425 1 tif.htm

Filed by: Fidelity Investment Trust
Pursuant to Rule 425 under the Securities Acts of 1933 and
deemed filed under Rule 14a-12(b) under the Securities Exchange Act of 1934.

Subject Company: Fidelity Investment Trust
SEC File No. 002-90649 and 811-04008


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

Annual Report

October 31, 2006

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

A-4

Ned Johnson's message to shareholders.

Shareholder Expense Example

A-5

An example of Shareholder Expenses

Canada Fund

A-7

Performance

A-8

Management's Discussion

A-9

Investment Changes

A-10

Investments

A-13

Financial Statements

China Region Fund

A-15

Performance

A-16

Management's Discussion

A-17

Investment Changes

A-18

Investments

A-21

Financial Statements

Emerging Markets Fund

A-23

Performance

A-24

Management's Discussion

A-25

Investment Changes

A-26

Investments

A-31

Financial Statements

Europe Fund

A-33

Performance

A-34

Management's Discussion

A-35

Investment Changes

A-36

Investments

A-38

Financial Statements

Europe Capital Appreciation Fund

A-40

Performance

A-41

Management's Discussion

A-42

Investment Changes

A-43

Investments

A-45

Financial Statements

Japan Fund

A-47

Performance

A-48

Management's Discussion

A-49

Investment Changes

A-50

Investments

A-52

Financial Statements

Japan Smaller Companies Fund

A-54

Performance

A-55

Management's Discussion

A-56

Investment Changes

A-57

Investments

A-61

Financial Statements

Latin America Fund

A-63

Performance

A-64

Management's Discussion

A-65

Investment Changes

A-66

Investments

A-68

Financial Statements

Nordic Fund

A-70

Performance

A-71

Management's Discussion

A-72

Investment Changes

A-73

Investments

A-75

Financial Statements

Pacific Basin Fund

A-77

Performance

A-78

Management's Discussion

A-79

Investment Changes

A-80

Investments

A-84

Financial Statements

Southeast Asia Fund

A-86

Performance

A-87

Management's Discussion

A-88

Investment Changes

A-89

Investments

A-93

Financial Statements

Notes to Financial Statements

A-95

Notes to Financial Statements

Reports of Independent Registered Public Accounting Firms

A-102

Trustees and Officers

A-104

Distributions

A-111

Board Approval of Investment Advisory Contracts and Management Fees

A-113

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

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

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

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

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

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

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(Photograph of Edward C. Johnson 3d.)

Dear Shareholder:

Stock and bond markets around the world have seen largely positive results year to date, although weakness in the technology sector and growth stocks in general have tempered performance. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.

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

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

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

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

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

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual 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 (May 1, 2006 to October 31, 2006).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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
May 1, 2006

Ending
Account Value
October 31, 2006

Expenses Paid
During Period
*
May 1, 2006
to October 31, 2006

Canada

Actual

$ 1,000.00

$ 1,033.00

$ 5.12

HypotheticalA

$ 1,000.00

$ 1,020.16

$ 5.09

China Region

Actual

$ 1,000.00

$ 1,039.40

$ 5.81

HypotheticalA

$ 1,000.00

$ 1,019.51

$ 5.75

Emerging Markets

Actual

$ 1,000.00

$ 971.40

$ 5.52

HypotheticalA

$ 1,000.00

$ 1,019.61

$ 5.65

Europe

Actual

$ 1,000.00

$ 1,016.60

$ 5.85

HypotheticalA

$ 1,000.00

$ 1,019.41

$ 5.85

Europe Capital Appreciation

Actual

$ 1,000.00

$ 1,008.80

$ 5.42

HypotheticalA

$ 1,000.00

$ 1,019.81

$ 5.45

Japan

Actual

$ 1,000.00

$ 889.20

$ 5.00

HypotheticalA

$ 1,000.00

$ 1,019.91

$ 5.35

Japan Smaller Companies

Actual

$ 1,000.00

$ 836.20

$ 4.81

HypotheticalA

$ 1,000.00

$ 1,019.96

$ 5.30

Latin America

Actual

$ 1,000.00

$ 1,016.10

$ 5.28

HypotheticalA

$ 1,000.00

$ 1,019.96

$ 5.30

Nordic

Actual

$ 1,000.00

$ 995.10

$ 5.73

HypotheticalA

$ 1,000.00

$ 1,019.46

$ 5.80

Pacific Basin

Actual

$ 1,000.00

$ 946.70

$ 5.50

HypotheticalA

$ 1,000.00

$ 1,019.56

$ 5.70

Beginning
Account Value
May 1, 2006

Ending
Account Value
October 31, 2006

Expenses Paid
During Period
*
May 1, 2006
to October 31, 2006

Southeast Asia

Actual

$ 1,000.00

$ 1,015.50

$ 6.20

HypotheticalA

$ 1,000.00

$ 1,019.06

$ 6.21

A 5% return per year before expenses

* Expenses are equal to each Fund's annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annualized
Expense Ratio

Canada

1.00%

China Region

1.13%

Emerging Markets

1.11%

Europe

1.15%

Europe Capital Appreciation

1.07%

Japan

1.05%

Japan Smaller Companies

1.04%

Latin America

1.04%

Nordic

1.14%

Pacific Basin

1.12%

Southeast Asia

1.22%

Annual Report

Canada

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended
October 31, 2006

Past 1
year

Past 5
years

Past 10
years

Fidelity® Canada Fund

26.93%

23.87%

13.15%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Canada Fund on October 31, 1996. The chart shows how the value of your investment would have changed, and also shows how the S&P/TSX Composite Index performed over the same period.

Annual Report

Canada

Management's Discussion of Fund Performance

Comments from Maxime Lemieux, Portfolio Manager of Fidelity® Canada Fund

International equity markets as a whole outpaced their U.S. counterparts for the 12 months ending October 31, 2006 - partly as a result of favorable currency exchanges that boosted returns for U.S. investors. The Morgan Stanley Capital InternationalSM Europe, Australasia, Far East (MSCI®EAFE®) Index - a gauge of developed stock markets outside the United States and Canada - gained 27.72% during that time. European markets benefited from solid corporate profit growth and attractive dividends, which helped the MSCI Europe index advance 31.95%. Strong performing Latin American and Asian emerging markets drove the MSCI Emerging Markets index to a lofty 35.42% return. Japan was somewhat of an exception to the generally stellar foreign market performance after struggling in the middle part of the period. Still, its earlier gains helped the Tokyo Stock Exchange Stock Price Index (TOPIX) - a benchmark of the largest and better-established stocks traded on the Tokyo Stock Exchange - rise 12.47% overall. Natural-resources-rich Canada also struggled over the final six months as energy prices fell, but the S&P/TSX Composite Index managed a 12-month return of 28.21%.

The fund returned 26.93% for the 12-month period, lagging slightly behind the S&P/TSX Composite Index. The most telling factor in the fund's modest shortfall versus the index was its fairly sizable underweighting in the materials sector, although favorable stock selection there offset some of that relative underperformance. Not having any stake in such strong performers as Glamis Gold, steel maker Dofasco and copper and gold miner First Quantum Minerals weighed on performance. Inopportune stock picking in such names as Suncor Energy and Talisman Energy also hurt, as did some unfavorable picks in the transportation and capital goods groups. On the positive side, the fund benefited most from good stock picking in the information technology, telecommunication services, consumer staples and financials sectors, with the strongest results on an industry basis coming in food and staples retailing, tech hardware and equipment, and insurance. Among the best performers were tech hardware firm Research In Motion, chip maker ATI Technologies, which was sold to lock in profits, and telecom services operators TELUS and Rogers Communications. Favorable currency movements helped boost the fund's absolute return.

Note to shareholders: Fidelity Canada Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Canadian market. As of October 31, 2006, the fund did not have more than 25% of its total assets invested in any one industry.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Canada

Investment Changes

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

96.9

97.4

Short-Term Investments and
Net Other Assets

3.1

2.6

Top Ten Stocks as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Toronto-Dominion Bank (Commercial Banks)

4.6

4.5

Manulife Financial Corp. (Insurance)

4.5

5.0

Royal Bank of Canada (Commercial Banks)

4.4

4.3

Research In Motion Ltd. (Communications Equipment)

3.8

2.0

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

3.6

2.4

Bank of Montreal (Commercial Banks)

3.5

2.8

TransCanada Corp. (Oil, Gas & Consumable Fuels)

3.4

1.7

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

3.0

2.4

Canadian National Railway Co. (Road & Rail)

2.9

3.7

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

2.8

2.1

36.5

Market Sectors as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

28.7

29.3

Energy

26.7

26.0

Materials

8.7

11.8

Consumer Discretionary

7.6

7.0

Industrials

7.6

8.2

Information Technology

7.3

6.5

Telecommunication Services

6.4

4.5

Consumer Staples

3.7

3.4

Health Care

0.2

0.2

Utilities

0.0

0.5

Annual Report

Canada

Investments October 31, 2006

Showing Percentage of Net Assets

Common Stocks - 96.9%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 7.6%

Hotels, Restaurants & Leisure - 1.0%

Great Canadian Gaming Corp. (a)

1,000,000

$ 10,599,920

Tim Hortons, Inc.

737,000

21,299,300

31,899,220

Media - 3.8%

Aeroplan Income Fund (d)

843,200

12,024,791

Aeroplan Income Fund (e)

31,800

453,497

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

125,000

4,275,598

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

275,000

9,778,649

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

550,000

20,698,793

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

875,000

23,553,645

Thomson Corp.

600,000

24,830,535

Yellow Pages Income Fund (d)

1,875,000

25,252,750

120,868,258

Multiline Retail - 0.7%

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

325,000

20,941,968

Specialty Retail - 0.3%

RONA, Inc. (a)

400,000

8,123,636

Textiles, Apparel & Luxury Goods - 1.8%

Gildan Activewear, Inc. Class A (a)

1,125,000

57,279,651

TOTAL CONSUMER DISCRETIONARY

239,112,733

CONSUMER STAPLES - 3.7%

Food & Staples Retailing - 3.7%

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

1,598,000

37,877,148

CVS Corp.

225,000

7,060,500

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

850,000

26,393,800

Shoppers Drug Mart Corp.

1,080,000

44,002,316

115,333,764

ENERGY - 26.7%

Energy Equipment & Services - 1.1%

CCS Income Trust (d)

540,000

18,196,410

CCS Income Trust (e)

135,000

4,556,844

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

480,000

10,744,578

Savanna Energy Services Corp. (a)

160,000

2,847,548

36,345,380

Oil, Gas & Consumable Fuels - 25.6%

AltaGas Income Trust

600,000

15,328,019

Cameco Corp.

1,800,000

63,332,294

Canadian Natural Resources Ltd.

1,640,000

85,385,472

Canadian Oil Sands Trust unit

1,000,000

27,096,602

Duvernay Oil Corp. (a)

175,000

5,067,697

EnCana Corp.

1,750,000

83,131,430

Galleon Energy, Inc. (a)(e)

140,000

1,766,356

Galleon Energy, Inc. Class A (a)

630,000

11,834,588

Highpine Oil & Gas Ltd. (a)

460,000

7,785,151

Shares

Value (Note 1)

Highpine Oil & Gas Ltd. (e)

40,000

$ 676,970

Husky Energy, Inc.

700,000

44,594,486

Imperial Oil Ltd.

764,900

26,074,665

Keyera Facilities Income Fund (d)

875,000

16,772,814

Nexen, Inc.

400,000

21,342,360

Niko Resources Ltd.

165,000

9,994,210

Niko Resources Ltd. (e)

20,000

1,211,419

Penn West Energy Trust (d)

670,000

25,191,021

Petro-Canada

1,100,000

46,913,998

Suncor Energy, Inc.

1,225,000

94,113,259

Talisman Energy, Inc.

4,700,000

77,241,349

TransCanada Corp.

3,250,000

105,201,977

Western Oil Sands, Inc. Class A (a)

1,250,000

32,234,000

802,290,137

TOTAL ENERGY

838,635,517

FINANCIALS - 28.7%

Capital Markets - 1.1%

Addenda Capital, Inc.

265,000

5,884,693

CI Financial Income Fund (d)

1,100,000

29,443,727

35,328,420

Commercial Banks - 16.0%

Bank of Montreal

1,770,000

109,496,726

Canadian Imperial Bank of Commerce

1,050,000

81,931,145

National Bank of Canada

490,000

26,733,621

Royal Bank of Canada

3,125,000

138,622,901

Toronto-Dominion Bank

2,475,000

143,519,797

500,304,190

Diversified Financial Services - 0.7%

TSX Group, Inc.

475,000

21,155,302

Insurance - 9.5%

ING Canada, Inc.

1,500,000

79,058,478

Manulife Financial Corp.

4,300,000

139,803,144

Power Corp. of Canada (sub. vtg.)

1,250,000

37,867,991

Sun Life Financial, Inc.

1,000,000

42,061,195

298,790,808

Real Estate Management & Development - 1.4%

Brookfield Asset Management, Inc. Class A (d)

965,000

43,958,580

TOTAL FINANCIALS

899,537,300

HEALTH CARE - 0.2%

Health Care Equipment & Supplies - 0.2%

Alcon, Inc.

53,000

5,622,240

Imaging Dynamics Co. Ltd. (a)

425,000

1,135,706

6,757,946

Common Stocks - continued

Shares

Value (Note 1)

INDUSTRIALS - 7.6%

Aerospace & Defense - 1.1%

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

1,900,000

$ 6,549,682

CAE, Inc.

3,050,000

27,113,526

33,663,208

Airlines - 0.9%

ACE Aviation Holdings, Inc. Class A (a)

675,000

23,448,982

Jazz Air Income Fund (d)

300,000

2,479,847

WestJet Airlines Ltd. (a)

327,500

3,582,328

29,511,157

Commercial Services & Supplies - 0.3%

Garda World Security Corp. (a)

500,000

9,419,677

Construction & Engineering - 1.1%

SNC-Lavalin Group, Inc.

1,270,000

34,684,185

Machinery - 0.1%

Railpower Technologies Corp. (a)

550,000

1,068,009

Torr Canada, Inc. (a)

1,100,000

744,667

1,812,676

Road & Rail - 3.3%

Canadian National Railway Co.

1,925,000

91,736,071

TransForce Income Fund

736,237

11,312,598

103,048,669

Trading Companies & Distributors - 0.8%

Finning International, Inc.

700,000

24,785,107

TOTAL INDUSTRIALS

236,924,679

INFORMATION TECHNOLOGY - 7.3%

Communications Equipment - 4.3%

Nortel Networks Corp. (a)

6,700,000

14,941,003

Research In Motion Ltd. (a)

1,010,000

118,654,807

133,595,810

Electronic Equipment & Instruments - 0.4%

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

500,000

4,908,030

Miranda Technologies, Inc.

479,800

5,897,867

Miranda Technologies, Inc. (e)

186,300

2,290,064

13,095,961

Internet Software & Services - 1.5%

Emergis, Inc. (a)

1,600,000

7,781,588

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

80,000

38,111,200

45,892,788

IT Services - 0.3%

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

1,400,000

9,552,398

Shares

Value (Note 1)

Semiconductors & Semiconductor Equipment - 0.3%

Broadcom Corp. Class A (a)

275,000

$ 8,324,250

Tundra Semiconductor Corp. Ltd. (a)

200,000

2,182,336

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

4,300

46,920

10,553,506

Software - 0.5%

Cognos, Inc. (a)

240,000

8,755,202

MacDonald Dettwiler & Associates Ltd. (a)

225,000

8,375,495

17,130,697

TOTAL INFORMATION TECHNOLOGY

229,821,160

MATERIALS - 8.7%

Chemicals - 1.7%

Potash Corp. of Saskatchewan, Inc.

415,000

51,833,502

Metals & Mining - 7.0%

Aber Diamond Corp.

275,000

10,185,276

Alcan, Inc.

1,475,000

69,200,775

Barrick Gold Corp.

500,000

15,476,774

Eldorado Gold Corp. (a)

1,000,000

4,248,875

Goldcorp, Inc.

650,000

17,114,862

IPSCO, Inc.

260,000

23,774,401

Meridian Gold, Inc. (a)

450,000

11,331,671

Shore Gold, Inc. (a)

2,800,000

13,343,429

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

700,000

51,540,551

US Gold Corp. (a)

811,300

3,991,596

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

200,000

381,542

220,589,752

TOTAL MATERIALS

272,423,254

TELECOMMUNICATION SERVICES - 6.4%

Diversified Telecommunication Services - 3.6%

TELUS Corp. (non-vtg.)

1,950,000

111,860,330

Wireless Telecommunication Services - 2.8%

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

1,500,000

89,774,195

TOTAL TELECOMMUNICATION SERVICES

201,634,525

TOTAL COMMON STOCKS

(Cost $2,321,544,720)

3,040,180,878

Government Obligations - 2.2%

Principal Amount (g)

Canadian Government Treasury Bills 4.1197% to 4.1692% 11/2/06 to 2/8/07
(Cost $68,584,981)

CAD

77,250,000

68,496,293

Money Market Funds - 6.1%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 5.34% (b)

9,825,381

$ 9,825,381

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)

180,791,500

180,791,500

TOTAL MONEY MARKET FUNDS

(Cost $190,616,881)

190,616,881

TOTAL INVESTMENT PORTFOLIO - 105.2%

(Cost $2,580,746,582)

3,299,294,052

NET OTHER ASSETS - (5.2)%

(162,366,799)

NET ASSETS - 100%

$ 3,136,927,253

Currency Abbreviations

CAD

-

Canadian dollar

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $11,002,070 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 $381,542 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

US Gold Corp. warrants 2/22/11

2/8/06

$ 98,359

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 2,077,487

Fidelity Securities Lending Cash Central Fund

2,661,469

Total

$ 4,738,956

Annual Report

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

Canada

Financial Statements

Statement of Assets and Liabilities

October 31, 2006

Assets

Investment in securities, at value (including securities loaned of $174,493,284) - See accompanying schedule:

Unaffiliated issuers (cost $2,390,129,701)

$ 3,108,677,171

Fidelity Central Funds (cost $190,616,881)

190,616,881

Total Investments (cost $2,580,746,582)

$ 3,299,294,052

Cash

29,082

Foreign currency held at value (cost $1,791,713)

1,791,717

Receivable for investments sold

25,514,872

Receivable for fund shares sold

4,380,006

Dividends receivable

3,954,097

Interest receivable

124,495

Other receivables

362,338

Total assets

3,335,450,659

Liabilities

Payable for investments purchased

$ 12,321,954

Payable for fund shares redeemed

2,732,670

Accrued management fee

1,813,081

Other affiliated payables

667,040

Other payables and accrued expenses

197,161

Collateral on securities loaned, at value

180,791,500

Total liabilities

198,523,406

Net Assets

$ 3,136,927,253

Net Assets consist of:

Paid in capital

$ 2,344,374,043

Undistributed net investment income

17,032,665

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

56,941,099

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

718,579,446

Net Assets, for 63,393,198 shares outstanding

$ 3,136,927,253

Net Asset Value, offering price and redemption price per share ($3,136,927,253 ÷ 63,393,198 shares)

$ 49.48

Statement of Operations

Year ended October 31, 2006

Investment Income

Dividends

$ 45,868,408

Interest

2,034,791

Income from Fidelity Central Funds (including $2,661,469 from security lending)

4,738,956

52,642,155

Less foreign taxes withheld

(6,860,262)

Total income

45,781,893

Expenses

Management fee
Basic fee

$ 19,138,604

Performance adjustment

(395,368)

Transfer agent fees

6,065,757

Accounting and security lending fees

1,128,824

Custodian fees and expenses

548,393

Independent trustees' compensation

9,934

Registration fees

236,968

Audit

74,688

Legal

36,343

Interest

7,743

Miscellaneous

15,509

Total expenses before reductions

26,867,395

Expense reductions

(817,547)

26,049,848

Net investment income (loss)

19,732,045

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

68,577,130

Foreign currency transactions

60,025

Futures contracts

1,591,012

Total net realized gain (loss)

70,228,167

Change in net unrealized appreciation (depreciation) on:

Investment securities

453,821,705

Assets and liabilities in foreign currencies

40,570

Futures contracts

1,423,861

Total change in net unrealized appreciation (depreciation)

455,286,136

Net gain (loss)

525,514,303

Net increase (decrease) in net assets resulting from operations

$ 545,246,348

Annual Report

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

Canada
Financial Statements - continued

Statement of Changes in Net Assets

Year ended
October 31,
2006

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 19,732,045

$ 5,635,643

Net realized gain (loss)

70,228,167

4,899,843

Change in net unrealized appreciation (depreciation)

455,286,136

166,157,370

Net increase (decrease) in net assets resulting from operations

545,246,348

176,692,856

Distributions to shareholders from net investment income

(7,430,512)

(1,384,456)

Distributions to shareholders from net realized gain

(464,413)

-

Total distributions

(7,894,925)

(1,384,456)

Share transactions
Proceeds from sales of shares

1,811,356,216

1,409,653,307

Reinvestment of distributions

7,617,749

1,331,051

Cost of shares redeemed

(943,205,518)

(277,969,085)

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

875,768,447

1,133,015,273

Redemption fees

1,291,008

874,168

Total increase (decrease) in net assets

1,414,410,878

1,309,197,841

Net Assets

Beginning of period

1,722,516,375

413,318,534

End of period (including undistributed net investment income of $17,032,665 and undistributed net investment income of $4,865,446, respectively)

$ 3,136,927,253

$ 1,722,516,375

Other Information

Shares

Sold

39,925,341

38,729,389

Issued in reinvestment of distributions

181,418

40,068

Redeemed

(20,723,860)

(7,727,493)

Net increase (decrease)

19,382,899

31,041,964

Financial Highlights

Years ended October 31,

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 39.14

$ 31.87

$ 25.13

$ 17.52

$ 17.23

Income from Investment Operations

Net investment income (loss) D

.34

.20

.10

.05

.02

Net realized and unrealized gain (loss)

10.15

7.12

6.74

7.58

.28

Total from investment operations

10.49

7.32

6.84

7.63

.30

Distributions from net investment income

(.16)

(.08)

(.13)

(.04)

(.03)

Distributions from net realized gain

(.01)

-

-

-

-

Total distributions

(.17)

(.08)

(.13)

(.04)

(.03)

Redemption fees added to paid in capital D

.02

.03

.03

.02

.02

Net asset value, end of period

$ 49.48

$ 39.14

$ 31.87

$ 25.13

$ 17.52

Total Return A, B, C

26.93%

23.11%

27.45%

43.75%

1.85%

Ratios to Average Net Assets E, G

Expenses before reductions

1.00%

1.08%

1.20%

1.42%

1.52%

Expenses net of fee waivers, if any

1.00%

1.08%

1.20%

1.42%

1.52%

Expenses net of all reductions

.97%

1.04%

1.15%

1.37%

1.46%

Net investment income (loss)

.74%

.55%

.34%

.26%

.12%

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,136,927

$ 1,722,516

$ 413,319

$ 167,205

$ 77,251

Portfolio turnover rate F

50%

24%

47%

52%

98%

A Total returns would have been lower had certain expenses not been reduced during the periods shown. B Total returns do not include the effect of the former sales charges. C Total returns do not include the effect of the former contingent deferred sales charge. D Calculated based on average shares outstanding during the period. E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expense of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

Annual Report

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

China Region

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended
October 31, 2006

Past 1
year

Past 5
years

Past 10
years

Fidelity China Region Fund

30.83%

16.96%

7.71%

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity China Region Fund on October 31, 1996. The chart shows how the value of your investment would have changed, and also shows how the Hang Seng Index performed over the same period.

Annual Report

China Region

Management's Discussion of Fund Performance

Comments from K.C. Lee, Portfolio Manager of Fidelity® China Region Fund

International equity markets as a whole outpaced their U.S. counterparts for the 12 months ending October 31, 2006 - partly as a result of favorable currency exchanges that boosted returns for U.S. investors. The Morgan Stanley Capital InternationalSM Europe, Australasia, Far East (MSCI® EAFE®) Index - a gauge of developed stock markets outside the United States and Canada - gained 27.72% during that time. European markets benefited from solid corporate profit growth and attractive dividends, which helped the MSCI Europe index advance 31.95%. Strong performing Latin American and Asian emerging markets drove the MSCI Emerging Markets index to a lofty 35.42% return. Japan was somewhat of an exception to the generally stellar foreign market performance after struggling in the middle part of the period. Still, its earlier gains helped the Tokyo Stock Exchange Stock Price Index (TOPIX) - a benchmark of the largest and better-established stocks traded on the Tokyo Stock Exchange - rise 12.47% overall. Natural-resources-rich Canada also struggled over the final six months as energy prices fell, but the S&P/TSX Composite Index managed a 12-month return of 28.21%.

During the past year, the fund returned 30.83%, versus 30.60% for the Fidelity China Region Fund Linked Index, tracking market performance in Hong Kong, Taiwan and China, and 31.12% for the Hang Seng Index. Selected technology holdings aided returns versus the Linked index. For example, Hong Kong-listed Foxconn International Holdings, a handset manufacturer incorporated in the Cayman Islands, posted solid earnings growth. Another strong tech holding was High Tech Computer, a Taiwanese manufacturer of wireless pocket personal computers. A large underweighting in U.K.-based bank HSBC Holdings, listed in Hong Kong and accounting for roughly one-quarter of the Linked index, also added value, as did positions in Bank of East Asia and China Life Insurance. Overall, my picks in Taiwan and China benefited returns. Conversely, my choices in Hong Kong - tempered by some strong performers incorporated in the Cayman Islands but listed in Hong Kong - hurt performance. Food retailer Dairy Farm International had an earnings miss, pulling down my stock selection in the consumer staples sector. Not owning Hong Kong Exchanges and Clearing also was untimely, along with our stake in weak performing conglomerate Hutchison Whampoa. Elsewhere, underweighting index component China Mobile was costly. Lastly, the fund's cash position, which increased substantially during the period, hampered the fund's returns in a strong market environment.

Note to shareholders: Fidelity China Region Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Hong Kong, Taiwanese and Chinese market. As of October 31, 2006, the fund did not have more than 25% of its total assets invested in any one industry.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

China Region

Investment Changes

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

88.0

89.0

Short-Term Investments and
Net Other Assets

12.0

11.0

Top Ten Stocks as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

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

9.3

8.3

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

5.1

4.8

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

4.6

4.1

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

3.5

3.5

Hutchison Whampoa Ltd. (Industrial Conglomerates)

3.3

3.3

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

3.1

2.5

Li & Fung Ltd. (Distributors)

3.1

2.1

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

2.8

3.0

Bank of East Asia Ltd. (Commercial Banks)

2.4

1.8

Foxconn International Holdings Ltd. (Communications Equipment)

2.1

1.3

39.3

Market Sectors as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

31.8

28.7

Information Technology

25.3

23.9

Consumer Discretionary

7.7

10.2

Energy

4.8

5.0

Telecommunication Services

4.2

4.4

Utilities

4.2

4.4

Industrials

3.9

6.2

Consumer Staples

3.7

3.5

Materials

2.4

2.7

Health Care

0.0

0.0

Annual Report

China Region

Investments October 31, 2006

Showing Percentage of Net Assets

Common Stocks - 88.0%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 7.7%

Auto Components - 0.1%

Tong Yang Industry Co. Ltd.

937,736

$ 681,219

Distributors - 3.1%

Li & Fung Ltd.

8,668,600

22,682,458

Hotels, Restaurants & Leisure - 2.5%

Cafe de Coral Holdings Ltd.

4,312,000

6,742,005

Hong Kong & Shanghai Hotels Ltd.

2,878,996

3,997,989

Mandarin Oriental International Ltd.

1,235,000

1,766,050

Shangri-La Asia Ltd.

2,674,000

5,803,775

18,309,819

Household Durables - 0.4%

Basso Industry Corp. Ltd.

1,047,160

1,188,412

Merry Electronics Co. Ltd.

549,939

1,690,845

2,879,257

Leisure Equipment & Products - 0.4%

Li Ning Co. Ltd.

2,124,000

2,512,575

Media - 1.0%

Hong Kong Economic Time Holdings Ltd.

4,572,000

1,346,227

Television Broadcasts Ltd.

1,082,000

6,204,958

7,551,185

Specialty Retail - 0.2%

Esprit Holdings Ltd.

167,000

1,616,919

TOTAL CONSUMER DISCRETIONARY

56,233,432

CONSUMER STAPLES - 3.7%

Beverages - 0.5%

Dynasty Fine Wines Group Ltd.

2,366,000

912,668

Yantai Changyu Pioneer Wine Co.
(B Shares)

706,263

2,406,518

3,319,186

Food & Staples Retailing - 2.1%

Convenience Retail Asia Ltd.

962,200

368,687

Dairy Farm International Holdings Ltd.

4,431,600

13,915,224

Lianhua Supermarket Holdings Co.
(H Shares)

949,000

1,205,591

15,489,502

Food Products - 1.1%

China Mengniu Dairy Co. Ltd.

4,535,000

8,245,242

TOTAL CONSUMER STAPLES

27,053,930

ENERGY - 4.8%

Energy Equipment & Services - 0.1%

China Oilfield Services Ltd. (H Shares)

2,034,000

1,142,902

Oil, Gas & Consumable Fuels - 4.7%

China Shenhua Energy Co. Ltd.
(H Shares)

3,349,500

5,891,730

CNOOC Ltd.

14,266,500

11,958,180

Shares

Value (Note 1)

PetroChina Co. Ltd. (H Shares)

14,100,000

$ 15,564,990

S-Oil Corp.

14,940

1,019,519

34,434,419

TOTAL ENERGY

35,577,321

FINANCIALS - 31.8%

Commercial Banks - 19.0%

Bank of East Asia Ltd.

3,707,307

17,709,003

BOC Hong Kong Holdings Ltd.

3,933,000

8,799,336

China Merchants Bank Co. Ltd.
(H Shares) (a)

1,673,500

2,612,288

DBS Group Holdings Ltd.

435,000

5,697,958

Hang Seng Bank Ltd.

572,800

7,298,832

HSBC Holdings PLC (Hong Kong) (Reg.)

3,594,421

68,631,877

Industrial & Commercial Bank of China

1,872,000

837,649

Mega Financial Holding Co. Ltd.

1,479,000

1,045,442

Standard Chartered PLC:

(Hong Kong)

395,370

11,143,484

(United Kingdom)

238,841

6,719,941

Wing Hang Bank Ltd.

519,500

5,049,915

Wing Lung Bank Ltd.

443,600

4,220,851

139,766,576

Diversified Financial Services - 0.9%

First Pacific Co. Ltd.

8,184,000

4,114,519

Jardine Matheson Holdings Ltd.

123,200

2,464,000

6,578,519

Insurance - 2.7%

AXA Asia Pacific Holdings Ltd.

538,150

2,774,615

Cathay Financial Holding Co. Ltd.

3,717,943

7,228,555

China Life Insurance Co. Ltd. (H Shares)

2,196,000

4,625,120

Shin Kong Financial Holding Co. Ltd.

5,772,980

5,116,070

19,744,360

Real Estate Investment Trusts - 0.3%

Champion (REIT)

5,029,000

2,496,006

Real Estate Management & Development - 8.9%

Cheung Kong Holdings Ltd.

2,364,000

25,715,476

Greentown China Holdings Ltd. (a)

825,000

1,132,927

Guangzhou Investment Co. Ltd.

14,372,000

2,771,949

Hang Lung Group Ltd.

185,000

472,419

Henderson Investment Ltd.

1,295,000

2,317,852

Hong Kong Land Holdings Ltd.

1,483,000

5,576,080

Hysan Development Co. Ltd.

1,219,000

3,072,108

Shun Tak Holdings Ltd.

1,981,000

2,618,511

Sun Hung Kai Properties Ltd.

722,021

7,895,886

Swire Pacific Ltd. (A Shares)

1,182,000

12,485,380

Wharf Holdings Ltd.

366,685

1,244,726

65,303,314

TOTAL FINANCIALS

233,888,775

Common Stocks - continued

Shares

Value (Note 1)

HEALTH CARE - 0.0%

Health Care Equipment & Supplies - 0.0%

Mindray Medical International Ltd. sponsored ADR

3,100

$ 56,110

INDUSTRIALS - 3.9%

Electrical Equipment - 0.0%

Suntech Power Holdings Co. Ltd. sponsored ADR

4,200

109,200

Industrial Conglomerates - 3.3%

Hutchison Whampoa Ltd.

2,724,500

24,172,003

Machinery - 0.4%

King Slide Works Co. Ltd.

521,400

2,742,556

Transportation Infrastructure - 0.2%

Hopewell Holdings Ltd.

454,000

1,348,480

TOTAL INDUSTRIALS

28,372,239

INFORMATION TECHNOLOGY - 25.3%

Communications Equipment - 2.7%

AAC Acoustic Technology Holdings, Inc. (a)

2,016,000

2,343,342

Foxconn International Holdings Ltd. (a)

4,754,000

15,801,432

ZTE Corp. (H Shares)

567,000

2,099,676

20,244,450

Computers & Peripherals - 4.7%

ASUSTeK Computer, Inc.

