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Fidelity Investment Trust – ‘N-30D’ for 4/30/01

On:  Thursday, 6/28/01, at 2:40pm ET   ·   For:  4/30/01   ·   Accession #:  744822-1-500024   ·   File #:  811-04008

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 6/28/01  Fidelity Investment Trust         N-30D       4/30/01    1:2.5M

Annual or Semi-Annual Report Mailed to Shareholders   —   Rule 30d-1
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 1: N-30D       Annual or Semi-Annual Report Mailed to              HTML   1.67M 
                          Shareholders                                           


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Fidelity's

Targeted International Equity

Funds®

Fidelity® Canada Fund

Fidelity China Region Fund

Fidelity Emerging Markets Fund

Fidelity Europe Fund

Fidelity Europe Capital Appreciation Fund

Fidelity Japan Fund

Fidelity Japan Smaller Companies Fund

Fidelity Latin America Fund

Fidelity Nordic Fund

Fidelity Pacific Basin Fund

Fidelity Southeast Asia Fund

Semiannual Report

April 30, 2001

(2_fidelity_logos)(registered trademark)

Contents

Market Recap

<Click Here>

A review of what happened in world markets
during the past 6 months.

Canada Fund

<Click Here>

Performance

<Click Here>

Fund Talk: The Manager's Overview

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

China Region Fund

<Click Here>

Performance

<Click Here>

Fund Talk: The Manager's Overview

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Emerging Markets Fund

<Click Here>

Performance

<Click Here>

Fund Talk: The Manager's Overview

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Europe Fund

<Click Here>

Performance

<Click Here>

Fund Talk: The Manager's Overview

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Europe Capital Appreciation Fund

<Click Here>

Performance

<Click Here>

Fund Talk: The Manager's Overview

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Japan Fund

<Click Here>

Performance

<Click Here>

Fund Talk: The Manager's Overview

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Japan Smaller Companies Fund

<Click Here>

Performance

<Click Here>

Fund Talk: The Manager's Overview

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Latin America Fund

<Click Here>

Performance

<Click Here>

Fund Talk: The Manager's Overview

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Nordic Fund

<Click Here>

Performance

<Click Here>

Fund Talk: The Manager's Overview

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Pacific Basin Fund

<Click Here>

Performance

<Click Here>

Fund Talk: The Manager's Overview

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Southeast Asia Fund

<Click Here>

Performance

<Click Here>

Fund Talk: The Manager's Overview

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Notes to Financial Statements

<Click Here>

Notes to the Financial Statements

Proxy Voting Results

<Click Here>

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

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

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

Semiannual Report

(automated graphic)   This report is printed on recycled paper using soy-based inks.

The views expressed in this report reflect those of each fund's portfolio manager only through the end of the period of the report as stated on the cover 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.

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.

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

Neither the funds nor Fidelity Distributors Corporation is a bank. For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Semiannual Report

Supplement to Fidelity's Targeted International Equity Funds®
December 29, 2000
Revised April 1, 2001
Prospectus

The following information replaces similar information found in the "Fee Table" section on page 13.

Shareholder fees (paid by the investor directly)

Maximum sales charge (load) on purchases (as a % of offering price)
for Canada Fund, China Region Fund, Emerging Markets Fund, Japan Fund, Japan Smaller Companies Fund, Latin America Fund, Nordic Fund, Pacific Basin Fund, and Southeast Asia Fund only

3.00%A

Sales charge (load) on reinvested distributions

None

Deferred sales charge (load) on redemptions

None

Redemption fee on shares held less than 90 days (as a % of amount redeemed)
for Canada Fund, China Region Fund, Emerging Markets Fund, Japan Fund, Japan Smaller Companies Fund, Latin America Fund, Nordic Fund, Pacific Basin Fund, and Southeast Asia Fund only

1.50%

Redemption fee on shares held less than 30 days (as a % of amount redeemed)
for Europe Fund and Europe Capital Appreciation Fund only

1.00%

Annual account maintenance fee (for accounts under $2,000)

$12.00

A Lower sales charges may be available for accounts over $250,000.

The following information replaces similar information found in the "Account Features and Policies" section beginning on page 27.

Fidelity may deduct a small balance maintenance fee of $12.00 from a fund balance with a value of less than $2,000. It is expected that fund balances will be valued on the second Friday in November of each calendar year. Fund positions opened after September 30 will not be subject to the fee for that calendar year. The fee, which is payable to Fidelity, is designed to offset in part the relatively higher costs of servicing smaller fund positions. This fee will not be deducted from fund positions opened after January 1 of that calendar year if those positions use regular investment plans.

You will be given 30 days' notice to reestablish the minimum balance if your fund balance falls below $2,000 ($500 for fund balances in retirement accounts), except fund positions not subject to balance minimums. If you do not increase your balance, Fidelity may sell all of your shares and send the proceeds to you. Your shares will be sold at the NAV, minus the short-term trading fee, if applicable, on the day Fidelity closes your fund position.

Effective June 30, 2001, the following information replaces the biographical information found in the "Fund Management" section on page 31.

Margaret Reynolds is portfolio manager of Latin America Fund, which she has managed since June 2001. She also manages other Fidelity funds. Since joining Fidelity in 1995, Ms. Reynolds has worked as a research analyst and manager.

The following information replaces the biographical information found in the "Fund Management" section on page 31.

John Carlson is vice president and manager of Emerging Markets Fund, which he has managed since May 2001. He also manages other Fidelity funds. Since joining Fidelity in 1995, Mr. Carlson has worked as a research analyst and manager.

TIF-01-05 May 30, 2001
1.483702.124

Market Recap

Shaky equity markets dotted the globe during the six-month period that ended April 30, 2001, as numerous corporate earnings misses and tighter capital led to an implosion of high-growth technology and telecommunications stocks. The broad scale of this scenario conjured fears about the possibility of a global recession. In response, equity investors sought shelter in bonds and value stocks, and a number of central banks around the world intervened with interest-rate cuts designed to inject much-needed liquidity into the stock markets. By the end of the period, these actions seemed to ease the dry spell for stocks, as investors warily but steadily poured money back into equities.

Europe: Europe was exposed to many of the same negative trends that hammered equities worldwide. The decline of TMT stocks - those in the technology, media and telecommunications sectors - was the overwhelming influence on the continent's equity market performance. But while Europe was especially weak early in the period, it snapped back later after several interest-rate cuts by central banks around the world, although the European Central Bank was a notable exception. A strengthening euro and a growth outlook expected to surpass that of the U.S. also contributed to the rebound. Compared to many stock markets, the Morgan Stanley Capital InternationalSM  (MSCI®) Europe Index's six-month return of -7.04% was relatively strong.

Emerging Markets: The MSCI All Country Asia Free ex-Japan Index - a benchmark of more than 300 stocks in 12 emerging Asian markets, excluding Japan - fell 8.33% during the six-month period. Many of these countries, such as Taiwan, Korea and Singapore - significant exporters of electronics and semiconductors - were hurt by poor sales as U.S. technology spending slowed for most of the period. Meanwhile, the MSCI Emerging Markets Free-Latin America index, a proxy for stock markets in Latin American nations, just barely dipped into negative territory, declining 0.88%. Mexico, the largest country in the index, performed well, benefiting from high energy prices and a strong currency. But that was offset somewhat by Brazil, the index's second-largest country weighting, which raised interest rates twice while nearly everyone else in the world was lowering them.

Japan and the Far East: A slowing economy, a banking sector plagued by bad debt and weak demand from one of its largest trading partners - the United States - posed a world of trouble for investors in Japanese equities. The Tokyo Stock Exchange Index - a gauge of the Japanese market better known as TOPIX - was down 12.16% for the six-month period. But in April, the election of a new prime minister with a commitment to economic and political reform offered a glimmer of hope, and the TOPIX responded with an 8.59% increase in the final month of the period.

U.S. and Canada: U.S. stocks displayed remarkable volatility during the six months that ended April 30, 2001. Of the 123 trading sessions during the period, the Dow Jones Industrial AverageSM  - a popular measure of blue-chip stock performance - closed up or down by more than 100 points on 51 occasions. After all the daily fluctuations, the Dow finished the period down 1.37%. The technology-intensive NASDAQ Composite® Index, however, was a different story, tumbling 37.12% during the six-month stretch. The much-maligned technology sector - which suffered from overcapacity and lower demand - jumped sharply in January and April, but couldn't offset the other four months' worth of declines. Meanwhile, the Standard & Poor's 500SM  Index, a barometer of large-cap stock performance, retreated 12.07%. Value and stable-growth stocks generally did better than riskier alternatives. The Russell 3000® Value Index ended the period in positive territory, finishing with a return of 0.78%. The Federal Reserve Board tried its best to stimulate economic growth - cutting short-term interest rates by two full percentage points - but the impact is still to be determined. The Canadian equity market - as measured by the Toronto Stock Exchange (TSE) 300 - also struggled. The decline of TMT stocks was a primary contributor to the TSE 300's 17.49% drop during the period.

Bonds: U.S. bonds offered a haven for those who sought to escape volatile stock markets. The Lehman Brothers Aggregate Bond Index - a measure of U.S. taxable-bond performance - returned 6.22% during the past six months. Treasuries led early, benefiting from the federal government's debt buyback program, but relinquished market leadership to the spread sectors, particularly corporate bonds, which rebounded in 2001 on the heels of the Fed's four 0.50% interest-rate cuts. For the period, the Lehman Brothers Treasury Index returned 5.13%, and the Lehman Brothers Credit Bond Index gained 7.29%. Meanwhile, the Lehman Brothers U.S. Agency and Mortgage-Backed Securities Indexes advanced 6.47% and 6.10%, respectively. Elsewhere, developed-nation government bonds didn't fare as well as emerging-markets debt. The Salomon Smith Barney Non-U.S. World Government Bond Index gained an even 1.00%, while the J.P. Morgan Emerging Markets Bond Index returned 5.19% for the past six months.

Semiannual Report

Canada
Performance: The Bottom Line

There are several ways to evaluate a fund's historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. 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). If Fidelity had not reimbursed certain fund expenses, the past 10 year total return would have been lower.

Cumulative Total Returns

Periods ended
April 30, 2001

Past 6
months

Past 1
year

Past 5
years

Past 10
years

Fidelity Canada

-9.03%

-4.71%

43.06%

98.37%

Fidelity Canada
(incl. 3.00%
sales charge)

-11.76%

-7.57%

38.76%

92.42%

Toronto Stock
Exchange 300

-17.49%

-17.01%

48.02%

113.41%

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years or 10 years. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare the fund's returns to the performance of the Toronto Stock Exchange 300 Index - a market capitalization-weighted index of 300 stocks traded in the Canadian market.

Average Annual Total Returns

Periods ended
April 30, 2001

Past 1
year

Past 5
years

Past 10
years

Fidelity Canada

-4.71%

7.42%

7.09%

Fidelity Canada
(incl. 3.00% sales charge)

-7.57%

6.77%

6.76%

Toronto Stock Exchange 300

-17.01%

8.16%

7.88%

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year.

$10,000 Over 10 Years



$10,000 Over 10 Years: Let's say hypothetically that $10,000 was invested in Fidelity® Canada Fund on April 30, 1991, and the current 3.00% sales charge was paid. As the chart shows, by April 30, 2001, the value of the investment would have grown to $19,242 - a 92.42% increase on the initial investment. For comparison, look at how the Toronto Stock Exchange 300 Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 would have grown to $21,341 - a 113.41% increase.


Understanding Performance

Many markets around the globe offer the potential for significant growth over time; however, investing in foreign markets means assuming greater risks than investing in the United States. Factors like changes in a country's financial markets, its local political and economic climate, and the fluctuating value of its currency create these risks. For these reasons an international fund's performance may be more volatile than a fund that invests exclusively in the United States. Past performance is no guarantee of future results and you may have a gain or loss when you sell your shares.

3

Semiannual Report

Canada

Fund Talk: The Manager's Overview

(Portfolio Manager photograph)
An interview with
Stephen Binder, Portfolio Manager of Fidelity Canada Fund

Q. How did the fund perform, Stephen?

A. For the six months that ended April 30, 2001, the fund returned -9.03%, topping the Toronto Stock Exchange (TSE) 300, which returned -17.49% during the same period. For the 12 months that ended April 30, 2001, the fund was down 4.71%, while the TSE index fell 17.01%.

Q. What set the tone for equity market performance in Canada during the past six months?

A. Mounting evidence of a sharp decline in U.S. and global economic growth hampered the technology-laden Toronto market during the period. Investment spending - a key component of economic growth - within the telecommunications sector collapsed with the emergence of excess capacity and a shrinking supply of available funding. Telecom equipment makers, such as Nortel Networks - the leading supplier of optical networking gear in North America - felt the brunt of the storm as orders dried up from cash-strapped customers. Multiple earnings warnings from Nortel during the period set the tone for a significant downturn in tech-related stocks and the subsequent flight by weary investors seeking reasonable valuations and safety in less volatile areas of the market, particularly the natural resources sector. The resulting broadening of the market allowed nine out of 14 sectors to post positive six-month returns. The energy sector was a big winner, thanks to higher-than-average oil and gas prices. Metals and minerals also performed well, as did the conglomerates and transportation sectors.

Q. Why did the fund outperform the TSE 300 index by such a wide margin during this time frame?

A. Favorable sector positioning and good stock picking ensured our success relative to the index. Underweighting technology - the largest component of the index - helped the most, as it sheltered us a bit from the tech wreck that caused the sector to fall nearly 50% during the six-month period. Maintaining a sizable underweighting in Nortel - which accounted for just under 17% of the index on average - was key, as the stock tumbled more than 66%. Given Nortel's heavy dependence on telecom spending, I felt it would have a longer recovery than the average tech stock in North America. That said, I still was surprised at how sharply Nortel's fundamentals deteriorated and, in hindsight, I should have pared back even further on the position. Still, our relative advantage from underweighting Nortel was more than enough to compensate for what we lost by overweighting Nortel's suppliers, namely electronics manufacturers C-Mac and Celestica, which suffered a similar fate as the equipment giant before rebounding sharply late in the period. Having nearly twice the weighting as the index in oil and gas stocks was another strategy that paid off, as higher energy prices, growing margins and further consolidation activity bolstered the sector. Increased spending on developing new sources of crude oil and natural gas boosted fund holdings in energy services and exploration and production companies. Top contributors included Suncor, Ensign and CHC Helicopter, which provides flight services to the offshore oil/gas industry.

Q. What else worked out well for the fund?

A. The fund's positioning in electric utilities aided performance, as we gained exposure to the emerging power shortages plaguing the western U.S. primarily by overweighting ATCO - a holding company for an electric utility in Alberta. We also played the power theme through aluminum companies, such as Alcoa, which benefited from idling production in certain regions and selling its high-priced power back to the grid operators. Moreover, shrinking supplies have spawned a favorable outlook for aluminum prices.

Q. What moves restrained performance?

A. Not owning enough economically sensitive cyclical stocks detracted from returns, as the market began to discount a recovery in the economy. Specifically, our deficiency in paper and forest products and metals and minerals relative to the index hurt. Underweighting gold stocks, namely Placer Dome and Barrick Gold, further restrained performance. The fund no longer held Placer Dome at the end of the period.

Q. What's your outlook?

A. I'm still cautious about the telecom equipment sector for the reasons that I stated earlier. Generally, lower interest rates lead to an improving economy. Therefore, I intend to focus my efforts in the coming months on finding attractively valued cyclical stocks that should perform well in this environment.

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 April 30, 2001, the fund did not have more than 25% of its total assets invested in any one industry.

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover. The manager's views are subject to change at any time based on market or other conditions. For more information, see page 3.


Fund Facts

Goal: growth of capital over the long term

Fund number: 309

Trading symbol: FICDX

Start date: November 17, 1987

Size: as of April 30, 2001, more than
$106 million

Manager: Stephen Binder, since 1999; associate portfolio manager, Fidelity Canada Fund, 1998-1999; manager, several Fidelity Select Portfolios, 1990-1997; research analyst, 1989-1999; joined Fidelity in 1989

3

Semiannual Report

Canada

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2001

Canada

93.7%

United States of America

6.3%



As of October 31, 2000

Canada

94.7%

United States of America

5.3%



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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

98.6

98.0

Short-Term Investments
and Net Other Assets

1.4

2.0

Top Ten Stocks as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

Suncor Energy, Inc. (Oil & Gas)

5.1

2.1

Bombardier, Inc. Class B (sub. vtg.) (Aerospace & Defense)

4.1

3.0

Ensign Resource Service Group, Inc. (Energy Equipment & Services)

3.8

1.8

C Mac Industries, Inc. (Semiconductor Equipment & Products)

3.8

5.0

Royal Bank of Canada (Banks)

3.6

4.6

Canadian Imperial Bank of Commerce (Banks)

3.4

2.5

Toronto Dominion Bank (Banks)

3.2

3.2

Canadian National Railway Co. (Road & Rail)

3.0

1.5

Canadian Pacific Ltd.
(Road & Rail)

2.9

3.0

Alcoa, Inc. (Metals & Mining)

2.8

1.2

35.7

Market Sectors as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

26.4

22.6

Energy

24.0

13.8

Industrials

11.1

10.6

Information Technology

10.9

25.3

Materials

8.1

8.0

Telecommunication Services

4.4

5.6

Utilities

4.4

1.6

Consumer Discretionary

4.2

5.8

Consumer Staples

3.1

3.5

Health Care

2.0

1.2

Effective with this report, industry classifications follow the MSCI/S&P Global Industry Classification Standard. This replaces the U.S. Standard Industrial Classification system that is being phased out. Prior period industry percentages reflect the new standard.

Semiannual Report

Canada

Investments April 30, 2001

(Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 4.2%

Distributors - 0.3%

Richelieu Hardware Ltd. (a)

30,800

$ 335,719

Hotels Restaurants & Leisure - 0.5%

Four Seasons Hotels, Inc.

9,500

551,689

Media - 1.8%

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

29,700

850,394

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

15,000

341,641

Thomson Corp.

21,600

723,889

1,915,924

Specialty Retail - 0.8%

Future Shop Ltd. (a)

73,500

483,081

Office Depot, Inc. (a)

34,300

325,850

808,931

Textiles & Apparel - 0.8%

Gildan Activewear, Inc. Class A (a)

55,000

913,000

TOTAL CONSUMER DISCRETIONARY

4,525,263

CONSUMER STAPLES - 3.1%

Food & Drug Retailing - 3.1%

George Weston Ltd.

29,000

1,698,445

Loblaw Companies Ltd.

45,000

1,552,027

3,250,472

ENERGY - 24.0%

Energy Equipment & Services - 7.5%

Bonus Resource Services Corp. (a)

75,000

226,947

CHC Helicopter Corp. Class A

104,000

1,204,659

Ensign Resource Service Group, Inc.

119,000

4,073,274

Precision Drilling Corp. (a)

32,000

1,347,719

Tidewater, Inc.

11,000

515,570

Total Energy Services Ltd. (a)

150,000

229,388

Trican Well Service Ltd. (a)

39,400

456,381

8,053,938

Oil & Gas - 16.5%

Alberta Energy Co. Ltd.

20,000

983,276

Anderson Exploration Ltd. (a)

16,000

364,417

Baytex Energy Ltd. (a)

51,000

431,444

Bonavista Petroleum Ltd. (a)

27,000

593,870

Canadian Hunter Exploration Ltd. (a)

60,000

1,737,488

Canadian Natural Resources Ltd.

50,000

1,557,233

Gulf Canada Resources Ltd. (a)

167,018

956,438

Ketch Energy Ltd. (a)

49,000

248,396

Nexen, Inc.

40,000

940,977

PanCanadian Petroleum Ltd.

17,000

519,945

Petro-Canada

30,000

829,700

Player Petroleum Corp. (a)

23,000

236,481

Shares

Value (Note 1)

Rio Alto Exploration Ltd. (a)

24,000

$ 481,031

Suncor Energy, Inc.

195,000

5,462,843

Talisman Energy, Inc. (a)

44,000

1,792,412

Valero Energy Corp.

5,500

264,880

Velvet Exploration Ltd. (a)

55,000

218,325

17,619,156

TOTAL ENERGY

25,673,094

FINANCIALS - 26.4%

Banks - 16.8%

Bank of Montreal

89,000

2,038,654

Bank of Nova Scotia

111,000

2,748,454

Canadian Imperial Bank of Commerce

113,000

3,665,680

Home Capital Group Class B (sub. vtg.)

130,000

634,476

Laurentian Bank of Canada

41,700

743,528

National Bank of Canada

52,000

895,035

Royal Bank of Canada

137,000

3,829,082

Toronto Dominion Bank

135,000

3,417,388

17,972,297

Diversified Financials - 2.1%

AGF Management Ltd. Class B (non-vtg.)

97,000

1,546,496

Brascan Corp. Class A (ltd. vtg.)

17,000

274,907

C.I. Fund Management, Inc. (a)

41,000

380,198

2,201,601

Insurance - 5.8%

Industrial Alliance Life Insurance Co. (a)

79,000

1,835,296

Kingsway Financial Services, Inc. (a)

95,000

692,393

Manulife Financial Corp.

62,000

1,562,205

Sun Life Financial Services Canada, Inc.

109,000

2,127,936

6,217,830

Real Estate - 1.7%

Brookfield Properties Corp.

57,500

984,463

Trizec Hahn Corp. (sub. vtg.)

51,000

796,512

1,780,975

TOTAL FINANCIALS

28,172,703

HEALTH CARE - 2.0%

Pharmaceuticals - 2.0%

Angiotech Pharmaceuticals, Inc. (a)

9,000

393,571

Biovail Corp. (a)

45,000

1,771,654

2,165,225

INDUSTRIALS - 11.1%

Aerospace & Defense - 4.4%

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

304,000

4,381,857

CAE, Inc.

18,000

294,592

4,676,449

Building Products - 0.2%

Premdor, Inc. (a)

41,000

266,805

Common Stocks - continued

Shares

Value (Note 1)

INDUSTRIALS - continued

Electrical Equipment - 0.6%

Ballard Power Systems, Inc. (a)

12,000

$ 638,928

Road & Rail - 5.9%

Canadian National Railway Co.

81,000

3,215,332

Canadian Pacific Ltd.

79,000

3,089,673

6,305,005

TOTAL INDUSTRIALS

11,887,187

INFORMATION TECHNOLOGY - 10.9%

Communications Equipment - 3.8%

CIENA Corp. (a)

21,000

1,156,260

Nortel Networks Corp.

156,017

2,387,060

Research in Motion Ltd. (a)

13,000

444,134

3,987,454

Computers & Peripherals - 1.3%

Onex Corp.

96,000

1,405,609

Electronic Equipment & Instruments - 1.0%

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

14,000

719,724

Optimal Robotics Corp. Class A (a)

11,000

360,250

1,079,974

IT Consulting & Services - 0.3%

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

57,000

319,737

Semiconductor Equipment & Products - 3.8%

C Mac Industries, Inc. (a)

125,000

4,046,821

Software - 0.7%

Open Text Corp. (a)

30,000

741,849

TOTAL INFORMATION TECHNOLOGY

11,581,444

MATERIALS - 8.1%

Chemicals - 0.9%

Methanex Corp. (a)

77,000

651,396

Potash Corp. of Saskatchewan

4,500

257,871

909,267

Construction Materials - 0.0%

Brampton Brick Ltd. Class A (a)

9,900

47,351

Metals & Mining - 6.8%

Alcan, Inc.

34,000

1,512,267

Alcoa, Inc.

72,000

2,980,800

Barrick Gold Corp.

69,000

1,129,271

Co-Steel, Inc

48,500

244,599

Dofasco, Inc.

40,000

653,348

IPSCO, Inc.

9,000

132,076

Meridian Gold, Inc. (a)

36,200

297,996

Noranda, Inc.

30,000

318,214

7,268,571

Shares

Value (Note 1)

Paper & Forest Products - 0.4%

Slocan Forest Products Ltd.

52,100

$ 406,846

TOTAL MATERIALS

8,632,035

TELECOMMUNICATION SERVICES - 4.4%

Diversified Telecommunication Services - 4.4%

BCE, Inc.

87,000

2,173,443

GT Group Telecom, Inc. Class B (non-vtg.) (a)

26,000

146,353

Manitoba Telecom Services, Inc.

67,000

1,715,657

TELUS Corp. (non-vtg.)

34,000

698,054

4,733,507

UTILITIES - 4.4%

Electric Utilities - 0.8%

Reliant Resources, Inc.

1,000

30,000

TransAlta Corp.

47,000

847,205

877,205

Gas Utilities - 1.9%

Enbridge, Inc.

15,950

393,379

TransCanada Pipelines Ltd.

91,000

1,078,948

Westcoast Energy, Inc.

27,000

562,244

2,034,571

Multi-Utilities - 1.7%

ATCO Ltd. Class I (non-vtg.)

52,500

1,793,616

TOTAL UTILITIES

4,705,392

TOTAL COMMON STOCKS

(Cost $89,701,595)

105,326,322

Cash Equivalents - 5.1%

Fidelity Cash Central Fund, 4.70% (b)

1,356,753

1,356,753

Fidelity Securities Lending Cash Central Fund, 4.59% (b)

4,063,350

4,063,350

TOTAL CASH EQUIVALENTS

(Cost $5,420,103)

5,420,103

TOTAL INVESTMENT PORTFOLIO - 103.7%

(Cost $95,121,698)

110,746,425

NET OTHER ASSETS - (3.7)%

(3,906,248)

NET ASSETS - 100%

$ 106,840,177

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $61,625,285 and $102,265,620, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity Management & Research Company. The commissions paid to these affiliated firms were $356 for the period.

Income Tax Information

At April 30, 2001, the aggregate cost of investment securities for income
tax purposes was $97,794,387. Net unrealized appreciation aggregated $12,952,038, of which $19,244,453 related to appreciated investment securities and $6,292,415 related to depreciated investment securities.

At October 31, 2000, the fund had a capital loss carryforward of approximately $3,354,000, all of which will expire on October 31, 2006.

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

Semiannual Report

Canada

Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $3,812,668) (cost $95,121,698) - See accompanying schedule

$ 110,746,425

Foreign currency held at value
(cost $818,494)

820,720

Receivable for investments sold

2,321,020

Receivable for fund shares sold

87,719

Dividends receivable

113,689

Interest receivable

10,554

Redemption fees receivable

116

Other receivables

5,635

Total assets

114,105,878

Liabilities

Payable for investments purchased

$ 2,793,357

Payable for fund shares redeemed

284,961

Accrued management fee

76,028

Other payables and
accrued expenses

48,005

Collateral on securities loaned,
at value

4,063,350

Total liabilities

7,265,701

Net Assets

$ 106,840,177

Net Assets consist of:

Paid in capital

$ 118,447,444

Distributions in excess of net investment income

(36,828)

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

(27,193,181)

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

15,622,742

Net Assets, for 5,529,193
shares outstanding

$ 106,840,177

Net Asset Value and redemption price per share ($106,840,177 ÷ 5,529,193 shares)

$19.32

Maximum offering price per share (100/97.00 of $19.32)

$19.92

Statement of Operations

Six months ended April 30, 2001 (Unaudited)

Investment Income

Dividends

$ 795,423

Interest

49,460

Security lending

39,992

884,875

Less foreign taxes withheld

(114,639)

Total income

770,236

Expenses

Management fee
Basic fee

$ 477,820

Performance adjustment

36,191

Transfer agent fees

180,595

Accounting and security lending fees

39,746

Non-interested trustees' compensation

364

Custodian fees and expenses

31,805

Registration fees

26,879

Audit

17,207

Legal

389

Reports to shareholders

5,238

Miscellaneous

277

Total expenses before reductions

816,511

Expense reductions

(68,711)

747,800

Net investment income

22,436

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(22,974,020)

Foreign currency transactions

(22,188)

(22,996,208)

Change in net unrealized appreciation (depreciation) on:

Investment securities

9,181,581

Assets and liabilities in
foreign currencies

2,638

9,184,219

Net gain (loss)

(13,811,989)

Net increase (decrease) in net assets resulting from operations

$ (13,789,553)

Other Information
Sales charges paid to FDC

$ 23,646

Expense reductions

Directed brokerage arrangements

$ 65,622

Transfer agent credits

3,089

$ 68,711

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

Semiannual Report

Canada
Financial Statements - continued

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets

Six months ended
April 30, 2001
(Unaudited)

Year ended October 31,
2000

Operations
Net investment income

$ 22,436

$ 8,350,545

Net realized gain (loss)

(22,996,208)

529,832

Change in net unrealized appreciation (depreciation)

9,184,219

316,342

Net increase (decrease) in net assets resulting from operations

(13,789,553)

9,196,719

Distributions to shareholders from net investment income

(7,282,311)

(85,857)

Share transactions
Net proceeds from sales of shares

18,909,900

160,756,968

Reinvestment of distributions

7,097,924

82,250

Cost of shares redeemed

(61,223,294)

(51,055,541)

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

(35,215,470)

109,783,677

Redemption fees

102,284

360,425

Total increase (decrease) in net assets

(56,185,050)

119,254,964

Net Assets

Beginning of period

163,025,227

43,770,263

End of period (including under (over) distribution of net investment income of $(36,828) and $8,350,012, respectively)

$ 106,840,177

$ 163,025,227

Other Information

Shares

Sold

921,270

6,834,177

Issued in reinvestment of distributions

331,369

4,754

Redeemed

(3,043,161)

(2,270,606)

Net increase (decrease)

(1,790,522)

4,568,325

Financial Highlights

Six months ended
April 30, 2001

Years ended October 31,

Selected Per-Share Data

(Unaudited)

2000

1999

1998

1997

1996

Net asset value, beginning of period

$ 22.27

$ 15.91

$ 13.14

$ 18.88

$ 21.84

$ 17.55

Income from Investment Operations

Net investment income D

.00

1.98 F

.04

.09

.03

.08

Net realized and unrealized gain (loss)

(1.93)

4.32 G

2.78

(3.70)

1.39

4.27

Total from investment operations

(1.93)

6.30

2.82

(3.61)

1.42

4.35

Less Distributions

From net investment income

(1.04)

(.03)

(.07)

(.05)

(.13)

(.08)

From net realized gain

-

-

-

(2.08)

(4.29)

-

Total distributions

(1.04)

(.03)

(.07)

(2.13)

(4.42)

(.08)

Redemption fees added to paid in capital

.02

.09

.02

-

.04

.02

Net asset value, end of period

$ 19.32

$ 22.27

$ 15.91

$ 13.14

$ 18.88

$ 21.84

Total Return B, C

(9.03)%

40.22%

21.71%

(21.27)%

8.21%

24.99%

Ratios and Supplemental Data

Net assets, end of period (000 omitted)

$ 106,840

$ 163,025

$ 43,770

$ 47,422

$ 96,458

$ 129,671

Ratio of expenses to average net assets

1.27% A

1.09%

1.22%

.94%

.93%

1.01%

Ratio of expenses to average net assets after
expense reductions

1.17% A, E

1.06% E

1.06% E

.80% E

.92% E

.98% E

Ratio of net investment income to average net assets

.04% A

9.00%

.26%

.57%

.18%

.40%

Portfolio turnover rate

97% A

97%

286%

215%

139%

139%

A Annualized

B The total returns would have been lower had certain expenses not been reduced during the periods shown.

C Total returns do not include the one time sales charge and for periods of less than one year are not annualized.

D Net investment income per share has been calculated based on average shares outstanding during the period.

E FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.

F Investment income per share reflects a special dividend which amounted to $1.97 per share.

G The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for the period due to the timing of sales and repurchases of fund shares in relation to fluctuating market values of the investments
of the fund.

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

Semiannual Report

China Region
Performance: The Bottom Line

There are several ways to evaluate a fund's historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. 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).

Cumulative Total Returns

Periods ended
April 30, 2001

Past 6
months

Past 1
year

Past 5
years

Life of
fund

Fidelity China Region

-0.93%

-13.58%

41.57%

57.86%

Fidelity China Region
(incl. 3.00%
sales charge)

-3.91%

-16.18%

37.32%

53.12%

Hang Seng

-9.20%

-12.10%

40.15%

59.47%

Fidelity China Region Fund Linked Index

-7.10%

-12.62%

39.32%

58.52%

China Region
Funds Average

1.08%

-13.15%

-5.48%

n/a *

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years, or since the fund started on November 1, 1995. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare the fund's returns to the performance of the Hang Seng Index - a market capitalization-weighted index of the stocks of the 33 largest companies in the Hong Kong market and to the performance of the Fidelity China Region Fund Linked Index - an index which links the returns of the Hang Seng Index from the commencement of the fund on November 1, 1995 through September 1, 2000, and the MSCI Golden Dragon Plus Index beginning September 1, 2000. It is designed to represent the equity markets of Hong Kong through September 1, 2000 and the equity markets of Hong Kong, Taiwan, and China beginning September 1, 2000. You can also compare the fund's performance to the China region funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past six months average represents a peer group of 24 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended
April 30, 2001

Past 1
year

Past 5
years

Life of
fund

Fidelity China Region

-13.58%

7.20%

8.66%

Fidelity China Region
(incl. 3.00% sales charge)

-16.18%

6.55%

8.06%

Hang Seng

-12.10%

6.98%

8.86%

Fidelity China Region Fund
Linked Index

-12.62%

6.86%

8.74%

China Region Funds Average

-13.15%

-1.54%

n/a *

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year.

* Not available

$10,000 Over Life of Fund



$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity China Region Fund on November 1, 1995, when the fund started, and the current 3.00% sales charge was paid. As the chart shows, by April 31, 2001, the value of the investment would have grown to $15,312 - a 53.12% increase on the initial investment. For comparison, look at how both the Hang Seng Index and the Fidelity China Region Fund Linked Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 would have grown to $15,947 - a 59.47% increase and $15,852 - a 58.52% increase, respectively.


Understanding Performance

Many markets around the globe offer the potential for significant growth over time; however, investing in foreign markets means assuming greater risks than investing in the United States. Factors like changes in a country's financial markets, its local political and economic climate, and the fluctuating value of its currency create these risks. For these reasons an international fund's performance may be more volatile than a fund that invests exclusively in the United States. Past performance is no guarantee of future results and you may have a gain or loss when you sell your shares.

3

Semiannual Report

China Region

Fund Talk: The Manager's Overview

(Portfolio Manager photograph)
An interview with Joseph Tse, Portfolio Manager of Fidelity China Region Fund

Q. How did the fund perform, Joseph?

A. For the six months that ended April 30, 2001, the fund returned -0.93%, outpacing the Hang Seng Index, which returned -9.20%. The fund also compares its performance to the Fidelity China Region Fund Linked Index - a measure of the performance of the Hong Kong, Taiwanese and Chinese markets - which returned -7.10%. The China region funds average tracked by Lipper Inc. returned 1.08%. For the one-year period that ended April 30, 2001, the fund returned -13.58%, while the Hang Seng, Fidelity China Region Fund Linked Index and Lipper average returned -12.10%, -12.62% and -13.15%, respectively.

Q. What drove equity markets in the region during the past six months?

A. Economic growth in the region continued to deteriorate, as exports slowed in the face of declining global demand. Concerns about a flagging U.S. economy and its impact on corporate earnings growth pressured stocks during the period. Despite aggressive interest-rate cuts in the U.S., rate-sensitive markets, such as Hong Kong, still finished down for the period. A dramatic rotation away from TMT - or technology, media and telecommunications - sectors fueled much of the negative momentum in the region. Taiwan - a stronghold for PC and semiconductor manufacturing - which struggled the most late in 2000, rebounded nicely later in the period as investors, sensing a market bottom, moved back into tech stocks. China, meanwhile, emerged as a safe haven in the region, bolstered by a healthier economy, an effective fiscal policy and its impending entry into the World Trade Organization. Mainland China-related shares also were supported by the government's decision to open up its hard currency B-share market - currently available only to international investors - to Chinese investors, a move expected to boost liquidity by making China stocks more attractive to global investors. However, the bulk of Chinese firms listed on the Hong Kong market were from the poor-performing telecom sector, so China actually dragged on the Hang Seng Index.

Q. Why did the fund outperform the Hang Seng Index, yet trail its Lipper peers?

A. Being defensive early in the period really paid off relative to the index. Underweighting telecom, particularly wireless providers, was a key component of that strategy. I was bearish overall on the group, which I felt was still trading at too rich a price given my concerns about increased regulatory risks, heightened competition and a shrinking supply of available funding for wireless companies worldwide. Holding considerably less China Mobile - which accounted for nearly 21% of the index on average during the period - provided the bulk of our relative advantage, as the stock declined more than 23%. Moreover, underweighting conglomerate Hutchison Whampoa - another benchmark giant with heavy cellular exposure - helped quite a bit, as did avoiding Pacific Century CyberWorks. This positioning also helped versus our Lipper peers, but we still failed to keep pace with the average, which benefited from generally having a much higher exposure to stronger-performing mainland Chinese and Taiwanese issues.

Q. How did some of your other strategies play out for the fund?

A. Increasing the fund's weighting in banks and property stocks bolstered performance in a falling interest-rate environment. Given my credit concerns on the global front, I chose to underweight multinational banks such as HSBC relative to the Hang Seng and focus instead on local banks where I felt business was strong. Although this strategy failed us when HSBC held up fairly well, we more than made up for it by overweighting Guoco Group and DAO Heng Bank. Finally, the fund's holdings in unregulated utilities - namely Huaneng Power and Hong Kong & China Gas - performed well, as did fast-food restaurant group Café de Coral. Switching to detractors, the one overweighting we had in telecom was in China Unicom, and it fared poorly. I owned the stock because I felt it was relatively cheap given my belief that regulators were helping the "underdog" catch up with China Mobile. Unfortunately, the stock kept coming down as earnings numbers disappointed. Poor timing in a handful of small tech stocks, including Asustek Computer and Asat Holdings, further curbed performance.

