a)                                    
|Toppan Printing Co. Ltd.                                      
|Toray Industries, Inc.                                        
|Tosoh Corp.                                                   
|Toyo Corp. (d)                                                
|Toyo Ink Manufacturing Co. Ltd.                               
|Toyo Machinery & Metal Co. Ltd.                               
|Toyo Suisan Kaisha Ltd.                                       
|Trancom Co. Ltd.                                              
|Trend Micro, Inc.                                             
|Uniden Corp.                                                  
|Usen Corp. (a)(d)                                             
|USS Co. Ltd.                                                  
|Warabeya Nichiyo Co. Ltd.                                     
|Works Applications Co. Ltd. (a)(d)                            
|Common Stocks - continued                                     
|                                                              
|Japan - continued                                             
|Works Applications Co. Ltd. New (a)                           
|Yachiyo Industry Co. Ltd.                                     
|Yamaichi Electronics Co. Ltd.                                 
|Yasuragi Co. Ltd. (a)                                         
|Yoshimoto Kogyo Co. Ltd. (d)                                  
|Zakkaya Bulldog Co. Ltd.                                      
|TOTAL JAPAN                                                   
|Korea (South) - 0.1%                                          
|SKC Co. Ltd. (a)                                              
|Luxembourg - 1.4%                                             
|Gaming VC Holdings SA                                         
|Stolt-Nielsen SA (d)                                          
|TOTAL LUXEMBOURG                                              
|Netherlands - 0.4%                                            
|Axalto Holding NV                                             
|Completel Europe NV (a)                                       
|TOTAL NETHERLANDS                                             
|New Zealand - 0.7%                                            
|Fisher & Paykel Healthcare Corp.                              
|Pumpkin Patch Ltd.                                            
|Sky City Entertainment Group Ltd.                             
|TOTAL NEW ZEALAND                                             
|Norway - 2.2%                                                 
|ABG Sundal Collier ASA (d)                                    
|Camillo Eitzen & Co. ASA                                      
|Catch Communications ASA                                      
|Expert ASA (d)                                                
|Kongsberg Gruppen ASA (a)(d)                                  
|Mamut ASA                                                     
|Nordic VLSI ASA (a)(d)                                        
|Norman ASA (a)                                                
|Norsk Hydro ASA (d)                                           
|Odfjell ASA (A Shares)                                        
|P4 Radio Hele Norge ASA (a)(d)                                
|Petroleum Geo-Services ASA (a)                                
|Profdoc ASA (a)                                               
|Schibsted ASA (B Shares)                                      
|Solstad Offshore ASA                                          
|Common Stocks - continued                                     
|                                                              
|Norway - continued                                            
|Statoil ASA                                                   
|Stepstone ASA (a)(e)                                          
|TANDBERG ASA                                                  
|TANDBERG Television ASA (a)                                   
|TOTAL NORWAY                                                  
|Poland - 1.0%                                                 
|Pfleiderer Grajewo SA                                         
|Polski Koncern Naftowy Orlen SA unit                          
|Powszechna Kasa Oszczednosci Bank SA                          
|TVN SA                                                        
|TOTAL POLAND                                                  
|Portugal - 0.6%                                               
|Impresa SGPS (a)                                              
|Media Capital SGPS SA                                         
|TOTAL PORTUGAL                                                
|Russia - 1.4%                                                 
|Mobile TeleSystems OJSC:                                      
|GDR (Reg. S)                                                  
|sponsored ADR                                                 
|Sibirtelecom Open Joint Stock Co. ADR (a)                     
|Sistema Jsfc sponsored GDR                                    
|Uralsvyazinform ADR                                           
|VolgaTelecom sponsored ADR                                    
|TOTAL RUSSIA                                                  
|Singapore - 1.4%                                              
|Accord Customer Care Solutions Ltd. (a)                       
|ComfortDelgro Corp. Ltd.                                      
|HTL International Holdings Ltd.                               
|Hyflux Ltd.                                                   
|SIA Engineering Co. Ltd.                                      
|Singapore Exchange Ltd.                                       
|Singapore Petroleum Co. Ltd. (d)                              
|Venture Corp. Ltd.                                            
|TOTAL SINGAPORE                                               
|South Africa - 3.3%                                           
|Aflease Gold & Uranium Resources Ltd. (a)                     
|African Bank Investments Ltd.                                 
|Common Stocks - continued                                     
|                                                              
|South Africa - continued                                      
|Discovery Holdings Ltd. (a)                                   
|JD Group Ltd.                                                 
|MTN Group Ltd.                                                
|Nedcor Ltd.                                                   
|Steinhoff International Holdings Ltd.                         
|Wilson Bayly Holmes-Ovcon Ltd.                                
|TOTAL SOUTH AFRICA                                            
|Spain - 0.3%                                                  
|Antena 3 Television SA                                        
|Construcciones y Auxiliar de Ferrocarriles                    
|TOTAL SPAIN                                                   
|Sweden - 1.6%                                                 
|Consafe Offshore AB (a)(f)                                    
|Eniro AB                                                      
|Gambro AB (A Shares)                                          
|Hexagon AB (B Shares) (d)                                     
|Intrum Justitia AB (a)                                        
|Intrum Justitia AB rights 5/26/05 (a)                         
|Mekonomen AB                                                  
|Modern Times Group AB (MTG) (B Shares) (a)                    
|Observer AB (d)                                               
|VBG AB (B Shares)                                             
|TOTAL SWEDEN                                                  
|Switzerland - 0.9%                                            
|Actelion Ltd. (Reg.) (a)                                      
|Amazys Holding AG                                             
|Barry Callebaut AG                                            
|Bucher Holding AG (Bearer) (d)                                
|Escor Casino & Entertainment SA                               
|Micronas Semiconductor Holding AG (a)                         
|Mobilezone Holding AG                                         
|Roche Holding AG (participation certificate)                  
|Sulzer AG (Reg.)                                              
|Swissquote Group Holding SA (a)                               
|TOTAL SWITZERLAND                                             
|Taiwan - 0.1%                                                 
|Merry Electronics Co. Ltd.                                    
|Common Stocks - continued                                     
|                                                              
|Thailand - 0.1%                                               
|Bumrungrad Hospital PCL (For. Reg.) (a)                       
|Turkey - 1.3%                                                 
|Alarko Gayrimenkul Yatirim Ortakligi AS (a)                   
|Atakule Gayrimenkul Yatirim Ortakligi AS                      
|Dogan Gazetecilik AS (a)                                      
|Dogan Sirketler Grubu Holding AS                              
|Dogan Yayin Holding AS                                        
|Efes Sinai Yatirim Holding AS Class B (a)                     
|Enka Insaat ve Sanayi AS                                      
|Is Gayrimenkul Yatirim Ortakligi AS                           
|Tupras-Turkiye Petrol Rafinerileri AS                         
|Turkiye Sinai Kalkinma Bankasi AS                             
|Yapi ve Kredi Bankasi AS (a)                                  
|TOTAL TURKEY                                                  
|United Kingdom - 16.3%                                        
|3DM Worldwide PLC (a)                                         
|Accuma Group PLC                                              
|Advanced Technology (UK) PLC (a)(e)                           
|AeroBox PLC (a)                                               
|Afren PLC (e)                                                 
|African Copper PLC                                            
|Air Partner PLC                                               
|Alba PLC                                                      
|Alliance Pharma PLC (a)(e)                                    
|Amlin PLC                                                     
|Andor Technology Ltd.                                         
|Appian Technology PLC (a)                                     
|Appian Technology PLC warrants 2/28/08 (a)                    
|Asia Energy PLC                                               
|Atrium Underwriting PLC                                       
|Axis Shield PLC (a)                                           
|BETonSPORTS PLC                                               
|BG Group PLC                                                  
|BHP Billiton PLC                                              
|Bioprogress PLC (a)                                           
|Blacks Leisure Group PLC                                      
|Body Shop International PLC                                   
|BowLeven PLC                                                  
|Caffe Nero Group PLC (a)                                      
|Cambrian Mining PLC (a)(e)                                    
|Common Stocks - continued                                     
|                                                              
|United Kingdom - continued                                    
|Cambrian Mining PLC warrants 1/25/06 (a)                      
|Cardpoint PLC (a)                                             
|Carphone Warehouse Group PLC                                  
|Central African Mining & Exploration Co. PLC (a)              
|Centurion Electronics PLC (e)                                 
|Ceres Power Holding PLC                                       
|Chaucer Holdings PLC                                          
|Clapham House Group PLC (a)                                   
|Cobra Biomanufacturing PLC (a)                                
|Corac Group PLC (a)(e)                                        
|Corin Group PLC                                               
|CSS Stellar PLC (a)                                           
|CustomVis PLC (a)                                             
|Daniel Stewart Securities PLC (a)                             
|Domino's Pizza UK & IRL PLC                                   
|Dream Direct Group PLC (a)                                    
|Eclipse Energy Co. Ltd. (f)                                   
|Entertainment Rights PLC (a)                                  
|Europa Oil & Gas Holdings PLC                                 
|Europa Oil & Gas Holdings PLC warrants 11/11/07 (a)           
|European Diamonds PLC (a)                                     
|Faroe Petroleum PLC (a)                                       
|Firestone Diamonds PLC (a)                                    
|Flomerics Group PLC                                           
|Freeport PLC                                                  
|Future PLC                                                    
|Gaming Corp. PLC (a)                                          
|GMA Resources PLC (a)(e)                                      
|Goals Soccer Centres PLC                                      
|Golden Prospect PLC (a)                                       
|Goldshield Group PLC                                          
|GTL Resources PLC (a)                                         
|Hardide Ltd. (e)                                              
|Healthcare Enterprise Group PLC (a)                           
|Highbury House Communications PLC                             
|Hornby PLC                                                    
|Hunting PLC                                                   
|Hydrodec Group PLC                                            
|Icap PLC                                                      
|Ideal Shopping Direct PLC                                     
|Imperial College Innovations Ltd.                             
|Inchcape PLC                                                  
|Common Stocks - continued                                     
|                                                              
|United Kingdom - continued                                    
|Intertek Group PLC                                            
|ITE Group PLC                                                 
|ITM Power PLC                                                 
|Jubilee Platinum PLC (a)(e)                                   
|Kesa Electricals PLC                                          
|Lambert Howarth Group PLC (e)                                 
|Landround PLC                                                 
|Lastminute.com PLC (a)                                        
|Lawrence PLC                                                  
|London Clubs International PLC (a)                            
|LTG Technologies PLC (a)                                      
|Manpower Software PLC (a)                                     
|Medical Solutions PLC (a)                                     
|Meridian Petroleum PLC                                        
|Metal Bulletin PLC                                            
|Mice Group PLC                                                
|Mice Group PLC (RFD) (a)                                      
|Microgen PLC (a)                                              
|N Brown Group PLC                                             
|NDS Group PLC sponsored ADR (a)                               
|NETeller PLC                                                  
|NeuTec Pharma PLC (a)                                         
|Ocean Wilsons Holdings Ltd.                                   
|Oil Quest Resources PLC (a)(e)                                
|Oystertec PLC (a)                                             
|P&MM Group PLC (e)                                            
|Peacock Group PLC                                             
|Phytopharm PLC (a)                                            
|Pilat Media Global PLC (a)(e)                                 
|Platinum Mining Corp. of India PLC (e)                        
|PlusNet Technologies Ltd.                                     
|Premier Oil PLC (a)                                           
|Primary Health Properties PLC                                 
|Proteome Sciences PLC (a)                                     
|Psion PLC                                                     
|QA PLC (a)                                                    
|Rambler Metals & Mining PLC                                   
|Regal Petroleum PLC (a)                                       
|Rheochem PLC (e)                                              
|Rheochem PLC warrants 12/21/07 (a)                            
|Royalblue Group PLC                                           
|Sanctuary Group PLC                                           
|Common Stocks - continued                                     
|                                                              
|United Kingdom - continued                                    
|Scapa Group PLC                                               
|SDL PLC (a)                                                   
|Sibir Energy PLC (a)                                          
|Sinclair Pharma PLC (a)                                       
|SkyePharma PLC (a)                                            
|Sondex PLC                                                    
|Spark Networks PLC unit (a)                                   
|Spice Holdings PLC                                            
|Sportingbet PLC (a)                                           
|Sterling Energy PLC (a)                                       
|SubSea Resources PLC (e)                                      
|SubSea Resources PLC warrants 11/4/09 (a)                     
|Synergy Healthcare PLC                                        
|Taghmen Energy PLC (a)(e)                                     
|Taghmen Energy PLC warrants 7/30/06 (a)                       
|Tanfield Group PLC (a)(e)                                     
|Teesland PLC (a)                                              
|Tikit Group PLC (e)                                           
|UK Coal PLC                                                   
|ukbetting PLC (a)                                             
|Unibet Group PLC unit                                         
|Urbium PLC                                                    
|Whatman PLC                                                   
|White Nile Ltd. (a)                                           
|William Hill PLC                                              
|William Ransom & Son PLC (e)                                  
|Windsor PLC                                                   
|Wolfson Microelectronics PLC (a)                              
|XN Checkout Holdings PLC                                      
|ZincOx Resources PLC (a)                                      
|TOTAL UNITED KINGDOM                                          
|United States of America - 2.1%                               
|121Media, Inc. (e)                                            
|Central European Distribution Corp. (a)(d)                    
|Chindex International, Inc. (a)                               
|Frontera Resources Corp.                                      
|Frontier Mining Ltd. (e)                                      
|Frontier Mining Ltd. (e)                                      
|Gatekeeper Systems LLC                                        
|Golden Telecom, Inc. (d)                                      
|Marathon Oil Corp.                                            
|Common Stocks - continued                                     
|                                                              
|United States of America - continued                          
|NTL, Inc. (a)                                                 
|Private Media Group, Inc. (a)(d)                              
|ResMed, Inc. CHESS Depositary Interests (a)                   
|Solar Integrated Technologies, Inc.                           
|Trico Marine Services, Inc. (a)                               
|UTEK Corp. (Reg. S)                                           
|Valero Energy Corp.                                           
|XL TechGroup, Inc.                                            
|TOTAL UNITED STATES OF AMERICA                                
|TOTAL COMMON STOCKS
(Cost $1,758,227)                         
|Nonconvertible Preferred Stocks - 0.7%                        
|                                                              
|Germany - 0.4%                                                
|Fresenius AG                                                  
|Fresenius Medical Care AG                                     
|TOTAL GERMANY                                                 
|Italy - 0.3%                                                  
|Buzzi Unicem Spa (Risp)                                       
|TOTAL NONCONVERTIBLE PREFERRED STOCKS
(Cost $9,863)           
|Investment Companies - 0.1%                                   
|                                                              
|United Kingdom - 0.1%                                         
|Black Sea Property Fund Ltd. (a)
(Cost $1,920)                
|Money Market Funds - 11.7%                                    
|                                                              
|Fidelity Cash Central Fund, 2.84% (b)                         
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)   
|TOTAL MONEY MARKET FUNDS
(Cost $254,481)                      
|TOTAL INVESTMENT PORTFOLIO - 108.3%
(Cost $2,024,491)         
|NET OTHER ASSETS - (8.3)%                                     
|NET ASSETS - 100%                                             