2,793,351

6,803,399

Catcher Technology Co. Ltd.

1,153,789

9,981,536

High Tech Computer Corp.

628,208

15,622,354

Wistron Corp.

1,637,655

1,900,519

34,307,808

Electronic Equipment & Instruments - 8.0%

AU Optronics Corp.

5,400,994

7,293,580

Chroma ATE, Inc.

2,288,714

2,521,552

Everfocus Electronics Co. Ltd.

989,280

784,267

Hon Hai Precision Industry Co. Ltd. (Foxconn)

5,173,953

33,609,250

Kingboard Chemical Holdings Ltd.

1,765,800

6,277,885

Nan Ya Printed Circuit Board Corp.

520,000

3,362,170

Phoenix Precision Technology Corp.

1,845,654

1,966,658

Yageo Corp. (a)

7,582,000

2,788,256

58,603,618

Semiconductors & Semiconductor Equipment - 9.9%

Advanced Semiconductor Engineering, Inc.

8,634,690

8,003,518

Holtek Semiconductor, Inc.

1,006,335

2,026,320

King Yuan Electronics Co. Ltd.

4,344,780

3,077,689

Macronix International Co. Ltd. (a)

3,202,000

1,081,007

MediaTek, Inc.

816,200

7,983,629

MJC Probe, Inc. (a)

348,700

830,363

Powertech Technology, Inc.

492,000

1,419,274

Siliconware Precision Industries Co. Ltd.

7,653,756

9,735,901

Shares

Value (Note 1)

Taiwan Semiconductor Manufacturing Co. Ltd.

20,264,513

$ 37,261,049

United Microelectronics Corp.

2,586,728

1,446,384

72,865,134

TOTAL INFORMATION TECHNOLOGY

186,021,010

MATERIALS - 2.4%

Chemicals - 2.2%

Formosa Chemicals & Fibre Corp.

819,365

1,249,732

Nan Ya Plastics Corp.

5,421,690

7,844,495

Taiwan Fertilizer Co. Ltd.

4,175,000

6,795,780

15,890,007

Containers & Packaging - 0.2%

Vision Grande Group Holdings Ltd.

2,106,000

1,814,303

TOTAL MATERIALS

17,704,310

TELECOMMUNICATION SERVICES - 4.2%

Wireless Telecommunication Services - 4.2%

China Mobile (Hong Kong) Ltd.

2,794,500

22,791,942

Far EasTone Telecommunications Co. Ltd.

5,565,685

6,375,163

SmarTone Telecommunications Holdings Ltd.

1,997,500

1,913,462

31,080,567

UTILITIES - 4.2%

Electric Utilities - 0.8%

Cheung Kong Infrastructure Holdings Ltd.

1,878,000

5,626,369

Gas Utilities - 2.9%

Hong Kong & China Gas Co. Ltd.

8,915,400

20,427,973

Xinao Gas Holdings Ltd.

492,000

495,340

20,923,313

Independent Power Producers & Energy Traders - 0.5%

China Resources Power Holdings Co. Ltd.

3,208,000

4,001,131

TOTAL UTILITIES

30,550,813

TOTAL COMMON STOCKS

(Cost $490,760,110)

646,538,507

Money Market Funds - 12.2%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 5.34% (b)
(Cost $89,849,746)

89,849,746

$ 89,849,746

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $580,609,856)

736,388,253

NET OTHER ASSETS - (0.2)%

(1,594,840)

NET ASSETS - 100%

$ 734,793,413

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 2,109,223

Annual Report

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

China Region

Financial Statements

Statement of Assets and Liabilities

October 31, 2006

Assets

Investment in securities, at value - See accompanying schedule:

Unaffiliated issuers (cost $490,760,110)

$ 646,538,507

Fidelity Central Funds (cost $89,849,746)

89,849,746

Total Investments (cost $580,609,856)

$ 736,388,253

Foreign currency held at value (cost $4,770)

4,785

Receivable for investments sold

3,622,055

Receivable for fund shares sold

2,365,261

Dividends receivable

271,087

Interest receivable

361,337

Other receivables

64,825

Total assets

743,077,603

Liabilities

Payable for investments purchased

$ 6,772,702

Payable for fund shares redeemed

806,907

Accrued management fee

421,410

Other affiliated payables

166,956

Other payables and accrued expenses

116,215

Total liabilities

8,284,190

Net Assets

$ 734,793,413

Net Assets consist of:

Paid in capital

$ 561,055,125

Undistributed net investment income

10,481,257

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

7,478,945

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

155,778,086

Net Assets, for 32,029,190 shares outstanding

$ 734,793,413

Net Asset Value, offering price and redemption price per share ($734,793,413 ÷ 32,029,190 shares)

$ 22.94

Statement of Operations

Year ended October 31, 2006

Investment Income

Dividends

$ 16,186,238

Interest

889

Income from Fidelity Central Funds

2,109,223

18,296,350

Less foreign taxes withheld

(1,314,592)

Total income

16,981,758

Expenses

Management fee

$ 3,955,481

Transfer agent fees

1,431,153

Accounting fees and expenses

269,407

Custodian fees and expenses

501,269

Independent trustees' compensation

2,038

Registration fees

67,645

Audit

64,768

Legal

7,476

Miscellaneous

4,208

Total expenses before reductions

6,303,445

Expense reductions

(344,112)

5,959,333

Net investment income (loss)

11,022,425

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

17,196,356

Foreign currency transactions

(65,796)

Total net realized gain (loss)

17,130,560

Change in net unrealized appreciation (depreciation) on:

Investment securities

105,874,055

Assets and liabilities in foreign currencies

(354)

Total change in net unrealized appreciation (depreciation)

105,873,701

Net gain (loss)

123,004,261

Net increase (decrease) in net assets resulting from operations

$ 134,026,686

Annual Report

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

China Region
Financial Statements - continued

Statement of Changes in Net Assets

Year ended
October 31,
2006

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 11,022,425

$ 7,344,399

Net realized gain (loss)

17,130,560

12,847,382

Change in net unrealized appreciation (depreciation)

105,873,701

18,616,807

Net increase (decrease) in net assets resulting from operations

134,026,686

38,808,588

Distributions to shareholders from net investment income

(4,953,820)

(4,953,877)

Share transactions
Proceeds from sales of shares

370,937,196

167,800,419

Reinvestment of distributions

4,673,740

4,707,630

Cost of shares redeemed

(167,183,904)

(105,619,907)

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

208,427,032

66,888,142

Redemption fees

388,530

158,224

Total increase (decrease) in net assets

337,888,428

100,901,077

Net Assets

Beginning of period

396,904,985

296,003,908

End of period (including undistributed net investment income of $10,481,257 and undistributed net investment income of $6,428,926, respectively)

$ 734,793,413

$ 396,904,985

Other Information

Shares

Sold

17,430,982

9,516,821

Issued in reinvestment of distributions

249,399

279,550

Redeemed

(8,027,624)

(6,064,944)

Net increase (decrease)

9,652,757

3,731,427

Financial Highlights

Years ended October 31,

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 17.74

$ 15.88

$ 15.14

$ 11.16

$ 11.27

Income from Investment Operations

Net investment income (loss) C

.42

.36

.25

.25

.19

Net realized and unrealized gain (loss)

4.99

1.75

.73

3.91

(.15)

Total from investment operations

5.41

2.11

.98

4.16

.04

Distributions from net investment income

(.22)

(.26)

(.26)

(.19)

(.16)

Redemption fees added to paid in capital C

.01

.01

.02

.01

.01

Net asset value, end of period

$ 22.94

$ 17.74

$ 15.88

$ 15.14

$ 11.16

Total Return A, B

30.83%

13.44%

6.71%

37.91%

.23%

Ratios to Average Net Assets D, F

Expenses before reductions

1.14%

1.16%

1.22%

1.30%

1.32%

Expenses net of fee waivers, if any

1.14%

1.16%

1.22%

1.30%

1.32%

Expenses net of all reductions

1.08%

1.12%

1.22%

1.30%

1.31%

Net investment income (loss)

1.99%

2.04%

1.64%

2.07%

1.52%

Supplemental Data

Net assets, end of period (000 omitted)

$ 734,793

$ 396,905

$ 296,004

$ 231,654

$ 110,359

Portfolio turnover rate E

36%

44%

101%

39%

53%

A Total returns would have been lower had certain expenses not been reduced during the periods shown. B Total returns do not include the effect of the former sales charges. C Calculated based on average shares outstanding during the period. D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expense of any underlying Fidelity Central Funds. E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

Annual Report

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

Emerging Markets

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended
October 31, 2006

Past 1
year

Past 5
years

Past 10
years

Fidelity Emerging Markets Fund

41.96%

28.67%

3.76%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Emerging Markets Fund on October 31, 1996. The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.

Annual Report

Emerging Markets

Management's Discussion of Fund Performance

Comments from Robert von Rekowsky, Portfolio Manager of Fidelity® Emerging Markets Fund

The 12-month period ending October 31, 2006, was volatile for emerging-markets stocks. On the whole, they rose sharply early on thanks to steady global economic growth, plunged at the period's midpoint after inflation concerns grew, and rallied in the final quarter when evidence suggested inflation fears were overblown. The performance benchmark of emerging markets - the Morgan Stanley Capital InternationalSM (MSCI) Emerging Markets Index - gained 35.42% for the one-year time frame, but lost 1.71% in the final six months of the period. If the benchmark can hold on to these gains through the end of 2006, it would mark the fourth consecutive calendar year that it's put up a double-digit positive return. But anything can happen given the volatility inherent in this asset class. On a country-level basis for the past year, Indonesia, Hong Kong, China and Russia were among the best performers. Israel was weak, however, pressured by military conflicts in the region, while Argentina was one of the only benchmark constituents with a negative return.

The fund returned 41.96% during the past year, handily beating the MSCI Emerging Markets index. The fund was helped versus the index by its positioning in all market sectors except for consumer staples, where our stock selection hurt a bit. The strongest contributions were made by industrials, materials, information technology and consumer discretionary - all mainly due to favorable stock picking. On a geographical basis, our holdings in Taiwan, Russia and South Korea helped the fund's returns. Conversely, stock selection in South Africa dampened performance, as did underweighting India and China. A modest cash position also hurt in a strongly rising market. Among individual holdings, contributors included two Russian producers of natural gas, Gazprom and Novatek. Taiwan-based High Tech Computer also helped performance, along with Hong Kong-listed Foxconn International Holdings, a contract manufacturer of wireless handsets. Lastly, two nickel producers, Russia's MMC Norilsk Nickel and Aneka Tambang, based in Indonesia, both posted triple-digit gains. Conversely, not owning China Life Insurance hurt, as the stock almost tripled in value. Korea-based Kookmin Bank and Reliance Industries, an Indian energy company, both were underweighted index components that did well and therefore hurt our results versus the benchmark. The fund did not own Reliance Industries at period end. Meanwhile, Israeli holding Orckit Communications suffered from slower-than-expected customer growth.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Emerging Markets

Investment Changes

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

98.3

97.5

Short-Term Investments and
Net Other Assets

1.7

2.5

Top Ten Stocks as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

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

4.3

4.6

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

3.9

1.5

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

3.1

2.2

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

2.5

2.8

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

2.2

2.5

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

1.8

1.4

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

1.7

1.0

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

1.4

1.6

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

1.4

1.5

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

1.2

1.1

23.5

Market Sectors as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Energy

18.6

17.8

Financials

16.9

16.5

Information Technology

15.7

14.9

Materials

12.0

14.5

Telecommunication Services

9.5

7.4

Industrials

9.4

7.7

Consumer Discretionary

9.3

11.3

Consumer Staples

3.1

2.7

Utilities

2.1

2.3

Health Care

1.7

2.4

Annual Report

Emerging Markets

Investments October 31, 2006

Showing Percentage of Net Assets

Common Stocks - 98.1%

Shares

Value (Note 1)

Argentina - 0.5%

Banco Macro SA sponsored ADR

146,900

$ 3,321,409

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

831,300

11,945,781

TOTAL ARGENTINA

15,267,190

Austria - 0.7%

C.A.T. oil AG Bearer

146,840

3,206,869

CA Immo International AG

83,400

1,500,970

Raiffeisen International Bank Holding AG (d)

96,500

11,042,424

voestalpine AG

136,900

6,456,612

TOTAL AUSTRIA

22,206,875

Bermuda - 1.5%

Aquarius Platinum Ltd. (Australia)

837,300

15,556,699

Central European Media Enterprises Ltd. Class A (a)

192,200

14,188,204

Credicorp Ltd. (NY Shares)

238,800

10,077,360

Emperor International Holding Ltd.

10,862,000

2,541,897

Sinochem Hong Kong Holding Ltd.

10,799,900

3,763,273

TOTAL BERMUDA

46,127,433

Brazil - 11.3%

Banco Bradesco SA (PN)

921,600

32,692,910

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

166,600

5,482,782

Banco Nossa Caixa SA

460,800

10,970,096

Brascan Residential Properties SA

416,600

3,346,810

Companhia de Saneamento de Minas Minas Gerais

738,100

6,891,461

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

1,532,400

33,283,728

CSU Cardsystem SA sponsored ADR (e)

80,000

1,390,004

Cyrela Brazil Realty SA

780,100

15,740,458

Guararapes Confeccoes SA

34,700

1,507,286

Klabin SA (PN) (non-vtg.)

3,309,900

7,142,334

Localiza Rent a Car SA

446,500

11,094,722

Lojas Americanas SA

130,283,400

6,024,314

Lojas Renner SA

1,355,900

16,909,169

Medial Saude SA

240,000

2,432,508

NET Servicos de Communicacao SA sponsored ADR (d)

992,866

9,978,303

Petroleo Brasileiro SA Petrobras:

(PN) (non-vtg.)

1,668,000

33,500,234

(PN) sponsored ADR (non-vtg.)

520,500

42,139,680

sponsored ADR

243,000

21,568,680

Submarino SA

358,700

7,323,109

TAM SA:

(PN) (ltd.-vtg.)

430,300

13,103,951

(PN) sponsored ADR (ltd. vtg.)

108,500

3,314,675

Uniao de Bancos Brasileiros SA (Unibanco):

unit

1,034,200

8,168,296

Shares

Value (Note 1)

GDR

235,400

$ 18,537,750

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

424,300

14,405,589

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

651,800

11,895,350

TOTAL BRAZIL

338,844,199

British Virgin Islands - 0.1%

Equator Exploration Ltd. (a)

1,069,500

1,224,043

Titanium Resources Group Ltd.

1,364,400

1,613,608

TOTAL BRITISH VIRGIN ISLANDS

2,837,651

Canada - 0.8%

Addax Petroleum Corp.

161,300

3,711,200

AUR Resources, Inc.

259,400

5,023,254

Falcon Oil & Gas Ltd. (a)

1,282,800

3,279,416

First Quantum Minerals Ltd.

122,500

6,999,844

SXR Uranium One, Inc. (a)

564,460

6,417,540

TOTAL CANADA

25,431,254

Cayman Islands - 1.6%

Agile Property Holdings Ltd.

12,450,000

11,013,732

Foxconn International Holdings Ltd. (a)

4,375,400

14,543,035

Lee & Man Paper Manufacturing Ltd.

5,130,000

10,422,003

Primeline Energy Holdings, Inc. (a)

767,500

991,293

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

383,750

110,311

Shui On Land Ltd.

4,312,500

3,327,033

SinoCom Software Group Ltd.

17,898,000

3,521,054

Xinao Gas Holdings Ltd.

4,598,500

4,629,720

TOTAL CAYMAN ISLANDS

48,558,181

China - 2.7%

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

7,257,200

4,656,358

China Gas Holdings Ltd.

13,903,100

2,449,114

China Petroleum & Chemical Corp.
(H Shares)

38,586,900

26,767,732

China Shenhua Energy Co. Ltd.
(H Shares)

7,618,600

13,401,025

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

8,104,800

1,792,452

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

3,488,000

5,695,829

Home Inns & Hotels Management, Inc. sponsored ADR

3,300

80,982

Industrial & Commercial Bank of China

3,824,000

1,711,094

Li Ning Co. Ltd.

2,502,000

2,959,728

Mindray Medical International Ltd. sponsored ADR

102,700

1,858,870

Parkson Retail Group Ltd.

1,124,000

4,668,158

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

2,229,500

7,754,459

Common Stocks - continued

Shares

Value (Note 1)

China - continued

Xiamen International Port Co. Ltd.
(H Shares)

6,624,400

$ 1,541,707

Yantai Changyu Pioneer Wine Co.
(B Shares)

1,408,650

4,799,828

TOTAL CHINA

80,137,336

Colombia - 0.2%

BanColombia SA sponsored ADR

196,900

6,019,233

Cyprus - 0.2%

Urals Energy Public Co. Ltd. (a)

408,130

3,036,181

XXI Century Investments Public Ltd.

250,400

2,686,714

TOTAL CYPRUS

5,722,895

Czech Republic - 0.9%

Ceske Energeticke Zavody AS

666,400

26,352,837

Egypt - 1.6%

Commercial International Bank Ltd. sponsored GDR

836,250

7,501,163

Eastern Tobacco Co.

38,245

1,900,646

Orascom Construction Industries SAE:

GDR

124,312

10,852,438

GDR (e)

16,120

1,407,276

Orascom Hotels & Development (OHD) (a)

1,089,657

6,948,345

Orascom Telecom SAE GDR

320,299

18,032,834

TOTAL EGYPT

46,642,702

Finland - 0.1%

YIT-Yhtyma OY

119,050

2,960,092

Hong Kong - 3.2%

Chaoda Modern Agriculture (Holdings) Ltd.

21,888,100

13,255,793

China Mobile (Hong Kong) Ltd.

6,289,700

51,298,793

China Resources Power Holdings Co. Ltd.

1,822,000

2,272,463

CNOOC Ltd.

24,521,600

20,554,005

Hopson Development Holdings Ltd.

1,462,000

3,184,473

Kerry Properties Ltd.

1,644,300

6,067,918

TOTAL HONG KONG

96,633,445

Hungary - 1.3%

MOL Hungarian Oil and Gas Series A (For. Reg.)

244,072

24,286,963

Richter Gedeon Ltd.

70,800

14,853,755

TOTAL HUNGARY

39,140,718

India - 5.1%

Apollo Hospitals Enterprise Ltd.

206,342

2,036,318

Bank of India

1,080,094

4,174,183

Bharat Forge Ltd.

841,802

6,723,922

Bharti Airtel Ltd. (a)

1,494,776

19,201,483

Crompton Greaves Ltd.

1,319,770

7,018,991

Federal Bank Ltd.

113,158

549,290

Shares

Value (Note 1)

Federal Bank Ltd.:

GDR

249,942

$ 1,210,368

GDR (e)

337,300

1,633,408

Gujarat Ambuja Cement Ltd.

2,585,865

6,764,006

HCL Technologies Ltd.

595,598

8,251,790

Indian Overseas Bank

2,102,400

5,640,254

ITC Ltd.

1,500

6,345

Jaiprakash Associates Ltd.

992,446

12,867,332

Larsen & Toubro Ltd.

292,798

8,553,195

Nagarjuna Construction Co. Ltd.

1,345,260

5,347,199

Pantaloon Retail India Ltd.

105,500

5,107,497

Punj Lloyd Ltd.

171,401

2,876,271

Rolta India Ltd.

506,544

2,552,454

Rolta India Ltd. sponsored GDR (e)

242,105

1,157,262

Satyam Computer Services Ltd.

1,302,100

12,748,522

Sintex Industries Ltd.

710,885

3,063,832

State Bank of India

453,592

13,331,687

Suzlon Energy Ltd.

159,626

4,648,414

UTI Bank Ltd.

591,700

5,741,808

Wipro Ltd.

875,034

10,485,993

TOTAL INDIA

151,691,824

Indonesia - 2.2%

PT Aneka Tambang Tbk

19,795,400

15,100,152

PT Bakrie & Brothers Tbk (a)

348,233,500

5,924,265

PT Bank Mandiri Persero Tbk

20,295,500

6,070,137

PT Bank Niaga Tbk

44,907,500

4,288,154

PT Bank Rakyat Indonesia Tbk

16,661,000

8,960,441

PT Medco Energi International Tbk

19,903,500

7,263,624

PT Perusahaan Gas Negara Tbk Series B

13,681,800

17,119,076

TOTAL INDONESIA

64,725,849

Ireland - 0.1%

Dragon Oil plc (a)

526,500

1,576,749

Israel - 1.8%

Bank Hapoalim BM (Reg.)

3,380,245

16,845,863

Israel Chemicals Ltd.

2,781,900

15,888,203

Ituran Location & Control Ltd.

238,300

4,113,058

Orckit Communications Ltd. (a)

524,600

4,522,052

Ormat Industries Ltd.

367,200

3,809,464

Orpak Systems Ltd.

832,800

2,438,449

RADWARE Ltd. (a)

401,300

5,858,980

Teva Pharmaceutical Industries Ltd. sponsored ADR

45,000

1,483,650

TOTAL ISRAEL

54,959,719

Kazakhstan - 0.1%

Kazkommertsbank JSC sponsored GDR (a)

192,000

3,430,963

Korea (South) - 16.5%

Celrun Co. Ltd. (a)

455,590

3,094,481

Daegu Bank Co. Ltd.

887,510

14,693,712

Common Stocks - continued

Shares

Value (Note 1)

Korea (South) - continued

Daewoo Shipbuilding & Marine Engineering Co. Ltd.

405,690

$ 13,045,796

Hanjin Heavy Industries & Construction Co. Ltd.

419,810

12,408,282

Hynix Semiconductor, Inc. (a)

279,950

10,161,089

Hyundai Department Store Co. Ltd.

139,423

11,674,683

Hyundai Engineering & Construction Co. Ltd. (a)

220,120

12,311,296

Hyundai Mipo Dockyard Co. Ltd.

79,913

10,601,348

Hyundai Mobis

41,500

4,052,001

Hyundai Motor Co.

217,360

17,670,224

Industrial Bank of Korea

675,680

11,832,014

Kookmin Bank

310,570

24,687,379

Korea Zinc Co. Ltd.

109,750

12,113,553

Korean Air Lines Co. Ltd.

198,000

7,039,530

Kyeryong Construction Industrial Co. Ltd.

338,240

13,856,257

LG Engineering & Construction Co. Ltd.

217,290

16,903,529

LG Household & Health Care Ltd.

70,588

6,517,541

Macquarie Korea Infrastructure Fund:

GDR (e)

567,100

3,799,570

GDR

866,800

5,807,560

MegaStudy Co. Ltd.

101,769

12,366,724

NHN Corp.

177,311

17,594,663

ON*Media Corp.

207,200

1,682,228

POSCO

79,480

22,057,852

Samsung Electronics Co. Ltd.

197,875

128,311,553

Samsung Heavy Industries Ltd.

743,480

19,923,440

Shinhan Financial Group Co. Ltd.

604,710

27,884,997

SK Corp.

369,690

27,111,242

Taewoong Co. Ltd.

200,258

5,536,449

Woong Jin.Com Co. Ltd.

340,580

6,795,332

Woori Finance Holdings Co. Ltd.

616,760

13,189,396

YBM Sisa.com, Inc.

115,587

2,496,359

TOTAL KOREA (SOUTH)

497,220,080

Lebanon - 0.2%

Solidere GDR

333,800

6,151,934

Luxembourg - 1.5%

Evraz Group SA:

GDR (e)

66,100

1,711,990

GDR

497,300

12,880,070

Orco Property Group (d)

80,500

9,833,194

Tenaris SA sponsored ADR

537,100

20,726,689

TOTAL LUXEMBOURG

45,151,943

Malaysia - 0.5%

Genting BHD

1,036,600

7,591,800

Lion Diversified Holdings BHD

3,169,000

4,555,031

Steppe Cement Ltd. (a)

983,900

3,565,900

TOTAL MALAYSIA

15,712,731

Shares

Value (Note 1)

Mexico - 6.8%

America Movil SA de CV Series L sponsored ADR

2,169,600

$ 93,010,752

Cemex SA de CV sponsored ADR

834,118

25,640,787

Fomento Economico Mexicano SA de CV sponsored ADR

186,300

18,013,347

Grupo Famsa SA de CV Series A

1,122,800

3,601,897

Grupo Mexico SA de CV Series B

6,149,025

21,498,288

Urbi, Desarrollos Urbanos, SA de CV (a)

5,562,100

17,046,522

Wal-Mart de Mexico SA de CV Series V

7,592,274

26,452,416

TOTAL MEXICO

205,264,009

Netherlands - 0.1%

Plaza Centers NV

775,400

2,706,708

Oman - 0.1%

BankMuscat SAOG sponsored GDR (e)

369,325

4,228,771

Pakistan - 0.2%

MCB Bank Ltd.

330,600

1,496,532

MCB Bank Ltd. unit (a)(e)

167,300

3,110,107

TOTAL PAKISTAN

4,606,639

Panama - 0.2%

Copa Holdings SA Class A

165,300

6,264,870

Philippines - 0.8%

Ayala Corp.

459,000

4,512,640

Jollibee Food Corp.

658,900

522,202

Philippine Long Distance Telephone Co.

335,390

15,881,228

Robinsons Land Corp.

12,015,000

3,495,536

TOTAL PHILIPPINES

24,411,606

Poland - 0.2%

Globe Trade Centre SA (a)

615,500

6,784,943

Romania - 0.1%

Banca Transilvania SA

8,506,974

3,456,990

Russia - 11.8%

AO Tatneft sponsored ADR

119,800

11,021,600

Cherkizovo Group OJSC:

GDR (a)

62,000

961,000

GDR (a)(e)

256,400

3,974,200

Gazprom Neft sponsored ADR

140,700

2,905,455

JSC MMC 'Norilsk Nickel' sponsored ADR

231,100

34,433,900

Lukoil Oil Co. sponsored ADR

818,640

66,882,888

Magnit OAO

45,300

1,494,900

Novatek JSC:

GDR

48,400

2,816,880

GDR (e)

268,500

15,626,700

Novolipetsk Iron & Steel Corp. sponsored GDR (e)

285,000

5,985,000

OAO Gazprom sponsored ADR

2,740,406

116,741,296

OAO TMK (a)

1,345,400

8,492,838

OAO TMK unit

59,000

1,489,750

RBC Information Systems Jsc (a)

570,500

6,104,350

Common Stocks - continued

Shares

Value (Note 1)

Russia - continued

Sberbank (Savings Bank of the Russian Federation)

1,400

$ 3,150,000

Sberbank (Savings Bank of the Russian Federation) GDR

114,400

28,473,931

Sistema JSFC sponsored:

GDR (e)

561,500

14,879,750

GDR

54,300

1,438,950

Vimpel Communications sponsored ADR (a)(d)

346,600

22,872,134

VSMPO-Avisma Corp.

17,100

3,898,800

TOTAL RUSSIA

353,644,322

Singapore - 0.3%

Keppel Corp. Ltd.

464,600

4,713,420

Olam International Ltd.

2,164,000

2,653,936

Raffles Education Corp. Ltd.

301,400

514,784

TOTAL SINGAPORE

7,882,140

South Africa - 8.4%

African Bank Investments Ltd.

2,593,026

9,676,810

Aspen Pharmacare Holdings Ltd.

2,054,900

9,347,936

Aveng Ltd.

2,866,029

12,139,080

Bidvest Group Ltd.

845,800

14,008,064

Ellerine Holdings Ltd.

801,391

7,702,440

FirstRand Ltd.

7,880,856

20,616,062

Gold Fields Ltd.

989,300

16,580,668

Impala Platinum Holdings Ltd.

167,866

29,510,944

Lewis Group Ltd.

1,252,973

9,561,057

MTN Group Ltd.

3,854,500

35,058,510

Naspers Ltd. Class N sponsored ADR

812,618

14,789,648

Nedbank Group Ltd.

384,900

6,369,454

Network Healthcare Holdings Ltd.

5,199,600

8,823,290

Sasol Ltd.

1,190,775

40,865,553

Steinhoff International Holdings Ltd.

3,289,600

10,717,782

Truworths International Ltd.

2,290,573

8,022,587

TOTAL SOUTH AFRICA

253,789,885

Taiwan - 8.0%

Acer, Inc.

5,944,000

10,804,015

Advanced Semiconductor Engineering, Inc.

18,785,000

17,411,869

Chipbond Technology Corp.

6,936,290

6,345,634

Delta Electronics, Inc.

5,597,550

15,860,428

Foxconn Technology Co. Ltd.

1,563,500

15,293,316

High Tech Computer Corp.

771,200

19,178,297

Hon Hai Precision Industry Co. Ltd. (Foxconn)

8,135,024

52,843,939

Macronix International Co. Ltd. (a)

8,767,000

2,959,771

MediaTek, Inc.

567,000

5,546,089

Motech Industries, Inc.

406,082

5,483,790

Phoenix Precision Technology Corp.

7,272,752

7,749,564

Powertech Technology, Inc.

2,509,400

7,238,872

Shares

Value (Note 1)

Shin Kong Financial Holding Co. Ltd.

16,565,000

$ 14,680,060

Siliconware Precision Industries Co. Ltd.

13,621,045

17,326,544

Taiwan Semiconductor Manufacturing Co. Ltd.

23,098,705

42,472,374

TOTAL TAIWAN

241,194,562

Thailand - 1.6%

Bumrungrad Hospital PCL (For. Reg.)

2,946,000

2,951,019

Charoen Pokphand Foods PCL (For. Reg.)

36,616,200

4,950,361

Minor International PCL (For. Reg.)

31,569,794

9,293,459

PTT PCL (For. Reg.)

2,123,600

12,850,131

Robinson Department Store PCL (For. Reg.) (a)

11,590,900

3,570,076

Siam Commercial Bank PCL (For. Reg.)

4,591,600

8,197,609

Thai Oil PCL (For. Reg.)

3,714,600

6,176,234

TOTAL THAILAND

47,988,889

Turkey - 2.7%

Acibadem Saglik Hizmetleri AS

753,800

8,276,411

Akbank T. A. S.

270,237

1,539,178

Anadolu Efes Biracilk Ve Malt Sanyii AS

258,000

7,081,832

Asya Katilim Bankasi AS

1,864,000

5,960,707

Dogan Yayin Holding AS (a)

2,127,739

8,176,592

Dogus Otomotiv Servis ve Ticaret AS

861,700

4,227,933

Enka Insaat ve Sanayi AS

1,794,313

15,144,999

Petrol Ofisi AS

788,900

2,842,151

Tupras-Turkiye Petrol Rafinerileri AS

613,400

10,186,502

Turkiye Garanti Bankasi AS

4,666,500

17,132,115

TOTAL TURKEY

80,568,420

Ukraine - 0.2%

Stirol sponsored ADR (a)

191,500

2,762,066

Ukrnafta Open JSC sponsored ADR

10,000

3,618,594

TOTAL UKRAINE

6,380,660

United Kingdom - 0.8%

Aricom PLC (a)

2,043,200

1,597,936

Imperial Energy PLC (a)

284,700

3,676,552

Kazakhmys PLC

70,700

1,619,672

Sibir Energy PLC (a)

1,023,491

7,906,852

Vedanta Resources PLC

248,300

6,924,503

Victoria Oil & Gas PLC (a)

887,800

1,253,174

TOTAL UNITED KINGDOM

22,978,689

United States of America - 1.1%

CTC Media, Inc. (f)

372,960

8,146,565

CTC Media, Inc.

514,100

12,477,207

NII Holdings, Inc. (a)

190,000

12,355,700

TOTAL UNITED STATES OF AMERICA

32,979,472

TOTAL COMMON STOCKS

(Cost $2,371,042,763)

2,948,635,408

Nonconvertible Preferred Stocks - 0.2%

Shares

Value (Note 1)

Korea (South) - 0.2%

Samsung Electronics Co. Ltd.
(Cost $5,020,749)

14,270

$ 6,921,079

Money Market Funds - 2.2%

Fidelity Cash Central Fund, 5.34% (b)

45,237,844

45,237,844

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)

20,041,143

20,041,143

TOTAL MONEY MARKET FUNDS

(Cost $65,278,987)

65,278,987

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $2,441,342,499)

3,020,835,474

NET OTHER ASSETS - (0.5)%

(15,690,209)

NET ASSETS - 100%

$ 3,005,145,265

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $58,904,038 or 2.0% 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 $8,146,565 or 0.3% 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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 2,671,805

Fidelity Securities Lending Cash Central Fund

512,378

Total

$ 3,184,183

Income Tax Information

At September 30, 2006, the fund had a capital loss carryforward of approximately $68,894,724 of which $16,350,833, $40,040,568 and $12,503,323 will expire on September 30, 2008, 2010 and 2011, respectively.