Q. What's your outlook?

A. Despite a rather bleak near-term economic outlook for Hong Kong and Taiwan, I believe the market continues to offer attractive long-term growth opportunities. I remain particularly bullish on the Taiwanese chip stocks, to which we began to increase exposure on weakness toward the end of the period. That said, I still expect to play more defense than offense in the coming months, which could involve holding a higher-than-normal weighting in mainland China, where earnings forecasts look a bit brighter.

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover. The manager's views are subject to change at any time based on market or other conditions. For more information, see page 3.

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 April 30, 2001, the fund did not have more than 25% of its total assets invested in any one industry.


Fund Facts

Goal: long-term growth of capital by investing mainly in equity securities of Hong Kong, Taiwanese and Chinese issuers

Fund number: 352

Trading symbol: FHKCX

Start date: November 1, 1995

Size: as of April 30, 2001, more than $157 million

Manager: Joseph Tse, since inception; director of research, Fidelity Investments Management (Hong Kong), since 1994; manager, Asian portion of various global equity funds, since 1993; joined Fidelity in 1990

3

Semiannual Report

China Region

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2001

Hong Kong

63.7%

Taiwan

16.0%

United Kingdom

12.9%

United States of America

3.8%

China

1.9%

Singapore

1.0%

Canada

0.5%

Cayman Islands

0.2%



As of October 31, 2000

Hong Kong

71.7%

United Kingdom

14.8%

Taiwan

8.3%

United States of America

3.6%

China

1.2%

Cayman Islands

0.3%

Canada

0.1%



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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

96.2

96.4

Short-Term Investments
and Net Other Assets

3.8

3.6

Top Ten Stocks as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

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

12.2

14.4

Cheung Kong Holdings Ltd.
(Real Estate)

9.2

10.8

Hutchison Whampoa Ltd. (Diversified Financials)

8.8

8.9

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

6.1

11.3

Hang Seng Bank Ltd. (Banks)

5.3

4.9

Sun Hung Kai Properties Ltd.
(Real Estate)

4.7

5.0

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

4.6

3.4

United Microelectronics Corp. (Semiconductor Equipment
& Products)

3.5

3.1

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

3.4

1.8

Henderson Land Development
Co. Ltd. (Real Estate)

2.5

1.8

60.3

Market Sectors as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

52.7

50.1

Information Technology

16.4

9.3

Consumer Discretionary

6.9

8.9

Telecommunication Services

6.6

14.2

Utilities

6.2

5.3

Industrials

5.2

7.0

Energy

1.3

1.1

Consumer Staples

0.7

0.3

Materials

0.2

0.2

Effective with this report, industry classifications follow the MSCI/S&P Global Industry Classification Standard. This replaces the U.S. Standard Industrial Classification system that is being phased out. Prior period industry percentages reflect the new standard.

Semiannual Report

China Region

Investments April 30, 2001

(Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 6.9%

Distributors - 2.2%

Li & Fung Ltd.

1,828,000

$ 3,468,912

Hotels Restaurants & Leisure - 2.4%

Cafe de Coral Holdings Ltd.

7,078,000

3,153,704

Shangri-La Asia Ltd.

586,000

571,040

3,724,744

Media - 1.6%

Asia Satellite Telecommunications Holdings Ltd.

320,500

729,427

Television Broadcasts Ltd.

370,000

1,869,190

2,598,617

Specialty Retail - 0.2%

Esprit Holdings Ltd.

220,000

249,644

Textiles & Apparel - 0.5%

Glorious Sun Enterprises Ltd.

5,180,000

797,015

TOTAL CONSUMER DISCRETIONARY

10,838,932

CONSUMER STAPLES - 0.7%

Beverages - 0.3%

Vitasoy International Holdings Ltd.

3,496,500

551,435

Food & Drug Retailing - 0.2%

Convenience Retail Asia Ltd.

1,230,200

257,110

Food Products - 0.2%

Tingyi (Cayman Island) Holding Corp. (a)

1,936,000

307,810

TOTAL CONSUMER STAPLES

1,116,355

ENERGY - 1.3%

Oil & Gas - 1.3%

CNOOC Ltd.

2,070,000

2,003,885

FINANCIALS - 52.7%

Banks - 24.9%

Bank of East Asia Ltd.

600,000

1,361,696

Bank Sinopac

1,709,000

763,828

ChinaTrust Commercial Bank

2,300,000

1,678,322

Citic Ka Wah Bank Ltd.

1,332,000

409,893

DAO Heng Bank Group Ltd.

454,000

3,376,287

Guoco Group Ltd.

307,000

1,775,295

Hang Seng Bank Ltd.

712,500

8,404,816

HSBC Holdings PLC (Hong Kong) (Reg.)

1,469,182

19,199,268

Liu Chong Hing Bank Ltd.

857,000

1,076,868

Standard Chartered PLC

81,358

1,152,591

39,198,864

Diversified Financials - 9.9%

Aeon Credit Service (ASIA) Co. Ltd.

883,600

277,573

China Everbright Ltd.

360,000

348,502

Hong Kong Exchanges & Clearing Ltd.

270,000

482,940

Shares

Value (Note 1)

Hutchison Whampoa Ltd.

1,292,500

$ 13,962,268

Yuanta Securities Co. Ltd.

804,000

611,128

15,682,411

Insurance - 0.5%

Manulife Financial Corp.

28,500

721,718

Real Estate - 17.4%

Amoy Properties Ltd.

1,348,000

1,400,008

Cheung Kong Holdings Ltd.

1,299,000

14,490,518

Henderson Land Development Co. Ltd.

851,000

3,906,323

Sun Hung Kai Properties Ltd.

809,021

7,520,614

Wharf Holdings Ltd.

60,485

141,923

27,459,386

TOTAL FINANCIALS

83,062,379

INDUSTRIALS - 5.2%

Electrical Equipment - 1.2%

Johnson Electric Holdings Ltd.

971,320

1,824,549

Industrial Conglomerates - 0.7%

Citic Pacific Ltd.

372,000

1,070,816

Machinery - 0.4%

Chen Hsong Holdings Ltd.

3,870,000

659,961

Road & Rail - 2.9%

Kowloon Motor Bus Holdings Ltd. (a)

248,000

812,453

MTR Corp. Ltd.

2,203,000

3,799,201

4,611,654

TOTAL INDUSTRIALS

8,166,980

INFORMATION TECHNOLOGY - 16.4%

Computers & Peripherals - 1.8%

Asustek Computer, Inc.

347,000

1,577,273

Compal Electronics, Inc.

430,000

732,137

Compeq Manufacturing Co. Ltd.

83,000

253,618

Quanta Computer, Inc.

91,000

304,348

2,867,376

Electronic Equipment & Instruments - 2.1%

Group Sense International Ltd.

4,236,000

129,810

Hon Hai Precision Industries Co. Ltd.

538,800

3,161,703

3,291,513

Semiconductor Equipment & Products - 11.6%

Asat Holdings Ltd. sponsored ADR

150,400

706,880

ASE Test Ltd. (a)

30,000

417,000

Chartered Semiconductor
Manufacturing Ltd. (a)

509,000

1,564,864

Siliconware Precision Industries Co. Ltd.

1,350,000

1,050,775

Sunplus Technology Co. Ltd.

62,000

305,382

Taiwan Semiconductor
Manufacturing Co. Ltd. (a)

2,640,308

7,305,200

United Microelectronics Corp.

3,450,600

5,507,951

Winbond Electronics Corp.

1,164,310

1,366,445

18,224,497

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - continued

Software - 0.9%

Travelsky Technology Ltd. (H Shares)

2,162,000

$ 1,455,360

TOTAL INFORMATION TECHNOLOGY

25,838,746

MATERIALS - 0.2%

Chemicals - 0.2%

China Agrotech Holdings Ltd. (a)

1,886,000

275,678

TELECOMMUNICATION SERVICES - 6.6%

Wireless Telecommunication Services - 6.6%

China Mobile (Hong Kong) Ltd. (a)

1,901,500

9,629,195

China Unicom Ltd.

572,000

803,093

10,432,288

UTILITIES - 6.2%

Electric Utilities - 2.8%

CLP Holdings Ltd.

517,200

2,168,512

Hong Kong Electric Holdings Ltd.

203,000

692,362

Huaneng Power International, Inc.
(H Shares)

2,606,000

1,528,696

4,389,570

Gas Utilities - 3.4%

Hong Kong & China Gas Co. Ltd.

4,517,018

5,386,297

TOTAL UTILITIES

9,775,867

TOTAL COMMON STOCKS

(Cost $118,336,813)

151,511,110

Convertible Bonds - 0.0%

Moody's Ratings (unaudited)

Principal Amount

CONSUMER DISCRETIONARY - 0.0%

Hotels Restaurants & Leisure - 0.0%

Mandarin Oriental International Ltd.
6.75% 3/23/05
(Cost $25,000)

-

$ 5

25,500

Cash Equivalents - 1.8%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 4.70% (b)

2,581,492

$ 2,581,492

Fidelity Securities Lending
Cash Central Fund, 4.59% (b)

206,500

206,500

TOTAL CASH EQUIVALENTS

(Cost $2,787,992)

2,787,992

TOTAL INVESTMENT PORTFOLIO - 98.0%

(Cost $121,149,805)

154,324,602

NET OTHER ASSETS - 2.0%

3,187,728

NET ASSETS - 100%

$ 157,512,330

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $58,936,380 and $77,659,400, respectively.

The fund participated in the bank borrowing program. The average daily loan balance during the period for which loans were outstanding amounted to $1,451,600. The weighted average interest rate was 5.77%.

Income Tax Information

At April 30, 2001, the aggregate cost of investment securities for income tax purposes was $123,079,472. Net unrealized appreciation aggregated $31,245,130, of which $40,269,253 related to appreciated investment securities and $9,024,123 related to depreciated investment securities.

At October 31, 2000, the fund had a capital loss carryforward of approximately $40,369,000, all of which will expire on October 31, 2006.

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

Semiannual Report

China Region

Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $194,110) (cost $121,149,805) - See accompanying schedule

$ 154,324,602

Foreign currency held at value
(cost $3,074,445)

3,073,401

Receivable for investments sold

1,176,861

Receivable for fund shares sold

37,359

Dividends receivable

791,664

Interest receivable

12,636

Redemption fees receivable

11

Other receivables

153

Total assets

159,416,687

Liabilities

Payable to custodian bank

$ 339,920

Payable for investments purchased

866,980

Payable for fund shares redeemed

299,360

Accrued management fee

92,899

Other payables and
accrued expenses

98,698

Collateral on securities loaned,
at value

206,500

Total liabilities

1,904,357

Net Assets

$ 157,512,330

Net Assets consist of:

Paid in capital

$ 165,030,853

Undistributed net investment income

572,586

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

(41,264,707)

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

33,173,598

Net Assets, for 11,033,425 shares outstanding

$ 157,512,330

Net Asset Value and redemption price per share ($157,512,330 ÷ 11,033,425 shares)

$14.28

Maximum offering price per share (100/97.00 of $14.28)

$14.72

Statement of Operations

Six months ended April 30, 2001 (Unaudited)

Investment Income

Dividends

$ 1,809,415

Interest

191,212

Security lending

2,661

2,003,288

Less foreign taxes withheld

(2,862)

Total income

2,000,426

Expenses

Management fee

$ 629,093

Transfer agent fees

266,942

Accounting and security lending fees

52,092

Non-interested trustees' compensation

325

Custodian fees and expenses

101,737

Registration fees

13,204

Audit

13,282

Legal

481

Interest

1,163

Reports to shareholders

8,770

Miscellaneous

614

Total expenses before reductions

1,087,703

Expense reductions

(16,186)

1,071,517

Net investment income

928,909

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

1,467,099

Foreign currency transactions

(96,921)

1,370,178

Change in net unrealized appreciation (depreciation) on:

Investment securities

(4,495,866)

Assets and liabilities in
foreign currencies

16,291

(4,479,575)

Net gain (loss)

(3,109,397)

Net increase (decrease) in net assets resulting from operations

$ (2,180,488)

Other Information
Sales charges paid to FDC

$ 26,980

Expense reductions

Directed brokerage arrangements

$ 15,195

Transfer agent credits

991

$ 16,186

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

Semiannual Report

China Region
Financial Statements - continued

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets

Six months ended
April 30, 2001
(Unaudited)

Year ended October 31,
2000

Operations
Net investment income

$ 928,909

$ 1,296,755

Net realized gain (loss)

1,370,178

16,075,619

Change in net unrealized appreciation (depreciation)

(4,479,575)

(5,942,444)

Net increase (decrease) in net assets resulting from operations

(2,180,488)

11,429,930

Distributions to shareholders from net investment income

(6,568,457)

(2,289,574)

Share transactions
Net proceeds from sales of shares

19,064,805

183,395,667

Reinvestment of distributions

6,321,697

2,213,416

Cost of shares redeemed

(38,996,425)

(177,672,782)

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

(13,609,923)

7,936,301

Redemption fees

162,500

1,114,437

Total increase (decrease) in net assets

(22,196,368)

18,191,094

Net Assets

Beginning of period

179,708,698

161,517,604

End of period (including undistributed net investment income of $572,586 and $6,212,134, respectively)

$ 157,512,330

$ 179,708,698

Other Information

Shares

Sold

1,282,392

10,586,910

Issued in reinvestment of distributions

427,142

129,289

Redeemed

(2,688,727)

(10,118,064)

Net increase (decrease)

(979,193)

598,135

Financial Highlights

Six months ended
April 30, 2001

Years ended October 31,

Selected Per-Share Data

(Unaudited)

2000

1999

1998

1997

1996 E

Net asset value, beginning of period

$ 14.96

$ 14.15

$ 10.25

$ 11.06

$ 12.97

$ 10.00

Income from Investment Operations

Net investment income D

.08

.10

.19

.31

.17

.29

Net realized and unrealized gain (loss)

(.21)

.80

3.98

(1.10)

(1.95)

2.64

Total from investment operations

(.13)

.90

4.17

(.79)

(1.78)

2.93

Less Distributions

From net investment income

(.56)

(.17)

(.32)

(.06)

(.14)

(.01)

From net realized gain

-

-

-

-

(.08)

-

Total distributions

(.56)

(.17)

(.32)

(.06)

(.22)

(.01)

Redemption fees added to paid in capital

.01

.08

.05

.04

.09

.05

Net asset value, end of period

$ 14.28

$ 14.96

$ 14.15

$ 10.25

$ 11.06

$ 12.97

Total Return B, C

(0.93)%

6.77%

42.44%

(6.85)%

(13.36)%

29.83%

Ratios and Supplemental Data

Net assets, end of period (000 omitted)

$ 157,512

$ 179,709

$ 161,518

$ 140,824

$ 177,416

$ 109,880

Ratio of expenses to average net assets

1.29% A

1.22%

1.34%

1.41%

1.31%

1.62%

Ratio of expenses to average net assets
after expense reductions

1.27% A, F

1.21% F

1.32% F

1.40% F

1.31%

1.62%

Ratio of net investment income to average net assets

1.10% A

.55%

1.59%

3.07%

1.18%

2.53%

Portfolio turnover rate

74% A

103%

84%

109%

174%

118%

A Annualized

B The total returns would have been lower had certain expenses not been reduced during the periods shown.

C Total returns do not include the one time sales charge and for periods of less than one year are not annualized.

D Net investment income per share has been calculated based on average shares outstanding during the period.

E For the period November 1, 1995 (commencement of operations) to October 31, 1996.

F FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.

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

Semiannual Report

Emerging Markets
Performance: The Bottom Line

There are several ways to evaluate a fund's historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. 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). Prior to February 19, 1993, Emerging Markets operated under certain different investment policies. Accordingly, the fund's historical performance may not represent its current investment policies.

Cumulative Total Returns

Periods ended
April 30, 2001

Past 6
months

Past 1
year

Past 5
years

Past 10
years

Fidelity
Emerging Markets

-8.16%

-26.07%

-52.82%

-16.16%

Fidelity Emerging
Markets (incl. 3.00% sales charge)

-10.91%

-28.29%

-54.23%

-18.68%

MSCI
Emerging Markets Free

-7.26%

-25.73%

-27.40%

66.97%

Emerging Markets
Funds Average

-7.87%

-25.83%

-21.11%

9.48%

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years or 10 years. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare the fund's returns to the performance of the Morgan Stanley Capital International (MSCI) Emerging Markets Free Index - a market capitalization-weighted index that is designed to represent the performance of emerging stock markets throughout the world. As of April 30, 2001, the index included over 516 equity securities of companies domiciled in 27 countries. However, to measure how the fund's performance stacked up against its peers, you can compare it to the emerging markets funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past six months average represents a peer group of 197 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended
April 30, 2001

Past 1
year

Past 5
years

Past 10
years

Fidelity Emerging Markets

-26.07%

-13.95%

-1.75%

Fidelity Emerging Markets
(incl. 3.00% sales charge)

-28.29%

-14.47%

-2.05%

MSCI
Emerging Markets Free

-25.73%

-6.20%

5.26%

Emerging Markets
Funds Average

-25.83%

-4.82%

0.65%

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year.

$10,000 Over Life of Fund



$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Emerging Markets Fund on April 30, 1991, and the current 3.00% sales charge was paid. As the chart shows, by April 30, 2001, the value of the investment would have been $8,132 - an 18.68% decrease on the initial investment. For comparison, look at how the Morgan Stanley Capital International Emerging Markets Free Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 would have grown to $16,697 - a 66.97% increase.


Understanding Performance

Many markets around the globe offer the potential for significant growth over time; however, investing in foreign markets means assuming greater risks than investing in the United States. Factors like changes in a country's financial markets, its local political and economic climate, and the fluctuating value of its currency create these risks. For these reasons an international fund's performance may be more volatile than a fund that invests exclusively in the United States. Past performance is no guarantee of future results and you may have a gain or loss when you sell your shares.

3

Semiannual Report

Emerging Markets

Fund Talk: The Manager's Overview

(Portfolio Manager photograph)
An interview with
Patti Satterthwaite, Portfolio Manager of Fidelity Emerging Markets Fund

Q. How did the fund perform, Patti?

A. For the six-month period that ended April 30, 2001, the fund returned -8.16%. That performance slightly trailed the Morgan Stanley Capital International Emerging Markets Free Index, which returned -7.26%, and the emerging markets funds average tracked by Lipper Inc., which returned -7.87% during the same period. For the 12 months that ended April 30, 2001, the fund returned -26.07%, while the MSCI Emerging Markets Free index and Lipper average returned -25.73% and -25.83%, respectively.

Q. Why did the fund lag its index and peer group during the six-month period?

A. The fund lagged the peers and index marginally during the period. The global collapse of technology, media and telecommunications (TMT) stocks in 2000 made its way into emerging markets during the second half of the period. Several of our cellular, technology and media names hurt us during this time frame. Brazil's Telesp Celular, Technology Resources in Malaysia and China Unicom were particularly hard hit on the cellular front. The notable exception was China Mobile, in which we benefited from timely trading. The global cellular meltdown was due largely to the expectation of very low-returning investments in third-generation (3G) wireless networks for the major developed markets. The emerging plays went down in sympathy despite the fact that they do not have an immediate need to invest in pricey 3G technology. Media stocks, such as Brazil's Globo Cabo, Taiwan's GigaMedia and Mexico's Grupo Televisa, also detracted from fund performance. The fund no longer held Globo Cabo at the close of the period. Finally, several technology stocks, most notably Infosys in India and Israeli firms Orbotech and AudioCodes, further dampened returns. Business at Indian software companies, such as Infosys, held up better than many of their competitors in the developed markets; however, their share prices still declined as valuation comparisons within the industry continued to fall.

Q. How about some moves that worked out well for the fund?

A. Reducing the fund's weighting in Turkey early in the period proved wise, as stocks swooned in response to a budding financial crisis in the country, which included a currency devaluation in February. Government reforms slated to end Turkey's history of rampant inflation led to speculation regarding the health of the banking system, which triggered a massive flight of foreign reserves from the country. However, during the spring, the International Monetary Fund announced its support for a new fiscal program, which helped stabilize equity prices. In addition, overweighting certain beverage stocks, particularly South African Breweries, Brazil's AmBev and Mexico's Fomento, helped lift returns. Banks, buoyed by lower interest rates in the rest of the world, also aided performance. Our top performers here included Indian banks Housing Development and ICICI Bank, Kookmin Bank in Korea and Banacci in Mexico. Several resource/commodity stocks in South Africa, such as Sappi and De Beers, also fared well for us. Finally, the decision to underweight Israeli tech stock Check Point and South Africa's Dimension Data paid off nicely for us as each stock declined more than 40% during the period.

Q. Patti, what's your outlook for these markets in the coming months?

A. How emerging markets fare going forward hinges on what central banks do in the rest of the world. Further interest-rate cuts and rising expectations of a global economic recovery would be welcome news, particularly in Argentina and Turkey, which remain thorns in the sides of most emerging markets.

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover. The manager's views are subject to change at any time based on market or other conditions. For more information, see page 3.

Note to shareholders: Effective May 30, 2001, John Carlson became Portfolio Manager of Fidelity Emerging Markets Fund.


Fund Facts

Goal: capital appreciation by investing mainly in equity securities of emerging market issuers

Fund number: 322

Trading symbol: FEMKX

Start date: November 1, 1990

Size: as of April 30, 2001, more than
$272 million

Manager: Patti Satterthwaite, since 2000; joined Fidelity in 1986

3

Semiannual Report

Emerging Markets

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2001

Taiwan

13.6%

Korea (South)

12.5%

Brazil

9.2%

Mexico

9.2%

India

8.0%

Hong Kong

7.2%

South Africa

5.8%

Russia

5.5%

Israel

4.7%

Other

24.3%



As of October 31, 2000

Mexico

11.8%

Brazil

11.6%

Taiwan

9.6%

Korea (South)

9.2%

India

7.4%

Malaysia

6.9%

South Africa

6.2%

Hong Kong

6.1%

Russia

4.7%

Other

26.5%



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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

95.9

97.6

Short-Term Investments
and Net Other Assets

4.1

2.4

Top Ten Stocks as of April 30, 2001

% of fund's net assets

% of fund's net assets
6 months ago

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

4.8

3.9

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

4.1

1.4

Telefonos de Mexico SA de CV Series L sponsored ADR (Mexico, Diversified Telecommunication Services)

3.4

4.4

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

2.6

3.0

Companhia de Bebidas das Americas (AmBev) sponsored ADR (Brazil, Beverages)

2.5

2.2

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

2.3

0.6

Unified Energy Systems sponsored ADR (Russia, Electric Utilities)

2.2

2.1

SK Telecom Co. Ltd. (Korea (South), Wireless Telecommunication Services)

2.1

2.0

United Microelectronics Corp. (Taiwan, Semiconductor Equipment & Products)

2.1

2.0

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

2.0

2.3

28.1

Market Sectors as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

21.4

12.8

Financials

19.1

20.4

Telecommunication Services

17.7

21.2

Consumer Staples

9.5

10.3

Materials

7.1

6.6

Consumer Discretionary

6.4

9.2

Energy

6.2

7.8

Utilities

4.8

6.6

Health Care

2.5

2.7

Industrials

1.2

0.0

Effective with this report, industry classifications follow the MSCI/S&P Global Industry Classification Standard. This replaces the U.S. Standard Industrial Classification system that is being phased out. Prior period industry percentages reflect the new standard.

Semiannual Report

Emerging Markets

Investments April 30, 2001

(Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%

Shares

Value (Note 1)

Argentina - 0.5%

Perez Companc SA sponsored ADR

97,259

$ 1,488,063

Brazil - 9.2%

Banco Itau SA (PN)

16,426,000

1,322,147

Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR

90,300

2,569,035

Companhia de Bebidas das Americas (AmBev) sponsored ADR

278,882

6,804,721

Companhia Paranaense de Energia-Copel sponsored ADR

60,600

469,650

Companhia Vale do Rio Doce (PN-A)

86,000

1,994,543

Petroleo Brasileiro SA Petrobras (PN)

184,500

4,480,355

Tele Norte Leste Participacoes SA ADR

47,800

835,544

Telesp Celular Participacoes SA ADR

251,100

4,218,480

Uniao de Bancos Brasileiros SA (Unibanco) GDR

97,600

2,347,280

TOTAL BRAZIL

25,041,755

British Virgin Islands - 0.5%

MIH Ltd. Class A (a)

115,600

1,293,564

Chile - 0.9%

Banco Santander Chile sponsored ADR

29,100

495,282

Banco Santiago SA sponsored ADR

10,000

212,500

Distribucion Y Servicio D&S SA sponsored ADR

114,900

1,666,050

TOTAL CHILE

2,373,832

China - 0.7%

Huaneng Power International, Inc. sponsored ADR

85,400

1,963,346

Croatia - 0.8%

Pliva D.D.:

GDR (c)

55,300

641,480

unit

139,100

1,613,560

TOTAL CROATIA

2,255,040

Egypt - 1.1%

Commercial International Bank Ltd.

160,780

1,550,633

Egyptian Co. for Mobile Services (MobiNil)

93,800

1,471,562

TOTAL EGYPT

3,022,195

Greece - 1.0%

National Bank of Greece SA

70,300

2,728,071

Hong Kong - 7.2%

China Mobile (Hong Kong) Ltd. (a)

2,602,500

13,179,059

CNOOC Ltd.

2,722,000

2,635,060

Hutchison Whampoa Ltd.

345,100

3,727,953

TOTAL HONG KONG

19,542,072

Hungary - 0.9%

Matav Rt. sponsored ADR

142,500

2,379,750

India - 8.0%

Dr. Reddy's Laboratories Ltd.

19,900

476,470

Shares

Value (Note 1)

Hindustan Lever Ltd. (a)

488,600

$ 2,198,387

Housing Development Finance Corp. Ltd.

203,100

2,498,642

Hughes Software Systems Ltd.

93,800

1,499,618

ICICI Bank Ltd.

134,100

453,203

ICICI Bank Ltd. sponsored ADR (a)

202,700

1,345,928

Infosys Technologies Ltd.

49,776

3,961,464

ITC Ltd.

115,700

2,067,853

Ranbaxy Laboratories Ltd.

117,000

1,251,181

Reliance Industries Ltd.

541,868

3,967,992

State Bank of India

423,800

1,900,043

Zee Telefilms Ltd. (a)

91,800

194,124

TOTAL INDIA

21,814,905

Indonesia - 0.7%

Gudang Garam PT Perusahaan

384,500

379,528

Sampoerna, Hanjaya Mandala

1,383,000

1,484,342

TOTAL INDONESIA

1,863,870

Israel - 4.7%

AudioCodes Ltd. (a)

144,900

1,222,956

Bank Leumi le-Israel BM

371,008

781,022

Check Point Software Technologies Ltd. (a)

73,850

4,632,611

Orbotech Ltd.

98,250

3,383,730

Teva Pharmaceutical Industries Ltd. sponsored ADR

48,500

2,640,825

VocalTec Communications Ltd. (a)

36,500

104,025

TOTAL ISRAEL

12,765,169

Korea (South) - 12.5%

H&CB

134,360

2,555,593

Hyundai Motor Co. Ltd.

197,880

3,095,160

Kookmin Bank

359,065

4,253,159

Kookmin Credit Card Co. Ltd.

73,550

1,943,461

KorAm Bank Ltd. (a)

152,240

832,291

Korea Electric Power Corp.

146,340

2,527,891

Korea Telecom

690

33,117

Samsung Electronics Co. Ltd.

64,595

11,231,774

Shinhan Bank

187,700

1,667,493

SK Telecom Co. Ltd.

33,640

5,785,464

TOTAL KOREA (SOUTH)

33,925,403

Malaysia - 4.6%

AMMB Holdings BHD

1,474,000

1,113,258

Amway (Malaysia) Holdings BHD

912,000

1,156,800

British American Tobacco BHD (Malaysia)

276,700

2,530,349

Courts Mammoth BHD

943,000

719,658

Genting BHD

246,000

517,895

Malayan Banking BHD

679,000

1,751,105

Tanjong PLC

526,000

858,211

Technology Resources Industries BHD

3,492,000

1,635,726

Tenaga Nasional BHD

836,000

2,134,000

TOTAL MALAYSIA

12,417,002

Common Stocks - continued

Shares

Value (Note 1)

Mexico - 9.2%

Banacci SA de CV Series O

2,464,000

$ 4,490,903

Fomento Economico Mexicano SA de CV sponsored ADR

59,000

2,253,800

Grupo Iusacell SA de CV sponsored ADR (a)

106,400

867,160

Grupo Televisa SA de CV sponsored GDR (a)

80,575

3,064,267

Telefonos de Mexico SA de CV Series L sponsored ADR

264,800

9,162,080

Wal-Mart de Mexico SA de CV Series C

2,284,300

5,104,774

TOTAL MEXICO

24,942,984

Peru - 0.4%

Compania de Minas Buenaventura SA sponsored ADR

79,500

1,197,270

Poland - 1.9%

Agora SA unit (a)

72,400

1,205,460

Polski Koncern Naftowy Orlen SA

277,500

1,302,587

Telekomunikacja Polska SA

507,900

2,742,980

TOTAL POLAND

5,251,027

Russia - 5.5%

Lukoil Oil Co. sponsored ADR

131,200

5,430,368

Mobile TeleSystems Ojsc sponsored ADR (a)

62,900

1,805,230

Unified Energy Systems sponsored ADR

566,400

6,088,800

YUKOS Corp. sponsored ADR (a)

36,600

1,573,800

TOTAL RUSSIA

14,898,198

South Africa - 5.8%

ABSA Group Ltd. (a)

400,500

1,751,596

Anglo American Platinum Corp. Ltd.

70,300

3,148,936

De Beers Consolidated Mines Ltd./De Beers Centenary AG unit

91,600

3,838,606

Impala Platinum Holdings Ltd.

20,900

1,001,182

Liberty Life Association of Africa Ltd.

163,800

1,069,989

Nedcor Ltd.

123,200

2,253,378

Sappi Ltd.

306,000

2,790,817

TOTAL SOUTH AFRICA

15,854,504

Taiwan - 13.6%

ChinaTrust Commercial Bank

3,378,155

2,465,057

Compeq Manufacturing Co. Ltd.

532,000

1,625,600

GigaMedia Ltd. (a)

262,700

517,519

Hon Hai Precision Industries Co. Ltd.

1,071,520

6,287,728

Macronix International Co. Ltd.

1,121,780

1,722,405

Quanta Computer, Inc.

475,000

1,588,629

Realtek Semiconductor Corp.

233,000

1,260,991

Siliconware Precision Industries Co. Ltd.

4,342,760

3,380,196

Taishin International Bank

1,978,000

890,070

Shares

Value (Note 1)

Taiwan Semiconductor Manufacturing Co. Ltd. (a)

2,579,467

$ 7,136,865

United Microelectronics Corp.

3,597,000

5,741,639

Winbond Electronics Corp.

1,359,000

1,594,935

Yuanta Securities Co. Ltd.

3,673,000

2,791,882

TOTAL TAIWAN

37,003,516

Thailand - 1.0%

Advanced Info Service PCL (For. Reg.)

275,400

2,787,181

Turkey - 2.4%

Anadolu Efes Biracilk Ve Malt Sanyii AS

26,729,475

1,330,085

Hurriyet Gazetecilik ve Matbaacilik AS

622,729,600

3,261,858

Koytas Tekstil Sanayi ve Ticaret AS (a)

26,770,000

0

Yapi ve Kredi Bankasi AS

439,799,556

2,034,909

TOTAL TURKEY

6,626,852

United Kingdom - 2.2%

Billiton PLC

330,900

1,607,770

Dimension Data Holdings PLC (a)

333,100

1,543,857

South African Breweries PLC

404,600

2,753,717

TOTAL UNITED KINGDOM

5,905,344

Venezuela - 0.5%

Compania Anonima Nacional Telefono de Venezuela sponsored ADR

61,200

1,402,092

TOTAL COMMON STOCKS

(Cost $264,502,737)

260,743,005

Convertible Preferred Stocks - 0.1%

Philippines - 0.1%

First E Bank Corp. (a)
(Cost $859,496)

22,521,380

350,527

Cash Equivalents - 4.5%

Fidelity Cash Central Fund, 4.70% (b)

8,743,521

8,743,521

Fidelity Securities Lending Cash Central Fund, 4.59% (b)

3,364,076

3,364,076

TOTAL CASH EQUIVALENTS

(Cost $12,107,597)

12,107,597

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $277,469,830)

273,201,129

NET OTHER ASSETS - (0.4)%

(1,084,998)

NET ASSETS - 100%

$ 272,116,131

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $641,480 or 0.2% of net assets.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $128,459,804 and $137,069,898, respectively.

Income Tax Information

At April 30, 2001, the aggregate cost of investment securities for income tax purposes was $279,008,391. Net unrealized depreciation aggregated $5,807,262, of which $41,848,913 related to appreciated investment securities and $47,656,175 related to depreciated investment securities.

At October 31, 2000, the fund had a capital loss carryforward of approximately $471,797,000 of which $97,014,000, $19,326,000, $309,416,000 and $46,041,000 will expire on September 30, 2004, 2006, 2007 and 2008, respectively.

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

Semiannual Report

Emerging Markets

Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (Unaudited)

Assets

Investment in securities, at value (including Securities loaned of $3,243,778) (cost $277,469,830) - See accompanying schedule

$ 273,201,129

Foreign currency held at value
(cost $2,566,580)

2,559,432

Receivable for investments sold

206,110

Receivable for fund shares sold

180,228

Dividends receivable

1,014,819

Interest receivable

26,894

Redemption fees receivable

481

Other receivables

3,294

Total assets

277,192,387

Liabilities

Payable for investments purchased

$ 965,164

Payable for fund shares redeemed

335,253

Accrued management fee

157,584

Other payables and accrued expenses

254,179

Collateral on securities loaned,
at value

3,364,076

Total liabilities

5,076,256

Net Assets

$ 272,116,131

Net Assets consist of:

Paid in capital

$ 757,692,833

Undistributed net investment income

1,263,793

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

(482,551,340)

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

(4,289,155)

Net Assets, for 34,122,545
shares outstanding

$ 272,116,131

Net Asset Value and redemption price per share ($272,116,131 ÷ 34,122,545 shares)

$7.97

Maximum offering price per share (100/97.00 of $7.97)

$8.22

Statement of Operations

Six months ended April 30, 2001 (Unaudited)

Investment Income

Dividends

$ 3,342,963

Special dividend from Companhia Siderurgica Nacional ADR

419,408

Interest

227,319

Security lending

39,866

4,029,556

Less foreign taxes withheld

(311,606)

Total income

3,717,950

Expenses

Management fee

$ 1,038,937

Transfer agent fees

636,296

Accounting and security lending fees

86,152

Non-interested trustees' compensation

1,033

Custodian fees and expenses

211,354

Registration fees

23,802

Audit

31,801

Legal

3,092

Reports to shareholders

24,605

Miscellaneous

74,109

Total expenses before reductions

2,131,181

Expense reductions

(77,361)

2,053,820

Net investment income

1,664,130

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(7,249,637)

Foreign currency transactions

(514,090)

(7,763,727)

Change in net unrealized appreciation (depreciation) on:

Investment securities

(20,160,872)

Assets and liabilities in
foreign currencies

8,318

(20,152,554)

Net gain (loss)

(27,916,281)

Net increase (decrease) in net assets resulting from operations

$ (26,252,151)

Other Information
Sales charges paid to FDC

$ 43,013

Expense reductions

Directed brokerage arrangements

$ 70,776

Custodian credits

688

Transfer agent credits

5,897

$ 77,361

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

Semiannual Report

Emerging Markets
Financial Statements - continued

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets

Six months ended
April 30, 2001
(Unaudited)

Year ended October 31,
2000

Operations
Net investment income

$ 1,664,130

$ 699,827

Net realized gain (loss)

(7,763,727)

763,639

Change in net unrealized appreciation (depreciation)

(20,152,554)

(20,591,490)

Net increase (decrease) in net assets resulting from operations

(26,252,151)

(19,128,024)

Distributions to shareholders from net investment income

(1,018,114)

-

Share transactions
Net proceeds from sales of shares

40,098,815

213,407,205

Reinvestment of distributions

992,591

-

Cost of shares redeemed

(46,293,845)

(292,885,323)

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

(5,202,439)

(79,478,118)

Redemption fees

143,869

658,998

Total increase (decrease) in net assets

(32,328,835)

(97,947,144)

Net Assets

Beginning of period

304,444,966

402,392,110

End of period (including undistributed net investment income of $1,263,793 and $617,777, respectively)

$ 272,116,131

$ 304,444,966

Other Information

Shares

Sold

4,695,847

18,237,804

Issued in reinvestment of distributions

122,090

-

Redeemed

(5,635,112)

(26,333,184)

Net increase (decrease)

(817,175)

(8,095,380)

Financial Highlights

Six months ended
April 30, 2001

Years ended October 31,

Selected Per-Share Data

(Unaudited)

2000

1999

1998

1997

1996

Net asset value, beginning of period

$ 8.71

$ 9.35

$ 6.74

$ 10.35

$ 16.61

$ 15.14

Income from Investment Operations

Net investment income D

.05 G

.02 F

.07

.09

.15

.12

Net realized and unrealized gain (loss)

(.76)

(.68)

2.53

(3.47)

(6.17)

1.60

Total from investment operations

(.71)

(.66)

2.60

(3.38)

(6.02)

1.72

Less Distributions

From net investment income

(.03)

-

-

(.08)

(.13)

(.18)

In excess of net investment income

-

-

-

(.15)

(.12)

(.09)

Total distributions

(.03)

-

-

(.23)

(.25)

(.27)

Redemption fees added to paid in capital

.00

.02

.01

-

.01

.02

Net asset value, end of period

$ 7.97

$ 8.71

$ 9.35

$ 6.74

$ 10.35

$ 16.61

Total Return B, C

(8.16)%

(6.84)%

38.72%

(33.23)%

(36.74)%

11.69%

Ratios and Supplemental Data

Net assets, end of period (000 omitted)

$ 272,116

$ 304,445

$ 402,392

$ 270,709

$ 499,168

$ 1,263,164

Ratio of expenses to average net assets

1.53% A

1.39%

1.45%

1.59%

1.36%

1.30%

Ratio of expenses to average net assets after
expense reductions

1.47% A, E

1.35% E

1.42% E

1.56% E

1.35% E

1.29% E

Ratio of net investment income to average net assets

1.19% A

.15%

.90%

1.01%

.89%

.74%

Portfolio turnover rate

96% A

100%

94%

87%

69%

77%

A Annualized

B The total returns would have been lower had certain expenses not been reduced during the periods shown.