|Legend                                                                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund
at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|(e)	Affiliated company                                                                                                                                                                                                                                                                                    
|(f)	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 $10,543,000 or 0.5% of net assets.                                         
|Additional information on each holding is as follows:                                                                                                                                                                                                                                                     

|Security                | Acquisition Date | Acquisition Cost (000s)
|----------------------- | ---------------- | -----------------------
|Consafe Offshore AB     | 2/22/05          | $	7,218                
|Eclipse Energy Co. Ltd. | 4/28/05          | $	1,459                

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

|Affiliates(Amounts in thousands)               | Value,
beginning
of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period
|---------------------------------------------- | -------------------------- | --------- | -------------- | --------------- | --------------------
|121Media, Inc.                                 | $	-                        | $	2,195   | $	-            | $	-             | $	2,188             
|Advanced Technology (UK) PLC                   | 558                        | -         | -              | -               | 372                 
|Afren PLC                                      | -                          | 2,307     | 328            | -               | 10,885              
|Alliance Pharma PLC                            | 1,812                      | 835       | -              | -               | 2,542               
|Aztec Resources Ltd.                           | -                          | 4,297     | -              | -               | 5,112               
|Cambrian Mining PLC                            | -                          | 15,046    | -              | -               | 13,302              
|Centurion Electronics PLC                      | -                          | 1,979     | -              | 15              | 1,029               
|Corac Group PLC                                | 2,460                      | 92        | -              | -               | 3,363               
|Frontier Mining Ltd.                           | 1,443                      | 391       | -              | -               | 3,379               
|Frontier Mining Ltd.                           | -                          | 383       | -              | -               | 509                 
|GMA Resources PLC                              | 1,955                      | 162       | -              | -               | 1,954               
|Hardide Ltd.                                   | 919                        | 992       | -              | -               | 2,449               
|HudBay Minerals, Inc. (formerly Ontzinc
Corp.) | 1,841                      | -         | 1,328          | -               | -                   
|Jubilee Platinum PLC                           | 1,823                      | 728       | -              | -               | 3,683               
|Lambert Howarth Group PLC                      | 6,551                      | -         | -              | 276             | 7,020               
|Leadcom Integrated Solutions                   | -                          | 3,139     | -              | -               | 3,330               
|Oil Quest Resources PLC                        | 167                        | 874       | -              | -               | 796                 
|P&MM Group PLC                                 | 2,300                      | -         | -              | -               | 2,823               
|Pilat Media Global PLC                         | 2,196                      | -         | -              | -               | 2,164               
|Platinum Mining Corp. of India PLC             | -                          | 4,409     | -              | -               | 4,166               
|Rheochem PLC                                   | -                          | 2,692     | -              | -               | 2,943               
|Starfield Resources, Inc.                      | -                          | 4,654     | -              | -               | 4,988               
|Stepstone ASA                                  | -                          | 5,430     | -              | -               | 4,294               
|SubSea Resources PLC                           | 2,654                      | 560       | -              | -               | 4,829               
|Sylvania Resources Ltd.                        | -                          | 1,551     | -              | -               | 1,489               
|Taghmen Energy PLC                             | 1,482                      | 376       | -              | -               | 3,005               
|Tanfield Group PLC                             | -                          | 2,429     | -              | -               | 2,988               
|Teleunit Spa                                   | 2,572                      | 1,019     | -              | -               | 3,868               
|Tikit Group PLC                                | 2,155                      | -         | -              | 22              | 2,766               
|William Ransom & Son PLC                       | 2,393                      | -         | -              | 26              | 2,379               
|Total                                          | $	35,281                   | $	56,540  | $	1,656        | $	339           | $	104,615           

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, 2005 (Unaudited)
|-------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                           |                           
|Assets                                                                                                                     |                           
|Investment in securities, at value (including securities loaned of $183,028) (cost $2,024,491) - See
accompanying schedule |                           
|Cash                                                                                                                       |                           
|Foreign currency held at value (cost $5,486)                                                                               |                           
|Receivable for investments sold                                                                                            |                           
|Receivable for fund shares sold                                                                                            |                           
|Dividends receivable                                                                                                       |                           
|Interest receivable                                                                                                        |                           
|Prepaid expenses                                                                                                           |                           
|Receivable from investment adviser for expense reductions                                                                  |                           
|Other affiliated receivables                                                                                               |                           
|Other receivables                                                                                                          |                           
|Total assets                                                                                                               |                           
|                                                                                                                           |                           
|Liabilities                                                                                                                |                           
|Payable for investments purchased                                                                                          | $	13,358                  
|Payable for fund shares redeemed                                                                                           | 5,055                     
|Accrued management fee                                                                                                     | 1,705                     
|Distribution fees payable                                                                                                  | 47                        
|Other affiliated payables                                                                                                  | 451                       
|Other payables and accrued expenses                                                                                        | 391                       
|Collateral on securities loaned, at value                                                                                  | 194,210                   
|Total liabilities                                                                                                          |                           
|                                                                                                                           |                           
|Net Assets                                                                                                                 |                           
|Net Assets consist of:                                                                                                     |                           
|Paid in capital                                                                                                            |                           
|Undistributed net investment income                                                                                        |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions                        |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies                 |                           
|Net Assets                                                                                                                 |                           

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

Semiannual Report

Statement of Assets and Liabilities - continued

|Amounts in thousands (except per-share amounts)                                                                           | April 30, 2005 (Unaudited)
|------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                          |                           
|Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share 			($28,431 ÷ 1,171 shares) |                           
|                                                                                                                          |                           
|Maximum offering price per share (100/94.25 of $24.27)                                                                    |                           
|Class T:
Net Asset Value and redemption price per share ($36,225 ÷ 1,497 shares)                                          |                           
|                                                                                                                          |                           
|Maximum offering price per share (100/96.50 of $24.19)                                                                    |                           
|Class B:
Net Asset Value and offering price per share
($12,926 ÷ 540 shares)A                                             |                           
|                                                                                                                          |                           
|Class C:
Net Asset Value and offering price per share
($21,271 ÷ 886 shares)A                                             |                           
|                                                                                                                          |                           
|International Small Cap:
Net Asset Value, offering price and redemption price per share ($2,071,652 ÷ 84,914 shares)      |                           
|                                                                                                                          |                           
|Institutional Class:
Net Asset Value, offering price and redemption price per share ($6,440 ÷ 264 shares)                 |                           

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

|Amounts in thousands                                                                                                               | Six months ended April 30, 2005 (Unaudited)
|---------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------
|                                                                                                                                   |                                            
|Investment Income                                                                                                                  |                                            
|Dividends (including $339 received from affiliated issuers)                                                                        |                                            
|Interest                                                                                                                           |                                            
|Security lending                                                                                                                   |                                            
|                                                                                                                                   |                                            
|Less foreign taxes withheld                                                                                                        |                                            
|Total income                                                                                                                       |                                            
|                                                                                                                                   |                                            
|Expenses                                                                                                                           |                                            
|Management fee
Basic fee                                                                                                           | $	7,464                                    
|Performance adjustment                                                                                                             | 655                                        
|Transfer agent fees                                                                                                                | 1,845                                      
|Distribution fees                                                                                                                  | 207                                        
|Accounting and security lending fees                                                                                               | 414                                        
|Independent trustees' compensation                                                                                                 | 4                                          
|Custodian fees and expenses                                                                                                        | 461                                        
|Registration fees                                                                                                                  | 224                                        
|Audit                                                                                                                              | 27                                         
|Legal                                                                                                                              | 7                                          
|Miscellaneous                                                                                                                      | 6                                          
|Total expenses before reductions                                                                                                   | 11,314                                     
|Expense reductions                                                                                                                 | (266)                                      
|Net investment income (loss)                                                                                                       |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:                                                                   |                                            
|Investment securities (net of foreign taxes of $2) (Including realized gain (loss) of $(131) from affiliated
issuers)              | 62,180                                     
|Foreign currency transactions                                                                                                      | (136)                                      
|Total net realized gain (loss)                                                                                                     |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $135) | 156,454                                    
|Assets and liabilities in foreign currencies                                                                                       | 92                                         
|Total change in net unrealized appreciation (depreciation)                                                                         |                                            
|Net gain (loss)                                                                                                                    |                                            
|Net increase (decrease) in net assets resulting from operations                                                                    |                                            

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

Semiannual Report

Statement of Changes in Net Assets

|Amounts in thousands                                                                                                                    | Six months ended April 30, 2005
(Unaudited) | Year ended
October 31,
2004
|--------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ---------------------------
|Increase (Decrease) in Net Assets                                                                                                       |                                             |                            
|Operations                                                                                                                              |                                             |                            
|Net investment income (loss)                                                                                                            | $	3,042                                     | $	4,864                    
|Net realized gain (loss)                                                                                                                | 62,044                                      | 55,700                     
|Change in net unrealized appreciation (depreciation)                                                                                    | 156,546                                     | 104,988                    
|Net increase (decrease) in net assets resulting
from operations                                                                         | 221,632                                     | 165,552                    
|Distributions to shareholders from net investment income                                                                                | (3,406)                                     | (741)                      
|Distributions to shareholders from net realized gain                                                                                    | (45,235)                                    | (11,573)                   
|Total distributions                                                                                                                     | (48,641)                                    | (12,314)                   
|Share transactions - net increase (decrease)                                                                                            | 867,170                                     | 422,160                    
|Redemption fees                                                                                                                         | 747                                         | 1,900                      
|Total increase (decrease) in net assets                                                                                                 | 1,040,908                                   | 577,298                    
|                                                                                                                                        |                                             |                            
|Net Assets                                                                                                                              |                                             |                            
|Beginning of period                                                                                                                     | 1,136,037                                   | 558,739                    
|End of period (including undistributed net investment income of $3,176 and undistributed net investment
income of $5,018, respectively) | $	2,176,945                                 | $	1,136,037                

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

Semiannual Report

Financial Highlights - Class A

|                                          | Six months ended April 30, 2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	21.25                         | $	17.69                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)E             | -I                              | .02                    
|Net realized and unrealized gain (loss)   | 3.80                            | 3.83                   
|Total from investment operations          | 3.80                            | 3.85                   
|Distributions from net investment income  | (.02)                           | (.02)                  
|Distributions from net realized gain      | (.77)                           | (.31)                  
|Total distributions                       | (.79)                           | (.33)                  
|Redemption fees added to paid in capitalE | .01                             | .04                    
|Net asset value, end of period            | $	24.27                         | $	21.25                
|Total ReturnB, C, D                       | 18.36%                          | 22.36%                 
|Ratios to Average Net AssetsH             |                                 |                        
|Expenses before expense reductions        | 1.68%A                          | 1.71%                  
|Expenses net of voluntary waivers, if any | 1.66%A                          | 1.71%                  
|Expenses net of all reductions            | 1.63%A                          | 1.69%                  
|Net investment income (loss)              | .02%A                           | .09%                   
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	28                            | $	13                   
|Portfolio turnover rate                   | 45%A                            | 77%                    

