N-Q

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-4008

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	October 31
Date of reporting period:	January 31, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Aggressive International Fund

January 31, 2007

1.813010.102

IVF-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
Argentina - 4.2%
Cresud S.A.C.I.F. y A. sponsored ADR (d)	430,400		$ 7,996,832
Inversiones y Representaciones SA sponsored GDR (a)(d)	454,900		8,129,063
Pampa Holding SA (a)	2,194,500		1,689,765
Pampa Holding SA rights 2/9/07 (a)	2,194,500		28,243
TOTAL ARGENTINA			17,843,903
Austria - 1.2%
Flughafen Wien AG	52,900		5,274,462
Canada - 14.7%
Abitibi-Consolidated, Inc.	4,357,000		14,182,653
Aquiline Resources, Inc. (a)	163,100		1,039,648
Aquiline Resources, Inc. (a)(f)	494,600		2,837,455
Canadian Natural Resources Ltd.	283,300		14,167,408
Catalyst Paper Corp. (a)	1,412,100		4,692,598
NuVista Energy Ltd. (a)	305,400		3,421,020
ProEx Energy Ltd. (a)	357,500		4,202,129
Saskatchewan Wheat Pool, Inc. (a)	636,500		4,625,255
Saskatchewan Wheat Pool, Inc. rights 12/31/99 (a)(e)	566,000		3,896,481
Suncor Energy, Inc.	133,500		9,893,932
TOTAL CANADA			62,958,579
Cayman Islands - 2.8%
GlobalSantaFe Corp.	205,800		11,938,458
Czech Republic - 2.4%
Philip Morris CR AS	20,300		10,434,492
France - 9.3%
Compagnie Generale de Geophysique SA (a)(d)	32,600		6,471,107
Icade SA	106,800		6,813,731
Pernod Ricard SA	56,160		11,499,113
Renault SA	121,800		15,073,125
TOTAL FRANCE			39,857,076
Germany - 7.8%
E.ON AG	82,400		11,220,408
KarstadtQuelle AG (a)(d)	271,100		8,738,053
Lanxess AG (a)	258,400		13,356,918
TOTAL GERMANY			33,315,379
Italy - 3.2%
Fiat Spa (a)(d)	621,800		13,500,837
Japan - 2.4%
Canon, Inc.	195,300		10,313,793
Luxembourg - 3.7%
SES Global SA FDR unit	909,406		15,586,357
Netherlands - 11.6%
CNH Global NV	392,100		13,296,111
Koninklijke Philips Electronics NV	338,000		13,232,700
	Shares		Value
Nutreco Holding NV	157,200		$ 10,828,258
Reed Elsevier NV (d)	697,000		12,209,366
TOTAL NETHERLANDS			49,566,435
Philippines - 1.0%
DMCI Holdings, Inc.	15,608,000		2,301,641
Semirara Mining Corp.	5,350,400		1,972,498
TOTAL PHILIPPINES			4,274,139
South Africa - 4.1%
Gold Fields Ltd.	158,700		2,680,443
Gold Fields Ltd. sponsored ADR	873,700		14,756,793
TOTAL SOUTH AFRICA			17,437,236
Sweden - 1.2%
Atlas Copco AB (A Shares)	150,700		5,149,820
Switzerland - 4.1%
Actelion Ltd. (Reg.) (a)	27,545		6,699,387
Bucher Industries AG	9,890		1,184,812
Syngenta AG sponsored ADR	256,500		9,508,455
TOTAL SWITZERLAND			17,392,654
Turkey - 0.0%
Selcuk Ecza Deposu Tic AS	43,000		175,791
United Kingdom - 8.8%
Benfield Group PLC	1,700,500		11,526,648
Pearson PLC	809,800		12,760,257
Tesco PLC	1,617,200		13,281,506
TOTAL UNITED KINGDOM			37,568,411
United States of America - 15.9%
Deere & Co.	161,600		16,205,248
Monsanto Co.	210,800		11,612,972
Newmont Mining Corp.	268,800		12,122,880
NTL, Inc.	460,000		12,535,000
Synthes, Inc.	123,752		15,551,709
TOTAL UNITED STATES OF AMERICA			68,027,809
TOTAL COMMON STOCKS (Cost $359,723,324)		420,615,631
Money Market Funds - 11.0%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b)	14,979,929		$ 14,979,929
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	32,144,221		32,144,221
TOTAL MONEY MARKET FUNDS (Cost $47,124,150)		47,124,150

TOTAL INVESTMENT PORTFOLIO - 109.4% (Cost $406,847,474) 467,739,781

NET OTHER ASSETS - (9.4)%	(40,027,568)
NET ASSETS - 100%	$ 427,712,213

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,896,481 or 0.9% of net assets.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,837,455 or 0.7% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aquiline Resources, Inc.	10/30/06 - 10/31/06	$ 2,046,386

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 412,631
Fidelity Securities Lending Cash Central Fund	257,234
Total	$ 669,865

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $407,199,576. Net unrealized appreciation aggregated $60,540,205, of which $63,075,857 related to appreciated investment securities and $2,535,652 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE) regular trading hours on the NASDAQ stock market, normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Canada Fund

January 31, 2007

1.813011.102

CAN-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
CONSUMER DISCRETIONARY - 7.4%
Hotels, Restaurants & Leisure - 1.1%
Great Canadian Gaming Corp. (a)	800,000		$ 8,288,288
Tim Hortons, Inc.	775,000		24,025,000
			32,313,288
Media - 3.5%
Aeroplan Income Fund (d)	745,216		12,052,916
Aeroplan Income Fund (f)	31,800		514,324
Astral Media, Inc. Class A (non-vtg.)	275,000		10,727,945
Corus Entertainment, Inc. Class B (non-vtg.)	550,000		22,904,980
Quebecor, Inc. Class B (sub. vtg.)	950,000		31,262,961
Yellow Pages Income Fund (d)	2,600,000		28,616,352
			106,079,478
Multiline Retail - 0.6%
Canadian Tire Corp. Ltd. Class A (non-vtg.) (d)	300,000		17,404,385
Specialty Retail - 0.2%
RONA, Inc. (a)	400,000		7,377,189
Textiles, Apparel & Luxury Goods - 2.0%
Gildan Activewear, Inc. Class A (a)	1,175,000		58,540,286
TOTAL CONSUMER DISCRETIONARY			221,714,626
CONSUMER STAPLES - 3.5%
Food & Staples Retailing - 3.5%
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	1,660,000		36,540,881
Metro, Inc. Class A (sub. vtg.)	800,000		25,707,972
Shoppers Drug Mart Corp.	975,000		41,681,540
			103,930,393
ENERGY - 26.3%
Energy Equipment & Services - 1.0%
CCS Income Trust (d)	540,000		17,160,122
CCS Income Trust (f)	135,000		4,321,202
CHC Helicopter Corp. Class A (sub. vtg.)	355,000		7,524,817
Savanna Energy Services Corp. (a)	140,000		2,178,650
			31,184,791
Oil, Gas & Consumable Fuels - 25.3%
AltaGas Income Trust	600,000		13,125,956
Cameco Corp.	1,900,000		72,376,339
Canadian Natural Resources Ltd.	1,640,000		82,013,938
Canadian Oil Sands Trust unit	1,100,000		28,112,358
Duvernay Oil Corp. (a)	225,000		6,257,012
EnCana Corp.	1,800,000		86,359,000
Galleon Energy, Inc. (a)(f)	100,000		1,347,952
Galleon Energy, Inc. Class A (a)	670,000		9,031,277
Highpine Oil & Gas Ltd. (a)	460,000		6,009,009
Highpine Oil & Gas Ltd. (a)(f)	40,000		522,523
Husky Energy, Inc.	700,000		44,899,711
Keyera Facilities Income Fund (d)	1,000,000		13,861,975
	Shares		Value
Nexen, Inc.	525,000		$ 31,702,575
Niko Resources Ltd. (f)	225,000		16,617,798
Penn West Energy Trust (d)	400,000		12,112,868
Petro-Canada	850,000		33,065,188
Suncor Energy, Inc.	1,400,000		103,756,587
Talisman Energy, Inc.	4,200,000		73,997,960
TransCanada Corp.	2,400,000		79,612,443
Valero Energy Corp.	170,000		9,227,600
Western Oil Sands, Inc. Class A (a)	1,350,000		36,371,749
			760,381,818
TOTAL ENERGY			791,566,609
FINANCIALS - 30.0%
Capital Markets - 0.9%
Addenda Capital, Inc.	265,000		5,619,369
CI Financial Income Fund (d)	1,000,000		21,961,584
			27,580,953
Commercial Banks - 16.9%
Bank of Montreal	1,850,000		110,078,616
Canadian Imperial Bank of Commerce	975,000		83,595,104
National Bank of Canada	450,000		24,588,220
Royal Bank of Canada	3,075,000		142,695,053
Toronto-Dominion Bank	2,475,000		146,993,881
			507,950,874
Diversified Financial Services - 0.6%
TSX Group, Inc.	425,000		18,905,745
Insurance - 9.6%
ING Canada, Inc.	1,300,000		58,503,315
Manulife Financial Corp.	4,450,000		150,148,733
Power Corp. of Canada (sub. vtg.)	1,200,000		36,338,603
Sun Life Financial, Inc.	1,000,000		42,971,273
			287,961,924
Real Estate Management & Development - 2.0%
Brookfield Asset Management, Inc. Class A (d)	950,000		46,418,069
Brookfield Properties Corp.	300,000		13,962,002
			60,380,071
TOTAL FINANCIALS			902,779,567
INDUSTRIALS - 7.8%
Aerospace & Defense - 1.2%
Bombardier, Inc. Class B (sub. vtg.)	2,000,000		7,564,168
CAE, Inc.	2,900,000		28,664,797
			36,228,965
Airlines - 0.7%
ACE Aviation Holdings, Inc. Class A (a)	300,000		8,694,544
AMR Corp.	150,000		5,557,500
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Airlines - continued
Jazz Air Income Fund (d)	300,000		$ 2,172,361
WestJet Airlines Ltd. (a)(e)	350,000		4,485,807
			20,910,212
Commercial Services & Supplies - 0.3%
Garda World Security Corp. (a)	500,000		8,520,313
Construction & Engineering - 1.4%
SNC-Lavalin Group, Inc.	1,450,000		42,627,486
Machinery - 0.0%
Railpower Technologies Corp. (a)(d)	450,000		497,195
Torr Canada, Inc. (a)	700,000		452,150
			949,345
Road & Rail - 3.3%
Canadian National Railway Co.	1,950,000		88,915,094
TransForce Income Fund (d)	736,237		8,641,367
			97,556,461
Trading Companies & Distributors - 0.9%
Finning International, Inc.	700,000		28,354,581
TOTAL INDUSTRIALS			235,147,363
INFORMATION TECHNOLOGY - 6.8%
Communications Equipment - 3.4%
Nortel Networks Corp. (a)	150,410		4,037,012
Research In Motion Ltd. (a)	775,000		99,029,501
			103,066,513
Electronic Equipment & Instruments - 0.2%
Miranda Technologies, Inc. (a)	479,800		4,974,979
Miranda Technologies, Inc. (a)(f)	186,300		1,931,719
			6,906,698
Internet Software & Services - 1.6%
Google, Inc. Class A (sub. vtg.) (a)	95,000		47,623,500
IT Services - 0.6%
CGI Group, Inc. Class A (sub. vtg.) (a)	1,300,000		10,109,638
Emergis, Inc. (a)	1,400,000		6,151,623
			16,261,261
Semiconductors & Semiconductor Equipment - 0.4%
Broadcom Corp. Class A (a)	350,000		11,172,000
Tundra Semiconductor Corp. Ltd. (a)	200,000		1,616,522
Tundra Semiconductor Corp. Ltd. (a)(f)	4,300		34,755
			12,823,277
	Shares		Value
Software - 0.6%
Cognos, Inc. (a)	175,000		$ 7,547,750
MacDonald Dettwiler & Associates Ltd. (a)	250,000		10,581,336
			18,129,086
TOTAL INFORMATION TECHNOLOGY			204,810,335
MATERIALS - 10.4%
Chemicals - 2.4%
Potash Corp. of Saskatchewan, Inc.	450,000		70,213,501
Metals & Mining - 8.0%
Aber Diamond Corp.	300,000		11,562,978
Alcan, Inc.	1,375,000		70,105,601
Barrick Gold Corp.	500,000		14,796,872
Eldorado Gold Corp. (a)	1,000,000		5,711,372
First Quantum Minerals Ltd.	100,000		5,305,116
Goldcorp, Inc.	675,000		18,662,035
IPSCO, Inc.	300,000		30,309,001
Meridian Gold, Inc. (a)	600,000		17,491,076
Shore Gold, Inc. (a)	2,400,000		15,522,692
Teck Cominco Ltd. Class B (sub. vtg.)	650,000		47,929,628
US Gold Corp. (a)	811,300		3,813,110
US Gold Corp. warrants 2/22/11 (a)(g)	200,000		322,966
			241,532,447
TOTAL MATERIALS			311,745,948
TELECOMMUNICATION SERVICES - 5.7%
Diversified Telecommunication Services - 3.0%
TELUS Corp. (non-vtg.)	1,950,000		90,058,644
Wireless Telecommunication Services - 2.7%
Rogers Communications, Inc. Class B (non-vtg.)	2,600,000		80,435,152
TOTAL TELECOMMUNICATION SERVICES			170,493,796
UTILITIES - 0.1%
Multi-Utilities - 0.1%
Universal Energy Group Ltd. (a)(f)	299,530		2,800,297
TOTAL COMMON STOCKS (Cost $2,223,685,620)		2,944,988,934

Government Obligations - 1.8%
		Principal Amount (h)
Canadian Government Treasury Bills 4.1587% to 4.172% 2/8/07 to 4/19/07 (Cost $57,369,228)	CAD	65,300,000	55,336,703

Money Market Funds - 5.9%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b)	14,837,133		$ 14,837,133
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	162,513,044		162,513,044
TOTAL MONEY MARKET FUNDS (Cost $177,350,177)		177,350,177

TOTAL INVESTMENT PORTFOLIO - 105.7% (Cost $2,458,405,025) 3,177,675,814

NET OTHER ASSETS - (5.7)%		(171,718,011)
NET ASSETS - 100%	$ 3,005,957,803

Currency Abbreviation
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $28,090,570 or 0.9% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $322,966 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
US Gold Corp. warrants 2/22/11	2/8/06	$ 98,359

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 284,307
Fidelity Securities Lending Cash Central Fund	1,130,571
Total	$ 1,414,878

Other Affiliated Issuers

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

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
WestJet Airlines Ltd.	$ 3,582,328	$ 281,310	$ -	$ -	$ 4,485,807

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $2,467,286,472. Net unrealized appreciation aggregated $710,389,342, of which $755,739,552 related to appreciated investment securities and $45,350,210 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® China Region Fund

January 31, 2007

1.813032.102

HKC-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 86.9%
	Shares		Value
CONSUMER DISCRETIONARY - 8.6%
Auto Components - 0.2%
Hota Industrial Manufacturing Co. Ltd.	1,316,000		$ 1,998,360
Distributors - 3.6%
Li & Fung Ltd.	12,142,600		37,870,293
Hotels, Restaurants & Leisure - 3.1%
Cafe de Coral Holdings Ltd.	4,574,000		7,908,934
eLong, Inc. sponsored ADR (a)	198,100		2,517,851
Hong Kong & Shanghai Hotels Ltd.	4,232,709		7,427,232
Mandarin Oriental International Ltd.	2,521,000		4,210,070
Shangri-La Asia Ltd.	3,706,000		9,944,374
			32,008,461
Household Durables - 0.1%
Basso Industry Corp. Ltd.	1,188,160		1,483,080
Leisure Equipment & Products - 0.4%
Li Ning Co. Ltd.	2,746,000		4,670,750
Media - 1.1%
Hong Kong Economic Time Holdings Ltd.	4,572,000		1,387,850
Television Broadcasts Ltd.	1,431,000		9,805,764
			11,193,614
Textiles, Apparel & Luxury Goods - 0.1%
Qualipak International Holdings Ltd.	1,849,000		1,222,010
TOTAL CONSUMER DISCRETIONARY			90,446,568
CONSUMER STAPLES - 3.8%
Beverages - 0.4%
Dynasty Fine Wines Group Ltd.	2,366,000		1,027,312
Yantai Changyu Pioneer Wine Co. (B Shares)	706,263		3,356,050
			4,383,362
Food & Staples Retailing - 1.9%
Convenience Retail Asia Ltd.	850,200		348,465
Dairy Farm International Holdings Ltd.	4,810,500		18,279,900
Lianhua Supermarket Holdings Co. (H Shares)	949,000		1,334,617
			19,962,982
Food Products - 1.5%
China Mengniu Dairy Co. Ltd.	5,172,000		15,434,851
TOTAL CONSUMER STAPLES			39,781,195
ENERGY - 4.3%
Energy Equipment & Services - 0.2%
China Oilfield Services Ltd. (H Shares)	3,192,000		2,179,105
Oil, Gas & Consumable Fuels - 4.1%
China Shenhua Energy Co. Ltd. (H Shares)	4,919,000		12,033,673
	Shares		Value
CNOOC Ltd.	13,790,500		$ 11,828,112
PetroChina Co. Ltd. (H Shares)	15,232,000		18,785,626
			42,647,411
TOTAL ENERGY			44,826,516
FINANCIALS - 33.3%
Commercial Banks - 17.8%
Bank of East Asia Ltd.	4,751,907		27,297,218
BOC Hong Kong Holdings Ltd.	5,832,000		15,238,271
China Merchants Bank Co. Ltd. (H Shares) (a)	3,355,000		7,236,401
Dah Sing Banking Group Ltd.	615,200		1,512,884
DBS Group Holdings Ltd.	701,000		10,042,653
Hang Seng Bank Ltd.	1,315,000		18,274,416
HSBC Holdings PLC (Hong Kong) (Reg.)	3,430,421		63,003,107
Mega Financial Holding Co. Ltd.	5,140,000		3,442,069
Standard Chartered PLC:
(Hong Kong)	395,370		11,312,924
(United Kingdom)	387,481		11,115,028
Wing Hang Bank Ltd.	737,500		9,304,355
Wing Lung Bank Ltd.	777,000		8,762,709
			186,542,035
Diversified Financial Services - 1.1%
First Pacific Co. Ltd.	11,266,000		6,998,412
Jardine Matheson Holdings Ltd.	200,800		4,718,800
			11,717,212
Insurance - 2.8%
AXA Asia Pacific Holdings Ltd.	751,050		4,210,634
Cathay Financial Holding Co. Ltd.	6,616,943		14,669,932
China Life Insurance Co. Ltd. (H Shares)	861,000		2,535,932
Shin Kong Financial Holding Co. Ltd.	8,152,980		8,171,055
			29,587,553
Real Estate Investment Trusts - 0.3%
Champion (REIT)	5,029,000		2,782,617
Real Estate Management & Development - 11.3%
Cheung Kong Holdings Ltd.	3,391,000		44,648,709
Greentown China Holdings Ltd.	725,500		1,144,817
Guangzhou Investment Co. Ltd.	10,076,000		2,322,997
Henderson Investment Ltd.	722,000		1,357,536
Hong Kong Land Holdings Ltd.	2,334,000		10,362,960
Hysan Development Co. Ltd.	2,712,000		7,381,364
Shun Tak Holdings Ltd.	1,981,000		2,659,094
Sun Hung Kai Properties Ltd.	2,201,021		26,640,600
Swire Pacific Ltd. (A Shares)	1,892,000		21,724,982
			118,243,059
TOTAL FINANCIALS			348,872,476
HEALTH CARE - 0.0%
Pharmaceuticals - 0.0%
Wuyi International Pharmaceutical Co. Ltd. (a)	86,000		19,827
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 3.8%
Electrical Equipment - 0.0%
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	4,200		$ 154,560
Industrial Conglomerates - 3.3%
Hutchison Whampoa Ltd.	3,434,500		34,136,049
Machinery - 0.3%
King Slide Works Co. Ltd.	690,400		3,679,813
Transportation Infrastructure - 0.2%
Hopewell Holdings Ltd.	454,000		1,732,847
TOTAL INDUSTRIALS			39,703,269
INFORMATION TECHNOLOGY - 22.6%
Communications Equipment - 2.7%
D-Link Corp.	3,165,000		4,455,242
Foxconn International Holdings Ltd. (a)	7,464,000		22,322,690
ZTE Corp. (H Shares)	319,000		1,438,207
			28,216,139
Computers & Peripherals - 2.9%
Catcher Technology Co. Ltd.	1,787,789		19,166,323
DVN Holdings Ltd. (a)	7,663,000		2,326,136
High Tech Computer Corp.	167,208		2,475,595
Wistron Corp.	4,765,655		6,845,916
			30,813,970
Electronic Equipment & Instruments - 7.2%
AU Optronics Corp.	8,064,994		10,703,685
Chroma ATE, Inc.	2,786,714		3,410,714
Everfocus Electronics Co. Ltd.	1,173,280		1,307,722
Hon Hai Precision Industry Co. Ltd. (Foxconn)	7,132,953		48,741,593
Kingboard Chemical Holdings Ltd.	1,362,300		5,609,727
Meadville Holdings Ltd. (a)	3,252,000		937,176
Yageo Corp. (a)	10,792,000		4,588,575
			75,299,192
Semiconductors & Semiconductor Equipment - 9.8%
Advanced Semiconductor Engineering, Inc. (a)	9,291,690		10,596,257
King Yuan Electronics Co. Ltd.	3,829,780		2,948,490
MediaTek, Inc.	1,125,200		12,267,950
MJC Probe, Inc. (a)	550,700		1,906,636
Powertech Technology, Inc.	174,000		723,965
Siliconware Precision Industries Co. Ltd.	8,720,756		14,460,876
Taiwan Semiconductor Manufacturing Co. Ltd.	29,047,513		59,458,875
			102,363,049
TOTAL INFORMATION TECHNOLOGY			236,692,350
	Shares		Value
MATERIALS - 2.9%
Chemicals - 2.4%
Formosa Chemicals & Fibre Corp.	1,444,365		$ 2,579,302
Nan Ya Plastics Corp.	6,728,690		11,096,300
Taiwan Fertilizer Co. Ltd.	6,665,000		11,861,664
			25,537,266
Containers & Packaging - 0.2%
AMVIG Holdings Ltd.	2,106,000		1,483,573
Metals & Mining - 0.3%
Gloria Material Technology Corp.	2,339,000		3,523,382
TOTAL MATERIALS			30,544,221
TELECOMMUNICATION SERVICES - 4.3%
Wireless Telecommunication Services - 4.3%
China Mobile (Hong Kong) Ltd.	3,320,000		30,643,600
Far EasTone Telecommunications Co. Ltd.	10,473,685		11,848,780
SmarTone Telecommunications Holdings Ltd.	1,997,500		2,202,815
			44,695,195
UTILITIES - 3.3%
Electric Utilities - 1.0%
Cheung Kong Infrastructure Holdings Ltd.	2,778,000		10,051,681
Gas Utilities - 2.0%
Hong Kong & China Gas Co. Ltd.	9,374,400		20,819,993
Xinao Gas Holdings Ltd.	492,000		460,019
			21,280,012
Independent Power Producers & Energy Traders - 0.3%
China Resources Power Holdings Co. Ltd.	2,296,000		3,599,493
TOTAL UTILITIES			34,931,186
TOTAL COMMON STOCKS (Cost $695,027,499)		910,512,803
Money Market Funds - 15.3%
Fidelity Cash Central Fund, 5.35% (b) (Cost $160,807,414)	160,807,414		160,807,414

TOTAL INVESTMENT PORTFOLIO - 102.2% (Cost $855,834,913) 1,071,320,217

NET OTHER ASSETS - (2.2)%		(23,555,164)
NET ASSETS - 100%	$ 1,047,765,053

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,848,567
Total	$ 1,848,567

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $856,326,568. Net unrealized appreciation aggregated $214,993,649, of which $221,798,818 related to appreciated investment securities and $6,805,169 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Diversified International Fund