C Total returns do not include the one time sales charge and for periods of less than one year are not annualized.

D Net investment income per share has been calculated based on average shares outstanding during the period.

E FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.

F Investment income per share reflects a special dividend which amounted to $.02 per share.

G Investment income per share reflects a special dividend from Companhia Siderurgica Nacional ADR which amounted to $.01 per share.

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

Semiannual Report

Europe
Performance: The Bottom Line

There are several ways to evaluate a fund's historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. 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). If Fidelity had not reimbursed certain fund expenses, the past 10 year total returns would have been lower. Total returns do not include the effect of the 3.00% sales load which was eliminated as of March 1, 2000.

Cumulative Total Returns

Periods ended
April 30, 2001

Past 6
months

Past 1
year

Past 5
years

Past 10
years

Fidelity Europe

-9.67%

-15.60%

72.05%

197.10%

MSCI Europe

-7.04%

-13.27%

78.90%

212.19%

European Region
Funds Average

-10.16%

-17.48%

66.16%

181.35%

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years or 10 years. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare the fund's returns to the performance of the Morgan Stanley Capital International (MSCI) Europe Index - a market capitalization-weighted index that is designed to represent the performance of developed stock markets in Europe. As of April 30, 2001, the index included over 476 equity securities of companies domiciled in 15 European countries. To measure how the fund's performance stacked up against its peers, you can compare it to the European region funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past six months average represents a peer group of 174 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended
April 30, 2001

Past 1
year

Past 5
years

Past 10
years

Fidelity Europe

-15.60%

11.46%

11.50%

MSCI Europe

-13.27%

12.34%

12.06%

European Region Funds Average

-17.48%

10.47%

10.67%

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year.

$10,000 Over 10 Years



$10,000 Over 10 Years: Let's say hypothetically that $10,000 was invested in Fidelity Europe Fund on April 30, 1991. As the chart shows, by April 30, 2001, the value of the investment would have grown to $29,710 - a 197.10% increase on the initial investment. For comparison, look at how the Morgan Stanley Capital International Europe Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 would have grown to $31,219 - a 212.19% increase.


Understanding Performance

Many markets around the globe offer the potential for significant growth over time; however, investing in foreign markets means assuming greater risks than investing in the United States. Factors like changes in a country's financial markets, its local political and economic climate, and the fluctuating value of its currency create these risks. For these reasons an international fund's performance may be more volatile than a fund that invests exclusively in the United States. Past performance is no guarantee of future results and you may have a gain or loss when you sell your shares.

3

Semiannual Report

Europe

Fund Talk: The Manager's Overview

(Portfolio Manager photograph)
An interview with Thierry Serero, Portfolio Manager of Fidelity Europe Fund

Q. How did the fund perform, Thierry?

A. For the six months ending April 30, 2001, the fund fell 9.67%. That beat the performance of the European region funds average tracked by Lipper Inc., which declined 10.16%. However, the fund trailed its benchmark, the Morgan Stanley Capital International (MSCI) Europe Index, which was down 7.04%. For the 12-month period ending April 30, 2001, the fund returned -15.60%, the Lipper average lost 17.48%, and the MSCI Europe Index declined 13.27%.

Q. Why did the fund's return lag the MSCI benchmark during the six-month period?

A. Investors' preference for value stocks during the period accounted for much of the fund's underperformance. Given the volatility and general decline of European markets during the past six months, defensive sectors such as health care, financials, consumer staples and energy were top performers. With the exception of energy, the fund was underweighted in all of these sectors relative to the index, as I typically position the fund with a higher growth bias. For instance, I overweighted information technology by a two-to-one margin for most of the period. Unfortunately, that sector became plagued by overcapacity in many industries, a slowdown in demand and numerous earnings woes. Accordingly, the fund's performance suffered.

Q. In light of the European market environment, what helped the fund outperform its peer average?

A. Much of the fund's outperformance occurred in April, the final month of the period. A strong rally in technology, spurred in large part by interest-rate cuts by central banks around the world, had a sharply positive effect, as investors grew increasingly optimistic that the much-maligned technology, media and telecommunications (TMT) sectors had finally reached a bottom.

Q. What stocks performed well for the fund?

A. Despite the downturn in telecommunications, Nokia - based in Finland - was the fund's best-performing stock on an absolute basis for the period. In my opinion, Nokia is arguably the best-positioned manufacturer of mobile telephony equipment in Europe, and it continues to dominate its competitors in terms of market share. Swedish company Nobel Biocare was a top performer in the health sector. Nobel is the world's leading producer of innovative dental implants and industrialized dental prosthetics. French property company Unibail was another stong contributor, following analyst upgrades and strong results. The company owns and operates office buildings and shopping centers in France, with its office properties located almost exclusively in the Paris region.

Q. What stocks were particular disappointments?

A. Baltimore Technologies, an Irish information technology company that produces security software, was the biggest detractor from performance on an individual security basis. Cutbacks in e-business projects and a first-quarter operating loss of $108 million drove the company's stock price down. Another software company, Germany's Brokat, was the fund's second-largest detractor. The company, which develops payment software and mobile business solutions, experienced slowing sales and cut its 2001 revenue forecast by 20 percent. Overweighting telecommunications company Vodafone also hurt returns. U.K.-based Vodafone is a major player in the European mobile telecommunications market and has developed a dominant global "footprint" through aggressive merger and acquisition activity. However, the stock's poor results reflect the continuing underperformance of the sector, as investors reflect upon the negative outlook for telecommunications companies.

Q. What's your outlook, Thierry?

A. The short-term outlook for Europe's stock markets remains uncertain. The rise in profit warnings from companies might lead to corporate growth expectations being revised down further. Merger and acquisition activity has slowed to the lowest level in almost three years, as falling equity markets curb company expansion plans. Worsening economic conditions and equity market volatility also has reduced IPO activity considerably. Companies looking to raise capital are likely to postpone their plans until economic conditions improve and price stability returns to the equity markets. This also should raise the prospect of higher and better quality companies with strong fundamentals coming to the market.

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover. The manager's views are subject to change at any time based on market or other conditions. For more information, see page 3.


Fund Facts

Goal: long-term growth of capital by investing mainly in equity securities of European issuers

Fund number: 301

Trading symbol: FIEUX

Start date: October 1, 1986

Size: as of April 30, 2001, more than $1.3 billion

Manager: Thierry Serero, since 1998; manager, several funds for Fidelity International Limited, since 1994; research analyst, Fidelity International Services Limited, 1991-1994; joined Fidelity in 1991

3

Semiannual Report

Europe

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2001

United Kingdom

22.1%

France

20.7%

Germany

16.3%

United States of America

7.8%

Italy

6.8%

Netherlands

6.2%

Switzerland

5.6%

Spain

4.6%

Finland

3.8%

Other

6.1%



As of October 31, 2000

United Kingdom

26.9%

Germany

13.6%

France

12.5%

Switzerland

10.7%

Italy

8.5%

Sweden

7.8%

United States of America

6.6%

Netherlands

4.3%

Spain

2.7%

Other

6.4%



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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

93.4

97.5

Bonds

2.3

1.1

Short-Term Investments
and Net Other Assets

4.3

1.4

Top Ten Stocks as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

Marschollek Lautenschlaeger und Partner AG (Germany, Insurance)

4.3

3.7

Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)

3.6

5.0

BP Amoco PLC (United Kingdom, Oil & Gas)

3.4

2.4

Nokia AB (Finland, Communications Equipment)

2.9

1.6

Business Objects SA
(France, Software)

2.8

2.2

Luxottica Group Spa sponsored ADR (Italy, Health Care Equipment & Supplies)

2.6

2.3

Bayer AG (Germany, Chemicals)

2.3

2.7

TotalFinaElf SA Series B
(France, Oil & Gas)

2.3

2.2

SAP AG (Germany, Software)

2.2

0.0

Royal Dutch Petroleum Co.
(Hague Registry) (Netherlands, Oil & Gas)

2.2

2.0

28.6

Market Sectors as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

22.0

24.4

Information Technology

16.1

14.9

Industrials

10.8

7.6

Energy

10.6

8.0

Health Care

10.5

9.7

Telecommunication Services

8.2

11.8

Consumer Discretionary

7.3

13.1

Materials

5.5

3.0

Consumer Staples

4.5

6.0

Utilities

0.2

0.1

Effective with this report, industry classifications follow the MSCI/S&P Global Industry Classification Standard. This replaces the U.S. Standard Industrial Classification system that is being phased out. Prior period industry percentages reflect the new standard.

Semiannual Report

Europe

Investments April 30, 2001

(Unaudited)

Showing Percentage of Net Assets

Common Stocks - 87.9%

Shares

Value (Note 1)

Belgium - 0.2%

Integrated Production & Test Engineering (IPTE)

77,200

$ 1,178,060

Ubizen NV (a)

62,800

629,593

TOTAL BELGIUM

1,807,653

Croatia - 0.3%

Pliva D.D. unit

377,100

4,374,360

Finland - 3.8%

Kone Oyj (B Shares)

65,100

4,360,632

Nokia AB

1,114,330

38,098,942

Sonera Corp.

692,160

7,657,632

TOTAL FINLAND

50,117,206

France - 20.2%

ActivCard SA (a)

1,099,100

14,068,480

Alstom SA (a)

435,620

12,560,667

ALTEN (a)

29,015

3,433,997

Atos SA (a)

145,880

12,295,350

BNP Paribas SA

291,803

25,940,540

Business Objects SA

999,555

37,068,457

Credit Lyonnais SA

339,600

13,100,225

Dassault Systemes SA

327,326

16,175,482

Euler SA

150,700

7,106,210

Isis SA

3,200

323,367

L'Oreal SA

136,120

9,908,823

Lafarge SA

85,900

8,253,595

Neopost SA (a)

389,364

9,326,981

Technip SA

154,590

24,070,220

TotalFinaElf SA Series B

199,327

29,787,428

TRANSGENE SA sponsored ADR (a)(e)

366,500

1,224,110

Unibail

172,808

27,443,431

Usinor

952,120

12,442,738

TOTAL FRANCE

264,530,101

Germany - 11.0%

Articon-Integralis AG (Reg. D) (a)

131,150

4,945,142

Bayer AG

707,790

29,827,686

Brokat AG (a)

522,880

3,827,168

Deutsche Boerse AG

9

2,887

Deutsche Telekom AG (Reg.)

945,720

24,500,049

Dresdner Bank AG

574,050

26,137,130

Heidelberger Zement AG (Frankfurt)

54,000

2,832,847

Karstadt Quelle AG

702,620

21,792,822

Parsytec AG

18,500

622,060

SAP AG

183,620

29,079,018

TOTAL GERMANY

143,566,809

Greece - 0.4%

Antenna TV SA sponsored ADR (a)

350,900

5,628,436

Ireland - 0.6%

IAWS Group PLC (Ireland)

658,900

4,092,033

Shares

Value (Note 1)

IWP International PLC (United Kingdom) (Reg.)

568,270

$ 935,174

Riverdeep Group PLC sponsored ADR (a)

79,500

2,035,200

TOTAL IRELAND

7,062,407

Italy - 6.1%

Fila Holding Spa sponsored ADR (a)

576,000

2,966,400

Luxottica Group Spa sponsored ADR

2,253,170

33,504,638

Mediobanca Spa

961,130

10,605,211

Saipem Spa

3,513,530

23,042,371

Unicredito Italiano Spa

2,112,200

9,924,407

TOTAL ITALY

80,043,027

Luxembourg - 1.0%

Gemplus International SA

2,058,520

8,912,436

Stolt Offshore SA (a)

291,300

4,034,670

TOTAL LUXEMBOURG

12,947,106

Netherlands - 6.2%

ASM Lithography Holding NV (a)

965,470

25,525,637

Buhrmann NV

876,150

14,528,116

Heineken Holding NV (A Shares)

184,250

7,078,104

IHC Caland NV

117,300

5,411,565

Royal Dutch Petroleum Co. (Hague Registry)

485,440

28,922,513

TOTAL NETHERLANDS

81,465,935

Norway - 0.8%

DnB Holding ASA

2,218,220

9,753,526

Poland - 0.3%

Agora SA unit (a)

263,280

4,383,612

Russia - 0.5%

Sun Interbrew Ltd. unit (a)

46,100

132,307

Unified Energy Systems sponsored ADR

245,300

2,636,975

YUKOS Corp. sponsored ADR (a)

70,600

3,035,800

TOTAL RUSSIA

5,805,082

Spain - 4.6%

Banco Popular Espanol SA (Reg.)

303,610

10,839,159

Centros Comerciales Carrefour SA

1,691,810

25,501,545

NH Hoteles SA

1,821,540

24,224,894

TOTAL SPAIN

60,565,598

Sweden - 2.0%

Industri-Matematik International Corp. (a)

1,078,780

1,423,990

Nobel Biocare AB

353,560

13,443,346

Skandia Foersaekrings AB

1,005,430

10,929,652

Tele1 Europe Holding AB

214,400

806,848

TOTAL SWEDEN

26,603,836

Switzerland - 5.6%

Fantastic Corp. (a)

267,570

401,186

Geberit International AG

14,450

3,780,499

Kudelski SA (Bearer) (a)

10,334

9,826,024

Common Stocks - continued

Shares

Value (Note 1)

Switzerland - continued

Leica Geosystems AG

470

$ 128,246

Lindt & Spruengli AG

22,614

11,363,688

Novartis AG (Reg.)

12,671

19,685,942

Pargesa Holding SA

962

2,175,352

Tecan Group AG

13,193

12,582,502

Zurich Financial Services AG

37,144

13,206,851

TOTAL SWITZERLAND

73,150,290

United Kingdom - 20.8%

Amdocs Ltd. (a)

238,200

14,029,980

Axis Shield PLC (a)

908,083

4,158,294

BP Amoco PLC

4,961,607

44,720,649

Cable & Wireless PLC

1,685,720

12,386,982

Capita Group PLC

2,924,855

20,697,137

Corus Group PLC

12,507,880

12,797,625

E-Capital Investments PLC (a)

8,303,450

350,526

EGG PLC

6,185,500

14,233,132

Expro International Group PLC

582,630

4,335,466

FirstGroup PLC

1,087,300

4,481,068

GlaxoSmithKline PLC (a)

723,360

19,375,198

Great Universal Stores PLC Class A

1,578,834

12,188,985

Marconi PLC

1,357,780

7,956,516

NDS Group PLC sponsored ADR (a)

344,700

12,926,250

Prudential PLC

1,567,873

18,352,863

Serco Group PLC

3,235,172

18,286,648

Stanley Leisure PLC

795,000

2,798,607

Vodafone Group PLC

15,532,077

47,124,418

TOTAL UNITED KINGDOM

271,200,344

United States of America - 3.5%

Infonet Services Corp. Class B (a)

1,820,870

12,928,177

Lafarge Corp.

129,500

4,370,625

Synthes-Stratec, Inc. (f)

12,000

7,155,709

Synthes-Stratec, Inc.

36,091

21,505,269

TOTAL UNITED STATES OF AMERICA

45,959,780

TOTAL COMMON STOCKS

(Cost $1,116,675,251)

1,148,965,108

Nonconvertible Preferred Stocks - 5.5%

Germany - 4.8%

Dyckerhoff AG

89,200

1,605,715

Marschollek Lautenschlaeger
und Partner AG

510,924

55,528,239

SAP AG

31,300

5,045,560

TOTAL GERMANY

62,179,514

Italy - 0.7%

Alleanza Assicurazioni Spa Risp

1,246,610

9,527,018

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $47,712,739)

71,706,532

Corporate Bonds - 2.3%

Moody's Ratings (unaudited) (b)

Principal Amount (d)

Value
(Note 1)

Convertible Bonds - 1.1%

Germany - 0.5%

Holzmann (Phillip) AG 3.25% 12/8/03

-

DEM

22,670,000

$ 7,043,886

United Kingdom - 0.6%

BP Finance PLC:

(LukeOil) 3% 2/9/06 (f)

AA+

2,535,000

2,839,200

3% 2/9/06

Aa1

4,055,000

4,541,600

TOTAL UNITED KINGDOM

7,380,800

TOTAL CONVERTIBLE BONDS

14,424,686

Nonconvertible Bonds - 1.2%

France - 0.5%

Eurotunnel Finance Ltd. euro:

0% 4/30/40 (g)

-

EUR

1,395

1,685,337

0% 4/30/40 (g)

-

EUR

4,020

4,856,670

TOTAL FRANCE

6,542,007

United Kingdom - 0.7%

Credit Linked & Structured Securities Ltd. euro:

5.14% 12/31/50 (g)

-

FRF

66,000,000

3,258,047

6.89% 12/31/50 (g)

-

GBP

12,000,000

6,439,500

TOTAL UNITED KINGDOM

9,697,547

TOTAL NONCONVERTIBLE BONDS

16,239,554

TOTAL CORPORATE BONDS

(Cost $33,144,943)

30,664,240

Cash Equivalents - 13.2%

Shares

Fidelity Cash Central Fund, 4.70% (c)

43,202,924

43,202,924

Fidelity Securities Lending
Cash Central Fund, 4.59% (c)

129,298,150

129,298,150

TOTAL CASH EQUIVALENTS

(Cost $172,501,074)

172,501,074

TOTAL INVESTMENT PORTFOLIO - 108.9%

(Cost $1,370,034,007)

1,423,836,954

NET OTHER ASSETS - (8.9)%

(116,010,893)

NET ASSETS - 100%

$ 1,307,826,061

Currency Abbreviations

DEM

-

German deutsche mark

EUR

-

European Monetary Unit

FRF

-

French franc

GBP

-

British pound

Legend

(a) Non-income producing

(b) S&P credit ratings are used in the absence of a rating by Moody's Investors Service, Inc.

(c) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $9,994,909 or 0.8% of net assets.

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

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $806,487,659 and $822,402,672, respectively.

The fund participated in the security lending program during the period.

At period end the fund received as collateral U.S. Treasury obligations
valued at $5,965,713.

The fund participated in the interfund lending program as a borrower. The average daily loan balance during the period for which loans were outstanding amounted to $6,509,000. The weighted average interest rate was 5.61%.

Transactions during the period with companies which are or were affiliates are as follows:

Affiliate

Purchase
Cost

Sales
Cost

Dividend
Income

Value

TRANSGENE SA
sponsored ADR

$ -

$ -

$ -

$ 1,224,110

Income Tax Information

At April 30, 2001, the aggregate cost of investment securities for income tax purposes was $1,373,053,981. Net unrealized appreciation aggregated $50,782,973, of which $198,282,496 related to appreciated investment securities and $147,499,523 related to depreciated investment securities.

At October 31, 2000, the fund had a capital loss carryforward of approximately $252,000 all of which will expire on October 31, 2006.

All of the capital loss carryforward was acquired in the merger of Fidelity Germany Fund and is available to offset future capital gains of the fund to the extent provided by regulations (See Note 12 of the Notes to Financial Statements).

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

Semiannual Report

Europe

Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $129,506,626) (cost $1,370,034,007) - See accompanying schedule

$ 1,423,836,954

Receivable for investments sold

8,620,639

Receivable for fund shares sold

2,792,472

Dividends receivable

3,870,068

Interest receivable

695,822

Redemption fees receivable

14

Other receivables

155,063

Total assets

1,439,971,032

Liabilities

Payable for investments purchased

$ 76,202

Payable for fund shares redeemed

1,593,696

Accrued management fee

693,180

Other payables and
accrued expenses

483,743

Collateral on securities loaned,
at value

129,298,150

Total liabilities

132,144,971

Net Assets

$ 1,307,826,061

Net Assets consist of:

Paid in capital

$ 1,330,029,253

Distributions in excess of
net investment income

(1,033,462)

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

(74,773,935)

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

53,604,205

Net Assets, for 47,475,061
shares outstanding

$ 1,307,826,061

Net Asset Value, offering price and redemption price per share ($1,307,826,061 ÷ 47,475,061 shares)

$27.55

Statement of Operations

Six months ended April 30, 2001 (Unaudited)

Investment Income

Dividends

$ 4,986,897

Interest

1,658,485

Security lending

410,410

7,055,792

Less foreign taxes withheld

(802,341)

Total income

6,253,451

Expenses

Management fee
Basic fee

$ 4,868,813

Performance adjustment

(537,428)

Transfer agent fees

1,703,360

Accounting and security lending fees

337,522

Non-interested
trustees' compensation

1,868

Custodian fees and expenses

310,232

Registration fees

22,814

Audit

17,172

Legal

3,675

Interest

4,055

Reports to shareholders

41,329

Miscellaneous

322

Total expenses before reductions

6,773,734

Expense reductions

(207,049)

6,566,685

Net investment income (loss)

(313,234)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(72,152,461)

Foreign currency transactions

188,821

(71,963,640)

Change in net unrealized appreciation (depreciation) on:

Investment securities

(66,478,788)

Assets and liabilities in
foreign currencies

42,481

(66,436,307)

Net gain (loss)

(138,399,947)

Net increase (decrease) in net assets resulting from operations

$ (138,713,181)

Other Information

Deferred sales charges
withheld by FDC

$ 10,837

Expense Reductions
Directed brokerage arrangements

$ 179,309

Custodian credits

41

Transfer agent credits

27,699

$ 207,049

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

Semiannual Report

Europe
Financial Statements - continued

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets

Six months ended
April 30, 2001
(Unaudited)

Year ended
October 31,
2000

Operations
Net investment income (loss)

$ (313,234)

$ 8,229,269

Net realized gain (loss)

(71,963,640)

213,224,939

Change in net unrealized appreciation (depreciation)

(66,436,307)

(118,352,239)

Net increase (decrease) in net assets resulting from operations

(138,713,181)

103,101,969

Distributions to shareholders
From net investment income

(4,211,634)

(6,915,223)

In excess of net investment income

(720,228)

-

From net realized gain

(168,063,193)

(74,504,729)

Total distributions

(172,995,055)

(81,419,952)

Share transactions
Net proceeds from sales of shares

227,533,678

475,580,031

Net asset value of shares issued in exchange for the net assets of Fidelity France Fund,
Fidelity Germany Fund and Fidelity United Kingdom Fund (Note 12)

-

62,774,350

Reinvestment of distributions

168,108,243

79,434,126

Cost of shares redeemed

(201,312,065)

(532,039,104)

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

194,329,856

85,749,403

Redemption fees

111,950

258,937

Total increase (decrease) in net assets

(117,266,430)

107,690,357

Net Assets

Beginning of period

1,425,092,491

1,317,402,134

End of period (including under (over) distribution of net investment income of $(1,033,462)
and $5,821,770, respectively)

$ 1,307,826,061

$ 1,425,092,491

Other Information
Shares

Sold

7,837,531

12,610,973

Issued in exchange for the shares of Fidelity France Fund, Fidelity Germany Fund and
Fidelity United Kingdom Fund (Note 12)

-

1,625,579

Issued in reinvestment of distributions

5,735,525

2,266,303

Redeemed

(6,953,065)

(14,288,890)

Net increase (decrease)

6,619,991

2,213,965

Financial Highlights

Six months ended
April 30, 2001

Years ended October 31,

Selected Per-Share Data

(Unaudited)

2000

1999

1998

1997

1996

Net asset value, beginning of period

$ 34.88

$ 34.09

$ 32.82

$ 31.05

$ 27.12

$ 23.51

Income from Investment Operations

Net investment income (loss) D

(.01)

.20

.25

.39

.44

.30

Net realized and unrealized gain (loss)

(3.11)

2.70

3.54

4.10

5.44

4.23

Total from investment operations

(3.12)

2.90

3.79

4.49

5.88

4.53

Less Distributions
From net investment income

(.10)

(.18)

(.28)

(.39)

(.24)

(.12)

In excess of net investment income

(.02)

-

-

-

-

-

From net realized gain

(4.09)

(1.94)

(2.25)

(2.35)

(1.73)

(.81)

Total distributions

(4.21)

(2.12)

(2.53)

(2.74)

(1.97)

(.93)

Redemption fees added to paid in capital

.00

.01

.01

.02

.02

.01

Net asset value, end of period

$ 27.55

$ 34.88

$ 34.09

$ 32.82

$ 31.05

$ 27.12

Total Return B, C

(9.67)%

8.51%

12.18%

15.45%

23.35%

20.14%

Ratios and Supplemental Data

Net assets, end of period (000 omitted)

$ 1,307,826

$ 1,425,092

$ 1,317,402

$ 1,586,358

$ 916,108

$ 691,762

Ratio of expenses to average net assets

1.04% A

1.09%

.96%

1.10%

1.19%

1.27%

Ratio of expenses to average net assets
after expense reductions

1.01% A, E

1.05% E

.89% E

1.09% E

1.18% E

1.27%

Ratio of net investment income (loss)
to average net assets

(.05)% A

.54%

.76%

1.15%

1.53%

1.20%

Portfolio turnover rate

126% A

144% F

106%

114%

57%

45%

A Annualized

B The total returns would have been lower had certain expenses not been reduced during the periods shown.

C Total returns do not include the former one time sales charge and for periods of less than one year are not annualized.

D Net investment income (loss) per share has been calculated based on average shares outstanding during the period.

E FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.

F The portfolio turnover rate does not include the assets acquired in the merger.

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

Semiannual Report

Europe Capital Appreciation
Performance: The Bottom Line

There are several ways to evaluate a fund's historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. 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). Total returns do not include the effect of the 3.00% sales load which was eliminated as of March 1, 2000.

Cumulative Total Returns

Periods ended
April 30, 2001

Past 6
months

Past 1
year

Past 5
years

Life of
fund

Fidelity
Europe Capital App

-5.67%

-10.38%

88.98%

150.65%

MSCI Europe

-7.04%

-13.27%

78.90%

134.51%

European Region
Funds Average

-10.16%

-17.48%

66.16%

n/a *

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years or since the fund started on December 21, 1993. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare the fund's returns to the performance of the Morgan Stanley Capital International (MSCI) Europe Index - a market capitalization-weighted index that is designed to represent the performance of developed stock markets in Europe. As of April 30, 2001, the index included over 476 equity securities of companies domiciled in 15 European countries. To measure how the fund's performance stacked up against its peers, you can compare it to the European region funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past six months average represents a peer group of 174 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended
April 30, 2001

Past 1
year

Past 5
years

Life of
fund

Fidelity Europe Capital App

-10.38%

13.57%

13.29%

MSCI Europe

-13.27%

12.34%

12.27%

European Region Funds Average

-17.48%

10.47%

n/a *

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year.

* Not available

$10,000 Over Life of Fund



$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Europe Capital Appreciation Fund on December 21, 1993, when the fund started. As the chart shows, by April 30, 2001, the value of the investment would have grown to $25,065 - a 150.65% increase on the initial investment. For comparison, look at how the Morgan Stanley Capital International Europe Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 would have grown to $23,451 - a 134.51% increase.


Understanding Performance

Many markets around the globe offer the potential for significant growth over time; however, investing in foreign markets means assuming greater risks than investing in the United States. Factors like changes in a country's financial markets, its local political and economic climate, and the fluctuating value of its currency create these risks. For these reasons an international fund's performance may be more volatile than a fund that invests exclusively in the United States. Past performance is no guarantee of future results and you may have a gain or loss when you sell your shares.

3

Semiannual Report

Europe Capital Appreciation

Fund Talk: The Manager's Overview

(Portfolio Manager photograph)
An interview with
Ian Hart, Portfolio Manager of Fidelity Europe Capital Appreciation Fund

Q. How did the fund perform, Ian?

A. While its absolute performance was disappointing, the fund outperformed its benchmark and average peer. For the six-month period that ended April 30, 2001, the fund posted a total return of -5.67%. In comparison, the Morgan Stanley Capital International (MSCI) Europe Index returned -7.04%. The fund also compares its performance against the European region funds average, as tracked by Lipper Inc., which returned -10.16% during the same period. For the 12 months that ended April 30, 2001, the fund returned -10.38%, while the MSCI Europe index and Lipper average posted returns of -13.27% and -17.48%, respectively.

Q. What helped the fund outperform its benchmark and peer average?

A. The overall environment during the period was one of high volatility and generally declining valuations in the European markets. That the fund was able to outperform its benchmarks was attributable mainly to favorable stock selection. In particular, several names in the retail sector came through very well. Valuations were extremely low for a number of these stocks, but fundamentals were actually improving, in part due to the reduced threat of online retailers. As evidence of improving fundamentals grew, the stocks appreciated. Performance also was aided somewhat by maintaining generally underweighted positions in the telecommunications, media and technology (TMT) stocks, which suffered a dramatic downturn, although I did not escape the downturn entirely. Negative contributions to performance also came as a result of disappointing stock picking in the financials and industrials groups.

Q. Which individual positions helped performance the most?

A. As I mentioned, there were several names in the retail sector that helped performance. Castorama Dubois, for instance, is a French do-it-yourself retailer - Europe's equivalent of the U.S. chain, Home Depot - which has strengthened its position in this still robust market since merging with the U.K. do-it-yourself business of Kingfisher. Boots, the U.K.'s leading health and personal care products retailer, was selling at a very low price-to-earnings multiple when I bought it, and resilient earnings by the company helped drive its stock price higher. MFI Furniture, another U.K. retailer, enjoyed similar good fortunes. Pernod-Ricard, a French spirits company, performed well after acquiring some of Seagram's assets spun off by Vivendi Universal, one of the fund's top 10 holdings. The fund's largest position, TotalFinaElf, the result of a three-way oil company merger, enjoyed a good deal of market favor in anticipation of its restructuring potential.

Q. What holdings didn't perform up to expectations?

A. Although I tried to underweight the TMT group, I still was hurt by some of the individual positions I retained. In particular, SMG, the Scottish media group, and ILOG, a French software company, fell sharply out of favor during the period. Among the bigger names, I also was hurt by my exposure to mobile telephony stocks, such as Vodafone, the U.K. mobile operator. This stock suffered as its growth rate slowed and investors lost confidence in its longer-term earnings growth potential. I also was reminded that non-TMT stocks could disappoint. A good example was SSL International, a U.K. health care products company, which took a big hit when it issued a profit warning in response to much lower-than-expected sales.

Q. What's your outlook for the next six months, Ian?

A. My sense is that we'll continue to see somewhat more of the same, which is to say that the markets will likely remain quite volatile. In 1999, it was all about being invested in TMT; in 2000, it was pretty much about not being there. But in 2001, I don't think there are any clear sector bets. This is a positive environment for Fidelity's intensive research approach to add value, because I think stock picking is what will differentiate one fund from another and determine which funds will beat their benchmarks over time. That's why it's so important for me to utilize Fidelity's 50-plus analysts based in London, who are working to sort out the good stories and find the new ideas that will add value to the fund.

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover. The manager's views are subject to change at any time based on market or other conditions. For more information, see page 3.


Fund Facts

Goal: long-term capital appreciation by investing mainly in equity securities of European issuers

Fund number: 341

Trading symbol: FECAX

Start date: December 21, 1993

Size: as of April 30, 2001, more than $508 million

Manager: Ian Hart, since 2000; international equity analyst, 1997-2000; European equity analyst in U.K., 1994-1997; joined Fidelity in 1994

3

Semiannual Report

Europe Capital Appreciation

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2001

United Kingdom

23.0%

France

21.5%

Germany

11.1%

Netherlands

10.5%

United States of America

6.6%

Italy

6.6%

Switzerland

6.5%

Spain

5.1%

Finland

2.2%

Other

6.9%



As of October 31, 2000

United Kingdom

25.1%

France

21.4%

Netherlands

10.9%

Switzerland

9.3%

Germany

8.7%

Spain

5.6%

Italy

5.6%

Finland

3.8%

United States of America

2.1%

Other

7.5%



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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

93.4

98.5

Short-Term Investments
and Net Other Assets

6.6

1.5

Top Ten Stocks as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

TotalFinaElf SA Series B
(France, Oil & Gas)

6.6

5.0

Royal Dutch Petroleum Co.
(Hague Registry)
(Netherlands, Oil & Gas)

4.6

3.6

Vodafone Group PLC
(United Kingdom, Wireless Telecommunication Services)

3.3

4.8

BNP Paribas SA (France, Banks)

3.3

1.4

Lloyds TSB Group PLC
(United Kingdom, Banks)

2.8

2.2

Nokia AB (Finland, Communications Equipment)

2.2

3.3

Vivendi Universal SA
(France, Media)

2.0

1.2

GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals)

1.9

1.3

SEB SA
(France, Household Durables)

1.6

0.0

Altadis SA (Spain, Tobacco)

1.6

0.9

29.9

Market Sectors as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

22.9

26.5

Consumer Discretionary

18.6

17.0

Energy

12.9

9.0

Consumer Staples

11.6

11.7

Health Care

9.7

8.8

Information Technology

6.7

10.4

Telecommunication Services

6.3

10.5

Industrials

3.4

2.0

Utilities

1.0

2.1

Materials

0.3

0.5

Effective with this report, industry classifications follow the MSCI/S&P Global Industry Classification Standard. This replaces the U.S. Standard Industrial Classification system that is being phased out. Prior period industry percentages reflect the new standard.

Semiannual Report

Europe Capital Appreciation

Investments April 30, 2001

(Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.4%

Shares

Value (Note 1)

Austria - 0.8%

OMV AG

34,900

$ 2,941,512

Plaut AG (a)

125,900

893,588

TOTAL AUSTRIA

3,835,100

Belgium - 1.2%

Delhaize Freres & Compagnie Le Lion SA

68,000

3,610,727

KBC Bancassurance Holding NV

67,100

2,486,615

TOTAL BELGIUM

6,097,342

Denmark - 1.1%

Bang & Olufsen Holding AS Series B

73,680

2,408,029

Novo-Nordisk AS Series B

81,000

3,080,452

TOTAL DENMARK

5,488,481

Finland - 2.2%

Nokia AB

330,400

11,296,376

France - 21.5%

Alcatel SA (RFD)

108,560

3,523,858

Aventis SA (France)

65,797

5,059,790

AXA SA de CV

36,598

4,318,476

BNP Paribas SA

189,400

16,837,175

Castorama Dubois Investissements SA

8,355

1,786,426

Europeene de Casinos SA

16,800

1,459,941

Groupe Partouche

4,849

296,410

ILOG SA sponsored ADR (a)

151,900

2,263,310

Pernod-Ricard

82,414

5,714,148

Royal Canin SA

30,215

2,948,742

Sanofi-Synthelabo SA

77,100

4,624,051

SEB SA

150,400

8,206,245

TotalFinaElf SA Series B

224,900

33,609,058

Valeo SA

85,000

3,921,424

Vivendi Environment

110,600

4,843,416

Vivendi Universal SA

144,943

10,036,717

TOTAL FRANCE

109,449,187

Germany - 10.1%

Allianz AG (Reg. D)

20,071

5,778,369

Deutsche Boerse AG

5,789

1,856,664

Deutsche Lufthansa AG (Reg.)

292,300

5,601,497

Douglas Holding AG

88,316

2,875,590

FAG Kugelfischer Georg Schaefer AG

218,300

1,500,987

Fresenius Medical Care AG

61,200

4,539,199

Gehe AG

94,200

3,760,841

Karstadt Quelle AG

192,700

5,976,882

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

27,707

7,900,051

Schering AG (a)

70,100

3,500,828

Software AG (Reg. D)

41,200

2,412,474

United Internet AG (a)

73,000

195,592

Shares

Value (Note 1)

Wella AG

100,835

$ 3,802,085

Zapf Creation AG

45,000

1,525,097

TOTAL GERMANY

51,226,156

Greece - 0.4%

Antenna TV SA sponsored ADR (a)

119,600

1,918,384

Israel - 0.2%

Orad Hi-Tech Systems Ltd. (a)

191,782

1,105,968

Italy - 6.6%

Alleanza Assicurazioni Spa

398,200

5,050,534

Banca Intesa Spa

1,723,800

6,505,878

Banca Nazionale del Lavoro (BNL)

1,833,800

5,832,606

Saipem Spa

839,400

5,504,938

Telecom Italia Mobile Spa

835,300

5,735,945

Telecom Italia Spa

450,900

4,999,281

TOTAL ITALY

33,629,182

Netherlands - 10.5%

Hunter Douglas NV

83,500

2,215,028

ICT Automatisering NV

21,502

839,369

ING Groep NV
(Certificaten Van Aandelen)

85,049

5,807,808

Koninklijke Ahold NV

254,330

7,897,455

Koninklijke KPN NV

155,700

1,903,528

Koninklijke Philips Electronics NV

100,086

2,940,045

Numico NV

142,300

5,629,423

Randstad Holdings NV

120,000

1,293,538

Royal Dutch Petroleum Co.
(Hague Registry)

390,600

23,271,946

STMicroelectronics NV (NY Shares)

37,100

1,500,695

TOTAL NETHERLANDS

53,298,835

Norway - 1.4%

Norsk Hydro AS

111,500

4,865,891

Tandberg ASA (a)

195,500

2,406,921

TOTAL NORWAY

7,272,812

Spain - 5.1%

Aldeasa SA

59,500

1,187,739

Altadis SA

640,100

7,950,554

Banco Santander Central Hispano SA

719,800

7,152,393

Corporacion Mapfre Compania Internacional de Reaseguros SA (Reg.)