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

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

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

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

IAmount 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, 2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	21.20                         | $	17.68                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)E             | (.03)                           | (.03)                  
|Net realized and unrealized gain (loss)   | 3.77                            | 3.83                   
|Total from investment operations          | 3.74                            | 3.80                   
|Distributions from net investment income  | -                               | (.01)                  
|Distributions from net realized gain      | (.76)                           | (.31)                  
|Total distributions                       | (.76)                           | (.32)                  
|Redemption fees added to paid in capitalE | .01                             | .04                    
|Net asset value, end of period            | $	24.19                         | $	21.20                
|Total ReturnB, C, D                       | 18.10%                          | 22.07%                 
|Ratios to Average Net AssetsH             |                                 |                        
|Expenses before expense reductions        | 1.95%A                          | 1.94%                  
|Expenses net of voluntary waivers, if any | 1.92%A                          | 1.94%                  
|Expenses net of all reductions            | 1.89%A                          | 1.92%                  
|Net investment income (loss)              | (.24)%A                         | (.14)%                 
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	36                            | $	15                   
|Portfolio turnover rate                   | 45%A                            | 77%                    

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

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

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

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

IAmount 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, 2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	20.99                         | $	17.62                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)E             | (.09)                           | (.16)                  
|Net realized and unrealized gain (loss)   | 3.74                            | 3.80                   
|Total from investment operations          | 3.65                            | 3.64                   
|Distributions from net realized gain      | (.71)                           | (.31)                  
|Redemption fees added to paid in capitalE | .01                             | .04                    
|Net asset value, end of period            | $	23.94                         | $	20.99                
|Total ReturnB, C, D                       | 17.81%                          | 21.21%                 
|Ratios to Average Net AssetsH             |                                 |                        
|Expenses before expense reductions        | 2.53%A                          | 2.63%                  
|Expenses net of voluntary waivers, if any | 2.45%A                          | 2.63%                  
|Expenses net of all reductions            | 2.42%A                          | 2.60%                  
|Net investment income (loss)              | (.77)%A                         | (.83)%                 
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	13                            | $	5                    
|Portfolio turnover rate                   | 45%A                            | 77%                    

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

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

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

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

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

Semiannual Report

Financial Highlights - Class C

|                                          | Six months ended April 30, 2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	21.04                         | $	17.64                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)E             | (.09)                           | (.12)                  
|Net realized and unrealized gain (loss)   | 3.77                            | 3.80                   
|Total from investment operations          | 3.68                            | 3.68                   
|Distributions from net investment income  | -                               | (.01)                  
|Distributions from net realized gain      | (.72)                           | (.31)                  
|Total distributions                       | (.72)                           | (.32)                  
|Redemption fees added to paid in capitalE | .01                             | .04                    
|Net asset value, end of period            | $	24.01                         | $	21.04                
|Total ReturnB, C, D                       | 17.92%                          | 21.43%                 
|Ratios to Average Net AssetsH             |                                 |                        
|Expenses before expense reductions        | 2.42%A                          | 2.43%                  
|Expenses net of voluntary waivers, if any | 2.40%A                          | 2.43%                  
|Expenses net of all reductions            | 2.37%A                          | 2.40%                  
|Net investment income (loss)              | (.73)%A                         | (.62)%                 
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	21                            | $	9                    
|Portfolio turnover rate                   | 45%A                            | 77%                    

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

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

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

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

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

Semiannual Report

Financial Highlights - International Small Cap

|                                          | Six months ended April 30, 2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	21.36                         | $	17.71                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)D             | .05                             | .10                    
|Net realized and unrealized gain (loss)   | 3.81                            | 3.84                   
|Total from investment operations          | 3.86                            | 3.94                   
|Distributions from net investment income  | (.06)                           | (.02)                  
|Distributions from net realized gain      | (.77)                           | (.31)                  
|Total distributions                       | (.83)                           | (.33)                  
|Redemption fees added to paid in capitalD | .01                             | .04                    
|Net asset value, end of period            | $	24.40                         | $	21.36                
|Total ReturnB, C                          | 18.57%                          | 22.84%                 
|Ratios to Average Net AssetsG             |                                 |                        
|Expenses before expense reductions        | 1.29%A                          | 1.30%                  
|Expenses net of voluntary waivers, if any | 1.29%A                          | 1.30%                  
|Expenses net of all reductions            | 1.26%A                          | 1.28%                  
|Net investment income (loss)              | .38%A                           | .50%                   
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	2,072                         | $	1,091                
|Portfolio turnover rate                   | 45%A                            | 77%                    

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

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

HAmount 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, 2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	21.36                         | $	17.72                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)D             | .05                             | .10                    
|Net realized and unrealized gain (loss)   | 3.80                            | 3.84                   
|Total from investment operations          | 3.85                            | 3.94                   
|Distributions from net investment income  | (.07)                           | (.03)                  
|Distributions from net realized gain      | (.77)                           | (.31)                  
|Total distributions                       | (.84)                           | (.34)                  
|Redemption fees added to paid in capitalD | .01                             | .04                    
|Net asset value, end of period            | $	24.38                         | $	21.36                
|Total ReturnB, C                          | 18.53%                          | 22.84%                 
|Ratios to Average Net AssetsG             |                                 |                        
|Expenses before expense reductions        | 1.30%A                          | 1.32%                  
|Expenses net of voluntary waivers, if any | 1.30%A                          | 1.32%                  
|Expenses net of all reductions            | 1.27%A                          | 1.29%                  
|Net investment income (loss)              | .38%A                           | .49%                   
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	6                             | $	3                    
|Portfolio turnover rate                   | 45%A                            | 77%                    

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

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

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

Semiannual Report

# Notes to Financial Statements

For the period ended April 30, 2005 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity International Small Cap Fund (the fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. Effective the
close of business on May 5, 2005, the fund was closed to most new accounts. The trust is registered under the Investment Company Act of 1940, as amended (the 1940
Act), as a diversified open-end management investment company organized as a Massachusetts business trust.

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

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

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

Semiannual Report

1. Significant Accounting Policies - continued

Security Valuation - continued

sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at
their net asset value each business day.

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

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

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

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

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

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

Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain
distributions are determined in accordance with income tax regulations, which may differ from

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

generally accepted accounting principles. In addition, the fund will claim a portion of the payment made to redeeming shareholders as a distribution for income tax
purposes.

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

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

|Unrealized appreciation                    | $	432,863   | 
|------------------------------------------ | ----------- | 
|Unrealized depreciation                    | (100,310)   | 
|Net unrealized appreciation (depreciation) | $	332,553   | 
|Cost for federal income tax purposes       | $	2,025,991 | 

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

2. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated
entities of FMR to transfer uninvested cash balances into joint trading accounts 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. 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.

Semiannual Report

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $1,153,046 and $365,197, respectively.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee. The
management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the fund's average net assets and a group fee rate that averaged .27%
during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under
management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of
±.20% of the fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment
performance of the asset-weighted return of all classes as compared to an appropriate benchmark index. For the period, the total annualized management fee rate,
including the performance adjustment, was .95% 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%        | $	26        | $	-            
|Class T | .25%             | .25%        | 63          | 1              
|Class B | .75%             | .25%        | 46          | 34             
|Class C | .75%             | .25%        | 72          | 35             
|        |                  |             | $	207       | $	70           

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. 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  | $	44            | 
|Class T  | 13              | 
|Class B* | 7               | 
|Class C* | 5               | 
|         | $	69            | 

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

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

|                        | Amount  | % of
Average
Net Assets
|----------------------- | ------- | -----------------------
|Class A                 | $	36    | .35 *                  
|Class T                 | 46      | .37 *                  
|Class B                 | 20      | .45 *                  
|Class C                 | 25      | .34 *                  
|International Small Cap | 1,713   | .21 *                  
|Institutional Class     | 5       | .22 *                  
|                        | $	1,845 |                        

*	Annualized

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

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central
Funds are

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Central Funds - continued

open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Money Market Central Funds seek
preservation of capital and current income. The Central Funds do not pay a management fee. Income distributions earned by the fund are recorded as income in the
accompanying financial statements and totaled $898 for the period.

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

5. Committed Line of Credit.

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

6. Security Lending.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

7. Expense Reductions.

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

|        | Expense
 Limitations | Reimbursement
from adviser
|------- | -------------------- | --------------------------
|Class A | 2.05%-1.65%*         | $	2                       
|Class T | 2.30%-1.90% *        | 5                         
|Class B | 2.80%-2.40% *        | 4                         
|Class C | 2.80%-2.40% *        | 1                         
|        |                      | $	12                      

*Expense limitation in effect at period end.

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 $248 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.
During the period, credits reduced each class' transfer agent expense as noted in the table below.

|                        | Transfer Agent
expense reduction | 
|----------------------- | -------------------------------- | 
|International Small Cap | $	3                              | 

8. Other.

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

Semiannual Report

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

|                           | Six months ended
April 30,
2005 | Year ended
October 31,
2004
|-------------------------- | ------------------------------- | ---------------------------
|From net investment income |                                 |                            
|Class A                    | $	14                            | $	3                        
|Class T                    | -                               | 3                          
|Class C                    | -                               | 2                          
|International Small Cap    | 3,381                           | 732                        
|Institutional Class        | 11                              | 1                          
|Total                      | $	3,406                         | $	741                      
|From net realized gain     |                                 |                            
|Class A                    | $	542                           | $	50                       
|Class T                    | 602                             | 92                         
|Class B                    | 221                             | 28                         
|Class C                    | 359                             | 42                         
|International Small Cap    | 43,388                          | 11,351                     
|Institutional Class        | 123                             | 10                         
|Total                      | $	45,235                        | $	11,573                   

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

10. Share Transactions.

Transactions for each class of shares were as follows:

|                              | Shares                          | Dollars                    
|----------------------------- | ------------------------------- | ---------------------------
|                              | Six months ended
April 30,
2005 | Year ended
October 31,
2004
|Class A                       |                                 |                            
|Shares sold                   | 613                             | 655                        
|Reinvestment of distributions | 20                              | 3                          
|Shares redeemed               | (87)                            | (313)                      
|Net increase (decrease)       | 546                             | 345                        
|Class T                       |                                 |                            
|Shares sold                   | 922                             | 729                        
|Reinvestment of distributions | 24                              | 5                          
|Shares redeemed               | (163)                           | (246)                      
|Net increase (decrease)       | 783                             | 488                        
|Class B                       |                                 |                            
|Shares sold                   | 348                             | 254                        
|Reinvestment of distributions | 9                               | 1                          
|Shares redeemed               | (58)                            | (72)                       
|Net increase (decrease)       | 299                             | 183                        
|Class C                       |                                 |                            
|Shares sold                   | 520                             | 413                        
|Reinvestment of distributions | 13                              | 2                          
|Shares redeemed               | (59)                            | (81)                       
|Net increase (decrease)       | 474                             | 334                        
|International Small Cap       |                                 |                            
|Shares sold                   | 40,910                          | 48,248                     
|Reinvestment of distributions | 2,008                           | 632                        
|Shares redeemed               | (9,095)                         | (28,670)                   
|Net increase (decrease)       | 33,823                          | 20,210                     
|Institutional Class           |                                 |                            
|Shares sold                   | 193                             | 181                        
|Reinvestment of distributions | 3                               | -                          
|Shares redeemed               | (52)                            | (84)                       
|Net increase (decrease)       | 144                             | 97                         

Semiannual Report



Semiannual Report

# 

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Far East) Inc.

Fidelity International
Investment Advisors

Fidelity Investments Japan Limited

Fidelity International Investment Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Mellon Bank

Pittsburgh, PA

AISCI-USAN-0605
1.800646.101

(Fidelity Investment logo)(registered trademark)Corporate Headquarters82 Devonshire St., Boston, MA 02109www.fidelity.com

Fidelity®

International Small Cap

Fund

Semiannual Report

April 30, 2005

(2_fidelity_logos) (Registered_Trademark)

# Contents

|Chairman's Message          | <Click
Here> | Ned Johnson's message to shareholders.                                                                        
|--------------------------- | ------------ | --------------------------------------------------------------------------------------------------------------
|Shareholder Expense Example | <Click
Here> | An example of shareholder expenses.                                                                           
|Investment Changes          | <Click
Here> | A summary of major shifts in the fund's investments over the past six months.                                 
|Investments                 | <Click
Here> | A complete list of the fund's investments with their market values.                                           
|Financial Statements        | <Click
Here> | Statements of assets and liabilities, operations, and changes in net assets, 
as well as financial highlights.
|Notes                       | <Click
Here> | Notes to the financial statements.                                                                            

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

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

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

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



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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

# Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

During the past year or so, much has been reported about the mutual fund industry, and much of it has been more critical than I believe is warranted. Allegations that
some companies have been less than forthright with their shareholders have cast a shadow on the entire industry. I continue to find these reports disturbing, and assert
that they do not create an accurate picture of the industry overall. Therefore, I would like to remind everyone where Fidelity stands on these issues. I will say two things
specifically regarding allegations that some mutual fund companies were in violation of the Securities and Exchange Commission's forward pricing rules or were involved
in so-called "market timing" activities.