Annual Report

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

Emerging Markets

Financial Statements

Statement of Assets and Liabilities

October 31, 2006

Assets

Investment in securities, at value (including securities loaned of $19,402,476) - See accompanying schedule:

Unaffiliated issuers (cost $2,376,063,512)

$ 2,955,556,487

Fidelity Central Funds (cost $65,278,987)

65,278,987

Total Investments (cost $2,441,342,499)

$ 3,020,835,474

Cash

481,585

Foreign currency held at value (cost $8,086)

2,675

Receivable for investments sold

30,523,568

Receivable for fund shares sold

4,926,511

Dividends receivable

3,165,540

Interest receivable

167,069

Other receivables

411,431

Total assets

3,060,513,853

Liabilities

Payable for investments purchased

$ 25,437,614

Payable for fund shares redeemed

4,569,322

Accrued management fee

1,738,424

Other affiliated payables

635,207

Other payables and accrued expenses

2,946,878

Collateral on securities loaned, at value

20,041,143

Total liabilities

55,368,588

Net Assets

$ 3,005,145,265

Net Assets consist of:

Paid in capital

$ 2,514,709,441

Undistributed net investment income

34,483,401

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

(121,021,934)

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

576,974,357

Net Assets, for 136,348,427 shares outstanding

$ 3,005,145,265

Net Asset Value, offering price and redemption price per share ($3,005,145,265 ÷ 136,348,427 shares)

$ 22.04

Statement of Operations

Year ended October 31, 2006

Investment Income

Dividends

$ 57,433,889

Interest

58,625

Income from Fidelity Central Funds (including $512,378 from security lending)

3,184,183

60,676,697

Less foreign taxes withheld

(5,392,443)

Total income

55,284,254

Expenses

Management fee

$ 19,250,227

Transfer agent fees

5,872,829

Accounting and security lending fees

1,130,438

Custodian fees and expenses

2,789,502

Independent trustees' compensation

10,118

Registration fees

309,808

Audit

151,219

Legal

40,603

Interest

182,763

Miscellaneous

36,365

Total expenses before reductions

29,773,872

Expense reductions

(2,555,622)

27,218,250

Net investment income (loss)

28,066,004

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $794,867)

318,878,893

Foreign currency transactions

(2,079,598)

Total net realized gain (loss)

316,799,295

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $1,859,293)

306,275,400

Assets and liabilities in foreign currencies

60,897

Total change in net unrealized appreciation (depreciation)

306,336,297

Net gain (loss)

623,135,592

Net increase (decrease) in net assets resulting from operations

$ 651,201,596

Annual Report

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

Emerging Markets
Financial Statements - continued

Statement of Changes in Net Assets

Year ended
October 31,
2006

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 28,066,004

$ 15,119,763

Net realized gain (loss)

316,799,295

68,322,535

Change in net unrealized appreciation (depreciation)

306,336,297

203,724,089

Net increase (decrease) in net assets resulting from operations

651,201,596

287,166,387

Distributions to shareholders from net investment income

(21,238,863)

(5,999,282)

Share transactions
Proceeds from sales of shares

2,470,015,019

816,361,551

Reinvestment of distributions

20,504,249

5,785,646

Cost of shares redeemed

(1,510,859,402)

(316,571,716)

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

979,659,866

505,575,481

Redemption fees

3,299,389

930,289

Total increase (decrease) in net assets

1,612,921,988

787,672,875

Net Assets

Beginning of period

1,392,223,277

604,550,402

End of period (including undistributed net investment income of $34,483,401 and undistributed net investment income of $11,812,415, respectively)

$ 3,005,145,265

$ 1,392,223,277

Other Information

Shares

Sold

121,916,389

57,501,628

Issued in reinvestment of distributions

1,159,761

485,074

Redeemed

(75,344,302)

(22,850,332)

Net increase (decrease)

47,731,848

35,136,370

Financial Highlights

Years ended October 31,

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 15.71

$ 11.30

$ 9.81

$ 7.03

$ 6.52

Income from Investment Operations

Net investment income (loss) C

.21

.21

.14

.10

.06 F

Net realized and unrealized gain (loss)

6.31

4.30

1.46

2.73

.47

Total from investment operations

6.52

4.51

1.60

2.83

.53

Distributions from net investment income

(.21)

(.11)

(.12)

(.05)

(.03)

Redemption fees added to paid in capital C

.02

.01

.01

- H

.01

Net asset value, end of period

$ 22.04

$ 15.71

$ 11.30

$ 9.81

$ 7.03

Total Return A, B

41.96%

40.25%

16.48%

40.50%

8.25%

Ratios to Average Net Assets D, G

Expenses before reductions

1.11%

1.16%

1.23%

1.36%

1.44%

Expenses net of fee waivers, if any

1.11%

1.16%

1.23%

1.36%

1.44%

Expenses net of all reductions

1.01%

1.07%

1.18%

1.36%

1.39%

Net investment income (loss)

1.04%

1.53%

1.27%

1.31%

.73%

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,005,145

$ 1,392,223

$ 604,550

$ 430,928

$ 263,729

Portfolio turnover rate E

66%

68%

112%

105%

120%

A Total returns would have been lower had certain expenses not been reduced during the periods shown. B Total returns do not include the effect of the former sales charges. C Calculated based on average shares outstanding during the period. D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expense of any underlying Fidelity Central Funds. E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. F Investment income per share reflects a special dividend which amounted to $.01 per share. G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. H Amount represents less than $.01 per share.

Annual Report

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

Europe

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended
October 31, 2006

Past 1
year

Past 5
years

Past 10
years

Fidelity Europe Fund

27.40%

16.69%

10.80%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Europe Fund on October 31, 1996. The chart shows how the value of your investment would have changed, and also shows how the MSCI Europe Index performed over the same period.

Annual Report

Europe

Management's Discussion of Fund Performance

Comments from Trygve Toraasen, Portfolio Manager of Fidelity® Europe Fund

International equity markets as a whole outpaced their U.S. counterparts for the 12 months ending October 31, 2006 - partly as a result of favorable currency exchanges that boosted returns for U.S. investors. The Morgan Stanley Capital InternationalSM Europe, Australasia, Far East (MSCI® EAFE®) Index - a gauge of developed stock markets outside the United States and Canada - gained 27.72% during that time. European markets benefited from solid corporate profit growth and attractive dividends, which helped the MSCI Europe index advance 31.95%. Strong performing Latin American and Asian emerging markets drove the MSCI Emerging Markets index to a lofty 35.42% return. Japan was somewhat of an exception to the generally stellar foreign market performance after struggling in the middle part of the period. Still, its earlier gains helped the Tokyo Stock Exchange Stock Price Index (TOPIX) - a benchmark of the largest and better-established stocks traded on the Tokyo Stock Exchange - rise 12.47% overall. Natural-resources-rich Canada also struggled over the final six months as energy prices fell, but the S&P/TSX Composite Index managed a 12-month return of 28.21%.

The fund returned 27.40%, trailing the MSCI Europe index during a 12-month period in which solid profit gains and increased merger-and-acquisition activity provided firm support for European equities. The lagging performance relative to the MSCI index was largely a result of the fund's positions in higher-risk investments during a late-spring market slump. Health care was a particular source of weakness, held back by inopportune stock selection and an overweighting in the pharmaceuticals, biotechnology and life science group. Disappointing results in materials and industrials also detracted. Conversely, stock selection in energy and an overweighting of financials helped. On a country basis, the fund underperformed in France and the United Kingdom, but did well in Spain and the Netherlands. During a strong 12 months for European equities, a sizable portion of the fund's return came from currency fluctuations. The single biggest detractor was U.K. cruise company Carnival, which was forced to lower prices at the same time that its fuel costs rose. Several selections in health care hurt, including Teva Pharmaceutical, a generic drug company based in Israel that I sold; AstraZeneca, the U.K.-based pharmaceutical firm; and Synthes, a Swiss orthopedic products company that I sold. Two stock and futures exchanges - Euronext of the Netherlands and Deutsche Boerse of Germany - were positive contributors, and I took profits by selling the positions. I also liquidated investments in two Russian energy-related energy investments that I viewed as too risky, despite their good performance. One was a security listed under the name of the London branch of the investment bank UBS, the other was stock in the natural gas company Surgutneftegaz.

Note to shareholders: On December 14, 2006, the Board of Trustees agreed to present a proposal to shareholders to merge Fidelity Nordic Fund into Fidelity Europe Fund. Shareholders of Nordic Fund are expected to meet on May 16, 2007, to vote on the approval of the proposal. If approved, the merger is expected to be completed by the end of June 2007.

The foregoing is not a solicitation of any proxy. For a free copy of the Proxy Statement describing the Reorganization (and containing important information about fees, expenses and risk considerations) and a Prospectus for Fidelity Europe Fund, please call 1-800-544-3198 after March 19, 2007. The Prospectus/Proxy Statement also will be available for free on the Securities and Exchange Commission's Web site (www.sec.gov).

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Europe

Investment Changes

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

98.3

96.2

Short-Term Investments and
Net Other Assets

1.7

3.8

Top Ten Stocks as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Banco Bilbao Vizcaya Argentaria SA (Spain, Commercial Banks)

4.8

3.6

Tesco PLC (United Kingdom, Food & Staples Retailing)

3.4

1.5

Banco Santander Central Hispano SA (Spain, Commercial Banks)

3.3

1.3

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

3.2

2.5

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

2.9

3.2

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

2.5

3.0

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

2.3

1.0

Novartis AG (Reg.) (Switzerland, Pharmaceuticals)

2.1

2.3

AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)

1.9

0.0

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

1.8

1.5

28.2

Market Sectors as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

34.5

34.5

Consumer Staples

12.6

4.1

Consumer Discretionary

12.7

9.9

Health Care

9.6

11.9

Industrials

7.3

10.5

Energy

7.2

10.4

Information Technology

4.8

5.7

Utilities

3.8

1.8

Materials

3.5

6.0

Telecommunication Services

2.3

1.4

Annual Report

Europe

Investments October 31, 2006

Showing Percentage of Net Assets

Common Stocks - 95.6%

Shares

Value (Note 1)

Austria - 1.0%

Erste Bank AG

624,600

$ 42,532,724

Belgium - 0.5%

InBev SA

388,100

21,865,669

Finland - 1.6%

Metso Corp.

538,400

23,399,629

Nokia Corp.

1,992,350

39,607,918

TOTAL FINLAND

63,007,547

France - 9.9%

AXA SA

1,624,200

61,914,504

BNP Paribas SA

339,100

37,288,067

Carrefour SA

567,200

34,562,523

Essilor International SA

234,800

24,635,235

Groupe Danone

363,900

53,322,529

L'Oreal SA

419,800

40,830,453

Louis Vuitton Moet Hennessy (LVMH)

287,800

29,993,958

Societe Generale Series A

399,035

66,314,542

Total SA Series B

759,000

51,718,260

TOTAL FRANCE

400,580,071

Germany - 10.8%

Allianz AG (Reg.)

284,300

52,851,370

Bayer AG

940,900

47,223,771

Bayerische Motoren Werke AG (BMW)

1,172,900

67,369,030

E.ON AG

507,900

61,146,081

Hochtief AG

157,200

10,273,284

Linde AG

228,800

22,679,851

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

264,200

42,888,260

RWE AG

262,200

25,913,659

SAP AG

130,400

25,892,224

Siemens AG (Reg.)

264,200

23,727,802

Wincor Nixdorf AG

412,900

57,419,435

TOTAL GERMANY

437,384,767

Greece - 0.4%

Alpha Bank AE

557,700

16,230,141

Ireland - 0.8%

Allied Irish Banks PLC

1,138,200

31,095,624

Italy - 4.0%

Banca Popolare di Milano

1,696,780

25,103,440

ENI Spa (d)

1,345,100

40,830,511

Fiat Spa (a)

1,347,700

23,804,187

Tod's Spa

371,500

32,215,966

Unicredito Italiano Spa

4,724,500

39,173,165

TOTAL ITALY

161,127,269

Netherlands - 6.3%

ING Groep NV (Certificaten Van Aandelen)

2,045,700

90,685,881

Koninklijke Numico NV

463,100

20,706,262

Koninklijke Philips Electronics NV

1,846,100

64,299,663

Shares

Value (Note 1)

Randstad Holdings NV

658,100

$ 41,453,943

Rodamco Europe NV

310,352

35,909,483

TOTAL NETHERLANDS

253,055,232

Norway - 2.8%

Aker Kvaerner ASA

500,970

52,115,718

DnB Nor ASA

3,785,800

49,576,918

Statoil ASA

437,500

11,060,318

TOTAL NORWAY

112,752,954

Spain - 10.5%

Banco Bilbao Vizcaya Argentaria SA

8,049,400

194,795,481

Banco Santander Central Hispano SA

7,709,200

133,430,711

Inditex SA

1,138,200

54,421,831

Telefonica SA

2,128,200

40,932,380

TOTAL SPAIN

423,580,403

Sweden - 5.6%

Elekta AB (B Shares)

1,255,600

26,077,204

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

1,533,100

66,122,155

Hexagon AB (B Shares) (d)

1,057,325

39,380,320

SKF AB (B Shares)

1,311,100

21,103,148

Telefonaktiebolaget LM Ericsson
(B Shares)

18,941,000

71,634,862

TOTAL SWEDEN

224,317,689

Switzerland - 15.4%

ABB Ltd. (Reg.)

4,491,009

66,779,461

Baloise Holdings AG (Reg.)

236,176

22,589,675

Compagnie Financiere Richemont unit

490,385

24,260,095

Credit Suisse Group (Reg.)

853,896

51,643,630

Nestle SA (Reg.)

177,018

60,469,115

Novartis AG (Reg.)

1,418,243

86,129,897

Roche Holding AG (participation certificate)

676,581

118,387,400

Schindler Holding AG (participation certificate)

518,334

29,767,282

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

23,841

25,313,637

Syngenta AG (Switzerland)

419,377

67,582,604

UBS AG (Reg.)

1,119,365

66,982,802

TOTAL SWITZERLAND

619,905,598

United Kingdom - 26.0%

AstraZeneca PLC (United Kingdom)

1,328,800

78,000,560

BG Group PLC

2,398,074

31,814,438

Biffa PLC (a)

957,500

4,867,439

BP PLC

9,073,700

101,474,211

British American Tobacco PLC

1,430,000

39,325,000

Carnival PLC

974,600

47,307,084

Diageo PLC

3,147,600

58,600,443

Gallaher Group PLC

657,100

11,188,770

GlaxoSmithKline PLC

2,205,800

58,729,425

HBOS PLC

3,096,200

64,198,236

Common Stocks - continued

Shares

Value (Note 1)

United Kingdom - continued

HSBC Holdings PLC (United Kingdom) (Reg.)

6,799,800

$ 129,835,382

Imperial Tobacco Group PLC

346,100

12,259,649

Man Group PLC

3,784,000

35,223,742

National Grid PLC

2,508,900

32,064,369

Pearson PLC

718,100

10,595,215

Rolls-Royce Group PLC

1,313,100

11,766,008

Royal Bank of Scotland Group PLC

1,469,800

52,372,060

SABMiller PLC

625,300

12,094,584

Scottish & Southern Energy PLC

860,000

21,555,513

Severn Trent PLC

638,266

16,996,194

Tesco PLC

18,091,873

135,797,824

Vodafone Group PLC

20,000,000

51,699,998

Yell Group PLC

2,679,100

31,837,687

TOTAL UNITED KINGDOM

1,049,603,831

TOTAL COMMON STOCKS

(Cost $3,400,734,654)

3,857,039,519

Nonconvertible Preferred Stocks - 2.7%

Germany - 1.6%

Henkel KGaA

77,500

10,381,759

Porsche AG (non-vtg.)

48,243

56,250,923

TOTAL GERMANY

66,632,682

Italy - 1.1%

Banca Intesa Spa (Risp)

6,417,097

42,542,925

United Kingdom - 0.0%

Rolls-Royce Group PLC Series B

46,150,250

90,232

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $67,778,738)

109,265,839

Money Market Funds - 2.2%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 5.34% (b)

53,262,984

$ 53,262,984

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)

33,808,334

33,808,334

TOTAL MONEY MARKET FUNDS

(Cost $87,071,318)

87,071,318

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $3,555,584,710)

4,053,376,676

NET OTHER ASSETS - (0.5)%

(20,113,632)

NET ASSETS - 100%

$ 4,033,263,044

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 5,782,641

Fidelity Securities Lending Cash Central Fund

3,012,911

Total

$ 8,795,552

Annual Report

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

Europe

Financial Statements

Statement of Assets and Liabilities

October 31, 2006

Assets

Investment in securities, at value (including securities loaned of $32,098,821) - See accompanying schedule:

Unaffiliated issuers (cost $3,468,513,392)

$ 3,966,305,358

Fidelity Central Funds (cost $87,071,318)

87,071,318

Total Investments (cost $3,555,584,710)

$ 4,053,376,676

Receivable for investments sold

104,393,541

Receivable for fund shares sold

4,705,062

Dividends receivable

2,465,232

Interest receivable

670,201

Other receivables

606,183

Total assets

4,166,216,895

Liabilities

Payable for investments purchased

$ 94,239,841

Payable for fund shares redeemed

1,068,948

Accrued management fee

2,740,828

Other affiliated payables

834,856

Other payables and accrued expenses

261,044

Collateral on securities loaned, at value

33,808,334

Total liabilities

132,953,851

Net Assets

$ 4,033,263,044

Net Assets consist of:

Paid in capital

$ 2,971,636,039

Undistributed net investment income

47,287,901

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

516,492,108

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

497,846,996

Net Assets, for 95,319,221 shares outstanding

$ 4,033,263,044

Net Asset Value, offering price and redemption price per share ($4,033,263,044 ÷ 95,319,221 shares)

$ 42.31

Statement of Operations

Year ended October 31, 2006

Investment Income

Dividends

$ 81,483,767

Interest

16,578

Income from Fidelity Central Funds (including $3,012,911 from security lending)

8,795,552

90,295,897

Less foreign taxes withheld

(7,626,758)

Total income

82,669,139

Expenses

Management fee
Basic fee

$ 23,316,735

Performance adjustment

4,083,687

Transfer agent fees

7,461,872

Accounting and security lending fees

1,342,506

Custodian fees and expenses

1,197,026

Independent trustees' compensation

12,584

Registration fees

140,603

Audit

84,360

Legal

45,600

Interest

31,378

Miscellaneous

26,957

Total expenses before reductions

37,743,308

Expense reductions

(3,457,264)

34,286,044

Net investment income (loss)

48,383,095

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

529,335,147

Foreign currency transactions

(606,335)

Total net realized gain (loss)

528,728,812

Change in net unrealized appreciation (depreciation) on:

Investment securities

164,068,845

Assets and liabilities in foreign currencies

61,783

Total change in net unrealized appreciation (depreciation)

164,130,628

Net gain (loss)

692,859,440

Net increase (decrease) in net assets resulting from operations

$ 741,242,535

Annual Report

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

Europe
Financial Statements - continued

Statement of Changes in Net Assets

Year ended
October 31,
2006

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 48,383,095

$ 22,737,953

Net realized gain (loss)

528,728,812

388,153,793

Change in net unrealized appreciation (depreciation)

164,130,628

46,504,527

Net increase (decrease) in net assets resulting from operations

741,242,535

457,396,273

Distributions to shareholders from net investment income

(20,654,281)

(5,654,760)

Distributions to shareholders from net realized gain

(273,319,238)

(5,026,446)

Total distributions

(293,973,519)

(10,681,206)

Share transactions
Proceeds from sales of shares

1,199,680,149

673,749,170

Reinvestment of distributions

289,349,942

10,481,613

Cost of shares redeemed

(450,913,920)

(428,684,899)

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

1,038,116,171

255,545,884

Redemption fees

66,135

110,346

Total increase (decrease) in net assets

1,485,451,322

702,371,297

Net Assets

Beginning of period

2,547,811,722

1,845,440,425

End of period (including undistributed net investment income of $47,287,901 and undistributed net investment income of $22,161,696, respectively)

$ 4,033,263,044

$ 2,547,811,722

Other Information

Shares

Sold

30,327,952

19,400,306

Issued in reinvestment of distributions

8,260,061

318,978

Redeemed

(11,647,553)

(12,015,269)

Net increase (decrease)

26,940,460

7,704,015

Financial Highlights

Years ended October 31,

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 37.26

$ 30.42

$ 24.37

$ 18.31

$ 22.68

Income from Investment Operations

Net investment income (loss) D

.58

.33

.09

.29

.12 G

Net realized and unrealized gain (loss)

8.74

6.68

6.25

5.91

(4.25)

Total from investment operations

9.32

7.01

6.34

6.20

(4.13)

Distributions from net investment income

(.30)

(.09)

(.29)

(.14)

(.24)

Distributions from net realized gain

(3.97)

(.08)

-

-

-

Total distributions

(4.27)

(.17)

(.29)

(.14)

(.24)

Redemption fees added to paid in capital D, I

-

-

-

-

-

Net asset value, end of period

$ 42.31

$ 37.26

$ 30.42

$ 24.37

$ 18.31

Total Return A, B, C

27.40%

23.12%

26.20%

34.09%

(18.49)%

Ratios to Average Net Assets E, H

Expenses before reductions

1.16%

1.15%

1.11%

1.03%

1.20%

Expenses net of fee waivers, if any

1.16%

1.15%

1.11%

1.03%

1.20%

Expenses net of all reductions

1.05%

1.07%

1.05%

.98%

1.13%

Net investment income (loss)

1.48%

.95%

.32%

1.44%

.52%

Supplemental Data

Net assets, end of period (000 omitted)

$ 4,033,263

$ 2,547,812

$ 1,845,440

$ 1,283,191

$ 875,995

Portfolio turnover rate F

127%

99%

106%

162%

127%

A Total returns would have been lower had certain expenses not been reduced during the periods shown. B Total returns do not include the effect of the former sales charges. C Total returns do not include the effect of the former contingent deferred sales charge. D Calculated based on average shares outstanding during the period. E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expense of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.05 per share. H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. I Amount represents less than $.01 per share.

Annual Report

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

Europe Capital Appreciation

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended
October 31, 2006

Past 1
year

Past 5
years

Past 10
years

Fidelity Europe Capital Appreciation Fund

34.81%

16.23%

12.55%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Europe Capital Appreciation Fund on October 31, 1996. The chart shows how the value of your investment would have changed, and also shows how the MSCI Europe Index performed over the same period.

Annual Report

Europe Capital Appreciation

Management's Discussion of Fund Performance

Comments from Darren Maupin, Portfolio Manager of Fidelity® Europe Capital Appreciation Fund

International equity markets as a whole outpaced their U.S. counterparts for the 12 months ending October 31, 2006 - partly as a result of favorable currency exchanges that boosted returns for U.S. investors. The Morgan Stanley Capital InternationalSM Europe, Australasia, Far East (MSCI® EAFE®) Index - a gauge of developed stock markets outside the United States and Canada - gained 27.72% during that time. European markets benefited from solid corporate profit growth and attractive dividends, which helped the MSCI Europe index advance 31.95%. Strong performing Latin American and Asian emerging markets drove the MSCI Emerging Markets index to a lofty 35.42% return. Japan was somewhat of an exception to the generally stellar foreign market performance after struggling in the middle part of the period. Still, its earlier gains helped the Tokyo Stock Exchange Stock Price Index (TOPIX) - a benchmark of the largest and better-established stocks traded on the Tokyo Stock Exchange - rise 12.47% overall. Natural-resources-rich Canada also struggled over the final six months as energy prices fell, but the S&P/TSX Composite Index managed a 12-month return of 28.21%.

The fund advanced 34.81% for the fiscal year, outperforming the MSCI Europe index. Favorable stock selection added the most value relative to the benchmark, led by the fund's picks in the energy, telecommunication services and financials sectors, as well as in the pharmaceuticals, biotechnology and life science group. Among the stocks that helped most were Millicom International Cellular, a Luxembourg-based wireless company with a strong emerging-markets presence; Banca Italease, an Italian leasing company; and Swiss biopharma company Actelion. I sold Millicom and Banca Italease to realize their profits. Having no exposure to integrated energy giant BP, a major index component, also helped. Conversely, the fund's underweighting in the telecom space held back its performance a bit, as did inopportune stock picking in such groups as commercial services and supplies, media and utilities. Detractors included Tele Atlas, a Dutch maker of digital maps; German pay-TV operator Premiere; and NETeller, a U.K. online funds transfer service. I eliminated the positions in Premiere and NETeller. A larger-than-usual average cash position during the period, some of which I diverted into short-term European bonds, also hurt. On a country level, our best results were in Italy and Switzerland, and our worst in the United Kingdom. Favorable currency movements also helped boost the fund's absolute performance.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Europe Capital Appreciation

Investment Changes

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

83.1

89.8

Bonds

10.2

0.0

Short-Term Investments and Net Other Assets

6.7

10.2

Top Ten Stocks as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Icade SA (France, Real Estate Management & Development)

3.4

0.7

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

3.2

0.0

Tesco PLC (United Kingdom, Food & Staples Retailing)

3.1

0.0

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

3.1

3.0

Lanxess AG (Germany, Chemicals)

3.0

1.9

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

2.8

2.6

Reed Elsevier NV (Netherlands, Media)

2.8

1.7

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

2.8

2.4

Renault SA (France, Automobiles)

2.7

1.8

GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals)

2.7

0.0

29.6

Market Sectors as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

18.9

13.7

Health Care

14.2

7.2

Financials

14.1

19.9

Industrials

12.0

7.5

Materials

7.0

11.8

Consumer Staples

6.7

5.0

Energy

5.6

11.2

Utilities

2.4

2.7

Information Technology

2.2

6.7

Telecommunication Services

0.0

4.1

Annual Report

Europe Capital Appreciation

Investments October 31, 2006

Showing Percentage of Net Assets

Common Stocks - 80.3%

Shares

Value (Note 1)

Argentina - 0.7%

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

551,200

$ 8,069,568

Austria - 2.6%

Flughafen Wien AG

312,377

28,009,940

Bermuda - 0.9%

SeaDrill Ltd. (a)

647,100

9,176,968

Canada - 1.7%

European Goldfields Ltd. (a)

2,559,200

8,662,504

MagIndustries Corp. (a)

1,518,880

1,285,295

New Flyer Industries, Inc.

1,028,900

7,973,482

TOTAL CANADA

17,921,281

France - 13.0%

BIC SA

309,682

19,922,017

Compagnie Generale de Geophysique SA (a)(d)

49,200

8,320,852

Eutelsat Communications

1,015,064

18,333,132

Icade SA

608,166

36,103,996

Renault SA

249,900

29,233,817

Sanofi-Aventis sponsored ADR

640,599

27,347,171

TOTAL FRANCE

139,260,985

Germany - 9.3%

E.ON AG

216,800

26,100,552

KarstadtQuelle AG (a)(d)

899,700

21,130,138

Lanxess AG (a)

689,700

31,524,728

Qimonda AG Sponsored ADR

488,900

6,820,155

SAP AG

70,000

13,899,200

TOTAL GERMANY

99,474,773

Italy - 1.4%

Banca Intesa Spa

2,157,500

14,749,530

Luxembourg - 3.2%

SES Global SA FDR (France)

2,217,100

33,987,176

Netherlands - 10.7%

ING Groep NV (Certificaten Van Aandelen)

506,898

22,470,788

Koninklijke Philips Electronics NV

596,500

20,776,095

Koninklijke Wessanen NV

628,814

8,379,334

Nutreco Holding NV

383,700

22,866,646

Reed Elsevier NV

1,744,200

29,988,219

Tele Atlas NV (a)(d)

541,978

10,169,177

TOTAL NETHERLANDS

114,650,259

Norway - 3.5%

Fred Olsen Energy ASA (a)(d)

253,600

10,940,734

Petroleum Geo-Services ASA (a)

206,750

12,035,060

TANDBERG ASA

196,900

2,274,263

TGS Nopec Geophysical Co. ASA (a)

671,250

11,963,502

TOTAL NORWAY

37,213,559

Shares

Value (Note 1)

Philippines - 0.6%

DMCI Holdings, Inc.

20,501,000

$ 2,015,548

Semirara Mining Corp.

11,981,400

4,627,647

TOTAL PHILIPPINES

6,643,195

Sweden - 4.1%

Assa Abloy AB (B Shares)

1,066,600

20,527,442

Atlas Copco AB (A Shares)

760,000

22,203,146

Micronic Laser Systems AB (a)

107,770

973,637

TOTAL SWEDEN

43,704,225

Switzerland - 11.4%

Actelion Ltd. (Reg.) (a)

179,049

30,149,713

Bucher Holding AG

184,321

18,666,918

Credit Suisse Group (Reg.)

211,758

12,807,124

Novartis AG sponsored ADR

348,500

21,164,405

Roche Holding AG (participation certificate)

67,642

11,835,923

Swissfirst AG

67,095

3,996,093

Syngenta AG (Switzerland)

147,430

23,758,345

TOTAL SWITZERLAND

122,378,521

United Kingdom - 12.0%

Amlin PLC

343,149

1,971,852

Benfield Group PLC

4,236,357

28,161,765

GlaxoSmithKline PLC

1,077,100

28,677,788

Pearson PLC

1,814,600

26,773,538

Peter Hambro Mining PLC (a)(d)

444,288

10,085,004

Tesco PLC

4,388,300

32,938,634

TOTAL UNITED KINGDOM

128,608,581

United States of America - 5.2%

NTL, Inc.

836,900

22,621,407

Synthes, Inc.

290,352

32,929,042

TOTAL UNITED STATES OF AMERICA

55,550,449

TOTAL COMMON STOCKS

(Cost $774,632,454)

859,399,010

Nonconvertible Preferred Stocks - 2.8%

Italy - 2.8%

Istituto Finanziario Industriale Spa (IFI) (a)
(Cost $21,855,971)

1,084,111

29,640,124

Government Obligations - 10.2%

Principal Amount

Austria - 1.7%

Austrian Republic 5.625% 7/15/07

EUR

14,275,000

18,442,902

Finland - 1.7%

Finnish Government 5% 7/4/07

EUR

14,275,000

18,370,019

Government Obligations - continued

Principal Amount

Value (Note 1)

France - 3.4%

French Government 2.25% 3/12/07

EUR

28,550,000

$ 36,277,233

Germany - 1.7%

German Federal Republic 6% 7/4/07

EUR

14,275,000

18,493,919

Netherlands - 1.7%

Dutch Government 3% 7/15/07

EUR

14,275,000

18,126,410

TOTAL GOVERNMENT OBLIGATIONS

(Cost $109,185,398)

109,710,483

Money Market Funds - 9.5%

Shares

Fidelity Cash Central Fund, 5.34% (b)

59,278,253

59,278,253

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)

41,901,786

41,901,786

TOTAL MONEY MARKET FUNDS

(Cost $101,180,039)

101,180,039

TOTAL INVESTMENT PORTFOLIO - 102.8%

(Cost $1,006,853,862)

1,099,929,656

NET OTHER ASSETS - (2.8)%

(29,465,269)

NET ASSETS - 100%

$ 1,070,464,387

Currency Abbreviations

EUR - European Monetary Unit

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 2,620,798

Fidelity Securities Lending Cash Central Fund

895,815

Total

$ 3,516,613

Annual Report

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

Europe Capital Appreciation

Financial Statements

Statement of Assets and Liabilities

October 31, 2006

Assets

Investment in securities, at value (including securities loaned of $39,767,644) - See accompanying schedule:

Unaffiliated issuers (cost $905,673,823)

$ 998,749,617

Fidelity Central Funds (cost $101,180,039)

101,180,039

Total Investments (cost $1,006,853,862)

$ 1,099,929,656

Receivable for investments sold

25,416,899

Receivable for fund shares sold

5,084,301

Dividends receivable

663,522

Interest receivable

1,885,827

Other receivables

241,011

Total assets

1,133,221,216

Liabilities

Payable for investments purchased

$ 19,246,482

Payable for fund shares redeemed

743,293

Accrued management fee

580,060

Other affiliated payables

208,935

Other payables and accrued expenses

76,273

Collateral on securities loaned, at value

41,901,786

Total liabilities

62,756,829

Net Assets

$ 1,070,464,387

Net Assets consist of:

Paid in capital

$ 854,916,365

Undistributed net investment income

10,571,012

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

111,874,199

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

93,102,811

Net Assets, for 38,965,440 shares outstanding

$ 1,070,464,387

Net Asset Value, offering price and redemption price per share ($1,070,464,387 ÷ 38,965,440 shares)

$ 27.47

Statement of Operations

Year ended October 31, 2006

Investment Income

Dividends

$ 12,509,128

Special dividends

3,180,771

Interest

493,581

Income from Fidelity Central Funds (including $895,815 from security lending)

3,516,613

19,700,093

Less foreign taxes withheld

(1,967,651)

Total income

17,732,442

Expenses

Management fee
Basic fee

$ 5,044,060

Performance adjustment

362,758

Transfer agent fees

1,523,142

Accounting and security lending fees

340,210

Custodian fees and expenses

242,299

Independent trustees' compensation

2,639

Registration fees

109,908

Audit

51,030

Legal

8,993

Miscellaneous

5,454

Total expenses before reductions

7,690,493

Expense reductions

(656,211)

7,034,282

Net investment income (loss)

10,698,160

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

112,180,210

Foreign currency transactions

(97,353)

Total net realized gain (loss)

112,082,857

Change in net unrealized appreciation (depreciation) on:

Investment securities

56,456,612

Assets and liabilities in foreign currencies

26,700

Total change in net unrealized appreciation (depreciation)

56,483,312

Net gain (loss)

168,566,169

Net increase (decrease) in net assets resulting from operations

$ 179,264,329

Annual Report

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

Europe Capital Appreciation
Financial Statements - continued

Statement of Changes in Net Assets

Year ended
October 31,
2006

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 10,698,160

$ 7,893,648

Net realized gain (loss)

112,082,857

80,741,934

Change in net unrealized appreciation (depreciation)

56,483,312

(10,249,032)

Net increase (decrease) in net assets resulting from operations

179,264,329

78,386,550

Distributions to shareholders from net investment income

(6,124,444)

(3,546,592)

Distributions to shareholders from net realized gain

(53,486,694)

(1,251,738)

Total distributions

(59,611,138)

(4,798,330)

Share transactions
Proceeds from sales of shares

647,405,817

110,398,063

Reinvestment of distributions

55,944,039

4,494,786

Cost of shares redeemed

(245,527,974)

(103,075,461)

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

457,821,882

11,817,388

Redemption fees

201,750

20,064

Total increase (decrease) in net assets

577,676,823

85,425,672

Net Assets

Beginning of period

492,787,564

407,361,892

End of period (including undistributed net investment income of $10,571,012 and undistributed net investment income of $6,919,085, respectively)

$ 1,070,464,387

$ 492,787,564

Other Information

Shares

Sold

24,922,851

4,991,864

Issued in reinvestment of distributions

2,608,114

217,455

Redeemed

(9,853,075)

(4,674,623)

Net increase (decrease)

17,677,890

534,696

Financial Highlights

Years ended October 31,

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 23.15

$ 19.63

$ 17.26

$ 13.85

$ 15.43

Income from Investment Operations

Net investment income (loss) C

.38 F

.37

.13 G

.14

.19

Net realized and unrealized gain (loss)

6.85

3.38

2.46

3.46

(1.60)

Total from investment operations

7.23

3.75

2.59

3.60

(1.41)

Distributions from net investment income

(.30)

(.17)

(.22)

(.19)

(.17)

Distributions from net realized gain

(2.62)

(.06)

-

-

-

Total distributions

(2.92)

(.23)

(.22)

(.19)

(.17)

Redemption fees added to paid in capital C

.01

- I

- I

- I

- I

Net asset value, end of period

$ 27.47

$ 23.15

$ 19.63

$ 17.26

$ 13.85

Total Return A, B

34.81%

19.24%

15.13%

26.36%

(9.29)%

Ratios to Average Net Assets D, H

Expenses before reductions

1.09%

.95%

1.22%

1.39%

1.37%

Expenses net of fee waivers, if any

1.09%

.95%

1.22%

1.39%

1.37%

Expenses net of all reductions

.99%

.84%

1.15%

1.32%

1.32%

Net investment income (loss)

1.51% F

1.66%

.69% G

.94%

1.18%

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,070,464

$ 492,788

$ 407,362

$ 394,015

$ 424,006

Portfolio turnover rate E

143%

133%

119%

184%

121%

A Total returns would have been lower had certain expenses not been reduced during the periods shown. B Total returns do not include the effect of the former sales charges. C Calculated based on average shares outstanding during the period. D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expense of any underlying Fidelity Central Funds. E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. F Investment income per share reflects a special dividend which amounted to $.11 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%. G Net investment income per share includes approximately $.01 per share received as a result of a reorganization of an issuer that was in bankruptcy. Excluding this non-recurring amount, the ratio of net investment income (loss) to average net assets would have been .65%. H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. I Amount represents less than $.01 per share.