152,700

3,022,457

Cortefiel SA

136,400

2,093,544

Sol Melia SA

170,500

1,606,462

Telefonica SA

158,964

2,690,907

TOTAL SPAIN

25,704,056

Sweden - 1.8%

Bilia AB (A Shares)

150,000

899,386

Electrolux AB (B Shares)

189,900

3,138,154

Telefonaktiebolaget LM Ericsson AB
(B Shares)

829,572

5,342,444

TOTAL SWEDEN

9,379,984

Common Stocks - continued

Shares

Value (Note 1)

Switzerland - 6.5%

Credit Suisse Group (Reg.)

30,387

$ 5,664,839

Nestle SA (Reg.)

2,168

4,487,671

Novartis AG (Reg.)

4,738

7,361,060

The Swatch Group AG (Bearer)

1,986

2,198,528

UBS AG (Reg. D)

51,249

7,796,771

Zurich Financial Services AG

15,576

5,538,173

TOTAL SWITZERLAND

33,047,042

United Kingdom - 23.0%

AstraZeneca PLC (United Kingdom)

106,000

5,037,120

Barclays PLC

147,500

4,749,131

Boots Co. PLC

663,580

5,863,675

British Land Co. PLC

825,952

5,507,828

Carlton Communications PLC

1,131,700

6,915,106

Diageo PLC

561,500

5,905,773

EMAP PLC

250,000

2,972,903

GlaxoSmithKline PLC (a)

358,429

9,600,521

Lloyds TSB Group PLC

1,366,100

14,202,269

Lonmin PLC

113,700

1,573,354

Marks & Spencer PLC

1,442,400

5,531,719

MFI Furniture Group PLC

1,966,800

3,121,270

Rank Group PLC Class L

1,006,200

2,735,757

Senior Engineering Group PLC

1,886,400

1,633,160

SMG PLC

2,008,601

5,607,488

Somerfield PLC

4,014,700

5,472,147

SSL International PLC

365,500

2,395,480

Tomkins PLC

598,300

1,339,902

Trinity Mirror PLC

1,040,100

6,924,405

Vodafone Group PLC

5,565,791

16,886,644

W.H. Smith PLC

373,500

2,626,962

TOTAL UNITED KINGDOM

116,602,614

United States of America - 0.0%

Jupiter Media Metrix, Inc. (a)

104,600

156,900

Reliant Resources, Inc.

2,000

60,000

TOTAL UNITED STATES OF AMERICA

216,900

TOTAL COMMON STOCKS

(Cost $444,841,637)

469,568,419

Nonconvertible Preferred Stocks - 1.0%

Shares

Value (Note 1)

Germany - 1.0%

ProSieben Sat.1 Media AG

91,600

$ 1,629,414

SAP AG

19,900

3,207,880

TOTAL NONCONVERTIBLE
PREFERRED STOCKS

(Cost $5,724,182)

4,837,294

Cash Equivalents - 29.2%

Fidelity Cash Central Fund, 4.70% (b)

31,706,684

31,706,684

Fidelity Securities Lending
Cash Central Fund, 4.59% (b)

116,686,992

116,686,992

TOTAL CASH EQUIVALENTS

(Cost $148,393,676)

148,393,676

TOTAL INVESTMENT PORTFOLIO - 122.6%

(Cost $598,959,495)

622,799,389

NET OTHER ASSETS - (22.6)%

(114,742,218)

NET ASSETS - 100%

$ 508,057,171

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $167,388,879 and $290,994,891, respectively.

Income Tax Information

At April 30, 2001, the aggregate cost of investment securities for income tax purposes was $600,270,064. Net unrealized appreciation aggregated $22,529,325, of which $64,143,322 related to appreciated investment securities and $41,613,997 related to depreciated investment securities.

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

Semiannual Report

Europe Capital Appreciation

Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (Unaudited)

Assets

Investment in securities,
at value (including securities
loaned of $110,496,314)
(cost $598,959,495) -
See accompanying schedule

$ 622,799,389

Foreign currency held at value
(cost $95)

104

Receivable for investments sold

4,780,490

Receivable for fund shares sold

232,506

Dividends receivable

1,793,379

Interest receivable

113,182

Redemption fees receivable

261

Other receivables

78,321

Total assets

629,797,632

Liabilities

Payable for investments purchased

$ 3,590,935

Payable for fund shares redeemed

878,160

Accrued management fee

348,260

Other payables and
accrued expenses

236,114

Collateral on securities loaned,
at value

116,686,992

Total liabilities

121,740,461

Net Assets

$ 508,057,171

Net Assets consist of:

Paid in capital

$ 490,575,611

Undistributed net investment income

163,252

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

(6,451,594)

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

23,769,902

Net Assets, for 28,981,582 shares outstanding

$ 508,057,171

Net Asset Value, offering price
and redemption price per share ($508,057,171
÷ 28,981,582 shares)

$17.53

Statement of Operations

Six months ended April 30, 2001 (Unaudited)

Investment Income

Dividends

$ 3,425,697

Interest

900,125

Security lending

184,909

4,510,731

Less foreign taxes withheld

(637,456)

Total income

3,873,275

Expenses

Management fee
Basic fee

$ 2,074,318

Performance adjustment

258,622

Transfer agent fees

679,633

Accounting and security lending fees

166,762

Non-interested trustees' compensation

1,077

Custodian fees and expenses

143,021

Registration fees

42,220

Audit

23,518

Legal

1,641

Reports to shareholders

17,509

Miscellaneous

2,123

Total expenses before reductions

3,410,444

Expense reductions

(38,936)

3,371,508

Net investment income

501,767

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(4,907,707)

Foreign currency transactions

(34,759)

(4,942,466)

Change in net unrealized appreciation (depreciation) on:

Investment securities

(30,636,214)

Assets and liabilities in
foreign currencies

28,132

(30,608,082)

Net gain (loss)

(35,550,548)

Net increase (decrease) in net assets resulting from operations

$ (35,048,781)

Other Information

Expense reductions

Directed brokerage arrangements

$ 33,954

Custody credits

483

Transfer agent credits

4,499

$ 38,936

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

Semiannual Report

Europe Capital Appreciation
Financial Statements - continued

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets

Six months ended
April 30, 2001
(Unaudited)

Year ended October 31,
2000

Operations
Net investment income

$ 501,767

$ 5,198,862

Net realized gain (loss)

(4,942,466)

41,603,335

Change in net unrealized appreciation (depreciation)

(30,608,082)

(22,845,159)

Net increase (decrease) in net assets resulting from operations

(35,048,781)

23,957,038

Distributions to shareholders
From net investment income

(3,365,523)

(4,070,674)

From net realized gain

(26,617,810)

(14,717,039)

Total distributions

(29,983,333)

(18,787,713)

Share transactions
Net proceeds from sales of shares

57,999,832

512,276,940

Reinvestment of distributions

27,917,032

18,063,088

Cost of shares redeemed

(156,047,866)

(367,338,080)

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

(70,131,002)

163,001,948

Redemption fees

70,186

224,285

Total increase (decrease) in net assets

(135,092,930)

168,395,558

Net Assets

Beginning of period

643,150,101

474,754,543

End of period (including undistributed net investment income of $163,252 and $4,793,720, respectively)

$ 508,057,171

$ 643,150,101

Other Information

Shares

Sold

3,133,011

24,808,262

Issued in reinvestment of distributions

1,527,190

903,170

Redeemed

(8,530,050)

(18,336,200)

Net increase (decrease)

(3,869,849)

7,375,232

Financial Highlights

Six months ended
April 30, 2001

Years ended October 31,

Selected Per-Share Data

(Unaudited)

2000

1999

1998

1997

1996

Net asset value, beginning of period

$ 19.58

$ 18.64

$ 16.28

$ 16.57

$ 14.07

$ 12.08

Income from Investment Operations

Net investment income

.02 D

.14 D

.15 D

.15 D

.20 D

.22 E

Net realized and unrealized gain (loss)

(1.09)

1.39

2.20

1.79

3.81

2.00

Total from investment operations

(1.07)

1.53

2.35

1.94

4.01

2.22

Less Distributions

From net investment income

(.11)

(.13)

-

(.17)

(.23)

(.23)

From net realized gain

(.87)

(.47)

-

(2.08)

(1.29)

-

Total distributions

(.98)

(.60)

-

(2.25)

(1.52)

(.23)

Redemption fees added to paid in capital

.00

.01

.01

.02

.01

-

Net asset value, end of period

$ 17.53

$ 19.58

$ 18.64

$ 16.28

$ 16.57

$ 14.07

Total Return B, C

(5.67)%

8.19%

14.50%

13.65%

31.57%

18.74%

Ratios and Supplemental Data

Net assets, end of period (000 omitted)

$ 508,112

$ 643,150

$ 474,755

$ 650,807

$ 372,049

$ 170,192

Ratio of expenses to average net assets

1.23% A

1.09%

1.07%

1.12%

1.10%

1.33%

Ratio of expenses to average net assets
after expense reductions

1.21% A, F

1.04% F

.97% F

1.08% F

1.07% F

1.30% F

Ratio of net investment income to average net assets

.18% A

.68%

.86%

.89%

1.33%

1.66%

Portfolio turnover rate

63% A

156%

150%

179%

189%

155%

A Annualized

B The total returns would have been lower had certain expenses not been reduced during the periods shown.

C Total returns do not include the former one time sales charge and for periods of less than one year are not annualized.

D Net investment income per share has been calculated based on average shares outstanding during the period.

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

F FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.

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

Semiannual Report

Japan
Performance: The Bottom Line

There are several ways to evaluate a fund's historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. 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). If Fidelity had not reimbursed certain fund expenses, the life of fund total returns would have been lower.

Cumulative Total Returns

Periods ended
April 30, 2001

Past 6
months

Past 1
year

Past 5
years

Life of
fund

Fidelity Japan

-17.53%

-29.20%

28.94%

86.31%

Fidelity Japan
(incl. 3.00%
sales charge)

-20.00%

-31.33%

25.07%

80.72%

TOPIX

-12.16%

-27.01%

-29.68%

6.27%

Japanese Funds Average

-15.27%

-32.78%

-6.05%

n/a *

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years or since the fund started on September 15, 1992. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare the fund's returns to the performance of the Tokyo Stock Exchange Index (TOPIX) - a market capitalization-weighted index of over 1,300 stocks traded in the Japanese market. To measure how the fund's performance stacked up against its peers, you can compare it to the Japanese funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past six months average represents a peer group of 55 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended
April 30, 2001

Past 1
year

Past 5
years

Life of
fund

Fidelity Japan

-29.20%

5.21%

7.48%

Fidelity Japan
(incl. 3.00% sales charge)

-31.33%

4.58%

7.10%

TOPIX

-27.01%

-6.80%

0.71%

Japanese Funds Average

-32.78%

-1.63%

n/a *

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year.

* Not available

$10,000 Over Life of Fund



$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Japan Fund on September 15, 1992, when the fund started, and the current 3.00% sales charge was paid. As the chart shows, by April 30, 2001, the value of the investment would have grown to $18,072 - an 80.72% increase on the initial investment. For comparison, look at how the Tokyo Stock Exchange Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 would have been $10,627 - a 6.27% increase.


Understanding Performance

Many markets around the globe offer the potential for significant growth over time; however, investing in foreign markets means assuming greater risks than investing in the United States. Factors like changes in a country's financial markets, its local political and economic climate, and the fluctuating value of its currency create these risks. For these reasons an international fund's performance may be more volatile than a fund that invests exclusively in the United States. Past performance is no guarantee of future results and you may have a gain or loss when you sell your shares.

3

Semiannual Report

Japan

Fund Talk: The Manager's Overview

(Portfolio Manager photograph)
An interview with
Yoko Ishibashi,
Portfolio Manager of Fidelity Japan Fund

Q. How did the fund perform, Yoko?

A. For the six months that ended April 30, 2001, the fund returned -17.53%, trailing the Tokyo Stock Exchange Index (TOPIX) and the Japan funds average tracked by Lipper Inc., which returned -12.16% and -15.27%, respectively. For the 12 months that ended April 30, 2001, the fund's return was -29.20%, compared with -27.01% for the TOPIX. However, during the same period, the fund's performance was better than the Lipper peer group average, which returned -32.78%.

Q. Why did the fund trail its benchmarks during the six-month period?

A. Concerns about the magnitude of the economic slowdown in the U.S. and the sustainability of profit growth by technology companies were mirrored in Japan. During the past six months, the correction in Japanese technology-related stocks came faster and sharper. The fund's relatively large exposure to technology and telecom equipment makers was the major reason for its underperformance. Those technology-related stocks were sold off across the board on concerns about cyclical downturns in their business fundamentals. The global PC and mobile handset markets have been undergoing an inventory correction, while a sharp cutback in telecom carriers' capital expenditures put the brakes on demand for telecom equipment.

Q. What changes did you make to the fund's positioning?

A. While maintaining overweighted positions in companies that I felt had the strongest long-term growth potential, I trimmed weightings of technology-related stocks whose valuations became extremely rich. Instead, I increased positions in the textile, securities brokerage and banking industries. For textile companies, the worst phase of the inventory cycle seemed to be over. Moreover, their restructuring efforts - with a focus on high-margin, emerging new businesses - started to boost their growth momentum. Valuations of securities firms looked very attractive, as I expected they would benefit from a recovery of the stock market as well as from increasing merger and acquisition activities. Regarding the banks, valuations became more reasonable, and the government made a commitment to address the system's two fundamental problems: bad debt and overexposure to the equity market in the form of cross-shareholding - the practice of two or more companies holding each other's shares as part of a long-term business relationship.

Q. What stocks did well for the fund?

A. Ricoh, a manufacturer of digital copiers and multifunctional printers, was the top contributor. The company enjoyed strong market share gains in the U.S. and strengthened its sales network through an aggressive acquisition strategy. Daiwa Securities and Nikko Securities reflected the rebound in brokerage stocks that I referred to earlier. We also gained by holding Takara, a leading toy company whose fortunes turned around dramatically under the leadership of a newly appointed CEO.

Q. What stocks detracted from performance?

A. Konami, mentioned in the shareholder report six months ago as a positive contributor, was the worst detractor. In January the company announced plans to acquire Japan's leading fitness chain operator. The market was skeptical of the business synergies from the acquisition, and the company's issuance of stock to cover the purchase costs was an additional negative influence. Toyoda Gosei, a maker of light-emitting diodes (LEDs), declined on uncertainty about some patent infringement lawsuits, the announcement of a new entrant into the LED business and slowing growth in the market for cellular handsets, which are the largest source of demand for LED prod-ucts. Another detractor was Furukawa Electric, which experienced withering demand for its fiber-optic and WDM - wave division multiplexing - products as telecom carriers cut back their capital expenditures.

Q. What's your outlook, Yoko?

A. The market decline has provided excellent opportunities to invest in quality companies whose valuations were down by 50% to 60% from their highs and whose stocks were starting to look cheap compared against their long-term growth potential. I remain optimistic about the long-term outlook for Japanese equities, based on positive changes I'm seeing in corporate management priorities and the resulting improvement in earnings growth prospects. Restructuring efforts at Japanese companies increasingly involve comprehensive, strategic rethinking of a company's business portfolio. To facilitate these bottom-up restructuring efforts, the government is planning to implement meaningful legislative and tax reforms. Should the top-down initiatives to facilitate further corporate restructuring succeed, the end result should be very positive.

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover. The manager's views are subject to change at any time based on market or other conditions. For more information, see page 3.


Fund Facts

Goal: long-term growth of capital by investing mainly in equity securities of Japanese issuers

Fund number: 350

Trading symbol: FJPNX

Start date: September 15, 1992

Size: as of April 30, 2001, more than
$479 million

Manager: Yoko Ishibashi, since 2000; analyst, various industries, 1994-2000; joined Fidelity in 1994

3

Semiannual Report

Japan

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2001

Japan

97.2%

United States
of America

2.8%



As of October 31, 2000

Japan

98.9%

United States
of America

1.1%



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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

97.2

98.9

Short-Term Investments
and Net Other Assets

2.8

1.1

Top Ten Stocks as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

NTT DoCoMo, Inc. (Wireless Telecommunication Services)

4.6

5.2

Nissan Motor Co. Ltd. (Automobiles)

4.5

2.8

Takeda Chemical Industries Ltd. (Pharmaceuticals)

4.2

4.1

Konami Corp. (Software)

3.8

5.4

Stanley Electric Co. Ltd.
(Auto Components)

3.6

2.6

Toyota Motor Corp. (Automobiles)

3.3

3.6

Oki Electric Industry Co. Ltd. (Electronic Equipment & Instruments)

3.2

2.0

Sumitomo Mitsui Banking Corp. (Banks)

3.1

2.0

Ricoh Co. Ltd. (Office Electronics)

3.0

1.4

Nomura Securities Co. Ltd. (Diversified Financials)

2.9

1.7

36.2

Market Sectors as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

31.0

29.2

Information Technology

21.2

24.6

Financials

18.0

10.8

Materials

8.5

4.5

Telecommunication Services

7.3

7.9

Health Care

6.0

5.3

Industrials

3.2

14.4

Consumer Staples

2.0

2.2

Effective with this report, industry classifications follow the MSCI/S&P Global Industry Classification Standard. This replaces the U.S. Standard Industrial Classification system that is being phased out. Prior period industry percentages reflect the new standard.

Semiannual Report

Japan

Investments April 30, 2001

(Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 31.0%

Auto Components - 6.8%

NGK Spark Plug Co. Ltd.

995,000

$ 13,317,484

NOK Corp.

217,000

1,646,192

Stanley Electric Co. Ltd.

1,793,000

17,189,916

Toyoda Gosei Co. Ltd.

22,000

467,306

32,620,898

Automobiles - 10.0%

Fuji Heavy Industries Ltd.

1,327,000

9,783,845

Honda Motor Co. Ltd. (a)

19,000

781,945

Nissan Motor Co. Ltd. (a)

3,144,000

21,839,611

Toyota Motor Corp.

466,400

15,720,969

48,126,370

Household Durables - 5.3%

Pioneer Corp.

224,000

6,778,808

Sanyo Electric Co. Ltd.

1,202,000

7,531,419

Sony Corp.

145,600

11,160,239

25,470,466

Leisure Equipment & Products - 4.5%

Bandai Co. Ltd. (a)

243,500

8,427,337

Konica Corp. (a)

280,000

1,942,707

Nintendo Co. Ltd.

38,600

6,299,692

Takara Co. Ltd. (a)

541,000

4,747,446

21,417,182

Multiline Retail - 0.1%

Don Quijote Co. Ltd.

4,500

343,591

Ryohin Keikaku Co. Ltd.

12,700

347,880

691,471

Specialty Retail - 2.4%

Macnica, Inc.

12,800

839,806

Shimamura Co. Ltd.

7,300

428,063

Yamada Denki Co. Ltd.

124,400

10,345,162

11,613,031

Textiles & Apparel - 1.9%

Fast Retailing Co. Ltd.

2,800

612,435

Toyobo Co. Ltd.

3,387,000

7,861,051

World Co. Ltd.

17,100

495,051

8,968,537

TOTAL CONSUMER DISCRETIONARY

148,907,955

CONSUMER STAPLES - 2.0%

Beverages - 0.1%

Ito En Ltd.

7,000

433,435

Food & Drug Retailing - 0.5%

Seven Eleven Japan Co. Ltd.

48,000

2,365,891

Food Products - 1.4%

Meiji Seika Kaisha Ltd.

1,210,000

6,698,354

TOTAL CONSUMER STAPLES

9,497,680

Shares

Value (Note 1)

FINANCIALS - 18.0%

Banks - 5.9%

Mitsubishi Tokyo Financial Group, Inc.

276

$ 2,842,800

Mizuho Holdings, Inc.

1,254

7,826,384

Sumitomo Mitsui Banking Corp.

1,547,600

14,646,825

The Suruga Bank Ltd.

282,000

2,081,472

UFJ Holdings, Inc. (a)

122

889,489

28,286,970

Diversified Financials - 10.1%

Daiwa Securities Group, Inc.

1,187,000

13,628,781

JAFCO Co. Ltd.

40,100

4,794,914

Nikko Securities Co. Ltd.

735,000

6,329,299

Nomura Securities Co. Ltd.

642,000

13,742,144

ORIX Corp.

18,600

1,645,938

Sumitomo Trust & Banking Ltd.

1,248,000

8,587,278

48,728,354

Real Estate - 2.0%

Mitsubishi Estate Co. Ltd. (a)

513,000

5,254,831

Mitsui Fudosan Co. Ltd.

434,000

4,360,184

9,615,015

TOTAL FINANCIALS

86,630,339

HEALTH CARE - 6.0%

Pharmaceuticals - 6.0%

Banyu Pharmaceutical Co. Ltd.

165,000

3,078,536

Hokuriku Seiyaku Co. Ltd.

209,000

4,585,102

Takeda Chemical Industries Ltd.

416,000

20,333,800

Yamanouchi Pharmaceutical Co. Ltd.

29,000

813,398

28,810,836

INDUSTRIALS - 3.2%

Building Products - 1.1%

Nippon Sheet Glass Co. Ltd.

68,000

674,797

Toto Ltd.

593,000

4,503,443

5,178,240

Commercial Services & Supplies - 0.1%

Capcom Co. Ltd.

21,300

669,048

Construction & Engineering - 0.1%

HUNET, Inc.

121,000

376,100

Electrical Equipment - 1.5%

Furukawa Electric Co. Ltd.

186,000

2,250,007

Hitachi Cable Ltd.

69,000

456,103

Nidec Copal Corp.

91,000

861,990

Nitto Denko Corp.

16,100

532,120

Sumitomo Electric Industries Ltd.

108,000

1,353,400

Tokin Corp. (a)

166,000

1,497,544

6,951,164

Machinery - 0.4%

SMC Corp.

6,400

768,947

Common Stocks - continued

Shares

Value (Note 1)

INDUSTRIALS - continued

Machinery - continued

THK Co. Ltd.

38,100

$ 926,464

Union Tool Co. (a)

4,300

243,330

1,938,741

TOTAL INDUSTRIALS

15,113,293

INFORMATION TECHNOLOGY - 21.2%

Computers & Peripherals - 4.4%

Mitsumi Electric Co. Ltd.

353,000

7,136,259

NEC Corp.

630,000

11,552,939

Nippon Foundry, Inc. (a)

326

2,526,553

21,215,751

Electronic Equipment & Instruments - 6.8%

Anritsu Corp.

26,000

421,986

Hitachi Chemical Co. Ltd.

408,500

6,663,552

Hoya Corp.

18,800

1,248,883

Japan Aviation Electronics Industry Ltd. (a)

105,000

591,596

Kyocera Corp.

15,600

1,542,684

Murata Manufacturing Co. Ltd.

14,000

1,192,951

Nichicon Corp.

28,800

396,336

Nidec Corp.

10,000

525,699

Oki Electric Industry Co. Ltd. (a)

3,111,000

15,563,555

Yokogawa Electric Corp.

458,000

4,732,765

32,880,007

Internet Software & Services - 0.1%

Softbank Corp.

7,200

277,530

Office Electronics - 4.1%

Canon, Inc.

129,000

5,153,550

Ricoh Co. Ltd.

754,000

14,315,328

19,468,878

Semiconductor Equipment & Products - 1.9%

Rohm Co. Ltd.

15,600

2,789,074

Tokyo Electron Ltd.

15,900

1,173,596

Tokyo Seimitsu Co. Ltd.

78,700

5,195,766

9,158,436

Software - 3.9%

Konami Corp.

380,200

18,490,377

Net One Systems Co. Ltd.

23

477,230

18,967,607

TOTAL INFORMATION TECHNOLOGY

101,968,209

MATERIALS - 8.5%

Chemicals - 7.6%

Asahi Chemical Industry Co. Ltd.

123,000

641,566

Shares

Value (Note 1)

JSR Corp.

107,000

$ 688,862

Nippon Paint Co. Ltd.

940,000

3,600,176

Nissan Chemical Industries Co. Ltd.

1,105,000

7,875,190

Shin-Etsu Chemical Co. Ltd.

144,000

5,857,646

Teijin Ltd.

1,779,000

9,250,052

Toray Industries, Inc.

1,861,000

8,470,681

36,384,173

Construction Materials - 0.1%

Sumitomo Osaka Cement Co. Ltd.

168,000

502,899

Containers & Packaging - 0.4%

Asahi Techno Glass Corp.

363,000

1,875,539

Metals & Mining - 0.4%

Mitsubishi Materials Corp.

671,000

1,815,998

TOTAL MATERIALS

40,578,609

TELECOMMUNICATION SERVICES - 7.3%

Diversified Telecommunication Services - 0.5%

Japan Telecom Co. Ltd.

30

506,836

Nippon Telegraph & Telephone Corp.

284

1,828,382

2,335,218

Wireless Telecommunication Services - 6.8%

KDDI Corp.

218

892,146

NTT DoCoMo, Inc.

1,052

21,914,341

NTT DoCoMo, Inc. (c)

472

9,832,290

32,638,777

TOTAL TELECOMMUNICATION SERVICES

34,973,995

TOTAL COMMON STOCKS

(Cost $444,836,693)

466,480,916

Cash Equivalents - 12.2%

Fidelity Cash Central Fund, 4.70% (b)

21,022,461

21,022,461

Fidelity Securities Lending
Cash Central Fund, 4.59% (b)

37,614,470

37,614,470

TOTAL CASH EQUIVALENTS

(Cost $58,636,931)

58,636,931

TOTAL INVESTMENT PORTFOLIO - 109.4%

(Cost $503,473,624)

525,117,847

NET OTHER ASSETS - (9.4)%

(45,135,779)

NET ASSETS - 100%

$ 479,982,068

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $9,832,290 or 2.0% of
net assets.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $159,056,414 and $204,658,360, respectively.

The fund participated in the security lending program during the period. Cash collateral includes amounts received for unsettled security loans.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity Management & Research Company. The commissions paid to these affiliated firms were $1,184 for the period.

Income Tax Information

At April 30, 2001, the aggregate cost of investment securities for income tax purposes was $508,077,748. Net unrealized appreciation aggregated $17,040,099, of which $70,441,537 related to appreciated investment securities and $53,401,438 related to depreciated investment securities.

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

Semiannual Report

Japan

Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (Unaudited)

Assets

Investment in securities,
at value (including securities
loaned of $34,486,117)
(cost $503,473,624) -
See accompanying schedule

$ 525,117,847

Receivable for investments sold

33,922

Receivable for fund shares sold

1,026,620

Dividends receivable

1,494,472

Interest receivable

60,949

Redemption fees receivable

1,934

Other receivables

36,460

Total assets

527,772,204

Liabilities

Payable for investments purchased

$ 9,077,506

Payable for fund shares redeemed

513,574

Accrued management fee

364,762

Other payables and
accrued expenses

219,824

Collateral on securities loaned,
at value

37,614,470

Total liabilities

47,790,136

Net Assets

$ 479,982,068

Net Assets consist of:

Paid in capital

$ 485,219,371

Accumulated net investment loss

(1,769,271)

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

(25,045,325)

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

21,577,293

Net Assets, for 35,910,869
shares outstanding

$ 479,982,068

Net Asset Value and redemption price per share ($479,982,068 ÷ 35,910,869 shares)

$13.37

Maximum offering price per share (100/97.00 of $13.37)

$13.78

Statement of Operations

Six months ended April 30, 2001 (Unaudited)

Investment Income

Dividends

$ 1,936,794

Interest

300,472

Security lending

309,307

2,546,573

Less foreign taxes withheld

(290,519)

Total income

2,256,054

Expenses

Management fee
Basic fee

$ 1,809,761

Performance adjustment

562,108

Transfer agent fees

682,172

Accounting and security lending fees

148,894

Non-interested trustees' compensation

127

Custodian fees and expenses

122,078

Registration fees

29,402

Audit

43,297

Legal

1,626

Reports to shareholders

18,153

Miscellaneous

2,103

Total expenses before reductions

3,419,721

Expense reductions

(55,934)

3,363,787

Net investment income (loss)

(1,107,733)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(20,844,679)

Foreign currency transactions

(10,008)

(20,854,687)

Change in net unrealized appreciation (depreciation) on:

Investment securities

(83,963,464)

Assets and liabilities in
foreign currencies

(49,097)

(84,012,561)

Net gain (loss)

(104,867,248)

Net increase (decrease) in net assets resulting from operations

$ (105,974,981)

Other Information
Sales charges paid to FDC

$ 125,907

Expense reductions

Directed brokerage arrangements

$ 49,613

Transfer agent credits

6,321

$ 55,934

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

Semiannual Report

Japan
Financial Statements - continued

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets

Six months ended
April 30, 2001
(Unaudited)

Year ended October 31,
2000

Operations
Net investment income (loss)

$ (1,107,733)

$ (5,268,967)

Net realized gain (loss)

(20,854,687)

207,757,804

Change in net unrealized appreciation (depreciation)

(84,012,561)

(206,813,500)

Net increase (decrease) in net assets resulting from operations

(105,974,981)

(4,324,663)

Distributions to shareholders
From net investment income

-

(13,253,040)

In excess of net investment income

-

(7,139,053)

From net realized gain

(120,913,847)

-

Total distributions

(120,913,847)

(20,392,093)

Share transactions
Net proceeds from sales of shares

112,024,717

541,936,015

Reinvestment of distributions

116,957,581

19,730,662

Cost of shares redeemed

(146,475,006)

(806,715,842)

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

82,507,292

(245,049,165)

Redemption fees

413,543

2,474,935

Total increase (decrease) in net assets

(143,967,993)

(267,290,986)

Net Assets

Beginning of period

623,950,061

891,241,047

End of period (including undistributed net investment income (loss) of $(1,769,271) and
$23,182,613, respectively)

$ 479,982,068

$ 623,950,061

Other Information

Shares

Sold

7,827,340

22,194,873

Issued in reinvestment of distributions

7,478,106

825,192

Redeemed

(9,935,742)

(33,425,489)

Net increase (decrease)

5,369,704

(10,405,424)

Financial Highlights

Six months ended
April 30, 2001

Years ended October 31,

Selected Per-Share Data

(Unaudited)

2000

1999

1998

1997

1996

Net asset value, beginning of period

$ 20.43

$ 21.77

$ 10.09

$ 11.10

$ 11.68

$ 12.08

Income from Investment Operations

Net investment income (loss) D

(.03)

(.14)

(.07)

(.04)

(.06)

(.02)

Net realized and unrealized gain (loss)

(2.97)

(.81) F

11.74

(.81)

(.55)

(.40)

Total from investment operations

(3.00)

(.95)

11.67

(.85)

(.61)

(.42)

Less Distributions

From net investment income

-

(.30)

-

-

-

-

In excess of net investment income

-

(.16)

(.03)

(.18)

(.01)

-

From net realized gain

(4.07)

-

-

-

-

-

Total distributions

(4.07)

(.46)

(.03)

(.18)

(.01)

-

Redemption fees added to paid in capital

.01

.07

.04

.02

.04

.02

Net asset value, end of period

$ 13.37

$ 20.43

$ 21.77

$ 10.09

$ 11.10

$ 11.68

Total Return B, C

(17.53)%

(4.35)%

116.35%

(7.52)%

(4.89)%

(3.31)%

Ratios and Supplemental Data

Net assets, end of period (000 omitted)

$ 479,982

$ 623,950

$ 891,241

$ 265,395

$ 255,555

$ 290,495

Ratio of expenses to average net assets

1.41% A

1.17%

1.24%

1.49%

1.42%

1.15%

Ratio of expenses to average net assets after
expense reductions

1.39% A, E

1.16% E

1.23% E

1.48% E

1.40% E

1.14% E

Ratio of net investment income (loss) to average net assets

(.46)% A

(.58)%

(.47)%

(.37)%

(.54)%

(.12)%

Portfolio turnover rate

66% A

124%

79%

62%

70%

83%

A Annualized

B The total returns would have been lower had certain expenses not been reduced during the periods shown.

C Total returns do not include the one time sales charge and for periods of less than one year are not annualized.

D Net investment income (loss) per share has been calculated based on average shares outstanding during the period.

E FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.

F The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for the period due to the timing of sales and repurchases of fund shares in relation to fluctuating market values of the investments
of the fund.

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

Semiannual Report

Japan Smaller Companies
Performance: The Bottom Line

There are several ways to evaluate a fund's historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. 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).

Cumulative Total Returns

Periods ended
April 30, 2001

Past 6
months

Past 1
year

Past 5
years

Life of
fund

Fidelity Japan
Smaller Companies

-13.74%

-36.77%

9.54%

24.54%

Fidelity Japan
Smaller Companies
(incl. 3.00%
sales charge)

-16.33%

-38.67%

6.25%

20.81%

TOPIX Second Section

-13.04%

-30.46%

-23.83%

-10.65%

Japanese
Funds Average

-15.27%

-32.78%

-6.05%

n/a *

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years, or since the fund started on November 1, 1995. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare the fund's returns to the performance of the Tokyo Stock Exchange Second Section Stock Price Index (TOPIX Second Section) - a market capitalization-weighted index that reflects the performance of the smaller, less established and newly listed companies of the Tokyo Stock Exchange. To measure how the fund's performance stacked up against its peers, you can compare the fund's performance to the Japanese funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past six months average represents a peer group of 55 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended
April 30, 2001

Past 1
year

Past 5
years

Life of
fund

Fidelity Japan
Smaller Companies

-36.77%

1.84%

4.07%

Fidelity Japan
Smaller Companies
(incl. 3.00%
sales charge)

-38.67%

1.22%

3.50%

TOPIX Second Section

-30.46%

-5.30%

-2.03%

Japanese
Funds Average

-32.78%

-1.63%

n/a *

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year.

* Not available

$10,000 Over Life of Fund



$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Japan Smaller Companies Fund on November 1, 1995, when the fund started, and the current 3.00% sales charge was paid. As the chart shows, by April 30, 2001, the value of the investment would have grown to $12,081 - a 20.81% increase on the initial investment. For comparison, look at how the Tokyo Stock Exchange Second Section Stock Price Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 would have been $8,935 - a 10.65% decrease.


Understanding Performance

Many markets around the globe offer the potential for significant growth over time; however, investing in foreign markets means assuming greater risks than investing in the United States. Factors like changes in a country's financial markets, its local political and economic climate, and the fluctuating value of its currency create these risks. For these reasons an international fund's performance may be more volatile than a fund that invests exclusively in the United States. Past performance is no guarantee of future results and you may have a gain or loss when you sell your shares.

3

Semiannual Report

Japan Smaller Companies

Fund Talk: The Manager's Overview

(Portfolio Manager photograph)
An interview with Kenichi Mizushita, Portfolio Manager of Fidelity Japan Smaller Companies Fund

Q. How did the fund perform, Kenichi?

A. For the six months that ended April 30, 2001, the fund returned -13.74%. By comparison, the Tokyo Stock Exchange Second Section Stock Price Index (TOPIX Second Section) returned -13.04%, and the Japanese funds average as monitored by Lipper Inc. returned -15.27% for the same time period. For the 12 months that ended April 30, 2001, the fund fell 36.77%, while the TOPIX Second Section index and the Japanese funds average were down 30.46% and 32.78%, respectively.

Q. What factors accounted for the negative performance of the fund and its benchmarks during the six-month period?

A. The most important factors were the continued bad-debt problems of the banking sector and growing political uncertainty, as confidence in the government of Prime Minister Mori plummeted. The combination of the slowdown in the U.S. economy and the Japanese manufacturing sector's production adjustment also led to further weakness in the Japanese stock market. However, while the small-cap market was sold off significantly during 2000 and posted a negative return for the past six months, year-to-date performance rebounded and small caps outperformed large caps on a relative basis. Continued problems in the large-cap market, such as the bad-debt problems of the banking sector, led to a negative supply/demand environment for these stocks. As a result, the fund outperformed its peer group - which primarily consists of large-cap funds - during the period. Its performance was more in line with the small-cap universe of stocks in the TOPIX Second Section index.

Q. What was your strategy in this difficult environment?

A. I shifted the fund from economically and export-sensitive sectors, such as machinery and electronics, and added holdings in domestic-oriented retail and service sectors. At the same time, I increased the fund's investments in small-cap companies with historically low valuations. I continued to search for companies with good medium- to long-term growth potential. Although these strategies all helped the fund's performance, they could not offset the negative effect of the general drop in Japanese stock prices.

Q. Which stocks performed well?

A. Japan Medical Dynamics, an importer of orthopedic medical equipment, benefited from the introduction of its innovative electrical scalpel into the U.S. market, which led to strong stock price performance. Kappa Create, a leading operator of specialized sushi restaurant chains, is one of the only companies successfully competing and growing profits in the restaurant industry, where pricing competition intensified, deflation picked up and same-store sales continued to show negative growth. H.I.S. Company, one of Japan's largest discount travel agencies, began to refocus on its core ticketing business and achieved above-average growth within its industry.

Q. Which stocks detracted from the fund's performance?

A. Toyoda Gosei is the largest maker of blue LEDs - high brightness displays for cell phones, among other products - and also manufactures auto parts for Toyota. The company was hurt by the overall downward production adjustment for cellular phones, which caused a decline in demand for blue LED products. Hogy Medical, the largest supplier of surgical gowns, expanded its business with its new sterilized surgical tools, but the short-term impact was limited. Its stock performance was down after the previous year's good showing. However, the company's long-term prospects appear to be positive, and its growth potential remains attractive, so I continued to hold the stock. The downward adjustment in overall production equipment and machinery hurt Nitto-Kohki, the largest manufacturer of fluid coupling and linear motion pumps. The company is still a niche market leader, though, with high margins and return on investment, and I continued to maintain the fund's position.

Q. What's your outlook, Kenichi?

A. I see good opportunities in small-cap stocks. Their valuations remain attractive compared to the large-cap market and, so far, small caps have achieved better relative performance during 2001. Overall, I anticipate no significant changes in my investment strategy. I'll continue to focus on the fundamentals of individual companies and search for growing companies with attractive valuations. The small-cap market is highly illiquid right now, and it is quite difficult to buy and sell securities within a short time horizon. Therefore, it becomes even more important to understand and differentiate the competitive strengths and long-term potential return of candidates for the fund's portfolio. Fortunately, the Japanese market is continuing to expand as more and more new companies become public, leading to better opportunities for small-cap investing.