January 31, 2007

1.813063.102

DIF-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.8%
	Shares		Value
Australia - 2.7%
Amcor Ltd. sponsored ADR	156,600		$ 3,554,820
Aristocrat Leisure Ltd.	3,000,000		37,528,245
Australia & New Zealand Banking Group Ltd.	6,000,000		135,623,490
Brambles Ltd. (a)	13,500,000		145,500,570
Brambles Ltd. unit (a)	7,500,000		79,867,087
Cochlear Ltd.	144,213		6,321,350
Computershare Ltd.	24,000,000		170,705,760
CSL Ltd.	4,659,650		251,212,891
Macquarie Capital Alliance Group unit (a)	9,999,900		34,088,009
National Australia Bank Ltd.	6,000,000		188,460,000
QBE Insurance Group Ltd.	9,500,000		227,203,899
Toll Holdings Ltd.	1,356,606		22,068,825
TOTAL AUSTRALIA			1,302,134,946
Belgium - 0.4%
InBev SA	2,938,200		189,062,561
KBC Groupe SA	12,600		1,588,849
RHJ International (a)	1,000,000		20,723,265
TOTAL BELGIUM			211,374,675
Bermuda - 0.2%
Clear Media Ltd. (a)(f)	27,000,000		33,025,937
Genesis Lease Ltd. ADR	269,800		6,993,216
Willis Group Holdings Ltd.	1,700,000		69,462,000
TOTAL BERMUDA			109,481,153
Brazil - 1.2%
Aracruz Celulose SA (PN-B) sponsored ADR (non-vtg.)	61,700		3,417,563
Banco Itau Holding Financeira SA sponsored ADR (non-vtg.)	1,000,000		36,970,000
Banco Nossa Caixa SA	3,608,100		81,961,736
Companhia Siderurgica Nacional SA (CSN) sponsored ADR	196,000		6,340,600
Cosan SA Industria E Comercio (a)	200,000		3,799,346
Cyrela Brazil Realty SA	2,600,000		24,285,681
Localiza Rent a Car SA	100,000		3,036,652
Petroleo Brasileiro SA Petrobras sponsored ADR	20,000		1,965,600
Sadia SA ADR (e)	61,000		1,967,250
TAM SA (PN) sponsored ADR (ltd. vtg.)	2,400,000		78,312,000
Uniao de Bancos Brasileiros SA (Unibanco) GDR	2,863,800		271,574,154
Vivo Participacoes SA (PN) sponsored ADR	15,000,000		57,150,000
TOTAL BRAZIL			570,780,582
Canada - 4.9%
Astral Media, Inc. Class A (non-vtg.)	600,000		23,406,425
Brookfield Asset Management, Inc. Class A (e)	3,300,000		161,241,713
	Shares		Value
Canadian National Railway Co.	900,000		$ 41,037,736
Canadian Natural Resources Ltd.	7,600,000		380,064,593
Canadian Oil Sands Trust unit	500,000		12,778,344
Corus Entertainment, Inc. Class B (non-vtg.)	900,000		37,480,877
EnCana Corp.	4,900,000		235,088,390
Flint Energy Services Ltd. (a)	1,800,000		38,628,251
Goldcorp, Inc.	5,325,440		147,234,883
Meridian Gold, Inc. (a)	661,700		19,289,742
Niko Resources Ltd. (f)(g)	2,750,000		203,106,408
OZ Optics Ltd. unit (h)	102,000		1,504,500
Petro-Canada	500,000		19,450,110
Potash Corp. of Saskatchewan, Inc.	900,000		140,427,001
Power Corp. of Canada (sub. vtg.)	3,800,000		115,072,242
Rogers Communications, Inc. Class B (non-vtg.)	3,000,000		92,809,791
Shoppers Drug Mart Corp.	1,500,000		64,125,446
Skye Resources, Inc. (a)	1,000,000		10,615,332
Suncor Energy, Inc.	1,800,000		133,401,326
Talisman Energy, Inc.	7,800,000		137,424,783
TransCanada Corp.	5,000,000		165,859,255
Ultra Petroleum Corp. (a)	500,000		26,100,000
Western Oil Sands, Inc. Class A (a)	6,000,000		161,652,218
TOTAL CANADA			2,367,799,366
Cayman Islands - 0.5%
GlobalSantaFe Corp.	3,000,000		174,030,000
Hutchison Telecommunications International Ltd. sponsored ADR (a)	876,200		31,911,204
Noble Corp.	750,000		56,212,500
TOTAL CAYMAN ISLANDS			262,153,704
Chile - 0.0%
Lan Airlines SA sponsored ADR	41,000		2,545,280
China - 0.2%
BYD Co. Ltd. (H Shares) (a)	7,000,000		24,655,780
China Life Insurance Co. Ltd. ADR	14		619
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)(e)	2,920,300		28,297,707
Global Bio-Chem Technology Group Co. Ltd.	109,999,600		31,841,062
Shanghai Zhenhua Port Machinery Co. Ltd. (B Shares)	10,999,900		17,401,842
Sinopec Shanghai Petrochemical Co. Ltd. sponsored ADR (e)	42,000		2,072,700
TOTAL CHINA			104,269,710
Colombia - 0.0%
BanColombia SA Sponsored ADR	58,000		1,725,500
Czech Republic - 0.4%
Ceske Energeticke Zavody AS	4,000,000		170,581,423
Zentiva NV	180,000		10,840,862
TOTAL CZECH REPUBLIC			181,422,285
Common Stocks - continued
	Shares		Value
Denmark - 0.4%
Novozymes AS Series B	2,000,000		$ 172,706,138
Finland - 0.6%
Fortum Oyj	68,000		1,871,819
Nokia Corp. sponsored ADR	12,750,000		281,775,000
TOTAL FINLAND			283,646,819
France - 9.5%
Accor SA	600,000		49,735,836
Alcatel-Lucent SA sponsored ADR	31,000,000		403,000,000
Alstom SA (a)	1,500,000		183,185,842
AXA SA sponsored ADR (e)	5,031,000		213,666,570
bioMerieux SA	200,000		15,314,362
BNP Paribas SA	3,510,600		391,437,489
Bouygues SA	3,000,000		202,736,091
CNP Assurances	900,000		103,049,367
Dassault Aviation SA	36,265		33,157,090
Essilor International SA	1,200,000		134,583,920
Financiere Marc de Lacharriere SA (Fimalac)	1,401,759		131,542,746
Groupe Danone	511,400		78,784,223
Ipsen SA	500,000		22,776,041
Ipsos SA (f)	2,226,664		76,616,034
L'Oreal SA	1,500,000		158,552,527
Lagardere S.C.A. (Reg.)	900,000		70,850,106
Louis Vuitton Moet Hennessy (LVMH)	1,100,000		115,985,116
Neopost SA (f)	1,600,000		205,825,031
Pernod Ricard SA	1,320,000		270,278,295
Peugeot Citroen SA	1,358,174		89,305,383
Pinault Printemps-Redoute SA	200,000		29,507,844
Renault SA	3,412,644		422,325,212
Schneider Electric SA	1,400,000		169,057,528
Silicon On Insulator Technologies SA (SOITEC) (a)	500,000		14,675,721
Societe Generale Series A	1,018,920		179,945,270
Sodexho Alliance SA	415,457		28,996,569
Total SA Series B	55,300		3,763,165
Veolia Environnement	3,531,300		247,385,441
Vinci SA	4,000,000		549,492,357
TOTAL FRANCE			4,595,531,176
Germany - 7.4%
Adidas-Salomon AG	23,800		1,145,248
Allianz AG:
(Reg.)	18,960		3,816,648
sponsored ADR (e)	21,000,000		422,730,000
BASF AG sponsored ADR	20,000		1,935,400
Bayer AG	8,553,310		506,184,886
Bayerische Motoren Werke AG (BMW)	1,600,000		97,594,847
Celesio AG	1,800,000		102,685,733
Continental AG	1,054,923		127,676,361
DaimlerChrysler AG	1,500,000		93,735,000
	Shares		Value
Deutsche Postbank AG	1,000,000		$ 86,021,100
E.ON AG	16,780		2,284,933
E.ON AG sponsored ADR	8,500,000		385,815,000
Fresenius AG	625,000		125,960,631
GFK AG	1,600,000		75,573,446
Henkel KGaA	300,000		41,790,614
K&S AG	10,700		1,162,526
KarstadtQuelle AG (a)(e)	4,000,000		128,927,381
Lanxess AG (a)	900,000		46,521,775
Linde AG	2,020,986		216,466,401
Merck KGaA	12,600		1,469,131
Merck KGaA rights 2/6/07 (a)	12,600		25,947
MG Technologies AG	2,000,000		46,399,260
MPC Muenchmeyer Petersen Capital AG	236,029		20,832,595
MTU Aero Engines Holding AG	1,000,000		53,163,646
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	1,000,000		157,705,349
Praktiker Bau- und Heimwerkermaerkte Holding AG	900,000		33,196,324
Puma AG	250,000		90,810,911
RWE AG	3,330,220		347,235,377
SAP AG sponsored ADR	4,250,000		196,945,000
Siemens AG:
(Reg.) (e)	1,000,000		110,730,000
sponsored ADR	500,000		55,365,000
Volkswagen AG	244,000		27,193,668
TOTAL GERMANY			3,609,100,138
Greece - 0.0%
Hellenic Telecommunication Organization SA (OTE) (a)	72,000		2,135,826
Hong Kong - 0.9%
China Mobile (Hong Kong) Ltd. sponsored ADR	2,000,000		92,300,000
China Unicom Ltd. sponsored ADR (e)	160,000		2,169,600
CNOOC Ltd. sponsored ADR	44,000		3,773,880
Cosco Pacific Ltd.	21,416,000		53,488,568
Esprit Holdings Ltd.	11,274,000		114,292,295
Melco International Development Ltd.	18,000,000		38,086,455
Shun Tak Holdings Ltd.	20,000,000		26,845,981
Techtronic Industries Co. Ltd.	40,000,000		61,479,347
Television Broadcasts Ltd.	5,500,000		37,688,120
TOTAL HONG KONG			430,124,246
India - 2.2%
Bajaj Auto Ltd.	1,500,000		94,333,596
Bharat Forge Ltd.	1,075,000		8,157,611
Bharti Airtel Ltd. (a)	4,000,000		66,140,652
ICICI Bank Ltd. sponsored ADR	95,500		4,216,325
Infosys Technologies Ltd.	5,000,000		254,911,520
Reliance Industries Ltd.	8,000,000		247,994,551
Satyam Computer Services Ltd.	15,000,000		160,770,188
Common Stocks - continued
	Shares		Value
India - continued
State Bank of India	7,000,000		$ 219,742,510
Wipro Ltd. sponsored ADR (e)	120,000		2,077,200
TOTAL INDIA			1,058,344,153
Indonesia - 0.0%
PT Telkomunikasi Indonesia Tbk sponsored ADR	50,000		2,098,000
Ireland - 1.3%
CRH PLC	4,250,000		167,838,895
IAWS Group PLC (Ireland)	4,000,000		95,926,559
Ryanair Holdings PLC sponsored ADR (a)	4,000,000		346,760,000
TOTAL IRELAND			610,525,454
Italy - 3.0%
Banca Popolare di Milano	69,400		1,158,696
Enel S.p.A. ADR	37,000		1,973,950
ENI Spa	105,600		3,404,016
Fiat Spa (a)(e)	24,102,400		523,323,542
Impregilo Spa (a)	279,000		1,695,265
Intesa Sanpaolo Spa	40,478,464		305,519,295
Lottomatica Spa	1,028,417		41,927,314
Mediobanca Spa	53,700		1,224,823
Unicredito Italiano Spa	60,499,500		559,849,363
TOTAL ITALY			1,440,076,264
Japan - 14.7%
Aeon Co. Ltd.	8,200,000		178,356,882
Canon, Inc. sponsored ADR	9,200,000		485,852,000
Casio Computer Co. Ltd.	500,000		10,336,827
Chugai Pharmaceutical Co. Ltd.	7,500,000		168,102,915
Credit Saison Co. Ltd.	1,400,000		50,229,938
Daiwa Securities Group, Inc.	13,000,000		158,992,420
DCM Japan Holdings Co. Ltd. (a)(e)	1,100,000		10,226,623
East Japan Railway Co.	17,000		117,901,978
Fanuc Ltd.	2,600,000		240,212,126
Hirose Electric Co. Ltd.	800,000		94,792,229
Honda Motor Co. Ltd. sponsored ADR	3,500,000		137,655,000
Hoya Corp.	7,900,000		286,713,349
Ibiden Co. Ltd.	1,400,000		69,486,681
Japan Tobacco, Inc.	80,000		384,471,978
JSR Corp.	6,750,000		160,521,194
KDDI Corp.	4,000		28,305,092
Keyence Corp. (e)	880,000		197,459,505
Komatsu Ltd.	4,000,000		84,517,547
Kubota Corp.	5,000,000		52,657,746
Leopalace21 Corp.	250,000		7,954,593
Mitsubishi Estate Co. Ltd.	6,000,000		171,520,904
Mitsubishi UFJ Financial Group, Inc.	5,000		60,750,001
Mitsui & Co. Ltd.	4,500,000		71,889,631
Mitsui Fudosan Co. Ltd.	4,000,000		103,741,146
	Shares		Value
Mizuho Financial Group, Inc.	59,000		$ 425,322,125
Murata Manufacturing Co. Ltd. (a)	1,800,000		127,372,915
Nidec Corp.	300,000		21,203,961
Nintendo Co. Ltd.	1,700,000		501,470,778
Nippon Electric Glass Co. Ltd.	2,500,000		59,659,445
Nitto Denko Corp. (e)	2,474,300		121,167,612
NTT DoCoMo, Inc. (a)	10,000		15,180,000
ORIX Corp.	2,000,000		573,393,553
Shin-Etsu Chemical Co. Ltd.	5,100,000		331,308,783
Shinsei Bank Ltd.	2,000,000		10,970,709
Sony Corp. (e)	1,500,000		69,495,001
Stanley Electric Co. Ltd.	1,500,000		30,948,337
Sumco Corp.	2,400,000		86,705,060
Sumitomo Mitsui Financial Group, Inc.	32,550		331,743,800
Sumitomo Trust & Banking Co. Ltd.	9,000,000		96,275,429
T&D Holdings, Inc.	2,700,000		181,886,732
Tokai Carbon Co. Ltd.	1,000,000		7,565,149
Tokuyama Corp.	3,000,000		48,100,427
Tokyo Tatemono Co. Ltd.	3,000,000		36,441,978
Toyota Motor Corp. sponsored ADR	5,460,000		719,518,800
TOTAL JAPAN			7,128,378,899
Korea (South) - 1.8%
Amorepacific Corp. (a)	210,000		125,353,173
Kookmin Bank sponsored ADR	2,900,000		230,637,000
Korea Exchange Bank (a)	1,500,310		19,436,189
Korean Reinsurance Co.	1,973,460		25,929,102
LG Household & Health Care Ltd.	519,530		62,630,548
Macquarie Korea Infrastructure Fund	6,700,000		48,396,739
NHN Corp.	300,000		39,724,168
Samsung Fire & Marine Insurance Co. Ltd.	400,000		67,407,429
Shinhan Financial Group Co. Ltd.	3,845,010		200,519,678
SK Corp.	600,000		46,036,965
Woongjin Coway Co. Ltd.	550,000		14,398,173
TOTAL KOREA (SOUTH)			880,469,164
Luxembourg - 0.2%
SES Global SA FDR (France) unit	6,916,322		120,342,083
Mexico - 1.0%
America Movil SA de CV Series L sponsored ADR	5,700,000		252,852,000
Cemex SA de CV sponsored ADR	1,300,000		45,994,000
Fomento Economico Mexicano SA de CV sponsored ADR	1,500,000		180,105,000
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR	400,000		16,184,000
TOTAL MEXICO			495,135,000
Netherlands - 3.1%
Arcelor Mittal	2,200,000		104,654,000
Chicago Bridge & Iron Co. NV (NY Shares)	2,000,000		59,440,000
Common Stocks - continued
	Shares		Value
Netherlands - continued
ING Groep NV:
(Certificaten Van Aandelen)	36,400		$ 1,603,784
sponsored ADR	8,200,000		361,292,000
Koninklijke Numico NV	6,224,612		330,192,914
Koninklijke Philips Electronics NV (NY Shares)	5,500,000		215,325,000
Nutreco Holding NV	129,300		8,906,449
OPG Groep NV (A Shares)(Certificaten Van Aandelen) unit	523,600		61,555,552
Reed Elsevier NV	101,200		1,772,723
Reed Elsevier NV sponsored ADR	10,500,000		369,390,000
Royal DSM NV	31,200		1,546,878
TOTAL NETHERLANDS			1,515,679,300
Netherlands Antilles - 0.6%
Schlumberger Ltd. (NY Shares)	4,200,000		266,658,000
Norway - 1.2%
DnB Nor ASA	18,500,000		277,785,345
Norsk Hydro ASA sponsored ADR	77,000		2,487,100
PAN Fish ASA (a)	25,000,000		26,761,748
Telenor ASA	13,000,000		263,531,109
TOTAL NORWAY			570,565,302
Portugal - 0.5%
Energias de Portugal SA	36,000,000		179,705,897
Portugal Telecom SGPS SA sponsored ADR	4,500,000		59,895,000
TOTAL PORTUGAL			239,600,897
Russia - 0.4%
Novatek JSC GDR (g)	1,000,000		54,000,000
OAO Gazprom sponsored ADR	3,000,000		129,750,000
Rostelecom sponsored ADR (e)	91,000		4,368,000
TOTAL RUSSIA			188,118,000
South Africa - 0.7%
African Bank Investments Ltd.	3,000,000		12,046,525
FirstRand Ltd.	15,000,000		47,770,701
Gold Fields Ltd. sponsored ADR	1,000,000		16,890,000
Highveld Steel & Vanadium Corp. Ltd. ADR	378,000		3,972,780
Impala Platinum Holdings Ltd.	3,300,000		94,837,303
Sappi Ltd. sponsored ADR	235,400		3,305,016
Sasol Ltd.	2,500,000		84,966,076
Steinhoff International Holdings Ltd.	18,000,200		62,061,061
TOTAL SOUTH AFRICA			325,849,462
Spain - 4.0%
Actividades de Construccion y Servicios SA (ACS)	4,400,000		239,310,699
Altadis SA (Spain)	1,000,000		53,684,986
Banco Bilbao Vizcaya Argentaria SA	112,100		2,811,468
	Shares		Value
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (e)	24,890,000		$ 624,241,200
Banco Santander Central Hispano SA	138,700		2,637,502
Banco Santander Central Hispano SA sponsored ADR	9,000,000		169,830,000
Enagas SA	3,999,649		87,681,693
Fomento Construcciones y Contratas SA (FOCSA)	700,000		73,078,834
Gestevision Telecinco SA	4,000,000		108,334,451
Inditex SA	4,000,000		226,626,497
Red Electrica de Espana SA	1,400,000		56,328,180
Telefonica SA	5,143,600		113,056,328
Telefonica SA sponsored ADR	3,100,000		204,414,000
TOTAL SPAIN			1,962,035,838
Sweden - 2.1%
Assa Abloy AB (B Shares)	12,000,000		262,446,043
Atlas Copco AB (A Shares)	5,000,000		170,863,309
Modern Times Group AB (MTG) (B Shares)	700,800		44,316,777
Scania AB (B Shares)	500,000		35,827,338
Skandinaviska Enskilda Banken AB (A Shares)	2,522,000		84,187,626
Svenska Cellulosa AB (SCA) (B Shares)	3,000,000		160,359,712
Telefonaktiebolaget LM Ericsson:
(B Shares)	505,000		2,009,395
(B Shares) sponsored ADR (e)	7,000,000		278,530,000
Volvo AB sponsored ADR	29,000		2,132,370
TOTAL SWEDEN			1,040,672,570
Switzerland - 10.7%
ABB Ltd. (Reg.)	23,500,000		415,678,392
Actelion Ltd. (Reg.) (a)	825,000		200,653,266
Alcon, Inc.	1,475,000		173,696,000
Barry Callebaut AG	12,288		6,742,963
Compagnie Financiere Richemont unit	3,000,000		167,396,985
Julius Baer Holding AG (Bearer)	500,000		59,939,699
Kuehne & Nagel International AG	1,000,000		77,185,930
Lonza Group AG	1,015,671		96,116,162
Nestle SA (Reg.)	1,407,256		516,229,588
Nobel Biocare Holding AG (Switzerland)	360,000		119,179,900
Novartis AG:
(Reg.)	31,890		1,839,734
sponsored ADR	11,280,000		650,743,200
Roche Holding AG (participation certificate)	5,216,000		980,083,767
Schindler Holding AG (Reg.)	1,400,000		90,050,251
Societe Generale de Surveillance Holding SA (SGS) (Reg.)	200,000		219,336,684
Swiss Life Holding	400,000		100,663,317
Swiss Reinsurance Co. (Reg.)	2,421,847		201,341,893
Syngenta AG sponsored ADR	6,000,000		222,420,000
Tecan Group AG (f)	950,000		67,979,900
Common Stocks - continued
	Shares		Value
Switzerland - continued
The Swatch Group AG (Reg.)	3,900,000		$ 187,200,000
UBS AG:
(NY Shares)	8,100,000		510,381,000
(Reg.)	44,648		2,813,270
Vontobel Holdings AG	120,237		6,017,892
Zurich Financial Services AG (Reg.)	400,000		107,577,890
TOTAL SWITZERLAND			5,181,267,683
Taiwan - 0.5%
Catcher Technology Co. Ltd.	4,080,727		43,748,190
Siliconware Precision Industries Co. Ltd.	5,000,000		8,291,068
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	16,000,000		174,560,000
TOTAL TAIWAN			226,599,258
Turkey - 0.1%
Acibadem Saglik Hizmetleri AS (f)	2,800,000		29,065,055
Turkcell Iletisim Hizmet AS sponsored ADR	123,000		1,778,580
TOTAL TURKEY			30,843,635
United Kingdom - 12.7%
Anglo American PLC:
ADR	78,000		1,821,300
(United Kingdom)	5,650,000		262,423,797
Aviva PLC	1,000,000		16,130,597
BAE Systems PLC	20,000,000		164,154,862
Barclays PLC	18,000,000		265,455,001
BG Group PLC	8,000,000		105,074,829
BP PLC	67,700		716,605
British American Tobacco PLC	97,000		2,965,775
British American Tobacco PLC sponsored ADR	4,864,800		297,482,520
British Land Co. PLC	500,000		15,413,464
Bunzl PLC ADR	67,000		4,264,550
Burberry Group PLC	9,000,000		116,440,908
Capita Group PLC	24,000,000		298,956,358
easyJet PLC (a)	8,000,000		102,638,539
Experian Group Ltd.	19,000,000		215,582,192
GlaxoSmithKline PLC	56,200		1,521,053
Group 4 Securicor PLC (United Kingdom)	2,000,000		7,397,284
Hanson PLC ADR	55,000		4,152,500
HSBC Holdings PLC sponsored ADR (e)	3,450,000		316,813,500
Imperial Tobacco Group PLC	73,574		3,003,843
Imperial Tobacco Group PLC sponsored ADR	50,500		4,111,710
Informa PLC	15,000,000		164,596,930
International Power PLC	8,836,300		62,543,436
J Sainsbury PLC	261,100		2,225,121
KKR Private Equity Investors, LP	1,000,557		23,513,090
	Shares		Value
National Grid PLC	219,700		$ 3,315,115
Old Mutual plc	40,000,000		134,978,324
Pearson PLC	10,000,000		157,572,949
Punch Taverns Ltd.	3,500,000		78,874,888
Reckitt Benckiser PLC	10,437,400		502,213,529
Reuters Group PLC	12,000,000		101,734,754
Rolls-Royce Group PLC	20,408,708		187,658,681
Royal Bank of Scotland Group PLC	12,500,000		502,239,216
Standard Chartered PLC (United Kingdom)	7,729,300		221,717,674
Tesco PLC	77,842,100		639,290,308
Vodafone Group PLC	659,600		1,938,564
Vodafone Group PLC sponsored ADR	28,700,000		843,493,000
Wolseley PLC ADR	170,000		4,481,200
Xstrata PLC	6,500,000		302,925,153
TOTAL UNITED KINGDOM			6,141,833,119
United States of America - 3.7%
Allegheny Technologies, Inc.	1,450,000		150,060,500
AT&T, Inc.	1,700,000		63,971,000
Avon Products, Inc.	1,000,000		34,390,000
C.R. Bard, Inc.	800,000		66,016,000
Equitable Resources, Inc.	1,000,000		43,250,000
Flowserve Corp. (a)	2,050,000		108,793,500
Genentech, Inc. (a)	1,150,000		100,475,500
Henry Schein, Inc. (a)	450,879		22,891,127
Merck & Co., Inc.	3,400,000		152,150,000
Newmont Mining Corp.	1,600,000		72,160,000
NII Holdings, Inc. (a)	350,000		25,830,000
Peabody Energy Corp.	541,300		22,101,279
RTI International Metals, Inc. (a)(f)	1,600,000		130,800,000
Synthes, Inc.	3,000,000		377,005,025
Tim Hortons, Inc.	1,038,100		32,181,100
Titanium Metals Corp. (a)	3,501,000		107,970,840
Transocean, Inc. (a)	1,650,000		127,660,500
UnitedHealth Group, Inc.	1,150,000		60,099,000
Valero Energy Corp.	1,200,000		65,136,000
Zimmer Holdings, Inc. (a)	600,000		50,532,000
TOTAL UNITED STATES OF AMERICA			1,813,473,371
TOTAL COMMON STOCKS (Cost $32,052,559,872)		45,445,496,996
Preferred Stocks - 0.5%
Convertible Preferred Stocks - 0.0%
Canada - 0.0%
MetroPhotonics, Inc. Series 2 (a)(h)	198,000		2
Nonconvertible Preferred Stocks - 0.5%
Germany - 0.1%
Porsche AG (non-vtg.) (e)	20,000		25,267,786
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
Italy - 0.3%
Intesa Sanpaolo Spa	17,859,700		$ 132,821,072
United Kingdom - 0.1%
European Capital Ltd. preference shares (a)(h)	4,900,000		63,864,150
TOTAL NONCONVERTIBLE PREFERRED STOCKS			221,953,008
TOTAL PREFERRED STOCKS (Cost $165,949,513)		221,953,010

Government Obligations - 0.9%
		Principal Amount (d)
Germany - 0.4%
German Federal Republic 3.461% 2/14/07	EUR	157,500,000		205,037,449
United Kingdom - 0.5%
United Kingdom, Great Britain & Northern Ireland 4.5% 3/7/07	GBP	126,500,000		248,279,906
TOTAL GOVERNMENT OBLIGATIONS (Cost $454,119,321)			453,317,355

Money Market Funds - 7.1%
	Shares
Fidelity Cash Central Fund, 5.35% (b)	2,545,204,661		2,545,204,661
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	899,731,913		899,731,913
TOTAL MONEY MARKET FUNDS (Cost $3,444,936,574)		3,444,936,574

TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $36,117,565,280) 49,565,703,935

NET OTHER ASSETS - (2.3)%		(1,116,261,500)
NET ASSETS - 100%	$ 48,449,442,435

Forward Foreign Currency Contracts
	Settlement Dates	Value	Unrealized Appreciation/(Depreciation)
Contracts to Buy
77,755,459 AUD	Feb. 2007	$ 60,335,878	$ 335,878
87,417,400 CHF	Feb. 2007	70,449,748	449,748
285,557,725 EUR	Feb. 2007	372,638,793	2,638,793
132,723,486 GBP	Feb. 2007	260,763,926	763,926
29,130,240,000 JPY	Feb. 2007	242,237,172	2,237,172
		$ 1,006,425,517	$ 6,425,517

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

The value of contracts to buy as a percentage of net assets - 2.1%

Currency Abbreviations
AUD	-	Australian dollar
CHF	-	Swiss franc
EUR	-	European Monetary Unit
GBP	-	British pound
JPY	-	Japanese yen

Legend

(a) Non-income producing

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

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

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

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

(f) Affiliated company

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $257,106,408 or 0.5% of net assets.