Annual Report

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

Japan

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended
October 31, 2006

Past 1
year

Past 5
years

Past 10
years

Fidelity Japan Fund

12.54%

11.81%

6.61%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Japan Fund on October 31, 1996. The chart shows how the value of your investment would have changed, and also shows how the TOPIX performed over the same period.

Annual Report

Japan

Management's Discussion of Fund Performance

Comments from Yoko Ishibashi, Portfolio Manager of Fidelity® Japan Fund

International equity markets as a whole outpaced their U.S. counterparts for the 12 months ending October 31, 2006 - partly as a result of favorable currency exchanges that boosted returns for U.S. investors. The Morgan Stanley Capital InternationalSM Europe, Australasia, Far East (MSCI® EAFE®) Index - a gauge of developed stock markets outside the United States and Canada - gained 27.72% during that time. European markets benefited from solid corporate profit growth and attractive dividends, which helped the MSCI Europe index advance 31.95%. Strong performing Latin American and Asian emerging markets drove the MSCI Emerging Markets index to a lofty 35.42% return. Japan was somewhat of an exception to the generally stellar foreign market performance after struggling in the middle part of the period. Still, its earlier gains helped the Tokyo Stock Exchange Stock Price Index (TOPIX) - a benchmark of the largest and better-established stocks traded on the Tokyo Stock Exchange - rise 12.47% overall. Natural-resources-rich Canada also struggled over the final six months as energy prices fell, but the S&P/TSX Composite Index managed a 12-month return of 28.21%.

During the past year, the fund returned 12.54%, edging the TOPIX. Strong stock picking in the financials sector - particularly in the banking industry - added to performance versus the index. For example, not owning poorly performing index component Mitsubishi UFJ Financial Group proved timely. Also boosting the fund's return was stock selection in materials and telecommunication services. That said, the fund's top contributor was Mitsui Engineering & Shipbuilding. Video game developer Nintendo also boosted the fund's results, as did Sumitomo Metal Mining, a producer of nickel, copper and gold. Sumitomo Realty & Development benefited from the recent strength in real estate prices. Conversely, performance suffered because of the consumer discretionary sector, where a large overweighting in retailers was counterproductive, along with a sizable underweighting in automaker Toyota, a major index component that did well. Owning a minimal stake in office automation stock Canon - another index component - further hurt our results, as did an unsuccessful position in Ebara, a maker of waste incinerators. I sold Ebara by period end. Overweighting energy was detrimental as well, as reflected in the disappointing performance of Nippon Oil. In the case of engineering company JGC Corp., recent earnings appeared unimpressive compared with the previous year's stellar results, hurting its stock price.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Japan

Investment Changes

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

97.7

97.4

Short-Term Investments and
Net Other Assets

2.3

2.6

Top Ten Stocks as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Mizuho Financial Group, Inc. (Commercial Banks)

5.3

4.8

Nintendo Co. Ltd. (Software)

5.1

1.3

Sumitomo Mitsui Financial Group, Inc. (Commercial Banks)

4.9

4.0

Yamada Denki Co. Ltd. (Specialty Retail)

4.7

3.7

Fujifilm Holdings Corp. (Leisure Equipment & Products)

4.5

0.0

Mitsui Engineering & Shipbuilding Co. (Machinery)

4.1

2.6

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

3.9

3.5

Sumitomo Metal Industries Ltd. (Metals & Mining)

3.7

3.4

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

3.7

3.2

Matsushita Electric Industrial Co. Ltd. (Household Durables)

3.3

3.2

43.2

Market Sectors as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

26.4

23.2

Financials

17.9

19.8

Information Technology

13.6

12.3

Materials

11.0

14.2

Industrials

10.5

15.5

Health Care

6.3

1.6

Energy

5.9

6.1

Consumer Staples

3.8

4.7

Telecommunication Services

2.3

0.0

Annual Report

Japan

Investments October 31, 2006

Showing Percentage of Net Assets

Common Stocks - 97.7%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 26.4%

Auto Components - 0.1%

Stanley Electric Co. Ltd.

108,400

$ 2,150,205

Automobiles - 3.0%

Mazda Motor Corp.

7,193,000

48,646,232

Toyota Motor Corp.

67,400

3,976,600

52,622,832

Household Durables - 7.2%

Casio Computer Co. Ltd. (d)

2,265,200

45,803,679

Daiwa House Industry Co. Ltd.

880,000

15,875,514

Matsushita Electric Industrial Co. Ltd.

2,772,000

57,657,603

Sekisui House Ltd.

413,000

6,529,044

Sony Corp.

9,400

385,212

126,251,052

Leisure Equipment & Products - 7.9%

Fujifilm Holdings Corp.

2,135,400

79,237,658

Namco Bandai Holdings, Inc.

492,200

7,823,186

Nikon Corp. (d)

2,581,000

53,072,036

140,132,880

Multiline Retail - 2.1%

Parco Co. Ltd.

533,800

6,407,791

The Daimaru, Inc.

2,514,000

30,135,330

36,543,121

Specialty Retail - 6.1%

Nishimatsuya Chain Co. Ltd.

335,100

6,546,713

Otsuka Kagu Ltd. (d)

603,600

15,843,469

Shimachu Co. Ltd.

87,700

2,511,927

Yamada Denki Co. Ltd.

836,990

83,298,256

108,200,365

Textiles, Apparel & Luxury Goods - 0.0%

Seiko Corp. (d)

70,000

497,948

TOTAL CONSUMER DISCRETIONARY

466,398,403

CONSUMER STAPLES - 3.8%

Food & Staples Retailing - 1.1%

Aeon Co. Ltd.

833,100

19,623,723

Household Products - 2.2%

Uni-Charm Corp.

676,600

37,659,595

Personal Products - 0.5%

Mandom Corp.

368,900

8,989,099

TOTAL CONSUMER STAPLES

66,272,417

ENERGY - 5.9%

Energy Equipment & Services - 0.5%

Shinko Plantech Co. Ltd.

1,264,000

9,499,453

Shares

Value (Note 1)

Oil, Gas & Consumable Fuels - 5.4%

Inpex Holdings, Inc.

8,474

$ 69,264,230

Nippon Oil Corp.

3,435,000

25,551,044

94,815,274

TOTAL ENERGY

104,314,727

FINANCIALS - 17.9%

Capital Markets - 2.0%

Daiwa Securities Group, Inc. (d)

1,912,000

21,693,093

Nomura Holdings, Inc.

748,800

13,193,857

34,886,950

Commercial Banks - 11.4%

Mizuho Financial Group, Inc.

11,974

93,265,341

Sumitomo Mitsui Financial Group, Inc. (d)

7,928

86,763,342

Sumitomo Trust & Banking Co. Ltd.

1,504,000

16,176,745

Tokyo Tomin Bank Ltd. (d)

150,500

6,125,000

202,330,428

Real Estate Management & Development - 4.5%

Mitsubishi Estate Co. Ltd.

1,273,000

30,475,378

Mitsui Fudosan Co. Ltd.

879,000

21,644,324

Sankei Building Co. Ltd.

304,200

2,928,601

Sumitomo Realty & Development Co. Ltd.

721,000

23,918,264

78,966,567

TOTAL FINANCIALS

316,183,945

HEALTH CARE - 6.3%

Health Care Equipment & Supplies - 1.2%

Nikkiso Co. Ltd.

1,537,000

13,193,810

Terumo Corp.

210,900

8,529,045

21,722,855

Pharmaceuticals - 5.1%

Daiichi Sankyo Co. Ltd.

1,057,800

31,473,531

Takeda Pharamaceutical Co. Ltd.

897,200

57,609,202

89,082,733

TOTAL HEALTH CARE

110,805,588

INDUSTRIALS - 10.5%

Building Products - 0.1%

Toto Ltd. (d)

168,000

1,663,338

Construction & Engineering - 2.8%

JGC Corp.

2,962,000

46,116,640

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

543,000

2,785,568

48,902,208

Electrical Equipment - 0.6%

Furukawa Electric Co. Ltd.

1,608,000

11,479,823

Machinery - 5.8%

JTEKT Corp.

918,900

19,130,657

Common Stocks - continued

Shares

Value (Note 1)

INDUSTRIALS - continued

Machinery - continued

Mitsui Engineering & Shipbuilding Co. (d)

19,307,000

$ 71,972,062

Nabtesco Corp.

915,000

10,991,579

102,094,298

Road & Rail - 0.9%

East Japan Railway Co.

2,381

16,652,343

Transportation Infrastructure - 0.3%

Mitsui-Soko Co. Ltd. (d)

912,000

5,216,553

TOTAL INDUSTRIALS

186,008,563

INFORMATION TECHNOLOGY - 13.6%

Computers & Peripherals - 0.0%

Fujitsu Ltd.

27,000

220,229

Electronic Equipment & Instruments - 4.1%

Hoya Corp.

223,200

8,625,719

Nidec Corp. (d)

241,200

18,457,080

Nihon Dempa Kogyo Co. Ltd. (d)

33,800

1,387,141

Yamatake Corp.

1,925,700

42,807,971

Yaskawa Electric Corp. (d)

105,000

1,120,383

72,398,294

Office Electronics - 1.3%

Canon, Inc.

18,900

1,009,071

Konica Minolta Holdings, Inc.

1,708,500

22,758,577

23,767,648

Semiconductors & Semiconductor Equipment - 3.1%

Tokyo Electron Ltd.

723,600

54,072,027

Software - 5.1%

Nintendo Co. Ltd.

436,400

89,250,073

TOTAL INFORMATION TECHNOLOGY

239,708,271

MATERIALS - 11.0%

Chemicals - 3.6%

Asahi Kasei Corp.

2,401,000

15,334,705

JSR Corp.

14,600

366,997

Mitsubishi Gas Chemical Co., Inc.

3,789,000

36,088,801

Teijin Ltd.

1,748,000

9,759,269

Tokuyama Corp. (d)

205,000

2,580,027

64,129,799

Shares

Value (Note 1)

Metals & Mining - 7.4%

Sumitomo Metal Industries Ltd. (d)

17,364,000

$ 65,322,848

Sumitomo Metal Mining Co. Ltd.

4,897,000

64,352,679

129,675,527

TOTAL MATERIALS

193,805,326

TELECOMMUNICATION SERVICES - 2.3%

Wireless Telecommunication Services - 2.3%

KDDI Corp.

6,487

40,432,825

TOTAL COMMON STOCKS

(Cost $1,508,102,823)

1,723,930,065

Money Market Funds - 7.5%

Fidelity Cash Central Fund, 5.34% (b)

26,447,682

26,447,682

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)

105,442,967

105,442,967

TOTAL MONEY MARKET FUNDS

(Cost $131,890,649)

131,890,649

TOTAL INVESTMENT PORTFOLIO - 105.2%

(Cost $1,639,993,472)

1,855,820,714

NET OTHER ASSETS - (5.2)%

(92,433,587)

NET ASSETS - 100%

$ 1,763,387,127

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 1,426,737

Fidelity Securities Lending Cash Central Fund

2,487,977

Total

$ 3,914,714

Annual Report

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

Japan

Financial Statements

Statement of Assets and Liabilities

October 31, 2006

Assets

Investment in securities, at value (including securities loaned of $100,306,245) - See accompanying schedule:

Unaffiliated issuers (cost $1,508,102,823)

$ 1,723,930,065

Fidelity Central Funds (cost $131,890,649)

131,890,649

Total Investments (cost $1,639,993,472)

$ 1,855,820,714

Receivable for investments sold

23,087,232

Receivable for fund shares sold

2,480,496

Dividends receivable

5,162,583

Interest receivable

91,212

Other receivables

147,470

Total assets

1,886,789,707

Liabilities

Payable for investments purchased

$ 12,805,752

Payable for fund shares redeemed

3,555,478

Accrued management fee

1,066,773

Other affiliated payables

386,593

Other payables and accrued expenses

145,017

Collateral on securities loaned, at value

105,442,967

Total liabilities

123,402,580

Net Assets

$ 1,763,387,127

Net Assets consist of:

Paid in capital

$ 1,495,620,454

Undistributed net investment income

1,292,579

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

50,696,640

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

215,777,454

Net Assets, for 104,622,034 shares outstanding

$ 1,763,387,127

Net Asset Value, offering price and redemption price per share ($1,763,387,127 ÷ 104,622,034 shares)

$ 16.85

Statement of Operations

Year ended October 31, 2006

Investment Income

Dividends

$ 17,314,764

Interest

49

Income from Fidelity Central Funds (including $2,487,977 from security lending)

3,914,714

21,229,527

Less foreign taxes withheld

(1,212,032)

Total income

20,017,495

Expenses

Management fee
Basic fee

$ 12,646,770

Performance adjustment

957,232

Transfer agent fees

3,844,396

Accounting and security lending fees

799,419

Custodian fees and expenses

430,960

Independent trustees' compensation

6,594

Registration fees

179,299

Audit

71,219

Legal

23,169

Interest

782

Miscellaneous

10,244

Total expenses before reductions

18,970,084

Expense reductions

(368,433)

18,601,651

Net investment income (loss)

1,415,844

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

88,177,284

Foreign currency transactions

1,092,409

Total net realized gain (loss)

89,269,693

Change in net unrealized appreciation (depreciation) on:

Investment securities

21,853,306

Assets and liabilities in foreign currencies

57,093

Total change in net unrealized appreciation (depreciation)

21,910,399

Net gain (loss)

111,180,092

Net increase (decrease) in net assets resulting from operations

$ 112,595,936

Annual Report

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

Japan
Financial Statements - continued

Statement of Changes in Net Assets

Year ended
October 31,
2006

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 1,415,844

$ 1,532,783

Net realized gain (loss)

89,269,693

36,054,734

Change in net unrealized appreciation (depreciation)

21,910,399

163,943,488

Net increase (decrease) in net assets resulting from operations

112,595,936

201,531,005

Distributions to shareholders from net investment income

(1,655,031)

-

Distributions to shareholders from net realized gain

(827,515)

-

Total distributions

(2,482,546)

-

Share transactions
Proceeds from sales of shares

1,451,989,405

367,814,312

Reinvestment of distributions

2,233,026

-

Cost of shares redeemed

(878,409,948)

(141,878,515)

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

575,812,483

225,935,797

Redemption fees

2,315,810

225,720

Total increase (decrease) in net assets

688,241,683

427,692,522

Net Assets

Beginning of period

1,075,145,444

647,452,922

End of period (including undistributed net investment income of $1,292,579 and undistributed net investment income of $1,531,765, respectively)

$ 1,763,387,127

$ 1,075,145,444

Other Information

Shares

Sold

83,073,775

27,168,421

Issued in reinvestment of distributions

136,493

-

Redeemed

(50,278,685)

(11,129,707)

Net increase (decrease)

32,931,583

16,038,714

Financial Highlights

Years ended October 31,

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 15.00

$ 11.63

$ 11.19

$ 8.25

$ 9.67

Income from Investment Operations

Net investment income (loss) C

.01

.03

(.01)

- G

(.07)

Net realized and unrealized gain (loss)

1.85

3.34

.45

2.93

(1.37)

Total from investment operations

1.86

3.37

.44

2.93

(1.44)

Distributions from net investment income

(.02)

-

(.01)

-

-

Distributions from net realized gain

(.01)

-

-

-

-

Total distributions

(.03)

-

(.01)

-

-

Redemption fees added to paid in capital C

.02

- G

.01

.01

.02

Net asset value, end of period

$ 16.85

$ 15.00

$ 11.63

$ 11.19

$ 8.25

Total Return A, B

12.54%

28.98%

4.03%

35.64%

(14.68)%

Ratios to Average Net Assets D, F

Expenses before reductions

1.08%

1.03%

1.04%

1.03%

1.50%

Expenses net of fee waivers, if any

1.08%

1.03%

1.04%

1.03%

1.50%

Expenses net of all reductions

1.05%

1.02%

1.04%

1.03%

1.50%

Net investment income (loss)

.08%

.20%

(.04)%

(.04)%

(.77)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,763,387

$ 1,075,145

$ 647,453

$ 529,352

$ 283,293

Portfolio turnover rate E

78%

74%

99%

86%

66%

A Total returns would have been lower had certain expenses not been reduced during the periods shown. B Total returns do not include the effect of the former sales charges. C Calculated based on average shares outstanding during the period. D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expense of any underlying Fidelity Central Funds. E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. G Amount represents less than $.01 per share.

Annual Report

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

Japan Smaller Companies

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended
October 31, 2006

Past 1
year

Past 5
years

Past 10 years

Fidelity Japan Smaller Companies Fund

-0.36%

15.46%

9.16%

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Japan Smaller Companies Fund on October 31, 1996. The chart shows how the value of your investment would have changed, and also shows how the Russell/Nomura Small Cap Index performed over the same period.

Annual Report

Japan Smaller Companies

Management's Discussion of Fund Performance

Comments from Kenichi Mizushita, Portfolio Manager of Fidelity® Japan Smaller Companies Fund

International equity markets as a whole outpaced their U.S. counterparts for the 12 months ending October 31, 2006 - partly as a result of favorable currency exchanges that boosted returns for U.S. investors. The Morgan Stanley Capital InternationalSM Europe, Australasia, Far East (MSCI® EAFE®) Index - a gauge of developed stock markets outside the United States and Canada - gained 27.72% during that time. European markets benefited from solid corporate profit growth and attractive dividends, which helped the MSCI Europe index advance 31.95%. Strong performing Latin American and Asian emerging markets drove the MSCI Emerging Markets index to a lofty 35.42% return. Japan was somewhat of an exception to the generally stellar foreign market performance after struggling in the middle part of the period. Still, its earlier gains helped the Tokyo Stock Exchange Stock Price Index (TOPIX) - a benchmark of the largest and better-established stocks traded on the Tokyo Stock Exchange - rise 12.47% overall. Natural-resources-rich Canada also struggled over the final six months as energy prices fell, but the S&P/TSX Composite Index managed a 12-month return of 28.21%.

During the past year, the fund returned -0.36%, outpacing the Russell/Nomura Small CapTM Index, which declined 1.27%. The fund's stock selection in the financials sector helped performance versus the index, led by its holdings in real estate developers, whose share prices rose on growing demand for housing and office space. Some good picks in technology also boosted returns. Looking at individual contributors, Token Corporation is a Nagoya-based builder of condominiums, apartments and houses. The company's construction-order growth was very strong, its gross profit margin improved and its stock did well. Sumco is engaged primarily in the manufacture of silicon wafers for the semiconductor industry. Sales expanded steadily, and the company was able to raise prices, benefiting its stock performance. The fund was hurt by weak stock selection in industrials, software/services and consumer services. In terms of individual detractors, Rex Holdings, an operator of restaurant chains and a convenience store franchise, saw its share price decline sharply after revising earnings projections downward for 2006. Sammy NetWorks provides Internet games and entertainment through mobile phones. In addition to being pulled down along with other Internet-related stocks, a disappointing near-term earnings outlook weighed on Sammy's share price. As we were not convinced that its new businesses could give impetus to the company's growth momentum, I sold the stock.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Japan Smaller Companies

Investment Changes

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

95.1

97.9

Short-Term Investments and
Net Other Assets

4.9

2.1

Top Ten Stocks as of October 31, 2006

% of fund's net assets

% of fund's net assets
6 months ago

Token Corp. (Household Durables)

2.6

1.3

Yamada Denki Co. Ltd. (Specialty Retail)

2.3

1.8

Furukawa Electric Co. Ltd. (Electrical Equipment)

2.2

1.1

Fujikura Ltd. (Electrical Equipment)

2.1

0.0

Konica Minolta Holdings, Inc. (Office Electronics)

2.0

1.7

Sumitomo Realty & Development Co. Ltd. (Real Estate Management & Development)

2.0

1.2

C. Uyemura & Co. Ltd. (Chemicals)

1.8

0.8

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

1.7

1.4

Sumco Corp. (Semiconductors & Semiconductor Equipment)

1.7

1.5

Hitachi Construction Machinery Co. Ltd. (Machinery)

1.7

2.3

20.1

Market Sectors as of October 31, 2006

% of fund's net assets

% of fund's net assets
6 months ago

Information Technology

24.7

24.5

Industrials

23.0

24.6

Consumer Discretionary

22.5

26.7

Financials

9.6

7.0

Materials

7.3

9.6

Health Care

3.3

2.5

Consumer Staples

3.2

2.6

Energy

1.0

0.0

Telecommunication Services

0.5

0.4

Annual Report

Japan Smaller Companies

Investments October 31, 2006

Showing Percentage of Net Assets

Common Stocks - 95.1%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 22.5%

Auto Components - 5.8%

Alpha Corp. (d)

50,500

$ 1,446,435

F-Tech, Inc.

255,400

5,721,170

Fine Sinter Co. Ltd.

417,000

1,982,319

Fuji Kiko Co. Ltd. (d)

805,000

2,202,462

H-One Co. Ltd.

193,600

2,714,638

NGK Spark Plug Co. Ltd.

397,000

8,367,006

NHK Spring Co. Ltd.

1,717,000

18,981,542

Nippon Seiki Co. Ltd.

747,000

17,851,104

Nissin Kogyo Co. Ltd.

137,900

3,301,300

NOK Corp.

154,000

4,042,237

Toyota Industries Corp.

96,700

4,216,570

70,826,783

Automobiles - 1.0%

Mazda Motor Corp.

1,347,000

9,109,756

Yachiyo Industry Co. Ltd. (d)

136,800

3,163,851

12,273,607

Distributors - 0.1%

Jin Co. Ltd. (d)

100,000

1,273,940

Diversified Consumer Services - 0.5%

Best Bridal, Inc.

849

5,879,703

Hotels, Restaurants & Leisure - 2.8%

Rex Holdings Co. Ltd. (d)

8,500

14,752,908

Round One Corp. (d)

882

3,604,617

Zensho Co. Ltd. (d)

1,419,508

16,445,224

34,802,749

Household Durables - 3.2%

Mitsui Home Co. Ltd.

233,000

1,721,204

Sohken Homes Co. Ltd. (d)

1,029

1,583,618

Sumitomo Forestry Co. Ltd.

335,000

3,677,668

Token Corp. (d)

419,090

31,639,573

38,622,063

Internet & Catalog Retail - 0.2%

Felissimo Corp. (d)

87,300

2,410,901

Leisure Equipment & Products - 0.1%

Endo Manufacturing Co. Ltd.

281,000

2,003,711

Media - 0.7%

Gentosha, Inc.

14

57,934

Toei Co. Ltd.

1,223,000

8,187,492

8,245,426

Specialty Retail - 6.5%

Alpen Co. Ltd.

213,300

6,419,426

Bic Camera, Inc.

60

83,618

Hikari Tsushin, Inc. (d)

183,100

9,643,434

Meganesuper Co. Ltd.

104,500

873,812

Nishimatsuya Chain Co. Ltd. (d)

772,700

15,095,927

Shimachu Co. Ltd.

130,900

3,749,273

USS Co. Ltd.

244,740

15,526,427

Yamada Denki Co. Ltd.

275,400

27,408,141

78,800,058

Shares

Value (Note 1)

Textiles, Apparel & Luxury Goods - 1.6%

Asics Corp.

891,000

$ 11,937,389

Japan Vilene Co. Ltd.

210,000

1,283,772

Seiren Co. Ltd. (d)

559,700

6,139,664

19,360,825

TOTAL CONSUMER DISCRETIONARY

274,499,766

CONSUMER STAPLES - 3.2%

Food & Staples Retailing - 2.5%

Cosmos Pharmaceutical Corp. (d)

310,700

7,995,956

Create SD Co. Ltd.

105,100

1,716,322

Daikokutenbussan Co. Ltd.

242,400

5,025,821

Kirindo Co. Ltd.

280,700

2,416,766

Valor Co. Ltd. (d)

890,100

13,089,706

30,244,571

Food Products - 0.7%

Ariake Japan Co. Ltd. (d)

66,800

1,227,941

Frente Co. Ltd.

179,500

3,376,368

Hokuto Corp. (d)

242,600

3,988,713

8,593,022

TOTAL CONSUMER STAPLES

38,837,593

ENERGY - 1.0%

Energy Equipment & Services - 0.4%

Shinko Plantech Co. Ltd.

584,000

4,388,988

Oil, Gas & Consumable Fuels - 0.6%

AOC Holdings, Inc.

220,800

4,002,189

Japan Petroleum Exploration Co. Ltd. (d)

64,000

3,726,402

7,728,591

TOTAL ENERGY

12,117,579

FINANCIALS - 9.6%

Capital Markets - 0.6%

Asset Managers Co. Ltd. (d)

1,855

5,075,240

Risa Partners, Inc. (d)

571

2,660,696

7,735,936

Commercial Banks - 3.5%

Bank of Yokohama Ltd.

1,039,000

8,030,575

Chiba Bank Ltd.

1,030,000

9,229,139

Hiroshima Bank Ltd.

824,000

4,924,556

Kansai Urban Banking Corp. (d)

642,000

2,832,353

The Keiyo Bank Ltd.

1,347,000

7,727,745

Tokyo Tomin Bank Ltd. (d)

228,700

9,307,559

42,051,927

Real Estate Management & Development - 5.4%

Arealink Co. Ltd.

2,694

1,577,796

Daibiru Corp.

216,900

2,531,366

Heiwa Real Estate Co. Ltd. (d)

503,000

3,375,983

Joint Corp.

254,600

10,013,338

Common Stocks - continued

Shares

Value (Note 1)

FINANCIALS - continued

Real Estate Management & Development - continued

Kenedix, Inc.

1,215

$ 6,825,026

KK daVinci Advisors (a)(d)

1,435

1,570,452

NTT Urban Development Co.

616

5,319,426

Sankei Building Co. Ltd.

223,500

2,151,684

Sumitomo Realty & Development Co. Ltd.

717,000

23,785,569

Sun Frontier Fudousan Co. Ltd. (d)

1,949

4,449,239

Suruga Corp.

31,600

2,474,829

Toc Co. Ltd.

280,500

1,530,087

Tokyu Community Corp.

18,300

558,576

66,163,371

Thrifts & Mortgage Finance - 0.1%

Atrium Co. Ltd.

22,600

770,982

TOTAL FINANCIALS

116,722,216

HEALTH CARE - 3.3%

Health Care Equipment & Supplies - 2.5%

Hogy Medical Co.

308,800

12,488,236

Nakanishi, Inc.

29,500

3,591,655

Sysmex Corp. (d)

344,600

13,877,104

29,956,995

Health Care Providers & Services - 0.1%

I'rom Co. Ltd.

98

35,275

Tokai Corp.

118,800

1,564,227

1,599,502

Life Sciences Tools & Services - 0.4%

Shin Nippon Biomedical Laboratories Ltd. (d)

272,100

4,494,675

Soiken, Inc. (d)

685

978,069

5,472,744

Pharmaceuticals - 0.3%

Sawai Pharmaceutical Co. Ltd. (d)

46,100

2,132,362

Towa Pharmaceutical Co. Ltd. (d)

34,100

935,884

3,068,246

TOTAL HEALTH CARE

40,097,487

INDUSTRIALS - 23.0%

Air Freight & Logistics - 1.2%

I-LOGISTICS Corp.

34,000

99,709

Kintetsu World Express, Inc.

188,200

4,336,517

SBS Co. Ltd. (d)

1,732

5,034,884

Yusen Air & Sea Service Co. Ltd.

227,900

5,251,287

14,722,397

Building Products - 0.6%

Comany, Inc.

348,100

4,690,541

Wavelock Holdings Co. Ltd. (d)

305,700

2,025,629

6,716,170

Shares

Value (Note 1)

Commercial Services & Supplies - 2.3%

Career Design Center Co. Ltd. (e)

3,292

$ 9,006,840

Certo Corp.

63,600

2,098,974

Gakujo Co. Ltd.

513,200

6,274,590

Intelligence Ltd. (d)

2,478

5,381,430

Nihonwasou Holdings, Inc. (d)

867

867,297

Relo Holdings Corp.

13,300

272,345

TFP Consulting Group Co. Ltd.

1,362

4,331,943

28,233,419

Construction & Engineering - 2.0%

Chiyoda Corp.

199,000

3,607,045

COMSYS Holdings Corp.

736,000

7,790,424

JGC Corp.

236,000

3,674,385

Kyowa Exeo Corp.

677,000

6,315,040

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

633,000

3,247,264

24,634,158

Electrical Equipment - 5.4%

Endo Lighting Corp.

424,500

4,028,685

Fujikura Ltd.

2,375,000

25,402,917

Furukawa Electric Co. Ltd. (d)

3,804,000

27,157,491

Iwabuchi Corp.

238,000

1,383,721

Nippon Carbon Co. Ltd.

426,000

1,668,160

Sansha Electric Manufacturing Co. Ltd.

85,000

737,645

Sumitomo Wiring Systems Ltd.

331,000

5,716,656

66,095,275

Machinery - 8.2%

Hitachi Construction Machinery Co. Ltd.

839,900

19,963,424

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

4,462,000

15,031,020

JTEKT Corp.

548,300

11,415,104

Mitsui Engineering & Shipbuilding Co.

4,035,000

15,041,553

Miyachi Corp.

78,000

1,377,138

Nihon Trim Co. Ltd. (d)

45,700

2,199,821

Nitchitsu Co. Ltd.

48,000

164,159

Nitta Corp.

303,100

5,558,734

NTN Corp.

1,425,000

11,732,858

Obara Corp. (d)

44,250

1,736,555

Organo Corp.

174,000

1,640,920

OSG Corp.

487,700

7,188,738

Sumitomo Heavy Industries Ltd.

374,000

3,204,070

Taiho Kogyo Co. Ltd.