First, Fidelity has no agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not a new policy. This is not to say that someone
could not deceive the company through fraudulent acts. However, we are extremely diligent in preventing fraud from occurring in this manner - and in every other. But I
underscore again that Fidelity has no so-called "agreements" that sanction illegal practices.

Second, Fidelity continues to stand on record, as we have for years, in opposition to predatory short-term trading that adversely affects shareholders in a mutual fund. Back
in the 1980s, we initiated a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. Further, we took the lead several years ago in
developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. I am confident we will find other ways to make it more difficult for
predatory traders to operate. However, this will only be achieved through close cooperation among regulators, legislators and the industry.

Yes, there have been unfortunate instances of unethical and illegal activity within the mutual fund industry from time to time. That is true of any industry. When this
occurs, confessed or convicted offenders should be dealt with appropriately. But we are still concerned about the risk of over-regulation and the quick application of
simplistic solutions to intricate problems. Every system can be improved, and we support and applaud well thought out improvements by regulators, legislators and
industry representatives that achieve the common goal of building and protecting the value of investors' holdings.

For nearly 60 years, Fidelity has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a
few hundred customers. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.

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

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report





# 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, 2004 to April 30, 2005).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Semiannual Report

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

|                        | Beginning
Account Value
November 1, 2004 | Ending
Account Value
April 30, 2005 | Expenses Paid
During Period*November 1, 2004
to April 30, 2005
|----------------------- | ---------------------------------------- | ----------------------------------- | --------------------------------------------------------------
|Class A                 |                                          |                                     |                                                               
|Actual                  | $	1,000.00                               | $	1,183.60                          | $	8.93                                                        
|HypotheticalA           | $	1,000.00                               | $	1,016.61                          | $	8.25                                                        
|Class T                 |                                          |                                     |                                                               
|Actual                  | $	1,000.00                               | $	1,181.00                          | $	10.27                                                       
|HypotheticalA           | $	1,000.00                               | $	1,015.37                          | $	9.49                                                        
|Class B                 |                                          |                                     |                                                               
|Actual                  | $	1,000.00                               | $	1,178.10                          | $	12.96                                                       
|HypotheticalA           | $	1,000.00                               | $	1,012.89                          | $	11.98                                                       
|Class C                 |                                          |                                     |                                                               
|Actual                  | $	1,000.00                               | $	1,179.20                          | $	12.97                                                       
|HypotheticalA           | $	1,000.00                               | $	1,012.89                          | $	11.98                                                       
|International Small Cap |                                          |                                     |                                                               
|Actual                  | $	1,000.00                               | $	1,185.70                          | $	6.99                                                        
|HypotheticalA           | $	1,000.00                               | $	1,018.40                          | $	6.46                                                        
|Institutional Class     |                                          |                                     |                                                               
|Actual                  | $	1,000.00                               | $	1,185.30                          | $	7.04                                                        
|HypotheticalA           | $	1,000.00                               | $	1,018.35                          | $	6.51                                                        

A5% return per year before expenses

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

|                        | Annualized
Expense Ratio
|----------------------- | ------------------------
|Class A                 | 1.65%                   
|Class T                 | 1.90%                   
|Class B                 | 2.40%                   
|Class C                 | 2.40%                   
|International Small Cap | 1.29%                   
|Institutional Class     | 1.30%                   

Semiannual Report





# Investment Changes

|Geographic Diversification (% of fund's net assets)
|---------------------------------------------------
|As of April 30, 2005                               
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   
|                                                   



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

|                      
|----------------------
|As of October 31, 2004
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|                      



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

|Asset Allocation                                                        
|------------------------------------------------------------------------
|                                                                        
|Stocks and Investment Companies                                         
|Short-Term Investments and Net Other Assets                             
|Top Ten Stocks as of April 30, 2005                                     
|                                                                        
|Orascom Telecom SAE GDR (Egypt, Wireless Telecommunication Services)    
|Hikari Tsushin, Inc. (Japan, Specialty Retail)                          
|Steinhoff International Holdings Ltd. (South Africa, Household Durables)
|Pfleiderer AG (Germany, Building Products)                              
|K&S AG (Germany, Chemicals)                                             
|United Group Ltd. (Australia, Construction & Engineering)               
|Asia Energy PLC (United Kingdom, Metals & Mining)                       
|Unibet Group PLC unit (United Kingdom, Hotels, Restaurants & Leisure)   
|Stolt-Nielsen SA (Luxembourg, Marine)                                   
|Nissin Kogyo Co. Ltd. (Japan, Auto Components)                          
|                                                                        
|Market Sectors as of April 30, 2005                                     
|                                                                        
|Consumer Discretionary                                                  
|Industrials                                                             
|Materials                                                               
|Information Technology                                                  
|Financials                                                              
|Energy                                                                  
|Health Care                                                             
|Telecommunication Services                                              
|Consumer Staples                                                        
|Utilities                                                               