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover. The manager's views are subject to change at any time based on market or other conditions. For more information, see page 3.


Fund Facts

Goal: long-term growth of capital by investing mainly in equity securities of Japanese issuers with smaller market capitalizations

Fund number: 360

Trading symbol: FJSCX

Start date: November 1, 1995

Size: as of April 30, 2001, more than $430 million

Manager: Kenichi Mizushita, since 1996; manager, several Fidelity Investments Japan, Limited and institutional funds; joined Fidelity in 1985

3

Semiannual Report

Japan Smaller Companies

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2001

Japan

95.5%

United States of America

4.5%



As of October 31, 2000

Japan

98.6%

United States of America

1.4%



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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

95.5

98.6

Short-Term Investments
and Net Other Assets

4.5

1.4

Top Ten Stocks as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

Japan Medical Dynamic Marketing, Inc. (Health Care Equipment & Supplies)

4.3

2.6

Yamada Denki Co. Ltd.
(Specialty Retail)

4.3

4.4

Hogy Medical Co. (Health Care Equipment & Supplies)

4.3

5.0

Kappa Create Co. Ltd.
(Hotels Restaurants & Leisure)

3.6

2.2

Fujimi, Inc.
(Construction Materials)

2.8

2.7

Cosel Co. Ltd. (Electronic Equipment & Instruments)

2.7

4.2

Fancl Corp. (Personal Products)

2.7

1.1

USS Co. Ltd.
(Internet Software & Services)

2.4

0.4

Sumida Corp. (Electronic Equipment & Instruments)

2.3

3.0

H.I.S. Co. Ltd.
(Hotels Restaurants & Leisure)

2.1

0.0

31.5

Market Sectors as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

24.5

25.1

Information Technology

23.2

22.4

Industrials

22.4

30.2

Health Care

9.7

7.9

Consumer Staples

6.5

5.0

Materials

6.4

5.6

Financials

2.8

2.4

Effective with this report, industry classifications follow the MSCI/S&P Global Industry Classification Standard. This replaces the U.S. Standard Industrial Classification system that is being phased out. Prior period industry percentages reflect the new standard.

Semiannual Report

Japan Smaller Companies

Investments April 30, 2001

(Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 24.5%

Auto Components - 2.5%

Nissin Kogyo Co. Ltd.

25,000

$ 625,344

Ohashi Technica, Inc.

207,000

2,648,341

Toyoda Gosei Co. Ltd.

352,000

7,476,897

10,750,582

Hotels Restaurants & Leisure - 5.8%

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

380,000

9,287,072

Joyfull Co. Ltd.

22,000

297,705

Kappa Create Co. Ltd.

345,400

15,579,854

25,164,631

Household Durables - 2.3%

Chiyoda Integre Co. Ltd. (a)

70,000

734,830

Funai Electric Co. Ltd.

88,500

6,089,536

Odelic Co. Ltd. (a)

18,000

88,573

Ono Sangyo Co. Ltd.

42,000

151,214

Takano Co. Ltd.

100,000

1,246,587

Tohoku Pioneer Corp.

40,000

1,525,429

9,836,169

Internet & Catalog Retail - 1.7%

Rakuten, Inc.

10

74,057

Shaddy Co. Ltd.

558,000

7,212,227

7,286,284

Leisure Equipment & Products - 1.0%

Daito Chemix Corp.

379,000

2,051,456

TAIYO ELEC Co. Ltd.

230,000

2,395,579

4,447,035

Media - 1.9%

Asia Securities Printing Co. Ltd. (a)

578,000

5,214,342

Takara Printing Co. Ltd.

300,000

3,050,857

8,265,199

Multiline Retail - 3.3%

Don Quijote Co. Ltd.

92,000

7,024,517

Mitta Co. Ltd.

297,000

5,918,909

Thanks Japan Corp.

132,000

1,407,331

14,350,757

Specialty Retail - 5.5%

Aoyama Trading Co. Ltd.

2,600

32,134

Fujikyu Corp. (a)

1,700

20,077

Nishimatsuya Chain Co. Ltd.

35,700

582,640

Salomon & Taylor Made Co. Ltd. (a)

291,000

3,317,315

Tay Two Co. Ltd.

22

64,954

Top Culture Co. Ltd.

70,000

763,534

Workman Co. Ltd. (a)

23,000

367,825

Yamada Denki Co. Ltd.

221,000

18,378,463

23,526,942

Textiles & Apparel - 0.5%

Kyoto Kimono Yuzen Co. Ltd.

418

2,022,587

TOTAL CONSUMER DISCRETIONARY

105,650,186

Shares

Value (Note 1)

CONSUMER STAPLES - 6.5%

Food & Drug Retailing - 3.0%

Ariake Japan Co. Ltd.

146,000

$ 7,675,203

C Two-Network Co. Ltd.

72,500

5,089,683

Ozeki Co. Ltd.

4,000

147,622

Terashima Co. Ltd.

10,000

57,819

12,970,327

Food Products - 0.8%

Rock Field Co. Ltd. (a)

107,500

3,323,753

Personal Products - 2.7%

Fancl Corp.

200,000

11,645,746

TOTAL CONSUMER STAPLES

27,939,826

FINANCIALS - 2.8%

Banks - 0.4%

Tokyo Tomin Bank Ltd.

105,200

1,505,532

Diversified Financials - 2.4%

F&M Co. Ltd.

433

3,196,019

JAFCO Co. Ltd.

15,800

1,889,268

Venture Link Co. Ltd.

80,000

5,248,787

10,334,074

Real Estate - 0.0%

RECRM RESEARCH Co. Ltd.

1

28,458

TOTAL FINANCIALS

11,868,064

HEALTH CARE - 9.7%

Health Care Equipment & Supplies - 8.9%

Hogy Medical Co.

372,000

18,305,144

Japan Medical Dynamic Marketing, Inc.

411,000

18,707,416

Nakanishi, Inc.

59,000

1,354,843

38,367,403

Pharmaceuticals - 0.8%

Hokuriku Seiyaku Co. Ltd.

70,000

1,535,680

JCR Pharmaceuticals Co. Ltd. (a)

290,000

1,786,146

3,321,826

TOTAL HEALTH CARE

41,689,229

INDUSTRIALS - 22.4%

Airlines - 0.5%

Skymark Airlines Co. Ltd.

2,241

2,352,506

Building Products - 1.9%

Arc Land Sakamoto Co. Ltd.

652,000

8,127,746

Commercial Services & Supplies - 2.7%

Kyoritsu Maintenance Co. Ltd.

11,700

273,470

Nichii Gakkan Co.

175,100

6,892,969

Nippon System Development Co. Ltd.

39,000

2,302,905

Painthouse Co. Ltd.

59

2,201,620

11,670,964

Common Stocks - continued

Shares

Value (Note 1)

INDUSTRIALS - continued

Construction & Engineering - 0.3%

Hitachi Metals Techno Ltd.

265,000

$ 1,140,996

Electrical Equipment - 5.5%

Fujikura Ltd.

890,000

7,116,617

Hakuto Co. Ltd.

190,000

4,861,689

Juki Corp. (a)

1,732,000

6,960,219

Kubotek Corp.

20

483,873

Nihon Trim Co. Ltd.

41,000

1,244,127

Noda Screen Co. Ltd.

87

884,749

Photonics Corp.

50

1,332,700

Tokki Corp.

30,000

836,525

23,720,499

Machinery - 9.5%

CKD Corp.

623,000

3,678,743

Hino Motors Ltd. (a)

150,000

695,054

Kitagawa Seiki Co. Ltd.

140,000

734,830

Mars Engineering Corp. (a)

128,000

3,453,702

Mitsui Engineering &
Shipbuilding Co. (a)

40,000

60,033

Naito & Co. Ltd.

30,000

216,512

NGK Insulators Ltd.

200,000

2,340,631

Nitto Kohki Co. Ltd.

475,000

8,141,770

Star Micronics Co. Ltd.

659,000

8,474,429

THK Co. Ltd.

220,000

5,349,662

Toba, Inc.

49,000

434,009

Tsubaki Nakashima Co. Ltd.

538,000

5,074,101

Union Tool Co. (a)

37,100

2,099,433

40,752,909

Trading Companies & Distributors - 2.0%

Iuchi Seieido Co. Ltd.

131,000

1,923,106

Misumi Corp.

114,800

6,684,658

8,607,764

TOTAL INDUSTRIALS

96,373,384

INFORMATION TECHNOLOGY - 23.2%

Communications Equipment - 0.3%

NextCom K.K.

3

161,154

Nippon Antenna Co. Ltd. (a)

80,000

951,343

1,112,497

Computers & Peripherals - 0.6%

Nippon Foundry, Inc. (a)

214

1,658,535

Pulstec Industrial Co. Ltd.

42,000

354,785

Roland DG Corp.

60,000

433,025

Sofmap Co. Ltd.

9,600

171,635

2,617,980

Electronic Equipment & Instruments - 12.7%

Citizen Electronics Co. Ltd. (a)

91,100

5,005,784

Cosel Co. Ltd.

589,500

11,772,311

Idec Izumi Corp.

920,000

8,284,554

Image One Co. Ltd.

7

26,121

Shares

Value (Note 1)

Meiko Electronics Co. Ltd.

148,000

$ 1,359,436

Nagano Keiki Co. Ltd.

200,000

4,182,627

Nichiden Corp.

30,000

383,818

Nidec Corp.

90,000

4,731,289

Nitto Electric Works Ltd. (a)

410,000

3,022,891

Oki Electric Industry Co. Ltd. (a)

560,000

2,801,540

Sansha Electric
Manufacturing Co. Ltd. (a)

76,000

623,293

Sumida Corp.

306,000

9,887,730

Tamagawa Electronics Co. Ltd.

50,000

533,080

Tamron Co. Ltd.

150,000

1,045,657

Unipulse Corp.

44,000

1,259,381

54,919,512

Internet Software & Services - 2.5%

Index Corp. (a)

10

57,819

Softbank Investment Corp.

21

409,897

USS Co. Ltd.

370,000

10,195,768

10,663,484

IT Consulting & Services - 2.3%

Fujitsu Support & Service, Inc. (FSAS)

60,000

2,583,387

Hitachi Information Systems Co. Ltd.

190,000

5,438,235

Mkc-Stat Corp.

94,000

1,476,303

Sakura KCS Corp.

37,000

303,445

9,801,370

Semiconductor Equipment & Products - 2.0%

Daito Electron Co. Ltd.

78,000

1,311,377

Techno Quartz, Inc.

70,000

947,242

TESEC Corp.

60,000

1,156,373

Tokyo Seimitsu Co. Ltd.

77,000

5,083,532

8,498,524

Software - 2.8%

EM Systems Co. Ltd.

168,000

2,604,054

Jastec Co. Ltd. (a)

1,000

29,196

Sammy Corp.

305,000

9,029,964

XNET Corp.

26

537,345

12,200,559

TOTAL INFORMATION TECHNOLOGY

99,813,926

MATERIALS - 6.4%

Chemicals - 2.8%

C. Uyemura & Co. Ltd. (a)

180,000

3,520,788

Enplas Corp. (a)

207,000

5,059,010

Fujimori Kogyo Co. Ltd.

36,000

206,671

Hagihara Industries, Inc.

10,000

61,591

Nihon Micro Coating Co. Ltd. (a)

1,100

54,669

Nippon Chemical Industrial Co. Ltd.

200,000

642,976

Nippon Sanso KK

396,000

1,539,404

Sakai Chemical Industry Co. Ltd. (a)

170,000

998,254

12,083,363

Common Stocks - continued

Shares

Value (Note 1)

MATERIALS - continued

Construction Materials - 3.2%

Fujimi, Inc.

436,000

$ 11,978,716

Nippon Ceramic Co. Ltd.

99,000

1,607,605

13,586,321

Metals & Mining - 0.0%

Hakudo Co. Ltd.

13,000

186,578

Paper & Forest Products - 0.4%

Nippon Unipac Holding

300

1,773,926

OZU Corp.

10,000

82,012

1,855,938

TOTAL MATERIALS

27,712,200

TOTAL COMMON STOCKS

(Cost $370,218,653)

411,046,815

Cash Equivalents - 10.2%

Fidelity Cash Central Fund, 4.70% (b)

22,360,453

22,360,453

Fidelity Securities Lending Cash Central Fund, 4.59% (b)

21,636,593

21,636,593

TOTAL CASH EQUIVALENTS

(Cost $43,997,046)

43,997,046

TOTAL INVESTMENT PORTFOLIO - 105.7%

(Cost $414,215,699)

455,043,861

NET OTHER ASSETS - (5.7)%

(24,450,585)

NET ASSETS - 100%

$ 430,593,276

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $83,683,690 and $151,198,024.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity Management & Research Company. The commissions paid to these affiliated firms were $8,271 for the period.

The fund participated in the security lending program during the period. Cash collateral includes amounts received for unsettled security loans.

Income Tax Information

At April 30, 2001, the aggregate cost of investment securities for income tax purposes was $414,812,497. Net unrealized appreciation aggregated $40,231,364, of which $102,338,128 related to appreciated investment securities and $62,106,764 related to depreciated investment securities.

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

Semiannual Report

Japan Smaller Companies

Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $18,620,983) (cost $414,215,699) - See accompanying schedule

$ 455,043,861

Receivable for investments sold

1,555,596

Receivable for fund shares sold

413,996

Dividends receivable

1,189,569

Interest receivable

54,292

Redemption fees receivable

550

Other receivables

19,591

Total assets

458,277,455

Liabilities

Payable for investments purchased

$ 5,335,874

Payable for fund shares redeemed

346,326

Accrued management fee

241,380

Other payables and
accrued expenses

124,006

Collateral on securities loaned,
at value

21,636,593

Total liabilities

27,684,179

Net Assets

$ 430,593,276

Net Assets consist of:

Paid in capital

$ 398,346,259

Accumulated net investment loss

(1,414,191)

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

(7,141,366)

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

40,802,574

Net Assets, for 53,042,786 shares outstanding

$ 430,593,276

Net Asset Value and redemption price per share ($430,593,276 ÷ 53,042,786 shares)

$8.12

Maximum offering price per share (100/97.00 of $8.12)

$8.37

Statement of Operations

Six months ended April 30, 2001 (Unaudited)

Investment Income

Dividends

$ 1,583,855

Interest

263,467

Security lending

164,576

2,011,898

Less foreign taxes withheld

(237,579)

Total income

1,774,319

Expenses

Management fee

$ 1,603,946

Transfer agent fees

725,905

Accounting and security lending fees

132,981

Non-interested trustees' compensation

810

Custodian fees and expenses

85,821

Registration fees

26,209

Audit

18,900

Legal

1,744

Reports to shareholders

23,098

Miscellaneous

2,576

Total expenses before reductions

2,621,990

Expense reductions

(48,373)

2,573,617

Net investment income (loss)

(799,298)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(6,584,541)

Foreign currency transactions

15,976

(6,568,565)

Change in net unrealized appreciation (depreciation) on:

Investment securities

(66,521,377)

Assets and liabilities in
foreign currencies

(11,042)

(66,532,419)

Net gain (loss)

(73,100,984)

Net increase (decrease) in net assets resulting from operations

$ (73,900,282)

Other Information
Sales charges paid to FDC

$ 98,747

Expense reductions

Directed brokerage arrangements

$ 42,969

Transfer agent credits

5,404

$ 48,373

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

Semiannual Report

Japan Smaller Companies
Financial Statements - continued

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets

Six months ended
April 30, 2001
(Unaudited)

Year ended October 31,
2000

Operations
Net investment income (loss)

$ (799,298)

$ (7,243,995)

Net realized gain (loss)

(6,568,565)

342,536,202

Change in net unrealized appreciation (depreciation)

(66,532,419)

(590,163,156)

Net increase (decrease) in net assets resulting from operations

(73,900,282)

(254,870,949)

Distributions to shareholders
In excess of net investment income

-

(13,572,554)

From net realized gain

(162,485,496)

-

Total distributions

(162,485,496)

(13,572,554)

Share transactions
Net proceeds from sales of shares

85,995,766

877,121,325

Reinvestment of distributions

157,958,694

13,197,729

Cost of shares redeemed

(136,853,128)

(1,847,897,526)

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

107,101,332

(957,578,472)

Redemption fees

300,523

5,586,856

Total increase (decrease) in net assets

(128,983,923)

(1,220,435,119)

Net Assets

Beginning of period

559,577,199

1,780,012,318

End of period (including accumulated net investment loss of $1,414,191 and $655,391, respectively)

$ 430,593,276

$ 559,577,199

Other Information

Shares

Sold

10,008,963

39,903,223

Issued in reinvestment of distributions

18,197,706

575,817

Redeemed

(14,433,822)

(87,766,609)

Net increase (decrease)

13,772,847

(47,287,569)

Financial Highlights

Six months ended
April 30, 2001

Years ended October 31,

Selected Per-Share Data

(Unaudited)

2000

1999

1998

1997

1996 E

Net asset value, beginning of period

$ 14.25

$ 20.56

$ 6.01

$ 6.47

$ 9.13

$ 10.00

Income from Investment Operations

Net investment income (loss) D

(.02)

(.12)

(.03)

(.01)

(.03)

(.03)

Net realized and unrealized gain (loss)

(1.66)

(6.13)

14.45

(.45)

(2.63)

(.87)

Total from investment operations

(1.68)

(6.25)

14.42

(.46)

(2.66)

(.90)

Less Distributions

In excess of net investment income

-

(.15)

-

(.01)

(.01)

-

From net realized gain

(4.46)

-

-

-

(.03)

-

Total distributions

(4.46)

(.15)

-

(.01)

(.04)

-

Redemption fees added to paid in capital

.01

.09

.13

.01

.04

.03

Net asset value, end of period

$ 8.12

$ 14.25

$ 20.56

$ 6.01

$ 6.47

$ 9.13

Total Return B, C

(13.74)%

(30.24)%

242.10%

(6.94)%

(28.80)%

(8.70)%

Ratios and Supplemental Data

Net assets, end of period (000 omitted)

$ 430,593

$ 559,577

$ 1,780,012

$ 99,987

$ 84,274

$ 105,664

Ratio of expenses to average net assets

1.22% A

1.07%

1.07%

1.23%

1.35%

1.34%

Ratio of expenses to average net assets
after expense reductions

1.20% A, F

1.06% F

1.07%

1.23%

1.34% F

1.34%

Ratio of net investment income (loss) to average net assets

(.37)% A

(.57)%

(.22)%

(.20)%

(.46)%

(.32)%

Portfolio turnover rate

39% A

39%

39%

39%

101%

66%

A Annualized

B The total returns would have been lower had certain expenses not been reduced during the periods shown.

C Total returns do not include the one time sales charge and for periods of less than one year are not annualized.

D Net investment income (loss) per share has been calculated based on average shares outstanding during the period.

E For the period November 1, 1995 (commencement of operations) to October 31, 1996.

F FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.

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

Semiannual Report

Latin America
Performance: The Bottom Line

There are several ways to evaluate a fund's historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. 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).

Cumulative Total Returns

Periods ended
April 30, 2001

Past 6
months

Past 1
year

Past 5
years

Life of
fund

Fidelity Latin America

-7.65%

-11.41%

14.22%

38.96%

Fidelity Latin America (incl. 3.00%
sales charge)

-10.42%

-14.07%

10.79%

34.79%

MSCI EMF -
Latin America

-0.88%

-6.29%

29.79%

88.10%

Latin American
Funds Average

-5.34%

-9.54%

21.60%

n/a *

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years or since the fund started on April 19, 1993. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare the fund's returns to the performance of the Morgan Stanley Capital International (MSCI) Emerging Markets Free-Latin America Index - a market capitalization-weighted index of over 88 stocks traded in seven Latin American markets. To measure how the fund's performance stacked up against its peers, you can compare it to the Latin American funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past six months average represents a peer group of 40 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended
April 30, 2001

Past 1
year

Past 5
years

Life of
fund

Fidelity Latin America

-11.41%

2.69%

4.18%

Fidelity Latin America
(incl. 3.00% sales charge)

-14.07%

2.07%

3.78%

MSCI EMF - Latin America

-6.29%

5.35%

8.18%

Latin American Funds Average

-9.54%

3.69%

n/a *

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year.

* Not available

$10,000 Over Life of Fund



$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Latin America Fund on April 19, 1993, when the fund started, and the current 3.00% sales charge was paid. As the chart shows, by April 30, 2001, the value of the investment would have grown to $13,479 - a 34.79% increase on the initial investment. For comparison, look at how the Morgan Stanley Capital International Emerging Markets Free-Latin America Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 would have grown to $18,810 - an 88.10% increase.


Understanding Performance

Many markets around the globe offer the potential for significant growth over time; however, investing in foreign markets means assuming greater risks than investing in the United States. Factors like changes in a country's financial markets, its local political and economic climate, and the fluctuating value of its currency create these risks. For these reasons an international fund's performance may be more volatile than a fund that invests exclusively in the United States. Past performance is no guarantee of future results and you may have a gain or loss when you sell your shares.

3

Semiannual Report

Latin America

Fund Talk: The Manager's Overview

(Portfolio Manager photograph)
An interview with
Patti Satterthwaite,
Portfolio Manager of
Fidelity Latin America Fund

Q. How did the fund perform, Patti?

A. For the six months that ended April 30, 2001, the fund returned -7.65%, trailing the Morgan Stanley Capital International Emerging Markets Free (MSCI EMF) - Latin America Index, which returned -0.88%, and the Latin America funds average tracked by Lipper Inc., which returned -5.34% during the same period. For the 12 months that ended April 30, 2001, the fund returned -11.41%, while the MSCI EMF-Latin America index and Lipper average returned -6.29% and -9.54%, respectively.

Q. What was the market environment like in Latin America during the past six months?

A. Economic expansion, although muted by a sharp slowdown in U.S. and global demand and weakening export growth, continued to unfold in the region. Mexico benefited from above-average oil prices, stronger-than-expected consumer demand and a very strong peso - along with the dollar, one of the strongest currencies in the world during the period. The country also continued to ride a successful democratic presidential election and credit-rating upgrade, which occurred in 2000. Mexican equities were generally flat during the period, which helped buoy the index. That performance was striking given the market's high correlation to the NASDAQ in the U.S., which declined more than 37%. Brazil - the largest economy in the Latin American region - enjoyed steady growth until March when, in an unexpected move, it raised interest rates twice to support its currency, the real, and contain inflationary pressures. Brazil's rate increases, coupled with political instability in Argentina, reignited worries that economic growth in the whole region could be dampened along with share prices.

Q. Why did the fund fall short of its benchmark and peers during the six-month period?

A. Poor stock picking in Mexico and Brazil was primarily responsible. The global collapse of technology, media and telecommunications (TMT) stocks in 2000 made its way into Latin America during the second half of the period. Several of our media and cellular names took the brunt of the hit. Two stocks, TV Azteca - a television broadcasting company in Mexico that also has wireless exposure - and Brazil's Telesp Celular, accounted for more than a quarter of the fund's underperformance. Four others combined for another 35% hit: Globo Cabo - a Brazilian provider of cable TV services; Grupo Iusacell, Mexico's second largest mobile phone operator; Impsat Fiber Networks, an emerging telecommunications company with operations throughout the region; and media company Grupo Televisa all suffered sharp declines. The fund no longer held Impsat Fiber Networks at the close of the period. Our peers tended to own fewer media stocks, which hurt us on a competitive basis. With respect to country positioning, despite being overweighted in Mexico relative to the index, which helped our relative performance, we tended to have less exposure than our Lipper group, which hurt on that front. Finally, having less exposure than the index to Chile - which tends to outperform in a down market - further restrained performance.

Q. Where were you able to gain ground on the index?

A. The decision to gain exposure indirectly to Argentina through Brazil was a net positive for us on a risk/return basis. What we lost by overweighting Brazil, we more than made up for by underweighting Argentina. Even though we lost ground relative to the index with our wireless exposure, we recouped some of our losses by underweighting Brazilian fixed-line carrier Tele Norte Leste and not owning Brasil Telecom. Good positioning in Telefonos de Mexico (Telmex) - the fund's top holding - was a plus. I managed to buck the negative trend in long distance by focusing on higher growth areas. However, poor performance in Telmex's mobile-phone unit, America Movil, which it spun off in 2000, negated some of our advantage. Overweighting consumer staples helped as investors sought out more defensive holdings. Some strong picks among beverage companies, namely Brazil's AmBev and Mexico's Fomento, helped the most.

Q. What's your outlook?

A. Valuations remain attractive given the positive outlook for earnings growth in the region. However, much hinges on the health of Argentina and the direction of the Mexican peso. As long as Argentina's economy continues to stagnate, there likely will be bouts of speculation about its currency being devalued, which could destabilize the economic environment throughout the region.

Note to shareholders: Fidelity Latin America Fund may invest up to 35% of its total assets in any industry which represents more than 20% of the Latin American market. As of April 30, 2001, the fund did not have more than 25% of its total assets invested in any one industry.

Effective June 30, 2001, Margaret Reynolds will become Portfolio Manager of Fidelity Latin America Fund.

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover. The manager's views are subject to change at any time based on market or other conditions. For more information, see page 3.


Fund Facts

Goal: seeks long-term growth of capital

Fund number: 349

Trading symbol: FLATX

Start date: April 19, 1993

Size: as of April 30, 2001, more than $254 million

Manager: Patti Satterthwaite, since inception; joined Fidelity in 1986

3

Semiannual Report

Latin America

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2001

Brazil

40.8%

Mexico

40.0%

Chile

5.3%

United States of America

3.8%

Argentina

2.5%

Peru

2.1%

Panama

2.0%

Venezuela

1.5%

Luxembourg

1.2%

Other

0.8%



As of October 31, 2000

Mexico

44.1%

Brazil

39.7%

Chile

4.5%

Argentina

3.4%

United States of America

3.0%

Venezuela

1.8%

Panama

1.4%

Luxembourg

0.9%

Peru

0.7%

Other

0.5%



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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

96.2

97.7

Short-Term Investments
and Net Other Assets

3.8

2.3

Top Ten Stocks as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

Telefonos de Mexico SA de CV Series L sponsored ADR (Mexico, Diversified Telecommunication Services)

10.1

16.6

Companhia de Bebidas das Americas (AmBev) sponsored ADR (Brazil, Beverages)

8.5

7.1

Petroleo Brasileiro SA Petrobras (PN) (Brazil, Oil & Gas)

6.5

6.0

Wal-Mart de Mexico SA
de CV Series C
(Mexico, Multiline Retail)

6.1

6.6

Fomento Economico Mexicano SA de CV sponsored ADR
(Mexico, Beverages)

5.0

1.2

Grupo Televisa SA de CV sponsored GDR
(Mexico, Media)

4.5

5.3

Telesp Celular Participacoes SA ADR (Brazil, Wireless Telecommunication Services)

4.3

5.1

Banacci SA de CV Series O (Mexico, Banks)

4.3

5.0

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

4.2

0.9

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

4.0

2.6

57.5

Market Sectors as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Staples

24.6

16.9

Telecommunication Services

20.7

33.4

Financials

14.6

13.2

Consumer Discretionary

14.0

16.6

Energy

9.0

7.8

Materials

7.8

6.7

Industrials

3.9

2.1

Utilities

1.6

0.9

Information Technology

0.0

0.1

Effective with this report, industry classifications follow the MSCI/S&P Global Industry Classification Standard. This replaces the U.S. Standard Industrial Classification system that is being phased out. Prior period industry percentages reflect the new standard.

Semiannual Report

Latin America

Investments April 30, 2001

(Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%

Shares

Value (Note 1)

Argentina - 2.5%

Perez Companc SA sponsored ADR

420,554

$ 6,434,476

Brazil - 40.8%

Banco Bradesco SA (PN)

421,762,124

2,407,055

Banco Itau SA (PN)

73,299,000

5,899,920

Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR

311,200

8,853,640

Companhia de Bebidas das Americas (AmBev)

589,135

139,313

Companhia de Bebidas das Americas (AmBev):

warrants 4/30/03 (a)

1,895,770

637,958

sponsored ADR

879,726

21,465,314

Companhia Paranaense de Energia-Copel sponsored ADR

537,500

4,165,625

Companhia Siderurgica Nacional ADR

78,700

1,849,450

Companhia Vale do Rio Doce (PN-A)

437,200

10,139,700

Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR

102,200

4,579,582

Empresa Nacional de Comercio Redito e Participacoes SA (a)

11,465,310

24,766

Globo Cabo SA sponsored ADR (a)

149,600

830,280

Petroleo Brasileiro SA Petrobras (PN)

680,970

16,536,516

Tele Norte Leste Participacoes SA ADR

178,000

3,111,440

Telesp Celular Participacoes SA ADR

647,700

10,881,360

Uniao de Bancos Brasileiros SA (Unibanco) GDR

445,800

10,721,490

Votorantim Celulose e Papel SA
(PN Reg.)

53,617,499

1,487,343

TOTAL BRAZIL

103,730,752

British Virgin Islands - 0.0%

El Sitio, Inc. (a)

49,200

36,900

Chile - 5.3%

Banco Santander Chile sponsored ADR

139,400

2,372,588

Banco Santiago SA sponsored ADR

44,300

941,375

Distribucion Y Servicio D&S SA sponsored ADR

383,400

5,559,300

Embotelladora Andina sponsored ADR Class A

175,900

2,348,265

Vina Concha Stet y Toro SA
sponsored ADR

53,200

2,191,840

TOTAL CHILE

13,413,368

Colombia - 0.4%

Suramericana de Inversiones SA

1,761,400

902,125

Luxembourg - 1.2%

Quilmes Industrial SA sponsored ADR

322,900

3,015,886

Mexico - 40.0%

America Movil SA de CV
sponsored ADR (a)

278,600

5,126,240

Banacci SA de CV Series O

5,970,000

10,880,963

Corporacion Interamericana de Entretenimiento SA de CV Series B (a)

783,588

2,753,788

Shares

Value (Note 1)

Fomento Economico Mexicano SA de CV sponsored ADR

333,000

$ 12,720,600

Grupo Carso SA de CV Series A1 (a)

2,126,100

5,254,882

Grupo Financiero BBVA Bancomer SA de CV (GFB) Series O (a)

3,675,000

2,945,565

Grupo Iusacell SA de CV
sponsored ADR (a)

505,100

4,116,565

Grupo Televisa SA de CV
sponsored GDR (a)

297,100

11,298,713

Telefonos de Mexico SA de CV Series L sponsored ADR

743,900

25,738,941

TV Azteca SA de CV sponsored ADR

676,700

5,122,619

Wal-Mart de Mexico SA de CV Series C

6,953,200

15,538,465

TOTAL MEXICO

101,497,341

Panama - 2.0%

Panamerican Beverages, Inc. Class A

272,500

4,934,975

Peru - 2.1%

Compania de Minas Buenaventura SA:

Class B

232,618

1,752,668

sponsored ADR

240,700

3,624,942

TOTAL PERU

5,377,610

United Kingdom - 0.4%

Antofagasta Holdings PLC

151,300

1,108,533

Venezuela - 1.5%

Compania Anonima Nacional Telefono de Venezuela sponsored ADR

169,000

3,871,790

TOTAL COMMON STOCKS

(Cost $209,572,524)

244,323,756

Nonconvertible Bonds - 0.0%

Moody's Ratings (unaudited)

Principal Amount

Brazil - 0.0%

Companhia Vale do Rio Doce 0% 11/19/01
(Cost $0)

-

BRL

290,000

0

Cash Equivalents - 9.1%

Shares

Fidelity Cash Central Fund, 4.70% (b)

14,646,378

14,646,378

Fidelity Securities Lending
Cash Central Fund, 4.59% (b)

8,476,600

8,476,600

TOTAL CASH EQUIVALENTS

(Cost $23,122,978)

23,122,978

TOTAL INVESTMENT PORTFOLIO - 105.3%

(Cost $232,695,502)

267,446,734

NET OTHER ASSETS - (5.3)%

(13,418,924)

NET ASSETS - 100%

$ 254,027,810

Currency Abbreviations

BRL

-

Brazilian real

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $99,386,398 and $116,431,956.

Income Tax Information

At April 30, 2001, the aggregate cost of investment securities for income tax purposes was $233,884,372. Net unrealized appreciation aggregated $33,562,362, of which $69,881,139 related to appreciated investment securities and $36,318,777 related to depreciated investment securities.

At October 31, 2000, the fund had a capital loss carryforward of approximately $108,322,000 of which $36,899,000, $37,615,000, $22,657,000 and $11,151,000 will expire on October 31, 2003, 2004, 2007 and 2008, respectively.

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

Semiannual Report

Latin America

Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $8,194,750) (cost $232,695,502) - See accompanying schedule

$ 267,446,734

Receivable for investments sold

2,529,512

Receivable for fund shares sold

231,638

Dividends receivable

1,887,664

Interest receivable

37,087

Redemption fees receivable

278

Other receivables

8,143

Total assets

272,141,056

Liabilities

Payable for investments purchased

$ 7,050,795

Payable for fund shares redeemed

2,296,313

Accrued management fee

151,402

Other payables and
accrued expenses

138,136

Collateral on securities loaned,
at value

8,476,600

Total liabilities

18,113,246

Net Assets

$ 254,027,810

Net Assets consist of:

Paid in capital

$ 331,836,020

Undistributed net investment income

3,606,432

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

(116,158,350)

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

34,743,708

Net Assets, for 19,933,954 shares outstanding

$ 254,027,810

Net Asset Value and redemption price per share ($254,027,810 ÷ 19,933,954 shares)

$12.74

Maximum offering price per share (100/97.00 of $12.74)

$13.13

Statement of Operations

Six months ended April 30, 2001 (Unaudited)

Investment Income

Dividends

$ 5,432,523

Special dividend from Companhia Siderurgica Nacional ADR

1,315,415

Interest

258,035

Security lending

93,823

7,099,796

Less foreign taxes withheld

(644,099)

Total income

6,455,697

Expenses

Management fee

$ 1,001,846

Transfer agent fees

439,974

Accounting and security lending fees

83,241

Non-interested trustees' compensation

208

Custodian fees and expenses

144,694

Registration fees

27,428

Audit

25,119

Legal

720

Foreign tax expense

174,848

Reports to shareholders

15,278

Miscellaneous

893

Total expenses before reductions

1,914,249

Expense reductions

(37,826)

1,876,423

Net investment income

4,579,274

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(7,338,677)

Foreign currency transactions

(425,689)

(7,764,366)

Change in net unrealized appreciation (depreciation) on:

Investment securities

(21,840,619)

Assets and liabilities in
foreign currencies

29,737

(21,810,882)

Net gain (loss)

(29,575,248)

Net increase (decrease) in net assets resulting from operations

$ (24,995,974)

Other Information
Sales charges paid to FDC

$ 31,944

Expense reductions

Directed brokerage arrangements

$ 30,787

Custodian credits

3,883

Transfer agent credits

3,156

$ 37,826

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

Semiannual Report

Latin America
Financial Statements - continued

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets

Six months ended
April 30, 2001
(Unaudited)

Year ended October 31,
2000

Operations
Net investment income

$ 4,579,274

$ 1,589,531

Net realized gain (loss)

(7,764,366)

(10,759,952)

Change in net unrealized appreciation (depreciation)

(21,810,882)

56,853,164

Net increase (decrease) in net assets resulting from operations

(24,995,974)

47,682,743

Distributions to shareholders from net investment income

(1,443,649)

(3,622,710)

Share transactions
Net proceeds from sales of shares

33,076,550

112,558,413

Reinvestment of distributions

1,379,069

3,485,627

Cost of shares redeemed

(51,448,614)

(170,586,236)

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

(16,992,995)

(54,542,196)

Redemption fees

195,856

410,300

Total increase (decrease) in net assets

(43,236,762)

(10,071,863)

Net Assets

Beginning of period

297,264,572

307,336,435

End of period (including undistributed net investment income of $3,606,432 and $470,807, respectively)

$ 254,027,810

$ 297,264,572

Other Information

Shares

Sold

2,369,584

7,397,655

Issued in reinvestment of distributions

107,556

239,890

Redeemed

(3,974,463)

(11,177,420)

Net increase (decrease)

(1,497,323)

(3,539,875)

Financial Highlights

Six months ended
April 30, 2001

Years ended October 31,

Selected Per-Share Data

(Unaudited)

2000

1999

1998

1997

1996

Net asset value, beginning of period

$ 13.87

$ 12.31

$ 10.73

$ 15.51

$ 12.59

$ 9.75

Income from Investment Operations

Net investment income

.22 D,G

.07 D

.18 D

.22 D, E

.20 D

.22

Net realized and unrealized gain (loss)

(1.29)

1.61

1.61

(4.81)

2.92

2.72

Total from investment operations

(1.07)

1.68

1.79

(4.59)

3.12

2.94

Less Distributions from net investment income

(.07)

(.14)

(.25)

(.20)

(.23)

(.12)

Redemption fees added to paid in capital

.01

.02

.04

.01

.03

.02

Net asset value, end of period

$ 12.74

$ 13.87

$ 12.31

$ 10.73

$ 15.51

$ 12.59

Total Return B, C

(7.65)%

13.76%

17.46%

(30.01)%

25.42%

30.69%

Ratios and Supplemental Data

Net assets, end of period (000 omitted)

$ 254,028

$ 297,265

$ 307,336

$ 332,240

$ 808,542

$ 557,889

Ratio of expenses to average net assets

1.42% A

1.25%

1.32%

1.34%

1.30%

1.32%

Ratio of expenses to average net assets
after expense reductions

1.40% A, F

1.23% F

1.30% F

1.33% F

1.29% F

1.32%

Ratio of net investment income to average net assets

3.41% A

.44%

1.55%

1.49%

1.19%

1.48%

Portfolio turnover rate

77% A

51%

49%

31%

64%

70%

A Annualized

B The total returns would have been lower had certain expenses not been reduced during the periods shown.