115,700

1,482,851

TCM Corp. (d)

595,000

1,699,128

99,436,073

Road & Rail - 1.0%

Hamakyorex Co. Ltd. (d)

172,400

4,584,166

Ichinen Co. Ltd.

880,500

7,460,461

12,044,627

Trading Companies & Distributors - 2.3%

Itochu Corp.

1,997,000

15,913,168

Common Stocks - continued

Shares

Value (Note 1)

INDUSTRIALS - continued

Trading Companies & Distributors - continued

Marubeni Corp.

2,204,000

$ 11,287,586

Meiji Electric Industries Co. Ltd.

34,300

929,643

28,130,397

TOTAL INDUSTRIALS

280,012,516

INFORMATION TECHNOLOGY - 24.7%

Electronic Equipment & Instruments - 13.5%

A&D Co. Ltd.

310,900

6,658,726

Canon Electronics, Inc.

151,200

6,231,054

Excel Co. Ltd.

124,100

2,270,640

Forval Corp.

217,200

928,523

Hamamatsu Photonics KK (d)

432,400

12,495,828

Hioki EE Corp. (d)

46,200

1,422,025

Hokuriku Electric Industry (d)

1,837,000

5,245,879

Honda Tsushin Kogyo Co. Ltd. (d)

216,300

1,568,249

Ibiden Co. Ltd.

311,000

16,299,847

Meiko Electronics Co. Ltd. (d)

458,700

18,432,713

Murata Manufacturing Co. Ltd.

302,600

21,163,373

Nagano Keiki Co. Ltd. (d)

268,220

3,545,384

Nidec Corp.

100,000

7,652,189

Nippon Electric Glass Co. Ltd.

670,000

14,435,705

Optoelectronics Co. Ltd. (d)

97,400

2,573,239

Seikoh Giken Co. Ltd.

5,600

157,045

Shibaura Electronics Co. Ltd.

91,500

1,623,311

Shizuki Electric Co., Inc.

302,000

1,316,861

Sokkia Co. Ltd.

158,000

628,164

Star Micronics Co. Ltd. (d)

775,100

14,413,839

Sunx Ltd.

1,489,600

15,894,501

Yokogawa Electric Corp.

700,000

9,605,849

164,562,944

Internet Software & Services - 1.4%

Acca Networks Co. Ltd. (a)(d)

258

333,088

Telewave, Inc. (d)

8,287

16,508,816

16,841,904

IT Services - 2.3%

Bit-isle, Inc.

264

1,327,223

CAC Corp.

584,500

5,477,189

Hitachi Systems & Services Ltd.

136,000

2,703,488

Shares

Value (Note 1)

INTEC Holdings Ltd. (a)

370,600

$ 4,905,000

Otsuka Corp. (d)

128,800

14,139,809

28,552,709

Office Electronics - 2.5%

Canon Fintech, Inc.

342,200

6,188,039

Konica Minolta Holdings, Inc. (d)

1,832,000

24,403,695

30,591,734

Semiconductors & Semiconductor Equipment - 4.6%

Elpida Memory, Inc. (a)

389,200

18,168,879

Furuya Metal Co. Ltd.

5,500

935,790

Micronics Japan Co. Ltd. (d)

549,900

15,609,337

Sumco Corp. (d)

290,400

20,657,730

55,371,736

Software - 0.4%

Alpha Systems, Inc. (d)

94,300

2,781,592

Cybernet Systems Co. Ltd. (d)

2,592

1,914,747

4,696,339

TOTAL INFORMATION TECHNOLOGY

300,617,366

MATERIALS - 7.3%

Chemicals - 5.5%

C. Uyemura & Co. Ltd.

329,700

21,762,005

Ebara-Udylite Co. Ltd.

71,500

2,072,375

Lintec Corp.

834,300

19,045,666

Mitsubishi Rayon Co. Ltd.

715,000

4,511,543

Nippon Parkerizing Co. Ltd.

147,000

2,595,375

Osaka Organic Chemical Industry Ltd.

234,600

1,498,343

Soken Chemical & Engineer Co. Ltd. (d)

57,600

1,570,999

Taiyo Kagaku

328,800

3,359,405

Takiron Co. Ltd.

609,000

2,140,039

Tohcello Co. Ltd. (d)

640,000

8,180,575

66,736,325

Containers & Packaging - 0.3%

Fuji Seal International, Inc. (d)

131,700

3,490,681

Metals & Mining - 1.5%

Furukawa-Sky Aluminium Corp.

1,030,000

4,861,149

Sanyo Special Steel Co. Ltd.

405,000

2,697,461

Sumitomo Metal Mining Co. Ltd.

497,000

6,531,199

Tokyo Steel Manufacturing Co. Ltd.

310,400

4,755,787

18,845,596

TOTAL MATERIALS

89,072,602

TELECOMMUNICATION SERVICES - 0.5%

Diversified Telecommunication Services - 0.5%

Mitsui & Associates Telepark Corp. (d)

2,250

5,540,356

TOTAL COMMON STOCKS

(Cost $898,640,374)

1,157,517,481

Money Market Funds - 13.8%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 5.34% (b)

34,350,920

$ 34,350,920

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)

134,186,435

134,186,435

TOTAL MONEY MARKET FUNDS

(Cost $168,537,355)

168,537,355

TOTAL INVESTMENT PORTFOLIO - 108.9%

(Cost $1,067,177,729)

1,326,054,836

NET OTHER ASSETS - (8.9)%

(108,815,760)

NET ASSETS - 100%

$ 1,217,239,076

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 2,144,641

Fidelity Securities Lending Cash Central Fund

4,456,287

Total

$ 6,600,928

Other Affiliated Issuers

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

Affiliate

Value,
beginning of period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Career Design Center Co. Ltd.

$ 3,884,084

$ 4,478,113

$ 1,246,702

$ 49,925

$ 9,006,840

Annual Report

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

Japan Smaller Companies

Financial Statements

Statement of Assets and Liabilities

October 31, 2006

Assets

Investment in securities, at value (including securities loaned of $127,555,729) - See accompanying schedule:

Unaffiliated issuers (cost $889,912,214)

$ 1,148,510,641

Fidelity Central Funds (cost $168,537,355)

168,537,355

Other affiliated issuers (cost $8,728,160)

9,006,840

Total Investments (cost $1,067,177,729)

$ 1,326,054,836

Cash

1,303

Receivable for investments sold

30,426,108

Receivable for fund shares sold

365,909

Dividends receivable

3,568,927

Interest receivable

135,239

Other receivables

214,192

Total assets

1,360,766,514

Liabilities

Payable for investments purchased

$ 3,980,574

Payable for fund shares redeemed

4,251,741

Accrued management fee

729,386

Other affiliated payables

265,519

Other payables and accrued expenses

113,783

Collateral on securities loaned, at value

134,186,435

Total liabilities

143,527,438

Net Assets

$ 1,217,239,076

Net Assets consist of:

Paid in capital

$ 885,001,413

Undistributed net investment income

1,482,630

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

71,929,405

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

258,825,628

Net Assets, for 90,656,364 shares outstanding

$ 1,217,239,076

Net Asset Value, offering price and redemption price per share ($1,217,239,076 ÷ 90,656,364 shares)

$ 13.43

Statement of Operations

Year ended October 31, 2006

Investment Income

Dividends (including $49,925 received from other affiliated issuers)

$ 12,915,489

Interest

76

Income from Fidelity Central Funds (including $4,456,287 from security lending)

6,600,928

19,516,493

Less foreign taxes withheld

(904,637)

Total income

18,611,856

Expenses

Management fee

$ 12,227,864

Transfer agent fees

3,315,117

Accounting and security lending fees

786,938

Custodian fees and expenses

825,478

Independent trustees' compensation

6,662

Registration fees

107,421

Audit

61,904

Legal

26,177

Interest

3,918

Miscellaneous

13,993

Total expenses before reductions

17,375,472

Expense reductions

(246,675)

17,128,797

Net investment income (loss)

1,483,059

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

72,623,797

Other affiliated issuers

(454,174)

Foreign currency transactions

433,477

Total net realized gain (loss)

72,603,100

Change in net unrealized appreciation (depreciation) on:

Investment securities

(136,416,727)

Assets and liabilities in foreign currencies

29,272

Total change in net unrealized appreciation (depreciation)

(136,387,455)

Net gain (loss)

(63,784,355)

Net increase (decrease) in net assets resulting from operations

$ (62,301,296)

Annual Report

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

Japan Smaller Companies
Financial Statements - continued

Statement of Changes in Net Assets

Year ended
October 31,
2006

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 1,483,059

$ 2,833,069

Net realized gain (loss)

72,603,100

104,804,644

Change in net unrealized appreciation (depreciation)

(136,387,455)

160,290,320

Net increase (decrease) in net assets resulting from operations

(62,301,296)

267,928,033

Distributions to shareholders from net investment income

(2,096,615)

(1,062,984)

Distributions to shareholders from net realized gain

(87,009,291)

(5,323,788)

Total distributions

(89,105,906)

(6,386,772)

Share transactions
Proceeds from sales of shares

937,781,955

408,744,851

Reinvestment of distributions

81,250,595

5,778,163

Cost of shares redeemed

(1,059,732,471)

(549,007,259)

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

(40,699,921)

(134,484,245)

Redemption fees

2,673,266

524,593

Total increase (decrease) in net assets

(189,433,857)

127,581,609

Net Assets

Beginning of period

1,406,672,933

1,279,091,324

End of period (including undistributed net investment income of $1,482,630 and undistributed net investment income of $2,487,857, respectively)

$ 1,217,239,076

$ 1,406,672,933

Other Information

Shares

Sold

57,660,133

31,449,513

Issued in reinvestment of distributions

5,471,421

493,860

Redeemed

(71,185,943)

(43,664,409)

Net increase (decrease)

(8,054,389)

(11,721,036)

Financial Highlights

Years ended October 31,

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 14.25

$ 11.58

$ 10.35

$ 6.52

$ 6.97

Income from Investment Operations

Net investment income (loss) C

.01

.03

.01

.01

- G

Net realized and unrealized gain (loss)

- G

2.69

1.20

3.81

(.47)

Total from investment operations

.01

2.72

1.21

3.82

(.47)

Distributions from net investment income

(.02)

(.01)

(.02)

-

-

Distributions from net realized gain

(.83)

(.05)

-

-

-

Total distributions

(.85)

(.06)

(.02)

-

-

Redemption fees added to paid in capital C

.02

.01

.04

.01

.02

Net asset value, end of period

$ 13.43

$ 14.25

$ 11.58

$ 10.35

$ 6.52

Total Return A, B

(.36)%

23.69%

12.12%

58.74%

(6.46)%

Ratios to Average Net Assets D, F

Expenses before reductions

1.02%

1.02%

1.04%

1.12%

1.19%

Expenses net of fee waivers, if any

1.02%

1.02%

1.04%

1.12%

1.19%

Expenses net of all reductions

1.01%

1.01%

1.04%

1.12%

1.19%

Net investment income (loss)

.09%

.22%

.11%

.19%

(.06)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,217,239

$ 1,406,673

$ 1,279,091

$ 931,728

$ 408,611

Portfolio turnover rate E

98%

65%

57%

43%

50%

A Total returns would have been lower had certain expenses not been reduced during the periods shown. B Total returns do not include the effect of the former sales charges. C Calculated based on average shares outstanding during the period. D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expense of any underlying Fidelity Central Funds. E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. G Amount represents less than $.01 per share.

Annual Report

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

Latin America

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended
October 31, 2006

Past 1
year

Past 5
years

Past 10
years

Fidelity Latin America Fund

43.57%

34.24%

14.45%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Latin America Fund on October 31, 1996. The chart shows how the value of your investment would have changed, and also shows how the MSCI EM - Latin America Index performed over the same period.

Annual Report

Latin America

Management's Discussion of Fund Performance

Comments from Brent Bottamini and Adam Kutas, Co-Portfolio Managers of Fidelity® Latin America Fund

The 12-month period ending October 31, 2006, was volatile for emerging-markets stocks. On the whole, they rose sharply early on thanks to steady global economic growth, plunged at the period's midpoint after inflation concerns grew, and rallied in the final quarter when evidence suggested inflation fears were overblown. The performance benchmark of emerging markets - the Morgan Stanley Capital InternationalSM (MSCI) Emerging Markets Index - gained 35.42% for the one-year time frame, but lost 1.71% in the final six months of the period. If the benchmark can hold on to these gains through the end of 2006, it would mark the fourth consecutive calendar year that it's put up a double-digit positive return. But anything can happen given the volatility inherent in this asset class. On a country-level basis for the past year, Indonesia, Hong Kong, China and Russia were among the best performers. Israel was weak, however, pressured by military conflicts in the region, while Argentina was one of the only benchmark constituents with a negative return.

For the 12 months ending October 31, 2006, the fund returned 43.57%, outperforming the 38.47% return of the MSCI Emerging Markets - Latin America index. Security selection in materials - which declined as a percentage of net assets - and telecommunication services boosted performance versus the index, as did stock selection in and an overweighting of industrials. Stock picking in Brazil also contributed. On an absolute basis, favorable currency movements helped lift performance. Conversely, a modest cash position, an underweighting and poor stock selection in energy, and weak results from the fund's small stake in U.S. stocks detracted from relative performance. Top individual contributors included steel companies Usiminas and Siderurgica Nacional from Brazil and Gerdau AmeriSteel (traded on the Toronto Stock Exchange); Brazilian airline TAM; copper producer Grupo Mexico; and Brazilian retailer Lojas Renner. Underweightings in Telefonos de Mexico and energy stocks Petrobras from Brazil and Luxembourg-based Tenaris dampened returns, as did overweighting Chilean materials firm Acero del Pacifico. Some of the stocks mentioned here were no longer held at period end.

Note to shareholders: Fidelity Latin America Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Latin American market. As of October 31, 2006, the fund did not have more than 25% of its total assets invested in any one industry.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Latin America

Investment Changes

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

97.3

96.8

Short-Term Investments and
Net Other Assets

2.7

3.2

Top Ten Stocks as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

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

11.4

9.2

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

6.0

5.9

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

5.4

5.3

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

4.8

4.3

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

4.8

4.7

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

4.5

3.9

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

4.4

4.4

TAM SA (PN) (ltd.-vtg.) (Brazil, Airlines)

3.6

1.6

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

3.3

2.5

Grupo Televisa SA de CV (Mexico, Media)

3.3

2.5

51.5

Market Sectors as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Materials

21.9

31.8

Financials

16.6

14.3

Telecommunication Services

14.1

14.7

Energy

10.4

10.2

Industrials

10.2

6.1

Consumer Staples

9.7

8.4

Consumer Discretionary

8.7

6.5

Utilities

4.5

3.8

Information Technology

0.6

0.4

Health Care

0.6

0.6

Annual Report

Latin America

Investments October 31, 2006

Showing Percentage of Net Assets

Common Stocks - 97.3%

Shares

Value (Note 1)

Brazil - 53.9%

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

406,600,000

$ 10,319,778

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

876,400

48,219,528

Banco Bradesco SA:

(PN)

1,240,754

44,014,604

(PN) sponsored ADR (non-vtg.)

2,932,300

104,947,017

Banco Itau Holding Financeira SA:

(PN) (non-vtg.)

2,648,340

87,156,486

sponsored ADR (non-vtg.)

1,884,500

62,565,400

Banco Nossa Caixa SA

889,000

21,164,096

Brascan Residential Properties SA

1,597,000

12,829,706

Companhia de Bebidas das Americas (AmBev):

(PN) sponsored ADR

939,026

40,997,875

sponsored ADR

74,145

2,919,089

Companhia de Saneamento de Minas Minas Gerais

1,215,800

11,351,631

Companhia Siderurgica Nacional SA (CSN) sponsored ADR

973,600

30,347,112

Companhia Vale do Rio Doce:

(PN-A)

423,800

9,091,609

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

2,920,600

63,435,432

sponsored ADR

3,264,000

83,036,160

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

2,942,422

5,607,231

Cosan SA Industria E Comercio

761,500

13,017,702

CSU Cardsystem SA sponsored ADR (e)

74,667

1,297,343

Diagnosticos da America SA (a)

717,200

14,132,960

Duratex SA (PN)

2,015,900

24,330,152

Eletropaulo Metropolitana SA (PN-B) (a)

292,450,000

12,975,164

Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR

696,200

28,982,806

Embratel Participacoes SA sponsored ADR

812,400

13,225,872

Empresa Nacional de Comercio Redito e Participacoes SA (PN)

11,465,310

90,716

Energias do Brasil SA

614,300

8,478,545

Gafisa SA (a)

1,491,100

21,729,248

Klabin SA (PN) (non-vtg.)

5,429,900

11,717,019

Localiza Rent a Car SA

409,800

10,182,793

Lojas Renner SA

2,053,000

25,602,569

Medial Saude SA

1,736,600

17,601,224

Natura Cosmeticos SA

1,144,000

15,682,578

Perdigao SA (ON)

701,000

8,087,202

Petroleo Brasileiro SA Petrobras:

(ON)

198,500

4,380,722

(PN) (non-vtg.)

3,054,780

61,352,424

(PN) sponsored ADR (non-vtg.)

1,536,500

124,395,040

sponsored ADR

1,496,530

132,832,003

Profarma Distribuidora de Produtos Farmaceuticos SA

511,000

6,444,185

Shares

Value (Note 1)

Submarino SA

1,915,400

$ 39,104,220

TAM SA:

(PN) (ltd.-vtg.)

2,636,400

80,286,446

(PN) sponsored ADR (ltd. vtg.)

1,028,000

31,405,400

Terna Participacoes SA unit

370,300

3,905,359

Totvs SA

944,500

19,895,820

Tractebel Energia SA

1,875,300

14,934,080

Uniao de Bancos Brasileiros SA (Unibanco):

unit

431,200

3,405,695

GDR

1,747,000

137,576,250

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

1,482,300

50,326,197

Vivo Participacoes SA (PN) sponsored ADR (d)

9,015,200

31,463,048

Votorantim Celulose e Papel SA:

(PN) (non-vtg.)

96,565

1,778,402

sponsored ADR (non-vtg.) (d)

4,158,250

75,888,063

TOTAL BRAZIL

1,684,510,001

Cayman Islands - 0.6%

Apex Silver Mines Ltd. (a)

1,187,600

18,764,080

Chile - 6.4%

Compania Acero del Pacifico SA

3,634,386

46,930,766

Compania de Telecomunicaciones de Chile SA sponsored ADR

337,700

2,553,012

Compania Sudamericana de Vapores

3,726,279

4,720,309

Empresa Nacional de Electricidad SA sponsored ADR

780,000

25,404,600

Enersis SA sponsored ADR

1,410,800

19,454,932

Inversiones Aguas Metropolitanas SA ADR (e)

1,513,500

33,434,027

Lan Airlines SA sponsored ADR

1,427,400

61,592,310

Vina Concha y Toro SA sponsored ADR

152,150

4,716,650

TOTAL CHILE

198,806,606

Mexico - 34.3%

Alsea SA de CV

2,856,000

13,703,064

America Movil SA de CV Series L sponsored ADR

8,303,400

355,966,753

AXTEL SA de CV unit

3,520,438

7,528,948

Cemex SA de CV sponsored ADR

5,470,538

168,164,338

Corporacion Geo SA de CV Series B (a)

9,088,700

42,027,156

Fomento Economico Mexicano SA de CV sponsored ADR

1,049,065

101,434,095

Gruma SA de CV Series B

3,293,200

10,806,363

Grupo Aeroportuario del Pacifico SA de CV sponsored ADR

1,463,600

55,236,264

Grupo Mexico SA de CV Series B

8,335,969

29,144,306

Grupo Televisa SA de CV

1,507,400

7,455,354

Grupo Televisa SA de CV (CPO) sponsored ADR

3,828,500

94,487,380

Industrias Penoles SA de CV

2,294,500

18,984,110

Sare Holding SA de CV Series B (a)

6,080,300

7,282,000

Common Stocks - continued

Shares

Value (Note 1)

Mexico - continued

Telefonos de Mexico SA de CV Series L sponsored ADR

1,214,500

$ 32,050,655

Urbi, Desarrollos Urbanos, SA de CV (a)

8,169,300

25,036,973

Wal-Mart de Mexico SA de CV Series V

29,340,486

102,225,860

TOTAL MEXICO

1,071,533,619

Panama - 0.6%

Copa Holdings SA Class A

508,100

19,256,990

Spain - 0.8%

Banco Bilbao Vizcaya Argentaria SA

309,400

7,487,480

Banco Santander Central Hispano SA

992,900

17,185,097

TOTAL SPAIN

24,672,577

United States of America - 0.7%

Newmont Mining Corp.

481,000

21,774,870

TOTAL COMMON STOCKS

(Cost $2,090,535,711)

3,039,318,743

Money Market Funds - 2.2%

Fidelity Cash Central Fund, 5.34% (b)

65,788,986

65,788,986

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)

2,974,875

2,974,875

TOTAL MONEY MARKET FUNDS

(Cost $68,763,861)

68,763,861

Cash Equivalents - 0.1%

Maturity Amount

Investments in repurchase agreements in a joint trading account at 5.3%, dated 10/31/06 due 11/1/06 (Collateralized by U.S. Treasury Obligations) #
(Cost $2,339,000)

$ 2,339,345

2,339,000

TOTAL INVESTMENT PORTFOLIO - 99.6%

(Cost $2,161,638,572)

3,110,421,604

NET OTHER ASSETS - 0.4%

12,050,982

NET ASSETS - 100%

$ 3,122,472,586

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $ 34,731,370 or 1.1% of net assets.

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

Repurchase Agreement / Counterparty

Value

$2,339,000 due 11/01/06 at 5.30%

BNP Paribas Securities Corp.

$ 1,277,142

Banc of America Securities LLC

329,380

Barclays Capital, Inc.

732,478

$ 2,339,000

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 4,495,113

Fidelity Securities Lending Cash Central Fund

958,757

Total

$ 5,453,870

Annual Report

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

Latin America

Financial Statements

Statement of Assets and Liabilities

October 31, 2006

Assets

Investment in securities, at value (including securities loaned of $2,954,545 and repurchase agreements of $2,339,000) - See accompanying schedule:

Unaffiliated issuers (cost $2,092,874,711)

$ 3,041,657,743

Fidelity Central Funds (cost $68,763,861)

68,763,861

Total Investments (cost $2,161,638,572)

$ 3,110,421,604

Cash

197

Foreign currency held at value (cost $555,009)

554,004

Receivable for investments sold

19,227,013

Receivable for fund shares sold

6,880,789

Dividends receivable

5,949,305

Interest receivable

466,411

Other receivables

84,348

Total assets

3,143,583,671

Liabilities

Payable for investments purchased

$ 9,408,464

Payable for fund shares redeemed

6,026,197

Accrued management fee

1,795,431

Other affiliated payables

612,865

Other payables and accrued expenses

293,253

Collateral on securities loaned, at value

2,974,875

Total liabilities

21,111,085

Net Assets

$ 3,122,472,586

Net Assets consist of:

Paid in capital

$ 2,092,144,433

Undistributed net investment income

48,654,473

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

32,877,080

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

948,796,600

Net Assets, for 75,914,971 shares outstanding

$ 3,122,472,586

Net Asset Value, offering price and redemption price per share ($3,122,472,586 ÷ 75,914,971 shares)

$ 41.13

Statement of Operations

Year ended October 31, 2006

Investment Income

Dividends

$ 85,295,689

Interest

23,851

Income from Fidelity Central Funds (including $958,757 from security lending)

5,453,870

90,773,410

Less foreign taxes withheld

(6,290,272)

Total income

84,483,138

Expenses

Management fee

$ 18,581,946

Transfer agent fees

5,490,623

Accounting and security lending fees

1,110,737

Custodian fees and expenses

1,400,974

Independent trustees' compensation

9,784

Registration fees

328,083

Audit

89,867

Legal

32,763

Interest

158,810

Miscellaneous

11,833

Total expenses before reductions

27,215,420

Expense reductions

(717,519)

26,497,901

Net investment income (loss)

57,985,237

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

37,561,152

Foreign currency transactions

(972,233)

Total net realized gain (loss)

36,588,919

Change in net unrealized appreciation (depreciation) on:

Investment securities

585,353,162

Assets and liabilities in foreign currencies

(13,418)

Total change in net unrealized appreciation (depreciation)

585,339,744

Net gain (loss)

621,928,663

Net increase (decrease) in net assets resulting from operations

$ 679,913,900

Annual Report

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

Latin America Fund
Financial Statements - continued

Statement of Changes in Net Assets

Year ended
October 31,
2006

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 57,985,237

$ 18,097,464

Net realized gain (loss)

36,588,919

80,919,152

Change in net unrealized appreciation (depreciation)

585,339,744

247,588,239

Net increase (decrease) in net assets resulting from operations

679,913,900

346,604,855

Distributions to shareholders from net investment income

(25,559,551)

(6,575,674)

Distributions to shareholders from net realized gain

(20,858,777)

-

Total distributions

(46,418,328)

(6,575,674)

Share transactions
Proceeds from sales of shares

2,691,422,984

1,044,234,301

Reinvestment of distributions

44,620,920

6,298,102

Cost of shares redeemed

(1,635,956,243)

(365,491,989)

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

1,100,087,661

685,040,414

Redemption fees

4,806,595

1,678,494

Total increase (decrease) in net assets

1,738,389,828

1,026,748,089

Net Assets

Beginning of period

1,384,082,758

357,334,669

End of period (including undistributed net investment income of $48,654,473 and undistributed net investment income of $16,852,142, respectively)

$ 3,122,472,586

$ 1,384,082,758

Other Information

Shares

Sold

73,372,373

42,509,771

Issued in reinvestment of distributions

1,389,117

323,696

Redeemed

(45,918,289)

(15,505,564)

Net increase (decrease)

28,843,201

27,327,903

Financial Highlights

Years ended October 31,

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 29.40

$ 18.10

$ 13.38

$ 8.92

$ 10.40

Income from Investment Operations

Net investment income (loss) C

.82

.57

.40

.20

.17

Net realized and unrealized gain (loss)

11.68

10.98

4.53

4.42

(1.41)

Total from investment operations

12.50

11.55

4.93

4.62

(1.24)

Distributions from net investment income

(.46)

(.30)

(.23)

(.17)

(.25)

Distributions from net realized gain

(.38)

-

-

-

-

Total distributions

(.84)

(.30)

(.23)

(.17)

(.25)

Redemption fees added to paid in capital C

.07

.05

.02

.01

.01

Net asset value, end of period

$ 41.13

$ 29.40

$ 18.10

$ 13.38

$ 8.92

Total Return A, B

43.57%

64.94%

37.47%

52.83%

(12.37)%

Ratios to Average Net Assets D, F

Expenses before reductions

1.05%

1.10%

1.19%

1.31%

1.44%

Expenses net of fee waivers, if any

1.05%

1.10%

1.19%

1.31%

1.44%

Expenses net of all reductions

1.02%

1.04%

1.16%

1.31%

1.41%

Net investment income (loss)

2.23%

2.38%

2.56%

1.89%

1.57%

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,122,473

$ 1,384,083

$ 357,335

$ 219,519

$ 140,399

Portfolio turnover rate E

60%

40%

25%

28%

128%

A Total returns would have been lower had certain expenses not been reduced during the periods shown. B Total returns do not include the effect of the former sales charges. C Calculated based on average shares outstanding during the period. D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expense of any underlying Fidelity Central Funds. E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

Annual Report

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

Nordic

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended
October 31, 2006

Past 1
year

Past 5
years

Past 10
years

Fidelity Nordic Fund

29.68%

18.92%

13.82%

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Nordic Fund on October 31, 1996. The chart shows how the value of your investment would have changed, and also shows how the FTSE World Nordic Index performed over the same period.

Annual Report

Nordic

Management's Discussion of Fund Performance

Comments from Trygve Toraasen, Portfolio Manager of Fidelity® Nordic Fund

International equity markets as a whole outpaced their U.S. counterparts for the 12 months ending October 31, 2006 - partly as a result of favorable currency exchanges that boosted returns for U.S. investors. The Morgan Stanley Capital InternationalSM Europe, Australasia, Far East (MSCI® EAFE®) Index - a gauge of developed stock markets outside the United States and Canada - gained 27.72% during that time. European markets benefited from solid corporate profit growth and attractive dividends, which helped the MSCI Europe index advance 31.95%. Strong performing Latin American and Asian emerging markets drove the MSCI Emerging Markets index to a lofty 35.42% return. Japan was somewhat of an exception to the generally stellar foreign market performance after struggling in the middle part of the period. Still, its earlier gains helped the Tokyo Stock Exchange Stock Price Index (TOPIX) - a benchmark of the largest and better-established stocks traded on the Tokyo Stock Exchange - rise 12.47% overall. Natural-resources-rich Canada also struggled over the final six months as energy prices fell, but the S&P/TSX Composite Index managed a 12-month return of 28.21%.

The fund returned 29.68%, trailing the Financial Times Stock Exchange (FTSE) World Nordic Index, which gained 35.96% during a 12-month period when the global economic expansion benefited many Nordic companies. The fund underperformed its index largely due to stock selection in health care and the de-emphasis of two Swedish truck manufacturers, Scania and Volvo, both of which performed well for company-specific reasons unrelated to the truck manufacturing cycle, which I believed was nearing its end. I didn't own either company at period end. TANDBERG, a Norwegian video conferencing equipment manufacturer, fell hard early in the period. Although it later recovered, it underperformed for the fiscal year. My early underweighting of Swedish investment company Investor AB also detracted from results. Its stock price rose after the company adopted a new business strategy. Among the investments that supported results were: Aker Kvaerner, a Norwegian oil services company; Hexagon, a Swedish engineering firm that specializes in producing equipment to measure industrial processes; and ABB Ltd., a Swedish power plant construction company that benefited from infrastructure spending in emerging markets. In a strong period for the Nordic markets, a sizable portion of the fund's absolute return came from favorable currency movements.

Notes to shareholders: On December 14, 2006, the Board of Trustees agreed to present a proposal to shareholders to merge Fidelity Nordic Fund into Fidelity Europe Fund. Shareholders of Nordic Fund are expected to meet on May 16, 2007, to vote on the approval of the proposal. If approved, the merger is expected to be completed by the end of June 2007.

The foregoing is not a solicitation of any proxy. For a free copy of the Proxy Statement describing the Reorganization (and containing important information about fees, expenses and risk considerations) and a Prospectus for Fidelity Europe Fund, please call 1-800-544-3198 after March 19, 2007. The Prospectus/Proxy Statement also will be available for free on the Securities and Exchange Commission's Web site (www.sec.gov).

Fidelity Nordic Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Nordic market. As of October 31, 2006, the fund did not have more than 25% of its total assets in any one industry.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Nordic

Investment Changes

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

98.3

95.5

Short-Term Investments and Net Other Assets

1.7

4.5

Top Ten Stocks as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

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

10.3

6.7

Nokia Corp. (Finland, Communications Equipment)

8.2

9.0

Nordea Bank AB (Sweden, Commercial Banks)

5.6

4.8

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

4.0

1.9

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

3.8

1.9

DnB Nor ASA (Norway, Commercial Banks)

3.3

2.8

Danske Bank AS (Denmark, Commercial Banks)

3.1

3.8

Aker Kvaerner ASA (Norway, Energy Equipment & Services)

3.1

1.8

Telenor ASA (Norway, Diversified Telecommunication Services)

3.1

1.3

TeliaSonera AB (Sweden, Diversified Telecommunication Services)

3.1

0.0

47.6

Market Sectors as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

26.9

22.6

Information Technology

19.6

17.4

Industrials

16.3

24.0

Consumer Discretionary

10.2

5.9

Energy

8.5

13.6

Telecommunication Services

7.1

2.1

Materials

4.5

1.5

Health Care

3.2

5.1

Consumer Staples

1.7

1.4

Utilities

0.3

1.9

Annual Report

Nordic

Investments October 31, 2006

Showing Percentage of Net Assets

Common Stocks - 98.3%

Shares

Value (Note 1)

Bermuda - 0.2%

SeaDrill Ltd. (a)

60,800

$ 862,246

Denmark - 6.7%

Danske Bank AS

259,720

10,896,161

FLS Industries

32,550

1,716,737

Novo Nordisk AS Series B

62,995

4,757,148

Rockwool International AS Series B

17,100

2,650,005

Vestas Wind Systems AS (a)

117,600

3,312,648

TOTAL DENMARK

23,332,699

Estonia - 0.3%

Tallinna Vesi AS

58,562

1,056,944

Finland - 12.6%

Kemira Oyj

140,800

2,733,497

Kone Oyj (B Shares)

36,580

1,733,159

Marimekko Oyj

28,500

529,291

Metso Corp.

157,400

6,840,828

Nokia Corp.

1,432,300

28,474,124

Nokian Tyres Ltd. (d)

185,070

3,543,350

TOTAL FINLAND

43,854,249

Iceland - 0.9%

Exista ehf (a)

162,563

53,102

Kaupthing Bank Hf

153,000

1,890,592

Ossur hf (a)

689,370

1,238,023

TOTAL ICELAND

3,181,717

Liberia - 0.7%

Royal Caribbean Cruises Ltd.