Semiannual Report



# Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

|Common Stocks - 95.8%                                         
|--------------------------------------------------------------
|                                                              
|Australia - 7.7%                                              
|ABC Learning Centres Ltd.                                     
|Australian Stock Exchange Ltd. (d)                            
|Aztec Resources Ltd. (a)(e)                                   
|BlueScope Steel Ltd.                                          
|Bradken Ltd.                                                  
|Centamin Egypt Ltd. (a)                                       
|Centennial Coal Co. Ltd.                                      
|Corporate Express Australia Ltd.                              
|CSR Ltd.                                                      
|DCA Group Ltd. (d)                                            
|Dwyka Diamonds Ltd. (a)                                       
|Elkedra Diamonds NL (a)                                       
|Elkedra Diamonds NL warrants 8/31/07 (a)                      
|Fox Resources Ltd. (a)                                        
|Fox Resources Ltd. warrants 6/30/07 (a)                       
|Hardman Resources Ltd.:
(Australia) (a)                       
|(United Kingdom) (a)                                          
|JB Hi-Fi Ltd.                                                 
|Novera Energy Ltd. (a)                                        
|Patrick Corp. Ltd.                                            
|Promina Group Ltd.                                            
|QBE Insurance Group Ltd.                                      
|Roc Oil Co. Ltd. (a)                                          
|Sphere Investments Ltd. (a)                                   
|Stockland unit                                                
|Sylvania Resources Ltd. (a)(e)                                
|United Group Ltd. (d)                                         
|Virotec International Ltd.:                                   
|(Australia) (a)                                               
|(United Kingdom) (a)                                          
|Westpac Banking Corp.                                         
|TOTAL AUSTRALIA                                               
|Belgium - 0.7%                                                
|Euronav NV                                                    
|Melexis NV                                                    
|Omega Pharma SA                                               
|Recticel SA (d)                                               
|Roularta Media Group NV                                       
|TOTAL BELGIUM                                                 
|Common Stocks - continued                                     
|                                                              
|Bermuda - 0.2%                                                
|Jinhui Shipping & Transportation Ltd. (d)                     
|Ship Finance International Ltd. (NY Shares)                   
|Tanzanite One Ltd.                                            
|TOTAL BERMUDA                                                 
|Brazil - 0.5%                                                 
|Banco Bradesco SA (PN) sponsored ADR (non-vtg.) (d)           
|Petroleo Brasileiro SA Petrobras sponsored ADR                
|TOTAL BRAZIL                                                  
|British Virgin Islands - 0.0%                                 
|Albidon Ltd. unit (a)                                         
|Canada - 1.6%                                                 
|Adastra Minerals, Inc. (a)                                    
|Altius Minerals Corp. (a)                                     
|Azure Dynamics Corp. Class A (a)                              
|Bankers Petroleum Ltd. (a)                                    
|BDI Mining Corp. (a)                                          
|Brazilian Diamonds Ltd. (a)                                   
|First Quantum Minerals Ltd.                                   
|Grove Energy Ltd. (a)                                         
|La Mancha Resources, Inc. (a)                                 
|Oilexco, Inc. (a)                                             
|Starfield Resources, Inc. (a)(e)                              
|StrataGold Corp. (a)                                          
|Uruguay Mineral Exploration, Inc. (a)                         
|Western Canadian Coal Corp. (a)                               
|Western Canadian Coal Corp. (a)                               
|Western Canadian Coal Corp.:                                  
|warrants 2/9/06 (a)                                           
|(United Kingdom) (a)                                          
|TOTAL CANADA                                                  
|Cayman Islands - 1.0%                                         
|Kingboard Chemical Holdings Ltd.                              
|Kingboard Chemical Holdings Ltd. warrants 12/31/06 (a)        
|Norstar Founders Group Ltd.                                   
|SinoCom Software Group Ltd.                                   
|TOTAL CAYMAN ISLANDS                                          
|China - 0.9%                                                  
|Aluminum Corp. of China Ltd. (H Shares)                       
|Common Stocks - continued                                     
|                                                              
|China - continued                                             
|Bio-Treat Technology Ltd.                                     
|Global Bio-Chem Technology Group Co. Ltd.                     
|Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)
|PICC Property & Casualty Co. Ltd. (H Shares) (a)              
|Tong Ren Tang Technologies Co. Ltd. (H Shares)                
|TOTAL CHINA                                                   
|Czech Republic - 0.2%                                         
|Komercni Banka AS unit                                        
|Denmark - 0.0%                                                
|Coloplast AS Series B                                         
|Egypt - 2.0%                                                  
|Orascom Telecom SAE GDR (a)                                   
|Finland - 1.4%                                                
|Aldata Solutions Oyj (a)(d)                                   
|Alma Media Corp. (a)                                          
|Capman Oyj (B Shares) (d)                                     
|Citycon Oyj                                                   
|Inion OY                                                      
|Neste Oil Oyj (a)                                             
|Nokian Tyres Ltd.                                             
|Vacon Oyj (d)                                                 
|TOTAL FINLAND                                                 
|France - 1.9%                                                 
|Altamir et Compagnie SA (a)                                   
|bioMerieux SA                                                 
|Boiron SA                                                     
|Bongrain SA                                                   
|BVRP Software SA (a)                                          
|Constructions Industrielles dela Mediterranee SA              
|Damartex SA                                                   
|Gifi                                                          
|Groupe Bourbon SA (d)                                         
|Groupe Open SA                                                
|Groupe Open SA warrants 10/21/06 (a)                          
|Guerbet SA                                                    
|Ipsos SA                                                      
|Lagardere S.C.A. (Reg.)                                       
|Maisons France Confort                                        
|Common Stocks - continued                                     
|                                                              
|France - continued                                            
|Nexity                                                        
|Oeneo Group (a)(d)                                            
|Orpea (a)                                                     
|Renault SA                                                    
|Sechilienne-Sidec                                             
|Signaux Girod                                                 
|SPIR Communication SA                                         
|Stedim SA                                                     
|Tessi SA                                                      
|The Lisi Group                                                
|Toupargel-Agrigel                                             
|U10 SA (d)                                                    
|Vivendi Universal SA (d)                                      
|TOTAL FRANCE                                                  
|Germany - 4.8%                                                
|Advanced Photonics Technologies AG (a)                        
|Articon-Integralis AG (Reg.) (a)                              
|AWD Holding AG                                                
|Bijou Brigitte Modische Accessoires AG                        
|Deutsche Boerse AG                                            
|Deutz AG (a)(d)                                               
|ElringKlinger AG                                              
|Fielmann AG                                                   
|Freenet.de AG                                                 
|Fresenius AG                                                  
|Gpc Biotech AG (a)(d)                                         
|Grenkeleasing AG (d)                                          
|Hawesko Holding AG                                            
|Hyrican Informationssysteme AG                                
|K&S AG                                                        
|Kontron AG (a)                                                
|Merck KGaA                                                    
|Norddeutsche Affinerie AG                                     
|Parsytec AG (a)(d)                                            
|PC-Spezialist Franchise AG                                    
|Pfleiderer AG (a)                                             
|PSI AG (a)                                                    
|Pulsion Medical Systems AG (a)                                
|Common Stocks - continued                                     
|                                                              
|Germany - continued                                           
|Rational AG                                                   
|United Internet AG                                            
|TOTAL GERMANY                                                 
|Greece - 1.8%                                                 
|Alfa-Beta Vassilopoulos SA (Reg.)                             
|Autohellas SA                                                 
|Babis Vovos International Technical SA                        
|Fourlis Holdings SA (a)                                       
|Greek Organization of Football Prognostics SA                 
|Hellenic Exchanges Holding SA                                 
|Hyatt Regency SA (Reg.)                                       
|Intralot SA (a)                                               
|Motor Oil (HELLAS) Corinth Refineries SA                      
|Public Power Corp. of Greece                                  
|Sarantis SA (Reg.)                                            
|Technical Olympic SA (Reg.)                                   
|TOTAL GREECE                                                  
|Hong Kong - 1.5%                                              
|ASM Pacific Technology Ltd.                                   
|China Insurance International Holdings Co. Ltd.               
|China Merchants Holdings International Co. Ltd.               
|China Pharmaceutical Enterprise and Investment Corp. Ltd. (a) 
|Solomon Systech Ltd.                                          
|TOTAL HONG KONG                                               
|Hungary - 0.3%                                                
|MOL Magyar Olay-es Gazipari RT Series A (For. Reg.)           
|OTP Bank Rt.                                                  
|TOTAL HUNGARY                                                 
|India - 1.2%                                                  
|Indian Hotels Co. Ltd.                                        
|Kotak Mahindra Bank Ltd.                                      
|State Bank of India                                           
|TOTAL INDIA                                                   
|Ireland - 0.7%                                                
|Donegal Creameries PLC                                        
|IAWS Group PLC (Ireland)                                      
|Independent News & Media PLC (Ireland)                        
|Common Stocks - continued                                     
|                                                              
|Ireland - continued                                           
|Kenmare Resources PLC (a)                                     
|Kenmare Resources PLC warrants 7/23/09 (a)                    
|Minco PLC (a)                                                 
|Minco PLC warrants 12/3/05 (a)                                
|Paddy Power PLC                                               
|Petroceltic International PLC (a)                             
|Trinity Biotech PLC sponsored ADR (a)                         
|TOTAL IRELAND                                                 
|Israel - 0.2%                                                 
|Advanced Vision Technology Ltd. (a)                           
|Leadcom Integrated Solutions (e)                              
|Supercom Ltd. (a)                                             
|TOTAL ISRAEL                                                  
|Italy - 1.2%                                                  
|Amplifon Spa                                                  
|Brembo Spa                                                    
|Cassa Di Risparmio Di Firenze                                 
|Lottomatica Spa New (d)                                       
|Saipem Spa                                                    
|Teleunit Spa (a)(e)                                           
|TOTAL ITALY                                                   
|Japan - 30.8%                                                 
|Able, Inc.                                                    
|Acca Networks Co. Ltd.                                        
|Adtec Plasma Technology Co. Ltd.                              
|Aichi Steel Corp. (d)                                         
|Amada Co. Ltd.                                                
|ARRK Corp.                                                    
|Asahi Broadcasting Corp.                                      
|Asahi Denka Co. Ltd.                                          
|ASICS Trading Co. Ltd.                                        
|Axell Corp. (d)                                               
|Axell Corp. New (d)                                           
|Bando Chemical Industries Ltd. (d)                            
|Casio Computer Co. Ltd.                                       
|Central Glass Co. Ltd.                                        
|Chiyoda Corp.                                                 
|Chiyoda Integre Co. Ltd.                                      
|Chugoku Marine Paints Ltd. (d)                                
|Common Stocks - continued                                     
|                                                              
|Japan - continued                                             
|Citizen Electronics Co. Ltd. (d)                              
|Commuture Corp.                                               
|COMSYS Holdings Corp.                                         
|Create SD Co. Ltd.                                            
|Credit Saison Co. Ltd.                                        
|Cyber Agent Ltd. (d)                                          
|Cyber Communications, Inc. (a)(d)                             
|Cyber Firm, Inc. (a)(d)                                       
|Daiso Co. Ltd. (d)                                            
|Daiwabo Information System Ltd. (d)                           
|Dip Corp.                                                     
|Dynic Corp. (a)                                               
|E*Trade Securities Co. Ltd. (d)                               
|Endo Manufacturing Co. Ltd.                                   
|Enshu Ltd. (a)(d)                                             
|Faith, Inc. (d)                                               
|Fancl Corp.                                                   
|Finance All Corp. (d)                                         
|First Juken Co. Ltd.                                          
|Forval Corp.                                                  
|FT Communications Co. Ltd.                                    
|Fuji Seal International, Inc.                                 
|Fuji Spinning Co. Ltd. (a)                                    
|Fujikura Ltd.                                                 
|Fujitsu Business Systems Ltd.                                 
|Fullcast Co. Ltd.                                             
|Gourmet Navigator, Inc. (a)                                   
|Heian Ceremony Service Co. Ltd.                               
|Hikari Tsushin, Inc. (d)                                      
|Hogy Medical Co. (d)                                          
|Hokuto Corp. (d)                                              
|HUNET, Inc. (d)                                               
|I-CF, Inc. (a)                                                
|Ibiden Co. Ltd. (d)                                           
|Infocom Corp.                                                 
|Information Planning Co. Ltd.                                 
|Intelligent Wave, Inc. (d)                                    
|Ishihara Chemical Co. Ltd. (d)                                
|Itochushokuhin Co. Ltd.                                       
|JACCS Co. Ltd.                                                
|Japan Digital Contents, Inc. (a)                              
|Japan Vilene Co. Ltd. (d)                                     
|Common Stocks - continued                                     
|                                                              
|Japan - continued                                             
|Jastec Co. Ltd.                                               
|Jupiter Telecommunications Co.                                
|KAGA ELECTRONICS Co. Ltd. (d)                                 
|Kagome Co. Ltd. (a)(d)                                        
|Kakaku.com, Inc. (a)                                          
|Kawasaki Heavy Industries Ltd.                                
|Kennedy-Wilson Japan Co. Ltd. (d)                             
|Kibun Food Chemifa Co. Ltd.                                   
|KK daVinci Advisors (a)(d)                                    
|Kobe Steel Ltd.                                               
|Koito Manufacturing Co. Ltd.                                  
|Komehyo Co. Ltd. (a)                                          
|Kura Corp. Ltd. (d)                                           
|Kuraray Co. Ltd.                                              
|Kurita Water Industries Ltd.                                  
|livedoor Co. Ltd. (a)(d)                                      
|Lopro Corp. (d)                                               
|LTT Bio-Pharma Co. Ltd.                                       
|Mars Engineering Corp.                                        
|Maruei Department Store Co. Ltd. (a)(d)                       
|Maruha Group, Inc. (a)(d)                                     
|Matsui Securities Co. Ltd. (d)                                
|Matsui Securities Co. Ltd. New (d)                            
|Meganesuper Co. Ltd.                                          
|Misumi Group, Inc.                                            
|Mitsubishi Materials Corp.                                    
|Mitsui & Associates Telepark Corp.                            
|Mitsui & Co. Ltd.                                             
|Mitsui O.S.K. Lines Ltd.                                      
|Mitsui Trust Holdings, Inc.                                   
|Mobilephone Telecommunications International Ltd. (d)         
|Nabtesco Corp.                                                
|NextCom K.K.                                                  
|Nexus Co. Ltd.                                                
|NHK Spring Co. Ltd.                                           
|Nidec Corp.                                                   
|Nidec Tosok Corp.                                             
|Nihon Chouzai Co. Ltd.                                        
|Nihon Dempa Kogyo Co. Ltd.                                    
|Nihon Micro Coating Co. Ltd. (a)                              
|Nihon Trim Co. Ltd. (d)                                       
|Nihon Unicom Corp.                                            
|Common Stocks - continued                                     
|                                                              
|Japan - continued                                             
|Nikko Cordial Corp.                                           
|Ninety-Nine Plus, Inc.                                        
|Nippon Chemi-con Corp.                                        
|Nippon Denwa Shisetsu                                         
|Nippon Electric Glass Co. Ltd.                                
|Nippon Mining Holdings, Inc.                                  
|Nippon Oil Corp.                                              
|Nippon Seiki Co. Ltd. (d)                                     
|Nippon Suisan Kaisha Co. Ltd.                                 
|Nissin Co. Ltd.                                               
|Nissin Kogyo Co. Ltd.                                         
|Nissin Servicer Co. Ltd. (d)                                  
|Nissin Servicer Co. Ltd. New (d)                              
|Nitta Corp.                                                   
|Nitto Denko Corp.                                             
|NOK Corp.                                                     
|Ogaki Kyoritsu Bank Ltd.                                      
|Opt, Inc. (a)(d)                                              
|Oracle Corp. Japan (d)                                        
|Orient Corp. (a)(d)                                           
|Oriental Yeast Co. Ltd. Tokio                                 
|Otaki Gas Co. Ltd. (a)                                        
|Otsuka Corp.                                                  
|Pacific Metals Co. Ltd. (a)(d)                                
|Paris Miki, Inc. (d)                                          
|Parker Corp.                                                  
|Pigeon Corp.                                                  
|Point, Inc. (a)                                               
|Pro-Ship, Inc.                                                
|Rakuten, Inc. (d)                                             
|Reins International, Inc.                                     
|Rohto Pharmaceutical Co. Ltd.                                 
|Sammy NetWorks Co. Ltd.                                       
|Sankyo Co. Ltd. (Gunma)                                       
|Sega Sammy Holdings, Inc. (a)                                 
|Seikagaku Corp. (d)                                           
|Seikagaku Corp. New (d)                                       
|Sekisui Chemical Co. Ltd.                                     