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $65,368,652 or 0.1% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
European Capital Ltd. preference shares	8/22/05 - 8/29/05	$ 59,927,350
MetroPhotonics, Inc. Series 2	9/29/00	$ 1,980,000
OZ Optics Ltd. unit	8/18/00	$ 1,505,520

Other Affiliated Issuers

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

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Acibadem Saglik Hizmetleri AS	$ 26,724,309	$ 4,072,561	$ -	$ -	$ 29,065,055
Clear Media Ltd.	37,841,382	-	-	-	33,025,937
Ipsos SA	84,893,943	-	-	-	76,616,034
Neopost SA	201,760,549	-	6,251,092	-	205,825,031
Niko Resources Ltd.	121,141,941	51,153,542	-	54,933	203,106,408
RTI International Metals, Inc.	73,584,000	55,021,757	28,405,389	-	130,800,000
Tecan Group AG	42,888,719	10,110,973	-	-	67,979,900
Techem AG	127,767,640	-	144,513,953	-	-
Total	$ 716,602,483	$ 120,358,833	$ 179,170,434	$ 54,933	$ 746,418,365

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 39,070,629
Fidelity Securities Lending Cash Central Fund	2,445,890
Total	$ 41,516,519

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $36,406,892,385. Net unrealized appreciation aggregated $13,158,811,550, of which $13,521,997,865 related to appreciated investment securities and $363,186,315 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Forward foreign currency contracts are valued using spot rates and forward points as reported by an independent pricing service. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Emerging Markets Fund

January 31, 2007

1.813065.102

EMF-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value
Argentina - 0.7%
Banco Macro SA sponsored ADR	269,000		$ 8,877,000
Inversiones y Representaciones SA sponsored GDR (a)(d)	847,900		15,151,973
Nortel Inversora SA (PN-B) sponsored ADR (a)	145,800		2,291,976
TOTAL ARGENTINA			26,320,949
Austria - 0.8%
C.A.T. oil AG Bearer	131,340		3,255,881
CA Immo International AG	83,400		1,815,280
Raiffeisen International Bank Holding AG	102,100		15,586,727
voestalpine AG	167,500		9,693,014
TOTAL AUSTRIA			30,350,902
Bermuda - 1.7%
Aquarius Platinum Ltd. (Australia)	902,700		23,166,283
Central European Media Enterprises Ltd. Class A (a)	225,200		19,545,108
ChipMOS TECHNOLOGIES Bermuda Ltd. (a)	246,700		1,786,108
Credicorp Ltd. (NY Shares)	84,100		3,550,702
Dufry South America Ltd. unit (a)	373,930		5,967,951
Emperor International Holding Ltd.	10,862,000		2,573,769
Sinofert Holdings Ltd.	10,799,900		5,035,112
TOTAL BERMUDA			61,625,033
Brazil - 12.5%
All America Latina Logistica SA unit	499,700		5,432,110
Banco Bradesco SA (PN)	1,065,700		43,299,315
Banco Itau Holding Financeira SA (PN) (non-vtg.)	166,600		6,180,683
Banco Nossa Caixa SA	460,800		10,467,550
Brascan Residential Properties SA	416,600		3,236,223
Companhia de Concessoes Rodoviarias	142,100		1,856,489
Companhia de Saneamento de Minas Gerais	906,800		10,156,433
Companhia Vale do Rio Doce (PN-A) sponsored ADR (non-vtg.)	2,264,400		65,056,212
CSU Cardsystem SA sponsored ADR (e)	80,000		1,383,018
Cyrela Brazil Realty SA	1,675,300		15,648,385
Duratex SA (PN)	82,200		1,556,500
Eternit SA	264,400		1,867,188
Localiza Rent a Car SA	446,500		13,558,650
Lojas Americanas SA	176,700,900		10,358,056
Lojas Renner SA	1,355,900		19,023,008
LPS Brasil Consultoria de Imoveis SA	268,000		3,040,795
Medial Saude SA	303,900		3,433,817
Net Servicos de Communicacao SA sponsored ADR (d)	1,040,626		12,633,200
Obrascon Huarte Lain Brasil SA (a)	205,000		3,102,917
Petroleo Brasileiro SA Petrobras:
(PN) (non-vtg.)	1,947,700		42,804,377
(PN) sponsored ADR (non-vtg.)	520,500		46,168,350
sponsored ADR	243,000		23,882,040
	Shares		Value
Submarino SA	429,100		$ 13,020,171
TAM SA:
(PN) (ltd.-vtg.)	430,300		13,947,956
(PN) sponsored ADR (ltd. vtg.)	108,500		3,540,355
Uniao de Bancos Brasileiros SA (Unibanco):
unit	1,531,000		14,300,530
GDR	235,400		22,322,982
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A) (non-vtg.)	484,700		18,267,101
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	906,100		16,355,105
Weg SA (PN)	225,600		1,667,531
TOTAL BRAZIL			447,567,047
British Virgin Islands - 0.1%
Equator Exploration Ltd. (a)	1,069,500		945,585
Titanium Resources Group Ltd. (a)	1,364,400		1,648,634
TOTAL BRITISH VIRGIN ISLANDS			2,594,219
Canada - 0.8%
Addax Petroleum, Inc.	140,600		3,871,698
Addax Petroleum, Inc. (a)(e)	20,700		570,015
AUR Resources, Inc.	300,000		5,790,413
First Quantum Minerals Ltd.	122,500		6,498,768
Frontera Copper Corp. (a)	1,172,800		4,485,467
SXR Uranium One, Inc. (South Africa) (a)	564,460		7,339,856
TOTAL CANADA			28,556,217
Cayman Islands - 1.7%
Agile Property Holdings Ltd.	12,450,000		10,173,679
Foxconn International Holdings Ltd. (a)	4,845,100		14,490,309
Gems TV Holdings Ltd.	2,038,000		1,645,635
Lee & Man Paper Manufacturing Ltd.	6,430,000		15,235,991
Shui On Land Ltd.	4,312,500		3,634,486
SinoCom Software Group Ltd.	17,898,000		4,011,719
Trina Solar Ltd. ADR	456,800		13,416,216
TOTAL CAYMAN ISLANDS			62,608,035
China - 3.2%
China Coal Energy Co. Ltd. (H Shares)	4,715,700		3,569,617
China Gas Holdings Ltd.	13,903,100		2,777,949
China Petroleum & Chemical Corp. (H Shares)	40,624,800		33,982,645
China Shenhua Energy Co. Ltd. (H Shares)	8,208,800		20,081,726
China Telecom Corp. Ltd. (H Shares)	18,123,400		8,780,787
First Tractor Co. Ltd. (H Shares) (a)	8,104,800		3,332,233
Guangzhou R&F Properties Co. Ltd. (H Shares)	3,488,000		6,736,989
Home Inns & Hotels Management, Inc. ADR	3,300		147,642
Industrial & Commercial Bank of China	13,580,000		7,879,270
Maanshan Iron & Steel Co. Ltd. (H Shares)	3,110,000		1,983,708
Common Stocks - continued
	Shares		Value
China - continued
Parkson Retail Group Ltd. (d)	1,124,000		$ 6,327,224
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	2,880,000		13,906,628
Yantai Changyu Pioneer Wine Co. (B Shares)	1,408,650		6,693,681
TOTAL CHINA			116,200,099
Colombia - 0.3%
BanColombia SA Sponsored ADR	306,800		9,127,300
Cyprus - 0.4%
Bank of Cyprus Public Co. Ltd.	117,800		1,793,284
Mirland Development Corp. PLC	382,900		4,137,665
Urals Energy Public Co. Ltd. (a)	484,530		3,450,929
XXI Century Investments Public Ltd. (a)	290,000		4,415,776
TOTAL CYPRUS			13,797,654
Czech Republic - 0.8%
Ceske Energeticke Zavody AS	687,200		29,305,888
Egypt - 1.7%
Commercial International Bank Ltd. sponsored GDR	836,250		7,777,125
Eastern Tobacco Co.	128,345		7,209,128
Orascom Construction Industries SAE:
GDR	124,312		11,312,392
GDR (e)	16,120		1,466,920
Orascom Hotels & Development (OHD) (a)	1,319,849		9,165,039
Orascom Telecom Holding SAE GDR	338,664		23,367,816
TOTAL EGYPT			60,298,420
Estonia - 0.0%
Tallinna Vesi AS	13,700		328,727
Finland - 0.1%
YIT-Yhtyma OY	119,050		3,182,410
GEORGIA - 0.2%
Bank of Georgia:
ADR (a)	81,200		2,111,200
unit (a)	190,200		4,945,200
TOTAL GEORGIA			7,056,400
Hong Kong - 4.0%
Chaoda Modern Agriculture (Holdings) Ltd.	21,888,100		15,475,160
China Grand Frstry Resources Group Ltd. (a)	12,240,000		1,881,268
China Mobile (Hong Kong) Ltd.	8,361,400		77,175,722
China Resources Power Holdings Co. Ltd.	4,869,500		7,634,029
CNOOC Ltd.	22,937,900		19,673,837
Hopson Development Holdings Ltd.	4,143,900		9,872,115
Kerry Properties Ltd.	2,160,000		10,125,648
TOTAL HONG KONG			141,837,779
	Shares		Value
Hungary - 0.4%
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)	69,072		$ 7,120,353
Richter Gedeon Ltd.	37,600		7,553,563
TOTAL HUNGARY			14,673,916
India - 4.6%
Bharat Forge Ltd.	841,802		6,387,994
Bharat Heavy Electricals Ltd.	170,518		9,760,492
Bharti Airtel Ltd. (a)	1,463,776		24,203,775
Federal Bank Ltd.	113,158		640,364
Federal Bank Ltd.:
GDR	249,942		1,449,664
GDR (a)(e)	337,300		1,956,340
Gujarat Ambuja Cement Ltd.	2,585,865		8,054,430
HCL Technologies Ltd.	662,115		9,740,961
Indian Overseas Bank	2,102,400		5,724,843
INFO Edge India Ltd.	5,127		80,964
ITC Ltd.	1,500		5,941
Jaiprakash Associates Ltd.	641,354		10,168,836
Larsen & Toubro Ltd.	292,798		10,554,810
Nagarjuna Construction Co. Ltd.	1,345,260		6,402,803
Pantaloon Retail India Ltd.	716,110		7,917,662
Parsvnath Developers Ltd.	11,522		103,823
Rolta India Ltd.	678,244		4,954,505
Rolta India Ltd. sponsored GDR (e)	242,105		1,779,472
Satyam Computer Services Ltd.	1,302,100		13,955,924
Sintex Industries Ltd.	710,885		3,442,341
State Bank of India	453,592		14,239,064
Suzlon Energy Ltd.	159,626		4,137,855
UTI Bank Ltd.	591,700		7,176,107
Wipro Ltd.	985,534		13,710,951
TOTAL INDIA			166,549,921
Indonesia - 1.9%
PT Aneka Tambang Tbk	16,611,400		14,240,661
PT Bakrie & Brothers Tbk (a)	368,481,500		6,965,839
PT Bank Mandiri Persero Tbk	20,295,500		5,743,892
PT Bank Niaga Tbk	50,885,000		5,033,402
PT Bank Rakyat Indonesia Tbk	15,574,500		9,072,339
PT Medco Energi International Tbk	22,011,000		8,285,709
PT Perusahaan Gas Negara Tbk Series B	15,257,300		15,762,854
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk	7,555,500		4,401,172
TOTAL INDONESIA			69,505,868
Ireland - 0.1%
Dragon Oil plc (a)	832,800		2,945,239
Israel - 1.6%
Bank Hapoalim BM (Reg.)	4,119,145		19,106,988
Israel Chemicals Ltd.	2,781,900		17,163,982
Ituran Location & Control Ltd.	238,300		3,503,010
Orckit Communications Ltd. (a)	481,400		4,720,127
Common Stocks - continued
	Shares		Value
Israel - continued
Ormat Industries Ltd.	459,000		$ 5,514,953
Orpak Systems Ltd.	832,800		3,010,689
RADWARE Ltd. (a)	338,200		4,379,690
TOTAL ISRAEL			57,399,439
Kazakhstan - 0.4%
JSC Halyk Bank of Kazakhstan GDR (a)(e)	320,200		7,556,720
Kazkommertsbank JSC:
ADR (a)	23,200		517,360
unit (a)	326,146		7,273,056
TOTAL KAZAKHSTAN			15,347,136
Korea (South) - 13.9%
Celrun Co. Ltd. (a)	638,730		4,425,655
Daegu Bank Co. Ltd.	824,040		13,650,294
Daewoo Shipbuilding & Marine Engineering Co. Ltd.	488,370		14,229,776
Hanjin Heavy Industries & Construction Co. Ltd.	419,810		12,958,662
Hite Brewery Co. Ltd.	40,300		5,073,565
Honam Petrochemical Corp.	86,900		7,027,048
Hynix Semiconductor, Inc. (a)	303,890		10,184,842
Hyundai Department Store Co. Ltd.	116,889		9,300,023
Hyundai Engineering & Construction Co. Ltd. (a)	220,120		11,355,452
Hyundai Mipo Dockyard Co. Ltd.	31,453		3,938,289
Hyundai Motor Co.	47,570		3,404,190
Industrial Bank of Korea	739,560		13,705,447
Kookmin Bank	43,090		3,432,753
Korea Zinc Co. Ltd.	72,950		6,492,272
Korean Air Lines Co. Ltd.	219,340		7,879,824
Kyeryong Construction Industrial Co. Ltd.	338,240		13,601,822
LG Engineering & Construction Co. Ltd.	232,190		19,334,077
LG Household & Health Care Ltd.	136,670		16,475,886
Macquarie Korea Infrastructure Fund GDR	1,433,900		10,324,080
MegaStudy Co. Ltd.	91,508		12,654,639
NHN Corp.	174,960		23,167,135
ON*Media Corp.	207,200		1,663,762
POSCO	113,880		40,027,190
Samsung Electronics Co. Ltd.	213,075		131,947,855
Samsung Heavy Industries Ltd.	791,690		17,547,812
Shinhan Financial Group Co. Ltd.	604,710		31,536,005
SK Corp.	370,750		28,447,008
Taewoong Co. Ltd.	173,651		5,330,284
Woong Jin.Com Co. Ltd.	340,580		5,815,740
Woori Finance Holdings Co. Ltd.	557,180		13,085,196
YBM Sisa.com, Inc.	141,220		2,641,783
TOTAL KOREA (SOUTH)			500,658,366
Lebanon - 0.2%
Solidere GDR	333,800		5,591,150
	Shares		Value
Luxembourg - 1.1%
Evraz Group SA:
GDR (e)	66,100		$ 1,838,241
GDR	497,300		13,829,913
Tenaris SA sponsored ADR	516,000		24,494,520
TOTAL LUXEMBOURG			40,162,674
Malaysia - 0.6%
Genting BHD	1,036,600		11,252,907
Lion Diversified Holdings BHD	3,169,000		5,567,590
Steppe Cement Ltd. (a)	983,900		4,716,807
TOTAL MALAYSIA			21,537,304
Mexico - 6.9%
America Movil SA de CV Series L sponsored ADR	2,313,500		102,626,860
Cemex SA de CV sponsored ADR	875,418		30,972,289
Fomento Economico Mexicano SA de CV sponsored ADR	248,400		29,825,388
Grupo Aeroportuario Norte Sab de CV ADR	301,900		7,324,094
Grupo Famsa SA de CV Series A	1,201,600		5,452,214
Grupo Financiero Banorte SA de CV Series O	917,000		3,647,517
Grupo Mexico SA de CV Series B	2,888,112		11,865,879
Urbi, Desarrollos Urbanos, SA de CV (a)	5,928,700		21,120,147
Wal-Mart de Mexico SA de CV Series V	7,592,274		33,690,696
TOTAL MEXICO			246,525,084
Netherlands - 0.3%
Plaza Centers NV	775,400		3,046,934
X5 Retail Group NV unit (a)	265,000		7,221,250
TOTAL NETHERLANDS			10,268,184
Oman - 0.4%
BankMuscat SAOG sponsored:
GDR (e)	369,325		4,745,826
GDR	630,000		8,095,500
TOTAL OMAN			12,841,326
Pakistan - 0.3%
MCB Bank Ltd. (a)	330,600		1,622,104
MCB Bank Ltd. unit (e)	167,300		3,212,160
Oil & Gas Development Co. Ltd.:
ADR (a)(e)	134,300		2,703,459
unit (a)(e)	233,500		4,700,355
TOTAL PAKISTAN			12,238,078
Panama - 0.3%
Copa Holdings SA Class A	165,300		9,265,065
Philippines - 0.9%
Ayala Corp.	459,000		5,922,581
Jollibee Food Corp.	1,864,400		1,622,878
Philippine Long Distance Telephone Co.	274,530		14,787,791
PNOC Energy Development Corp. (a)	10,677,000		1,060,593
Common Stocks - continued
	Shares		Value
Philippines - continued
Robinsons Land Corp.	12,015,000		$ 3,998,848
SM Investments Corp.	585,950		4,440,379
TOTAL PHILIPPINES			31,833,070
Poland - 0.3%
Globe Trade Centre SA (a)	615,500		10,274,601
Romania - 0.1%
Banca Transilvania SA	8,506,974		3,483,663
Russia - 11.8%
JSC Chelyabinsk Zinc Plant (a)	27,300		4,231,500
JSC MMC 'Norilsk Nickel' sponsored ADR	249,700		42,199,300
Lukoil Oil Co. sponsored ADR	847,140		68,703,054
Mobile TeleSystems OJSC sponsored ADR	302,900		16,405,064
Novatek JSC:
GDR	58,400		3,153,600
GDR (e)	268,500		14,499,000
Novolipetsk Iron & Steel Corp. sponsored GDR (e)	574,600		14,169,636
OAO Gazprom sponsored ADR	3,045,606		131,722,460
OAO TatNeft unit	119,800		10,374,680
OAO TMK (a)	1,345,400		11,704,980
OAO TMK unit	104,100		3,653,910
RBC Information Systems Jsc (a)	316,100		3,635,150
Sberbank (Savings Bank of the Russian Federation)	1,400		4,620,000
Sberbank (Savings Bank of the Russian Federation) GDR	114,400		38,915,945
Sistema JSFC sponsored:
GDR (e)	214,100		6,487,230
GDR	54,300		1,645,290
Sistema-Hals JSC	25,221		6,431,355
Vimpel Communications sponsored ADR (a)	424,400		36,256,492
VSMPO-Avisma Corp.	17,100		5,044,500
TOTAL RUSSIA			423,853,146
Singapore - 0.4%
Keppel Corp. Ltd.	615,900		7,179,116
Olam International Ltd.	2,531,000		3,246,879
Sino-Environment Technology Group Ltd.	1,532,000		3,132,537
TOTAL SINGAPORE			13,558,532
South Africa - 8.8%
African Bank Investments Ltd.	2,593,026		10,412,317
Aveng Ltd.	2,866,029		15,338,136
Bidvest Group Ltd.	997,700		18,649,889
Ellerine Holdings Ltd.	639,191		6,709,647
FirstRand Ltd.	9,090,656		28,951,134
Gold Fields Ltd.	381,100		6,436,779
	Shares		Value
Illovo Sugar Ltd.	695,400		$ 1,806,384
Impala Platinum Holdings Ltd.	1,527,228		43,890,359
JD Group Ltd.	611,900		7,413,632
Lewis Group Ltd.	1,252,973		10,930,116
MTN Group Ltd.	4,082,500		49,010,350
Naspers Ltd. Class N sponsored ADR (d)	812,618		20,315,450
Nedbank Group Ltd.	677,700		12,949,682
Network Healthcare Holdings Ltd.	5,199,600		10,511,515
Sasol Ltd.	1,256,075		42,689,506
Steinhoff International Holdings Ltd.	3,037,900		10,474,067
Telkom SA Ltd.	169,300		3,774,673
Truworths International Ltd.	3,126,973		14,890,141
TOTAL SOUTH AFRICA			315,153,777
Taiwan - 6.8%
Advanced Semiconductor Engineering, Inc. (a)	9,075,000		10,349,144
Chipbond Technology Corp.	2,457,290		2,507,515
Delta Electronics, Inc.	5,789,550		18,901,711
Foxconn Technology Co. Ltd.	946,500		11,296,945
High Tech Computer Corp.	744,200		11,018,237
Hon Hai Precision Industry Co. Ltd. (Foxconn)	8,545,024		58,390,695
Inotera Memories, Inc. (a)	2,911,000		3,213,620
Motech Industries, Inc.	291,992		4,185,630
Phoenix Precision Technology Corp.	7,272,752		7,454,532
Powertech Technology, Inc.	2,880,400		11,984,536
Shin Kong Financial Holding Co. Ltd.	16,565,000		16,601,725
Siliconware Precision Industries Co. Ltd.	15,815,045		26,224,723
Taiwan Chi Cheng Enterprise Co. Ltd.	1,046,000		4,018,556
Taiwan Semiconductor Manufacturing Co. Ltd.	29,014,705		59,391,719
TOTAL TAIWAN			245,539,288
Thailand - 1.2%
Bumrungrad Hospital PCL (For. Reg.)	3,732,200		3,866,452
Charoen Pokphand Foods PCL (For. Reg.)	53,101,500		7,059,825
Minor International PCL (For. Reg.)	27,175,394		8,445,878
Padaeng Industry PCL unit (a)	2,220,700		2,204,724
PTT Public Co. Ltd. (For. Reg.)	1,750,200		10,022,728
Robinson Department Store PCL (For. Reg.) (a)	11,590,900		3,669,062
Thai Oil PCL (For. Reg.)	4,565,700		7,554,755
TOTAL THAILAND			42,823,424
Turkey - 2.8%
Acibadem Saglik Hizmetleri AS	837,300		8,691,490
Anadolu Efes Biracilk Ve Malt Sanyii AS	338,829		11,081,503
Asya Katilim Bankasi AS	2,696,000		12,459,296
Dogan Yayin Holding AS (a)	2,127,739		7,488,310
Dogus Otomotiv Servis ve Ticaret AS	1,255,700		6,383,402
Enka Insaat ve Sanayi AS	2,078,163		22,015,378
Common Stocks - continued
	Shares		Value
Turkey - continued
Tupras-Turkiye Petrol Rafinerileri AS	711,400		$ 12,644,863
Turkiye Garanti Bankasi AS	5,273,500		19,871,703
TOTAL TURKEY			100,635,945
Ukraine - 0.2%
Stirol sponsored ADR (a)	191,500		2,745,507
Ukrnafta Open JSC sponsored ADR	10,000		3,962,184
TOTAL UKRAINE			6,707,691
United Kingdom - 0.8%
Aricom PLC (a)	2,043,200		2,207,907
Hirco PLC (a)	343,600		2,821,868
Imperial Energy PLC (a)	284,700		4,047,001
Peter Hambro Mining PLC (a)	193,100		4,268,174
Sibir Energy PLC (a)	1,401,486		11,372,242
Unitech Corporate Parks PLC (a)	1,745,800		3,052,754
Victoria Oil & Gas PLC (a)	887,800		915,760
TOTAL UNITED KINGDOM			28,685,706
United States of America - 1.1%
Central European Distribution Corp. (a)	149,600		4,411,704
CTC Media, Inc. (f)	372,960		8,022,370
CTC Media, Inc.	514,100		11,058,291
NII Holdings, Inc. (a)	238,800		17,623,440
TOTAL UNITED STATES OF AMERICA			41,115,805
TOTAL COMMON STOCKS (Cost $2,647,281,794)		3,489,930,477
Nonconvertible Preferred Stocks - 0.2%
Korea (South) - 0.2%
Samsung Electronics Co. Ltd. (Cost $5,020,749)	14,270		6,738,284
Investment Companies - 0.3%
Romania - 0.3%
SIF 1 Banat-Crisana Arad Fund	1,421,700		1,811,880
SIF 3 Transilvania Brasov Fund	3,395,800		4,041,845
SIF 4 Muntenia Bucuresti Fund	2,731,000		1,944,070
SIF 5 Oltenia Craiova Fund	1,203,500		1,630,522
TOTAL INVESTMENT COMPANIES (Cost $9,005,292)		9,428,317
Money Market Funds - 2.8%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b)	96,259,176		$ 96,259,176
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	6,139,325		6,139,325
TOTAL MONEY MARKET FUNDS (Cost $102,398,501)		102,398,501

TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $2,763,706,336) 3,608,495,579

NET OTHER ASSETS - (0.5)%		(19,411,923)
NET ASSETS - 100%	$ 3,589,083,656

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $67,068,392 or 1.9% of net assets.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $8,022,370 or 0.2% of net assets.