62,400

2,527,200

Luxembourg - 0.5%

Transcom WorldWide SA Series B

158,200

1,642,806

Norway - 21.6%

Acta Holding ASA

137,500

635,269

Aker Kvaerner ASA

104,500

10,871,095

Awilco Offshore ASA (a)(d)

320,500

2,892,865

DnB Nor ASA

870,400

11,398,317

Farstad Shipping ASA

89,200

1,855,888

Havila Shipping ASA (d)

57,300

674,984

Kongsberg Gruppen ASA

3,900

94,269

Norsk Hydro ASA

152,340

3,526,671

Norwegian Air Shuttle AS (a)(d)

374,000

5,435,548

Ocean RIG ASA (a)(d)

256,600

1,688,003

Otrum Electronics ASA (a)

94,000

163,938

PAN Fish ASA (a)

1,575,000

1,233,669

Petroleum Geo-Services ASA (a)

26,700

1,554,225

Schibsted ASA (B Shares)

74,200

2,247,591

Shares

Value (Note 1)

Solstad Offshore ASA

147,000

$ 2,743,628

Statoil ASA

137,254

3,469,881

Steen & Stroem ASA

4,800

242,328

Storebrand ASA (A Shares)

502,300

5,924,690

TANDBERG ASA

214,400

2,476,394

TANDBERG Television ASA (a)

88,000

911,422

Telenor ASA

683,400

10,794,763

Tomra Systems AS (d)

116,900

785,998

Yara International ASA

202,800

3,552,397

TOTAL NORWAY

75,173,833

Sweden - 54.6%

AarhusKarlshamn AB

10,600

270,783

ABB Ltd. (Sweden)

591,500

8,804,033

Assa Abloy AB (B Shares)

173,602

3,341,089

Atlas Copco AB (A Shares)

129,300

3,777,456

Elekta AB (B Shares)

147,500

3,063,386

Forenings Sparbanken AB (A Shares)

252,500

8,268,200

Gant Co. AB

64,400

1,868,049

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

320,590

13,826,953

Hexagon AB (B Shares) (d)

137,725

5,129,600

Holmen AB (B Shares)

131,600

5,794,307

Investor AB (B Shares)

597,500

13,402,055

Invik & Co. AB (B Shares)

18,300

311,655

Mekonomen AB (d)

103,700

1,256,334

Modern Times Group AB (MTG) (B Shares)

82,100

4,728,844

NCC AB Series B

26,000

583,186

NeoNet AB

864,000

2,500,221

Nordea Bank AB

1,417,000

19,521,419

Orexo AB

107,800

1,858,260

rnb Retail & Brands AB (d)

637,050

5,137,927

Sandvik AB

299,000

3,653,460

Skandinaviska Enskilda Banken AB (A Shares)

364,000

10,180,549

Skanska AB (B Shares)

178,800

3,187,375

SKF AB (B Shares)

208,000

3,347,918

Svenska Cellulosa AB (SCA) (B Shares)

73,100

3,355,207

Svenska Handelsbanken AB (A Shares)

333,616

8,637,876

Swedish Match Co.

254,000

4,061,946

TELE2 AB (B Shares)

312,800

3,291,537

Teleca AB (B Shares) (a)

101,600

354,497

Telefonaktiebolaget LM Ericsson (B Shares)

9,541,000

36,084,066

TeliaSonera AB

1,468,500

10,674,603

TOTAL SWEDEN

190,272,791

United Kingdom - 0.2%

Group 4 Securicor PLC (Denmark)

184,418

618,958

TOTAL COMMON STOCKS

(Cost $275,034,138)

342,523,443

Money Market Funds - 3.0%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 5.34% (b)

3,032,274

$ 3,032,274

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)

7,346,145

7,346,145

TOTAL MONEY MARKET FUNDS

(Cost $10,378,419)

10,378,419

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $285,412,557)

352,901,862

NET OTHER ASSETS - (1.3)%

(4,419,507)

NET ASSETS - 100%

$ 348,482,355

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 406,231

Fidelity Securities Lending Cash Central Fund

383,347

Total

$ 789,578

Annual Report

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

Nordic

Financial Statements

Statement of Assets and Liabilities

October 31, 2006

Assets

Investment in securities, at value (including securities loaned of $7,036,019) - See accompanying schedule:

Unaffiliated issuers (cost $275,034,138)

$ 342,523,443

Fidelity Central Funds (cost $10,378,419)

10,378,419

Total Investments (cost $285,412,557)

$ 352,901,862

Receivable for investments sold

5,722,136

Receivable for fund shares sold

1,104,929

Dividends receivable

23,607

Interest receivable

24,704

Other receivables

16,691

Total assets

359,793,929

Liabilities

Payable for investments purchased

$ 3,164,293

Payable for fund shares redeemed

446,761

Accrued management fee

199,736

Other affiliated payables

86,150

Other payables and accrued expenses

68,489

Collateral on securities loaned, at value

7,346,145

Total liabilities

11,311,574

Net Assets

$ 348,482,355

Net Assets consist of:

Paid in capital

$ 270,362,167

Undistributed net investment income

3,970,778

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

6,658,808

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

67,490,602

Net Assets, for 9,525,813 shares outstanding

$ 348,482,355

Net Asset Value, offering price and redemption price per share ($348,482,355 ÷ 9,525,813 shares)

$ 36.58

Statement of Operations

Year ended October 31, 2006

Investment Income

Dividends

$ 7,187,468

Interest

35

Income from Fidelity Central Funds (including $383,347 from security lending)

789,578

7,977,081

Less foreign taxes withheld

(1,019,096)

Total income

6,957,985

Expenses

Management fee

$ 1,909,989

Transfer agent fees

708,179

Accounting and security lending fees

135,894

Custodian fees and expenses

182,709

Independent trustees' compensation

983

Registration fees

52,714

Audit

54,834

Legal

3,528

Miscellaneous

1,843

Total expenses before reductions

3,050,673

Expense reductions

(92,053)

2,958,620

Net investment income (loss)

3,999,365

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

7,927,925

Foreign currency transactions

(3,499)

Total net realized gain (loss)

7,924,426

Change in net unrealized appreciation (depreciation) on:

Investment securities

41,898,811

Assets and liabilities in foreign currencies

1,928

Total change in net unrealized appreciation (depreciation)

41,900,739

Net gain (loss)

49,825,165

Net increase (decrease) in net assets resulting from operations

$ 53,824,530

Annual Report

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

Nordic
Financial Statements - continued

Statement of Changes in Net Assets

Year ended
October 31,
2006

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 3,999,365

$ 3,127,018

Net realized gain (loss)

7,924,426

22,607,311

Change in net unrealized appreciation (depreciation)

41,900,739

8,539,542

Net increase (decrease) in net assets resulting from operations

53,824,530

34,273,871

Distributions to shareholders from net investment income

(2,048,598)

(1,181,664)

Distributions to shareholders from net realized gain

(14,574,214)

-

Total distributions

(16,622,812)

(1,181,664)

Share transactions
Proceeds from sales of shares

241,880,689

95,465,404

Reinvestment of distributions

16,097,675

1,146,167

Cost of shares redeemed

(135,218,842)

(58,327,971)

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

122,759,522

38,283,600

Redemption fees

509,855

142,810

Total increase (decrease) in net assets

160,471,095

71,518,617

Net Assets

Beginning of period

188,011,260

116,492,643

End of period (including undistributed net investment income of $3,970,778 and undistributed net investment income of $3,006,975, respectively)

$ 348,482,355

$ 188,011,260

Other Information

Shares

Sold

7,006,522

3,292,109

Issued in reinvestment of distributions

544,945

43,024

Redeemed

(4,105,858)

(2,021,076)

Net increase (decrease)

3,445,609

1,314,057

Financial Highlights

Years ended October 31,

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 30.92

$ 24.44

$ 19.49

$ 15.36

$ 17.31

Income from Investment Operations

Net investment income (loss) C

.50

.55

.26

.11

.10

Net realized and unrealized gain (loss)

7.94

6.12

4.80

4.14

(1.99)

Total from investment operations

8.44

6.67

5.06

4.25

(1.89)

Distributions from net investment income

(.35)

(.22)

(.15)

(.12)

(.06)

Distributions from net realized gain

(2.49)

-

-

-

-

Total distributions

(2.84)

(.22)

(.15)

(.12)

(.06)

Redemption fees added to paid in capital C

.06

.03

.04

- G

- G

Net asset value, end of period

$ 36.58

$ 30.92

$ 24.44

$ 19.49

$ 15.36

Total Return A,B

29.68%

27.56%

26.31%

27.87%

(10.97)%

Ratios to Average Net Assets D,F

Expenses before reductions

1.14%

1.17%

1.28%

1.43%

1.35%

Expenses net of fee waivers, if any

1.14%

1.17%

1.28%

1.43%

1.35%

Expenses net of all reductions

1.10%

1.13%

1.24%

1.40%

1.30%

Net investment income (loss)

1.49%

1.89%

1.16%

.67%

.57%

Supplemental Data

Net assets, end of period (000 omitted)

$ 348,482

$ 188,011

$ 116,493

$ 81,337

$ 73,992

Portfolio turnover rate E

67%

76%

90%

96%

106%

A Total returns would have been lower had certain expenses not been reduced during the periods shown. B Total returns do not include the effect of the former sales charges. C Calculated based on average shares outstanding during the period. D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expense of any underlying Fidelity Central Funds. E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. G Amount represents less than $.01 per share.

Annual Report

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

Pacific Basin

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended
October 31, 2006

Past 1
year

Past 5
years

Past 10
years

Fidelity Pacific Basin Fund

24.55%

16.85%

8.07%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Pacific Basin Fund on October 31, 1996. The chart shows how the value of your investment would have changed, and also shows how the MSCI All Country Pacific Index performed over the same period.

Annual Report

Pacific Basin

Management's Discussion of Fund Performance

Comments from Dale Nicholls, Portfolio Manager of Fidelity® Pacific Basin Fund

International equity markets as a whole outpaced their U.S. counterparts for the 12 months ending October 31, 2006 - partly as a result of favorable currency exchanges that boosted returns for U.S. investors. The Morgan Stanley Capital InternationalSM Europe, Australasia, Far East (MSCI® EAFE®) Index - a gauge of developed stock markets outside the United States and Canada - gained 27.72% during that time. European markets benefited from solid corporate profit growth and attractive dividends, which helped the MSCI Europe index advance 31.95%. Strong performing Latin American and Asian emerging markets drove the MSCI Emerging Markets index to a lofty 35.42% return. Japan was somewhat of an exception to the generally stellar foreign market performance after struggling in the middle part of the period. Still, its earlier gains helped the Tokyo Stock Exchange Stock Price Index (TOPIX) - a benchmark of the largest and better-established stocks traded on the Tokyo Stock Exchange - rise 12.47% overall. Natural-resources-rich Canada also struggled over the final six months as energy prices fell, but the S&P/TSX Composite Index managed a 12-month return of 28.21%.

During the past year, the fund returned 24.55%, versus 22.10% for the MSCI All Country Pacific Index. Out-of-index exposure to India and stock selection in Singapore, along with overweightings in China and Indonesia, helped versus the benchmark. Hong Kong-listed names - including some incorporated in the Cayman Islands - boosted results as well. Currency fluctuations further aided the fund's returns. On the other hand, my picks in Japan hurt performance, although underweighting that country helped. Among sectors, stock selection helped in the capital goods segment of industrials and in telecommunication services, financials and utilities. Conversely, stock picking and an overweighting in consumer discretionary hurt, along with my choices in software and services. In terms of individual holdings, Softbank, a Japanese technology conglomerate, aided performance, and I sold it on news that the company obtained a license to enter the cellular handset market. Stakes in South Korean Internet search provider NHN, Indonesian natural gas utility Perusahaan Gas Negara and China Life Insurance also proved rewarding. In addition, not owning Japan-based index component Mitsubishi UFJ Financial Group was timely. Conversely, Access, a maker of Web browsers for cellular phones, suffered from a high valuation. Manufacturing design services provider ARRK also hurt, as did security software company Intelligent Wave, which I sold. Not owning wireless services provider China Mobile detracted as well. All detractors I mentioned except China Mobile are Japan-based.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Pacific Basin

Investment Changes

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

99.9

100.1

Bonds

0.0

0.1

Short-Term Investments and Net Other Assets

0.1

(0.2)

Top Ten Stocks as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Toyota Motor Corp. (Japan, Automobiles)

2.6

2.4

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

2.0

1.6

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

1.7

1.8

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

1.6

1.4

BHP Billiton Ltd. (Australia, Metals & Mining)

1.4

1.8

National Australia Bank Ltd. (Australia, Commercial Banks)

1.3

1.0

ORIX Corp. (Japan, Consumer Finance)

1.2

1.0

Computershare Ltd. (Australia, IT Services)

1.1

0.9

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

1.1

1.4

Esprit Holdings Ltd. (Hong Kong, Specialty Retail)

1.1

1.2

15.1

Market Sectors as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

23.2

23.0

Information Technology

20.7

19.0

Consumer Discretionary

17.7

20.4

Industrials

16.1

15.2

Materials

6.1

7.9

Consumer Staples

5.6

5.7

Energy

3.8

2.9

Health Care

3.5

3.1

Telecommunication Services

1.8

0.8

Utilities

1.4

2.1

Annual Report

Pacific Basin

Investments October 31, 2006

Showing Percentage of Net Assets

Common Stocks - 99.9%

Shares

Value (Note 1)

Australia - 11.7%

AMP Ltd.

829,204

$ 6,098,319

Australian Wealth Management Ltd.

123,000

247,573

BHP Billiton Ltd.

627,175

13,349,420

Billabong International Ltd.

278,212

3,377,124

Cochlear Ltd.

52,300

2,253,969

Computershare Ltd.

1,876,162

11,183,717

CSR Ltd.

1,856,319

4,656,105

Downer EDI Ltd.

1,498,082

7,468,727

Energy Resources of Australia Ltd.

152,160

2,089,677

HFA Holdings Ltd.

1,216,855

1,752,173

Macquarie Airports unit

954,994

2,373,181

Macquarie Bank Ltd.

84,972

4,903,979

Macquarie Infrastructure Group unit

1,908,108

4,992,807

National Australia Bank Ltd.

439,624

12,942,531

Newcrest Mining Ltd.

298,077

5,503,538

Origin Energy Ltd.

186,913

1,037,490

QBE Insurance Group Ltd.

290,971

5,563,803

Reverse Corp. Ltd.

751,900

2,054,754

Seek Ltd.

1,207,394

4,972,626

Sonic Healthcare Ltd.

357,799

3,642,420

United Group Ltd.

586,893

6,637,954

Woodside Petroleum Ltd.

117,400

3,412,740

WorleyParsons Ltd.

249,585

3,506,875

TOTAL AUSTRALIA

114,021,502

Bermuda - 0.9%

Noble Group Ltd.

2,918,000

2,173,417

Peace Mark Holdings Ltd.

2,711,750

1,848,001

Ports Design Ltd.

2,045,500

3,555,928

Sinolink Worldwide Holdings Ltd.

4,726,085

1,008,757

TOTAL BERMUDA

8,586,103

Cayman Islands - 3.4%

AAC Acoustic Technology Holdings, Inc. (a)

1,910,000

2,220,131

China Shineway Pharmaceutical Group Ltd.

821,000

506,712

Ctrip.com International Ltd. sponsored ADR

29,349

1,438,101

Foxconn International Holdings Ltd. (a)

1,622,000

5,391,233

Hutchison Telecommunications International Ltd. (a)

1,796,000

3,459,353

Kingboard Chemical Holdings Ltd.

1,671,400

5,942,268

Prime Success International Group Ltd.

2,490,000

2,042,663

SinoCom Software Group Ltd.

23,410,000

4,605,424

Solomon Systech International Ltd.

5,296,000

926,112

The9 Ltd. sponsored ADR (a)(d)

118,000

2,785,980

Xinao Gas Holdings Ltd.

3,068,000

3,088,829

Xinhua Finance Ltd. (a)(d)

1,890

727,980

TOTAL CAYMAN ISLANDS

33,134,786

China - 5.7%

Baidu.com, Inc. sponsored ADR (a)

28,196

2,460,947

Shares

Value (Note 1)

Beijing Media Corp. Ltd. (H Shares)

1,084,000

$ 1,226,560

China Life Insurance Co. Ltd. (H Shares)

4,111,000

8,658,409

China Mengniu Dairy Co. Ltd.

1,878,000

3,414,458

China Shipping Development Co. Ltd. (H Shares)

1,203,719

1,309,400

China Sun Bio-chem Technology Group Co. Ltd.

5,852,000

2,555,130

Chitaly Holdings Ltd.

5,102,000

741,303

Focus Media Holding Ltd. ADR (a)

65,370

3,457,419

Global Bio-Chem Technology Group Co. Ltd.

5,722,000

1,677,488

Home Inns & Hotels Management, Inc. sponsored ADR

1,100

26,994

Industrial & Commercial Bank of China

1,266,000

566,487

Li Ning Co. Ltd.

2,582,000

3,054,364

Macau Success Ltd.

16,700,000

1,567,531

PetroChina Co. Ltd. (H Shares)

8,712,000

9,617,177

Shenzhou International Group Holdings Ltd.

3,828,000

1,584,910

Tencent Holdings Ltd.

648,000

1,548,094

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

567,000

962,351

Vision Grande Group Holdings Ltd.

4,392,000

3,783,675

Weichai Power Co. Ltd. (H Shares)

1,877,000

4,503,526

Yantai Changyu Pioneer Wine Co. (B Shares)

826,775

2,817,150

TOTAL CHINA

55,533,373

Hong Kong - 5.2%

Bank of East Asia Ltd.

502,400

2,399,856

China Overseas Land & Investment Ltd.

5,424,750

4,945,414

China Resources Enterprise Ltd.

1,102,000

2,553,366

China State Construction International Holdings Ltd.

12,090,098

6,156,044

China Unicom Ltd.

1,756,000

1,933,356

CNOOC Ltd.

6,852,000

5,743,346

Esprit Holdings Ltd.

1,058,500

10,248,553

Guangzhou Investment Co. Ltd.

21,464,000

4,139,793

IPE Group Ltd.

13,410,000

2,293,280

PYI Corp. Ltd.

10,163,631

3,724,521

Television Broadcasts Ltd.

419,000

2,402,844

Tingyi (Cayman Island) Holding Corp.

2,044,742

1,543,311

Vtech Holdings Ltd.

443,000

2,227,190

TOTAL HONG KONG

50,310,874

India - 4.4%

Bajaj Auto Ltd.

30,383

1,858,693

Cipla Ltd.

402,940

2,350,184

Financial Technology (India) Ltd.

294,990

10,582,077

Geodesic Information Systems Ltd.

748,445

3,099,082

HCL Infosystems Ltd.

227,933

657,109

IVRCL Infrastructures & Projects Ltd.

604,455

3,843,107

Max India Ltd. (a)

218,465

4,553,381

Pfizer Ltd.

85,600

1,636,824

Praj Industries Ltd. (a)

539,390

2,208,233

Common Stocks - continued

Shares

Value (Note 1)

India - continued

Reliance Industries Ltd.

48,441

$ 1,322,099

Sasken Communication Technologies Ltd.

126,110

1,196,389

Shree Renuka Sugars Ltd.

120,690

1,632,485

State Bank of India

156,475

4,599,013

Suzlon Energy Ltd.

104,027

3,029,335

TOTAL INDIA

42,568,011

Indonesia - 1.9%

PT Astra International Tbk

2,942,000

4,326,928

PT Bank Niaga Tbk

21,558,000

2,058,543

PT Mitra Adiperkasa Tbk

29,415,000

3,131,647

PT Perusahaan Gas Negara Tbk Series B

4,389,348

5,492,083

PT Perushahaan Perkebunan London Sumatra Tbk

4,284,000

2,174,670

PT Semen Gresik Tbk

559,500

1,787,003

TOTAL INDONESIA

18,970,874

Japan - 39.7%

Access Co. Ltd. (a)(d)

844

5,621,375

Aeon Co. Ltd.

137,200

3,231,755

Aida Engineering Ltd.

391,000

2,356,832

ARRK Corp.

199,500

2,669,438

Aruze Corp.

108,100

2,245,922

Asics Corp.

317,000

4,247,085

Bandai Visual Co. Ltd.

566

1,776,009

Canon, Inc.

143,400

7,656,126

Commuture Corp.

234,000

1,914,655

CyberAgent, Inc. (d)

1,060

1,377,565

Daiei, Inc. (a)(d)

130,200

2,443,477

Daiichi Sankyo Co. Ltd.

252,900

7,524,727

Daiwa House Industry Co. Ltd.

283,000

5,105,421

Daiwa Securities Group, Inc.

530,000

6,013,253

DCM Japan Holdings Co. Ltd. (a)(d)

179,740

2,059,265

eAccess Ltd. (d)

3,893

2,246,730

EDION Corp.

95,900

1,381,596

Fanuc Ltd.

48,100

4,174,205

Fujifilm Holdings Corp.

141,200

5,239,467

Fujitsu Ltd.

806,000

6,574,248

Hamakyorex Co. Ltd. (d)

133,200

3,541,826

Hamamatsu Photonics KK (d)

83,600

2,415,937

Hitachi Metals Ltd.

246,000

2,544,973

Horiba Ltd.

106,100

3,084,302

Ise Chemical Corp.

527,000

4,866,279

Japan Excellent, Inc.

253

1,349,795

Japan Logistics Fund, Inc.

388

2,886,115

JSR Corp.

223,700

5,623,102

Kansai Urban Banking Corp. (d)

637,600

2,812,941

Kato Works Co. Ltd.

753,000

2,794,135

Keihanshin Real Estate Co. Ltd.

204,000

1,381,396

Kobayashi Pharmaceutical Co. Ltd.

67,500

2,591,271

Konica Minolta Holdings, Inc.

446,000

5,941,074

Kyoritsu Maintenance Co. Ltd. (d)

86,200

2,034,131

Shares

Value (Note 1)

Leopalace21 Corp.

134,300

$ 5,052,326

Lintec Corp.

198,100

4,522,290

Mandom Corp. (d)

244,000

5,945,623

Mitsubishi Estate Co. Ltd.

381,000

9,121,067

Mitsui & Co. Ltd.

475,000

6,485,765

Mizuho Financial Group, Inc.

2,443

19,028,498

Musashi Seimitsu Industry Co. Ltd. (d)

162,400

4,109,987

Nabtesco Corp.

288,000

3,459,644

Nidec Corp.

43,800

3,351,659

Nidec Sankyo Corp.

252,000

2,813,885

Nintendo Co. Ltd.

20,600

4,212,996

Nippon Electric Glass Co. Ltd.

463,000

9,975,719

Nippon Oil Corp.

147,000

1,093,451

Nippon Parkerizing Co. Ltd.

65,000

1,147,615

Nippon Seiki Co. Ltd.

143,000

3,417,280

Nissan Motor Co. Ltd. (d)

786,800

9,424,648

Nissin Food Products Co. Ltd.

98,700

2,978,890

Nittoku Engineering Co. Ltd.

139,700

1,057,067

NTT Urban Development Co.

461

3,980,934

Omron Corp.

158,000

4,079,686

Organo Corp.

259,000

2,442,519

ORIX Corp.

40,610

11,440,660

Rakuten, Inc.

19,683

8,750,992

Rex Holdings Co. Ltd.

438

760,209

Risa Partners, Inc. (d)

302

1,407,233

Sanyo Special Steel Co. Ltd.

255,000

1,698,401

Seikoh Giken Co. Ltd.

31,200

874,966

SFCG Co. Ltd.

20,530

3,796,716

Shoei Co. (d)

101,700

3,243,340

Sompo Japan Insurance, Inc.

535,000

7,117,476

Sony Corp.

38,700

1,585,926

St. Marc Holdings Co. Ltd.

34,500

2,306,686

Sumitomo Metal Industries Ltd.

1,668,000

6,274,966

Sumitomo Mitsui Financial Group, Inc.

1,548

16,941,177

Sysmex Corp. (d)

53,200

2,142,374

T&D Holdings, Inc.

127,600

9,327,805

Takara Holdings, Inc. (d)

537,000

3,356,250

Take & Give Needs Co. Ltd. (d)

2,702

2,656,720

Takeda Pharamaceutical Co. Ltd.

115,400

7,409,833

Telewave, Inc. (d)

1,729

3,444,400

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

399,000

1,545,375

The Sumitomo Warehouse Co. Ltd. (d)

401,000

2,831,960

TIS, Inc.

75,000

1,664,031

Tohcello Co. Ltd.

147,000

1,878,976

Token Corp.

55,260

4,171,903

Tokyo Steel Manufacturing Co. Ltd.

149,900

2,296,690

Tokyo Tomin Bank Ltd.

80,500

3,276,163

Toyota Motor Corp.

421,800

24,886,197

Trend Micro, Inc.

90,000

2,885,602

Tsubakimoto Chain Co.

359,000

1,909,183

Tsutsumi Jewelry Co. Ltd.

76,200

2,097,846

UNY Co. Ltd.

175,000

2,197,974

V Technology Co. Ltd.

411

2,002,993

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

Valor Co. Ltd.

176,900

$ 2,601,471

Yaskawa Electric Corp. (d)

325,000

3,467,852

Yasuragi Co. Ltd. (d)

101,500

1,319,084

Yokogawa Electric Corp.

224,000

3,073,872

TOTAL JAPAN

386,071,279

Korea (South) - 12.6%

Binggrea Co. Ltd.

38,230

1,704,069

CDNetworks Co. Ltd. (a)

141,885

4,728,243

Cheil Industries, Inc.

119,163

4,957,482

China LotSynergy Holdings Ltd. (a)

16,436,000

1,902,021

Core Logic, Inc.

54,100

1,728,214

Doosan Heavy Industries & Construction Co. Ltd.

73,626

2,812,985

Duzon Digital Ware Co. Ltd.

103,938

2,051,734

Hana Tour Service, Inc.

30,424

1,840,453

Hyundai Engineering & Construction Co. Ltd. (a)

100,802

5,637,849

Hyundai Mipo Dockyard Co. Ltd.

22,382

2,969,221

Hyunjin Materials Co. Ltd.

118,199

1,869,105

INTOPS Co. Ltd.

119,506

3,310,274

KH Vatec Co. Ltd. (a)

152,899

2,093,283

Kookmin Bank

37,406

2,973,423

Korea Information Service, Inc.

57,510

1,419,057

Korean Reinsurance Co.

356,926

4,034,237

Kyeryong Construction Industrial Co. Ltd.

67,780

2,776,659

LG Dacom Corp.

48,772

1,133,570

LG Electronics, Inc.

52,340

3,166,228

LG Household & Health Care Ltd.

51,550

4,759,722

Lotte Chilsung Beverage Co. Ltd.

924

1,164,990

Macquarie Korea Infrastructure Fund GDR (e)

258,800

1,733,960

Mobilians Co. Ltd. (a)

76,477

454,520

NHN Corp.

156,345

15,514,196

Nice e-Banking Services

29,047

1,202,263

Orion Corp.

15,485

4,190,685

Phoenix PDE Co. Ltd.

708,094

3,825,096

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

285,148

2,178,896

Samsung Corp.

126,820

4,232,940

Samsung Electronics Co. Ltd.

12,833

8,321,528

Samsung Fire & Marine Insurance Co. Ltd.

10,822

1,676,849

Seoul Semiconductor Co. Ltd.

130,028

2,490,851

SFA Engineering Corp.

151,735

4,750,523

Taewoong Co. Ltd.

52,527

1,452,192

TK Corp.

85,040

1,046,923

TSM Tech Co. Ltd.

173,088

2,755,446

Woongjin Coway Co. Ltd.

124,340

3,266,027

YBM Sisa.com, Inc.

120,314

2,598,449

Yuhan Corp.

11,461

1,927,904

TOTAL KOREA (SOUTH)

122,652,067

Shares

Value (Note 1)

Malaysia - 1.4%

Bumiputra-Commerce Holdings BHD

1,512,900

$ 2,858,045

IOI Corp. BHD

1,051,600

4,952,093

PPB Oil Palms BHD

490,200

1,100,517

Tenaga Nasional BHD

1,757,425

4,811,567

TOTAL MALAYSIA

13,722,222

New Zealand - 0.3%

Pumpkin Patch Ltd.

1,101,053

2,951,262

Papua New Guinea - 0.3%

Oil Search Ltd.

1,102,528

2,919,045

Philippines - 0.6%

Banco de Oro Universal Bank (a)

1,257,700

1,085,094

Philippine Long Distance Telephone Co.

92,000

4,356,340

TOTAL PHILIPPINES

5,441,434

Singapore - 4.5%

Ascendas Real Estate Investment Trust (A-REIT)

2,751,550

3,833,866

CapitaCommercial Trust (REIT)

2,668,300

3,700,737

CapitaLand Ltd.

541,000

1,893,187

Centillion Env & Recycling Ltd. (a)

1,791,000

195,499

Cosco Corp. Singapore Ltd.

2,819,000

3,475,331

DBS Group Holdings Ltd.

383,000

5,016,823

Ezra Holdings Ltd.

1,033,000

2,600,077

GES International Ltd.

2,930,000

2,314,049

Goodpack Ltd.

2,903,000

3,056,967

HTL International Holdings Ltd.

2,826,250

2,141,373

Keppel Corp. Ltd.

653,000

6,624,759

Keppel Land Ltd.

1,133,000

4,001,220

KS Energy Services Ltd.

858,000

1,366,277

Pertama Holdings Ltd.

10,623,000

2,864,813

Raffles Education Corp. Ltd.

333,000

568,756

TOTAL SINGAPORE

43,653,734

Taiwan - 5.8%

China Life Insurance Co. Ltd. (TW) (a)

5,674,000

2,787,828

Chipbond Technology Corp.

1,494,637

1,367,362

Delta Electronics, Inc.

687,000

1,946,586

Formosan Rubber Group (a)

8,007,000

3,934,110

Holtek Semiconductor, Inc.

1,109,189

2,233,424

Hon Hai Precision Industry Co. Ltd. (Foxconn)

1,438,885

9,346,789

Macronix International Co. Ltd. (a)

2,677,000

903,765

MediaTek, Inc.

315,040

3,081,552

Phoenix Precision Technology Corp.

1,675,434

1,785,278

PixArt Imaging, Inc.

299,000

2,460,497

Powertech Technology, Inc.

372,000

1,073,109

Common Stocks - continued

Shares

Value (Note 1)

Taiwan - continued

Shin Kong Financial Holding Co.: warrants (UBS Warrant Programme) 12/14/06 (a)

3,382,203

$ 2,989,456

warrants (UBS Warrant Programme) 12/14/06 (a)

5,772,480

4,191,068

warrants (UBS Warrant Programme) 12/19/06 (a)

4,794,201

4,237,490

Springsoft, Inc.

2,080,139

2,530,026

Taishin Financial Holdings Co. Ltd. (a)

6,793,000

3,491,203

Taiwan Secom Co.

1,444,562

2,281,689

Tsann Kuen Enterprise Co. Ltd.

3,460,260

2,920,491

Wistron Corp.

2,585,981

3,001,063

TOTAL TAIWAN

56,562,786

Thailand - 1.5%

AAPICO Hitech PCL (For. Reg.)

11,800

6,304

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

8,517,800

1,067,990

Bumrungrad Hospital PCL (For. Reg.)

3,725,400

3,731,747

Khon Kaen Sugar Industry PCL (For. Reg.)

8,372,100

2,259,183

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

14,247,200

2,213,534

Thai Oil PCL (For. Reg.)