|Sekisui Plastics Co. Ltd.                                     
|Shin Nippon Biomedical Laboratories Ltd. (d)                  
|Showa Denko KK                                                
|Silex Technology, Inc.                                        
|Common Stocks - continued                                     
|                                                              
|Japan - continued                                             
|Softbank Investment Corp.                                     
|Software Research Association (SRA) (d)                       
|Soken Chemical & Engineer Co. Ltd.                            
|Square Enix Co. Ltd.                                          
|Stanley Electric Co. Ltd.                                     
|Sumisho Computer Service Corp. (d)                            
|Sumitomo Corp.                                                
|Sumitomo Metal Mining Co. Ltd.                                
|Sumitomo Rubber Industries Ltd.                               
|Sun Frontier Fudousan Co. Ltd.                                
|Sun Frontier Fudousan Co. Ltd. New                            
|Suncall Corp.                                                 
|Sunx Ltd.                                                     
|Taisei Corp.                                                  
|Taiyo Kagaku                                                  
|Tamron Co. Ltd. (d)                                           
|Tanabe Seiyaku Co. Ltd.                                       
|Techno Medica Co. Ltd.                                        
|Teijin Ltd.                                                   
|Teikoku Oil Co. Ltd.                                          
|Telewave, Inc. New (d)                                        
|The First Energy Service Co. Ltd.                             
|Token Corp.                                                   
|Tokuyama Corp. (d)                                            
|Tokyo Cathode Laborator Co. Ltd. (d)                          
|Tokyo Seimitsu Co. Ltd. (d)                                   
|Tokyo Steel Manufacturing Co. Ltd. (d)                        
|TonenGeneral Sekiyu KK (a)                                    
|Toppan Printing Co. Ltd.                                      
|Toray Industries, Inc.                                        
|Tosoh Corp.                                                   
|Toyo Corp. (d)                                                
|Toyo Ink Manufacturing Co. Ltd.                               
|Toyo Machinery & Metal Co. Ltd.                               
|Toyo Suisan Kaisha Ltd.                                       
|Trancom Co. Ltd.                                              
|Trend Micro, Inc.                                             
|Uniden Corp.                                                  
|Usen Corp. (a)(d)                                             
|USS Co. Ltd.                                                  
|Warabeya Nichiyo Co. Ltd.                                     
|Works Applications Co. Ltd. (a)(d)                            
|Common Stocks - continued                                     
|                                                              
|Japan - continued                                             
|Works Applications Co. Ltd. New (a)                           
|Yachiyo Industry Co. Ltd.                                     
|Yamaichi Electronics Co. Ltd.                                 
|Yasuragi Co. Ltd. (a)                                         
|Yoshimoto Kogyo Co. Ltd. (d)                                  
|Zakkaya Bulldog Co. Ltd.                                      
|TOTAL JAPAN                                                   
|Korea (South) - 0.1%                                          
|SKC Co. Ltd. (a)                                              
|Luxembourg - 1.4%                                             
|Gaming VC Holdings SA                                         
|Stolt-Nielsen SA (d)                                          
|TOTAL LUXEMBOURG                                              
|Netherlands - 0.4%                                            
|Axalto Holding NV                                             
|Completel Europe NV (a)                                       
|TOTAL NETHERLANDS                                             
|New Zealand - 0.7%                                            
|Fisher & Paykel Healthcare Corp.                              
|Pumpkin Patch Ltd.                                            
|Sky City Entertainment Group Ltd.                             
|TOTAL NEW ZEALAND                                             
|Norway - 2.2%                                                 
|ABG Sundal Collier ASA (d)                                    
|Camillo Eitzen & Co. ASA                                      
|Catch Communications ASA                                      
|Expert ASA (d)                                                
|Kongsberg Gruppen ASA (a)(d)                                  
|Mamut ASA                                                     
|Nordic VLSI ASA (a)(d)                                        
|Norman ASA (a)                                                
|Norsk Hydro ASA (d)                                           
|Odfjell ASA (A Shares)                                        
|P4 Radio Hele Norge ASA (a)(d)                                
|Petroleum Geo-Services ASA (a)                                
|Profdoc ASA (a)                                               
|Schibsted ASA (B Shares)                                      
|Solstad Offshore ASA                                          
|Common Stocks - continued                                     
|                                                              
|Norway - continued                                            
|Statoil ASA                                                   
|Stepstone ASA (a)(e)                                          
|TANDBERG ASA                                                  
|TANDBERG Television ASA (a)                                   
|TOTAL NORWAY                                                  
|Poland - 1.0%                                                 
|Pfleiderer Grajewo SA                                         
|Polski Koncern Naftowy Orlen SA unit                          
|Powszechna Kasa Oszczednosci Bank SA                          
|TVN SA                                                        
|TOTAL POLAND                                                  
|Portugal - 0.6%                                               
|Impresa SGPS (a)                                              
|Media Capital SGPS SA                                         
|TOTAL PORTUGAL                                                
|Russia - 1.4%                                                 
|Mobile TeleSystems OJSC:                                      
|GDR (Reg. S)                                                  
|sponsored ADR                                                 
|Sibirtelecom Open Joint Stock Co. ADR (a)                     
|Sistema Jsfc sponsored GDR                                    
|Uralsvyazinform ADR                                           
|VolgaTelecom sponsored ADR                                    
|TOTAL RUSSIA                                                  
|Singapore - 1.4%                                              
|Accord Customer Care Solutions Ltd. (a)                       
|ComfortDelgro Corp. Ltd.                                      
|HTL International Holdings Ltd.                               
|Hyflux Ltd.                                                   
|SIA Engineering Co. Ltd.                                      
|Singapore Exchange Ltd.                                       
|Singapore Petroleum Co. Ltd. (d)                              
|Venture Corp. Ltd.                                            
|TOTAL SINGAPORE                                               
|South Africa - 3.3%                                           
|Aflease Gold & Uranium Resources Ltd. (a)                     
|African Bank Investments Ltd.                                 
|Common Stocks - continued                                     
|                                                              
|South Africa - continued                                      
|Discovery Holdings Ltd. (a)                                   
|JD Group Ltd.                                                 
|MTN Group Ltd.                                                
|Nedcor Ltd.                                                   
|Steinhoff International Holdings Ltd.                         
|Wilson Bayly Holmes-Ovcon Ltd.                                
|TOTAL SOUTH AFRICA                                            
|Spain - 0.3%                                                  
|Antena 3 Television SA                                        
|Construcciones y Auxiliar de Ferrocarriles                    
|TOTAL SPAIN                                                   
|Sweden - 1.6%                                                 
|Consafe Offshore AB (a)(f)                                    
|Eniro AB                                                      
|Gambro AB (A Shares)                                          
|Hexagon AB (B Shares) (d)                                     
|Intrum Justitia AB (a)                                        
|Intrum Justitia AB rights 5/26/05 (a)                         
|Mekonomen AB                                                  
|Modern Times Group AB (MTG) (B Shares) (a)                    
|Observer AB (d)                                               
|VBG AB (B Shares)                                             
|TOTAL SWEDEN                                                  
|Switzerland - 0.9%                                            
|Actelion Ltd. (Reg.) (a)                                      
|Amazys Holding AG                                             
|Barry Callebaut AG                                            
|Bucher Holding AG (Bearer) (d)                                
|Escor Casino & Entertainment SA                               
|Micronas Semiconductor Holding AG (a)                         
|Mobilezone Holding AG                                         
|Roche Holding AG (participation certificate)                  
|Sulzer AG (Reg.)                                              
|Swissquote Group Holding SA (a)                               
|TOTAL SWITZERLAND                                             
|Taiwan - 0.1%                                                 
|Merry Electronics Co. Ltd.                                    
|Common Stocks - continued                                     
|                                                              
|Thailand - 0.1%                                               
|Bumrungrad Hospital PCL (For. Reg.) (a)                       
|Turkey - 1.3%                                                 
|Alarko Gayrimenkul Yatirim Ortakligi AS (a)                   
|Atakule Gayrimenkul Yatirim Ortakligi AS                      
|Dogan Gazetecilik AS (a)                                      
|Dogan Sirketler Grubu Holding AS                              
|Dogan Yayin Holding AS                                        
|Efes Sinai Yatirim Holding AS Class B (a)                     
|Enka Insaat ve Sanayi AS                                      
|Is Gayrimenkul Yatirim Ortakligi AS                           
|Tupras-Turkiye Petrol Rafinerileri AS                         
|Turkiye Sinai Kalkinma Bankasi AS                             
|Yapi ve Kredi Bankasi AS (a)                                  
|TOTAL TURKEY                                                  
|United Kingdom - 16.3%                                        
|3DM Worldwide PLC (a)                                         
|Accuma Group PLC                                              
|Advanced Technology (UK) PLC (a)(e)                           
|AeroBox PLC (a)                                               
|Afren PLC (e)                                                 
|African Copper PLC                                            
|Air Partner PLC                                               
|Alba PLC                                                      
|Alliance Pharma PLC (a)(e)                                    
|Amlin PLC                                                     
|Andor Technology Ltd.                                         
|Appian Technology PLC (a)                                     
|Appian Technology PLC warrants 2/28/08 (a)                    
|Asia Energy PLC                                               
|Atrium Underwriting PLC                                       
|Axis Shield PLC (a)                                           
|BETonSPORTS PLC                                               
|BG Group PLC                                                  
|BHP Billiton PLC                                              
|Bioprogress PLC (a)                                           
|Blacks Leisure Group PLC                                      
|Body Shop International PLC                                   
|BowLeven PLC                                                  
|Caffe Nero Group PLC (a)                                      
|Cambrian Mining PLC (a)(e)                                    
|Common Stocks - continued                                     
|                                                              
|United Kingdom - continued                                    
|Cambrian Mining PLC warrants 1/25/06 (a)                      
|Cardpoint PLC (a)                                             
|Carphone Warehouse Group PLC                                  
|Central African Mining & Exploration Co. PLC (a)              
|Centurion Electronics PLC (e)                                 
|Ceres Power Holding PLC                                       
|Chaucer Holdings PLC                                          
|Clapham House Group PLC (a)                                   
|Cobra Biomanufacturing PLC (a)                                
|Corac Group PLC (a)(e)                                        
|Corin Group PLC                                               
|CSS Stellar PLC (a)                                           
|CustomVis PLC (a)                                             
|Daniel Stewart Securities PLC (a)                             
|Domino's Pizza UK & IRL PLC                                   
|Dream Direct Group PLC (a)                                    
|Eclipse Energy Co. Ltd. (f)                                   
|Entertainment Rights PLC (a)                                  
|Europa Oil & Gas Holdings PLC                                 
|Europa Oil & Gas Holdings PLC warrants 11/11/07 (a)           
|European Diamonds PLC (a)                                     
|Faroe Petroleum PLC (a)                                       
|Firestone Diamonds PLC (a)                                    
|Flomerics Group PLC                                           
|Freeport PLC                                                  
|Future PLC                                                    
|Gaming Corp. PLC (a)                                          
|GMA Resources PLC (a)(e)                                      
|Goals Soccer Centres PLC                                      
|Golden Prospect PLC (a)                                       
|Goldshield Group PLC                                          
|GTL Resources PLC (a)                                         
|Hardide Ltd. (e)                                              
|Healthcare Enterprise Group PLC (a)                           
|Highbury House Communications PLC                             
|Hornby PLC                                                    
|Hunting PLC                                                   
|Hydrodec Group PLC                                            
|Icap PLC                                                      
|Ideal Shopping Direct PLC                                     
|Imperial College Innovations Ltd.                             
|Inchcape PLC                                                  
|Common Stocks - continued                                     
|                                                              
|United Kingdom - continued                                    
|Intertek Group PLC                                            
|ITE Group PLC                                                 
|ITM Power PLC                                                 
|Jubilee Platinum PLC (a)(e)                                   
|Kesa Electricals PLC                                          
|Lambert Howarth Group PLC (e)                                 
|Landround PLC                                                 
|Lastminute.com PLC (a)                                        
|Lawrence PLC                                                  
|London Clubs International PLC (a)                            
|LTG Technologies PLC (a)                                      
|Manpower Software PLC (a)                                     
|Medical Solutions PLC (a)                                     
|Meridian Petroleum PLC                                        
|Metal Bulletin PLC                                            
|Mice Group PLC                                                
|Mice Group PLC (RFD) (a)                                      
|Microgen PLC (a)                                              
|N Brown Group PLC                                             
|NDS Group PLC sponsored ADR (a)                               
|NETeller PLC                                                  
|NeuTec Pharma PLC (a)                                         
|Ocean Wilsons Holdings Ltd.                                   
|Oil Quest Resources PLC (a)(e)                                
|Oystertec PLC (a)                                             
|P&MM Group PLC (e)                                            
|Peacock Group PLC                                             
|Phytopharm PLC (a)                                            
|Pilat Media Global PLC (a)(e)                                 
|Platinum Mining Corp. of India PLC (e)                        
|PlusNet Technologies Ltd.                                     
|Premier Oil PLC (a)                                           
|Primary Health Properties PLC                                 
|Proteome Sciences PLC (a)                                     
|Psion PLC                                                     
|QA PLC (a)                                                    
|Rambler Metals & Mining PLC                                   
|Regal Petroleum PLC (a)                                       
|Rheochem PLC (e)                                              
|Rheochem PLC warrants 12/21/07 (a)                            
|Royalblue Group PLC                                           
|Sanctuary Group PLC                                           
|Common Stocks - continued                                     
|                                                              
|United Kingdom - continued                                    
|Scapa Group PLC                                               
|SDL PLC (a)                                                   
|Sibir Energy PLC (a)                                          
|Sinclair Pharma PLC (a)                                       
|SkyePharma PLC (a)                                            
|Sondex PLC                                                    
|Spark Networks PLC unit (a)                                   
|Spice Holdings PLC                                            
|Sportingbet PLC (a)                                           
|Sterling Energy PLC (a)                                       
|SubSea Resources PLC (e)                                      
|SubSea Resources PLC warrants 11/4/09 (a)                     
|Synergy Healthcare PLC                                        
|Taghmen Energy PLC (a)(e)                                     
|Taghmen Energy PLC warrants 7/30/06 (a)                       
|Tanfield Group PLC (a)(e)                                     
|Teesland PLC (a)                                              
|Tikit Group PLC (e)                                           
|UK Coal PLC                                                   
|ukbetting PLC (a)                                             
|Unibet Group PLC unit                                         
|Urbium PLC                                                    
|Whatman PLC                                                   
|White Nile Ltd. (a)                                           
|William Hill PLC                                              
|William Ransom & Son PLC (e)                                  
|Windsor PLC                                                   
|Wolfson Microelectronics PLC (a)                              
|XN Checkout Holdings PLC                                      
|ZincOx Resources PLC (a)                                      
|TOTAL UNITED KINGDOM                                          
|United States of America - 2.1%                               
|121Media, Inc. (e)                                            
|Central European Distribution Corp. (a)(d)                    
|Chindex International, Inc. (a)                               
|Frontera Resources Corp.                                      
|Frontier Mining Ltd. (e)                                      
|Frontier Mining Ltd. (e)                                      
|Gatekeeper Systems LLC                                        
|Golden Telecom, Inc. (d)                                      
|Marathon Oil Corp.                                            
|Common Stocks - continued                                     
|                                                              
|United States of America - continued                          
|NTL, Inc. (a)                                                 
|Private Media Group, Inc. (a)(d)                              
|ResMed, Inc. CHESS Depositary Interests (a)                   
|Solar Integrated Technologies, Inc.                           
|Trico Marine Services, Inc. (a)                               
|UTEK Corp. (Reg. S)                                           
|Valero Energy Corp.                                           
|XL TechGroup, Inc.                                            
|TOTAL UNITED STATES OF AMERICA                                
|TOTAL COMMON STOCKS
(Cost $1,758,227)                         
|Nonconvertible Preferred Stocks - 0.7%                        
|                                                              
|Germany - 0.4%                                                
|Fresenius AG                                                  
|Fresenius Medical Care AG                                     
|TOTAL GERMANY                                                 
|Italy - 0.3%                                                  
|Buzzi Unicem Spa (Risp)                                       
|TOTAL NONCONVERTIBLE PREFERRED STOCKS
(Cost $9,863)           
|Investment Companies - 0.1%                                   
|                                                              
|United Kingdom - 0.1%                                         
|Black Sea Property Fund Ltd. (a)
(Cost $1,920)                
|Money Market Funds - 11.7%                                    
|                                                              
|Fidelity Cash Central Fund, 2.84% (b)                         
|Fidelity Securities Lending Cash Central Fund, 2.86% (b)(c)   
|TOTAL MONEY MARKET FUNDS
(Cost $254,481)                      
|TOTAL INVESTMENT PORTFOLIO - 108.3%
(Cost $2,024,491)         
|NET OTHER ASSETS - (8.3)%                                     
|NET ASSETS - 100%                                             