Additional information on each holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,335,816
Fidelity Securities Lending Cash Central Fund	52,149
Total	$ 1,387,965

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $2,764,915,869. Net unrealized appreciation aggregated $843,579,710, of which $932,165,075 related to appreciated investment securities and $88,585,365 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Europe Capital Appreciation Fund

January 31, 2007

1.813014.102

ECA-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 81.8%
	Shares		Value
Argentina - 0.7%
Cresud S.A.C.I.F. y A. sponsored ADR	569,100		$ 10,573,878
Austria - 2.3%
Flughafen Wien AG	322,477		32,152,980
Bermuda - 0.9%
SeaDrill Ltd. (a)	746,900		12,298,221
Canada - 1.4%
European Goldfields Ltd. (a)	2,642,200		11,811,977
MagIndustries Corp. (a)	631,380		590,275
New Flyer Industries, Inc.	1,062,300		7,990,273
TOTAL CANADA			20,392,525
Finland - 1.0%
UPM-Kymmene Corp.	553,400		14,144,904
France - 11.9%
BIC SA	425,383		28,719,108
Compagnie Generale de Geophysique SA (a)	65,400		12,981,913
Eutelsat Communications	1,204,364		24,173,500
Icade SA	627,866		40,057,212
Renault SA	258,000		31,928,295
Sanofi-Aventis sponsored ADR	661,399		29,154,468
TOTAL FRANCE			167,014,496
Germany - 9.6%
E.ON AG	223,800		30,474,846
KarstadtQuelle AG (a)(d)	1,208,300		38,945,739
Lanxess AG (a)	712,100		36,809,062
RWE AG	280,600		29,257,601
TOTAL GERMANY			135,487,248
Italy - 2.2%
Intesa Sanpaolo Spa	4,060,400		30,646,680
Luxembourg - 4.4%
Acergy SA (a)	1,158,400		22,461,664
SES Global SA FDR (France) unit	2,289,000		39,827,965
TOTAL LUXEMBOURG			62,289,629
Netherlands - 9.3%
Koninklijke Philips Electronics NV (d)	1,099,700		43,053,255
Koninklijke Wessanen NV (d)	333,714		4,610,429
Nutreco Holding NV	457,600		31,520,425
Reed Elsevier NV	1,800,800		31,544,657
Tele Atlas NV (a)(d)	944,778		19,517,316
TOTAL NETHERLANDS			130,246,082
Norway - 2.9%
Fred Olsen Energy ASA (a)(d)	261,600		11,612,227
Petroleum Geo-Services ASA (a)	640,350		14,956,294
TGS Nopec Geophysical Co. ASA (a)	693,050		14,132,545
TOTAL NORWAY			40,701,066
	Shares		Value
Sweden - 5.8%
Assa Abloy AB (B Shares)	1,101,200		$ 24,083,799
Atlas Copco AB (A Shares)	784,600		26,811,870
Investor AB (B Shares)	1,248,600		30,181,986
TOTAL SWEDEN			81,077,655
Switzerland - 12.1%
Actelion Ltd. (Reg.) (a)	179,049		43,547,594
Bellevue Group AG	75,418		5,372,490
Bucher Industries AG	190,301		22,797,869
Nestle SA (Reg.)	115,431		42,344,035
Pargesa Holding SA	263,303		28,516,112
Syngenta AG (Switzerland)	152,210		28,212,124
TOTAL SWITZERLAND			170,790,224
Turkey - 0.7%
Selcuk Ecza Deposu Tic AS	2,483,507		10,152,979
United Kingdom - 11.5%
Benfield Group PLC	4,373,757		29,647,020
GlaxoSmithKline PLC	1,112,000		30,096,280
Pearson PLC	1,873,400		29,519,716
Peter Hambro Mining PLC (a)(d)	1,616,551		35,731,334
Tesco PLC	4,530,600		37,208,255
TOTAL UNITED KINGDOM			162,202,605
United States of America - 5.1%
NTL, Inc.	1,252,000		34,117,000
Synthes, Inc.	299,762		37,670,593
TOTAL UNITED STATES OF AMERICA			71,787,593
TOTAL COMMON STOCKS (Cost $972,348,630)		1,151,958,765
Nonconvertible Preferred Stocks - 2.6%
Italy - 2.6%
Istituto Finanziario Industriale Spa (IFI) (a) (Cost $22,909,066)	1,119,211		36,438,917

Government Obligations - 8.0%
		Principal Amount
Austria - 1.3%
Austrian Republic 5.625% 7/15/07	EUR	14,275,000		18,735,558
Finland - 1.3%
Finnish Government 5% 7/4/07	EUR	14,275,000		18,685,324
France - 2.7%
French Government 2.25% 3/12/07	EUR	28,550,000		37,165,245
Government Obligations - continued
		Principal Amount		Value
Germany - 1.4%
German Federal Republic 6% 7/4/07	EUR	14,275,000		$ 18,763,466
Netherlands - 1.3%
Dutch Government 3% 7/15/07	EUR	14,275,000		18,522,714
TOTAL GOVERNMENT OBLIGATIONS (Cost $109,058,193)			111,872,307

Money Market Funds - 14.7%
	Shares
Fidelity Cash Central Fund, 5.35% (b)	115,017,996		115,017,996
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	92,334,710		92,334,710
TOTAL MONEY MARKET FUNDS (Cost $207,352,706)		207,352,706

TOTAL INVESTMENT PORTFOLIO - 107.1% (Cost $1,311,668,595) 1,507,622,695

NET OTHER ASSETS - (7.1)%		(99,910,634)
NET ASSETS - 100%	$ 1,407,712,061

Currency Abbreviation
EUR	-	European Monetary Unit

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,142,584
Fidelity Securities Lending Cash Central Fund	516,900
Total	$ 1,659,484

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,312,731,361. Net unrealized appreciation aggregated $194,891,334, of which $203,971,476 related to appreciated investment securities and $9,080,142 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Europe Fund

January 31, 2007

1.813067.102

EUR-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.2%
	Shares		Value
Austria - 0.7%
Erste Bank AG	428,300		$ 33,320,438
Belgium - 0.9%
InBev SA	615,200		39,585,899
Finland - 2.2%
Metso Corp.	598,000		31,674,950
Nokia Corp.	3,155,700		69,740,970
TOTAL FINLAND			101,415,920
France - 10.3%
AXA SA	1,803,900		76,611,633
BNP Paribas SA	376,600		41,991,500
Carrefour SA	600,500		34,593,646
Essilor International SA	398,000		44,637,000
Groupe Danone	404,100		62,254,017
L'Oreal SA	466,200		49,278,125
Louis Vuitton Moet Hennessy (LVMH)	319,700		33,709,492
Societe Generale Series A	443,235		78,277,040
Total SA Series B	636,200		43,293,410
TOTAL FRANCE			464,645,863
Germany - 9.8%
Bayer AG	1,596,400		94,474,952
Bayerische Motoren Werke AG (BMW)	375,000		22,873,792
E.ON AG	347,700		47,346,309
Hochtief AG	164,900		13,458,442
Linde AG	568,000		60,838,084
RWE AG	424,300		44,240,912
SAP AG (d)	429,700		19,912,298
Siemens AG (Reg.) (d)	607,300		67,246,329
Wincor Nixdorf AG	442,900		70,280,639
TOTAL GERMANY			440,671,757
Greece - 0.4%
Alpha Bank AE	585,100		18,820,723
Ireland - 0.8%
Allied Irish Banks PLC	1,264,100		36,703,144
Italy - 3.3%
Banca Popolare di Milano	1,884,480		31,463,115
Fiat Spa (a)	1,496,800		32,499,281
Tod's Spa	412,600		35,589,103
Unicredito Italiano Spa	5,247,200		48,556,460
TOTAL ITALY			148,107,959
Netherlands - 7.8%
Heineken NV (Bearer)	727,700		36,866,166
ING Groep NV (Certificaten Van Aandelen)	2,272,000		100,104,320
Koninklijke Numico NV	514,300		27,281,735
Koninklijke Philips Electronics NV	2,050,300		80,269,245
	Shares		Value
Randstad Holdings NV	730,900		$ 48,916,960
Rodamco Europe NV	413,352		55,867,579
TOTAL NETHERLANDS			349,306,005
Norway - 2.8%
Aker Kvaerner ASA	570,689		64,474,299
DnB Nor ASA	4,204,600		63,133,852
TOTAL NORWAY			127,608,151
Spain - 12.8%
Banco Bilbao Vizcaya Argentaria SA	9,387,000		235,425,964
Banco Santander Central Hispano SA	8,562,100		162,815,835
Inditex SA	1,534,800		86,956,587
Telefonica SA	4,234,600		93,076,508
TOTAL SPAIN			578,274,894
Sweden - 7.2%
Elekta AB (B Shares)	1,394,400		30,596,547
Hennes & Mauritz AB (H&M) (B Shares)	2,438,750		131,938,129
Hexagon AB (B Shares) (d)	1,174,325		47,986,806
SKF AB (B Shares)	1,456,200		28,704,950
Telefonaktiebolaget LM Ericsson (B Shares)	21,036,000		83,702,244
TOTAL SWEDEN			322,928,676
Switzerland - 17.0%
ABB Ltd. (Reg.)	6,866,265		121,453,532
Baloise Holdings AG (Reg.)	262,305		26,552,120
Compagnie Financiere Richemont unit	544,638		30,390,253
Credit Suisse Group (Reg.)	555,080		39,455,086
Nestle SA (Reg.)	126,192		46,291,538
Novartis AG (Reg.)	1,518,431		87,598,284
Roche Holding AG (participation certificate)	892,370		167,675,875
Schindler Holding AG (participation certificate)	575,679		37,028,599
Societe Generale de Surveillance Holding SA (SGS) (Reg.)	26,479		29,039,080
Syngenta AG (Switzerland)	540,678		100,214,667
UBS AG (Reg.)	1,243,203		78,334,221
TOTAL SWITZERLAND			764,033,255
United Kingdom - 19.2%
AstraZeneca PLC (United Kingdom)	540,100		30,218,595
Biffa PLC	957,500		6,151,681
British American Tobacco PLC	1,588,200		48,559,215
Carnival PLC	1,082,400		59,120,688
Diageo PLC	3,332,100		65,584,058
HBOS plc	1,998,600		43,626,185
HSBC Holdings PLC (United Kingdom) (Reg.)	3,506,400		64,398,542
Man Group plc	4,202,600		44,154,619
National Grid PLC	2,786,500		42,046,278
Pearson PLC	718,100		11,315,313
Royal Bank of Scotland Group PLC	1,632,400		65,588,424
Common Stocks - continued
	Shares		Value
United Kingdom - continued
SABMiller PLC	656,000		$ 14,873,629
Scottish & Southern Energy PLC	955,100		28,072,929
Severn Trent PLC	638,266		17,744,569
Tesco PLC	20,697,073		169,977,919
Vodafone Group PLC	40,103,300		117,863,597
Yell Group PLC	2,975,500		35,865,907
TOTAL UNITED KINGDOM			865,162,148
TOTAL COMMON STOCKS (Cost $3,542,649,396)		4,290,584,832
Nonconvertible Preferred Stocks - 3.2%
Germany - 2.0%
Henkel KGaA	439,400		68,597,046
Porsche AG (non-vtg.) (d)	17,551		22,173,745
TOTAL GERMANY			90,770,791
Italy - 1.2%
Intesa Sanpaolo Spa	7,126,997		53,002,871
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $99,935,585)		143,773,662
Money Market Funds - 4.0%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b)	83,282,738		$ 83,282,738
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	95,243,140		95,243,140
TOTAL MONEY MARKET FUNDS (Cost $178,525,878)		178,525,878

TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $3,821,110,859) 4,612,884,372

NET OTHER ASSETS - (2.4)%		(107,490,106)
NET ASSETS - 100%	$ 4,505,394,266

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,189,135
Fidelity Securities Lending Cash Central Fund	242,083
Total	$ 1,431,218

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $3,827,395,505. Net unrealized appreciation aggregated $785,488,867, of which $797,733,006 related to appreciated investment securities and $12,244,139 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Global Balanced Fund

January 31, 2007

1.813033.102

GBL-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 57.9%
	Shares		Value
Argentina - 0.3%
Cresud S.A.C.I.F. y A. sponsored ADR	24,800		$ 460,784
Inversiones y Representaciones SA sponsored GDR (a)	17,700		316,299
TOTAL ARGENTINA			777,083
Australia - 2.0%
AGL Energy Ltd. (a)	20,300		272,857
AMP Ltd.	53,885		438,083
Asx Ltd.	11,089		326,342
Babcock & Brown Japan Property Trust	92,900		149,323
BHP Billiton Ltd.	41,834		857,388
Brambles Ltd. (a)	26,000		280,223
Computershare Ltd.	41,100		292,334
Downer EDI Ltd.	39,887		204,107
Energy Resources of Australia Ltd.	11,300		182,421
Fosters Group Ltd.	77,339		406,564
Macquarie Bank Ltd.	3,600		226,399
National Australia Bank Ltd.	26,127		820,649
QBE Insurance Group Ltd.	12,300		294,169
Sonic Healthcare Ltd.	26,600		299,496
Vision Group Holdings Ltd.	692		2,241
Woolworths Ltd.	25,600		472,112
WorleyParsons Ltd.	18,100		302,316
Zinifex Ltd.	17,600		224,129
TOTAL AUSTRALIA			6,051,153
Austria - 0.4%
Flughafen Wien AG	13,200		1,316,123
Bermuda - 0.7%
Allied World Assurance Co. Holdings Ltd.	8,700		370,620
Endurance Specialty Holdings Ltd.	12,000		408,000
Lazard Ltd. Class A	8,400		426,384
Pacific Basin Shipping Ltd.	475,000		330,964
SeaDrill Ltd. (a)	30,500		502,203
TOTAL BERMUDA			2,038,171
Canada - 1.0%
Cameco Corp.	10,600		403,784
Canadian Natural Resources Ltd.	9,100		455,077
European Goldfields Ltd. (a)	115,000		514,108
MagIndustries Corp. (a)	26,120		24,420
New Flyer Industries, Inc.	46,200		347,501
Potash Corp. of Saskatchewan, Inc.	4,400		686,532
Suncor Energy, Inc.	4,900		363,148
Western Oil Sands, Inc. Class A (a)	8,700		234,396
TOTAL CANADA			3,028,966
Cayman Islands - 0.2%
Ctrip.com International Ltd. sponsored ADR	3,300		234,663
	Shares		Value
Foxconn International Holdings Ltd. (a)	35,000		$ 104,675
Noble Corp.	5,500		412,225
TOTAL CAYMAN ISLANDS			751,563
China - 0.1%
Anhui Conch Cement Co. Ltd. (H Shares)	72,000		242,997
China Shenhua Energy Co. Ltd. (H Shares)	57,500		140,666
TOTAL CHINA			383,663
Finland - 0.2%
UPM-Kymmene Corp.	22,999		587,854
France - 2.4%
BIC SA	17,329		1,169,942
Compagnie Generale de Geophysique SA (a)	2,700		535,951
Eutelsat Communications	49,200		987,522
Icade SA	26,700		1,703,433
Renault SA	10,500		1,299,407
Sanofi-Aventis sponsored ADR	28,792		1,269,151
TOTAL FRANCE			6,965,406
Germany - 1.9%
E.ON AG	9,100		1,239,147
KarstadtQuelle AG (a)	49,326		1,589,868
Lanxess AG (a)	29,100		1,504,204
RWE AG	11,500		1,199,082
TOTAL GERMANY			5,532,301
Hong Kong - 1.0%
Bank of East Asia Ltd.	83,337		478,727
Cheung Kong Holdings Ltd.	29,000		381,838
China Mobile (Hong Kong) Ltd.	36,500		336,895
Esprit Holdings Ltd.	7,500		76,033
Hang Lung Properties Ltd.	106,000		289,183
Hong Kong Exchanges & Clearing Ltd.	32,000		347,153
Hutchison Whampoa Ltd.	18,000		178,905
Li & Fung Ltd.	112,000		349,305
Prosperity (REIT)	468		103
Wing Hang Bank Ltd.	44,000		555,107
TOTAL HONG KONG			2,993,249
Indonesia - 0.1%
PT Astra International Tbk	142,500		232,579
Italy - 0.4%
Intesa Sanpaolo Spa	165,800		1,251,409
Japan - 8.0%
Aeon Co. Ltd.	9,800		213,158
Autobacs Seven Co. Ltd.	3,000		109,624
Bridgestone Corp.	9,900		214,923
Brother Industries Ltd. (a)	9,000		125,210
Canon, Inc.	13,400		707,654
Chofu Seisakusho Co. Ltd.	5,700		117,368
Daiichi Sankyo Co. Ltd.	1,700		47,330
Common Stocks - continued
	Shares		Value
Japan - continued
Dainippon Ink & Chemicals, Inc.	83,000		$ 330,116
Diamond Lease Co. Ltd.	4,690		233,558
Dydo Drinco, Inc.	3,200		122,501
eAccess Ltd. (f)	370		231,164
East Japan Railway Co.	63		436,931
Enplas Corp.	4,600		78,709
Fanuc Ltd.	4,700		434,230
First Juken Co. Ltd.	26,300		255,405
Fujitsu Ltd.	28,000		209,968
Hakuhodo DY Holdings, Inc. (a)	1,540		102,594
Heiwado Co. Ltd.	1,500		24,647
Hiroshima Bank Ltd.	15,000		85,388
Honda Motor Co. Ltd.	15,800		621,414
Iino Kaiun Kaisha Ltd. (f)	37,400		397,289
Itochushokuhin Co. Ltd. (a)	9,200		300,352
Japan Retail Fund Investment Corp.	13		118,490
JFE Holdings, Inc.	13,800		764,983
JSR Corp.	7,100		168,845
Kawasaki Kisen Kaisha Ltd. (f)	54,000		467,133
Kobayashi Pharmaceutical Co. Ltd.	7,900		302,424
Koito Manufacturing Co. Ltd. (a)	13,000		184,306
Komatsu Ltd.	4,600		97,195
Kuraray Co. Ltd.	33,000		397,580
Kurita Water Industries Ltd.	8,700		185,628
Mitsubishi Gas Chemical Co., Inc.	14,000		149,066
Mitsubishi Rayon Co. Ltd. (a)	51,000		349,480
Mitsubishi UFJ Financial Group, Inc.	13		157,950
Mitsui & Co. Ltd.	26,000		415,362
Mitsui Chemicals, Inc.	19,000		153,499
Mizuho Financial Group, Inc.	213		1,535,485
Nafco Co. Ltd.	9,800		259,850
Namco Bandai Holdings, Inc.	13,700		197,522
Nintendo Co. Ltd.	2,400		707,959
Nippon Carbon Co. Ltd.	52,000		205,096
Nippon Oil Corp. (a)	81,000		542,976
Nomura Holdings, Inc.	33,000		672,870
NTT DoCoMo, Inc. (a)	418		634,524
Omron Corp.	10,500		282,761
Organo Corp.	19,000		212,064
ORIX Corp.	1,400		401,375
San-A Co. Ltd.	2,200		74,740
SBI Holdings, Inc.	1,242		481,116
Sho-Bond Corp.	15,400		138,324
Shoei Co.	6,490		178,538
Sony Corp. (f)	9,900		458,667
Stanley Electric Co. Ltd.	6,900		142,362
Sumitomo Corp.	22,400		347,457
Sumitomo Electric Industries Ltd.	30,000		459,378
Sumitomo Metal Industries Ltd.	68,000		288,487
Sumitomo Trust & Banking Co. Ltd.	50,000		534,864
T&D Holdings, Inc.	8,700		586,079
Takeda Pharamaceutical Co. Ltd.	13,800		899,913
	Shares		Value
Tamron Co. Ltd.	6,200		$ 116,361
The Keiyo Bank Ltd.	17,000		102,971
Toc Co. Ltd.	94,500		509,753
Toenec Corp.	76,000		311,721
Tohokushinsha Film Corp.	8,300		71,731
Tokyo Tomin Bank Ltd.	6,500		252,600
Tokyu Land Corp.	15,000		153,250
Tosoh Corp.	29,000		137,208
Toyota Motor Corp.	24,400		1,607,716
UNY Co. Ltd.	29,000		378,224
Valor Co. Ltd.	10,100		127,291
Yachiyo Industry Co. Ltd.	5,700		139,330
TOTAL JAPAN			23,462,037
Korea (South) - 0.3%
Hanarotelecom, Inc. (a)	33,335		262,006
LG Household & Health Care Ltd.	3,100		373,712
Taewoong Co. Ltd.	5,480		168,211
TOTAL KOREA (SOUTH)			803,929
Luxembourg - 0.9%
Acergy SA (a)	50,300		975,330
SES Global SA FDR (France) unit	93,400		1,625,134
TOTAL LUXEMBOURG			2,600,464
Malaysia - 0.2%
Lafarge Malayan Cement BHD	436,300		205,655
United Plantations BHD	97,800		290,564
TOTAL MALAYSIA			496,219
Mexico - 0.1%
America Movil SA de CV Series L sponsored ADR	9,900		439,164
Netherlands - 1.9%
Koninklijke Philips Electronics NV	47,900		1,875,285
Koninklijke Wessanen NV	13,859		191,469
Nutreco Holding NV	18,683		1,286,923
Reed Elsevier NV	73,500		1,287,501
Tele Atlas NV (a)	40,100		828,390
TOTAL NETHERLANDS			5,469,568
Norway - 0.6%
Fred Olsen Energy ASA (a)	10,900		483,843
Petroleum Geo-Services ASA (a)	26,100		609,603
TGS Nopec Geophysical Co. ASA (a)	28,300		577,088
TOTAL NORWAY			1,670,534
Papua New Guinea - 0.1%
Lihir Gold Ltd. (a)	124,900		299,683
Oil Search Ltd.	54,300		148,417
TOTAL PAPUA NEW GUINEA			448,100
Singapore - 0.7%
CapitaCommercial Trust (REIT)	194,600		340,881
CapitaLand Ltd.	81,000		353,401
Common Stocks - continued
	Shares		Value
Singapore - continued
DBS Group Holdings Ltd.	29,000		$ 415,459
Keppel Corp. Ltd.	20,000		233,126
Keppel Land Ltd.	70,000		341,875
United Overseas Bank Ltd.	26,000		319,995
TOTAL SINGAPORE			2,004,737
Sweden - 1.1%
Assa Abloy AB (B Shares)	45,000		984,173
Atlas Copco AB (A Shares)	32,000		1,093,525
Investor AB (B Shares)	51,000		1,232,806
TOTAL SWEDEN			3,310,504
Switzerland - 4.1%
ABB Ltd. sponsored ADR	182,000		3,241,420
Actelion Ltd. (Reg.) (a)	10,626		2,584,414
Bellevue Group AG	3,955		281,739
Bucher Industries AG	7,764		930,119
Nestle SA:
(Reg.)	4,882		1,790,884
sponsored ADR	4,200		388,080
Pargesa Holding SA	10,973		1,188,392
Roche Holding AG (participation certificate)	2,170		407,742
Syngenta AG (Switzerland)	6,214		1,151,765
TOTAL SWITZERLAND			11,964,555
Taiwan - 0.1%
PixArt Imaging, Inc.	15,000		210,466
Turkey - 0.1%
Selcuk Ecza Deposu Tic AS	105,143		429,842
United Kingdom - 2.3%
Benfield Group PLC	178,543		1,210,234
GlaxoSmithKline PLC	48,400		1,309,946
Pearson PLC	76,457		1,204,755
Peter Hambro Mining PLC (a)	68,354		1,510,858
Tesco PLC	185,000		1,519,341
TOTAL UNITED KINGDOM			6,755,134
United States of America - 26.7%
AeroVironment, Inc. (a)	2,600		59,462
AES Corp. (a)	37,100		771,309
Allergan, Inc.	11,000		1,283,810
American International Group, Inc.	23,587		1,614,530
American Superconductor Corp. (a)(f)	7,700		77,616
American Tower Corp. Class A (a)	29,700		1,182,951
Amphenol Corp. Class A	7,000		474,040
Amylin Pharmaceuticals, Inc. (a)	10,900		422,702
Apple, Inc. (a)	22,000		1,886,060
Applied Materials, Inc.	34,200		606,366
Astoria Financial Corp.	8,900		263,351
AT&T, Inc.	46,900		1,764,847
Avon Products, Inc.	69,300		2,383,227
Bank of America Corp.	14,300		751,894
	Shares		Value
Beazer Homes USA, Inc.	3,700		$ 160,987
Brookdale Senior Living, Inc.	5,100		244,800
C.R. Bard, Inc.	11,200		924,224
Casual Male Retail Group, Inc. (a)	33,800		421,824
Celgene Corp. (a)	11,600		622,688
Cerner Corp. (a)	12,440		558,929
Chicago Mercantile Exchange Holdings, Inc. Class A	777		437,684
Cisco Systems, Inc. (a)	42,150		1,120,769
Coach, Inc. (a)	11,700		536,562
Cognizant Technology Solutions Corp. Class A (a)	16,400		1,398,756
Comcast Corp. Class A (a)	19,900		881,968
Commerce Bancorp, Inc., New Jersey	9,100		307,398
CyberSource Corp. (a)	45,100		581,790
DynCorp International, Inc. Class A	29,800		466,966
Exelixis, Inc. (a)	16,900		165,620
Exxon Mobil Corp.	35,800		2,652,780
Federated Department Stores, Inc.	53,050		2,201,045
Fluor Corp.	16,500		1,362,900
FormFactor, Inc. (a)	17,900		727,635
FPL Group, Inc.	18,300		1,036,695
Fuel Tech, Inc. (a)	3,100		89,249
General Dynamics Corp.	26,000		2,031,900
General Electric Co.	43,000		1,550,150
General Growth Properties, Inc.	10,240		629,965
Gilead Sciences, Inc. (a)	8,500		546,720
Google, Inc. Class A (sub. vtg.) (a)	3,600		1,804,680
Greenhill & Co., Inc.	5,400		404,622
Health Net, Inc. (a)	8,000		389,680
Hittite Microwave Corp. (a)	7,300		253,894
Hudson City Bancorp, Inc.	110,900		1,527,093
Intel Corp.	2,000		41,920
Inverness Medical Innovations, Inc. (a)	11,900		490,518
Investors Financial Services Corp.	25,300		1,183,281
JCPenney Co., Inc.	17,950		1,458,258
Johnson & Johnson	12,200		814,960
Kroger Co.	23,500		601,600
Lennar Corp. Class A	4,000		217,520
Level 3 Communications, Inc. (a)	98,500		611,685
Mastercard, Inc. Class A	7,800		870,090
Merck & Co., Inc.	51,100		2,286,725
MGIC Investment Corp.	600		37,032
Microsoft Corp.	74,400		2,295,984
Molson Coors Brewing Co. Class B	6,200		500,960
Monsanto Co.	29,850		1,644,437
Morgan Stanley	16,900		1,399,151
National Oilwell Varco, Inc. (a)	9,600		582,144
Nautilus, Inc.	46,600		760,046
Northern Trust Corp.	22,500		1,366,875
NTL, Inc.	54,550		1,486,488
Peabody Energy Corp.	15,200		620,616
PepsiCo, Inc.	26,890		1,754,304
Procter & Gamble Co.	34,400		2,231,528
Common Stocks - continued
	Shares		Value
United States of America - continued
Quanta Services, Inc. (a)	20,800		$ 427,856
Quest Software, Inc. (a)	29,100		434,463
Quicksilver Resources, Inc. (a)	6,350		251,841
Qwest Communications International, Inc. (a)	80,900		659,335
Raytheon Co. warrants 6/16/11 (a)	112		1,854
Ryland Group, Inc.	1,500		84,270
Safeway, Inc.	28,800		1,037,664
Senomyx, Inc. (a)	3,300		48,246
Service Corp. International	73,100		778,515
State Street Corp.	18,100		1,286,005
Sun Microsystems, Inc. (a)	221,300		1,469,432
Synthes, Inc.	12,238		1,537,929
Time Warner, Inc.	83,600		1,828,332
Titanium Metals Corp. (a)	43,200		1,332,288
Tyson Foods, Inc. Class A	14,900		264,475
U.S. Bancorp, Delaware	21,900		779,640
United Dominion Realty Trust, Inc. (SBI)	14,700		482,013
Valero Energy Corp.	11,700		635,076
ValueClick, Inc. (a)	3,400		86,768
Wachovia Corp.	9,600		542,400
Washington Mutual, Inc.	12,200		543,998
Wells Fargo & Co.	30,200		1,084,784
Yahoo!, Inc. (a)	7,800		220,818
TOTAL UNITED STATES OF AMERICA			78,656,262
TOTAL COMMON STOCKS (Cost $145,035,410)		170,631,035
Nonconvertible Preferred Stocks - 0.5%
Italy - 0.5%
Istituto Finanziario Industriale Spa (IFI) (a) (Cost $862,831)	45,700		1,487,886