992,000

1,649,390

Thai Stanley Electric PCL

49,100

219,486

Total Access Communication PCL (a)

644,676

2,578,704

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

5,273,000

1,207,310

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

206,113

0

TOTAL THAILAND

14,933,648

TOTAL COMMON STOCKS

(Cost $809,110,298)

972,033,000

Money Market Funds - 4.8%

Shares

Value (Note 1)

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)
(Cost $46,913,910)

46,913,910

$ 46,913,910

TOTAL INVESTMENT PORTFOLIO - 104.7%

(Cost $856,024,208)

1,018,946,910

NET OTHER ASSETS - (4.7)%

(46,141,736)

NET ASSETS - 100%

$ 972,805,174

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,733,960 or 0.2% of net assets.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 379,606

Fidelity Securities Lending Cash Central Fund

796,238

Total

$ 1,175,844

Annual Report

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

Pacific Basin

Financial Statements

Statement of Assets and Liabilities

October 31, 2006

Assets

Investment in securities, at value (including securities loaned of $44,630,439) - See accompanying schedule:

Unaffiliated issuers (cost $809,110,298)

$ 972,033,000

Fidelity Central Funds (cost $46,913,910)

46,913,910

Total Investments (cost $856,024,208)

$ 1,018,946,910

Receivable for investments sold

15,297,528

Receivable for fund shares sold

872,745

Dividends receivable

1,705,933

Interest receivable

1,377

Other receivables

184,318

Total assets

1,037,008,811

Liabilities

Payable to custodian bank

$ 1,203,837

Payable for investments purchased

10,892,844

Payable for fund shares redeemed

3,756,290

Accrued management fee

611,931

Other affiliated payables

243,789

Other payables and accrued expenses

581,036

Collateral on securities loaned, at value

46,913,910

Total liabilities

64,203,637

Net Assets

$ 972,805,174

Net Assets consist of:

Paid in capital

$ 715,934,543

Undistributed net investment income

5,642,285

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

88,717,061

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

162,511,285

Net Assets, for 35,559,082 shares outstanding

$ 972,805,174

Net Asset Value, offering price and redemption price per share ($972,805,174 ÷ 35,559,082 shares)

$ 27.36

Statement of Operations

Year ended October 31, 2006

Investment Income

Dividends

$ 16,986,664

Interest

5,732

Income from Fidelity Central Funds (including $796,238 from security lending)

1,175,844

18,168,240

Less foreign taxes withheld

(1,075,371)

Total income

17,092,869

Expenses

Management fee
Basic fee

$ 7,292,626

Performance adjustment

444,040

Transfer agent fees

2,384,851

Accounting and security lending fees

466,273

Custodian fees and expenses

698,335

Independent trustees' compensation

4,130

Registration fees

86,216

Audit

93,890

Legal

18,192

Interest

61,837

Miscellaneous

6,414

Total expenses before reductions

11,556,804

Expense reductions

(602,727)

10,954,077

Net investment income (loss)

6,138,792

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers (net of foreign taxes of $311,687)

97,481,566

Foreign currency transactions

15,528

Total net realized gain (loss)

97,497,094

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of decrease in deferred foreign taxes of $270,144)

59,189,489

Assets and liabilities in foreign currencies

84,109

Total change in net unrealized appreciation (depreciation)

59,273,598

Net gain (loss)

156,770,692

Net increase (decrease) in net assets resulting from operations

$ 162,909,484

Annual Report

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

Pacific Basin
Financial Statements - continued

Statement of Changes in Net Assets

Year ended
October 31,
2006

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 6,138,792

$ 5,769,041

Net realized gain (loss)

97,497,094

48,906,097

Change in net unrealized appreciation (depreciation)

59,273,598

65,122,361

Net increase (decrease) in net assets resulting from operations

162,909,484

119,797,499

Distributions to shareholders from net investment income

(5,529,029)

(1,990,052)

Distributions to shareholders from net realized gain

(9,829,319)

(3,233,832)

Total distributions

(15,358,348)

(5,223,884)

Share transactions
Proceeds from sales of shares

667,355,117

203,333,895

Reinvestment of distributions

14,211,173

4,800,773

Cost of shares redeemed

(505,973,121)

(119,138,687)

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

175,593,169

88,995,981

Redemption fees

810,944

153,147

Total increase (decrease) in net assets

323,955,249

203,722,743

Net Assets

Beginning of period

648,849,925

445,127,182

End of period (including undistributed net investment income of $5,642,285 and undistributed net investment income of $5,234,889, respectively)

$ 972,805,174

$ 648,849,925

Other Information

Shares

Sold

25,188,605

9,742,425

Issued in reinvestment of distributions

586,996

262,912

Redeemed

(19,160,860)

(5,917,502)

Net increase (decrease)

6,614,741

4,087,835

Financial Highlights

Years ended October 31,

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 22.42

$ 17.91

$ 17.06

$ 12.73

$ 13.09

Income from Investment Operations

Net investment income (loss) D

.16

.22 G

.07

.06

(.02)

Net realized and unrealized gain (loss)

5.26

4.49

.92

4.26

(.36)

Total from investment operations

5.42

4.71

.99

4.32

(.38)

Distributions from net investment income

(.18)

(.08)

(.16)

-

-

Distributions from net realized gain

(.32)

(.13)

-

-

-

Total distributions

(.50)

(.21)

(.16)

-

-

Redemption fees added to paid in capital D

.02

.01

.02

.01

.02

Net asset value, end of period

$ 27.36

$ 22.42

$ 17.91

$ 17.06

$ 12.73

Total Return A,B,C

24.55%

26.62%

5.98%

34.01%

(2.75)%

Ratios to Average Net Assets E,H

Expenses before reductions

1.14%

1.10%

1.20%

1.17%

1.51%

Expenses net of fee waivers, if any

1.14%

1.10%

1.20%

1.17%

1.51%

Expenses net of all reductions

1.08%

1.05%

1.19%

1.17%

1.50%

Net investment income (loss)

.60%

1.09% G

.42%

.41%

(.15)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 972,805

$ 648,850

$ 445,127

$ 419,251

$ 306,206

Portfolio turnover rate F

75%

78%

145%

97%

98%

A Total returns would have been lower had certain expenses not been reduced during the periods shown. B Total returns do not include the effect of the former sales charges. C Total returns do not include the effect of the contingent deferred sales charge. D Calculated based on average shares outstanding during the period. EFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expense of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.05 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .84%. H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

Annual Report

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

Southeast Asia

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended
October 31, 2006

Past 1
year

Past 5
years

Past 10
years

Fidelity Southeast Asia Fund

41.50%

24.50%

6.86%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Southeast Asia Fund on October 31, 1996. The chart shows how the value of your investment would have changed, and also shows how the MSCI AC Far East ex Japan Index performed over the same period.

Annual Report

Southeast Asia

Management's Discussion of Fund Performance

Comments from Allan Liu, Portfolio Manager of Fidelity® Southeast Asia Fund

International equity markets as a whole outpaced their U.S. counterparts for the 12 months ending October 31, 2006 - partly as a result of favorable currency exchanges that boosted returns for U.S. investors. The Morgan Stanley Capital InternationalSM Europe, Australasia, Far East (MSCI® EAFE®) Index - a gauge of developed stock markets outside the United States and Canada - gained 27.72% during that time. European markets benefited from solid corporate profit growth and attractive dividends, which helped the MSCI Europe index advance 31.95%. Strong performing Latin American and Asian emerging markets drove the MSCI Emerging Markets index to a lofty 35.42% return. Japan was somewhat of an exception to the generally stellar foreign market performance after struggling in the middle part of the period. Still, its earlier gains helped the Tokyo Stock Exchange Stock Price Index (TOPIX) - a benchmark of the largest and better-established stocks traded on the Tokyo Stock Exchange - rise 12.47% overall. Natural-resources-rich Canada also struggled over the final six months as energy prices fell, but the S&P/TSX Composite Index managed a 12-month return of 28.21%.

During the past year, the fund returned 41.50%, handily beating the 32.63% return of the MSCI All Country Far East ex Japan Index. Favorable stock selection in financials, information technology, utilities and industrials helped the fund's performance versus the index. On a country basis, my picks in China, South Korea and Singapore - together with some Hong Kong-listed names incorporated in the Cayman Islands - aided performance, along with overweightings in China and Indonesia. The top contributor was Indonesian natural gas utility Perusahaan Gas Negara. Two manufacturers for the cellular handset industry, Foxconn International Holdings and AAC Acoustic Technology Holdings - both Hong Kong-listed but incorporated in the Cayman Islands - were strong contributors. Further adding value was Singapore-listed Cosco Corp., which enjoyed solid results from its shipping repair operations in China, along with Korea-based Hynix Semiconductor, which I sold to collect profits. The Hynix sale was part of a reduction of exposure to semiconductors and the broader technology sector, as I became concerned about potential inventory build-ups and the companies' sensitivity to any economic deceleration that might occur. Conversely, my picks in energy, consumer staples and health care could have been better. Hyundai Motor, a Korean automaker, was a major detractor, along with Nan Ya Printed Circuit Board, a Taiwanese electronic materials producer. Far EasTone Telecommunications, a Taiwanese provider of wireless telecom services, managed to post a single-digit gain but trailed the index. Further holding back performance was power tool maker Techtronic Industries. I sold both Nan Ya and Techtronic by period end.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Southeast Asia

Investment Changes

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks and Investment Companies

97.1

96.4

Short-Term Investments and Net Other Assets

2.9

3.6

Top Ten Stocks as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

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

3.8

5.7

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

3.4

1.5

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

3.1

2.3

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

2.8

3.4

Kookmin Bank (Korea (South), Commercial Banks)

2.7

2.9

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

2.5

2.4

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

1.8

0.9

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

1.7

0.5

CNOOC Ltd. (Hong Kong, Oil, Gas & Consumable Fuels)

1.5

0.8

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

1.3

0.0

24.6

Market Sectors as of October 31, 2006

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

27.0

24.5

Information Technology

15.0

22.4

Industrials

14.4

12.9

Energy

9.5

5.9

Materials

7.5

6.0

Utilities

7.5

6.3

Consumer Discretionary

7.3

9.8

Telecommunication Services

5.6

5.3

Consumer Staples

2.4

2.5

Health Care

0.2

0.8

Annual Report

Southeast Asia

Investments October 31, 2006

Showing Percentage of Net Assets

Common Stocks - 95.4%

Shares

Value (Note 1)

Australia - 1.5%

HFA Holdings Ltd.

2,000,000

$ 2,879,838

Paladin Resources Ltd. (a)

1,200,000

5,360,215

Rinker Group Ltd.

280,000

4,020,935

Seek Ltd.

1,170,000

4,818,619

WorleyParsons Ltd.

490,000

6,884,903

TOTAL AUSTRALIA

23,964,510

Bermuda - 1.3%

eSun Holdings Ltd. (a)

4,800,000

4,628,915

NWS Holdings Ltd. (d)

4,000,000

8,280,615

Sinochem Hong Kong Holding Ltd.

20,461,400

7,129,866

TOTAL BERMUDA

20,039,396

Cayman Islands - 2.2%

AAC Acoustic Technology Holdings, Inc. (a)

7,400,000

8,601,553

Foxconn International Holdings Ltd. (a)

3,230,000

10,735,933

New World China Land Ltd.

14,000,000

6,714,499

Semiconductor Manufacturing International Corp. (a)

24,000,000

2,808,209

Shimao Property Holdings Ltd.

1,200,000

1,617,034

Tianjin Port Development Holdings Ltd.

15,400,000

5,069,177

TOTAL CAYMAN ISLANDS

35,546,405

China - 15.8%

Angang New Steel Co. Ltd. (H Shares)

7,600,000

7,768,863

Anhui Conch Cement Co. Ltd. (H Shares)

3,860,000

8,586,381

Baidu.com, Inc. sponsored ADR (a)

54,000

4,713,120

Bank of Communications Co. Ltd. (H Shares)

6,400,000

4,805,843

Beijing Datang Power Generation Co. Ltd.

7,900,000

6,694,054

China Construction Bank Corp. (H Shares)

35,000,000

15,751,170

China Life Insurance Co. Ltd. (H Shares)

6,600,000

13,900,633

China Mengniu Dairy Co. Ltd.

4,400,000

7,999,794

China Merchants Bank Co. Ltd. (H Shares) (a)

9,664,000

15,085,244

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

6,800,000

3,785,938

China Oilfield Services Ltd. (H Shares)

15,640,000

8,788,099

China Petroleum & Chemical Corp. (H Shares)

24,000,000

16,648,800

China Shenhua Energy Co. Ltd. (H Shares)

4,257,000

7,488,011

Dongfang Electrical Machinery Co. Ltd. (H Shares)

1,880,000

3,625,984

Focus Media Holding Ltd. ADR (a)

170,000

8,991,300

Harbin Power Equipment Co. Ltd. (H Shares)

6,000,000

5,168,955

Huadian Power International Corp. Ltd. (H shares)

10,000,000

3,368,822

Huaneng Power International, Inc. (H Shares)

12,500,000

9,820,372

Shares

Value (Note 1)

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

17,000,000

$ 8,044,026

Industrial & Commercial Bank of China

5,586,000

2,499,522

Jiangxi Copper Co. Ltd. (H Shares)

7,280,000

7,919,148

Li Ning Co. Ltd.

5,400,000

6,387,903

Lingbao Gold Co. Ltd. (H Shares)

4,000,000

3,497,403

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

8,000,000

3,178,522

Mindray Medical International Ltd. sponsored ADR

117,300

2,123,130

PetroChina Co. Ltd. (H Shares)

25,800,000

28,480,620

Shanghai Electric (Group) Corp. (H Shares)

35,600,000

12,542,303

Shanghai Forte Land Co. Ltd. (H Shares)

8,600,000

3,792,882

Shanghai Prime Machinery Co. Ltd. (H Shares)

11,600,000

3,758,679

Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)

6,200,000

2,630,767

Tencent Holdings Ltd.

4,000,000

9,556,138

Yantai Changyu Pioneer Wine Co. (B Shares)

248,300

846,056

Zijin Mining Group Co. Ltd. (H Shares)

6,600,000

3,835,828

TOTAL CHINA

252,084,310

Hong Kong - 15.7%

Asia Financial Holdings Ltd.

9,400,000

3,807,283

Bank of East Asia Ltd.

2,040,000

9,744,638

Cheung Kong Holdings Ltd.

1,911,000

20,787,764

China Mobile (Hong Kong) Ltd.

6,580,000

53,666,480

China Power International Development Ltd.

5,000,000

2,391,606

China Resources Enterprise Ltd.

3,200,000

7,414,494

China Resources Power Holdings Co. Ltd.

2,800,000

3,492,259

CLP Holdings Ltd.

2,600,000

16,514,941

CNOOC Ltd.

28,400,000

23,804,880

CNPC (Hong Kong) Ltd.

20,600,000

10,330,196

Dynasty Fine Wines Group Ltd. (d)

12,758,000

4,921,308

Esprit Holdings Ltd.

1,780,000

17,234,223

Guangnan Holdings Ltd.

4,128,000

700,633

Hong Kong & China Gas Co. Ltd.

8,000,000

18,330,505

Hong Kong Exchanges & Clearing Ltd.

1,750,000

13,861,030

Hong Kong Land Holdings Ltd.

840,000

3,158,400

Johnson Electric Holdings Ltd.

4,000,000

3,152,806

Midland Holdings Ltd.

10,000,000

4,963,226

New World Development Co. Ltd.

6,200,000

10,618,732

PYI Corp. Ltd.

17,300,314

6,339,800

Sun Hung Kai Properties Ltd.

796,000

8,704,907

Swire Pacific Ltd. (A Shares)

604,000

6,380,008

TOTAL HONG KONG

250,320,119

Indonesia - 7.8%

Arpeni Pratama Ocean Line PT

10,000,000

1,668,306

Bakrie Telecom PT

56,000,000

1,167,814

PT Apexindo Pratama Duta Tbk

11,000,000

1,907,577

Common Stocks - continued

Shares

Value (Note 1)

Indonesia - continued

PT Astra Agro Lestari Tbk

2,400,000

$ 2,568,314

PT Astra International Tbk

9,016,500

13,260,961

PT Bakrie & Brothers Tbk (a)

307,576,000

5,232,586

PT Bank Mandiri Persero Tbk

29,300,000

8,763,273

PT Bank Niaga Tbk

44,000,000

4,201,498

PT Bank Rakyat Indonesia Tbk

14,000,000

7,529,330

PT Bumi Resources Tbk

18,000,000

1,521,232

PT Energi Mega Persada Tbk (a)

79,480,000

4,536,213

PT Hexindo Adiperkasa Tbk

22,500,000

2,074,407

PT Indosat Tbk

5,500,000

3,139,050

PT International Nickel Indonesia Tbk

634,000

1,830,110

PT Jakarta International Hotel & Development Tbk (a)

52,000,000

3,538,566

PT Medco Energi International Tbk

19,500,000

7,116,370

PT Perusahaan Gas Negara Tbk Series B

35,400,000

44,293,535

PT Perushahaan Perkebunan London Sumatra Tbk

6,600,000

3,350,332

PT Summarecon Agung Tbk

12,000,000

1,554,159

PT United Tractors Tbk

7,500,000

5,391,813

TOTAL INDONESIA

124,645,446

Korea (South) - 23.4%

Amorepacific Corp. (a)

3,090

1,600,339

Cheil Industries, Inc.

239,550

9,965,886

Daewoo Engineering & Construction Co. Ltd.

750,000

16,237,722

Daewoo Securities Co. Ltd.

305,000

5,648,445

Daishin Securities Co. Ltd.

240,000

5,425,309

Dongkuk Steel Mill Co. Ltd.

325,000

6,139,557

Doosan Heavy Industries & Construction Co. Ltd.

229,000

8,749,267

Hanbit Soft, Inc. (a)

460,000

3,500,343

Hansol Paper Co. Ltd.

240,000

3,578,667

Hyundai Heavy Industries Co. Ltd.

145,000

21,313,336

Hyundai Industrial Development & Construction Co.

207,000

10,435,124

Hyundai Mipo Dockyard Co. Ltd.

128,000

16,980,624

Hyundai Motor Co.

71,000

5,771,926

Hyunjin Materials Co. Ltd.

10,882

172,079

INI Steel Co.

165,000

5,857,519

Kookmin Bank

533,000

42,368,461

Korea Investment Holdings Co. Ltd.

242,590

11,585,614

Korean Reinsurance Co.

494,087

5,584,531

Macquarie Korea Infrastructure Fund GDR (e)

595,400

3,989,180

Meritz Fire & Marine Insurance Co. Ltd.

580,000

3,631,731

NHN Corp.

43,498

4,316,329

POSCO

60,500

16,790,388

Pyeong San Co. Ltd.

33,432

860,415

Samsung Electronics Co. Ltd.

88,872

57,628,832

Samsung Electronics Co. Ltd. GDR

8,200

2,658,850

Samsung Engineering Co. Ltd.

388,000

17,768,313

Shares

Value (Note 1)

Samsung Fire & Marine Insurance Co. Ltd.

66,000

$ 10,226,581

Seoul Semiconductor Co. Ltd.

190,000

3,639,691

Shinhan Financial Group Co. Ltd.

865,000

39,887,751

Shinsegae Co. Ltd.

22,400

12,908,670

SK Corp.

202,000

14,813,684

Tong Yang Major Corp. (a)

350,000

2,258,423

TOTAL KOREA (SOUTH)

372,293,587

Malaysia - 2.8%

Bintulu Port Holdings BHD

340,000

431,923

Bumiputra-Commerce Holdings BHD

2,550,000

4,817,248

Bursa Malaysia BHD

4,000,000

6,516,085

DiGi.com BHD

1,000,000

3,258,042

IJM Corp. BHD

1,700,000

2,862,423

Lafarge Malayan Cement BHD

15,000,000

3,942,505

POS Malaysia & Services Holding BHD

2,250,000

3,055,441

PPB Oil Palms BHD

1,800,000

4,041,068

Public Bank BHD (For. Reg.)

1,490,625

2,795,560

Scomi Marine BHD

1,430,000

295,592

Tenaga Nasional BHD

4,500,000

12,320,329

YTL Power International BHD

1,460,700

875,820

TOTAL MALAYSIA

45,212,036

Papua New Guinea - 0.4%

Oil Search Ltd.

2,350,000

6,221,844

Philippines - 1.0%

Bank of the Philippine Islands (BPI)

2,160,000

2,686,998

Philippine Long Distance Telephone Co.

280,000

13,258,427

TOTAL PHILIPPINES

15,945,425

Singapore - 7.9%

Advanced Holdings Ltd.

6,000,000

1,367,664

Cosco Corp. Singapore Ltd.

12,200,000

15,040,452

DBS Group Holdings Ltd.

610,000

7,990,240

Hotel Properties Ltd.

1,840,000

3,024,528

Keppel Corp. Ltd.

1,785,000

18,109,028

Keppel Land Ltd.

2,150,000

7,592,783

SembCorp Marine Ltd.

6,500,000

14,273,790

Singapore Exchange Ltd.

6,585,000

19,026,904

Singapore Land Ltd.

1,400,000

7,640,940

Singapore Petroleum Co. Ltd.

2,750,000

8,016,566

The Ascott Group Ltd.

13,150,000

9,456,787

United Overseas Bank Ltd.

410,000

4,659,689

Uol Group Ltd.

3,500,000

8,989,341

TOTAL SINGAPORE

125,188,712

Taiwan - 14.1%

Cheng Uei Precision Industries Co. Ltd.

1,180,000

4,090,430

China Life Insurance Co. Ltd. (TW) (a)

7,400,000

3,635,870

Chong Hong Construction Co. Ltd.

2,677,888

7,176,013

Far East Department Stores Co. Ltd.

8,133,000

4,130,853

Far EasTone Telecommunications Co. Ltd.

5,080,000

5,818,839

Farglory Developers Co. Ltd.

3,100,000

3,821,854

Common Stocks - continued

Shares

Value (Note 1)

Taiwan - continued

Foxconn Technology Co. Ltd.

647,645

$ 6,334,915

Goldsun Development & Construction Co. Ltd.

8,364,000

3,580,069

High Tech Computer Corp.

470,000

11,688,018

Hon Hai Precision Industry Co. Ltd. (Foxconn)

7,527,025

48,894,465

Huaku Construction Co. Ltd.

3,520,000

7,172,630

Hung Poo Real Estate Development Co. Ltd.

5,285,000

5,846,556

Ichia Technologies, Inc. (a)

3,210,000

3,202,743

Inventec Corp.

9,600,000

6,944,989

KEE TAI Properties Co. Ltd. (a)

6,449,000

3,780,951

King Yuan Electronics Co. Ltd.

6,570,820

4,654,537

Largan Precision Co. Ltd.

393,000

7,842,231

Macronix International Co. Ltd. (a)

7,973,000

2,691,714

MediaTek, Inc.

1,520,000

14,867,822

Motech Industries, Inc.

240,000

3,240,995

Shin Kong Financial Holding Co.:

warrants (UBS Warrant Programme) 12/13/06 (a)

637,951

563,871

warrants (UBS Warrant Programme) 12/20/06 (a)

637,951

563,871

warrants (UBS Warrant Programme) 1/31/07 (a)

2,721,924

2,405,849

warrants (UBS Warrant Programme) 2/7/07 (a)

4,040,356

3,571,183

Shin Kong Financial Holding Co. Ltd.

5,500,000

4,874,152

Shinkong Insurance Co. Ltd.

662,000

332,247

Taiwan Chi Cheng Enterprise Co. Ltd.

2,946,000

7,858,960

Taiwan Fertilizer Co. Ltd.

9,400,000

15,300,678

Taiwan Semiconductor Manufacturing Co. Ltd.

14,750,604

27,122,437

Yulon Motor Co. Ltd.

3,195,750

3,174,076

TOTAL TAIWAN

225,183,818

Thailand - 0.8%

Bangkok Dusit Medical Service PCL (For. Reg.)

2,600,000

1,984,327

Central Pattana PCL (For. Reg.)

5,216,600

3,113,964

Total Access Communication PCL (a)

1,868,600

7,474,400

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

100

23

TOTAL THAILAND

12,572,714

United Kingdom - 0.7%

HSBC Holdings PLC (Hong Kong) (Reg.)

420,022

8,019,900

Standard Chartered PLC (Hong Kong)

80,000

2,254,796

TOTAL UNITED KINGDOM

10,274,696

TOTAL COMMON STOCKS

(Cost $1,160,518,228)

1,519,493,018

Nonconvertible Preferred Stocks - 1.0%

Shares

Value (Note 1)

Korea (South) - 1.0%

Hyundai Motor Co. Series 2

241,000

$ 11,381,794

Samsung Electronics Co. Ltd.

10,200

4,947,093

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $5,912,017)

16,328,887

Investment Companies - 0.7%

Hong Kong - 0.7%

iShares FTSE/Xinhua A50 China Tracker
(Cost $9,118,654)

1,160,000

10,306,537

Money Market Funds - 3.0%

Fidelity Cash Central Fund, 5.34% (b)

45,984,670

45,984,670

Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)

1,837,400

1,837,400

TOTAL MONEY MARKET FUNDS

(Cost $47,822,070)

47,822,070

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $1,223,370,969)

1,593,950,512

NET OTHER ASSETS - (0.1)%

(1,002,825)

NET ASSETS - 100%

$ 1,592,947,687

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,989,180 or 0.3% of net assets.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 1,445,739

Fidelity Securities Lending Cash Central Fund

117,560

Total

$ 1,563,299

Other Affiliated Issuers

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

Affiliate

Value, beginning of period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Wilmar International Ltd.

$ -

$ 1,266,618

$ 1,730,041

$ -

$ -

Annual Report

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

Southeast Asia

Financial Statements

Statement of Assets and Liabilities

October 31, 2006

Assets

Investment in securities, at value (including securities loaned of $1,661,962) - See accompanying schedule:

Unaffiliated issuers (cost $1,175,548,899)

$ 1,546,128,442

Fidelity Central Funds (cost $47,822,070)

47,822,070

Total Investments (cost $1,223,370,969)

$ 1,593,950,512

Foreign currency held at value (cost $1,035,932)

1,036,875

Receivable for investments sold

5,941,110

Receivable for fund shares sold

5,545,244

Dividends receivable

526,448

Interest receivable

205,502

Other receivables

588,807

Total assets

1,607,794,498

Liabilities

Payable for investments purchased

$ 10,291,130

Payable for fund shares redeemed

1,119,017

Accrued management fee

1,036,995

Other affiliated payables

324,535

Other payables and accrued expenses

237,734

Collateral on securities loaned, at value

1,837,400

Total liabilities

14,846,811

Net Assets

$ 1,592,947,687

Net Assets consist of:

Paid in capital

$ 1,107,526,021

Undistributed net investment income

13,779,108

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

101,038,426

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

370,604,132

Net Assets, for 62,255,419 shares outstanding

$ 1,592,947,687

Net Asset Value, offering price and redemption price per share ($1,592,947,687 ÷ 62,255,419 shares)

$ 25.59

Statement of Operations

Year ended October 31, 2006

Investment Income

Dividends

$ 33,136,228

Interest

69,881

Income from Fidelity Central Funds (including $117,560 from security lending)

1,563,299

34,769,408

Less foreign taxes withheld

(3,732,486)

Total income

31,036,922

Expenses

Management fee
Basic fee

$ 8,952,086

Performance adjustment

1,237,060

Transfer agent fees

2,808,810

Accounting and security lending fees

551,555

Custodian fees and expenses

1,428,126

Independent trustees' compensation

4,748

Registration fees

107,704

Audit

91,130

Legal

20,838

Miscellaneous

7,808

Total expenses before reductions

15,209,865

Expense reductions

(2,163,671)

13,046,194

Net investment income (loss)

17,990,728

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

102,629,193

Other affiliated issuers

463,423

Foreign currency transactions

(1,521,848)

Total net realized gain (loss)

101,570,768

Change in net unrealized appreciation (depreciation) on:

Investment securities

243,769,647

Assets and liabilities in foreign currencies

17,435

Total change in net unrealized appreciation (depreciation)

243,787,082

Net gain (loss)

345,357,850

Net increase (decrease) in net assets resulting from operations

$ 363,348,578

Annual Report

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

Southeast Asia
Financial Statements - continued

Statement of Changes in Net Assets

Year ended
October 31,
2006

Year ended
October 31,
2005

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 17,990,728

$ 10,708,090

Net realized gain (loss)

101,570,768

63,732,767

Change in net unrealized appreciation (depreciation)

243,787,082

54,484,965

Net increase (decrease) in net assets resulting from operations

363,348,578

128,925,822

Distributions to shareholders from net investment income

(11,222,484)

(4,393,636)

Distributions to shareholders from net realized gain

(18,514,528)

-

Total distributions

(29,737,012)

(4,393,636)

Share transactions
Proceeds from sales of shares

839,465,156

334,452,814

Reinvestment of distributions

28,757,013

4,237,758

Cost of shares redeemed

(393,593,644)

(144,703,410)

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

474,628,525

193,987,162

Redemption fees

942,767

371,624

Total increase (decrease) in net assets

809,182,858

318,890,972

Net Assets

Beginning of period

783,764,829

464,873,857

End of period (including undistributed net investment income of $13,779,108 and undistributed net investment income of $8,443,957, respectively)

$ 1,592,947,687

$ 783,764,829

Other Information

Shares

Sold

36,006,623

18,599,917

Issued in reinvestment of distributions

1,416,326

261,752

Redeemed

(17,069,282)

(8,212,035)

Net increase (decrease)

20,353,667

10,649,634

Financial Highlights

Years ended October 31,

2006

2005

2004

2003

2002

Selected Per-Share Data

Net asset value, beginning of period

$ 18.70

$ 14.87

$ 13.72

$ 9.96

$ 9.10

Income from Investment Operations

Net investment income (loss) C

.33

.30

.16

.15

.06

Net realized and unrealized gain (loss)

7.23

3.66

1.10

3.68

.81

Total from investment operations

7.56

3.96

1.26

3.83

.87

Distributions from net investment income

(.26)

(.14)

(.13)

(.08)

(.03)

Distributions from net realized gain

(.43)

-

-

-

-

Total distributions

(.69)

(.14)

(.13)

(.08)

(.03)

Redemption fees added to paid in capital C

.02

.01

.02

.01

.02

Net asset value, end of period

$ 25.59

$ 18.70

$ 14.87

$ 13.72

$ 9.96

Total Return A,B

41.50%

26.84%

9.39%

38.81%

9.75%

Ratios to Average Net Assets D,F

Expenses before reductions

1.21%

1.20%

1.21%

1.32%

1.54%

Expenses net of fee waivers, if any

1.21%

1.20%

1.21%

1.32%

1.54%

Expenses net of all reductions

1.04%

1.09%

1.20%

1.32%

1.50%

Net investment income (loss)

1.44%

1.71%

1.11%

1.35%

.54%

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,592,948

$ 783,765

$ 464,874

$ 395,554

$ 245,651

Portfolio turnover rate E

100%

109%

131%

115%

131%

A Total returns would have been lower had certain expenses not been reduced during the periods shown. B Total returns do not include the effect of the former sales charges. C Calculated based on average shares outstanding during the period. D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expense of any underlying Fidelity Central Funds. E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

Annual Report

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

Notes to Financial Statements

For the period ended October 31, 2006

1. Significant Accounting Policies.

Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Pacific Basin Fund, and Fidelity Southeast Asia Fund (the Funds) are Funds of Fidelity Investment Trust (the trust). The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Funds are diversified with the exception of Fidelity Latin America Fund. Each Fund is authorized to issue an unlimited number of shares. Effective the close of business on February 28, 2006, Fidelity Japan Smaller Companies Fund was closed to most new accounts. Certain Funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. The Funds may invest in Fidelity Central Funds which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the Funds, which are also consistently followed by the Fidelity Central Funds:

Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, each Fund uses independent pricing services approved by the Board of Trustees to value their investments.

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

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

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

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

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

Investment Transactions and Income. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by the Funds are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. 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.

Annual Report

Notes to Financial Statements - continued

1. Significant Accounting Policies - continued

Expenses. Most expenses of the trust can be directly attributed to a Fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, certain Funds 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 short-term capital gains, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows for each Fund:

Cost for Federal
Income Tax Purposes

Unrealized
Appreciation

Unrealized
Depreciation

Net Unrealized
Appreciation/
(Depreciation)

Canada

$ 2,593,022,747

$ 748,831,362

$ (42,560,057)

$ 706,271,305

China Region

581,224,096

164,666,654

(9,502,497)

155,164,157

Emerging Markets A

2,461,317,288

527,177,754

(139,395,612)

387,782,142

Europe

3,563,010,009

518,285,375

(27,918,708)

490,366,667

Europe Capital Appreciation

1,008,906,970

111,200,919

(20,178,233)

91,022,686

Japan

1,640,357,256

247,959,938

(32,496,480)

215,463,458

Japan Smaller Companies

1,068,190,107

307,323,977

(49,459,248)

257,864,729

Latin America

2,205,385,772

955,403,306

(50,367,474)

905,035,832

Nordic

285,795,757

71,666,335

(4,560,230)

67,106,105

Pacific Basin

865,883,204

209,802,857

(56,739,151)

153,063,706

Southeast Asia

1,225,279,180

388,260,354

(19,589,022)

368,671,332

Undistributed
Ordinary Income

Undistributed
Long-term Capital
Gain

Capital Loss
Carryforward

Canada

$ 37,445,537

$ 44,242,104

$ -

China Region

8,832,964

6,820,131

-

Emerging Markets A

15,836,412

-

(68,894,724)

Europe

117,473,117

417,963,692

-

Europe Capital Appreciation

19,924,327

82,471,161

-

Japan

592,249

23,360,642

-

Japan Smaller Companies

622,390

30,592,320

-

Latin America

38,057,944

59,944,863

-

Nordic

2,982,841

5,290,808

-

Pacific Basin

14,384,230

66,684,071

-

Southeast Asia

33,462,088

64,217,791

-

A Tax information based on the Fund's tax year end of September 30, 2006.