C Total returns do not include the one time sales charge and for periods of less than one year are not annualized.

D Net investment income per share has been calculated based on average shares outstanding during the period.

E Investment income per share reflects a special dividend which amounted to $.06 per share.

F FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.

G Investment income per share reflects a special dividend from Companhia Siderurgica Nacional ADR which amounted to $.06 per share.

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

Semiannual Report

Nordic
Performance: The Bottom Line

There are several ways to evaluate a fund's historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. 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). If Fidelity had not reimbursed certain fund expenses, the past five years and life of fund total returns would have been lower.

Cumulative Total Returns

Periods ended
April 30, 2001

Past 6
months

Past 1
year

Past 5
years

Life of
fund

Fidelity Nordic

-18.68%

-28.30%

129.60%

147.97%

Fidelity Nordic
(incl. 3.00%
sales charge)

-21.12%

-30.45%

122.71%

140.53%

FT/S&P-Actuaries World Nordic

-18.98%

-36.92%

122.55%

136.04%

European Region Funds Average

-10.16%

-17.48%

66.16%

n/a *

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years, or since the fund started on November 1, 1995. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare the fund's returns to the performance of the FT/S&P-Actuaries World Nordic Index - a market capitalization-weighted index of over 95 stocks traded in four Scandinavian markets. To measure how the fund's performance stacked up against its peers, you can compare the fund's performance to the European region funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past six months average represents a peer group of 174 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended
April 30, 2001

Past 1
year

Past 5
years

Life of
fund

Fidelity Nordic

-28.30%

18.08%

17.96%

Fidelity Nordic
(incl. 3.00%
sales charge)

-30.45%

17.37%

17.30%

FT/S&P-Actuaries World Nordic

-36.92%

17.35%

16.90%

European Region
Funds Average

-17.48%

10.47%

n/a *

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year.

* Not available

$10,000 Over Life of Fund



$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Nordic Fund on November 1, 1995, when the fund started, and the current 3.00% sales charge was paid. As the chart shows, by April 30, 2001, the value of the investment would have grown to $24,053 - a 140.53% increase on the initial investment. For comparison, look at how the FT/S&P-Actuaries World Nordic Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 investment would have grown to $23,604 - a 136.04% increase.


Understanding Performance

Many markets around the globe offer the potential for significant growth over time; however, investing in foreign markets means assuming greater risks than investing in the United States. Factors like changes in a country's financial markets, its local political and economic climate, and the fluctuating value of its currency create these risks. For these reasons an international fund's performance may be more volatile than a fund that invests exclusively in the United States. Past performance is no guarantee of future results and you may have a gain or loss when you sell your shares.

3

Semiannual Report

Nordic

Fund Talk: The Manager's Overview

(Portfolio Manager photograph)
An interview with Trygve Toraasen, Portfolio Manager of Fidelity Nordic Fund

Q. How did the fund perform, Trygve?

A. For the six months that ended April 30, 2001, the fund returned -18.68%. The FT/S&P Actuaries World Nordic Index returned -18.98% during the same period, while the European region funds average returned -10.16% according to Lipper Inc. For the 12 months that ended April 30, 2001, the fund fell 28.30%, while the index and peers returned -36.92% and -17.48%, respectively.

Q. What factors hampered the fund's performance during the six-month period?

A. The biggest factor was the extreme volatility we witnessed within the technology, media and telecommunications (TMT) sectors during the period. TMT stocks make up a large portion of the Nordic market, and as fundamentals continued to erode, risk-taking of any kind simply vanished. The fund's underweighted positions in both Nokia and Ericsson helped relative to the index during the period, but the higher concentration of TMT stocks in the Scandinavian countries hurt the fund's performance versus its European competitors.

Q. What was your response to the TMT volatility?

A. I didn't abandon the TMT sector altogether, but I did cut back on a few names that I felt were particularly vulnerable to the volatility. For instance, I reduced the fund's positions in names such as Sweden's OM Gruppen - which makes market-related transaction technologies - as well as GN Store Nordic and Tele Danmark, two of Denmark's leading telecommunications companies. In turn, I focused my attention on defensive-oriented, stable-growth stocks, including several in the pharmaceuticals and banking areas. I added to the fund's investments in Danish drug stock Novo-Nordisk, and also bumped up its exposure to regional bank stocks such as DnB in Norway and Svenska Handelsbanken in Sweden. Each of these strategies worked out fairly well. As of April 30, I had sold off the fund's position in OM Gruppen.

Q. The fund's two weakest performers during the period were Ericsson and Nokia. What held these stocks back?

A. Ericsson and Nokia struggled for different reasons. We expected cellular handset growth to slow dramatically during the period, and it did. But Ericsson's problems were compounded by unexpected weakness in its core infrastructure business. The company's profit margins narrowed significantly as Ericsson failed to win several large orders, and as research and development costs for third-generation networks escalated. The fund did not own a position in Ericsson at the close of the period. Nokia, on the other hand, was still generating positive margins on its handsets, but the stock fell for two reasons - slower global handset demand and a high valuation. As risk-taking faded, investors were unwilling to pay a high price for Nokia. As for me, I'm still optimistic that Nokia can continue to grow. Nokia remained the fund's largest individual position at the end of April.

Q. Which other stocks were disappointing? Which ones performed well during the period?

A. Swedish asset manager Skandia Forsaekrings was another disappointment, as market volatility took a toll on its investing volumes. In terms of positive performers, the fund's investment in Nobel Biocare - a maker of dental implants - fared well, as did its positions in KCI Konecranes, which manufactures industrial cranes, and Danske Bank, a Danish asset manager operating in the underpenetrated Denmark securities market. Norwegian videoconferencing company Tandberg also generated good gains.

Q. What's your outlook, Trygve?

A. It's become clear during the past couple of years that the performance of the TMT sectors play a major role in how the fund performs. That being said, I'll be looking to add more high-quality TMT names to the portfolio during the next few months. The key will be finding the point at which we've seen the worst in terms of earnings downgrades. There are a lot of good TMT stocks out there that have been beaten down, and I think many will bounce back as soon as investors sense that the worst is over.

Note to shareholders: 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 April 30, 2001, the fund did not have more than 25% of its total assets invested in any one industry.

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover. The manager's views are subject to change at any time based on market or other conditions. For more information, see page 3.


Fund Facts

Goal: long-term growth of capital by investing mainly in equity securities of issuers in Denmark, Finland, Norway and Sweden

Fund number: 342

Trading symbol: FNORX

Start date: November 1, 1995

Size: as of April 30, 2001, more than $143 million

Manager: Trygve Toraasen, since 1998; associate portfolio manager, Fidelity Nordic Fund, 1997-1998; research analyst, 1994-1998; joined Fidelity in 1994

3

Semiannual Report

Nordic

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2001

Sweden

33.6%

Denmark

29.8%

Finland

17.0%

Norway

14.6%

United States of America

3.0%

United Kingdom

1.2%

Luxembourg

0.8%



As of October 31, 2000

Sweden

38.3%

Denmark

25.2%

Finland

19.6%

Norway

13.1%

United States of America

3.1%

Luxembourg

0.7%



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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

98.0

99.6

Short-Term Investments
and Net Other Assets

2.0

0.4

Top Ten Stocks as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

Nokia AB (Finland, Communications Equipment)

10.3

12.0

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

4.9

3.5

Vestas Wind Systems AS (Denmark, Electrical Equipment)

4.9

5.1

Novo-Nordisk AS Series B (Denmark, Pharmaceuticals)

4.3

3.6

Nordea AB (Sweden, Banks)

4.0

4.8

Danske Bank AS
(Denmark, Banks)

3.4

1.4

DnB Holding ASA
(Norway, Banks)

3.2

1.9

Assa Abloy AB (B Shares) (Sweden, Building Products)

2.6

1.4

Securitas AB (B Shares)
(Sweden, Commercial Services & Supplies)

2.4

1.9

NEG Micon AS
(Denmark, Electrical Equipment)

2.3

1.7

42.3

Market Sectors as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

Industrials

27.8

16.5

Financials

19.8

20.7

Information Technology

19.5

35.7

Health Care

14.5

9.1

Consumer Discretionary

4.4

3.5

Consumer Staples

3.9

1.5

Energy

3.1

3.1

Telecommunication Services

3.1

7.0

Materials

1.9

2.5

Effective with this report, industry classifications follow the MSCI/S&P Global Industry Classification Standard. This replaces the U.S. Standard Industrial Classification system that is being phased out. Prior period industry percentages reflect the new standard.

Semiannual Report

Nordic

Investments April 30, 2001

(Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%

Shares

Value (Note 1)

Denmark - 29.8%

2M Invest AS (a)

74,045

$ 849,185

Bang & Olufsen Holding AS Series B

21,200

692,864

Carlsberg AS Series B

19,490

875,554

Coloplast AS (B Shares)

39,300

1,938,296

Danisco AS

23,725

821,910

Danske Bank AS

304,020

4,895,769

GN Store Nordic AS

64,935

833,455

Group 4 Falck AS

24,635

2,869,182

H. Lundbeck AS

63,980

1,467,510

ISS AS (a)

35,485

2,066,428

Kobenhaven Lufthave AS

19,275

1,763,862

NEG Micon AS (a)

79,550

3,233,298

Novo-Nordisk AS Series B

163,595

6,221,562

Novozymes AS Series B

118,734

2,384,741

RTX Telecom AS

15,800

503,236

Sydbank AS

10,830

585,625

Tele Danmark AS

36,330

1,381,640

Vestas Wind Systems AS

150,230

7,016,631

William Demant Holding AS

71,925

2,325,028

TOTAL DENMARK

42,725,776

Finland - 17.0%

Amer Group PLC (A Shares)

28,900

654,335

Comptel Oyj

63,200

693,599

Elisa Communications Corp. (A Shares)

58,097

940,672

KCI Konecranes

68,535

2,188,953

Kone Oyj (B Shares)

10,600

710,026

Nokia AB

433,695

14,828,029

Okobank (A Shares)

23,180

264,675

Outokumpu Oyj (A Shares)

40,500

344,943

Pohjola Group Insurance Corp.
(B Shares)

12,400

255,780

Sonera Corp.

152,500

1,687,166

Teleste Oyj

37,300

383,874

Vacon Oyj

119,700

1,088,528

Wartsila Oyj (B Shares)

14,200

318,106

TOTAL FINLAND

24,358,686

Luxembourg - 0.8%

Metro International SA:

Swedish Depositary Receipt (A Shares) unit (a)

16,230

79,117

Swedish Depositary Receipt (B Shares) unit (a)

37,870

201,220

Stolt Offshore SA (a)

66,310

918,431

TOTAL LUXEMBOURG

1,198,768

Norway - 14.6%

Det Sondenfjelds-Norske Dampskibselskab Series A (a)

51,500

189,082

DnB Holding ASA

1,039,395

4,570,226

Orkla-Borregaard AS

153,385

2,824,195

ProSafe ASA (a)

113,345

1,781,704

Shares

Value (Note 1)

Sparebanken NOR
(primary shares certificates)

76,160

$ 2,101,347

Tandberg ASA (a)

215,685

2,655,431

TANDBERG Television ASA (a)

150,950

1,227,897

TGS Nopec Geophysical Co. ASA (a)

100,100

1,683,537

Tomra Systems AS

97,880

1,549,364

VMETRO ASA

209,105

2,344,561

TOTAL NORWAY

20,927,344

Sweden - 33.6%

Assa Abloy AB (B Shares)

214,502

3,732,925

Atlas Copco AB (A Shares)

68,500

1,515,989

Capio AB (a)

229,760

1,680,023

Eniro AB

111,330

1,345,902

Getinge Industrier AB

6,255

100,317

Getinge Industrier AB (B Shares)

91,935

1,505,809

Gunnebo AB

46,500

437,482

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

110,240

1,859,366

HQ.SE Holding AB

79,100

219,786

Industrial & Financial Systems AB (IFS) (a)

4,500

11,056

JM AB (B Shares)

37,815

844,266

Karo Bio AB (a)

1,725

58,474

LGP Telecom Holding AB

29,800

412,557

Micronic Laser Systems AB (a)

27,700

550,921

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

27,000

802,866

Munters AB

157,780

2,491,992

Munters AB (c)

8,300

131,091

Nobel Biocare AB

59,660

2,268,441

Nordea AB

943,700

5,704,339

Observer AB (B Shares)

174,336

1,461,723

Perbio Science AB (a)

15,400

186,175

POOLiA AB:

(B Shares)

58,500

536,122

(B Shares) (c)

23,400

214,449

Proffice AB (B Shares)

31,100

105,516

Q-Medical AB (a)

66,160

1,354,548

Readsoft AB (B Shares)

376,160

1,338,582

Sandvik AB

64,300

1,491,996

Securitas AB (B Shares)

177,325

3,448,995

Skandia Foersaekrings AB

240,935

2,619,114

Skanska AB (B Shares)

41,310

1,610,997

Svenska Handelsbanken AB (A Shares)

475,516

7,093,102

Swedish Match Co.

225,100

985,375

TV 4 AB (A Shares)

1,700

38,949

TOTAL SWEDEN

48,159,245

United Kingdom - 1.2%

AstraZeneca PLC (Sweden)

38,450

1,799,357

Common Stocks - continued

Shares

Value (Note 1)

United States of America - 1.0%

InFocus Corp. (a)

41,840

$ 816,298

Royal Caribbean Cruises Ltd.

30,180

610,428

TOTAL UNITED STATES OF AMERICA

1,426,726

TOTAL COMMON STOCKS

(Cost $123,658,327)

140,595,902

Cash Equivalents - 18.0%

Fidelity Cash Central Fund, 4.70% (b)

3,098,410

3,098,410

Fidelity Securities Lending
Cash Central Fund, 4.59% (b)

22,715,110

22,715,110

TOTAL CASH EQUIVALENTS

(Cost $25,813,520)

25,813,520

TOTAL INVESTMENT PORTFOLIO - 116.0%

(Cost $149,471,847)

166,409,422

NET OTHER ASSETS - (16.0)%

(22,999,534)

NET ASSETS - 100%

$ 143,409,888

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $345,540 or 0.2% of net assets.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $98,038,652 and $120,706,188, respectively.

Income Tax Information

At April 30, 2001, the aggregate cost of investment securities for income tax purposes was $153,310,615. Net unrealized appreciation aggregated $13,098,807, of which $24,845,466 related to appreciated investment securities and $11,746,659 related to depreciated investment securities.

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

Semiannual Report

Nordic

Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $21,471,912) (cost $149,471,847) - See accompanying schedule

$ 166,409,422

Foreign currency held at value
(cost $9,309)

9,274

Receivable for investments sold

1,933,300

Receivable for fund shares sold

60,982

Dividends receivable

674,758

Interest receivable

19,170

Redemption fees receivable

363

Other receivables

38,547

Total assets

169,145,816

Liabilities

Payable for investments purchased

$ 2,663,476

Payable for fund shares redeemed

181,308

Accrued management fee

82,840

Other payables and
accrued expenses

93,194

Collateral on securities loaned,
at value

22,715,110

Total liabilities

25,735,928

Net Assets

$ 143,409,888

Net Assets consist of:

Paid in capital

$ 132,839,226

Undistributed net investment income

911,866

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

(7,266,055)

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

16,924,851

Net Assets, for 6,549,387 shares outstanding

$ 143,409,888

Net Asset Value and redemption price per share ($143,409,888 ÷ 6,549,387 shares)

$21.90

Maximum offering price per share (100/97.00 of $21.90)

$22.58

Statement of Operations

Six months ended April 30, 2001 (Unaudited)

Investment Income

Dividends

$ 2,006,266

Interest

163,818

Security lending

74,422

2,244,506

Less foreign taxes withheld

(297,298)

Total income

1,947,208

Expenses

Management fee

$ 618,455

Transfer agent fees

240,459

Accounting and security lending fees

51,271

Non-interested trustees' compensation

331

Custodian fees and expenses

87,593

Registration fees

17,446

Audit

22,631

Legal

481

Reports to shareholders

6,230

Miscellaneous

597

Total expenses before reductions

1,045,494

Expense reductions

(40,596)

1,004,898

Net investment income

942,310

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(5,959,925)

Foreign currency transactions

(77,383)

(6,037,308)

Change in net unrealized appreciation (depreciation) on:

Investment securities

(30,925,874)

Assets and liabilities in
foreign currencies

(13,973)

(30,939,847)

Net gain (loss)

(36,977,155)

Net increase (decrease) in net assets resulting from operations

$ (36,034,845)

Other Information

Sales charges paid to FDC

$ 49,896

Expense reductions

Directed brokerage arrangements

$ 39,116

Transfer agent credits

1,480

$ 40,596

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

Semiannual Report

Nordic
Financial Statements - continued

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets

Six months ended
April 30, 2001
(Unaudited)

Year ended October 31,
2000

Operations
Net investment income

$ 942,310

$ 383,124

Net realized gain (loss)

(6,037,308)

1,695,960

Change in net unrealized appreciation (depreciation)

(30,939,847)

14,257,351

Net increase (decrease) in net assets resulting from operations

(36,034,845)

16,336,435

Distributions to shareholders
From net investment income

(215,474)

(328,657)

From net realized gain

(351,350)

(2,464,859)

In excess of net realized gain

(1,228,747)

-

Total distributions

(1,795,571)

(2,793,516

Share transactions
Net proceeds from sales of shares

12,125,415

173,779,022

Reinvestment of distributions

1,744,124

2,711,386

Cost of shares redeemed

(33,530,344)

(100,985,399)

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

(19,660,805)

75,505,009

Redemption fees

28,727

436,839

Total increase (decrease) in net assets

(57,462,494)

89,484,767

Net Assets

Beginning of period

200,872,382

111,387,615

End of period (including undistributed net investment income of $911,866 and $274,249, respectively)

$ 143,409,888

$ 200,872,382

Other Information

Shares

Sold

492,368

5,701,728

Issued in reinvestment of distributions

67,576

101,817

Redeemed

(1,397,905)

(3,368,571)

Net increase (decrease)

(837,961)

2,434,974

Financial Highlights

Six months ended
April 30, 2001

Years ended October 31,

Selected Per-Share Data

(Unaudited)

2000

1999

1998

1997

1996 F

Net asset value, beginning of period

$ 27.19

$ 22.49

$ 16.26

$ 15.94

$ 12.77

$ 10.00

Income from Investment Operations

Net investment income D

.13

.05

.07

.03

.10

.17 E

Net realized and unrealized gain (loss)

(5.17)

5.10

6.14

1.46

3.19

2.57

Total from investment operations

(5.04)

5.15

6.21

1.49

3.29

2.74

Less Distributions

From net investment income

(.03)

(.06)

-

(.07)

(.05)

-

From net realized gain

(.05)

(.45)

-

(1.18)

(.10)

-

In excess of net realized gain

(.17)

-

-

-

-

-

Total distributions

(.25)

(.51)

-

(1.25)

(.15)

-

Redemption fees added to paid in capital

.00

.06

.02

.08

.03

.03

Net asset value, end of period

$ 21.90

$ 27.19

$ 22.49

$ 16.26

$ 15.94

$ 12.77

Total Return B, C

(18.68)%

23.21%

38.31%

10.99%

26.24%

27.70%

Ratios and Supplemental Data

Net assets, end of period (000 omitted)

$ 143,410

$ 200,872

$ 111,388

$ 101,858

$ 73,278

$ 30,871

Ratio of expenses to average net assets

1.26% A

1.17%

1.27%

1.35%

1.42%

2.00% G

Ratio of expenses to average net assets
after expense reductions

1.21% A, H

1.15% H

1.23% H

1.35%

1.42%

2.00%

Ratio of net investment income to average net assets

1.14% A

.18%

.37%

.20%

.67%

1.52%

Portfolio turnover rate

121% A

80%

70%

69%

74%

35%

A Annualized

B The total returns would have been lower had certain expenses not been reduced during the periods shown.

C Total returns do not include the one time sales charge and for periods of less than one year are not annualized.

D Net investment income per share has been calculated based on average shares outstanding during the period.

E Investment income per share reflects a special dividend which amounted to $.16 per share.

F For the period November 1, 1995 (commencement of operations) to October 31, 1996.

G FMR agreed to reimburse a portion of the fund's expenses during the period. Without this reimbursement, the fund's expense ratio would have been higher.

H FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.

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

Semiannual Report

Pacific Basin
Performance: The Bottom Line

There are several ways to evaluate a fund's historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. 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). If Fidelity had not reimbursed certain fund expenses, the past 10 year total return would have been lower.

Cumulative Total Returns

Periods ended
April 30, 2001

Past 6
months

Past 1
year

Past 5
years

Past 10
years

Fidelity Pacific Basin

-12.45%

-27.18%

13.25%

65.17%

Fidelity Pacific Basin
(incl. 3.00%
sales charge)

-15.08%

-29.36%

9.85%

60.21%

MSCI AC Pacific Free

-9.73%

-24.40%

-29.91%

-1.85%

MSCI Pacific

-10.23%

-22.38%

-26.01%

0.98%

Pacific Region
Funds Average

-11.68%

-29.66%

-23.90%

48.89%

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years or 10 years. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare the fund's returns to the performance of the MSCI All Country Pacific Free Index - a market capitalization-weighted index of approximately 621 stocks traded in twelve Developed and Emerging Pacific-region markets and the performance of the MSCI Pacific Index - a market weighted index of approximately 400 stocks traded in six Pacific-region markets. To measure how the fund's performance stacked up against its peers, you can compare it to the Pacific region funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past six months average represents a peer group of 73 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended
April 30, 2001

Past 1
year

Past 5
years

Past 10
years

Fidelity Pacific Basin

-27.18%

2.52%

5.15%

Fidelity Pacific Basin
(incl. 3.00% sales charge)

-29.36%

1.90%

4.83%

MSCI AC Pacific Free

-24.40%

-6.86%

-0.19%

MSCI Pacific

-22.38%

-5.85%

0.10%

Pacific Region Funds Average

-29.66%

-5.94%

3.80%

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year.

$10,000 Over 10 Years



$10,000 Over 10 Years: Let's say hypothetically that $10,000 was invested in Fidelity Pacific Basin Fund on April 30, 1991, and the current 3.00% sales charge was paid. As the chart shows, by April 30, 2001, the value of the investment would have grown to $16,021 - a 60.21% increase on the initial investment. For comparison, look at how both the Morgan Stanley Capital International All Country Pacific Free Index and the MSCI Pacific Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 would have been $9,815 - a 1.85% decrease and $10,098 - a 0.98% increase, respectively. Beginning with this report, the fund will compare its performance to that of the MSCI All Country Pacific Free Index rather than the MSCI Pacific Index. The MSCI All Country Pacific Free Index more closely reflects the fund's investment strategy.


Understanding Performance

Many markets around the globe offer the potential for significant growth over time; however, investing in foreign markets means assuming greater risks than investing in the United States. Factors like changes in a country's financial markets, its local political and economic climate, and the fluctuating value of its currency create these risks. For these reasons an international fund's performance may be more volatile than a fund that invests exclusively in the United States. Past performance is no guarantee of future results and you may have a gain or loss when you sell your shares.

3

Semiannual Report

Pacific Basin

Fund Talk: The Manager's Overview

(Portfolio Manager photograph)
An interview with William Kennedy, Portfolio Manager of Fidelity Pacific Basin Fund

Q. How did the fund perform, Bill?

A. For the six months ending April 30, 2001, the fund returned -12.45%, trailing the -11.68% mark posted by the Pacific region funds average as measured by Lipper Inc. The fund also lagged the -10.23% return of the Morgan Stanley Capital International (MSCI) Pacific Index. Effective April 1, 2001, the fund changed the index against which its performance is compared to the MSCI All Country (AC) Pacific Free Index - which returned -9.73%. For the 12 months ending April 30, 2001, the fund returned -27.18%, compared with -29.66%, -22.38% and -24.40% for the Lipper average, MSCI Pacific Index and MSCI All Country Pacific Free Index, respectively.

Q. What is the reason for the index change?

A. The MSCI AC Pacific Free Index tracks the same markets as the old index, as well as seven additional Pacific region emerging-market countries not included in the old index. Thus, the new index is broader in scope and more representative of the fund's investment universe.

Q. Why did the fund underperform the Lipper average and the MSCI benchmarks during the period?

A. Stock selection in Japan was one negative influence. The fund had a relatively heavier exposure to Japanese technology stocks, which detracted from performance. The technology sector declined sharply due to slackening worldwide demand. Even the U.S. economy, which served as a bastion of strength during the Asian financial crisis several years ago, slowed dramatically. Also detracting from performance compared with the benchmarks was an overweighted position in Hong Kong property stocks. Although this sector strongly outperformed in many previous cycles of falling interest rates, its response to declining rates during the period was relatively muted. In retrospect, I believe the explanation lies in the weak performance of the Japanese yen. A weaker yen represents a competitive threat to Hong Kong companies. However, the Hong Kong dollar is pegged to the U.S. dollar at a fixed exchange rate rather than floating freely. Since its currency cannot adjust to fluctuations in the yen, Hong Kong can remain competitive with Japan in the face of a falling yen only if asset prices in Hong Kong fall enough to attract more investment capital. This downward pressure on Hong Kong assets such as real estate and stocks kept a lid on property stocks. In addition, my decision to increase the fund's holdings of Hong Kong property stocks at the beginning of 2001 coincided with a loss of upward momentum in those stocks.

Q. What stocks helped the fund's performance?

A. South Korean holding Samsung Electronics was the top contributor during the period. The company, which makes DRAM (dynamic random access memory) for personal computers, had declined sharply before the period began but saw a strong rebound in its share price coupled with an improving inventory situation. Another beneficial holding, Japanese car maker Nissan Motor, was helped by a comprehensive restructuring plan put in place by new management from French auto maker Renault, which recently acquired a significant stake in Nissan. Honda Motor also did well, buoyed by the weak yen and increased market share in the United States.

Q. What stocks detracted from performance?

A. All of the fund's biggest detractors were Japanese stocks. For example, Toyoda Gosei, one of only a handful of manufacturers of light-emitting diodes (LEDs) in the world, was beset by patent infringement lawsuits and the slowdown in cellular handset growth. Furukawa Electric, a maker of fiber-optic and WDM (wave division multiplexing) equipment, saw demand for its products fall along with the sudden plunge in capital expenditures by telecommunication services providers. The fund did not own Furukawa Electric at the end of the period. Takeda Chemical, a large pharmaceutical company, did poorly due in part to investors' preference for defensive holdings over growth stocks.

Q. What's your outlook, Bill?

A. Most Pacific Basin economies are very vulnerable to what's going on in the rest of the world, especially in the U.S. Their exports require healthy demand from abroad. If the U.S. economy can stabilize, growth stocks in the Pacific Basin could continue to benefit from the constructive trends evident near the end of the period. On the other hand, a U.S. recession likely would result in a further contraction of demand and more volatility for stock prices. In this environment, I believe that the fund's emphasis on acquiring the stocks of high-quality growth companies at reasonable prices is especially appropriate.

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover. The manager's views are subject to change at any time based on market or other conditions. For more information, see page 3.


Fund Facts

Goal: long-term growth of capital by investing mainly in equity securities of Pacific Basin issuers

Fund number: 302

Trading symbol: FPBFX

Start date: October 1, 1986

Size: as of April 30, 2001, more than
$413 million

Manager: William Kennedy, since 1998; manager, Fidelity Advisor Japan Fund, since 2000; Hong Kong research director, 1996-1998; analyst, regional power sector and Indian companies, 1994-1996; joined Fidelity in 1994

3

Semiannual Report

Pacific Basin

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2001

Japan

55.5%

Hong Kong

14.1%

Australia

10.8%

Taiwan

5.4%

Korea (South)

4.8%

United States of America

3.6%

Singapore

3.6%

India

0.8%

Malaysia

0.6%

Other

0.8%



As of October 31, 2000

Japan

60.1%

Hong Kong

11.0%

Australia

8.7%

United States of America

7.9%

Singapore

4.1%

Korea (South)

3.1%

Taiwan

1.9%

India

1.6%

Malaysia

0.7%

Other

0.9%



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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

96.6

92.1

Short-Term Investments
and Net Other Assets

3.4

7.9

Top Ten Stocks as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

Toyota Motor Corp.
(Japan, Automobiles)

4.3

4.2

Sony Corp.
(Japan, Household Durables)

3.5

3.2

Nomura Securities Co. Ltd. (Japan, Diversified Financials)

3.2

1.3

Nissan Motor Co. Ltd.
(Japan, Automobiles)

2.6

0.0

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

2.2

0.7

Takeda Chemical Industries Ltd. (Japan, Pharmaceuticals)

1.9

3.2

News Corp. Ltd.
(Australia, Media)

1.8

1.9

Canon, Inc.
(Japan, Office Electronics)

1.8

2.0

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

1.6

0.6

Sumitomo Mitsui Banking Corp. (Japan, Banks)

1.6

2.5

24.5

Market Sectors as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

31.7

21.2

Consumer Discretionary

22.6

23.5

Information Technology

21.7

17.8

Health Care

4.9

7.7

Telecommunication Services

4.8

7.2

Industrials

4.1

10.5

Consumer Staples

3.2

1.3

Materials

2.1

2.3

Utilities

1.0

0.5

Energy

0.5

0.1

Effective with this report, industry classifications follow the MSCI/S&P Global Industry Classification Standard. This replaces the U.S. Standard Industrial Classification system that is being phased out. Prior period industry percentages reflect the new standard.

Semiannual Report

Pacific Basin

Investments April 30, 2001

(Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%

Shares

Value (Note 1)

Australia - 10.8%

AMP Ltd.

356,000

$ 3,648,644

Australian Gas Light Co.

295,613

1,598,187

BHP Ltd.

554,725

6,117,465

Billabong International Ltd.

709,200

1,860,759

Brambles Industries Ltd.

34,053

870,603

BRL Hardy Ltd.

148,194

698,667

Cochlear Ltd.

114,400

2,249,531

Commonwealth Bank of Australia

149,200

2,205,035

Fosters Brewing Group Ltd.

998,088

2,521,548

Mayne Nickless Ltd.

164,600

539,414

National Australia Bank Ltd.

296,558

4,574,332

News Corp. Ltd.

780,616

7,431,463

Perpetual Trustees Australia Ltd.

122,100

2,496,549

QBE Insurance Group Ltd.

394,164

2,282,480

SONIC HEALTHCARE LTD

321,082

1,342,634

Tabcorp Holdings Ltd.

246,900

1,190,590

Telstra Corp. Ltd.

751,200

2,567,633

Westfield Holdings Ltd.

81,900

520,424

TOTAL AUSTRALIA

44,715,958

Cayman Islands - 0.1%

Greencool Technology Holdings Ltd.

1,376,100

414,642

China - 0.1%

Travelsky Technology Ltd. (H Shares)

632,000

425,434

Hong Kong - 14.1%

Amoy Properties Ltd.

1,372,000

1,424,934

APT Satellite Holdings Ltd.

325,000

134,391

Asia Satellite Telecommunications Holdings Ltd.

630,000

1,433,819

ASM Pacific Technology Ltd.

714,000

1,222,180

Cheung Kong Holdings Ltd.

422,000

4,707,466

China Mobile (Hong Kong) Ltd. (a)

1,070,500

5,421,012

CNOOC Ltd.

1,972,000

1,909,015

Dah Sing Financial Holdings Ltd.

287,600

1,567,232

Dairy Farm International Holdings Ltd.

3,666,800

1,906,736

DAO Heng Bank Group Ltd.

328,000

2,439,256

Esprit Holdings Ltd.

1,300,000

1,475,170

Hang Seng Bank Ltd.

289,600

3,416,189

Henderson Land Development Co. Ltd.

504,000

2,313,498

Hong Kong & China Gas Co. Ltd.

1,291,400

1,539,924

Hutchison Whampoa Ltd.

605,700

6,543,092

Hysan Development Ltd.

50,000

68,598

JCG Holdings Ltd.

1,904,000

1,061,969

Johnson Electric Holdings Ltd.

1,208,000

2,269,134

Li & Fung Ltd.

1,012,000

1,920,427

Sun Hung Kai Properties Ltd.

964,000

8,961,290

Swire Pacific Ltd. (A Shares)

345,500

1,904,899

Television Broadcasts Ltd.

310,000

1,566,078

Wharf Holdings Ltd.

906,000

2,125,861

Wing Hang Bank Ltd.

268,000

1,061,815

TOTAL HONG KONG

58,393,985

Shares

Value (Note 1)

India - 0.8%

Dr. Reddy's Laboratories Ltd.

87,900

$ 2,104,608

Hughes Software Systems Ltd.

27,800

444,450

Infosys Technologies Ltd.

10,860

864,302

TOTAL INDIA

3,413,360

Indonesia - 0.2%

Gudang Garam PT Perusahaan

320,000

315,862

Sampoerna, Hanjaya Mandala

570,500

612,305

TOTAL INDONESIA

928,167

Japan - 55.5%

Access Co. Ltd.

2

58,721

Advantest Corp.

17,800

2,068,563

Aeon Credit Service Ltd.

64,200

3,511,881

Alps Electric Co. Ltd.

201,000

2,426,514

Anritsu Corp.

86,000

1,395,800

Asahi Breweries Ltd.

157,000

1,782,029

Canon, Inc.

182,000

7,270,900

Chiba Bank Ltd.

405,000

1,527,889

Credit Saison Co. Ltd.

123,000

2,637,884

CSK Corp.

45,000

1,439,316

Daito Trust Construction Co.

35,500

611,402

Daiwa Securities Group, Inc.

391,000

4,489,353

Fuji Heavy Industries Ltd.

346,000

2,551,025

Fuji Machine Manufacturing Co. Ltd.

64,200

1,679,595

Fuji Photo Film Co. Ltd.

84,000

3,430,738

Fuji Soft ABC, Inc.

29,400

1,682,991

Fujitsu Broad Solution & Consulting, Inc.

12,200

405,223

Fujitsu Ltd.

146,000

2,035,545

Hino Motors Ltd. (a)

216,000

1,000,878

Hitachi Chemical Co. Ltd.

75,000

1,223,418

Hitachi Information Systems Co. Ltd.

54,000

1,545,604

Hitachi Ltd.

217,000

2,139,620

Honda Motor Co. Ltd. (a)

124,000

5,103,220

Hoya Corp.

61,800

4,105,371

Ines Corp.

78,600

824,465

JAFCO Co. Ltd.

46,600

5,572,145

Japan Medical Dynamic Marketing, Inc.

57,400

2,612,666

Japan Telecom Co. Ltd.

51

861,621

Kao Corp.

96,000

2,472,179

Kappa Create Co. Ltd.

58,400

2,634,235

Konami Corp.

56,500

2,747,781

Konica Corp. (a)

196,000

1,359,895

Kose Corp.

17,400

606,481

Kyocera Corp.

25,800

2,551,362

Kyorin Pharmaceutical Co. Ltd. (a)

10,000

362,494

Matsushita Electric Industrial Co. Ltd.

155,000

2,579,200

Mitsubishi Electric Corp.

306,000

1,857,086

Mitsubishi Tokyo Financial Group, Inc.

335

3,450,500

Mizuho Holdings, Inc.

634

3,956,880

Murata Manufacturing Co. Ltd.

16,200

1,380,415

NEC Corp.

285,000

5,226,330

Nichicon Corp.

100,800

1,387,176

Common Stocks - continued

Shares

Value (Note 1)

Japan - continued

Nidec Corp.

32,500

$ 1,708,521

Nikko Securities Co. Ltd.

280,000

2,411,161

Nikon Corp.

47,000

589,750

Nintendo Co. Ltd.

24,700

4,031,150

Nippon Foundry, Inc. (a)

140

1,085,023

Nippon Telegraph & Telephone Corp.

391

2,517,244

Nissan Motor Co. Ltd. (a)

1,526,000

10,600,269

Nitto Denko Corp.

83,700

2,766,365

Nomura Securities Co. Ltd.

612,000

13,099,988

NTT DoCoMo, Inc.

208

4,332,874

ORIX Corp.

27,300

2,415,812

Pioneer Corp.

47,000

1,422,339

Ricoh Co. Ltd.

272,000

5,164,150

Rohm Co. Ltd.

22,500

4,022,703

Sankyo Co. Ltd.

89,000

1,883,166

Shimachu Co. Ltd.

8,500

125,479

Shin-Etsu Chemical Co. Ltd.

58,000

2,359,330

Skylark Co. Ltd.

32,000

1,002,518

Sony Corp.

188,800

14,471,519

SRL, Inc. (a)

60,000

718,428

Stanley Electric Co. Ltd.

144,000

1,380,562

Sumitomo Electric Industries Ltd.

47,000

588,979

Sumitomo Mitsui Banking Corp.

696,200

6,588,989

Sumitomo Trust & Banking Ltd.

446,000

3,068,851

Takeda Chemical Industries Ltd.

164,000

8,016,210

Takefuji Corp.

37,500

2,977,046

The Suruga Bank Ltd.

124,000

915,257

THK Co. Ltd.

67,700

1,646,237

Tokyo Electron Ltd.

30,900

2,280,762

Toshiba Corp.

425,000

2,826,759

Toyoda Gosei Co. Ltd.

62,000

1,316,953

Toyota Motor Corp.

530,200

17,871,477

Yakult Honsha Co. Ltd.

92,000

1,115,170

Yamada Denki Co. Ltd.

46,800

3,891,910

TOTAL JAPAN

229,779,342

Korea (South) - 4.8%

H&CB

50,000

951,025

Hyundai Motor Co. Ltd.

96,100

1,503,158

Kookmin Bank

332,700

3,940,863

Kookmin Credit Card Co. Ltd.

82,930

2,191,315

Korea Electric Power Corp.

34,900

602,866

Samsung Electronics Co. Ltd.