|Legend                                                                                                                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                  
|(b)	Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund
at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                
|(d)	Security or a portion of the security is on loan at period end.                                                                                                                                                                                                                                       
|(e)	Affiliated company                                                                                                                                                                                                                                                                                    
|(f)	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 $10,543,000 or 0.5% of net assets.                                         
|Additional information on each holding is as follows:                                                                                                                                                                                                                                                     

|Security                | Acquisition Date | Acquisition Cost (000s)
|----------------------- | ---------------- | -----------------------
|Consafe Offshore AB     | 2/22/05          | $	7,218                
|Eclipse Energy Co. Ltd. | 4/28/05          | $	1,459                

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

|Affiliates(Amounts in thousands)               | Value,
beginning
of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period
|---------------------------------------------- | -------------------------- | --------- | -------------- | --------------- | --------------------
|121Media, Inc.                                 | $	-                        | $	2,195   | $	-            | $	-             | $	2,188             
|Advanced Technology (UK) PLC                   | 558                        | -         | -              | -               | 372                 
|Afren PLC                                      | -                          | 2,307     | 328            | -               | 10,885              
|Alliance Pharma PLC                            | 1,812                      | 835       | -              | -               | 2,542               
|Aztec Resources Ltd.                           | -                          | 4,297     | -              | -               | 5,112               
|Cambrian Mining PLC                            | -                          | 15,046    | -              | -               | 13,302              
|Centurion Electronics PLC                      | -                          | 1,979     | -              | 15              | 1,029               
|Corac Group PLC                                | 2,460                      | 92        | -              | -               | 3,363               
|Frontier Mining Ltd.                           | 1,443                      | 391       | -              | -               | 3,379               
|Frontier Mining Ltd.                           | -                          | 383       | -              | -               | 509                 
|GMA Resources PLC                              | 1,955                      | 162       | -              | -               | 1,954               
|Hardide Ltd.                                   | 919                        | 992       | -              | -               | 2,449               
|HudBay Minerals, Inc. (formerly Ontzinc
Corp.) | 1,841                      | -         | 1,328          | -               | -                   
|Jubilee Platinum PLC                           | 1,823                      | 728       | -              | -               | 3,683               
|Lambert Howarth Group PLC                      | 6,551                      | -         | -              | 276             | 7,020               
|Leadcom Integrated Solutions                   | -                          | 3,139     | -              | -               | 3,330               
|Oil Quest Resources PLC                        | 167                        | 874       | -              | -               | 796                 
|P&MM Group PLC                                 | 2,300                      | -         | -              | -               | 2,823               
|Pilat Media Global PLC                         | 2,196                      | -         | -              | -               | 2,164               
|Platinum Mining Corp. of India PLC             | -                          | 4,409     | -              | -               | 4,166               
|Rheochem PLC                                   | -                          | 2,692     | -              | -               | 2,943               
|Starfield Resources, Inc.                      | -                          | 4,654     | -              | -               | 4,988               
|Stepstone ASA                                  | -                          | 5,430     | -              | -               | 4,294               
|SubSea Resources PLC                           | 2,654                      | 560       | -              | -               | 4,829               
|Sylvania Resources Ltd.                        | -                          | 1,551     | -              | -               | 1,489               
|Taghmen Energy PLC                             | 1,482                      | 376       | -              | -               | 3,005               
|Tanfield Group PLC                             | -                          | 2,429     | -              | -               | 2,988               
|Teleunit Spa                                   | 2,572                      | 1,019     | -              | -               | 3,868               
|Tikit Group PLC                                | 2,155                      | -         | -              | 22              | 2,766               
|William Ransom & Son PLC                       | 2,393                      | -         | -              | 26              | 2,379               
|Total                                          | $	35,281                   | $	56,540  | $	1,656        | $	339           | $	104,615           

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, 2005 (Unaudited)
|-------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                           |                           
|Assets                                                                                                                     |                           
|Investment in securities, at value (including securities loaned of $183,028) (cost $2,024,491) - See
accompanying schedule |                           
|Cash                                                                                                                       |                           
|Foreign currency held at value (cost $5,486)                                                                               |                           
|Receivable for investments sold                                                                                            |                           
|Receivable for fund shares sold                                                                                            |                           
|Dividends receivable                                                                                                       |                           
|Interest receivable                                                                                                        |                           
|Prepaid expenses                                                                                                           |                           
|Receivable from investment adviser for expense reductions                                                                  |                           
|Other affiliated receivables                                                                                               |                           
|Other receivables                                                                                                          |                           
|Total assets                                                                                                               |                           
|                                                                                                                           |                           
|Liabilities                                                                                                                |                           
|Payable for investments purchased                                                                                          | $	13,358                  
|Payable for fund shares redeemed                                                                                           | 5,055                     
|Accrued management fee                                                                                                     | 1,705                     
|Distribution fees payable                                                                                                  | 47                        
|Other affiliated payables                                                                                                  | 451                       
|Other payables and accrued expenses                                                                                        | 391                       
|Collateral on securities loaned, at value                                                                                  | 194,210                   
|Total liabilities                                                                                                          |                           
|                                                                                                                           |                           
|Net Assets                                                                                                                 |                           
|Net Assets consist of:                                                                                                     |                           
|Paid in capital                                                                                                            |                           
|Undistributed net investment income                                                                                        |                           
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions                        |                           
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies                 |                           
|Net Assets                                                                                                                 |                           

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

Semiannual Report

Statement of Assets and Liabilities - continued

|Amounts in thousands (except per-share amounts)                                                                           | April 30, 2005 (Unaudited)
|------------------------------------------------------------------------------------------------------------------------- | --------------------------
|                                                                                                                          |                           
|Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share 			($28,431 ÷ 1,171 shares) |                           
|                                                                                                                          |                           
|Maximum offering price per share (100/94.25 of $24.27)                                                                    |                           
|Class T:
Net Asset Value and redemption price per share ($36,225 ÷ 1,497 shares)                                          |                           
|                                                                                                                          |                           
|Maximum offering price per share (100/96.50 of $24.19)                                                                    |                           
|Class B:
Net Asset Value and offering price per share
($12,926 ÷ 540 shares)A                                             |                           
|                                                                                                                          |                           
|Class C:
Net Asset Value and offering price per share
($21,271 ÷ 886 shares)A                                             |                           
|                                                                                                                          |                           
|International Small Cap:
Net Asset Value, offering price and redemption price per share ($2,071,652 ÷ 84,914 shares)      |                           
|                                                                                                                          |                           
|Institutional Class:
Net Asset Value, offering price and redemption price per share ($6,440 ÷ 264 shares)                 |                           

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

|Amounts in thousands                                                                                                               | Six months ended April 30, 2005 (Unaudited)
|---------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------
|                                                                                                                                   |                                            
|Investment Income                                                                                                                  |                                            
|Dividends (including $339 received from affiliated issuers)                                                                        |                                            
|Interest                                                                                                                           |                                            
|Security lending                                                                                                                   |                                            
|                                                                                                                                   |                                            
|Less foreign taxes withheld                                                                                                        |                                            
|Total income                                                                                                                       |                                            
|                                                                                                                                   |                                            
|Expenses                                                                                                                           |                                            
|Management fee
Basic fee                                                                                                           | $	7,464                                    
|Performance adjustment                                                                                                             | 655                                        
|Transfer agent fees                                                                                                                | 1,845                                      
|Distribution fees                                                                                                                  | 207                                        
|Accounting and security lending fees                                                                                               | 414                                        
|Independent trustees' compensation                                                                                                 | 4                                          
|Custodian fees and expenses                                                                                                        | 461                                        
|Registration fees                                                                                                                  | 224                                        
|Audit                                                                                                                              | 27                                         
|Legal                                                                                                                              | 7                                          
|Miscellaneous                                                                                                                      | 6                                          
|Total expenses before reductions                                                                                                   | 11,314                                     
|Expense reductions                                                                                                                 | (266)                                      
|Net investment income (loss)                                                                                                       |                                            
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:                                                                   |                                            
|Investment securities (net of foreign taxes of $2) (Including realized gain (loss) of $(131) from affiliated
issuers)              | 62,180                                     
|Foreign currency transactions                                                                                                      | (136)                                      
|Total net realized gain (loss)                                                                                                     |                                            
|Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $135) | 156,454                                    
|Assets and liabilities in foreign currencies                                                                                       | 92                                         
|Total change in net unrealized appreciation (depreciation)                                                                         |                                            
|Net gain (loss)                                                                                                                    |                                            
|Net increase (decrease) in net assets resulting from operations                                                                    |                                            

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

Semiannual Report

Statement of Changes in Net Assets

|Amounts in thousands                                                                                                                    | Six months ended April 30, 2005
(Unaudited) | Year ended
October 31,
2004
|--------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ---------------------------
|Increase (Decrease) in Net Assets                                                                                                       |                                             |                            
|Operations                                                                                                                              |                                             |                            
|Net investment income (loss)                                                                                                            | $	3,042                                     | $	4,864                    
|Net realized gain (loss)                                                                                                                | 62,044                                      | 55,700                     
|Change in net unrealized appreciation (depreciation)                                                                                    | 156,546                                     | 104,988                    
|Net increase (decrease) in net assets resulting
from operations                                                                         | 221,632                                     | 165,552                    
|Distributions to shareholders from net investment income                                                                                | (3,406)                                     | (741)                      
|Distributions to shareholders from net realized gain                                                                                    | (45,235)                                    | (11,573)                   
|Total distributions                                                                                                                     | (48,641)                                    | (12,314)                   
|Share transactions - net increase (decrease)                                                                                            | 867,170                                     | 422,160                    
|Redemption fees                                                                                                                         | 747                                         | 1,900                      
|Total increase (decrease) in net assets                                                                                                 | 1,040,908                                   | 577,298                    
|                                                                                                                                        |                                             |                            
|Net Assets                                                                                                                              |                                             |                            
|Beginning of period                                                                                                                     | 1,136,037                                   | 558,739                    
|End of period (including undistributed net investment income of $3,176 and undistributed net investment
income of $5,018, respectively) | $	2,176,945                                 | $	1,136,037                

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

Semiannual Report

Financial Highlights - Class A

|                                          | Six months ended April 30, 2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	21.25                         | $	17.69                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)E             | -I                              | .02                    
|Net realized and unrealized gain (loss)   | 3.80                            | 3.83                   
|Total from investment operations          | 3.80                            | 3.85                   
|Distributions from net investment income  | (.02)                           | (.02)                  
|Distributions from net realized gain      | (.77)                           | (.31)                  
|Total distributions                       | (.79)                           | (.33)                  
|Redemption fees added to paid in capitalE | .01                             | .04                    
|Net asset value, end of period            | $	24.27                         | $	21.25                
|Total ReturnB, C, D                       | 18.36%                          | 22.36%                 
|Ratios to Average Net AssetsH             |                                 |                        
|Expenses before expense reductions        | 1.68%A                          | 1.71%                  
|Expenses net of voluntary waivers, if any | 1.66%A                          | 1.71%                  
|Expenses net of all reductions            | 1.63%A                          | 1.69%                  
|Net investment income (loss)              | .02%A                           | .09%                   
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	28                            | $	13                   
|Portfolio turnover rate                   | 45%A                            | 77%                    

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

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

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

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

IAmount 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, 2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	21.20                         | $	17.68                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)E             | (.03)                           | (.03)                  
|Net realized and unrealized gain (loss)   | 3.77                            | 3.83                   
|Total from investment operations          | 3.74                            | 3.80                   
|Distributions from net investment income  | -                               | (.01)                  
|Distributions from net realized gain      | (.76)                           | (.31)                  
|Total distributions                       | (.76)                           | (.32)                  
|Redemption fees added to paid in capitalE | .01                             | .04                    
|Net asset value, end of period            | $	24.19                         | $	21.20                
|Total ReturnB, C, D                       | 18.10%                          | 22.07%                 
|Ratios to Average Net AssetsH             |                                 |                        
|Expenses before expense reductions        | 1.95%A                          | 1.94%                  
|Expenses net of voluntary waivers, if any | 1.92%A                          | 1.94%                  
|Expenses net of all reductions            | 1.89%A                          | 1.92%                  
|Net investment income (loss)              | (.24)%A                         | (.14)%                 
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	36                            | $	15                   
|Portfolio turnover rate                   | 45%A                            | 77%                    