Annual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

October 31, 2006

Ordinary Income

Long-term
Capital Gains

Return of Capital

Total

Canada

$ 7,894,925

$ -

$ -

$ 7,894,925

China Region

4,953,820

-

-

4,953,820

Emerging Markets

21,238,863

-

-

21,238,863

Europe

123,923,515

170,050,004

-

293,973,519

Europe Capital Appreciation

20,210,635

39,400,503

-

59,611,138

Japan

2,482,546

-

-

2,482,546

Japan Smaller Companies

2,096,615

87,009,291

-

89,105,906

Latin America

25,559,551

20,858,777

-

46,418,328

Nordic

2,048,598

14,574,214

-

16,622,812

Pacific Basin

10,443,689

4,914,659

-

15,358,348

Southeast Asia

11,222,484

18,514,528

-

29,737,012

October 31, 2005

Canada

$ 1,384,456

$ -

$ -

$ 1,384,456

China Region

4,953,877

-

-

4,953,877

Emerging Markets

5,999,282

-

-

5,999,282

Europe

10,681,206

-

-

10,681,206

Europe Capital Appreciation

4,798,330

-

-

4,798,330

Japan

-

-

-

-

Japan Smaller Companies

2,127,742

4,259,030

-

6,386,772

Latin America

6,575,674

-

-

6,575,674

Nordic

1,181,664

-

-

1,181,664

Pacific Basin

5,223,884

-

-

5,223,884

Southeast Asia

4,393,636

-

-

4,393,636

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

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

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

2. Operating Policies.

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

Annual Report

Notes to Financial Statements - continued

2. Operating Policies - continued

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

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

3. Purchases and Sales of Investments.

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

Purchases ($)

Sales ($)

Canada

2,188,856,341

1,279,329,289

China Region

321,521,474

182,029,415

Emerging Markets

2,665,253,794

1,704,424,978

Europe

4,764,484,679

4,009,626,045

Europe Capital Appreciation

1,178,604,214

915,505,539

Japan

1,892,647,788

1,341,274,857

Japan Smaller Companies

1,607,360,476

1,740,288,204

Latin America

2,585,248,374

1,487,546,255

Nordic

279,900,687

175,553,382

Pacific Basin

929,562,673

748,085,312

Southeast Asia

1,640,186,583

1,216,091,869

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 annual management fee rate expressed as a percentage of each Fund's average net assets, including the performance adjustment, if applicable was as follows:

Individual Rate

Group Rate

Total

Canada

.45%

.27%

.70%

China Region

.45%

.27%

.71%

Emerging Markets

.45%

.27%

.72%

Europe

.45%

.27%

.84%

Europe Capital Appreciation

.45%

.27%

.76%

Japan

.45%

.27%

.77%

Japan Smaller Companies

.45%

.27%

.72%

Latin America

.45%

.27%

.72%

Nordic

.45%

.27%

.71%

Pacific Basin

.45%

.27%

.76%

Southeast Asia

.45%

.27%

.81%

Annual Report

4. Fees and Other Transactions with Affiliates - continued

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

Canada

.23%

China Region

.26%

Emerging Markets

.22%

Europe

.23%

Europe Capital Appreciation

.22%

Japan

.22%

Japan Smaller Companies

.20%

Latin America

.21%

Nordic

.26%

Pacific Basin

.23%

Southeast Asia

.22%

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

Investments in Fidelity Central Funds. The Funds may invest in Fidelity Central Funds. The Funds' Schedule of Investments lists each of the Fidelity Central Funds as an investment of each Fund but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

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

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

Amount

Canada

$ 1,348

Emerging Markets

1,131

Europe Capital Appreciation

73

Latin America

7,206

Pacific Basin

19

Southeast Asia

192

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

Borrower or
Lender

Average Daily Loan Balance

Weighted Average Interest Rate

Interest
Expense

Canada

Borrower

$ 8,941,400

5.16%

$ 6,407

Emerging Markets

Borrower

35,841,000

5.13%

143,131

Europe

Borrower

10,759,143

4.13%

8,644

Japan

Borrower

6,416,000

4.39%

782

Japan Smaller Companies

Borrower

8,983,333

5.23%

3,918

Latin America

Borrower

61,462,889

5.14%

157,914

Pacific Basin

Borrower

8,615,484

5.19%

38,517

Annual Report

Notes to Financial Statements - continued

5. Committed Line of Credit.

Certain Funds participate with other Funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating Funds have agreed to pay commitment fees on their pro rata portion of the line of credit, which is reflected in Miscellaneous Expense on the Statement of Operations, and is as follows:

Canada

$ 7,000

China Region

1,447

Emerging Markets

5,918

Europe

8,652

Europe Capital Appreciation

1,804

Japan

4,666

Japan Smaller Companies

4,767

Latin America

5,674

Nordic

695

Pacific Basin

2,270

Southeast Asia

2,747

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

6. Security Lending.

Certain Funds lend portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a Fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds.

7. Bank Borrowings.

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

Average Daily
Loan Balance

Weighted Average
Interest Rate

Canada

$ 9,500,000

5.06%

Emerging Markets

24,604,455

5.27%

Europe

61,478,000

4.44%

Latin America

1,536,000

5.25%

Pacific Basin

9,459,500

5.55%

Annual Report

8. Expense Reductions.

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

Brokerage
Service
Arrangements

Custody
expense
reduction

Transfer Agent
expense
reduction

Canada

$ 705,540

$ 54,443

$ 57,564

China Region

334,568

2,064

7,480

Emerging Markets

2,486,881

7,794

60,947

Europe

3,244,162

5,861

207,241

Europe Capital Appreciation

648,597

-

7,614

Japan

307,888

48

60,497

Japan Smaller Companies

232,049

40

14,586

Latin America

665,080

9,095

43,344

Nordic

87,527

-

4,526

Pacific Basin

572,164

-

30,563

Southeast Asia

2,127,637

-

36,034

9. Other.

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

At the end of the period, Fidelity Freedom Fund 2010 was the owner of record of approximately 10% of the total outstanding shares of Europe. Fidelity Freedom Fund 2020 was the owner of record of approximately 19% and 12% of the total outstanding shares of Europe and Japan, respectively. Fidelity Freedom Fund 2030 was the owner of record of approximately 14% of the total outstanding shares of Europe. The Fidelity Freedom Funds were the owners of record, in the aggregate, of approximately 61%, 39% and 22% of the total outstanding shares of Europe, Japan and Southeast Asia, respectively.

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

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

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

11. Reorganization.

On December 14, 2006, the Board of Trustees of Fidelity Europe Fund and Fidelity Nordic Fund approved an Agreement and Plan of Reorganization between Fidelity Europe Fund and Fidelity Nordic Fund. The agreement provides for the transfer of all of the assets and the assumption of all of the liabilities of Fidelity Nordic Fund in exchange solely for the number of equivalent shares of Fidelity Europe Fund, having the same aggregate net asset value as the outstanding shares of Fidelity Nordic Fund, on the day that the reorganization is effective.

A shareholder meeting of Fidelity Nordic Fund is expected to be held on May 16, 2007 to vote on the reorganization. If approved by shareholders of Fidelity Nordic Fund the reorganization is expected to become effective on or about June 22, 2007. The reorganization is expected to qualify as a tax-free transaction with no gain or loss recognized by the Funds or their shareholders.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and the Shareholders of:

Fidelity Canada Fund,

Fidelity China Region Fund,

Fidelity Emerging Markets Fund,

Fidelity Europe Fund,

Fidelity Japan Fund,

Fidelity Japan Smaller Companies Fund,

Fidelity Latin America Fund,

Fidelity Nordic Fund,

Fidelity Pacific Basin Fund,

Fidelity Southeast Asia Fund

In our opinion, the accompanying statements of assets and liabilities, including the schedules 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 Canada Fund, Fidelity China Region Fund, Fidelity Emerging Markets Fund, Fidelity Europe 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 (funds of Fidelity Investment Trust) at October 31, 2006 and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, 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 October 31, 2006 by correspondence with the custodians and brokers, provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 21, 2006

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity Europe Capital Appreciation Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Europe Capital Appreciation Fund (the Fund), a fund of Fidelity Investment Trust (the Trust), including the schedule of investments, as of October 31, 2006, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. 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 October 31, 2006, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

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

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 21, 2006

Annual Report

Trustees and Officers

The Trustees, Members of the Advisory Board, and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, and review each fund's performance. Except for William O. McCoy, each of the Trustees oversees 348 funds advised by FMR or an affiliate. Mr. McCoy oversees 350 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Members hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation

Edward C. Johnson 3d (76)

Year of Election or Appointment: 1984

Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as President (2006-present), Chief Executive Officer, Chairman, and a Director of FMR Corp.; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001- present) and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of Fidelity International Limited (FIL).

Stephen P. Jonas (53)

Year of Election or Appointment: 2005

Mr. Jonas is Senior Vice President of Canada (2005-present), China Region (2005-present), Emerging Markets (2005-present), Europe (2005-present), Europe Capital Apperciation (2005-present), Japan (2005-present), Japan Smaller Companies (2005-present), Latin America (2005-present), Nordic (2005-present), Pacific Basin (2005-present), and Southeast Asia (2005-present). He also serves as Senior Vice President of other Fidelity funds (2005-present). Mr. Jonas is Executive Director of FMR (2005-present) and FMR Co., Inc. (2005-present). He also serves as a Director of Fidelity Investments Money Management, Inc. (2005-present) and FMR Corp. (2003-present). Previously, Mr. Jonas served as President of Fidelity Enterprise Operations and Risk Services (2004-2005), Chief Administrative Officer (2002-2004), and Chief Financial Officer of FMR Corp. (1998-2002). In addition, he serves on the Boards of Boston Ballet (2003-present) and Simmons College (2003-present).

Robert L. Reynolds (54)

Year of Election or Appointment: 2003

Mr. Reynolds is President and a Director of FMR (2005-present), Fidelity Investments Money Management, Inc. (2005-present), and FMR Co., Inc. (2005-present). Mr. Reynolds also serves as Vice Chairman (2006-present), a Director (2003-present), and Chief Operating Officer of FMR Corp. and a Director of Strategic Advisers, Inc. (2005-present). He also serves on the Board at Fidelity Investments Canada, Ltd.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Annual Report

Trustees and Officers - continued

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation

Dennis J. Dirks (58)

Year of Election or Appointment: 2005

Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005-present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-present).

Albert R. Gamper, Jr. (64)

Year of Election or Appointment: 2006

Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System.

George H. Heilmeier (70)

Year of Election or Appointment: 2004

Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994-2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), INET Technologies Inc. (telecommunications network surveillance, 2001-2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame.

Marie L. Knowles (60)

Year of Election or Appointment: 2001

Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.

Ned C. Lautenbach (62)

Year of Election or Appointment: 2000

Mr. Launtenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Sony Corporation (2006-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations.

William O. McCoy (73)

Year of Election or Appointment: 1997

Prior to his retirement in December 1994, Mr. McCoy was Vice Chairman of the Board of BellSouth Corporation (telecommunications) and President of BellSouth Enterprises. He is currently a Director of Duke Realty Corporation (real estate). He is also a partner of Franklin Street Partners (private investment management firm). In addition, Mr. McCoy served as the Interim Chancellor (1999-2000) and a member of the Board of Visitors for the University of North Carolina at Chapel Hill and currently serves as Chairman of the Board of Directors of the University of North Carolina Health Care System. He also served as Vice President of Finance for the University of North Carolina (16-school system).

Cornelia M. Small (62)

Year of Election or Appointment: 2005

Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002- present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997-1999). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.

William S. Stavropoulos (67)

Year of Election or Appointment: 2001

Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2002-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), BellSouth Corporation (telecommunications), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002-present), and Metalmark Capital (private equity investment firm, 2005-present). He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.

Kenneth L. Wolfe (67)

Year of Election or Appointment: 2005

Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present).

Annual Report

Trustees and Officers - continued

Advisory Board Members and Executive Officers:

Correspondence intended for Mr. Keyes may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation

James H. Keyes (66)

Year of Election or Appointment: 2006

Member of the Advisory Board of Fidelity Investment Trust. Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002-present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions).

Peter S. Lynch (62)

Year of Election or Appointment: 2003

Member of the Advisory Board of Fidelity Investment Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund.

Dwight D. Churchill (52)

Year of Election or Appointment: 2005

Vice President of Canada, China Region, Emerging Markets, Europe, Europe Capital Appreciation, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin, and Southeast Asia. Mr. Churchill also serves as Vice President of certain Equity Funds (2005-present). Mr. Churchill is Executive Vice President of FMR (2005-present) and FMR Co., Inc. (2005-present). Previously, Mr. Churchill served as Senior Vice President of Fidelity Investments Money Management, Inc. (2005-2006), Head of Fidelity's Fixed-Income Division (2000-2005), Vice President of Fidelity's Money Market Funds (2000-2005), Vice President of Fidelity's Bond Funds, and Senior Vice President of FMR.

Eric M. Wetlaufer (44)

Year of Election or Appointment: 2006

Vice President of Canada, China Region, Emerging Markets, Europe, Europe Capital Appreciation, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin, and Southeast Asia. Mr. Wetlaufer also serves as Vice President of certain International Equity Funds (2006-present). Mr. Wetlaufer is Senior Vice President of FMR (2006-present) and FMR Co., Inc. (2006-present), and President and Director of Fidelity Management & Research (U.K.) Inc. (2006-present) and Fidelity Research & Analysis Company (2006-present). Before joining Fidelity Investments in 2005, Mr. Wetlaufer was a partner in Oxhead Capital Management (2004-2005). Previously, Mr. Wetlaufer served as a Chief Investment Officer of Putnam Investments (1997-2003).

Yoko Ishibashi (42)

Year of Election or Appointment: 2002
Vice President of Japan. Prior to assuming her current responsibilities, Ms. Ishibashi worked as an analyst and portfolio manager.

Maxime LeMieux (32)

Year of Election or Appointment: 2002
Vice President of Fidelity Canada. Prior to assuming his current responsibilities, Mr. LeMieux worked as a research analyst and manager. Previously, Mr. LeMieux served as Vice President of FMR and FMR Co., Inc. (2006).

Allan Liu (45)

Year of Election or Appointment: 1993
Vice President of Southeast Asia Fund. Prior to assuming his current responsibilities, Mr. Liu worked as a research analyst and manager.

Darren Maupin (30)

Year of Election or Appointment: 2006
Vice President of Europe Capital Appreciation. Mr. Maupin also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Maupin worked as a research analyst and a portfolio manager. Mr. Maupin also serves as a Vice President of FMR and FMR Co., Inc. (2006).

Kenichi Mizushita (50)

Year of Election or Appointment: 1996
Vice President of Japan Smaller Companies. Prior to assuming his current responsibilities, Mr. Mizushita worked as a research analyst and manager.

Dale Nicholls (38)

Year of Election or Appointment: 2004
Vice President of Pacific Basin. Mr. Nicholls also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Nicholls worked as a research analyst and manager.

Trygve Toraasen (43)

Year of Election or Appointment: 1998 and 2006
Vice President of Europe (2006) and Nordic (1998). Prior to assuming his current responsibilities, Mr. Toraasen worked as a research analyst and manager.

Robert von Rekowsky (40)

Year of Election or Appointment: 2004
Vice President of Fidelity Emerging Markets. Mr. von Rekowsky also serves as Vice President of other funds advised by FMR. Prior to his current responsibilities, Mr. von Rekowsky worked as a research analyst and manager. Mr. von Rekowsky also serves as a Vice President of FMR and FMR Co., Inc. (2004).

Eric D. Roiter (57)

Year of Election or Appointment: 1998

Secretary of Canada, China Region, Emerging Markets, Europe, Europe Capital Appreciation, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin, and Southeast Asia. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Research & Analysis Company (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005).

Stuart Fross (47)

Year of Election or Appointment: 2003

Assistant Secretary of Canada, China Region, Emerging Markets, Europe, Europe Capital Appreciation, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin, and Southeast Asia. Mr. Fross also serves as Assistant Secretary of other Fidelity funds (2003-present), Vice President and Secretary of FDC (2005-present), and is an employee of FMR.

Christine Reynolds (48)

Year of Election or Appointment: 2004

President and Treasurer of Canada, China Region, Emerging Markets, Europe, Europe Capital Appreciation, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin, and Southeast Asia. Ms. Reynolds also serves as President and Treasurer of other Fidelity funds (2004-present) and is a Vice President (2003-present) and an employee (2002-present) of FMR. Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980-2002), where she was most recently an audit partner with PwC's investment management practice.

R. Stephen Ganis (40)

Year of Election or Appointment: 2006

Anti-Money Laundering (AML) officer of Canada, China Region, Emerging Markets, Europe, Europe Capital Appreciation, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin, and Southeast Asia. Mr. Ganis also serves as AML officer of other Fidelity funds (2006-present) and FMR Corp. (2003-present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000-2002).

Joseph B. Hollis (58)

Year of Election or Appointment: 2006

Chief Financial Officer of Canada, China Region, Emerging Markets, Europe, Europe Capital Appreciation, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin, and Southeast Asia. Mr. Hollis also serves as Chief Financial Officer of other Fidelity funds. Mr. Hollis is President of Fidelity Pricing and Cash Management Services (FPCMS) (2005-present). Mr. Hollis also serves as President and Director of Fidelity Service Company, Inc. (2006-present). Previously, Mr. Hollis served as Senior Vice President of Cash Management Services (1999-2002) and Investment Management Operations (2002-2005).

Kenneth A. Rathgeber (59)

Year of Election or Appointment: 2004

Chief Compliance Officer of Canada, China Region, Emerging Markets, Europe, Europe Capital Appreciation, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin, and Southeast Asia. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004-present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002-present). He is Chief Compliance Officer of FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005- present), and Strategic Advisers, Inc. (2005-present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002).

Bryan A. Mehrmann (45)

Year of Election or Appointment: 2005

Deputy Treasurer of Canada, China Region, Emerging Markets, Europe, Europe Capital Appreciation, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin, and Southeast Asia. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).

Kimberley H. Monasterio (42)

Year of Election or Appointment: 2004

Deputy Treasurer of Canada, China Region, Emerging Markets, Europe, Europe Capital Appreciation, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin, and Southeast Asia. Ms. Monasterio also serves as Deputy Treasurer of other Fidelity funds (2004) and is an employee of FMR (2004). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000-2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004).

Kenneth B. Robins (37)

Year of Election or Appointment:2005

Deputy Treasurer of Canada, China Region, Emerging Markets, Europe, Europe Capital Appreciation, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin, and Southeast Asia. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002).

Robert G. Byrnes (39)

Year of Election or Appointment: 2005

Assistant Treasurer of Canada, China Region, Emerging Markets, Europe, Europe Capital Appreciation, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin, and Southeast Asia. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003).

John H. Costello (60)

Year of Election or Appointment: 1986, 1987, 1990, 1992, 1993, or 1995

Assistant Treasurer of Canada (1987), China Region (1995), Emerging Markets (1990), Europe (1986), Europe Capital Appreciation (1993), Japan (1992), Japan Smaller Companies (1995), Latin America (1993), Nordic (1995), Pacific Basin (1986), and Southeast Asia (1993). Mr. Costello also serves as Assistant Treasurer of other Fidelity funds and is an employee of FMR.

Peter L. Lydecker (52)

Year of Election or Appointment: 2004

Assistant Treasurer of Canada, China Region, Emerging Markets, Europe, Europe Capital Appreciation, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin, and Southeast Asia. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.

Mark Osterheld (51)

Year of Election or Appointment: 2002

Assistant Treasurer of Canada, China Region, Emerging Markets, Europe, Europe Capital Appreciation, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin, and Southeast Asia. Mr. Osterheld also serves as Assistant Treasurer of other Fidelity funds (2002) and is an employee of FMR.

Gary W. Ryan (48)

Year of Election or Appointment: 2005

Assistant Treasurer of Canada, China Region, Emerging Markets, Europe, Europe Capital Appreciation, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin, and Southeast Asia. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999-2005).

Salvatore Schiavone (40)

Year of Election or Appointment: 2005

Assistant Treasurer of Canada, China Region, Emerging Markets, Europe, Europe Capital Appreciation, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin, and Southeast Asia. Mr. Schiavone also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Before joining Fidelity Investments, Mr. Schiavone worked at Deutsche Asset Management, where he most recently served as Assistant Treasurer (2003-2005) of the Scudder Funds and Vice President and Head of Fund Reporting (1996-2003).

Annual Report

Distributions

The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

Fund

Pay Date

Record Date

Dividends

Capital Gains

Canada

12/04/06

12/01/06

$ .36

$ 1.03

China Region

12/04/06

12/01/06

$ .29

$ .20

Emerging Markets

12/11/06

12/08/06

$ .20

$ -

Europe

12/11/06

12/08/06

$ .46

$ 5.07

Europe Capital Appreciation

12/11/06

12/08/06

$ .22

$ 2.25

Japan

12/04/06

12/01/06

$ .01

$ .23

Japan Smaller Companies

12/11/06

12/08/06

$ .01

$ .36

Latin America

12/11/06

12/08/06

$ .58

$ .77

Nordic

12/11/06

12/08/06

$ .29

$ .51

Pacific Basin

12/11/06

12/08/06

$ .16

$ 2.24

Southeast Asia

12/11/06

12/08/06

$ .23

$ 1.29

The funds hereby designate as capital gain dividends the amounts noted below for the taxable year ended October 31, 2006, or, if subsequently determined to be different, the net capital gain of such year.

Fund

October 31, 2006

Canada

$ 44,242,104

China Region

$ 8,092,947

Europe

$ 417,963,692

Europe Capital Appreciation

$ 82,471,161

Japan

$ 49,723,562

Japan Smaller Companies

$ 72,687,275

Latin America

$ 61,300,462

Nordic

$ 7,048,821

Pacific Basin

$ 66,684,071

Southeast Asia

$ 64,464,799

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Fund

Canada

95%

China Region

61%

Emerging Markets

95%

Europe

20%

Europe Capital Appreciation

32%

Japan

93%

Japan Smaller Companies

100%

Latin America

76%

Nordic

63%

Pacific Basin

55%

Southeast Asia

68%

Annual Report

Distributions - continued

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

Fund

Pay Date

Income

Taxes

Canada

12/05/05

$ .196

$ .0259

China Region

12/05/05

$ .262

$ .0418

Emerging Markets

12/12/05

$ .155

$ .0314

12/30/05

$ .007

$ .0000

Europe

12/12/05

$ .501

$ .0439

Europe Capital Appreciation

12/12/05

$ .358

$ .0169

Japan

12/05/05

$ .036

$ .0056

Japan Smaller Companies

12/12/05

$ .026

$ .0064

Latin America

12/12/05

$ .310

$ .0309

12/30/05

$ .090

$ .0000

Nordic

12/12/05

$ .382

$ .0320

Pacific Basin

12/12/05

$ .263

$ .0668

Southeast Asia

12/12/05

$ .301

$ .0512

12/30/05

$ .010

$ .0000

The fund will notify shareholders in January 2007 of amounts for use in preparing 2006 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Targeted International Equity Funds

Each year, typically in July, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.

The Board meets regularly each month except August and takes into account throughout the year matters bearing on Advisory Contracts. The Board, acting directly and through its separate committees, considers at each of its meetings factors that are relevant to the annual renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. At the time of the renewal, the Board had 12 standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has adopted a written charter outlining the structure and purposes of the committee. One such committee, the Equity Contract Committee, meets periodically as needed throughout the year to consider matters specifically related to the annual renewal of Advisory Contracts. The committee requests and receives information on, and makes recommendations to the Independent Trustees concerning, the approval and annual review of the Advisory Contracts.

At its July 2006 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the Advisory Contracts for each fund. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of the management fee and total expenses of each fund; (iii) the total costs of the services to be provided by and the profits to be realized by the investment adviser and its affiliates from the relationship with each fund; (iv) the extent to which economies of scale would be realized as each fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

In determining whether to renew the Advisory Contracts for each fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contracts is consistent with Fidelity's fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination, is aware that shareholders in each fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that each fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, managed by Fidelity.

Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the funds' portfolio managers and the funds' investment objectives and disciplines. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered that Fidelity voluntarily pays for market data out of its own resources.

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of a fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that, since the last Advisory Contract renewals in July 2005, Fidelity has taken a number of actions that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure the investment research teams; (ii) voluntarily entering into contractual arrangements with certain brokers pursuant to which Fidelity pays for research products and services separately out of its own resources, rather than bundling with fund commissions; (iii) launching the Fidelity Advantage Class of its five Spartan stock index funds and three Spartan bond index funds, which is a lower-fee class available to shareholders with higher account balances; (iv) contractually agreeing to impose expense limitations on Fidelity U.S. Bond Index Fund and reducing the fund's initial investment minimum; and (v) offering shareholders of each of the Fidelity Institutional Money Market Funds the privilege of exchanging shares of the fund for shares of other Fidelity funds.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Investment Performance and Compliance. The Board considered whether each fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed each fund's absolute investment performance, as well as each fund's relative investment performance measured against (i) a broad-based securities market index (or a proprietary custom index, in the case of China Region Fund), and (ii) a peer group of mutual funds over multiple periods. For each fund, the following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2005, the fund's cumulative total returns, the cumulative total returns of a broad-based securities market index (or a proprietary custom index, in the case of China Region Fund) ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund. The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the Lipper peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the Lipper peer group whose performance was equal to or lower than that of the fund. For China Region Fund, the proprietary custom index is an index developed by FMR that represents the performance of the Hang Seng Index until September 1, 2000 and the Morgan Stanley Capital International Golden Dragon Plus Index beginning September 1, 2000.

Fidelity Canada Fund

The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of the fund was in the first quartile for all the periods shown. The Board noted that FMR does not consider that Lipper peer group to be a meaningful comparison for the fund, however, because unlike many of its Lipper peers, the fund focuses its investments on securities of Canadian issuers. The Board also stated that the relative investment performance of the fund compared favorably to its benchmark for the one- and five-year periods, although the fund's three-year cumulative total return was lower than its benchmark.

Annual Report

Fidelity China Region Fund

The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of the fund was in the first quartile for the one-year period and the third quartile for the three- and five-year periods. The Board also stated that the relative investment performance of the fund compared favorably to its benchmark for all the periods shown.

Fidelity Emerging Markets Fund

The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of the fund was in the first quartile for the one-year period and the second quartile for the three- and five-year periods. The Board also stated that the relative investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the fund's one-year cumulative total return compared favorably to its benchmark. The Board also reviewed the fund's relative investment performance against a peer group defined by Morningstar.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Europe Fund

The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of the fund was in the first quartile for the one- and three-year periods and the second quartile for the five-year period. The Board also stated that the relative investment performance of the fund compared favorably to its benchmark for all the periods shown.

Fidelity Europe Capital Appreciation Fund

The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of the fund was in the first quartile for the one-year period and the second quartile for the three- and five-year periods. The Board also stated that the relative investment performance of the fund compared favorably to its benchmark for all the periods shown. The Board also reviewed the fund's relative investment performance against a peer group defined by Morningstar.

Annual Report

Fidelity Japan Fund

The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of the fund was in the first quartile for the one-year period and the second quartile for the three- and five-year periods. The Board also stated that the relative investment performance of the fund compared favorably to its benchmark for all the periods shown.

Fidelity Japan Smaller Companies Fund

The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of the fund was in the first quartile for all the periods shown. The Board noted that FMR does not consider that Lipper peer group to be a meaningful comparison for the fund, however, because the fund's investment strategy of investing in securities of companies with smaller market capitalizations is more specialized than that of the other funds in the peer group. The Board also stated that the relative investment performance of the fund compared favorably to its benchmark for all the periods shown.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Latin America Fund

The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of the fund was in the first quartile for the one-year period and the second quartile for the three- and five-year periods. The Board also stated that the relative investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the fund's one-year cumulative total return compared favorably to its benchmark.

Fidelity Nordic Fund

The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of the fund was in the first quartile for the one- and three-year periods and the second quartile for the five-year period. The Board noted that FMR does not consider that Lipper peer group to be a meaningful comparison for the fund, however, because unlike many of its Lipper peers, which typically have broader investment mandates, the fund focuses its investments on securities of issuers in Norway, Sweden, Finland, and Denmark. The Board also stated that the relative investment performance of the fund compared favorably to its benchmark for all the periods shown.

Annual Report

Fidelity Pacific Basin Fund

The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of the fund was in the second quartile for all the periods shown. The Board also stated that the relative investment performance of the fund compared favorably to its benchmark for all the periods shown.

Fidelity Southeast Asia Fund

The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of the fund was in the first quartile for the one- and three-year periods and the second quartile for the five-year period. The Board noted that FMR does not consider that Lipper peer group to be a meaningful comparison for the fund, however, because the peer group includes funds that focus on securities in a single market, while the fund invests in various emerging markets. The Board also stated that the relative investment performance of the fund compared favorably to its benchmark for all the periods shown.

The Board also considered that each of Canada Fund's, Europe Fund's, Europe Capital Appreciation Fund's, Japan Fund's, Pacific Basin Fund's, and Southeast Asia Fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board realizes that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for each fund's shareholders and helps to more closely align the interests of FMR and each fund's shareholders.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance. The Board noted with favor FMR's reorganization of its senior management team in 2005 and FMR's dedication of additional resources to investment research, and participated in the process that led to those changes.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to each fund will benefit each fund's shareholders, particularly in light of the Board's view that each fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered each fund's management fee and total expenses compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps, and without giving effect to a fund's performance adjustment (if applicable). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a TMG % of 13% would mean that 87% of the funds in the Total Mapped Group had higher management fees than a fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee ranked and the impact of a fund's performance adjustment (if applicable), is also included in the charts and considered by the Board.

Fidelity Canada Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2005. The Board also noted the effect of the fund's negative performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for rolling 36-month periods that differ from the periods shown in the performance charts above.

Annual Report

Fidelity China Region Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2005.

Fidelity Emerging Markets Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2005.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Europe Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2005. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for rolling 36-month periods that differ from the periods shown in the performance charts above.

Fidelity Europe Capital Appreciation Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2005. The Board also noted the effect of the fund's negative performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for rolling 36-month periods that differ from the periods shown in the performance charts above.

Annual Report

Fidelity Japan Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2005. The Board noted that the performance adjustment for each year represents calculations for rolling 36-month periods that differ from the periods shown in the performance charts above.

Fidelity Japan Smaller Companies Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2005.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Latin America Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2005.

Fidelity Nordic Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2005.

Annual Report

Fidelity Pacific Basin Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2005. The Board also noted the effect of the fund's negative performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for rolling 36-month periods that differ from the periods shown in the performance charts above.

Furthermore, the Board considered that shareholders of Pacific Basin Fund approved a prospective change in the index used to calculate the fund's performance adjustment, beginning April 1, 2001. The Board also considered that, because the performance adjustment is based on a rolling 36-month measurement period, during a transition period the fund's performance is compared to a blended index return that reflects the performance of the former index for the portion of the measurement period prior to April 1, 2001 and the performance of the current index for the remainder of the measurement period. The Board noted that the fund's performance adjustments for 2001 through 2004 shown in the chart above reflect the effect of using the blended index return to calculate the fund's performance adjustment.

Fidelity Southeast Asia Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2005. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for rolling 36-month periods that differ from the periods shown in the performance charts above.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Based on its review, the Board concluded that each fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of each fund's total expenses, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses, as well as Europe Fund's and Southeast Asia Fund's positive performance adjustment, and Canada Fund's, Europe Capital Appreciation Fund's and Pacific Basin Fund's negative performance adjustment. As part of its review, the Board also considered current and historical total expenses of each fund compared to competitive fund median expenses. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that each fund's total expenses ranked below its competitive median for 2005.

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Based on its review, the Board concluded that each fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, FMR presents to the Board Fidelity's profitability for each fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of the results of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the funds' business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and determined that the amount of profit is a fair entrepreneurial profit for the management of each fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions, including reductions that occur through operation of the transfer agent agreement. The transfer agent fee varies in part based on the number of accounts in each fund. If the number of accounts decreases or the average account size increases, the overall transfer agent fee rate decreases.

The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower fee rates as total fund assets under FMR's management increase, and for higher fee rates as total fund assets under FMR's management decrease. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board also considered that although Japan Smaller Companies Fund is partially closed to new investors, it continues to incur investment management expenses, and marketing and distribution expenses related to the retention of existing shareholders and assets. The Board further noted that Japan Smaller Companies Fund may continue to realize benefits from the group fee structure, even though assets may not be expected to grow significantly at the fund level. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board requested additional information on several topics, including (i) Fidelity's fund profitability methodology and profitability trends within certain funds; (ii) portfolio manager compensation; (iii) the extent to which any economies of scale exist and are shared between the funds and Fidelity; (iv) the total expenses of certain funds and classes relative to competitors, including the extent to which the expenses of certain funds have been or could be capped; (v) fund performance trends; and (vi) Fidelity's fee structures, including use of performance fees.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contracts should be renewed.

Annual Report

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agent

Fidelity Service Company, Inc.
Boston, MA

Custodians

JPMorgan Chase Bank
New York, NY

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

Brown Brothers Harriman & Co.
Boston, MA

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

Fidelity's International Equity Funds

Aggressive International Fund

Canada Fund

China Region Fund

Diversified International Fund

Emerging Markets Fund

Europe Fund

Europe Capital Appreciation Fund

Global Balanced Fund

International Discovery Fund

International Small Cap Fund

International Small Cap Opportunities Fund

International Value Fund

Japan Fund

Japan Smaller Companies Fund

Latin America Fund

Nordic Fund

Overseas Fund

Pacific Basin Fund

Southeast Asia Fund

Worldwide Fund

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