Nonconvertible Bonds - 6.9%
		Principal Amount (d)
Austria - 0.7%
Oesterreichische Kontrollbank 3.875% 9/15/16	EUR	1,700,000		2,150,332
Bermuda - 0.1%
SeaDrill Ltd. 4.72% 1/23/08 (g)(h)	NOK	1,500,000		240,375
British Virgin Islands - 0.0%
C5 Capital SPV Ltd. 6.196% (h)		100,000		99,440
Cayman Islands - 0.3%
Finans Capital Finance Ltd. (Reg. S) 9% 10/7/14 (e)		160,000		171,408
MUFG Capital Finance 1 Ltd. 6.346% (h)		175,000		175,895
MUFG Capital Finance 5 Ltd. 6.299% (h)	GBP	100,000		196,255
		Principal Amount (d)		Value
PetroProd Ltd. 11.36% 1/12/12 (g)(h)		$ 100,000		$ 102,500
SMFG Finance Ltd. 6.164% (h)	GBP	75,000		144,100
Vale Overseas Ltd. 6.875% 11/21/36		200,000		203,552
TOTAL CAYMAN ISLANDS				993,710
Cyprus - 0.0%
Mizuho Capital Investment Europe 1 Ltd. 5.02% (h)	EUR	100,000		129,892
France - 0.7%
Credit Agricole SA 3.742% 9/30/08 (h)	EUR	1,500,000		1,954,438
Germany - 0.0%
Wuerttembergische Lebens AG 5.375% 6/1/26 (h)	EUR	100,000		125,904
Hong Kong - 0.2%
Chong Hing Bank Ltd. 6.29% 12/16/16 (h)		175,000		175,359
Dah Sing Bank Ltd. 6.12% 6/3/16 (h)		250,000		249,607
TOTAL HONG KONG				424,966
Iceland - 0.1%
Kaupthing Bank hf 5.75% 10/4/11 (g)		375,000		374,542
India - 0.0%
ICICI Bank Ltd. (Reg. S) 5.9% 1/12/10 (h)		125,000		125,188
Ireland - 0.5%
DEPFA ACS Bank 3.875% 11/14/16	EUR	700,000		881,325
JSC Vneshtorgbank 7% 4/13/09 (Issued by Dali Capital PLC for JSC Vneshtorgbank)	RUB	7,000,000		266,824
ROSBANK (OJSC JSCB) 8% 9/30/09 (Issued by Dali Capital PLC for ROSBANK (OJSC JSCB))	RUB	3,800,000		144,273
VTB24 Capital PLC 6.17% 12/7/09 (h)		270,000		270,081
TOTAL IRELAND				1,562,503
Japan - 0.1%
Aiful Corp. 6% 12/12/11		120,000		119,195
Shinsei Bank Ltd. 3.75% 2/23/16 (h)	EUR	200,000		251,755
TOTAL JAPAN				370,950
Kazakhstan - 0.1%
JSC Alliance Bank 9% 6/27/08		360,000		367,506
Korea (South) - 0.1%
Hyundai Capital Services, Inc. 5.625% 1/24/12		200,000		199,000
Nonconvertible Bonds - continued
		Principal Amount (d)		Value
Liberia - 0.1%
Royal Caribbean Cruises Ltd. 5.625% 1/27/14	EUR	125,000		$ 162,844
Luxembourg - 0.7%
BTA Finance Luxembourg 8.25% (h)		100,000		94,282
Fiat Finance & Trade Ltd. 5.625% 11/15/11	EUR	300,000		403,322
Glencore Finance (Europe) SA 5.375% 9/30/11	EUR	150,000		196,871
ICB OJSC 6.2% 9/29/15 (Issued by Or-ICB for ICB OJSC) (h)		500,000		499,995
Lux-Development SA 6.1% 10/31/16 (e)	EUR	200,000		264,085
Russian Standard Finance SA 6.825% 9/16/09	EUR	125,000		163,570
Sitronics Finance SA 7.875% 3/2/09		200,000		201,120
TNK-BP Finance SA 7.5% 7/18/16		250,000		261,925
TOTAL LUXEMBOURG				2,085,170
Multi-National - 0.1%
WT Finance (Aust) Pty Ltd./Westfield Europe Finance PLC/WEA Finance 3.625% 6/27/12	EUR	200,000		247,767
Netherlands - 0.6%
ALB Finance BV 8.75% 4/20/11		200,000		198,700
Asset Repackaging Trust Five BV 0% 12/21/11 pay-in-kind (h)	EUR	100,000		132,616
CRR BV 9% 9/21/07		200,000		200,580
Deutsche Telekom International Finance BV 4.5% 10/25/13	EUR	115,000		147,562
Eureko BV 5.125% (h)	EUR	200,000		258,585
HIT Finance BV 4.875% 10/27/21	EUR	150,000		189,344
SABIC Europe BV 4.5% 11/28/13	EUR	200,000		254,023
TuranAlem Finance BV 6.25% 9/27/11	EUR	250,000		323,882
TOTAL NETHERLANDS				1,705,292
Norway - 0.3%
DDI Holding AS 10.175% 3/15/12 (g)(h)		100,000		105,000
DP Producer AS 11.366% 12/5/11 (g)(h)		100,000		102,000
Neptune Marine Oil & Gas Ltd. 10.92% 9/7/09 (g)(h)		250,000		253,125
ProdJack AS 11.25% 2/19/13 (g)		100,000		100,750
Sinvest ASA 10% 12/22/09 (g)(h)	NOK	1,500,000		253,596
TOTAL NORWAY				814,471
		Principal Amount (d)		Value
Russia - 0.2%
Bank St. Petersburg 9.501% 11/25/09 (Issued by BSPB Finance PLC for Bank St. Petersburg)		$ 250,000		$ 252,375
Promsvyazbank 8.75% 10/20/11 (Issued by PSB Finance SA for Promsvyazbank)		250,000		253,824
Tyumen Oil Co. 11% 11/6/07		175,000		181,178
TOTAL RUSSIA				687,377
Spain - 0.1%
Telefonica Emisiones SAU 5.888% 1/31/14	GBP	100,000		193,982
United Arab Emirates - 0.1%
Abu Dhabi National Energy Co. Pjsc 6.5% 10/27/36		200,000		203,184
United Kingdom - 1.0%
Amlin PLC 6.5% 12/19/26 (h)	GBP	125,000		238,349
HBOS Treasury Services PLC 5% 11/21/11		1,900,000		1,881,950
Old Mutual plc 4.5% 1/18/17 (h)	EUR	150,000		193,944
OTE PLC 4.625% 5/20/16	EUR	200,000		255,848
WPP Group plc 4.375% 12/5/13	EUR	200,000		261,322
TOTAL UNITED KINGDOM				2,831,413
United States of America - 0.8%
Banca Popolare di Lodi Investor Trust III 6.742% (h)	EUR	200,000		281,680
EB Holdings, Inc. (Reg. S) 10% 2/15/15 pay-in-kind	EUR	275,625		367,768
Embarq Corp. 7.082% 6/1/16		200,000		203,214
Fortune Brands, Inc. 4% 1/30/13	EUR	300,000		369,109
Pemex Project Funding Master Trust (Reg. S) 5.5% 2/24/25	EUR	500,000		641,248
Residential Capital Corp. 6.375% 5/17/13	GBP	250,000		486,448
TOTAL UNITED STATES OF AMERICA				2,349,467
TOTAL NONCONVERTIBLE BONDS (Cost $20,071,719)			20,399,713
Government Obligations - 28.8%
Austria - 0.4%
Austrian Republic 5.625% 7/15/07	EUR	775,000		1,017,167
Brazil - 0.1%
Brazilian Federative Republic 7.375% 2/3/15	EUR	100,000		148,517
Canada - 0.7%
Canadian Government 5.25% 6/1/12	CAD	2,250,000		2,014,980
Government Obligations - continued
		Principal Amount (d)		Value
Finland - 2.7%
Finnish Government:
3.875% 9/15/17	EUR	5,350,000		$ 6,828,583
5% 7/4/07	EUR	775,000		1,014,440
TOTAL FINLAND				7,843,023
France - 2.9%
French Government:
OAT 5.5% 4/25/29	EUR	2,500,000		3,826,929
2.25% 3/12/07	EUR	1,550,000		2,017,728
3.25% 4/25/16	EUR	2,260,000		2,750,073
TOTAL FRANCE				8,594,730
Germany - 6.3%
German Federal Republic:
3.75% 12/12/08	EUR	12,800,000		16,616,143
4% 7/4/16	EUR	775,000		1,002,015
6% 7/4/07	EUR	775,000		1,018,682
TOTAL GERMANY				18,636,840
Japan - 10.0%
Japan Government:
0.1% 6/20/07	JPY	600,000,000		4,968,190
0.425% 4/27/07	JPY	100,000,000		827,692
1% 11/20/20 (h)	JPY	125,000,000		999,192
1.3% 3/20/15	JPY	900,000,000		7,322,973
1.5% 3/20/14	JPY	200,000,000		1,664,697
1.8% 3/20/16	JPY	820,000,000		6,894,428
2.5% 9/20/36	JPY	250,000,000		2,120,210
Real Return Bond 1.1% 12/10/16	JPY	571,428,000		4,681,368
TOTAL JAPAN				29,478,750
Netherlands - 0.3%
Dutch Government 3% 7/15/07	EUR	775,000		1,005,611
United Kingdom - 1.3%
United Kingdom, Great Britain & Northern Ireland:
4.25% 6/7/32	GBP	900,000		1,710,470
5% 3/7/25	GBP	20,000		40,712
5.75% 12/7/09	GBP	1,100,000		2,179,876
TOTAL UNITED KINGDOM				3,931,058
		Principal Amount (d)		Value
United States of America - 4.1%
U.S. Treasury Inflation-Indexed Notes:
2% 7/15/14		$ 2,138,080		$ 2,079,607
2.375% 4/15/11		1,015,230		1,012,613
U.S. Treasury Notes:
3.375% 12/15/08		765,000		744,082
3.5% 5/31/07		4,450,000		4,426,709
4.375% 8/15/12		1,535,000		1,504,539
4.625% 12/31/11		375,000		371,690
4.875% 5/31/11		1,375,000		1,377,954
5.125% 6/30/11		580,000		586,842
TOTAL UNITED STATES OF AMERICA				12,104,036
TOTAL GOVERNMENT OBLIGATIONS (Cost $85,744,283)			84,774,712
Asset-Backed Securities - 0.3%
Affinity PLC Series 2002-A CLass C, 6.6275% 5/15/09 (h)	GBP	110,000		216,558
Bosphorus Financial Services Ltd. (Reg. S) 7.1738% 2/15/12 (h)		250,000		253,750
Holmes Master Issuer PLC Series 2006-1A Class 1C, 5.6% 7/15/40 (g)(h)		200,000		199,992
Promise K 2006-1 GmbH Series I 2006-1 Class D, 4.339% 3/20/17 (h)	EUR	100,000		130,335
TOTAL ASSET-BACKED SECURITIES (Cost $779,878)			800,635
Collateralized Mortgage Obligations - 0.1%
Private Sponsor - 0.1%
Permanent Master Issuer PLC floater Series 2006-1 Class 2C, 5.76% 7/17/42 (h) (Cost $400,000)		400,000		399,984
Commercial Mortgage Securities - 0.3%
Ireland - 0.2%
European Property Capital Series 4 Class C, 5.8881% 7/20/14 (h)	GBP	62,000		121,816
German Residential Asset Note Distributor PLC Series 1 Class A, 3.994% 7/20/16 (h)	EUR	193,288		252,552
Rivoli Pan Europe PLC Series 2006-1 Class B 3.943% 8/3/18 (h)	EUR	100,000		130,335
TOTAL IRELAND				504,703
Commercial Mortgage Securities - continued
		Principal Amount (d)		Value
United Kingdom - 0.1%
Broadgate PLC 6.1269% 10/5/25 (h)	GBP	48,000		$ 92,903
Canary Wharf Finance II PLC Series C1, 6.2081% 4/22/30 (h)	GBP	74,325		145,986
TOTAL UNITED KINGDOM				238,889
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $720,671)			743,592
Commercial Paper - 0.3%
Ireland - 0.3%
GPB Finance Public Ltd.:
6% 4/19/07		500,000		494,407
4.4% 6/5/07	EUR	200,000		256,878
TOTAL COMMERCIAL PAPER (Cost $752,664)			751,285
Money Market Funds - 5.2%
		Shares
Fidelity Cash Central Fund, 5.35% (b)		14,417,656		14,417,656
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)		1,046,000		1,046,000
TOTAL MONEY MARKET FUNDS (Cost $15,463,656)			15,463,656

TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $269,831,112) 295,452,498

NET OTHER ASSETS - (0.3)%		(913,234)
NET ASSETS - 100%	$ 294,539,264

Currency Abbreviations
CAD	-	Canadian dollar
EUR	-	European Monetary Unit
GBP	-	British pound
JPY	-	Japanese yen
NOK	-	Norwegian krone
RUB	-	Russian ruble

Legend

(a) Non-income producing

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

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

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

(e) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,731,880 or 0.6% of net assets.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 195,622
Fidelity Securities Lending Cash Central Fund	5,114
Total	$ 200,736

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $270,155,868. Net unrealized appreciation aggregated $25,296,630, of which $28,568,428 related to appreciated investment securities and $3,271,798 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Discovery Fund

January 31, 2007

1.813016.102

IGI-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.3%
	Shares		Value (000s)
Australia - 5.4%
AMP Ltd.	2,219,300		$ 18,043
Aristocrat Leisure Ltd.	1,805,200		22,582
Australia & New Zealand Banking Group Ltd.	871,800		19,706
AXA Asia Pacific Holdings Ltd.	3,932,100		22,045
Babcock & Brown Japan Property Trust	8,156,000		13,110
BHP Billiton Ltd.	1,116,100		22,874
Billabong International Ltd.	2,162,828		27,442
Brambles Ltd. (a)	4,209,200		45,366
Cochlear Ltd.	744,400		32,630
Commonwealth Bank of Australia	296,000		11,501
Computershare Ltd.	3,151,800		22,418
CSL Ltd.	1,602,750		86,408
Fosters Group Ltd.	4,060,500		21,346
Macquarie Airports unit	2,141,930		5,904
Macquarie Bank Ltd.	420,000		26,413
Macquarie Infrastructure Group unit	1,750,121		4,974
Mortgage Choice Ltd.	2,899,300		6,326
Multiplex Group unit	4,081,500		14,103
National Australia Bank Ltd.	1,275,200		40,054
QBE Insurance Group Ltd.	1,353,567		32,372
Seek Ltd.	2,000,000		9,753
Woolworths Ltd.	2,429,139		44,798
TOTAL AUSTRALIA			550,168
Austria - 0.3%
Austriamicrosystems AG (a)	111,000		7,318
Oesterreichische Elektrizitaetswirtschafts AG (Verbund)	380,400		18,394
TOTAL AUSTRIA			25,712
Belgium - 0.3%
Almancora SCA (Certificaten Van Aandelen)	185,500		27,804
Bermuda - 0.2%
Dufry South America Ltd. unit (a)	103,000		1,644
Ports Design Ltd.	6,613,900		18,171
TOTAL BERMUDA			19,815
Brazil - 0.1%
Banco Nossa Caixa SA	256,500		5,827
Canada - 0.3%
Potash Corp. of Saskatchewan, Inc.	174,200		27,180
Common Stocks - continued
	Shares		Value (000s)
Cayman Islands - 0.5%
DSND, Inc. (a)(d)	791,800		$ 14,053
Foxconn International Holdings Ltd. (a)	9,889,300		29,576
Melco PBL Entertainment (Macau) Ltd. sponsored ADR	108,900		2,106
Xinao Gas Holdings Ltd.	5,392,000		5,042
TOTAL CAYMAN ISLANDS			50,777
China - 0.2%
China Life Insurance Co. Ltd. (H Shares)	3,296,200		9,708
China Merchants Bank Co. Ltd. (H Shares) (a)	1,381,000		2,979
China Shenhua Energy Co. Ltd. (H Shares)	2,094,100		5,123
Shanghai Pudong Development Bank Co. Ltd. warrants (UBS Warrant Programme) 1/15/10 (a)	1,206,801		3,880
Shanghai Pudong Development Bank Co. Ltd. warrants (JPMorgan Warrant Program) 2/13/12 (a)(e)	1,052,528		3,384
TOTAL CHINA			25,074
Cyprus - 0.3%
Marfin Popular Bank Public Co. (a)	2,574,859		28,056
Czech Republic - 0.3%
Ceske Energeticke Zavody AS	603,600		25,741
Denmark - 0.3%
Vestas Wind Systems AS (a)	670,200		29,581
Finland - 0.7%
Citycon Oyj	692,322		4,846
Nokia Corp. sponsored ADR	2,875,300		63,544
TOTAL FINLAND			68,390
France - 11.1%
Alcatel-Lucent SA	1,089,900		14,169
April Group	280,900		14,754
AXA SA	1,587,066		67,403
BNP Paribas SA	696,739		77,688
CNP Assurances	217,100		24,858
Electricite de France	527,700		36,762
Gaz de France (d)	943,600		40,572
Groupe Danone	239,700		36,927
Icade SA	576,489		36,779
L'Oreal SA	352,400		37,249
Louis Vuitton Moet Hennessy (LVMH)	354,300		37,358
Neopost SA	382,400		49,192
Orpea (a)(d)	279,164		24,669
Common Stocks - continued
	Shares		Value (000s)
France - continued
Pernod Ricard SA	296,880		$ 60,788
Peugeot Citroen SA	565,800		37,204
Pinault Printemps-Redoute SA	160,200		23,636
Renault SA	580,200		71,802
Sanofi-Aventis sponsored ADR	482,100		21,251
Schneider Electric SA	197,100		23,801
Sechilienne-Sidec	174,000		9,430
Societe Generale Series A	283,120		50,000
SR Teleperformance SA (d)	475,900		20,518
Suez SA (France)	948,400		46,490
Total SA Series B	1,617,876		110,096
Veolia Environnement	579,000		40,562
Vinci SA	470,800		64,675
Vivendi Universal SA	1,089,546		44,845
TOTAL FRANCE			1,123,478
GEORGIA - 0.0%
Bank of Georgia unit (a)	206,100		5,359
Germany - 9.9%
Allianz AG (Reg.)	595,030		119,780
Bayer AG sponsored ADR	1,077,200		63,749
Continental AG	279,400		33,816
Deutsche Boerse AG	261,100		54,861
Deutsche Postbank AG	277,100		23,836
E.ON AG	845,500		115,132
GFK AG	288,897		13,646
Hochtief AG	333,200		27,194
Hugo Boss AG	43,200		2,432
KarstadtQuelle AG (a)(d)	1,160,400		37,402
Lanxess AG (a)	648,800		33,537
Linde AG	397,528		42,579
Merck KGaA	231,200		26,957
MPC Muenchmeyer Petersen Capital AG	50,500		4,457
MTU Aero Engines Holding AG	337,500		17,943
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	373,900		58,966
Pfleiderer AG	1,150,696		36,759
Puma AG	44,800		16,273
Q-Cells AG (d)	322,450		16,685
RWE AG	707,219		73,740
SAP AG	611,300		28,328
SGL Carbon AG (a)	632,300		15,881
Common Stocks - continued
	Shares		Value (000s)
Germany - continued
Siemens AG (Reg.) (d)	680,000		$ 75,296
SolarWorld AG	415,600		32,273
Wincor Nixdorf AG	185,700		29,467
TOTAL GERMANY			1,000,989
Greece - 0.5%
Alpha Bank AE	799,700		25,724
EFG Eurobank Ergasias SA	374,100		14,627
Greek Organization of Football Prognostics SA	359,130		13,406
TOTAL GREECE			53,757
Hong Kong - 0.9%
BOC Hong Kong Holdings Ltd.	3,447,000		9,007
Chaoda Modern Agriculture (Holdings) Ltd.	12,600,000		8,908
China Resources Power Holdings Co. Ltd.	4,984,000		7,814
Esprit Holdings Ltd.	4,631,000		46,948
Television Broadcasts Ltd.	2,683,529		18,389
TOTAL HONG KONG			91,066
India - 0.7%
BF Utilities Ltd. (a)	5,856		386
Bharti Airtel Ltd. (a)	101,774		1,683
Infosys Technologies Ltd.	983,702		50,151
Pantaloon Retail India Ltd.	1,039,015		11,488
Titan Industries Ltd.	305,281		6,640
TOTAL INDIA			70,348
Indonesia - 0.2%
PT Perusahaan Gas Negara Tbk Series B	16,035,500		16,567
Ireland - 1.2%
AgCert International (a)	1,271,100		2,485
Allied Irish Banks PLC	833,700		24,206
Allied Irish Banks PLC	77,000		2,236
C&C Group PLC	2,169,805		32,183
Paddy Power PLC (Ireland)	623,197		13,646
Ryanair Holdings PLC sponsored ADR (a)	483,800		41,941
TOTAL IRELAND			116,697
Israel - 0.8%
Bank Hapoalim BM (Reg.)	2,497,200		11,583
Israel Chemicals Ltd.	4,881,900		30,121
Common Stocks - continued
	Shares		Value (000s)
Israel - continued
Nice Systems Ltd. sponsored ADR	579,700		$ 18,353
Ormat Industries Ltd.	1,771,900		21,290
TOTAL ISRAEL			81,347
Italy - 2.9%
ENI Spa	288,800		9,309
ENI Spa sponsored ADR	401,950		25,914
Fiat Spa (a)	2,588,700		56,207
Impregilo Spa (a)	3,533,100		21,468
Lottomatica Spa	911,725		37,170
Mediobanca Spa (d)	1,106,400		25,235
Milano Assicurazioni Spa	1,897,700		15,125
Pirelli & C. Real Estate Spa	235,100		17,113
Unicredito Italiano Spa	9,168,000		84,839
TOTAL ITALY			292,380
Japan - 16.8%
Aeon Co. Ltd.	875,800		19,049
Aeon Mall Co. Ltd.	396,800		22,325
Asics Corp.	2,315,000		26,682
Canon, Inc.	1,841,750		97,263
Casio Computer Co. Ltd.	908,500		18,782
Daiwa House Industry Co. Ltd.	939,000		15,872
Daiwa Securities Group, Inc.	4,301,000		52,602
E*TRADE Securities Co. Ltd. (d)	16,600		23,933
East Japan Railway Co.	3,017		20,924
Fanuc Ltd.	288,900		26,691
Fujifilm Holdings Corp.	561,200		23,158
Honda Motor Co. Ltd.	1,470,700		57,843
Hoya Corp.	1,080,100		39,200
Japan Tobacco, Inc.	10,763		51,726
JSR Corp.	718,900		17,096
Kansai Urban Banking Corp.	1,288,000		5,614
Keyence Corp.	82,600		18,534
Konica Minolta Holdings, Inc.	385,000		5,251
Leopalace21 Corp.	329,500		10,484
Mitsubishi Estate Co. Ltd.	1,581,400		45,207
Mitsubishi UFJ Financial Group, Inc.	3,638		44,202
Mitsui & Co. Ltd.	2,259,000		36,089
Mitsui Fudosan Co. Ltd.	1,835,000		47,591
Mizuho Financial Group, Inc.	11,916		85,901
Murata Manufacturing Co. Ltd. (a)	627,200		44,382
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Nidec Corp.	131,900		$ 9,323
Nintendo Co. Ltd.	303,500		89,527
Nippon Building Fund, Inc.	1,700		25,214
Nippon Electric Glass Co. Ltd.	570,000		13,602
NSK Ltd.	1,893,000		17,332
Omron Corp.	555,800		14,967
ORIX Corp.	251,320		72,053
Sompo Japan Insurance, Inc.	2,002,000		25,414
Sony Corp. sponsored ADR	776,900		35,994
St. Marc Holdings Co. Ltd.	83,900		4,908
Sumco Corp.	1,123,600		40,592
Sumitomo Electric Industries Ltd.	1,786,100		27,350
Sumitomo Metal Industries Ltd.	4,099,000		17,390
Sumitomo Mitsui Financial Group, Inc.	6,298		64,188
Sumitomo Trust & Banking Co. Ltd.	3,742,800		40,038
T&D Holdings, Inc.	495,150		33,356
Takeda Pharamaceutical Co. Ltd.	748,600		48,817
The Sumitomo Warehouse Co. Ltd. (d)	338,000		2,649
Tokuyama Corp.	2,761,000		44,268
Toyo Tanso Co. Ltd. (d)	104,400		11,748
Toyota Motor Corp.	2,609,100		171,907
Yamada Denki Co. Ltd.	325,600		27,033
TOTAL JAPAN			1,694,071
Kazakhstan - 0.1%
JSC Halyk Bank of Kazakhstan:
GDR (a)(e)	152,000		3,587
unit (a)	360,700		8,513
TOTAL KAZAKHSTAN			12,100
Korea (South) - 1.6%
Kookmin Bank	258,550		20,597
Korean Reinsurance Co.	946,600		12,437
KT&G Corp.	169,400		10,310
LG Household & Health Care Ltd.	462,880		55,801
NHN Corp.	270,152		35,772
Shinhan Financial Group Co. Ltd.	397,520		20,731
Shinsegae Co. Ltd.	7,900		4,593
TOTAL KOREA (SOUTH)			160,241
Luxembourg - 0.6%
Acergy SA (a)	1,124,500		21,804
Common Stocks - continued
	Shares		Value (000s)
Luxembourg - continued
GAGFAH SA	489,152		$ 14,638
SES SA FDR	1,505,854		25,809
TOTAL LUXEMBOURG			62,251
Mexico - 0.5%
America Movil SA de CV Series L sponsored ADR	868,700		38,536
Urbi, Desarrollos Urbanos, SA de CV (a)	4,121,400		14,682
TOTAL MEXICO			53,218
Netherlands - 2.4%
Heineken NV (Bearer)	709,600		35,949
ING Groep NV (Certificaten Van Aandelen)	1,429,544		62,986
Koninklijke KPN NV	2,905,700		41,848
Koninklijke Numico NV	461,400		24,476
Koninklijke Philips Electronics NV	1,832,300		71,735
Nutreco Holding NV	8,400		579
Tele Atlas NV (Netherlands) (a)	132,400		2,758
TOTAL NETHERLANDS			240,331
Norway - 1.9%
Aker Kvaerner ASA	298,950		33,774
DnB Nor ASA	928,300		13,939
Hafslund ASA (B Shares)	194,900		4,294
Norsk Hydro ASA	469,160		15,154
PAN Fish ASA (a)	27,564,700		29,507
ProSafe ASA (d)	773,000		12,090
Renewable Energy Corp. AS (d)	1,103,800		26,356
Telenor ASA	2,892,500		58,636
TOTAL NORWAY			193,750
Russia - 0.6%
OAO Gazprom sponsored ADR	844,400		36,520
Sistema-Hals JSC ADR (a)	1,803,200		22,991
TOTAL RUSSIA			59,511
Singapore - 0.5%
Ascendas Real Estate Investment Trust (A-REIT)	4,630,000		7,477
HTL International Holdings Ltd.	7,187,500		4,727
Keppel Corp. Ltd.	1,166,000		13,591
Singapore Exchange Ltd.	5,940,000		26,109
TOTAL SINGAPORE			51,904
Common Stocks - continued
	Shares		Value (000s)
Spain - 3.7%
Banco Bilbao Vizcaya Argentaria SA	3,619,800		$ 90,785
Banco Santander Central Hispano SA	5,808,700		110,458
Gestevision Telecinco SA	256,800		6,955
Grupo Ferrovial SA	305,100		30,520
Inditex SA	1,106,500		62,691
Telefonica SA	3,526,600		77,515
TOTAL SPAIN			378,924
Sweden - 1.3%
Hennes & Mauritz AB (H&M) (B Shares)	574,100		31,059
Modern Times Group AB (MTG) (B Shares)	848,750		53,673
Scania AB (B Shares)	595,200		42,649
TOTAL SWEDEN			127,381
Switzerland - 8.9%
ABB Ltd. sponsored ADR	4,087,500		72,798
Actelion Ltd. (Reg.) (a)	156,158		37,980
Compagnie Financiere Richemont unit	525,208		29,306
Credit Suisse Group sponsored ADR	220,100		15,645
Credit Suisse Group (Reg.)	1,385,807		98,503
Lindt & Spruengli AG (participation certificate)	15,453		38,255
Logitech International SA (Reg.) (a)	812,913		23,721
Nestle SA (Reg.)	313,792		115,110
Nobel Biocare Holding AG (Switzerland)	68,513		22,682
Novartis AG (Reg.)	1,574,476		90,832
Pargesa Holding SA	141,700		15,346
Roche Holding AG (participation certificate)	787,886		148,043
Societe Generale de Surveillance Holding SA (SGS) (Reg.)	12,915		14,164
Swiss Life Holding	98,975		24,908
Syngenta AG (Switzerland)	53,110		9,844
Tecan Group AG	197,600		14,140
The Swatch Group AG (Reg.)	492,373		23,634
UBS AG (NY Shares)	1,702,400		107,268
TOTAL SWITZERLAND			902,179
Taiwan - 0.7%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	7,108,890		48,577
Shin Kong Financial Holding Co. Ltd.	10,227,415		10,250
Siliconware Precision Industries Co. Ltd.	5,016,000		8,318
TOTAL TAIWAN			67,145
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - 17.6%
Anglo American PLC (United Kingdom)	1,019,500		$ 47,352
AstraZeneca PLC sponsored ADR	751,500		42,046
Aviva PLC	2,388,800		38,533
BAE Systems PLC	4,278,809		35,119
Barclays PLC	4,962,700		73,187
Benfield Group PLC	2,897,300		19,639
BG Group PLC	1,501,700		19,724
BG Group PLC sponsored ADR	200,000		13,220
BHP Billiton PLC	1,397,300		26,026
BP PLC sponsored ADR	1,576,200		100,104
British American Tobacco PLC	1,506,900		46,073
British American Tobacco PLC sponsored ADR	402,700		24,625
British Land Co. PLC	1,413,900		43,586
Burberry Group PLC	4,248,800		54,970
Cable & Wireless PLC	93,774		309
Capita Group PLC	1,106,900		13,788
Clipper Windpower PLC (a)	2,070,700		23,658
Enterprise Inns PLC	1,010,450		12,765
GlaxoSmithKline PLC	249,400		6,750
GlaxoSmithKline PLC sponsored ADR	1,219,100		65,990
HBOS plc	2,165,000		47,258
HSBC Holdings PLC (Hong Kong) (Reg.)	4,083,744		75,002
Imperial Tobacco Group PLC	76,000		3,103
Imperial Tobacco Group PLC sponsored ADR	175,100		14,257
Informa PLC	1,379,400		15,136
International Power PLC	7,541,600		53,380
Ishaan Real Estate PLC (a)(d)	3,181,500		6,282
Man Group plc	1,642,200		17,254
Marks & Spencer Group PLC	3,500,700		46,495
National Grid PLC	2,325,300		35,087
Next PLC	300,808		11,542
Pearson PLC	2,175,600		34,282
Reckitt Benckiser PLC	1,437,500		69,168
Reed Elsevier PLC	2,071,800		23,650
Renovo Group PLC	5,230,300		20,141
Reuters Group PLC sponsored ADR	724,950		37,241
Rolls-Royce Group PLC	3,988,703		36,676
Royal Bank of Scotland Group PLC	2,445,171		98,245
Royal Dutch Shell PLC Class B	2,142,559		72,536
Scottish & Southern Energy PLC	1,487,000		43,707
Shire PLC	1,642,600		34,468
Tesco PLC	12,209,212		100,270
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Unilever PLC	1,127,200		$ 30,784
Unitech Corporate Parks PLC (a)	2,268,300		3,966
Vodafone Group PLC	31,848,835		93,604
VT Group PLC	1,218,600		10,792
Xstrata PLC	780,700		36,384
TOTAL UNITED KINGDOM			1,778,174
United States of America - 0.0%
Macquarie Infrastructure Co. Trust	131,000		4,804
TOTAL COMMON STOCKS (Cost $7,565,427)		9,522,097
Nonconvertible Preferred Stocks - 1.4%
Germany - 1.0%
Fresenius AG (non-vtg.)	94,600		19,927
Hugo Boss AG (non-vtg.)	503,800		26,863
Porsche AG (non-vtg.) (d)	21,395		27,030
ProSiebenSat.1 Media AG	735,900		24,774
TOTAL GERMANY			98,594
Italy - 0.4%
Intesa Sanpaolo Spa	5,848,702		43,496
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $92,961)		142,090