38,490

6,692,638

SK Telecom Co. Ltd.

21,900

3,766,399

TOTAL KOREA (SOUTH)

19,648,264

Shares

Value (Note 1)

Malaysia - 0.6%

Amway (Malaysia) Holdings BHD

215,000

$ 272,711

British American Tobacco BHD

124,000

1,133,947

Malayan Banking BHD

220,000

567,368

Public Bank BHD (For. Reg.)

244,400

168,507

Tanjong PLC

285,000

465,000

TOTAL MALAYSIA

2,607,533

New Zealand - 0.3%

The Warehouse Group Ltd.

428,700

1,018,918

Singapore - 3.6%

Chartered Semiconductor Manufacturing Ltd. (a)

145,000

445,786

Datacraft Asia Ltd.

220,000

1,122,000

DBS Group Holdings Ltd.

278,239

2,428,768

Oversea-Chinese Banking Corp. Ltd.

514,000

3,104,035

Overseas Union Bank Ltd.

422,452

1,646,670

Sembcorp Logistics Ltd.

267,000

1,026,077

Singapore Technologies Engineering Ltd.

1,562,000

2,341,071

United Overseas Bank Ltd.

341,152

2,266,231

Venture Manufacturing Singapore Ltd.

58,000

404,392

TOTAL SINGAPORE

14,785,030

Taiwan - 5.4%

Asustek Computer, Inc.

350,000

1,590,909

China Development Industrial Bank, Inc.

614,200

547,159

ChinaTrust Commercial Bank

2,905,000

2,119,793

Delta Electronics, Inc.

120,000

364,853

Hon Hai Precision Industries Co. Ltd.

563,300

3,305,470

Siliconware Precision Industries Co. Ltd.

1,061,000

825,832

Taiwan Semiconductor Manufacturing Co. Ltd. (a)

2,088,886

5,779,526

United Microelectronics Corp.

1,964,100

3,135,155

Via Technologies, Inc.

128,000

1,206,446

Winbond Electronics Corp.

1,378,000

1,617,233

Yuanta Securities Co. Ltd.

2,115,000

1,607,631

TOTAL TAIWAN

22,100,007

Thailand - 0.1%

Shin Corporations PCL (For. Reg.) (a)

66,600

240,723

TelecomAsia Corp. PCL (a)

1

0

TelecomAsia Corp. PCL rights 4/30/08

206,113

20,911

TOTAL THAILAND

261,634

United States of America - 0.2%

Reliant Resources, Inc.

2,000

60,000

Resmed, Inc. unit (a)

196,610

893,666

TOTAL UNITED STATES OF AMERICA

953,666

TOTAL COMMON STOCKS

(Cost $372,313,465)

399,445,940

Cash Equivalents - 4.7%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 4.70% (b)

12,887,337

$ 12,887,337

Fidelity Securities Lending Cash Central Fund, 4.59% (b)

6,627,497

6,627,497

TOTAL CASH EQUIVALENTS

(Cost $19,514,834)

19,514,834

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $391,828,299)

418,960,774

NET OTHER ASSETS - (1.3)%

(5,245,003)

NET ASSETS - 100%

$ 413,715,771

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $298,210,563 and $312,652,359, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity Management & Research Company. The commissions paid to these affiliated firms were $33,301 for the period.

The fund participated in the security lending program during the period. Cash collateral includes amounts received for unsettled security loans.

Income Tax Information

At April 30, 2001, the aggregate cost of investment securities for income tax purposes was $398,079,644. Net unrealized appreciation aggregated $20,881,130, of which $54,715,315 related to appreciated investment securities and $33,834,185 related to depreciated investment securities.

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

Semiannual Report

Pacific Basin

Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $5,875,643) (cost $391,828,299) - See accompanying schedule

$ 418,960,774

Foreign currency held at value
(cost $3,036,822)

3,028,332

Receivable for investments sold

2,486,214

Receivable for fund shares sold

606,085

Dividends receivable

820,364

Interest receivable

80,554

Redemption fees receivable

304

Other receivables

5,476

Total assets

425,988,103

Liabilities

Payable for investments purchased

$ 4,633,198

Payable for fund shares redeemed

449,378

Accrued management fee

318,946

Other payables and
accrued expenses

243,313

Collateral on securities loaned,
at value

6,627,497

Total liabilities

12,272,332

Net Assets

$ 413,715,771

Net Assets consist of:

Paid in capital

$ 430,171,701

Distributions in excess of net investment income

(22,798,829)

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

(20,776,570)

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

27,119,469

Net Assets, for 24,987,953 shares outstanding

$ 413,715,771

Net Asset Value and redemption price per share ($413,715,771 ÷ 24,987,953 shares)

$16.56

Maximum offering price per share (100/97.00 of $16.56)

$17.07

Statement of Operations

Six months ended April 30, 2001 (Unaudited)

Investment Income

Dividends

$ 2,685,999

Interest

731,956

Security lending

37,687

3,455,642

Less foreign taxes withheld

(228,867)

Total income

3,226,775

Expenses

Management fee
Basic fee

$ 1,612,171

Performance adjustment

462,221

Transfer agent fees

716,442

Accounting and security lending fees

133,379

Non-interested trustees' compensation

541

Custodian fees and expenses

144,186

Registration fees

23,871

Audit

20,564

Legal

3,595

Reports to shareholders

22,386

Miscellaneous

2,707

Total expenses before reductions

3,142,063

Expense reductions

(56,471)

3,085,592

Net investment income

141,183

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(37,647,993)

Foreign currency transactions

(169,724)

(37,817,717)

Change in net unrealized appreciation (depreciation) on:

Investment securities

(24,800,249)

Assets and liabilities in
foreign currencies

74,766

(24,725,483)

Net gain (loss)

(62,543,200)

Net increase (decrease) in net assets resulting from operations

$ (62,402,017)

Other Information
Sales charges paid to FDC

$ 32,182

Expense reductions

Directed brokerage arrangements

$ 42,370

Transfer agent credits

14,101

$ 56,471

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

Semiannual Report

Pacific Basin
Financial Statements - continued

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets

Six months ended
April 30, 2001
(Unaudited)

Year ended October 31,
2000

Operations
Net investment income (loss)

$ 141,183

$ (3,158,495)

Net realized gain (loss)

(37,817,717)

88,999,131

Change in net unrealized appreciation (depreciation)

(24,725,483)

(132,157,783)

Net increase (decrease) in net assets resulting from operations

(62,402,017)

(46,317,147)

Distributions to shareholders
From net investment income

(4,012,250)

-

In excess of net investment income

(22,798,829)

(9,139,090)

From net realized gain

(5,605,953)

-

Total distributions

(32,417,032)

(9,139,090)

Share transactions
Net proceeds from sales of shares

77,258,542

614,678,244

Reinvestment of distributions

31,495,646

8,972,789

Cost of shares redeemed

(117,502,257)

(713,633,183)

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

(8,748,069)

(89,982,150)

Redemption fees

513,740

2,326,690

Total increase (decrease) in net assets

(103,053,378)

(143,111,697)

Net Assets

Beginning of period

516,769,149

659,880,846

End of period (including under (over) distribution of net investment income of $(22,798,829)
and $27,938,404, respectively)

$ 413,715,771

$ 516,769,149

Other Information

Shares

Sold

4,551,156

23,840,559

Issued in reinvestment of distributions

1,759,533

352,256

Redeemed

(6,759,968)

(28,114,949)

Net increase (decrease)

(449,279)

(3,922,134)

Financial Highlights

Six months ended
April 30, 2001

Years ended October 31,

Selected Per-Share Data

(Unaudited)

2000

1999

1998

1997

1996

Net asset value, beginning of period

$ 20.32

$ 22.48

$ 11.89

$ 13.41

$ 14.65

$ 14.88

Income from Investment Operations

Net investment income (loss) D

.01

(.10)

(.04)

(.02)

(.01)

.05

Net realized and unrealized gain (loss)

(2.46)

(1.86)

10.62

(1.26)

(1.16)

(.29)

Total from investment operations

(2.45)

(1.96)

10.58

(1.28)

(1.17)

(.24)

Less Distributions

From net investment income

(.16)

-

-

-

(.01)

-

In excess of net investment income

(.94)

(.28)

(.02)

(.25)

(.07)

-

From net realized gain

(.23)

-

-

-

-

-

Total distributions

(1.33)

(.28)

(.02)

(.25)

(.08)

-

Redemption fees added to paid in capital

.02

.08

.03

.01

.01

.01

Net asset value, end of period

$ 16.56

$ 20.32

$ 22.48

$ 11.89

$ 13.41

$ 14.65

Total Return B, C

(12.45)%

(8.61)%

89.36%

(9.52)%

(7.97)%

(1.55)%

Ratios and Supplemental Data

Net assets, end of period (000 omitted)

$ 413,716

$ 516,769

$ 659,881

$ 195,464

$ 239,517

$ 572,150

Ratio of expenses to average net assets

1.45% A

1.25%

1.37%

1.73%

1.32%

1.26%

Ratio of expenses to average net assets
after expense reductions

1.43% A, E

1.22% E

1.36% E

1.72% E

1.31% E

1.24% E

Ratio of net investment income (loss) to average net assets

.07% A

(.42)%

(.24)%

(.16)%

(.04)%

.30%

Portfolio turnover rate

147% A

144%

101%

57%

42%

85%

A Annualized

B The total returns would have been lower had certain expenses not been reduced during the periods shown.

C Total returns do not include the one time sales charge and for periods of less than one year are not annualized.

D Net investment income (loss) per share has been calculated based on average shares outstanding during the period.

E FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.

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

Semiannual Report

Southeast Asia
Performance: The Bottom Line

There are several ways to evaluate a fund's historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. 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). If Fidelity had not reimbursed certain fund expenses, the life of fund total returns would have been lower.

Cumulative Total Returns

Periods ended
April 30, 2001

Past 6
months

Past 1
year

Past 5
years

Life of
fund

Fidelity Southeast Asia

-3.66%

-25.64%

-24.86%

21.02%

Fidelity Southeast Asia
(incl. 3.00%
sales charge)

-6.55%

-27.87%

-27.12%

17.39%

MSCI AC Far East Free
ex-Japan

-8.17%

-31.38%

-48.15%

-7.35%

Pacific Region ex-Japan
Funds Average

-7.02%

-28.36%

-32.87%

n/a *

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years or since the fund started on April 19, 1993. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare the fund's returns to the performance of the Morgan Stanley Capital International AC Far East Free ex-Japan Index - a market capitalization-weighted index of over 280 stocks traded in nine Asian markets, excluding Japan. To measure how the fund's performance stacked up against its peers, you can compare it to the Pacific region ex-Japan funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past six months average represents a peer group of 76 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended
April 30, 2001

Past 1
year

Past 5
years

Life of
fund

Fidelity Southeast Asia

-25.64%

-5.56%

2.40%

Fidelity Southeast Asia
(incl. 3.00% sales charge)

-27.87%

-6.13%

2.02%

MSCI AC Far East Free
ex-Japan

-31.38%

-12.31%

-0.95%

Pacific Region ex-Japan
Funds Average

-28.36%

-8.31%

n/a *

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year.

* Not available

$10,000 Over Life of Fund



$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Southeast Asia Fund on April 19, 1993, when the fund started, and the current 3.00% sales charge was paid. As the chart shows, by April 30, 2001, the value of the investment would have grown to $11,739 - a 17.39% increase on the initial investment. For comparison, look at how the Morgan Stanley Capital International AC Far East Free ex-Japan Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 would have been $9,265 - a 7.35% decrease.


Understanding Performance

Many markets around the globe offer the potential for significant growth over time; however, investing in foreign markets means assuming greater risks than investing in the United States. Factors like changes in a country's financial markets, its local political and economic climate, and the fluctuating value of its currency create these risks. For these reasons an international fund's performance may be more volatile than a fund that invests exclusively in the United States. Past performance is no guarantee of future results and you may have a gain or loss when you sell your shares.

3

Semiannual Report

Southeast Asia

Fund Talk: The Manager's Overview

(Portfolio Manager photograph)
An interview with Allan Liu, Portfolio Manager of Fidelity Southeast Asia Fund

Q. How did the fund perform, Allan?

A. Although the fund had a negative return, it finished ahead of its benchmarks. For the six months that ended April 30, 2001, the fund returned -3.66%. That compares favorably with the Morgan Stanley Capital International All Country Far East Free ex-Japan Index and the Pacific region ex-Japan funds average tracked by Lipper Inc., which returned -8.17% and -7.02%, respectively. For the 12 months that ended April 30, 2001, the fund returned -25.64%, compared with -31.38% for the index and -28.36% for the Lipper average.

Q. What factors enabled the fund to outperform the index and the average during the six-month period?

A. I continued to maintain a large exposure to interest-rate-sensitive stocks such as banks and property companies, especially in Hong Kong. Repeated cuts in U.S. interest rates led to corresponding reductions in Hong Kong rates, driving the outperformance of these financial holdings. At the same time, I brought up the weighting of technology stocks, particularly in South Korea and Taiwan. In general, I focused the fund's technology exposure on companies of the very highest quality, eliminating or reducing positions in most second-tier companies. Increasing the fund's technology exposure helped performance relative to the index, as technology stocks have strengthened since the beginning of the year.

Q. Where did you reduce the fund's exposure?

A. I trimmed the weighting in telecommunications companies as their valuations were facing downward pressure from their global peers. I felt that the need to raise cash among European telecommunications companies capped the short-term upside potential of Asian telecom stocks, despite the fact that the basic business prospects of the two groups were very different. For example, most leading Asian wireless telecom companies still enjoy a healthy cash flow and have no pressing need to invest in expensive third-generation wireless technology.

Q. What stocks did well for the fund?

A. Samsung Electronics was the most positive contributor. Perhaps the premier manufacturer of DRAM (dynamic random access memory) in the world, Samsung recovered during the period after plunging early last fall. DRAM stocks were among the first stocks to fall as the technology slowdown gained momentum, but then rebounded on investors' hopes that perhaps the worst news on earnings had already occurred. Sun Hung Kai Properties, Amoy Properties and Hong Kong Land Holdings were property stocks that benefited from falling interest rates.

Q. What holdings underperformed?

A. Hutchison Whampoa, often mentioned in previous shareholder reports as a positive contributor, headed the list of detractors. The company's wireless business suffered from concerns about the costs of third-generation licenses and the slowing growth in wireless phone use. China Mobile fell in sympathy with the stocks of other wireless providers, although the company faces no immediate expenditures for third-generation technology. Korea Electric Power, a utility, suffered from a weak South Korean currency - the won - which made the company's considerable U.S. dollar debt more costly.

Q. What's your outlook, Allan?

A. The U.S. slowdown has had a significant impact on the economies of Taiwan and South Korea, where exports have a big influence on economic health. Many of the top companies in these countries have implemented cost-cutting initiatives, but economic recovery in the U.S. would bring a much-needed boost to the revenue side of the equation. One development I will be watching closely is the possible entry of China into the World Trade Organization. Such a development would make it easier for foreign companies to sell products in China and for Chinese firms to sell more abroad. For my part, I will maintain the fund's emphasis on globally competitive companies with strong balance sheets and shareholder-friendly managements.

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover. The manager's views are subject to change at any time based on market or other conditions. For more information, see page 3.


Fund Facts

Goal: long-term capital appreciation by investing mainly in equity securities of Southeast Asian issuers

Fund number: 351

Trading symbol: FSEAX

Start date: April 19, 1993

Size: as of April 30, 2001, more than
$268 million

Manager: Allan Liu, since inception; manager, various funds for non-U.S. investors; analyst, Southeast Asian markets, 1987-1990; joined Fidelity in 1987

3

Semiannual Report

Southeast Asia

Investment Changes

Geographic Diversification (% of fund's net assets)

As of April 30, 2001

Hong Kong

47.0%

Korea (South)

17.4%

Taiwan

16.9%

Singapore

10.9%

United Kingdom

3.2%

Malaysia

2.0%

United States of America

1.1%

Thailand

0.6%

China

0.6%

Other

0.3%



As of October 31, 2000

Hong Kong

53.9%

Taiwan

14.2%

Singapore

11.0%

Korea (South)

9.6%

United States of America

3.9%

Malaysia

2.8%

China

1.8%

United Kingdom

1.7%

Thailand

1.1%

Other

0.0%



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

Asset Allocation

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks

98.9

96.1

Short-Term Investments
and Net Other Assets

1.1

3.9

Top Ten Stocks as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

Hutchison Whampoa Ltd. (Hong Kong, Diversified Financials)

9.2

10.1

Cheung Kong Holdings Ltd. (Hong Kong, Real Estate)

6.5

6.6

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

6.1

8.0

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

5.8

2.1

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

4.1

3.2

Hang Seng Bank Ltd.
(Hong Kong, Banks)

3.7

4.0

SK Telecom Co. Ltd.
(Korea (South), Wireless Telecommunication Services)

3.7

3.7

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

3.5

3.3

Amoy Properties Ltd.
(Hong Kong, Real Estate)

3.4

2.9

Li & Fung Ltd.
(Hong Kong, Distributors)

3.3

2.6

49.3

Market Sectors as of April 30, 2001

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

46.6

41.9

Information Technology

24.2

16.1

Telecommunication Services

11.9

16.2

Consumer Discretionary

8.0

6.1

Industrials

4.6

6.8

Utilities

2.2

6.0

Consumer Staples

1.3

0.8

Materials

0.1

0.9

Energy

0.0

1.3

Effective with this report, industry classifications follow the MSCI/S&P Global Industry Classification Standard. This replaces the U.S. Standard Industrial Classification system that is being phased out. Prior period industry percentages reflect the new standard.

Semiannual Report

Southeast Asia

Investments April 30, 2001

(Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%

Shares

Value (Note 1)

Cayman Islands - 0.1%

Convenience Retail Asia Ltd.

1,000,000

$ 208,998

China - 0.6%

Travelsky Technology Ltd. (H Shares)

1,900,000

1,278,994

Yanzhou Coal Mining Co. Ltd. (H Shares)

1,100,000

451,334

TOTAL CHINA

1,730,328

Hong Kong - 47.0%

Amoy Properties Ltd.

8,860,000

9,201,831

Asat Holdings Ltd. sponsored ADR

156,400

735,080

Cheung Kong Holdings Ltd.

1,570,000

17,513,559

China Mobile (Hong Kong) Ltd. (a)

3,260,000

16,508,639

China Overseas Land & Investment Ltd.

7,000,000

933,441

Dairy Farm International Holdings Ltd.

698,700

363,324

DAO Heng Bank Group Ltd.

200,000

1,487,351

Denway Motors Ltd. (a)

6,600,000

1,967,535

Guangzhou Investment Co. Ltd. (a)

8,000,000

594,940

Guoco Group Ltd.

466,000

2,694,747

Hang Seng Bank Ltd.

850,000

10,026,798

Henderson Land Development Co. Ltd.

350,000

1,606,596

Hong Kong & China Gas Co. Ltd.

462,000

550,910

Hong Kong Exchanges & Clearing Ltd.

700,000

1,252,068

Hong Kong Land Holdings Ltd.

101,667

204,351

Hutchison Whampoa Ltd.

2,281,700

24,648,127

Hysan Development Ltd.

3,710,000

5,089,946

Johnson Electric Holdings Ltd.

2,460,000

4,620,918

Kerry Properties Ltd.

300,000

369,273

Li & Fung Ltd.

4,688,000

8,896,206

MTR Corp. Ltd.

980,000

1,690,067

Sun Hung Kai Properties Ltd.

1,010,310

9,391,786

Swire Pacific Ltd. (A Shares)

698,000

3,848,393

Television Broadcasts Ltd.

236,000

1,192,240

Wharf Holdings Ltd.

480,000

1,126,284

TOTAL HONG KONG

126,514,410

Indonesia - 0.2%

Gudang Garam PT Perusahaan

480,000

473,794

PT Lippo Bank Tbk:

rights (a)

36,000,000

0

warrants 5/1/02 (a)

36,000,000

0

TOTAL INDONESIA

473,794

Korea (South) - 17.4%

H&CB

179,123

3,407,007

Humax Co. Ltd. (a)

80,000

1,202,733

Kookmin Bank

128,000

1,516,172

Kookmin Credit Card Co. Ltd.

89,993

2,377,946

Korea Electric Power Corp.

310,000

5,354,970

Korea Telecom

63,700

3,057,308

Korea Telecom Freetel Co. Ltd. (a)

20,000

716,780

NCsoft Corp.

5,000

455,581

Samsung Electronics Co. Ltd.

89,434

15,550,778

Samsung Securities Co. Ltd.

62,000

1,628,853

Shares

Value (Note 1)

Shinsegae Co. Ltd.

28,650

$ 1,729,441

SK Telecom Co. Ltd.

57,460

9,882,067

TOTAL KOREA (SOUTH)

46,879,636

Malaysia - 2.0%

British American Tobacco BHD (Malaysia)

260,000

2,377,632

DiGi.com BHD (a)

789,000

1,100,447

Malayan Banking BHD

300,000

773,684

Tanjong PLC

600,000

978,947

United Engineers BHD warrants 11/18/02 (a)

170,000

46,526

TOTAL MALAYSIA

5,277,236

Singapore - 10.9%

Chartered Semiconductor
Manufacturing Ltd. (a)

540,000

1,660,170

Chartered Semiconductor
Manufacturing Ltd. ADR (a)

8,000

255,920

City Developments Ltd.

250,000

878,397

Datacraft Asia Ltd.

661,400

3,373,140

DBS Group Holdings Ltd.

509,605

4,448,377

Delgro Corp. Ltd.

50,000

155,092

Great Eastern Holdings Ltd.

160,000

720,285

OMNI Industries Ltd.

1,350,000

1,986,275

Oversea-Chinese Banking Corp. Ltd.

370,000

2,234,422

Overseas Union Enterprises Ltd.

100,000

414,494

Singapore Airlines Ltd.

90,000

716,443

Singapore Exchange Ltd.

2,644,300

1,771,093

Singapore Press Holdings Ltd.

184,076

2,112,099

Singapore Technologies Engineering Ltd.

1,486,175

2,227,427

SMRT Corp. Ltd.

1,900,000

912,709

United Overseas Bank Ltd.

520,000

3,454,296

United Overseas Land Ltd.

600,000

556,684

Venture Manufacturing Singapore Ltd.

205,000

1,429,316

TOTAL SINGAPORE

29,306,639

Taiwan - 16.9%

Advantech Co. Ltd. (a)

200,000

772,271

Asustek Computer, Inc.

424,112

1,927,782

Bank Sinopac

3,400,000

1,519,611

ChinaTrust Commercial Bank

1,900,000

1,386,440

Compal Electronics, Inc.

1,035,000

1,762,238

Compeq Manufacturing Co. Ltd.

173,080

528,870

Delta Electronics, Inc.

550,000

1,672,241

Hon Hai Precision Industries Co. Ltd.

645,644

3,788,668

Nanya Technology Corp.

1,100,000

1,010,033

Powerchip Semiconductor Corp.

1,000,000

927,334

Quanta Computer, Inc.

730,000

2,441,472

Siliconware Precision Industries Co. Ltd.

2,500,000

1,945,880

Stark Technology, Inc.

529,000

3,844,056

Sunplus Technology Co. Ltd.

100,000

492,551

Taiwan Semiconductor
Manufacturing Co. Ltd. (a)

3,980,746

11,013,922

United Microelectronics Corp.

3,815,940

6,091,117

Common Stocks - continued

Shares

Value (Note 1)

Taiwan - continued

Via Technologies, Inc.

150,000

$ 1,413,804

Winbond Electronics Corp.

2,400,000

2,816,662

TOTAL TAIWAN

45,354,952

Thailand - 0.5%

Advanced Info Service PCL (For. Reg.)

90,000

910,843

Bangkok Bank Ltd. PCL (For. Reg.) (a)

440,000

486,747

TOTAL THAILAND

1,397,590

United Kingdom - 3.2%

HSBC Holdings PLC (Hong Kong) (Reg.)

650,350

8,498,774

TOTAL COMMON STOCKS

(Cost $219,106,872)

265,642,357

Convertible Preferred Stocks - 0.1%

Thailand - 0.1%

Siam Commercial Bank PLC $1.365 (Reg. S) (a)
(Cost $378,551)

720,000

358,817

Cash Equivalents - 1.3%

Fidelity Cash Central Fund, 4.70% (b)

3,393,607

3,393,607

Fidelity Securities Lending
Cash Central Fund, 4.59% (b)

125,000

125,000

TOTAL CASH EQUIVALENTS

(Cost $3,518,607)

3,518,607

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $223,004,030)

269,519,781

NET OTHER ASSETS - (0.2)%

(656,986)

NET ASSETS - 100%

$ 268,862,795

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $113,674,523 and $115,764,943, respectively.

Income Tax Information

At April 30, 2001, the aggregate cost of investment securities for income tax purposes was $223,713,539. Net unrealized appreciation aggregated $45,806,242, of which $60,820,850 related to appreciated investment securities and $15,014,608 related to depreciated investment securities.

At October 31, 2000, the fund had a capital loss carryforward of approximately $93,028,000 of which $92,704,000 and $324,000 will expire on October 31, 2006 and 2007, respectively.

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

Semiannual Report

Southeast Asia

Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $125,000) (cost $223,004,030) - See accompanying schedule

$ 269,519,781

Foreign currency held at value
(cost $863,868)

863,704

Receivable for investments sold

575,016

Receivable for fund shares sold

303,750

Dividends receivable

473,035

Interest receivable

16,349

Redemption fees receivable

221

Other receivables

360

Total assets

271,752,216

Liabilities

Payable for investments purchased

$ 1,607,555

Payable for fund shares redeemed

469,126

Accrued management fee

212,181

Other payables and
accrued expenses

475,559

Collateral on securities loaned,
at value

125,000

Total liabilities

2,889,421

Net Assets

$ 268,862,795

Net Assets consist of:

Paid in capital

$ 321,396,732

Undistributed net investment income

369,161

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

(99,153,261)

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

46,250,163

Net Assets, for 23,768,157 shares outstanding

$ 268,862,795

Net Asset Value and redemption price per share ($268,862,795 ÷ 23,768,157 shares)

$11.31

Maximum offering price per share (100/97.00 of $11.31)

$11.66

Statement of Operations

Six months ended April 30, 2001 (Unaudited)

Investment Income

Dividends

$ 2,507,116

Interest

195,084

Security lending

10,830

2,713,030

Less foreign taxes withheld

(216,010)

Total income

2,497,020

Expenses

Management fee
Basic fee

$ 1,045,681

Performance adjustment

327,778

Transfer agent fees

451,007

Accounting and security lending fees

86,567

Non-interested trustees' compensation

5

Custodian fees and expenses

161,675

Registration fees

31,314

Audit

18,168

Legal

3,087

Reports to shareholders

13,677

Miscellaneous

2,062

Total expenses before reductions

2,141,021

Expense reductions

(13,162)

2,127,859

Net investment income

369,161

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(1,674,836)

Foreign currency transactions

(154,465)

(1,829,301)

Change in net unrealized appreciation (depreciation) on:

Investment securities

(9,993,132)

Assets and liabilities in
foreign currencies

101,972

(9,891,160)

Net gain (loss)

(11,720,461)

Net increase (decrease) in net assets resulting from operations

$ (11,351,300)

Other Information
Sales charges paid to FDC

$ 33,579

Expense reductions

Directed brokerage arrangements

$ 10,034

Custodian credits

231

Transfer agent credits

2,897

$ 13,162

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

Semiannual Report

Southeast Asia
Financial Statements - continued

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets

Six months ended
April 30, 2001
(Unaudited)

Year ended October 31,
2000

Operations
Net investment income (loss)

$ 369,161

$ (1,021,964)

Net realized gain (loss)

(1,829,301)

46,901,232

Change in net unrealized appreciation (depreciation)

(9,891,160)

(44,232,039)

Net increase (decrease) in net assets resulting from operations

(11,351,300)

1,647,229

Distributions to shareholders from net investment income

-

(596,056)

Share transactions
Net proceeds from sales of shares

48,067,460

186,667,900

Reinvestment of distributions

-

573,854

Cost of shares redeemed

(59,108,844)

(258,865,487)

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

(11,041,384)

(71,623,733)

Redemption fees

256,989

889,166

Total increase (decrease) in net assets

(22,135,695)

(69,683,394)

Net Assets

Beginning of period

290,998,490

360,681,884

End of period (including undistributed net investment income of $369,161 and $0, respectively)

$ 268,862,795

$ 290,998,490

Other Information

Shares

Sold

4,091,932

11,795,989

Issued in reinvestment of distributions

-

39,604

Redeemed

(5,101,804)

(16,745,342)

Net increase (decrease)

(1,009,872)

(4,909,749)

Financial Highlights

Six months ended
April 30, 2001

Years ended October 31,

Selected Per-Share Data

(Unaudited)

2000

1999

1998

1997

1996

Net asset value, beginning of period

$ 11.74

$ 12.15

$ 8.13

$ 9.55

$ 14.69

$ 13.88

Income from Investment Operations

Net investment income (loss) D

.02

(.04)

.03

.09

.04 E

.14

Net realized and unrealized gain (loss)

(.46)

(.38)

3.97

(1.48)

(4.62)

.87

Total from investment operations

(.44)

(.42)

4.00

(1.39)

(4.58)

1.01

Less Distributions

From net investment income

-

(.02)

(.02)

(.05)

(.10)

(.23)

In excess of net investment income

-

-

-

-

(.07)

-

From net realized gain

-

-

-

-

(.40)

-

Total distributions

-

(.02)

(.02)

(.05)

(.57)

(.23)

Redemption fees added to paid in capital

.01

.03

.04

.02

.01

.03

Net asset value, end of period

$ 11.31

$ 11.74

$ 12.15

$ 8.13

$ 9.55

$ 14.69

Total Return B, C

(3.66)%

(3.24)%

49.80%

(14.44)%

(32.48)%

7.59%

Ratios and Supplemental Data

Net assets, end of period (000 omitted)

$ 268,863

$ 290,998

$ 360,682

$ 223,339

$ 278,847

$ 755,346

Ratio of expenses to average net assets

1.53% A

1.37%

1.46%

1.83%

1.32%

1.13%

Ratio of expenses to average net assets
after expense reductions

1.52% A, F

1.35% F

1.43% F

1.79% F

1.32%

1.12% F

Ratio of net investment income (loss) to average net assets

.26% A

(.23)%

.28%

1.07%

.22%

.95%

Portfolio turnover rate

85% A

88%

93%

95%

141%

102%

A Annualized

B The total returns would have been lower had certain expenses not been reduced during the periods shown.

C Total returns do not include the one time sales charge and for periods of less than one year are not annualized.

D Net investment income (loss) per share has been calculated based on average shares outstanding during the period.

E Investment income per share reflects a special dividend which amounted to $.02 per share.

F FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2001 (Unaudited)

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, as an open-end management investment company organized as a Massachusetts business trust. Each fund is authorized to issue an unlimited number of shares. Certain funds investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the funds:

Security Valuation. Securities for which quotations are readily available are valued using the official closing price or at the last sale price in the principal market in which they are traded. If the last sale price (on the local exchange) is unavailable, the last evaluated quote or closing bid price normally is used. If trading or events occurring in other markets after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they are valued at their fair value taking this trading or these events into account. At the end of the period, certain securities, including Japanese securities, were valued in this manner. Fair value is determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Securities (including restricted securities) for which quotations are not readily available are valued primarily using dealer-supplied valuations or at their fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost or original cost plus accrued interest, both of which approximate current value. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency Translation. The accounting records of the funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Net realized gains and losses on foreign currency transactions represent net gains and losses from sales and maturities of foreign currency contracts, disposition of foreign currencies, the difference between the amount of net investment income accrued and the U.S. dollar amount actually received, and gains and losses between trade and settlement date on purchases and sales of securities. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.

Income Taxes. As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, each fund is not subject to U.S. federal income taxes to the extent that it distributes all of its taxable income for its fiscal year. Each fund may be subject to foreign taxes on income and gains on investments which are accrued based upon each fund's understanding of the tax rules and regulations that exist in the markets in which they invest. Foreign governments may also impose taxes on other payments or transactions with respect to foreign securities. Each fund accrues such taxes as applicable. The schedules of investments include information regarding income taxes under the caption "Income Tax Information."

Investment Income. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, which includes accretion of original discount, is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Distributions to Shareholders. 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. These differences, which may result in distribution reclassifications, are primarily due to differing treatments for litigation proceeds, futures transactions, foreign currency transactions, passive foreign investment companies (PFIC), market discount, net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Certain funds also utilized earnings and profits distributed to shareholders on redemption of shares as a part of the dividends paid deduction for income tax purposes.

Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. Undistributed net investment income, distributions in excess of net investment income, accumulated net investment loss and accumulated undistributed net realized gain (loss) on investments and foreign currency transactions may include temporary book and tax basis differences which will reverse in a subsequent period. Any taxable income or gain remaining at fiscal year end is distributed in the following year.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

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 short-term trading 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 short-term trading fee equal to 1.00% of the proceeds of the redeemed shares. These fees, which are retained by the funds, are accounted for as an addition to paid in capital.

Security Transactions. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost.

2. Operating Policies.

Foreign Currency Contracts. Certain funds use foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. The U.S. dollar value of foreign currency contracts is determined using contractual currency exchange rates established at the time of each trade.

Joint Trading Account. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), certain funds, along with other affiliated entities of Fidelity Management & Research Company (FMR), may transfer uninvested cash balances into one or more joint trading accounts. These balances are invested in one or more repurchase agreements for U.S. Treasury or Federal Agency obligations.

Repurchase Agreements. The underlying U.S. Treasury, Federal Agency, or other obligations found to be satisfactory by FMR are transferred to an account of the funds, or to the Joint Trading Account, at a custodian bank. The securities are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). FMR, the funds' investment adviser, is responsible for determining that the value of the underlying securities remains in accordance with the market value requirements stated above.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the funds, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. Information regarding each fund's participation in the program is included under the caption "Other Information" at the end of each applicable fund's schedule of investments.

Restricted Securities. Certain funds are permitted to 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 under the caption "Other Information" at the end of each applicable fund's schedule of investments.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities (other than short-term securities), is included under the caption "Other Information" at the end of each applicable fund's schedule of investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. As each fund's investment adviser, FMR receives a monthly basic fee that is calculated on the basis of a group fee rate plus a fixed individual fund fee rate applied to the average net assets of each fund. The group fee rate is the weighted average of a series of rates and is based on the monthly average net assets of all the mutual funds advised by FMR. The rates ranged from .2167% to .5200% for the period. The annual individual fund fee rate is .45%. In the event that these rates were lower than the contractual rates in effect during the period, FMR voluntarily implemented the above rates, as they resulted in the same or a lower management fee. The basic fee for Canada, Europe, Europe Capital Appreciation, Japan, Pacific Basin, and Southeast Asia is subject to a performance adjustment (up to a maximum of ±.20% of the fund's average net assets over the performance period) based on each fund's investment performance as compared to the appropriate index over a specified period of time. For the period, the management fees were equivalent to the following annualized rates expressed as a percentage of average net assets after the performance adjustment, if applicable:

Canada

.80%

China Region

.73%

Emerging Markets

.73%

Europe

.66%

Europe Capital Appreciation

.84%

Japan

.98%

Japan Smaller Companies

.73%

Latin America

.73%

Nordic

.73%

Pacific Basin

.96%

Southeast Asia

.98%

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Sub-Adviser Fee. FMR Co., Inc. (FMRC) serves as a sub-adviser for the funds. FMRC may provide investment research and advice and may also provide investment advisory services for the funds. FMR, on behalf of the funds, has also entered into sub-advisory agreements with Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Far East) Inc., and Fidelity International Investment Advisors (FIIA). FMR may receive investment advice and research services and may grant the sub-advisers investment management authority to buy and sell securities. FMR pays its sub-advisers either a portion of its management fee or a fee based on costs incurred for these services.

Sales Load. Fidelity Distributors Corporation (FDC), an affiliate of FMR, is the general distributor of the fund. FDC receives a sales charge of up to 3% for selling shares of each fund except Europe and Europe Capital Appreciation. Shares of Canada, Europe, and Pacific Basin purchased prior to October 12, 1990, are subject to a 1% deferred sales charge upon redemption. Effective March 1, 2000, Europe and Europe Capital Appreciation's 3% sales charges were eliminated. The amounts received by FDC for sales charges are retained by FDC. The amounts received by FDC for sales charges and deferred sales charges are shown under the caption "Other Information" on each applicable fund's Statement of Operations.

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 all shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annualized rates as a percentage of the average net assets:

Canada

.28%

China Region

.32%

Emerging Markets

.46%

Europe

.26%

Europe Capital Appreciation

.24%

Japan

.28%

Japan Smaller Companies

.34%

Latin America

.33%

Nordic

.29%

Pacific Basin

.33%

Southeast Asia

.32%

Accounting and Security Lending Fees. FSC maintains each fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Fidelity Cash Central Funds. Pursuant to an Exemptive Order issued by the SEC, the funds may invest in the Fidelity Cash Central Fund and the Fidelity Securities Lending Cash Central Fund (the Cash Funds) managed by Fidelity Investments Money Management, Inc., an affiliate of FMR. The Cash Funds are open-end money market funds available only to investment companies and other accounts managed by FMR and its affiliates. The Cash Funds seek preservation of capital, liquidity, and current income and do not pay a management fee. Income distributions from the Cash Funds are declared daily and paid monthly from net investment income. Income distributions earned by the funds are recorded as either interest income or security lending income in the accompanying financial statements.

Brokerage Commissions. Certain funds placed a portion of their portfolio transactions with brokerage firms which are affiliates of FMR. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of each applicable fund's schedule of investments.