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

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

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

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

IAmount 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, 2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	20.99                         | $	17.62                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)E             | (.09)                           | (.16)                  
|Net realized and unrealized gain (loss)   | 3.74                            | 3.80                   
|Total from investment operations          | 3.65                            | 3.64                   
|Distributions from net realized gain      | (.71)                           | (.31)                  
|Redemption fees added to paid in capitalE | .01                             | .04                    
|Net asset value, end of period            | $	23.94                         | $	20.99                
|Total ReturnB, C, D                       | 17.81%                          | 21.21%                 
|Ratios to Average Net AssetsH             |                                 |                        
|Expenses before expense reductions        | 2.53%A                          | 2.63%                  
|Expenses net of voluntary waivers, if any | 2.45%A                          | 2.63%                  
|Expenses net of all reductions            | 2.42%A                          | 2.60%                  
|Net investment income (loss)              | (.77)%A                         | (.83)%                 
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	13                            | $	5                    
|Portfolio turnover rate                   | 45%A                            | 77%                    

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

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

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

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

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

Semiannual Report

Financial Highlights - Class C

|                                          | Six months ended April 30, 2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	21.04                         | $	17.64                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)E             | (.09)                           | (.12)                  
|Net realized and unrealized gain (loss)   | 3.77                            | 3.80                   
|Total from investment operations          | 3.68                            | 3.68                   
|Distributions from net investment income  | -                               | (.01)                  
|Distributions from net realized gain      | (.72)                           | (.31)                  
|Total distributions                       | (.72)                           | (.32)                  
|Redemption fees added to paid in capitalE | .01                             | .04                    
|Net asset value, end of period            | $	24.01                         | $	21.04                
|Total ReturnB, C, D                       | 17.92%                          | 21.43%                 
|Ratios to Average Net AssetsH             |                                 |                        
|Expenses before expense reductions        | 2.42%A                          | 2.43%                  
|Expenses net of voluntary waivers, if any | 2.40%A                          | 2.43%                  
|Expenses net of all reductions            | 2.37%A                          | 2.40%                  
|Net investment income (loss)              | (.73)%A                         | (.62)%                 
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	21                            | $	9                    
|Portfolio turnover rate                   | 45%A                            | 77%                    

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

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

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

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

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

Semiannual Report

Financial Highlights - International Small Cap

|                                          | Six months ended April 30, 2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	21.36                         | $	17.71                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)D             | .05                             | .10                    
|Net realized and unrealized gain (loss)   | 3.81                            | 3.84                   
|Total from investment operations          | 3.86                            | 3.94                   
|Distributions from net investment income  | (.06)                           | (.02)                  
|Distributions from net realized gain      | (.77)                           | (.31)                  
|Total distributions                       | (.83)                           | (.33)                  
|Redemption fees added to paid in capitalD | .01                             | .04                    
|Net asset value, end of period            | $	24.40                         | $	21.36                
|Total ReturnB, C                          | 18.57%                          | 22.84%                 
|Ratios to Average Net AssetsG             |                                 |                        
|Expenses before expense reductions        | 1.29%A                          | 1.30%                  
|Expenses net of voluntary waivers, if any | 1.29%A                          | 1.30%                  
|Expenses net of all reductions            | 1.26%A                          | 1.28%                  
|Net investment income (loss)              | .38%A                           | .50%                   
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	2,072                         | $	1,091                
|Portfolio turnover rate                   | 45%A                            | 77%                    

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

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

HAmount 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, 2005 | Years ended October 31,
|----------------------------------------- | ------------------------------- | -----------------------
|                                          | (Unaudited)                     | 2004                   
|Selected Per-Share Data                   |                                 |                        
|Net asset value, beginning of period      | $	21.36                         | $	17.72                
|Income from Investment Operations         |                                 |                        
|Net investment income (loss)D             | .05                             | .10                    
|Net realized and unrealized gain (loss)   | 3.80                            | 3.84                   
|Total from investment operations          | 3.85                            | 3.94                   
|Distributions from net investment income  | (.07)                           | (.03)                  
|Distributions from net realized gain      | (.77)                           | (.31)                  
|Total distributions                       | (.84)                           | (.34)                  
|Redemption fees added to paid in capitalD | .01                             | .04                    
|Net asset value, end of period            | $	24.38                         | $	21.36                
|Total ReturnB, C                          | 18.53%                          | 22.84%                 
|Ratios to Average Net AssetsG             |                                 |                        
|Expenses before expense reductions        | 1.30%A                          | 1.32%                  
|Expenses net of voluntary waivers, if any | 1.30%A                          | 1.32%                  
|Expenses net of all reductions            | 1.27%A                          | 1.29%                  
|Net investment income (loss)              | .38%A                           | .49%                   
|Supplemental Data                         |                                 |                        
|Net assets, end of period (in millions)   | $	6                             | $	3                    
|Portfolio turnover rate                   | 45%A                            | 77%                    

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

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

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

Semiannual Report

# Notes to Financial Statements

For the period ended April 30, 2005 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity International Small Cap Fund (the fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. Effective the
close of business on May 5, 2005, the fund was closed to most new accounts. The trust is registered under the Investment Company Act of 1940, as amended (the 1940
Act), as a diversified open-end management investment company organized as a Massachusetts business trust.

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

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

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

Semiannual Report

1. Significant Accounting Policies - continued

Security Valuation - continued

sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at
their net asset value each business day.

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

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

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

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

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

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

Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain
distributions are determined in accordance with income tax regulations, which may differ from

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

generally accepted accounting principles. In addition, the fund will claim a portion of the payment made to redeeming shareholders as a distribution for income tax
purposes.

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

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

|Unrealized appreciation                    | $	432,863   | 
|------------------------------------------ | ----------- | 
|Unrealized depreciation                    | (100,310)   | 
|Net unrealized appreciation (depreciation) | $	332,553   | 
|Cost for federal income tax purposes       | $	2,025,991 | 

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

2. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated
entities of FMR to transfer uninvested cash balances into joint trading accounts 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. 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.

Semiannual Report

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $1,153,046 and $365,197, respectively.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee. The
management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the fund's average net assets and a group fee rate that averaged .27%
during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under
management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of
±.20% of the fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment
performance of the asset-weighted return of all classes as compared to an appropriate benchmark index. For the period, the total annualized management fee rate,
including the performance adjustment, was .95% 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%        | $	26        | $	-            
|Class T | .25%             | .25%        | 63          | 1              
|Class B | .75%             | .25%        | 46          | 34             
|Class C | .75%             | .25%        | 72          | 35             
|        |                  |             | $	207       | $	70           

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. 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  | $	44            | 
|Class T  | 13              | 
|Class B* | 7               | 
|Class C* | 5               | 
|         | $	69            | 

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

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

|                        | Amount  | % of
Average
Net Assets
|----------------------- | ------- | -----------------------
|Class A                 | $	36    | .35 *                  
|Class T                 | 46      | .37 *                  
|Class B                 | 20      | .45 *                  
|Class C                 | 25      | .34 *                  
|International Small Cap | 1,713   | .21 *                  
|Institutional Class     | 5       | .22 *                  
|                        | $	1,845 |                        

*	Annualized

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

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central
Funds are

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Central Funds - continued

open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Money Market Central Funds seek
preservation of capital and current income. The Central Funds do not pay a management fee. Income distributions earned by the fund are recorded as income in the
accompanying financial statements and totaled $898 for the period.

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

5. Committed Line of Credit.

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

6. Security Lending.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

7. Expense Reductions.

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

|        | Expense
 Limitations | Reimbursement
from adviser
|------- | -------------------- | --------------------------
|Class A | 2.05%-1.65%*         | $	2                       
|Class T | 2.30%-1.90% *        | 5                         
|Class B | 2.80%-2.40% *        | 4                         
|Class C | 2.80%-2.40% *        | 1                         
|        |                      | $	12                      

*Expense limitation in effect at period end.

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 $248 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.
During the period, credits reduced each class' transfer agent expense as noted in the table below.

|                        | Transfer Agent
expense reduction | 
|----------------------- | -------------------------------- | 
|International Small Cap | $	3                              | 

8. Other.

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

Semiannual Report

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

|                           | Six months ended
April 30,
2005 | Year ended
October 31,
2004
|-------------------------- | ------------------------------- | ---------------------------
|From net investment income |                                 |                            
|Class A                    | $	14                            | $	3                        
|Class T                    | -                               | 3                          
|Class C                    | -                               | 2                          
|International Small Cap    | 3,381                           | 732                        
|Institutional Class        | 11                              | 1                          
|Total                      | $	3,406                         | $	741                      
|From net realized gain     |                                 |                            
|Class A                    | $	542                           | $	50                       
|Class T                    | 602                             | 92                         
|Class B                    | 221                             | 28                         
|Class C                    | 359                             | 42                         
|International Small Cap    | 43,388                          | 11,351                     
|Institutional Class        | 123                             | 10                         
|Total                      | $	45,235                        | $	11,573                   

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

10. Share Transactions.

Transactions for each class of shares were as follows:

|                              | Shares                          | Dollars                    
|----------------------------- | ------------------------------- | ---------------------------
|                              | Six months ended
April 30,
2005 | Year ended
October 31,
2004
|Class A                       |                                 |                            
|Shares sold                   | 613                             | 655                        
|Reinvestment of distributions | 20                              | 3                          
|Shares redeemed               | (87)                            | (313)                      
|Net increase (decrease)       | 546                             | 345                        
|Class T                       |                                 |                            
|Shares sold                   | 922                             | 729                        
|Reinvestment of distributions | 24                              | 5                          
|Shares redeemed               | (163)                           | (246)                      
|Net increase (decrease)       | 783                             | 488                        
|Class B                       |                                 |                            
|Shares sold                   | 348                             | 254                        
|Reinvestment of distributions | 9                               | 1                          
|Shares redeemed               | (58)                            | (72)                       
|Net increase (decrease)       | 299                             | 183                        
|Class C                       |                                 |                            
|Shares sold                   | 520                             | 413                        
|Reinvestment of distributions | 13                              | 2                          
|Shares redeemed               | (59)                            | (81)                       
|Net increase (decrease)       | 474                             | 334                        
|International Small Cap       |                                 |                            
|Shares sold                   | 40,910                          | 48,248                     
|Reinvestment of distributions | 2,008                           | 632                        
|Shares redeemed               | (9,095)                         | (28,670)                   
|Net increase (decrease)       | 33,823                          | 20,210                     
|Institutional Class           |                                 |                            
|Shares sold                   | 193                             | 181                        
|Reinvestment of distributions | 3                               | -                          
|Shares redeemed               | (52)                            | (84)                       
|Net increase (decrease)       | 144                             | 97                         

Semiannual Report



Semiannual Report

# 

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research 
	(Far East) Inc.

Fidelity International Investment 
	Advisors

Fidelity Investments Japan Limited

Fidelity International Investment
	Advisors (U.K.) Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agent

Fidelity Service Company, Inc.
Boston, MA

Custodian

Mellon Bank
Pittsburgh, PA

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information	1-800-544-8888

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

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

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

(automated graphic)   	Automated line for quickest service

ISC-USAN-0605
1.800661.101

(Fidelity Investment logo)(registered trademark)Corporate Headquarters82 Devonshire St., Boston, MA 02109www.fidelity.com

Item 2.		Code of Ethics

Not applicable.



Item 3.		Audit Committee Financial Expert

Not applicable.

Item 4.		Principal Accountant Fees and Services

Not applicable.

Item 5.		Audit Committee of Listed Registrants

Not applicable.

Item 6.  	Schedule of Investments

Not applicable.

Item 7.	Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies

Not applicable.

Item 8.	Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.  	Purchase of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers

Not applicable.

Item 10.	Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend
nominees to the Fidelity Investment Trust's Board of Trustees.

Item 11.	Controls and Procedures

(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the
Fidelity Investment Trust's (the "Trust") disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that
material information relating to the Trust is made known to them by the appropriate
persons, based on their evaluation of these controls and procedures as of a date within 90
days of the filing date of this report.

(a)(ii)  There was no change in the Trust's internal control over financial reporting (as
defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the
second fiscal quarter of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 12.	Exhibits

|(a) | (1) | Not applicable.                                                                                                                                               
|--- | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act
of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit
99.CERT.       
|(a) | (3) | Not applicable.                                                                                                                                               
|(b) |     | Certification pursuant to Rule 30a-2(b) under the Investment Company Act
of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit
99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.

Fidelity Investment Trust

|By:   | /s/Christine Reynolds  
|----- | -----------------------
|      | Christine Reynolds     
|      | President and Treasurer
|      |                        
|Date: | June 24, 2005          

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated.

|By:   | /s/Christine Reynolds  
|----- | -----------------------
|      | Christine Reynolds     
|      | President and Treasurer
|      |                        
|Date: | June 24, 2005          

|By:   | /s/Timothy F. Hayes    
|----- | -----------------------
|      | Timothy F. Hayes       
|      | Chief Financial Officer
|      |                        
|Date: | June 24, 2005