Government Obligations - 0.1%
	Principal Amount (000s)
United States of America - 0.1%
U.S. Treasury Bills, yield at date of purchase 4.92% to 5.01% 3/8/07 to 4/5/07 (f) (Cost $7,644)	$ 7,700		7,645
Money Market Funds - 7.2%
Shares	Value (000s)
Fidelity Cash Central Fund, 5.35% (b)	517,751,508		$ 517,752
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	210,736,894		210,737
TOTAL MONEY MARKET FUNDS (Cost $728,489)		728,489
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $8,394,521)			10,400,321
NET OTHER ASSETS - (3.0)%			(300,622)
NET ASSETS - 100%		$ 10,099,699

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
1,929 Nikkei 225 Index Contracts (Japan)	March 2007	$ 168,112	$ 8,364

The face value of futures purchased as a percentage of net assets - 1.7%

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,971,000 or 0.1% of net assets.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $7,565,000.

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 5,475
Fidelity Securities Lending Cash Central Fund	920
Total	$ 6,395

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $8,426,023,000. Net unrealized appreciation aggregated $1,974,298,000, of which $2,063,134,000 related to appreciated investment securities and $88,836,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please >see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor International
Discovery Fund:
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2007

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

1.844601.100

AIGI-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.3%
	Shares		Value (000s)
Australia - 5.4%
AMP Ltd.	2,219,300		$ 18,043
Aristocrat Leisure Ltd.	1,805,200		22,582
Australia & New Zealand Banking Group Ltd.	871,800		19,706
AXA Asia Pacific Holdings Ltd.	3,932,100		22,045
Babcock & Brown Japan Property Trust	8,156,000		13,110
BHP Billiton Ltd.	1,116,100		22,874
Billabong International Ltd.	2,162,828		27,442
Brambles Ltd. (a)	4,209,200		45,366
Cochlear Ltd.	744,400		32,630
Commonwealth Bank of Australia	296,000		11,501
Computershare Ltd.	3,151,800		22,418
CSL Ltd.	1,602,750		86,408
Fosters Group Ltd.	4,060,500		21,346
Macquarie Airports unit	2,141,930		5,904
Macquarie Bank Ltd.	420,000		26,413
Macquarie Infrastructure Group unit	1,750,121		4,974
Mortgage Choice Ltd.	2,899,300		6,326
Multiplex Group unit	4,081,500		14,103
National Australia Bank Ltd.	1,275,200		40,054
QBE Insurance Group Ltd.	1,353,567		32,372
Seek Ltd.	2,000,000		9,753
Woolworths Ltd.	2,429,139		44,798
TOTAL AUSTRALIA			550,168
Austria - 0.3%
Austriamicrosystems AG (a)	111,000		7,318
Oesterreichische Elektrizitaetswirtschafts AG (Verbund)	380,400		18,394
TOTAL AUSTRIA			25,712
Belgium - 0.3%
Almancora SCA (Certificaten Van Aandelen)	185,500		27,804
Bermuda - 0.2%
Dufry South America Ltd. unit (a)	103,000		1,644
Ports Design Ltd.	6,613,900		18,171
TOTAL BERMUDA			19,815
Brazil - 0.1%
Banco Nossa Caixa SA	256,500		5,827
Canada - 0.3%
Potash Corp. of Saskatchewan, Inc.	174,200		27,180
Common Stocks - continued
	Shares		Value (000s)
Cayman Islands - 0.5%
DSND, Inc. (a)(d)	791,800		$ 14,053
Foxconn International Holdings Ltd. (a)	9,889,300		29,576
Melco PBL Entertainment (Macau) Ltd. sponsored ADR	108,900		2,106
Xinao Gas Holdings Ltd.	5,392,000		5,042
TOTAL CAYMAN ISLANDS			50,777
China - 0.2%
China Life Insurance Co. Ltd. (H Shares)	3,296,200		9,708
China Merchants Bank Co. Ltd. (H Shares) (a)	1,381,000		2,979
China Shenhua Energy Co. Ltd. (H Shares)	2,094,100		5,123
Shanghai Pudong Development Bank Co. Ltd. warrants (UBS Warrant Programme) 1/15/10 (a)	1,206,801		3,880
Shanghai Pudong Development Bank Co. Ltd. warrants (JPMorgan Warrant Program) 2/13/12 (a)(e)	1,052,528		3,384
TOTAL CHINA			25,074
Cyprus - 0.3%
Marfin Popular Bank Public Co. (a)	2,574,859		28,056
Czech Republic - 0.3%
Ceske Energeticke Zavody AS	603,600		25,741
Denmark - 0.3%
Vestas Wind Systems AS (a)	670,200		29,581
Finland - 0.7%
Citycon Oyj	692,322		4,846
Nokia Corp. sponsored ADR	2,875,300		63,544
TOTAL FINLAND			68,390
France - 11.1%
Alcatel-Lucent SA	1,089,900		14,169
April Group	280,900		14,754
AXA SA	1,587,066		67,403
BNP Paribas SA	696,739		77,688
CNP Assurances	217,100		24,858
Electricite de France	527,700		36,762
Gaz de France (d)	943,600		40,572
Groupe Danone	239,700		36,927
Icade SA	576,489		36,779
L'Oreal SA	352,400		37,249
Louis Vuitton Moet Hennessy (LVMH)	354,300		37,358
Neopost SA	382,400		49,192
Orpea (a)(d)	279,164		24,669
Common Stocks - continued
	Shares		Value (000s)
France - continued
Pernod Ricard SA	296,880		$ 60,788
Peugeot Citroen SA	565,800		37,204
Pinault Printemps-Redoute SA	160,200		23,636
Renault SA	580,200		71,802
Sanofi-Aventis sponsored ADR	482,100		21,251
Schneider Electric SA	197,100		23,801
Sechilienne-Sidec	174,000		9,430
Societe Generale Series A	283,120		50,000
SR Teleperformance SA (d)	475,900		20,518
Suez SA (France)	948,400		46,490
Total SA Series B	1,617,876		110,096
Veolia Environnement	579,000		40,562
Vinci SA	470,800		64,675
Vivendi Universal SA	1,089,546		44,845
TOTAL FRANCE			1,123,478
GEORGIA - 0.0%
Bank of Georgia unit (a)	206,100		5,359
Germany - 9.9%
Allianz AG (Reg.)	595,030		119,780
Bayer AG sponsored ADR	1,077,200		63,749
Continental AG	279,400		33,816
Deutsche Boerse AG	261,100		54,861
Deutsche Postbank AG	277,100		23,836
E.ON AG	845,500		115,132
GFK AG	288,897		13,646
Hochtief AG	333,200		27,194
Hugo Boss AG	43,200		2,432
KarstadtQuelle AG (a)(d)	1,160,400		37,402
Lanxess AG (a)	648,800		33,537
Linde AG	397,528		42,579
Merck KGaA	231,200		26,957
MPC Muenchmeyer Petersen Capital AG	50,500		4,457
MTU Aero Engines Holding AG	337,500		17,943
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	373,900		58,966
Pfleiderer AG	1,150,696		36,759
Puma AG	44,800		16,273
Q-Cells AG (d)	322,450		16,685
RWE AG	707,219		73,740
SAP AG	611,300		28,328
SGL Carbon AG (a)	632,300		15,881
Common Stocks - continued
	Shares		Value (000s)
Germany - continued
Siemens AG (Reg.) (d)	680,000		$ 75,296
SolarWorld AG	415,600		32,273
Wincor Nixdorf AG	185,700		29,467
TOTAL GERMANY			1,000,989
Greece - 0.5%
Alpha Bank AE	799,700		25,724
EFG Eurobank Ergasias SA	374,100		14,627
Greek Organization of Football Prognostics SA	359,130		13,406
TOTAL GREECE			53,757
Hong Kong - 0.9%
BOC Hong Kong Holdings Ltd.	3,447,000		9,007
Chaoda Modern Agriculture (Holdings) Ltd.	12,600,000		8,908
China Resources Power Holdings Co. Ltd.	4,984,000		7,814
Esprit Holdings Ltd.	4,631,000		46,948
Television Broadcasts Ltd.	2,683,529		18,389
TOTAL HONG KONG			91,066
India - 0.7%
BF Utilities Ltd. (a)	5,856		386
Bharti Airtel Ltd. (a)	101,774		1,683
Infosys Technologies Ltd.	983,702		50,151
Pantaloon Retail India Ltd.	1,039,015		11,488
Titan Industries Ltd.	305,281		6,640
TOTAL INDIA			70,348
Indonesia - 0.2%
PT Perusahaan Gas Negara Tbk Series B	16,035,500		16,567
Ireland - 1.2%
AgCert International (a)	1,271,100		2,485
Allied Irish Banks PLC	833,700		24,206
Allied Irish Banks PLC	77,000		2,236
C&C Group PLC	2,169,805		32,183
Paddy Power PLC (Ireland)	623,197		13,646
Ryanair Holdings PLC sponsored ADR (a)	483,800		41,941
TOTAL IRELAND			116,697
Israel - 0.8%
Bank Hapoalim BM (Reg.)	2,497,200		11,583
Israel Chemicals Ltd.	4,881,900		30,121
Common Stocks - continued
	Shares		Value (000s)
Israel - continued
Nice Systems Ltd. sponsored ADR	579,700		$ 18,353
Ormat Industries Ltd.	1,771,900		21,290
TOTAL ISRAEL			81,347
Italy - 2.9%
ENI Spa	288,800		9,309
ENI Spa sponsored ADR	401,950		25,914
Fiat Spa (a)	2,588,700		56,207
Impregilo Spa (a)	3,533,100		21,468
Lottomatica Spa	911,725		37,170
Mediobanca Spa (d)	1,106,400		25,235
Milano Assicurazioni Spa	1,897,700		15,125
Pirelli & C. Real Estate Spa	235,100		17,113
Unicredito Italiano Spa	9,168,000		84,839
TOTAL ITALY			292,380
Japan - 16.8%
Aeon Co. Ltd.	875,800		19,049
Aeon Mall Co. Ltd.	396,800		22,325
Asics Corp.	2,315,000		26,682
Canon, Inc.	1,841,750		97,263
Casio Computer Co. Ltd.	908,500		18,782
Daiwa House Industry Co. Ltd.	939,000		15,872
Daiwa Securities Group, Inc.	4,301,000		52,602
E*TRADE Securities Co. Ltd. (d)	16,600		23,933
East Japan Railway Co.	3,017		20,924
Fanuc Ltd.	288,900		26,691
Fujifilm Holdings Corp.	561,200		23,158
Honda Motor Co. Ltd.	1,470,700		57,843
Hoya Corp.	1,080,100		39,200
Japan Tobacco, Inc.	10,763		51,726
JSR Corp.	718,900		17,096
Kansai Urban Banking Corp.	1,288,000		5,614
Keyence Corp.	82,600		18,534
Konica Minolta Holdings, Inc.	385,000		5,251
Leopalace21 Corp.	329,500		10,484
Mitsubishi Estate Co. Ltd.	1,581,400		45,207
Mitsubishi UFJ Financial Group, Inc.	3,638		44,202
Mitsui & Co. Ltd.	2,259,000		36,089
Mitsui Fudosan Co. Ltd.	1,835,000		47,591
Mizuho Financial Group, Inc.	11,916		85,901
Murata Manufacturing Co. Ltd. (a)	627,200		44,382
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Nidec Corp.	131,900		$ 9,323
Nintendo Co. Ltd.	303,500		89,527
Nippon Building Fund, Inc.	1,700		25,214
Nippon Electric Glass Co. Ltd.	570,000		13,602
NSK Ltd.	1,893,000		17,332
Omron Corp.	555,800		14,967
ORIX Corp.	251,320		72,053
Sompo Japan Insurance, Inc.	2,002,000		25,414
Sony Corp. sponsored ADR	776,900		35,994
St. Marc Holdings Co. Ltd.	83,900		4,908
Sumco Corp.	1,123,600		40,592
Sumitomo Electric Industries Ltd.	1,786,100		27,350
Sumitomo Metal Industries Ltd.	4,099,000		17,390
Sumitomo Mitsui Financial Group, Inc.	6,298		64,188
Sumitomo Trust & Banking Co. Ltd.	3,742,800		40,038
T&D Holdings, Inc.	495,150		33,356
Takeda Pharamaceutical Co. Ltd.	748,600		48,817
The Sumitomo Warehouse Co. Ltd. (d)	338,000		2,649
Tokuyama Corp.	2,761,000		44,268
Toyo Tanso Co. Ltd. (d)	104,400		11,748
Toyota Motor Corp.	2,609,100		171,907
Yamada Denki Co. Ltd.	325,600		27,033
TOTAL JAPAN			1,694,071
Kazakhstan - 0.1%
JSC Halyk Bank of Kazakhstan:
GDR (a)(e)	152,000		3,587
unit (a)	360,700		8,513
TOTAL KAZAKHSTAN			12,100
Korea (South) - 1.6%
Kookmin Bank	258,550		20,597
Korean Reinsurance Co.	946,600		12,437
KT&G Corp.	169,400		10,310
LG Household & Health Care Ltd.	462,880		55,801
NHN Corp.	270,152		35,772
Shinhan Financial Group Co. Ltd.	397,520		20,731
Shinsegae Co. Ltd.	7,900		4,593
TOTAL KOREA (SOUTH)			160,241
Luxembourg - 0.6%
Acergy SA (a)	1,124,500		21,804
Common Stocks - continued
	Shares		Value (000s)
Luxembourg - continued
GAGFAH SA	489,152		$ 14,638
SES SA FDR	1,505,854		25,809
TOTAL LUXEMBOURG			62,251
Mexico - 0.5%
America Movil SA de CV Series L sponsored ADR	868,700		38,536
Urbi, Desarrollos Urbanos, SA de CV (a)	4,121,400		14,682
TOTAL MEXICO			53,218
Netherlands - 2.4%
Heineken NV (Bearer)	709,600		35,949
ING Groep NV (Certificaten Van Aandelen)	1,429,544		62,986
Koninklijke KPN NV	2,905,700		41,848
Koninklijke Numico NV	461,400		24,476
Koninklijke Philips Electronics NV	1,832,300		71,735
Nutreco Holding NV	8,400		579
Tele Atlas NV (Netherlands) (a)	132,400		2,758
TOTAL NETHERLANDS			240,331
Norway - 1.9%
Aker Kvaerner ASA	298,950		33,774
DnB Nor ASA	928,300		13,939
Hafslund ASA (B Shares)	194,900		4,294
Norsk Hydro ASA	469,160		15,154
PAN Fish ASA (a)	27,564,700		29,507
ProSafe ASA (d)	773,000		12,090
Renewable Energy Corp. AS (d)	1,103,800		26,356
Telenor ASA	2,892,500		58,636
TOTAL NORWAY			193,750
Russia - 0.6%
OAO Gazprom sponsored ADR	844,400		36,520
Sistema-Hals JSC ADR (a)	1,803,200		22,991
TOTAL RUSSIA			59,511
Singapore - 0.5%
Ascendas Real Estate Investment Trust (A-REIT)	4,630,000		7,477
HTL International Holdings Ltd.	7,187,500		4,727
Keppel Corp. Ltd.	1,166,000		13,591
Singapore Exchange Ltd.	5,940,000		26,109
TOTAL SINGAPORE			51,904
Common Stocks - continued
	Shares		Value (000s)
Spain - 3.7%
Banco Bilbao Vizcaya Argentaria SA	3,619,800		$ 90,785
Banco Santander Central Hispano SA	5,808,700		110,458
Gestevision Telecinco SA	256,800		6,955
Grupo Ferrovial SA	305,100		30,520
Inditex SA	1,106,500		62,691
Telefonica SA	3,526,600		77,515
TOTAL SPAIN			378,924
Sweden - 1.3%
Hennes & Mauritz AB (H&M) (B Shares)	574,100		31,059
Modern Times Group AB (MTG) (B Shares)	848,750		53,673
Scania AB (B Shares)	595,200		42,649
TOTAL SWEDEN			127,381
Switzerland - 8.9%
ABB Ltd. sponsored ADR	4,087,500		72,798
Actelion Ltd. (Reg.) (a)	156,158		37,980
Compagnie Financiere Richemont unit	525,208		29,306
Credit Suisse Group sponsored ADR	220,100		15,645
Credit Suisse Group (Reg.)	1,385,807		98,503
Lindt & Spruengli AG (participation certificate)	15,453		38,255
Logitech International SA (Reg.) (a)	812,913		23,721
Nestle SA (Reg.)	313,792		115,110
Nobel Biocare Holding AG (Switzerland)	68,513		22,682
Novartis AG (Reg.)	1,574,476		90,832
Pargesa Holding SA	141,700		15,346
Roche Holding AG (participation certificate)	787,886		148,043
Societe Generale de Surveillance Holding SA (SGS) (Reg.)	12,915		14,164
Swiss Life Holding	98,975		24,908
Syngenta AG (Switzerland)	53,110		9,844
Tecan Group AG	197,600		14,140
The Swatch Group AG (Reg.)	492,373		23,634
UBS AG (NY Shares)	1,702,400		107,268
TOTAL SWITZERLAND			902,179
Taiwan - 0.7%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	7,108,890		48,577
Shin Kong Financial Holding Co. Ltd.	10,227,415		10,250
Siliconware Precision Industries Co. Ltd.	5,016,000		8,318
TOTAL TAIWAN			67,145
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - 17.6%
Anglo American PLC (United Kingdom)	1,019,500		$ 47,352
AstraZeneca PLC sponsored ADR	751,500		42,046
Aviva PLC	2,388,800		38,533
BAE Systems PLC	4,278,809		35,119
Barclays PLC	4,962,700		73,187
Benfield Group PLC	2,897,300		19,639
BG Group PLC	1,501,700		19,724
BG Group PLC sponsored ADR	200,000		13,220
BHP Billiton PLC	1,397,300		26,026
BP PLC sponsored ADR	1,576,200		100,104
British American Tobacco PLC	1,506,900		46,073
British American Tobacco PLC sponsored ADR	402,700		24,625
British Land Co. PLC	1,413,900		43,586
Burberry Group PLC	4,248,800		54,970
Cable & Wireless PLC	93,774		309
Capita Group PLC	1,106,900		13,788
Clipper Windpower PLC (a)	2,070,700		23,658
Enterprise Inns PLC	1,010,450		12,765
GlaxoSmithKline PLC	249,400		6,750
GlaxoSmithKline PLC sponsored ADR	1,219,100		65,990
HBOS plc	2,165,000		47,258
HSBC Holdings PLC (Hong Kong) (Reg.)	4,083,744		75,002
Imperial Tobacco Group PLC	76,000		3,103
Imperial Tobacco Group PLC sponsored ADR	175,100		14,257
Informa PLC	1,379,400		15,136
International Power PLC	7,541,600		53,380
Ishaan Real Estate PLC (a)(d)	3,181,500		6,282
Man Group plc	1,642,200		17,254
Marks & Spencer Group PLC	3,500,700		46,495
National Grid PLC	2,325,300		35,087
Next PLC	300,808		11,542
Pearson PLC	2,175,600		34,282
Reckitt Benckiser PLC	1,437,500		69,168
Reed Elsevier PLC	2,071,800		23,650
Renovo Group PLC	5,230,300		20,141
Reuters Group PLC sponsored ADR	724,950		37,241
Rolls-Royce Group PLC	3,988,703		36,676
Royal Bank of Scotland Group PLC	2,445,171		98,245
Royal Dutch Shell PLC Class B	2,142,559		72,536
Scottish & Southern Energy PLC	1,487,000		43,707
Shire PLC	1,642,600		34,468
Tesco PLC	12,209,212		100,270
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Unilever PLC	1,127,200		$ 30,784
Unitech Corporate Parks PLC (a)	2,268,300		3,966
Vodafone Group PLC	31,848,835		93,604
VT Group PLC	1,218,600		10,792
Xstrata PLC	780,700		36,384
TOTAL UNITED KINGDOM			1,778,174
United States of America - 0.0%
Macquarie Infrastructure Co. Trust	131,000		4,804
TOTAL COMMON STOCKS (Cost $7,565,427)		9,522,097
Nonconvertible Preferred Stocks - 1.4%
Germany - 1.0%
Fresenius AG (non-vtg.)	94,600		19,927
Hugo Boss AG (non-vtg.)	503,800		26,863
Porsche AG (non-vtg.) (d)	21,395		27,030
ProSiebenSat.1 Media AG	735,900		24,774
TOTAL GERMANY			98,594
Italy - 0.4%
Intesa Sanpaolo Spa	5,848,702		43,496
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $92,961)		142,090

Government Obligations - 0.1%
	Principal Amount (000s)
United States of America - 0.1%
U.S. Treasury Bills, yield at date of purchase 4.92% to 5.01% 3/8/07 to 4/5/07 (f) (Cost $7,644)	$ 7,700	7,645

Money Market Funds - 7.2%
	Shares		Value (000s)
Fidelity Cash Central Fund, 5.35% (b)	517,751,508		$ 517,752
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	210,736,894		210,737
TOTAL MONEY MARKET FUNDS (Cost $728,489)		728,489
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $8,394,521)			10,400,321
NET OTHER ASSETS - (3.0)%			(300,622)
NET ASSETS - 100%		$ 10,099,699

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
1,929 Nikkei 225 Index Contracts (Japan)	March 2007	$ 168,112	$ 8,364

The face value of futures purchased as a percentage of net assets - 1.7%

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,971,000 or 0.1% of net assets.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $7,565,000.