5. Committed Line of Credit.

Certain funds participate with other funds managed by FMR in a $3.475 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 funds have agreed to pay commitment fees on their pro rata portion of the line of credit. During the period the funds had 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. Each applicable fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the funds and any additional required collateral is delivered to the funds on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on each applicable fund's Statement of Assets and Liabilities. Additional information regarding security lending is included under the caption "Other Information" at the end of the fund's schedule of investments.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Bank Borrowings.

Each fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. Each fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Information regarding a fund's participation in the program is included under the caption "Other Information" at the end of each applicable fund's schedule of investments.

8. Expense Reductions.

FMR has directed certain portfolio trades to brokers who paid a portion of the fund's expenses.

In addition, through arrangements with certain funds' custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce a portion of each applicable fund's expenses. For the period, the reductions under these arrangements are shown under the caption "Other Information" on each applicable fund's Statement of Operations.

9. Beneficial Interest.

At the end of the period, FMR and its affiliates were record owners of more than 5% of the outstanding shares of the following funds:

Fund

% Ownership

Fidelity Japan

7%

Fidelity Japan Smaller Companies

21%

10. Transactions with Affiliated Companies.

An affiliated company is a company which the fund has ownership of at least 5% of the voting securities. Information regarding transactions with affiliated companies is included in "Other Information" at the end of each applicable fund's schedule of investments.

11. Litigation.

Fidelity Latin America Fund is engaged in litigation against the obligor on the inflation adjusted debt of Siderurgica Brasileiras SA, contesting the calculation of the principal adjustment. The probability of success of this litigation cannot be predicted and the amount of recovery cannot be estimated. Any recovery from this litigation would inure to the benefit of the fund. As of period end, the fund no longer holds Siderurgica Brasileiras SA debt securities.

12. Merger Information.

On July 24, 2000, July 26, 2000 and July 28, 2000, Fidelity Europe Fund acquired all of the assets and assumed all of the liabilities of Fidelity United Kingdom Fund, Fidelity Germany Fund and Fidelity France Fund (the acquired funds), respectively. The acquisitions, which were approved by the shareholders of the acquired funds on July 19, 2000, was accomplished by an exchange of 1,625,579 shares of the Fidelity Europe Fund for the 276,623 shares then outstanding (each valued at $13.31) of Fidelity United Kingdom Fund; for the 2,341,353 shares then outstanding (each valued at $19.94) of Fidelity Germany Fund; and for the 613,547 shares then outstanding (each valued at $20.22) of Fidelity France Fund.

The following table shows the net assets Europe Fund received in exchange for the shares issued from the following funds as a result of the merger:

Acquired Fund

Net Asset Value

Fidelity France Fund

$12,405,920

Fidelity Germany Fund

$46,686,578

Fidelity United Kingdom Fund

$ 3,681,852

Based on the opinion of fund counsel, the reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. The acquired funds net assets, included $470,489, $5,561,612 and $2,749,870 of unrealized appreciation from Fidelity United Kingdom Fund, Fidelity Germany Fund and Fidelity France Fund, were combined with Fidelity Europe Fund. The total net assets of Fidelity Europe Fund were $1,558,908,897 after the acquisition of Fidelity United Kingdom Fund; $1,606,679,049 after the acquisition of Fidelity Germany Fund; and were $1,556,034,114 after the acquisition of Fidelity France Fund.

Semiannual Report

Proxy Voting Results

A special meeting of the fund's shareholders was held on February 14, 2001. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To authorize the Trustees to adopt an amended and restated Declaration of Trust.*(dagger)

# of
Votes Cast

% of
Votes Cast

Affirmative

8,105,735,718.23

89.848

Against

412,104,756.57

4.568

Abstain

373,548,817.79

4.141

TOTAL

8,891,389,292.59

98.557

Broker Non-Votes

130,179,335.06

PROPOSAL 2

To elect as Trustees the fourteen nominees presented in Proposal 2.*(dagger)

# of
Votes Cast

% of
Votes Cast

J. Michael Cook

Affirmative

8,789,445,363.70

97.427

Withheld

232,123,263.95

2.573

TOTAL

9,021,568,627.65

100.000

Ralph F. Cox

Affirmative

8,779,208,127.83

97.314

Withheld

242,360,499.82

2.686

TOTAL

9,021,568,627.65

100.000

Phyllis Burke Davis

Affirmative

8,774,733,750.55

97.264

Withheld

246,834,877.10

2.736

TOTAL

9,021,568,627.65

100.000

Robert M. Gates

Affirmative

8,781,750,883.82

97.342

Withheld

239,817,743.83

2.658

TOTAL

9,021,568,627.65

100.000

Abigail P. Johnson

Affirmative

8,773,804,737.72

97.254

Withheld

247,763,889.93

2.746

TOTAL

9,021,568,627.65

100.000

Edward C. Johnson 3d

Affirmative

8,777,543,686.58

97.295

Withheld

244,024,941.07

2.705

TOTAL

9,021,568,627.65

100.000

Donald J. Kirk

Affirmative

8,782,254,140.18

97.347

Withheld

239,314,487.47

2.653

TOTAL

9,021,568,627.65

100.000

Marie L. Knowles

Affirmative

8,790,015,911.33

97.433

Withheld

231,552,716.32

2.567

TOTAL

9,021,568,627.65

100.000

# of
Votes Cast

% of
Votes Cast

Ned C. Lautenbach

Affirmative

8,793,142,274.68

97.468

Withheld

228,426,352.97

2.532

TOTAL

9,021,568,627.65

100.000

Peter S. Lynch

Affirmative

8,793,385,538.66

97.471

Withheld

228,183,088.99

2.529

TOTAL

9,021,568,627.65

100.000

Marvin L. Mann

Affirmative

8,786,258,106.35

97.392

Withheld

235,310,521.30

2.608

TOTAL

9,021,568,627.65

100.000

William O. McCoy

Affirmative

8,785,900,601.01

97.388

Withheld

235,668,026.64

2.612

TOTAL

9,021,568,627.65

100.000

Robert C. Pozen

Affirmative

8,789,283,225.77

97.425

Withheld

232,285,401.88

2.575

TOTAL

9,021,568,627.65

100.000

William S. Stavropoulos

Affirmative

8,783,577,909.55

97.362

Withheld

237,990,718.10

2.638

TOTAL

9,021,568,627.65

100.000

PROPOSAL 3

To ratify the selection of PricewaterhouseCoopers LLP as independent accountants of the funds (except Europe Capital Appreciation Fund).

# of
Votes Cast

% of
Votes Cast

Fidelity Canada Fund

Affirmative

71,974,187.99

96.356

Against

974,915.38

1.305

Abstain

1,747,374.10

2.339

TOTAL

74,696,477.47

100.000

Fidelity China Region Fund

Affirmative

83,605,069.99

95.146

Against

1,304,090.90

1.484

Abstain

2,961,482.73

3.370

TOTAL

87,870,643.62

100.000

Fidelity Emerging Markets Fund

Affirmative

128,060,964.11

93.891

Against

2,969,727.06

2.178

Abstain

5,362,157.66

3.931

TOTAL

136,392,848.83

100.000

PROPOSAL 3 - continued

# of
Votes Cast

% of
Votes Cast

Fidelity Europe Fund

Affirmative

656,645,432.35

94.893

Against

11,708,505.56

1.692

Abstain

23,628,783.56

3.415

TOTAL

691,982,721.47

100.000

Fidelity Japan Fund(dagger)

Affirmative

266,745,427.67

94.844

Against

5,194,915.86

1.847

Abstain

9,307,301.16

3.309

TOTAL

281,247,644.69

100.000

Fidelity Japan Smaller Companies Fund(dagger)

Affirmative

229,537,417.41

95.304

Against

5,094,866.72

2.116

Abstain

6,214,116.04

2.580

TOTAL

240,846,400.17

100.000

Fidelity Latin America Fund

Affirmative

125,000,946.16

94.893

Against

3,529,506.93

2.679

Abstain

3,198,499.55

2.428

TOTAL

131,728,952.64

100.000

Fidelity Nordic Fund

Affirmative

87,338,352.38

94.704

Against

1,608,098.70

1.744

Abstain

3,275,746.12

3.552

TOTAL

92,222,197.20

100.000

Fidelity Pacific Basin Fund(dagger)

Affirmative

213,923,719.91

93.963

Against

4,354,240.31

1.912

Abstain

9,390,628.32

4.125

TOTAL

227,668,588.54

100.000

Fidelity Southeast Asia Fund

Affirmative

137,196,527.01

95.448

Against

3,182,353.24

2.214

Abstain

3,360,179.25

2.338

TOTAL

143,739,059.50

100.000

To ratify the selection of Deloitte & Touche LLP as independent accountants of Fidelity Europe Capital Appreciation Fund.

# of
Votes Cast

% of
Votes Cast

Affirmative

283,470,238.76

95.866

Against

3,849,154.15

1.301

Abstain

8,375,757.25

2.833

TOTAL

295,695,150.16

100.000

PROPOSAL 4

To approve an amended management contract for Fidelity Pacific Basin Fund that would change the performance adjustment benchmark, reduce the management fee rate payable to FMR by the fund as FMR's assets under management increase, and allow future modifications of the contract without a shareholder vote if permitted by the 1940 Act.(dagger)

# of
Votes Cast

% of
Votes Cast

Affirmative

205,114,243.20

90.093

Against

11,122,796.25

4.886

Abstain

11,431,549.09

5.021

TOTAL

227,668,588.54

100.000

PROPOSAL 5

To approve an amended management contract that would reduce the management fee payable to FMR by the fund as FMR's assets under management increase, and allow future modifications of the contract without a shareholder vote if permitted by the 1940 Act.

# of
Votes Cast

% of
Votes Cast

Fidelity Canada Fund

Affirmative

68,917,617.75

92.264

Against

2,805,003.30

3.755

Abstain

2,973,856.42

3.981

TOTAL

74,696,477.47

100.000

Fidelity China Region Fund

Affirmative

80,379,431.00

91.475

Against

2,964,430.98

3.373

Abstain

4,526,781.64

5.152

TOTAL

87,870,643.62

100.000

Fidelity Emerging Markets Fund

Affirmative

123,942,262.91

90.872

Against

5,465,454.41

4.007

Abstain

6,985,131.51

5.121

TOTAL

136,392,848.83

100.000

Fidelity Europe Fund

Affirmative

631,345,978.30

91.237

Against

29,830,200.21

4.311

Abstain

30,806,542.96

4.452

TOTAL

691,982,721.47

100.000

Fidelity Europe Capital Appreciation Fund

Affirmative

274,432,737.81

92.809

Against

9,199,583.56

3.112

Abstain

12,062,828.79

4.079

TOTAL

295,695,150.16

100.000

Fidelity Japan Fund(dagger)

Affirmative

254,612,573.82

90.530

Against

14,518,482.33

5.162

Abstain

12,116,588.54

4.308

TOTAL

281,247,644.69

100.000

Fidelity Japan Smaller Companies Fund(dagger)

Affirmative

224,253,150.54

93.110

Against

8,913,997.71

3.702

Abstain

7,679,251.92

3.188

TOTAL

240,846,400.17

100.000

PROPOSAL 5 - continued

# of
Votes Cast

% of
Votes Cast

Fidelity Latin America Fund

Affirmative

119,469,583.39

90.693

Against

7,026,680.61

5.335

Abstain

5,232,688.64

3.972

TOTAL

131,728,952.64

100.000

Fidelity Nordic Fund

Affirmative

84,532,297.81

91.662

Against

3,301,977.18

3.580

Abstain

4,387,922.21

4.758

TOTAL

92,222,197.20

100.000

Fidelity Southeast Asia Fund

Affirmative

129,817,652.95

90.315

Against

9,181,852.90

6.388

Abstain

4,739,553.65

3.297

TOTAL

143,739,059.50

100.000

PROPOSAL 6

To approve an amended sub-advisory agreement with FMR U.K. to allow future modifications of the contract without a shareholder vote if permitted by the 1940 Act.

# of
Votes Cast

% of
Votes Cast

Fidelity Canada Fund

Affirmative

68,334,517.21

91.483

Against

2,932,130.11

3.925

Abstain

3,429,830.15

4.592

TOTAL

74,696,477.47

100.000

Fidelity China Region Fund

Affirmative

79,853,814.59

90.877

Against

3,421,701.61

3.894

Abstain

4,595,127.42

5.229

TOTAL

87,870,643.62

100.000

Fidelity Emerging Markets Fund

Affirmative

123,399,984.65

90.474

Against

5,809,546.66

4.259

Abstain

7,183,317.52

5.267

TOTAL

136,392,848.83

100.000

Fidelity Europe Fund

Affirmative

624,006,953.88

90.177

Against

34,661,054.97

5.009

Abstain

33,314,712.62

4.814

TOTAL

691,982,721.47

100.000

Fidelity Europe Capital Appreciation Fund

Affirmative

273,359,370.14

92.446

Against

9,699,687.79

3.281

Abstain

12,636,092.23

4.273

TOTAL

295,695,150.16

100.000

Fidelity Japan Fund(dagger)

Affirmative

252,662,850.29

89.836

Against

16,269,707.87

5.785

Abstain

12,315,086.53

4.379

TOTAL

281,247,644.69

100.000

# of
Votes Cast

% of
Votes Cast

Fidelity Japan Smaller Companies Fund(dagger)

Affirmative

224,038,263.51

93.021

Against

8,540,965.38

3.546

Abstain

8,267,171.28

3.433

TOTAL

240,846,400.17

100.000

Fidelity Latin America Fund

Affirmative

118,487,534.98

89.948

Against

7,546,161.62

5.729

Abstain

5,695,256.04

4.323

TOTAL

131,728,952.64

100.000

Fidelity Nordic Fund

Affirmative

82,062,084.14

88.983

Against

4,811,262.51

5.217

Abstain

5,348,850.55

5.800

TOTAL

92,222,197.20

100.000

Fidelity Pacific Basin Fund(dagger)

Affirmative

204,275,383.40

89.725

Against

11,079,106.36

4.866

Abstain

12,314,098.78

5.409

TOTAL

227,668,588.54

100.000

Fidelity Southeast Asia Fund

Affirmative

128,820,649.78

89.621

Against

9,703,759.72

6.751

Abstain

5,214,650.00

3.628

TOTAL

143,739,059.50

100.000

PROPOSAL 7

To approve an amended sub-advisory agreement with FMR Far East to allow future modifications of the contract without a shareholder vote if permitted by the 1940 Act.

# of
Votes Cast

% of
Votes Cast

Fidelity Canada Fund

Affirmative

68,148,046.72

91.233

Against

3,063,902.50

4.102

Abstain

3,484,528.25

4.665

TOTAL

74,696,477.47

100.000

Fidelity China Region Fund

Affirmative

80,091,135.95

91.147

Against

3,390,064.94

3.858

Abstain

4,389,442.73

4.995

TOTAL

87,870,643.62

100.000

Fidelity Emerging Markets Fund

Affirmative

123,100,325.09

90.254

Against

5,913,048.19

4.336

Abstain

7,379,475.55

5.410

TOTAL

136,392,848.83

100.000

Fidelity Europe Fund

Affirmative

621,723,112.28

89.847

Against

34,970,537.23

5.053

Abstain

35,289,071.96

5.100

TOTAL

691,982,721.47

100.000

PROPOSAL 7 - continued

# of
Votes Cast

% of
Votes Cast

Fidelity Europe Capital Appreciation Fund

Affirmative

272,658,747.80

92.209

Against

9,977,025.71

3.374

Abstain

13,059,376.65

4.417

TOTAL

295,695,150.16

100.000

Fidelity Japan Fund(dagger)

Affirmative

252,683,269.67

89.844

Against

16,238,382.32

5.773

Abstain

12,325,992.70

4.383

TOTAL

281,247,644.69

100.000

Fidelity Japan Smaller Companies Fund(dagger)

Affirmative

223,510,615.97

92.802

Against

9,249,585.49

3.841

Abstain

8,086,198.71

3.357

TOTAL

240,846,400.17

100.000

Fidelity Latin America Fund

Affirmative

118,286,665.94

89.795

Against

7,972,473.56

6.053

Abstain

5,469,813.14

4.152

TOTAL

131,728,952.64

100.000

Fidelity Nordic Fund

Affirmative

81,281,374.62

88.136

Against

4,785,220.86

5.189

Abstain

6,155,601.72

6.675

TOTAL

92,222,197.20

100.000

Fidelity Pacific Basin Fund(dagger)

Affirmative

204,450,373.13

89.802

Against

10,913,039.19

4.793

Abstain

12,305,176.22

5.405

TOTAL

227,668,588.54

100.000

Fidelity Southeast Asia Fund

Affirmative

128,928,286.18

89.696

Against

9,793,373.47

6.813

Abstain

5,017,399.85

3.491

TOTAL

143,739,059.50

100.000

PROPOSAL 8

To approve an amended sub-advisory agreement with FIIA to allow future modifications of the contract without a shareholder vote if permitted by the 1940 Act.

# of
Votes Cast

% of
Votes Cast

Fidelity Canada Fund

Affirmative

68,335,715.97

91.485

Against

2,914,789.30

3.902

Abstain

3,445,972.20

4.613

TOTAL

74,696,477.47

100.000

Fidelity China Region Fund

Affirmative

79,806,897.92

90.823

Against

3,397,749.40

3.867

Abstain

4,665,996.30

5.310

TOTAL

87,870,643.62

100.000

# of
Votes Cast

% of
Votes Cast

Fidelity Emerging Markets Fund

Affirmative

123,136,557.65

90.281

Against

5,887,776.95

4.317

Abstain

7,368,514.23

5.402

TOTAL

136,392,848.83

100.000

Fidelity Europe Fund

Affirmative

623,518,480.46

90.106

Against

34,939,097.43

5.049

Abstain

33,525,143.58

4.845

TOTAL

691,982,721.47

100.000

Fidelity Europe Capital Appreciation Fund

Affirmative

273,018,988.02

92.331

Against

9,865,238.56

3.337

Abstain

12,810,923.58

4.332

TOTAL

295,695,150.16

100.000

Fidelity Japan Fund(dagger)

Affirmative

252,768,822.33

89.874

Against

16,195,013.53

5.758

Abstain

12,283,808.83

4.368

TOTAL

281,247,644.69

100.000

Fidelity Japan Smaller Companies Fund(dagger)

Affirmative

223,587,227.36

92.834

Against

9,126,139.10

3.789

Abstain

8,133,033.71

3.377

TOTAL

240,846,400.17

100.000

Fidelity Latin America Fund

Affirmative

118,494,641.24

89.953

Against

7,966,125.90

6.048

Abstain

5,268,185.50

3.999

TOTAL

131,728,952.64

100.000

Fidelity Nordic Fund

Affirmative

81,924,204.37

88.833

Against

4,998,617.52

5.421

Abstain

5,299,375.31

5.746

TOTAL

92,222,197.20

100.000

Fidelity Pacific Basin Fund(dagger)

Affirmative

204,595,191.65

89.865

Against

11,046,313.95

4.852

Abstain

12,027,082.94

5.283

TOTAL

227,668,588.54

100.000

Fidelity Southeast Asia Fund

Affirmative

128,974,485.94

89.728

Against

9,638,807.38

6.706

Abstain

5,125,766.18

3.566

TOTAL

143,739,059.50

100.000

PROPOSAL 9

To approve an amended sub-advisory agreement between FIIA and FIIA(U.K.)L to allow future modifications of the contract without a shareholder vote if permitted by the 1940 Act.

# of
Votes Cast

% of
Votes Cast

Fidelity Canada Fund

Affirmative

68,228,894.49

91.342

Against

2,988,218.60

4.000

Abstain

3,479,364.38

4.658

TOTAL

74,696,477.47

100.000

Fidelity China Region Fund

Affirmative

79,718,279.73

90.722

Against

3,416,869.97

3.889

Abstain

4,735,493.92

5.389

TOTAL

87,870,643.62

100.000

Fidelity Emerging Markets Fund

Affirmative

123,221,636.78

90.343

Against

5,941,735.88

4.357

Abstain

7,229,476.17

5.300

TOTAL

136,392,848.83

100.000

Fidelity Europe Fund

Affirmative

622,879,439.63

90.014

Against

35,382,994.94

5.113

Abstain

33,720,286.90

4.873

TOTAL

691,982,721.47

100.000

Fidelity Europe Capital Appreciation Fund

Affirmative

273,251,858.57

92.410

Against

9,834,035.25

3.326

Abstain

12,609,256.34

4.264

TOTAL

295,695,150.16

100.000

Fidelity Japan Fund(dagger)

Affirmative

252,343,617.64

89.723

Against

16,368,536.01

5.820

Abstain

12,535,491.04

4.457

TOTAL

281,247,644.69

100.000

Fidelity Japan Smaller Companies Fund(dagger)

Affirmative

223,896,972.15

92.963

Against

8,722,890.94

3.621

Abstain

8,226,537.08

3.416

TOTAL

240,846,400.17

100.000

Fidelity Latin America Fund

Affirmative

118,104,487.05

89.657

Against

7,926,384.92

6.017

Abstain

5,698,080.67

4.326

TOTAL

131,728,952.64

100.000

Fidelity Nordic Fund

Affirmative

82,118,751.45

89.044

Against

4,582,360.62

4.969

Abstain

5,521,085.13

5.987

TOTAL

92,222,197.20

100.000

# of
Votes Cast

% of
Votes Cast

Fidelity Pacific Basin Fund(dagger)

Affirmative

203,808,147.63

89.520

Against

11,457,965.35

5.032

Abstain

12,402,475.56

5.448

TOTAL

227,668,588.54

100.000

Fidelity Southeast Asia Fund

Affirmative

128,789,590.91

89.600

Against

9,764,326.09

6.793

Abstain

5,185,142.50

3.607

TOTAL

143,739,059.50

100.000

PROPOSAL 10

To approve an amended sub-advisory agreement between FIIA and FIJ to allow future modifications of the contract without a shareholder vote if permitted by the 1940 Act.

# of
Votes Cast

% of
Votes Cast

Fidelity China Region Fund

Affirmative

79,969,115.05

91.008

Against

3,437,222.72

3.911

Abstain

4,464,305.85

5.081

TOTAL

87,870,643.62

100.000

Fidelity Emerging Markets Fund

Affirmative

122,926,300.56

90.127

Against

6,141,433.93

4.502

Abstain

7,325,114.34

5.371

TOTAL

136,392,848.83

100.000

Fidelity Japan Fund(dagger)

Affirmative

253,503,853.51

90.135

Against

15,693,640.19

5.580

Abstain

12,050,150.99

4.285

TOTAL

281,247,644.69

100.000

Fidelity Japan Smaller Companies Fund(dagger)

Affirmative

223,554,661.18

92.820

Against

9,575,574.46

3.976

Abstain

7,716,164.53

3.204

TOTAL

240,846,400.17

100.000

Fidelity Pacific Basin Fund(dagger)

Affirmative

203,999,000.32

89.603

Against

11,313,067.34

4.970

Abstain

12,356,520.88

5.427

TOTAL

227,668,588.54

100.000

Fidelity Southeast Asia Fund

Affirmative

128,695,949.09

89.534

Against

9,690,718.87

6.742

Abstain

5,352,391.54

3.724

TOTAL

143,739,059.50

100.000

PROPOSAL 11

To approve a Distribution and Service Plan pursuant to Rule 12b-1.

# of
Votes Cast

% of
Votes Cast

Fidelity Canada Fund

Affirmative

66,307,948.50

88.770

Against

5,036,294.63

6.742

Abstain

3,352,234.34

4.488

TOTAL

74,696,477.47

100.000

Fidelity China Region Fund

Affirmative

78,409,194.73

89.233

Against

5,102,421.02

5.806

Abstain

4,359,027.87

4.961

TOTAL

87,870,643.62

100.000

Fidelity Emerging Markets Fund

Affirmative

121,060,847.73

88.759

Against

8,551,699.32

6.270

Abstain

6,780,301.78

4.971

TOTAL

136,392,848.83

100.000

Fidelity Europe Fund

Affirmative

609,719,835.91

88.112

Against

48,673,878.02

7.034

Abstain

33,589,007.54

4.854

TOTAL

691,982,721.47

100.000

Fidelity Europe Capital Appreciation Fund

Affirmative

265,670,196.02

89.846

Against

17,318,609.80

5.857

Abstain

12,706,344.34

4.297

TOTAL

295,695,150.16

100.000

Fidelity Japan Fund(dagger)

Affirmative

245,638,294.59

87.339

Against

22,887,574.92

8.138

Abstain

12,721,775.18

4.523

TOTAL

281,247,644.69

100.000

Fidelity Japan Smaller Companies Fund(dagger)

Affirmative

219,946,098.64

91.322

Against

12,511,213.23

5.195

Abstain

8,389,088.30

3.483

TOTAL

240,846,400.17

100.000

Fidelity Latin America Fund

Affirmative

115,523,561.44

87.698

Against

10,225,965.52

7.763

Abstain

5,979,425.68

4.539

TOTAL

131,728,952.64

100.000

Fidelity Nordic Fund

Affirmative

81,292,875.33

88.149

Against

5,836,362.58

6.329

Abstain

5,092,959.29

5.522

TOTAL

92,222,197.20

100.000

Fidelity Pacific Basin Fund(dagger)

Affirmative

201,895,288.33

88.679

Against

13,247,356.25

5.819

Abstain

12,525,943.96

5.502

TOTAL

227,668,588.54

100.000

# of
Votes Cast

% of
Votes Cast

Fidelity Southeast Asia Fund

Affirmative

125,436,960.65

87.267

Against

12,966,094.07

9.021

Abstain

5,336,004.78

3.712

TOTAL

143,739,059.50

100.000

PROPOSAL 12

To change Fidelity Emerging Markets Fund's policies concerning diversification.

# of
Votes Cast

% of
Votes Cast

Affirmative

122,266,570.10

89.643

Against

7,507,526.15

5.504

Abstain

6,618,752.58

4.853

TOTAL

136,392,848.83

100.000

PROPOSAL 13

To change Fidelity Latin America Fund's policies concerning diversification.

# of
Votes Cast

% of
Votes Cast

Affirmative

119,119,181.69

90.427

Against

8,053,742.89

6.114

Abstain

4,556,028.06

3.459

TOTAL

131,728,952.64

100.000

PROPOSAL 14

To change Fidelity Southeast Asia Fund's policies concerning diversification.

# of
Votes Cast

% of
Votes Cast

Affirmative

128,665,410.27

89.513

Against

10,082,934.10

7.015

Abstain

4,990,715.13

3.472

TOTAL

143,739,059.50

100.000

PROPOSAL 15

To change Fidelity Canada Fund's policies concerning diversification.

# of
Votes Cast

% of
Votes Cast

Affirmative

67,225,429.86

89.998

Against

4,286,669.62

5.739

Abstain

3,184,377.99

4.263

TOTAL

74,696,477.47

100.000

PROPOSAL 16

To change Fidelity Canada Fund's policy concerning industry concentration.

# of
Votes Cast

% of
Votes Cast

Affirmative

67,421,075.15

90.260

Against

4,150,335.73

5.556

Abstain

3,125,066.59

4.184

TOTAL

74,696,477.47

100.000

PROPOSAL 17

To change Fidelity China Region Fund's policy concering industry concentration.

# of
Votes Cast

% of
Votes Cast

Affirmative

80,753,776.21

91.901

Against

2,948,051.79

3.355

Abstain

4,168,815.62

4.744

TOTAL

87,870,643.62

100.000

PROPOSAL 18

To eliminate a fundamental investment policy and modify a related non-fundamental policy of Fidelity Canada Fund.

# of
Votes Cast

% of
Votes Cast

Affirmative

67,291,989.75

90.087

Against

4,210,803.64

5.637

Abstain

3,193,684.08

4.276

TOTAL

74,696,477.47

100.000

PROPOSAL 19

To eliminate a fundamental investment policy and modify a related non-fundamental policy of Fidelity Europe Fund.

# of
Votes Cast

% of
Votes Cast

Affirmative

611,774,064.98

88.409

Against

44,376,349.97

6.413

Abstain

35,832,306.52

5.178

TOTAL

691,982,721.47

100.000

PROPOSAL 20

To modify Fidelity Latin America Fund's fundamental investment objective.

# of
Votes Cast

% of
Votes Cast

Affirmative

119,514,407.80

90.728

Against

7,314,901.79

5.553

Abstain

4,899,643.05

3.719

TOTAL

131,728,952.64

100.000

PROPOSAL 21

To eliminate a fundamental investment policy and modify a related non-fundamental policy of Fidelity Pacific Basin Fund.

# of
Votes Cast

% of
Votes Cast

Affirmative

201,606,603.82

88.553

Against

13,247,269.08

5.818

Abstain

12,814,715.64

5.629

TOTAL

227,668,588.54

100.000

PROPOSAL 22

To amend each fund's fundamental investment limitation concerning underwriting.

# of
Votes Cast

% of
Votes Cast

Fidelity Canada Fund

Affirmative

67,346,052.36

90.160

Against

4,216,646.89

5.645

Abstain

3,133,778.22

4.195

TOTAL

74,696,477.47

100.000

# of
Votes Cast

% of
Votes Cast

Fidelity China Region Fund

Affirmative

79,131,557.12

90.055

Against

3,800,401.10

4.325

Abstain

4,938,685.40

5.620

TOTAL

87,870,643.62

100.000

Fidelity Emerging Markets Fund

Affirmative

121,909,455.30

89.381

Against

7,268,999.08

5.330

Abstain

7,214,394.45

5.289

TOTAL

136,392,848.83

100.000

Fidelity Europe Fund

Affirmative

614,222,055.55

88.763

Against

42,606,809.28

6.157

Abstain

35,153,856.64

5.080

TOTAL

691,982,721.47

100.000

Fidelity Europe Capital Appreciation Fund

Affirmative

270,315,137.09

91.417

Against

12,335,411.30

4.171

Abstain

13,044,601.77

4.412

TOTAL

295,695,150.16

100.000

Fidelity Japan Fund(dagger)

Affirmative

252,301,107.57

89.708

Against

16,182,188.61

5.754

Abstain

12,764,348.51

4.538

TOTAL

281,247,644.69

100.000

Fidelity Japan Smaller Companies Fund(dagger)

Affirmative

222,680,119.01

92.457

Against

9,405,222.61

3.905

Abstain

8,761,058.55

3.638

TOTAL

240,846,400.17

100.000

Fidelity Latin America Fund

Affirmative

117,394,566.66

89.118

Against

8,446,003.48

6.412

Abstain

5,888,382.50

4.470

TOTAL

131,728,952.64

100.000

Fidelity Nordic Fund

Affirmative

82,898,222.21

89.890

Against

4,230,050.59

4.586

Abstain

5,093,924.40

5.524

TOTAL

92,222,197.20

100.000

Fidelity Pacific Basin Fund(dagger)

Affirmative

201,203,682.95

88.376

Against

13,354,608.07

5.865

Abstain

13,110,297.52

5.759

TOTAL

227,668,588.54

100.000

Fidelity Southeast Asia Fund

Affirmative

127,844,213.20

88.942

Against

9,932,941.94

6.910

Abstain

5,961,904.36

4.148

TOTAL

143,739,059.50

100.000

*Denotes trust-wide proposals and voting results.

(dagger)The special shareholder meeting of Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, and Fidelity Pacific Basin Fund reconvened on March 14, 2001 to vote with respect to these proposals.

Semiannual Report

Managing Your Investments

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

By Phone

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

(phone_graphic)

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

Press

1   For mutual fund and brokerage trading.

2   For quotes.*

3   For account balances and holdings.

4   To review orders and mutual fund activity.

5   To change your PIN.

*0   To speak to a Fidelity representative.

By PC

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

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

If you are not currently on the Internet, call EarthLink Sprint at 1-800-288-2967, and be sure to ask for registration number SMD004 to receive a special Fidelity package that includes 30 days of free Internet access. EarthLink is North America's #1 independent Internet access provider.

(computer_graphic)

Fidelity On-line Xpress+x®

Fidelity On-line Xpress+ software for Windows combines comprehensive portfolio management capabilities, securities trading and access to research and analysis tools . . . all on your desktop. Call Fidelity at 1-800-544-0240 or visit our Web site for more information on how to manage your investments via your PC.

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

Semiannual Report

To Write Fidelity

If more than one address is listed, please locate the address that is closest to you. We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter_graphic)

Making Changes
To Your Account

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

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

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

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

Overnight Express
Fidelity Investments
2300 Litton Lane - KH1A
Hebron, KY 41048

Selling shares

Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602

Overnight Express
Fidelity Investments
Attn: Redemptions - CP61

400 East Las Colinas Blvd.
Irving, TX 75039-5587

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter_graphic)

For Retirement
Accounts

Buying shares

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

Selling shares

Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602

Overnight Express
Fidelity Investments
Attn: Redemptions - CP6R

400 East Las Colinas Blvd.
Irving, TX 75039-5587

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Semiannual Report

To Visit Fidelity

For directions and hours,
please call 1-800-544-9797.

Arizona

7373 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

851 East Hamilton Avenue
Campbell, CA

527 North Brand Boulevard
Glendale, CA

19200 Von Karman Avenue
Irvine, CA

10100 Santa Monica Blvd.
Los Angeles, CA

251 University Avenue
Palo Alto, CA

1760 Challenge Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

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San Rafael, CA

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San Francisco, CA

1400 Civic Drive
Walnut Creek, CA

6300 Canoga Avenue
Woodland Hills, CA

Colorado

1625 Broadway
Denver, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

Delaware

222 Delaware Avenue
Wilmington, DE

Florida

4400 N. Federal Highway
Boca Raton, FL

90 Alhambra Plaza
Coral Gables, FL

4090 N. Ocean Boulevard
Ft. Lauderdale, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

2401 PGA Boulevard
Palm Beach Gardens, FL

8065 Beneva Road
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North Franklin Street
Chicago, IL

1415 West 22nd Street
Oak Brook, IL

1700 East Golf Road
Schaumburg, IL

3232 Lake Avenue
Wilmette, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

Maine

Three Canal Plaza
Portland, ME

Maryland

7401 Wisconsin Avenue
Bethesda, MD

One W. Pennsylvania Ave.
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

25 State Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

416 Belmont Street
Worcester, MA

Michigan

280 Old N. Woodward Ave.
Birmingham, MI

29155 Northwestern Hwy.
Southfield, MI

Minnesota

7600 France Avenue South
Edina, MN

Missouri

700 West 47th Street
Kansas City, MO

8885 Ladue Road
Ladue, MO

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

501 Route 17, South
Paramus, NJ

New York

1055 Franklin Avenue
Garden City, NY

999 Walt Whitman Road
Melville, L.I., NY

1271 Avenue of the Americas
New York, NY

71 Broadway
New York, NY

350 Park Avenue
New York, NY

North Carolina

4611 Sharon Road
Charlotte, NC

Ohio

600 Vine Street
Cincinnati, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

16850 SW 72nd Avenue
Tigard, OR

Pennsylvania

1735 Market Street
Philadelphia, PA

439 Fifth Avenue
Pittsburgh, PA

Rhode Island

47 Providence Place
Providence, RI

Tennessee

6150 Poplar Avenue
Memphis, TN

Texas

10000 Research Boulevard
Austin, TX

4017 Northwest Parkway
Dallas, TX

1155 Dairy Ashford Street
Houston, TX

2701 Drexel Drive
Houston, TX

400 East Las Colinas Blvd.
Irving, TX

14100 San Pedro
San Antonio, TX

19740 IH 45 North
Spring, TX

Utah

215 South State Street
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

411 108th Avenue, N.E.
Bellevue, WA

511 Pine Street
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

595 North Barker Road
Brookfield, WI

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

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Officers

Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Richard A. Spillane, Jr., Vice President
Stephen Binder, Jr., Vice President, Canada Fund
William Kennedy, Jr., Vice President, Pacific Basin Fund
Allan Liu, Vice President, Southeast Asia Fund
Patricia Satterthwaite, Vice President, Latin America Fund
and Emerging Markets Fund

Eric D. Roiter, Secretary
Robert A. Dwight, Treasurer
Maria F. Dwyer, Deputy Treasurer
John H. Costello, Assistant Treasurer
Paul F. Maloney, Assistant Treasurer
Thomas J. Simpson, Assistant Treasurer

Board of Trustees

J. Michael Cook *
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Abigail P. Johnson
Edward C. Johnson 3d
Donald J. Kirk *
Marie L. Knowles *
Ned C. Lautenbach *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Robert C. Pozen
William S. Stavropoulos *

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Shareholder Servicing Agent

Fidelity Service Company, Inc.
Boston, MA

* Independent trustees

Custodians

The Chase Manhattan 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 Growth & Income Fund

Japan Fund

Japan Smaller Companies Fund

Latin America Fund

Nordic Fund

Overseas Fund

Pacific Basin Fund

Southeast Asia Fund

Worldwide Fund

Corporate Headquarters

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

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-6666

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

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

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

(automated graphic)    Automated line for quickest service

Semiannual Report

TIF-SANN-0601 134869
1.703611.103

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

Printed on Recycled Paper


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘N-30D’ Filing    Date    Other Filings
10/31/0824F-2NT,  N-CSR,  NSAR-B
9/30/08
10/31/0724F-2NT,  N-CSR,  NSAR-B
9/30/07
10/31/0624F-2NT,  N-CSR,  NSAR-B
9/30/06
10/31/0424F-2NT,  N-CSR,  NSAR-B
9/30/04
10/31/0324F-2NT,  N-CSR,  NSAR-B
6/30/01
Filed on:6/28/01N-30D
5/30/01497
For Period End:4/30/01N-30D,  NSAR-A
4/1/01
3/14/01
2/14/01DEFS14A
12/29/00485BPOS,  497,  NSAR-B
10/31/0024F-2NT,  N-30D,  NSAR-B
9/1/00
7/28/00
7/26/00
7/24/00
7/19/00
3/1/00497
10/31/9624F-2NT,  N-30D,  NSAR-B,  NSAR-BT
11/1/95
12/21/93
4/19/93
2/19/93
9/15/92
 List all Filings 
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Filing Submission 0000744822-01-500024   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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