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 5,475
Fidelity Securities Lending Cash Central Fund	920
Total	$ 6,395

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $8,426,023,000. Net unrealized appreciation aggregated $1,974,298,000, of which $2,063,134,000 related to appreciated investment securities and $88,836,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Small Cap Fund

January 31, 2007

1.813082.102

ISC-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value (000s)
Australia - 11.8%
Allied Gold Ltd. (a)	11,880,000		$ 3,183
AMP Ltd.	377,100		3,066
Aristocrat Leisure Ltd.	93,300		1,167
Asx Ltd.	181,509		5,342
Austbrokers Holdings Ltd.	1,082,345		4,538
Australian Wealth Management Ltd.	1,419,387		3,075
Babcock & Brown Japan Property Trust	2,643,700		4,249
Babcock & Brown Ltd.	26,800		541
Billabong International Ltd.	291,000		3,692
Bradken Ltd.	818,695		5,550
Brambles Ltd. (a)	291,800		3,145
Cabcharge Australia Ltd.	41,000		319
Capital-XX Ltd.	2,262,572		4,423
Centamin Egypt Ltd. (a)	5,903,500		4,147
Cochlear Ltd.	122,100		5,352
Computershare Ltd.	1,092,272		7,769
David Jones Ltd.	424,100		1,488
Dominos Pizza Australia New Zealand Ltd.	2,778,220		7,960
Downer EDI Ltd.	811,557		4,153
Dwyka Diamonds Ltd. (a)	6,235,220		2,021
Elixir Petroleum Ltd. (a)	1,052,140		295
European Gas Ltd. (a)	1,673,600		923
Flexigroup Ltd. (a)	1,723,400		4,322
Fox Resources Ltd. warrants 6/30/07 (a)	342,636		229
Hastie Group Ltd.	2,532,973		6,097
HFA Holdings Ltd.	2,035,100		3,319
IBT Education Ltd.	260,050		408
International Ferro Metals (a)	18,059,256		18,184
Invocare Ltd.	64,100		262
Iress Market Technology Ltd.	150,700		860
JB Hi-Fi Ltd. (e)	585,900		3,025
Jumbuck Entertainment Ltd. (a)	795,400		1,081
Kimberley Diamond Co. NL (a)(e)	809,300		515
McGuigan Simeon Wines Ltd.	148,221		419
Meo Australia Ltd. (a)	5,066,100		2,675
Metcash Ltd.	1,168,600		4,183
Mineral Commodities Ltd. (a)(f)	7,900,000		828
Mineral Deposits Ltd. (a)	2,463,500		3,061
Mintails Ltd. (a)	8,439,600		2,064
Monto Minerals Ltd. (a)	8,525,252		1,591
Monto Minerals Ltd. warrants 5/25/09 (a)	1,485,934		10
Mortgage Choice Ltd.	1,851,838		4,041
Common Stocks - continued
	Shares		Value (000s)
Australia - continued
Novera Energy Ltd. (a)	488,000		$ 594
Oakton Ltd.	184,615		674
Paladin Resources Ltd. (a)	1,365,200		9,191
Patties Food Ltd. (a)	836,800		1,443
Phosphagenics Ltd. (a)	9,040,000		2,211
QBE Insurance Group Ltd.	243,423		5,822
Reverse Corp. Ltd.	812,500		2,732
Rinker Group Ltd.	78,300		1,131
Roc Oil Co. Ltd. (United Kingdom) (a)	4,453,889		10,632
RP Data Ltd. (a)	1,211,300		1,768
SAI Global Ltd.	158,300		492
Seek Ltd.	1,307,939		6,378
SMS Management & Technology Ltd.	315,600		1,042
Summit Resources Ltd. (a)	673,820		1,768
Sylvania Resources Ltd. (a)	7,484,597		4,911
Sylvania Resources Ltd. (United Kingdom) (a)	4,923,630		3,265
Tanami Gold NL	19,652,484		1,908
United Group Ltd.	279,921		2,863
Woolworths Ltd.	373,526		6,889
WorleyParsons Ltd.	91,830		1,534
Wotif.com Holdings Ltd.	348,300		1,149
TOTAL AUSTRALIA			201,969
Austria - 0.3%
Oesterreichische Elektrizitaetswirtschafts AG (Verbund)	106,900		5,169
Bermuda - 3.0%
Aquarius Platinum Ltd. (United Kingdom)	444,500		11,607
Hi Sun Technology (China) Ltd. (a)	2,379,000		841
Longcheer Holdings Ltd.	667,000		482
Peace Mark Holdings Ltd.	4,910,000		4,113
Petra Diamonds Ltd. (a)	2,502,406		7,203
Ports Design Ltd.	1,798,000		4,940
Qualipak International Holdings Ltd.	3,077,000		2,034
RC Group (Holdings) Ltd.	2,139,000		4,896
Sealift Ltd. (a)	477,000		1,280
Tanzanite One Ltd. (f)	5,808,701		8,388
Trefoil Ltd. (a)	385,100		2,345
Xceldiam Ltd. (a)(f)	3,318,255		2,999
Xceldiam Ltd. warrants 11/16/07 (a)	1,659,127		187
TOTAL BERMUDA			51,315
Common Stocks - continued
	Shares		Value (000s)
British Virgin Islands - 0.5%
Albidon Ltd. unit (a)	1,469,000		$ 2,078
BDI Mining Corp. (a)(f)	8,728,890		4,974
Kalahari Energy (h)	1,451,000		1,814
TOTAL BRITISH VIRGIN ISLANDS			8,866
Canada - 3.2%
AirSea Lines (h)	1,862,300		1,214
AirSea Lines warrants 6/14/08 (a)(h)	1,862,300		0
Altius Minerals Corp. (a)	533,806		4,537
Antrim Energy, Inc. (a)	714,540		2,611
Antrim Energy, Inc. (United Kingdom) (a)	800,000		2,869
Bankers Petroleum Ltd. (a)	3,767,000		2,241
First Quantum Minerals Ltd.	79,311		4,208
Grove Energy Ltd. (a)	1,964,140		1,158
MagIndustries Corp. (a)	3,635,960		3,399
Oilexco, Inc. (a)	1,394,525		9,778
Platinum Group Metals Ltd. (a)	407,100		830
Rally Energy Corp. (a)	416,720		1,594
Rock Well Petroleum, Inc. (h)	770,400		982
Starfield Resources, Inc. (a)(f)	13,019,181		3,154
Starfield Resources, Inc.:
warrants 5/9/07 (a)(h)	1,313,025		1
warrants 1/21/08 (a)(h)	1,678,100		76
Stealth Ventures Ltd. (a)	966,500		1,249
Stealth Ventures Ltd. warrants 3/12/08 (a)(h)	483,250		109
StrataGold Corp. (a)	2,976,400		2,934
SXR Uranium One, Inc. (South Africa) (a)	475,740		6,186
Visual Defence, Inc. (a)(f)	5,603,400		1,927
Western Canadian Coal Corp.	1,554,418		2,748
Western Canadian Coal Corp. (United Kingdom) (a)	548,286		921
TOTAL CANADA			54,726
Cayman Islands - 0.4%
Computime Group Ltd.	1,938,000		591
EcoGreen Fine Chemical Group Ltd.	2,514,000		641
Kingboard Chemical Holdings Ltd.	364,500		1,501
Modern Beauty Salon Holdings Ltd.	3,160,000		984
Prime Success International Group Ltd.	2,852,000		3,178
Solomon Systech International Ltd.	2,738,000		505
TOTAL CAYMAN ISLANDS			7,400
Common Stocks - continued
	Shares		Value (000s)
China - 0.9%
Anhui Conch Cement Co. Ltd. (H Shares)	338,000		$ 1,141
BYD Co. Ltd. (H Shares) (a)	162,000		571
China International Marine Containers Co. Ltd. (B Shares)	803,400		1,672
China Mengniu Dairy Co. Ltd.	382,000		1,140
China Merchants Bank Co. Ltd. (H Shares) (a)	888,500		1,916
China Oilfield Services Ltd. (H Shares)	2,520,000		1,720
China Shipping Development Co. Ltd. (H Shares)	524,000		738
Hunan Non-Ferrous Metals Corp. Ltd. (H Shares)	2,832,000		1,618
London Asia Chinese Private Equity Fund Ltd. (a)	473,800		1,080
Nine Dragons Paper (Holdings) Ltd.	479,000		814
Shenzhou International Group Holdings Ltd.	1,208,000		432
Sina Corp. (a)	42,400		1,517
Synear Food Holdings Ltd. (a)	466,000		552
Yantai Changyu Pioneer Wine Co. (B Shares)	226,210		1,075
TOTAL CHINA			15,986
Cyprus - 0.2%
Buried Hill Energy (Cyprus) PCL (h)	1,947,000		2,142
Marfin Popular Bank Public Co. (a)	173,665		1,892
TOTAL CYPRUS			4,034
Czech Republic - 1.3%
Ceske Energeticke Zavody AS	533,600		22,756
Finland - 0.7%
Inion OY (a)(f)	3,740,300		2,113
Nokian Tyres Ltd.	348,000		6,876
Tekla Oyj (A Shares)	293,380		3,059
TOTAL FINLAND			12,048
France - 2.2%
BVRP Software SA (a)	98,706		2,419
Carbone Lorraine	27,400		1,580
EDF Energies Nouvelles SA	19,900		1,024
Electricite de France	90,900		6,332
Groupe Open SA (a)	2		0
Groupe Promeo	31,995		1,918
Guerbet SA	8,400		1,401
Icade SA	136,218		8,691
Tessi SA	43,953		3,036
Veolia Environnement	166,000		11,629
TOTAL FRANCE			38,030
Common Stocks - continued
	Shares		Value (000s)
Germany - 3.9%
Articon-Integralis AG (Reg.) (a)	195,779		$ 934
Deutz AG (a)(e)	951,500		14,696
E.ON AG	93,000		12,664
ElringKlinger AG	18,284		1,251
Fresenius Medical Care AG	108,100		14,441
Merck KGaA	18,831		2,196
Parsytec AG	153,836		1,464
Pfleiderer AG	164,259		5,247
PSI AG (a)	387,761		2,274
RWE AG	52,000		5,422
SGL Carbon AG (a)	200,700		5,041
TOTAL GERMANY			65,630
Greece - 1.0%
Fourlis Holdings SA	110,000		2,194
Hellenic Technodomiki Tev SA	165,300		2,292
Sarantis SA (Reg.)	1,159,018		11,692
TOTAL GREECE			16,178
Hong Kong - 1.2%
Bank of East Asia Ltd.	154,800		889
Cafe de Coral Holdings Ltd.	686,000		1,186
China Overseas Land & Investment Ltd.	1,348,000		1,490
China Power International Development Ltd.	3,699,000		2,004
Esprit Holdings Ltd.	246,000		2,494
Fairwood Holdings Ltd. (g)	878,500		1,112
Hang Lung Properties Ltd.	1,208,000		3,296
Li & Fung Ltd.	924,000		2,882
Midland Holdings Ltd.	434,000		267
Sa Sa International Holdings Ltd.	974,000		332
Tai Cheung Holdings Ltd.	900,000		572
Vtech Holdings Ltd.	474,000		2,923
Wing Lung Bank Ltd.	116,100		1,309
TOTAL HONG KONG			20,756
India - 0.2%
Aditya Birla Nuvo Ltd.	9,615		275
Deccan Chronicle Holdings Ltd.	19,000		374
Noida Toll Bridge Co. Ltd. GDR	454,051		1,771
Sobha Developers Ltd. (a)	22,169		494
TOTAL INDIA			2,914
Common Stocks - continued
	Shares		Value (000s)
Indonesia - 0.1%
PT Bank Niaga Tbk	7,769,000		$ 768
PT Telkomunikasi Indonesia Tbk Series B	1,463,500		1,520
TOTAL INDONESIA			2,288
Ireland - 0.9%
Adwalker PLC (a)(f)	9,125,000		403
Celtic Resources Holdings PLC (a)	119,281		345
Glanbia PLC	1,115,500		4,871
Kenmare Resources PLC (a)	2,640,000		2,243
Kenmare Resources PLC warrants 7/23/09 (a)	1,712,500		892
Petroceltic International PLC (a)(e)	13,644,934		3,753
Trinity Biotech PLC sponsored ADR (a)	227,325		2,069
Vimio PLC (a)	867,300		1,142
TOTAL IRELAND			15,718
Israel - 0.6%
Advanced Vision Technology Ltd. (a)	133,900		2,059
Israel Chemicals Ltd.	611,900		3,775
Leadcom Integrated Solutions	2,808,900		2,980
Metal-Tech Ltd.	485,000		1,420
MTI Wireless Edge Ltd.	705,128		630
TOTAL ISRAEL			10,864
Italy - 4.0%
Banca Italease Spa (e)	790,700		54,918
Bastogi Spa (a)	3,339,200		1,270
Enel S.p.A.	543,800		5,757
ERG Spa	109,100		2,423
Lottomatica Spa	58,540		2,387
Teleunit Spa (f)	12,719,158		1,062
TOTAL ITALY			67,817
Japan - 28.3%
Abc-Mart, Inc.	330,400		7,419
Access Co. Ltd. (a)	443		712
Advanced Media, Inc. (a)(e)	64		141
Aeon Fantasy Co. Ltd.	46,300		1,654
Ain Pharmaciez, Inc.	25,500		377
Alpen Co. Ltd.	23,900		594
Anritsu Corp. (e)	1,151,000		6,914
AOC Holdings, Inc.	59,000		948
AOI Electronics Co. Ltd.	66,100		1,454
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Ariake Japan Co. Ltd. (e)	67,300		$ 1,467
Asahi Diamond Industrial Co. Ltd.	194,000		1,397
Asics Corp.	43,000		496
Atlus Co. Ltd. (a)	31,700		177
Atrium Co. Ltd.	64,400		2,065
Axell Corp.	384		1,107
Bic Camera, Inc.	47		62
Bit-isle, Inc.	238		1,329
Bookoff Corp.	166,100		3,035
Brother Industries Ltd. (a)	404,000		5,621
C. Uyemura & Co. Ltd.	37,500		2,436
Cabin Co. Ltd.	195,000		808
Canon Fintech, Inc.	34,200		670
Casio Micronics Co. Ltd. (e)	118,400		1,056
Chiba Bank Ltd.	382,000		3,441
Chiyoda Corp.	119,000		2,500
Chuo Denki Kogyo Co. Ltd.	25,000		113
CMIC Co. Ltd. (e)	1,670		390
Create SD Co. Ltd.	55,300		994
Dai-ichi Seiko Co. Ltd. (a)	32,500		1,072
Daido Metal Co. Ltd. (a)(e)	657,000		4,344
Daido Steel Co. Ltd.	80,000		497
Daifuku Co. Ltd.	35,500		507
Daikokutenbussan Co. Ltd.	52,900		845
Daiseki Co. Ltd.	68,300		1,667
Daito Gyorui Co. Ltd.	200,000		421
Daiwa Securities Group, Inc.	132,000		1,614
Daiwabo Information System Ltd. (a)	202,500		2,760
Densei-Lambda KK (e)	96,600		1,597
Denyo Co. Ltd.	41,400		448
Descente Ltd.	183,000		849
E*TRADE Securities Co. Ltd.	790		1,139
Ebara Corp. (e)	260,000		1,090
Ebara-Udylite Co. Ltd.	8,700		265
Eiken Chemical Co. Ltd.	4,400		46
Elpida Memory, Inc. (a)(e)	179,000		7,757
Endo Lighting Corp.	158,500		1,395
EPS Co. Ltd.	1,465		4,127
Fast Retailing Co. Ltd.	42,900		3,388
Fujikura Ltd.	32,000		279
Furukawa Electric Co. Ltd.	816,000		5,531
Futaba Industrial Co. Ltd.	95,800		2,354
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Hamamatsu Photonics KK (a)	121,400		$ 3,591
Harmonic Drive Systems, Inc. (e)	483		2,613
Haseko Corp. (a)	734,500		2,830
Heiwa Real Estate Co. Ltd. (a)(e)	280,000		1,677
Hikari Tsushin, Inc.	227,100		10,632
Hioki EE Corp. (e)	27,000		745
Hiroshima Bank Ltd.	339,000		1,930
Hitachi Construction Machinery Co. Ltd. (a)	407,900		11,458
Hitachi Maxell Ltd. (a)(e)	119,000		1,849
Hokuriku Electric Industry (e)	739,000		2,027
Hokuto Corp.	160,100		2,812
Ibiden Co. Ltd.	28,500		1,415
Inpex Holdings, Inc.	197		1,613
Intelligence Ltd. (a)(e)	1,258		3,388
Intelligent Wave, Inc.	2,059		2,047
Iriso Electronics Co. Ltd. (e)	52,100		1,817
Ishihara Chemical Co. Ltd. (a)	32,200		640
Ishikawajima-Harima Heavy Industries Co. Ltd.	1,581,000		5,934
Itochu Corp.	449,000		3,921
ITOCHU Techno-Solutions Corp.	93,000		4,701
Japan Steel Works Ltd.	382,000		3,165
Jastec Co. Ltd.	185,900		1,742
JGC Corp.	90,000		1,566
Joint Corp. (e)	27,200		996
JSR Corp.	58,700		1,396
Juroku Bank Ltd.	149,000		841
Kakaku.com, Inc. (e)	264		993
Kandenko Co. Ltd.	245,000		1,385
Kawasaki Heavy Industries Ltd. (e)	1,077,000		4,185
Kibun Food Chemifa Co. Ltd. (e)	68,200		772
Kimoto Co. Ltd.	50,400		323
Kitagawa Seiki Co. Ltd.	76,900		526
KK daVinci Advisors (a)	535		625
Kobayashi Pharmaceutical Co. Ltd.	91,400		3,499
Koito Manufacturing Co. Ltd. (a)	214,000		3,034
Konica Minolta Holdings, Inc.	172,000		2,346
Kubota Corp.	91,000		958
Kura Corp. Ltd.	4,580		10,360
Kurita Water Industries Ltd.	72,700		1,551
Link Theory Holdings Co. Ltd. (e)	102		187
Mandom Corp.	21,100		531
Mazda Motor Corp.	807,000		5,296
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Media Global Links Co. Ltd. (e)	648		$ 961
Meganesuper Co. Ltd.	20		0
Meiko Electronics Co. Ltd.	40,900		2,037
Micronics Japan Co. Ltd. (a)	149,600		5,467
Mitsuba Corp. (e)	260,000		2,279
Mitsubishi Gas Chemical Co., Inc.	237,000		2,523
Mitsubishi Rayon Co. Ltd. (a)	374,000		2,563
Mitsui Engineering & Shipbuilding Co.	449,000		1,555
Mitsui O.S.K. Lines Ltd.	364,000		3,788
Miyachi Corp.	60,600		1,147
Mori Seiki Co. Ltd.	112,000		2,450
Murata Manufacturing Co. Ltd. (a)	75,700		5,357
Nabtesco Corp.	111,000		1,411
Nachi-Fujikoshi Corp. (e)	875,000		4,575
Nafco Co. Ltd.	21,500		570
Namco Bandai Holdings, Inc.	67,800		978
NHK Spring Co. Ltd.	96,000		1,006
NIC Corp.	162,900		1,323
Nidec Copal Electronics Corp. (e)	112,200		706
Nidec Corp.	36,900		2,608
Nidec Sankyo Corp.	245,000		1,872
Nihon Ceratec Co. Ltd. (e)	122		308
Nihon Dempa Kogyo Co. Ltd. (e)	283,000		12,686
Nihon Trim Co. Ltd. (e)	193,500		8,241
Nihonwasou Holdings, Inc.	631		509
Nikkiso Co. Ltd.	255,000		1,952
Nikon Corp.	76,000		1,694
Nippon Carbon Co. Ltd.	143,000		564
Nippon Denko Co. Ltd. (e)	1,660,000		6,589
Nippon Paint Co. Ltd.	1,258,000		6,640
Nippon Seiki Co. Ltd.	634,000		14,709
Nissei Corp.	23,700		265
Nissin Kogyo Co. Ltd. (e)	737,400		19,858
Nitto Boseki Co. Ltd.	326,000		1,135
NOK Corp.	774,600		13,607
Noritake Co. Ltd.	241,000		1,224
NSK Ltd.	208,000		1,904
NTN Corp.	141,000		1,276
Obara Corp.	1,100		41
Oiles Corp.	56,400		1,393
Optex Co. Ltd.	35,280		728
Optoelectronics Co. Ltd.	33,500		650
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Otaki Gas Co. Ltd.	15,000		$ 76
Otsuka Corp. (e)	19,400		1,808
Pacific Metals Co. Ltd.	128,000		1,471
Phoenix Electric Co. Ltd.	80,700		412
Pigeon Corp. (e)	57,700		994
Produce Co. Ltd. (a)	305		1,799
Properst Co. Ltd. (a)(e)	173		1,849
Ray Corp.	158,300		312
Round One Corp.	2,649		7,134
Ryobi Ltd.	213,000		1,804
Saison Information Systems Co. Ltd.	91,500		977
Sakai Chemical Industry Co. Ltd.	55,000		322
Sammy NetWorks Co. Ltd. (e)	932		4,803
Sato Corp. (e)	168,400		3,335
Sawai Pharmaceutical Co. Ltd. (a)(e)	42,200		1,780
Sec Carbon Ltd.	9,000		114
Sega Sammy Holdings, Inc.	20,200		521
Sekisui Plastics Co. Ltd.	108,000		360
Seria Co. Ltd.	482		735
Shaddy Co. Ltd. (e)	118,900		1,458
Shibaura Electronics Co. Ltd.	119,400		2,236
Shikoku Chemicals Corp. (e)	88,000		578
Shimamura Co. Ltd.	11,800		1,214
Shin Nippon Biomedical Laboratories Ltd.	24,500		485
Shin-Kobe Electric Machinery Co. Ltd.	312,000		1,660
Shinohara Systems of Construction Co. Ltd. (a)(e)	288		441
Shizuki Electric Co., Inc.	339,000		1,331
SRI Sports Ltd. (a)	1,294		1,694
St. Marc Holdings Co. Ltd.	15,500		907
Star Micronics Co. Ltd.	214,700		4,474
Starbucks Coffee Japan Ltd.	2,853		1,418
Stella Chemifa Corp. (e)	19,600		693
Sumco Corp.	89,600		3,237
Sumitomo Corp.	356,300		5,527
Sumitomo Metal Industries Ltd.	693,000		2,940
Sumitomo Titanium Corp. (e)	12,600		1,367
Sumitomo Trust & Banking Co. Ltd.	160,000		1,712
Sun Frontier Fudousan Co. Ltd.	141		325
Sunx Ltd.	234,500		2,425
Suruga Corp.	21,100		1,588
Sysmex Corp.	70,500		2,675
T Rad Co. Ltd. (e)	304,000		1,388
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
T&D Holdings, Inc.	18,300		$ 1,233
Taiho Kogyo Co. Ltd.	72,700		852
Taisei Corp.	237,000		795
Taiyo Ink Manufacturing Co. Ltd.	48,400		2,691
Taiyo Kagaku	73,500		700
Taiyo Nippon Sanso Corp.	307,000		2,798
Takeuchi Manufacturing Co. Ltd.	10,000		480
Takiron Co. Ltd.	282,000		965
Telewave, Inc.	392		185
The First Energy Service Co. Ltd. (a)	151		135
The Goodwill Group, Inc.	1,817		1,656
THK Co. Ltd.	40,100		970
Toagosei Co. Ltd.	354,000		1,311
Tohcello Co. Ltd.	99,500		1,138
Tohoku Electric Power Co., Inc.	46,300		1,216
Tokai Carbon Co. Ltd. (e)	347,000		2,625
Token Corp. (e)	106,600		7,004
Tokyo Gas Co. Ltd. (e)	248,000		1,280
Tokyo Radiator Manufacturing Co. Ltd.	13,700		99
Tokyo Seimitsu Co. Ltd.	10,600		446
Tomen Devices Corp.	54,600		1,136
TonenGeneral Sekiyu KK (e)	122,000		1,241
Toray Industries, Inc.	157,000		1,193
Toshiba Machine Co. Ltd.	313,000		2,993
Trancom Co. Ltd.	70,200		1,399
Trend Micro, Inc.	47,500		1,299
Tyo Productions, Inc. (e)	85,500		265
Ulvac, Inc.	63,000		2,130
Unicom Group Holdings, Inc.	135,600		1,580
Usen Corp. (e)	62,680		635
Village Vanguard Co. Ltd. (e)	136		778
Wacom Co. Ltd.	173		517
Wiz Co. Ltd.	219		512
Yachiyo Industry Co. Ltd.	64,200		1,569
Yamada Denki Co. Ltd.	61,550		5,110
Yamaha Motor Co. Ltd.	57,200		1,773
Yaskawa Electric Corp. (e)	441,000		5,083
Yokogawa Electric Corp.	163,900		2,671
Yonkyu Co. Ltd.	90,700		988
Yoshimoto Kogyo Co. Ltd.	44,400		800
TOTAL JAPAN			483,065
Common Stocks - continued
	Shares		Value (000s)
Kazakhstan - 0.1%
JSC Halyk Bank of Kazakhstan unit (a)	49,600		$ 1,171
Korea (South) - 0.5%
LG Dacom Corp.	54,910		1,238
LG Household & Health Care Ltd.	18,830		2,270
NHN Corp.	5,675		751
Nice e-Banking Services (a)	8,861		329
Sung Kwang Bend Co. Ltd.	170,801		1,403
Taewoong Co. Ltd.	47,211		1,449
YBM Sisa.com, Inc.	44,849		839
TOTAL KOREA (SOUTH)			8,279
Luxembourg - 0.3%
SES Global SA FDR (France) unit	290,300		5,051
Malaysia - 0.0%
KNM Group BHD	156,700		479
Malta - 0.3%
Unibet Group plc unit	214,356		5,768
Netherlands - 0.4%
Engel East Europe NV	1,448,532		4,354
Tele Atlas NV (Netherlands) (a)	105,000		2,187
TOTAL NETHERLANDS			6,541
New Zealand - 0.5%
Fisher & Paykel Healthcare Corp.	1,355,139		3,958
Freightways Ltd.	291,466		950
Sky City Entertainment Group Ltd.	1,019,723		3,779
TOTAL NEW ZEALAND			8,687
Norway - 2.0%
Aker Kvaerner ASA	22,550		2,548
Eitzen Maritime Services ASA (a)	68,425		26
Hafslund ASA (B Shares)	172,870		3,809
Pertra AS (A Shares) (a)	175,642		2,167
ProSafe ASA	455,050		7,117
Schibsted ASA (B Shares)	48,600		2,025
Songa Offshore ASA (a)	389,186		3,508
Stepstone ASA (a)	5,212,154		12,362
TOTAL NORWAY			33,562
Oman - 0.1%
BankMuscat SAOG sponsored GDR	144,500		1,857
Common Stocks - continued
	Shares		Value (000s)
Papua New Guinea - 0.0%
Lihir Gold Ltd. (a)	276,700		$ 664
Russia - 0.1%
Sistema-Hals JSC unit (a)	91,600		1,168
Singapore - 3.0%
Advent Air Ltd. (f)	14,719,299		3,832
Banyan Tree Holdings Ltd.	2,220,000		2,371
CapitaMall Trust	746,000		1,574
China Energy Ltd.	623,949		557
Cosco Corp. Singapore Ltd.	4,573,000		8,040
CSE Global Ltd.	2,135,000		1,766
F J Benjamin Holdings Ltd.	2,892,000		1,347
HTL International Holdings Ltd.	462,375		304
Hyflux Ltd.	327,000		590
Keppel Corp. Ltd.	142,000		1,655
Keppel Land Ltd.	675,000		3,297
Mapletree Logistics Trust (REIT)	1,493,000		1,206
Olam International Ltd.	714,000		916
Osim International Ltd.	1,771,000		1,511
Overseas Union Enterprises Ltd.	79,000		674
Parkway Holdings Ltd.	2,855,300		6,024
SembCorp Marine Ltd.	375,000		825
SIA Engineering Co. Ltd.	1,455,000		4,396
Uol Group Ltd.	1,827,000		6,068
Wing Tai Holdings Ltd.	809,000		1,317
Yanlord Land Group Ltd.	1,466,000		2,205
TOTAL SINGAPORE			50,475
South Africa - 2.2%
Barnard Jacobs Mellet Holdings Ltd.	2,661,840		2,211
MTN Group Ltd.	377,102		4,527
Steinhoff International Holdings Ltd.	6,659,732		22,961
Telkom SA Ltd.	146,300		3,262
Wilson Bayly Holmes-Ovcon Ltd.	446,856		4,857
TOTAL SOUTH AFRICA			37,818
Sweden - 1.4%
Hexagon AB (B Shares)	239,511		9,787
Modern Times Group AB (MTG) (B Shares)	227,750		14,402
TOTAL SWEDEN			24,189
Common Stocks - continued
	Shares		Value (000s)
Switzerland - 0.5%
Actelion Ltd. (Reg.) (a)	16,588		$ 4,034
Bucher Industries AG	15,811		1,894
Sulzer AG (Reg.)	2,070		2,931
TOTAL SWITZERLAND			8,859
Taiwan - 0.2%
China Life Insurance Co. Ltd. (a)	3,063,000		1,651
Sinyi Realty, Inc.	746,000		1,924
TOTAL TAIWAN			3,575
Thailand - 0.1%
Robinson Department Store PCL (For. Reg.) (a)	2,798,500		886
Total Access Communication PCL (a)	169,100		703
TOTAL THAILAND			1,589
Turkey - 0.1%
Dogan Gazetecilik AS (a)	555,748		929
United Kingdom - 17.8%
Accsys Technologies PLC (a)	500,000		1,347
Accuma Group PLC (a)	955,000		1,548
ADVFN PLC (a)	19,750,780		1,019
AeroBox PLC (a)	5,694,657		0
Afren PLC (a)(e)	6,926,010		7,484
African Consolidated Resources PLC	7,758,334		1,486
African Copper PLC (a)	1,677,884		1,797
Air Partner PLC	45,000		723
Alliance Pharma PLC (a)	7,984,200		1,961
Alterian PLC (a)	1,020,800		2,457
Ambrian Capital PLC	1,457,800		1,547
Amlin PLC	206,973		1,240
Anglo Asian Mining PLC (a)	4,744,400		1,398
Angus & Ross PLC (a)	1,800,000		513
Appian Technology PLC (a)	4,869,178		1,387
Appian Technology PLC warrants 2/28/08 (a)(h)	479,045		302
Ascent Resources PLC (a)	9,263,100		2,593
Ascent Resources PLC warrants 12/22/07 (a)	1,500,000		138
Atrium Underwriting PLC	257,060		1,293
Autoclenz Holdings PLC	198,230		411
Baltic Oil Terminals PLC	1,758,000		6,321
Belitung Zinc Corp. PLC (h)	7,435,490		1,461
BioCare Solutions PLC (f)	5,024,670		2,468
Bioprogress PLC (a)(f)	8,454,910		11,794
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Blackstar Investors PLC	2,820,000		$ 5,928
Block Shield Corp. PLC (a)	1,103,400		2,168
BowLeven PLC (a)	511,060		2,056
Cambrian Mining PLC (f)	5,826,141		13,336
Camco International Ltd.	868,900		913
CareCapital Group PLC	1,797,500		1,007
Celsis International PLC (a)	788,248		3,523
CeNeS Pharmaceuticals plc (a)	1,095,708		164
Central African Mining & Exploration Co. PLC (a)	6,953,209		6,421
Centurion Electronics PLC (a)(f)	880,024		493
Clapham House Group PLC (a)	494,150		3,267
Cobra Biomanufacturing PLC (a)	396,900		413
Coffeeheaven International PLC (a)	2,972,840		2,439
Corac Group PLC (a)(f)	5,224,104		3,695
Countermine PLC (h)	4,939		250
Countermine PLC warrants 7/26/06 (a)(h)	4,939		0
CustomVis plc (a)(f)	8,417,536		972
DA Group PLC (a)(f)	1,382,065		991
Datacash Group PLC	720,000		2,776
Dominion Energy PLC (a)	10,531,300		1,241
Eclipse Energy Co. Ltd. (h)	102,000		1,503
Econergy International PLC	240,170		415
Emerald Energy PLC (a)	552,500		2,052
EnCore Oil PLC (a)	1,065,530		476
Europa Oil & Gas Holdings PLC (a)	1,000,000		467
Europa Oil & Gas Holdings PLC warrants 11/11/07 (a)	500,000		29
Faroe Petroleum PLC (a)	641,516		1,279
Financial Payment Systems Ltd. (a)(f)	7,787,504		1,224
Flomerics Group PLC	449,658		839
Forum Energy PLC (a)	800,270		1,164
Gasol PLC (a)	7,750,800		914
Gemfields Resources PLC (a)	5,134,200		3,934
Global Coal Management PLC (a)	1,478,451		2,963
GMA Resources PLC (a)	7,246,083		1,602
Gyrus Group PLC (a)	486,400		3,897
Hallin Marine Subsea International PLC	1,047,700		1,235
Hardide Ltd. (a)	6,848,580		1,295
Healthcare Enterprise Group PLC (a)(f)	23,947,186		2,705
Healthcare Enterprise Group PLC warrants 6/30/08 (a)	1,851,769		83
Hot Tuna International PLC (a)	2,349,400		762
Hot Tuna International PLC warrants 2/25/08 (a)(h)	1,179,700		0
Hydrodec Group PLC (a)(f)	13,277,286		6,652
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
ID Data PLC (a)	24,350,500		$ 359
Ideal Shopping Direct PLC	661,592		2,639
Impact Holdings PLC (a)(f)	10,414,000		1,739
Indago Petroleum Ltd. (a)	1,788,646		1,740
Inova Holding PLC	1,443,461		532
International Con Minerals Ltd. (a)(h)	2,659,964		798
International Con Minerals Ltd. warrants 10/31/07 (a)(h)	1,329,982		0
Intertek Group PLC	94,110		1,586
iomart Group PLC	2,037,940		3,383
IPSA Group PLC (a)	2,184,605		2,468
Irvine Energy PLC (a)	12,895,900		538
ITE Group PLC	2,116,540		6,446
ITM Power PLC (a)	2,411,500		6,041
Jubilee Platinum PLC (a)(f)	4,693,503		7,377
Kalahari Minerals PLC	3,563,200		1,890
KBC Advanced Technologies PLC (a)	917,600		928
Keronite PLC (a)(h)	13,620,267		1,606
KimCor Diamonds PLC (f)	4,185,000		946
KimCor Diamonds PLC warrants 3/15/08 (a)	2,185,000		193
Landround plc (a)(f)	858,600		422
Landround plc warrants 12/11/09 (a)(h)	166,666		49
Lansdowne Oil & Gas PLC	907,620		1,070
Lawrence PLC	854,475		4,315
London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a)	105,400		56
LTG Technologies PLC (a)(f)	22,912,152		1,688
Max Petroleum PLC (a)(e)	11,461,320		18,803
Metals Exploration PLC (a)(f)	3,945,316		2,015
MicroEmissive Displays (a)(f)	3,022,300		2,494
Motivcom PLC (f)	1,820,500		3,738
NeutraHealth PLC (a)	4,372,700		967
Oystertec PLC (a)	7,009,687		0
Peninsular Gold Ltd. (a)	325,000		246
PetroLatina Energy PLC (a)	4,545,755		2,188
PetroLatina Energy PLC warrants 4/30/07 (a)	2,279,573		7
Pilat Media Global PLC (a)	1,026,000		1,643
Plethora Solutions Holdings PLC (a)	431,818		1,506
Proteome Sciences PLC (a)	780,842		759
Pureprofile Media PLC (a)(h)	1,108,572		1,089
Pursuit Dynamics PLC (a)	666,667		1,582
Rambler Metals & Mining PLC (a)	1,300,000		1,175
Rheochem PLC (a)(f)	5,603,300		1,651
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Rheochem PLC warrants 12/21/07 (a)	4,364,150		$ 124
Sarantel Group PLC Class A (a)(f)	3,479,400		1,094
Scottish & Southern Energy PLC	209,000		6,143
SDL PLC (a)	948,100		5,011
Sibir Energy PLC (a)	84,580		686
Sinclair Pharma PLC (a)	1,583,955		3,283
Sinosoft Technology PLC	4,573,900		1,213
Solomon Gold PLC (f)	1,824,300		771
SPI Lasers PLC (a)	565,800		2,546
Spice PLC	565,470		5,472
SR Pharma plc (a)	421,400		524
Stem Cell Sciences PLC (a)	716,649		655
Stratex International PLC	3,500,510		593
SubSea Resources PLC (a)	7,879,100		1,780
SubSea Resources PLC warrants 11/4/09 (a)	1,805,625		98
Synchronica PLC (a)	1,447,320		917
Tanfield Group PLC (a)	6,543,261		9,288
Target Resources PLC	1,020,000		812
Target Resources PLC warrants 7/12/08 (a)	1,020,000		80
Tersus Energy PLC (a)	1,350,122		703
Theratase PLC	1,725,000		1,712
Third Advance Value Realisation Co. Ltd. (a)	507,108		1,021
TMO Biotec (h)	10,000		1,365
Toledo Mining Corp. PLC (a)	1,608,144		4,107
Triple Plate Junction PLC (a)	1,539,200		643
Triple Plate Junction PLC warrants 5/9/07 (a)	1,818,750		0
UK Coal PLC	809,200		6,530
Vectura Group PLC (a)	2,489,400		4,255
Victoria Oil & Gas PLC (a)	1,316,900		1,358
Virotec International PLC (a)	3,411,132		871
William Ransom & Son PLC	2,512,470		2,493
York Pharma PLC (a)	1,070,000		2,418
Zenergy Power PLC (a)	922,000		2,310
ZincOx Resources PLC (a)	693,100		3,731
TOTAL UNITED KINGDOM			303,510
United States of America - 1.8%
121Media, Inc. (a)	644,900		12,607
Cyberview Technology, Inc. (a)(f)	996,527		4,454
Frontera Resources Corp. (a)	1,157,200		1,296
Frontier Mining Ltd. (a)(f)	6,771,600		2,229
Solar Integrated Technologies, Inc. (a)	1,345,573		2,194
Common Stocks - continued
	Shares		Value (000s)
United States of America - continued
Spacelabs Healthcare, Inc. (a)	707,250		$ 1,000
UTEK Corp. (e)	22,500		246
XL TechGroup, Inc. (a)	1,329,250		5,902
TOTAL UNITED STATES OF AMERICA			29,928
TOTAL COMMON STOCKS (Cost $1,270,660)		1,641,628
Investment Companies - 0.0%
United Kingdom - 0.0%
The Greenhouse Fund Ltd. (a) (Cost $404)	2,175,000		577

Convertible Bonds - 0.3%
		Principal Amount (000s) (d)
Canada - 0.3%
Western Canadian Coal Corp. 7.5% 3/24/11 (d) (Cost $6,335)	CAD	7,354		5,249
Money Market Funds - 6.8%
		Shares
Fidelity Cash Central Fund, 5.35% (b)		55,013,167		55,013
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)		60,409,889		60,410
TOTAL MONEY MARKET FUNDS (Cost $115,423)			115,423
TOTAL INVESTMENT PORTFOLIO - 103.2% (Cost $1,392,822)				1,762,877
NET OTHER ASSETS - (3.2)%				(55,263)
NET ASSETS - 100%			$ 1,707,614

Currency Abbreviation
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

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

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

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

(f) Affiliated company

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,112,000 or 0.1% of net assets.

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $14,761,000 or 0.9% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
AirSea Lines	8/4/06	$ 1,199
AirSea Lines warrants 6/14/08	8/4/06	$ 0
Security	Acquisition Date	Acquisition Cost (000s)
Appian Technology PLC warrants 2/28/08	2/18/05	$ 0
Belitung Zinc Corp. PLC	1/12/06	$ 1,308
Buried Hill Energy (Cyprus) PCL	8/18/06	$ 2,142
Countermine PLC	12/22/05	$ 443
Countermine PLC warrants 7/26/06	12/22/05	$ 0
Eclipse Energy Co. Ltd.	4/28/05	$ 1,459
Hot Tuna International PLC warrants 2/25/08	2/14/06	$ 0
International Con Minerals Ltd.	1/30/06	$ 798
International Con Minerals Ltd. warrants 10/31/07	1/30/06	$ 0
Kalahari Energy	9/1/06	$ 1,814
Keronite PLC	8/16/06	$ 1,549
Landround plc warrants 12/11/09	12/12/06	$ 0
Pureprofile Media PLC	5/3/05 - 1/11/06	$ 1,173
Rock Well Petroleum, Inc.	4/13/06	$ 1,004
Starfield Resources, Inc. warrants 5/9/07	5/18/06	$ 0
Starfield Resources, Inc. warrants 1/21/08	1/17/06	$ 0
Stealth Ventures Ltd. warrants 3/12/08	9/21/06	$ 0
TMO Biotec	10/27/05	$ 535

Other Affiliated Issuers

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

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Advanced Technology PLC	$ -	$ -	$ -	$ -	$ -
Advent Air Ltd.	2,948	-	-	50	3,832
Adwalker PLC	413	-	-	-	403
Avanti Screenmedia Group PLC	9,335	-	8,831	-	-
BDI Mining Corp.	3,288	-	-	-	4,974
BioCare Solutions PLC	2,270	-	66	-	2,468
Bioprogress PLC	9,152	-	-	-	11,794
Cambrian Mining PLC	15,845	-	1,300	182	13,336
Centurion Electronics PLC	432	-	-	-	493
Corac Group PLC	3,538	-	-	-	3,695
CustomVis plc	134	715	-	-	972
Cyberview Technology, Inc. (formerly Cyberscan Technology, Inc.)	4,562	-	-	-	4,454
DA Group PLC	1,236	-	337	-	991
Financial Payment Systems Ltd.	1,485	-	-	-	1,224
Frontier Mining Ltd.	1,808	-	-	-	2,229
Gasol PLC	1,257	-	-	-	-
Gemfields Resources PLC	5,589	-	1,002	-	-
GMA Resources PLC	3,939	-	2,433	-	-
Hardide Ltd.	1,711	-	233	-	-
Healthcare Enterprise Group PLC	1,010	431	-	-	2,705
Hydrodec Group PLC	8,231	-	-	-	6,652
ID Data PLC	925	-	808	-	-
Impact Holdings PLC	2,086	-	-	-	1,739
Inion OY	1,677	-	-	-	2,113
Interbulk Investments PLC	1,682	-	1,528	-	-
International Ferro Metals	17,682	-	4,802	-	-
Jubilee Platinum PLC	8,789	-	2,945	-	7,377
KimCor Diamonds PLC	1,185	-	25	-	946
Landround plc	188	197	-	-	422
Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
LTG Technologies PLC	$ 1,948	$ 340	$ -	$ -	$ 1,688
Metals Exploration PLC	2,126	-	-	-	2,015
MicroEmissive Displays	1,672	-	-	-	2,494
Mineral Commodities Ltd.	948	-	-	-	828
Motivcom PLC	3,085	-	186	-	3,738
Platinum Mining Corp. of India PLC	2,418	-	2,829	-	-
Rheochem PLC	2,034	-	598	-	1,651
Sarantel Group PLC Class A	677	463	-	-	1,094
Solomon Gold PLC	905	-	-	-	771
Starfield Resources, Inc.	3,247	-	-	-	3,154
SubSea Resources PLC	2,630	-	-	-	-
Tanzanite One Ltd.	9,086	-	-	-	8,388
Teleunit Spa	1,122	-	-	-	1,062
Toledo Mining Corp. PLC	3,742	-	-	-	-
Visual Defence, Inc.	2,673	-	116	-	1,927
Xceldiam Ltd.	1,946	-	-	-	2,999
Total	$ 152,656	$ 2,146	$ 28,039	$ 232	$ 104,628

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 822
Fidelity Securities Lending Cash Central Fund	310
Total	$ 1,132

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,420,017,000. Net unrealized appreciation aggregated $342,860,000, of which $486,157,000 related to appreciated investment securities and $143,297,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor International
Small Cap Fund:
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2007

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

1.813255.102

AISC-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value (000s)
Australia - 11.8%
Allied Gold Ltd. (a)	11,880,000		$ 3,183
AMP Ltd.	377,100		3,066
Aristocrat Leisure Ltd.	93,300		1,167
Asx Ltd.	181,509		5,342
Austbrokers Holdings Ltd.	1,082,345		4,538
Australian Wealth Management Ltd.	1,419,387		3,075
Babcock & Brown Japan Property Trust	2,643,700		4,249
Babcock & Brown Ltd.	26,800		541
Billabong International Ltd.	291,000		3,692
Bradken Ltd.	818,695		5,550
Brambles Ltd. (a)	291,800		3,145
Cabcharge Australia Ltd.	41,000		319
Capital-XX Ltd.	2,262,572		4,423
Centamin Egypt Ltd. (a)	5,903,500		4,147
Cochlear Ltd.	122,100		5,352
Computershare Ltd.	1,092,272		7,769
David Jones Ltd.	424,100		1,488
Dominos Pizza Australia New Zealand Ltd.	2,778,220		7,960
Downer EDI Ltd.	811,557		4,153
Dwyka Diamonds Ltd. (a)	6,235,220		2,021
Elixir Petroleum Ltd. (a)	1,052,140		295
European Gas Ltd. (a)	1,673,600		923
Flexigroup Ltd. (a)	1,723,400		4,322
Fox Resources Ltd. warrants 6/30/07 (a)	342,636		229
Hastie Group Ltd.	2,532,973		6,097
HFA Holdings Ltd.	2,035,100		3,319
IBT Education Ltd.	260,050		408
International Ferro Metals (a)	18,059,256		18,184
Invocare Ltd.	64,100		262
Iress Market Technology Ltd.	150,700		860
JB Hi-Fi Ltd. (e)	585,900		3,025
Jumbuck Entertainment Ltd. (a)	795,400		1,081
Kimberley Diamond Co. NL (a)(e)	809,300		515
McGuigan Simeon Wines Ltd.	148,221		419
Meo Australia Ltd. (a)	5,066,100		2,675
Metcash Ltd.	1,168,600		4,183
Mineral Commodities Ltd. (a)(f)	7,900,000		828
Mineral Deposits Ltd. (a)	2,463,500		3,061
Mintails Ltd. (a)	8,439,600		2,064
Monto Minerals Ltd. (a)	8,525,252		1,591
Monto Minerals Ltd. warrants 5/25/09 (a)	1,485,934		10
Mortgage Choice Ltd.	1,851,838		4,041
Common Stocks - continued
	Shares		Value (000s)
Australia - continued
Novera Energy Ltd. (a)	488,000		$ 594
Oakton Ltd.	184,615		674
Paladin Resources Ltd. (a)	1,365,200		9,191
Patties Food Ltd. (a)	836,800		1,443
Phosphagenics Ltd. (a)	9,040,000		2,211
QBE Insurance Group Ltd.	243,423		5,822
Reverse Corp. Ltd.	812,500		2,732
Rinker Group Ltd.	78,300		1,131
Roc Oil Co. Ltd. (United Kingdom) (a)	4,453,889		10,632
RP Data Ltd. (a)	1,211,300		1,768
SAI Global Ltd.	158,300		492
Seek Ltd.	1,307,939		6,378
SMS Management & Technology Ltd.	315,600		1,042
Summit Resources Ltd. (a)	673,820		1,768
Sylvania Resources Ltd. (a)	7,484,597		4,911
Sylvania Resources Ltd. (United Kingdom) (a)	4,923,630		3,265
Tanami Gold NL	19,652,484		1,908
United Group Ltd.	279,921		2,863
Woolworths Ltd.	373,526		6,889
WorleyParsons Ltd.	91,830		1,534
Wotif.com Holdings Ltd.	348,300		1,149
TOTAL AUSTRALIA			201,969
Austria - 0.3%
Oesterreichische Elektrizitaetswirtschafts AG (Verbund)	106,900		5,169
Bermuda - 3.0%
Aquarius Platinum Ltd. (United Kingdom)	444,500		11,607
Hi Sun Technology (China) Ltd. (a)	2,379,000		841
Longcheer Holdings Ltd.	667,000		482
Peace Mark Holdings Ltd.	4,910,000		4,113
Petra Diamonds Ltd. (a)	2,502,406		7,203
Ports Design Ltd.	1,798,000		4,940
Qualipak International Holdings Ltd.	3,077,000		2,034
RC Group (Holdings) Ltd.	2,139,000		4,896
Sealift Ltd. (a)	477,000		1,280
Tanzanite One Ltd. (f)	5,808,701		8,388
Trefoil Ltd. (a)	385,100		2,345
Xceldiam Ltd. (a)(f)	3,318,255		2,999
Xceldiam Ltd. warrants 11/16/07 (a)	1,659,127		187
TOTAL BERMUDA			51,315
Common Stocks - continued
	Shares		Value (000s)
British Virgin Islands - 0.5%
Albidon Ltd. unit (a)	1,469,000		$ 2,078
BDI Mining Corp. (a)(f)	8,728,890		4,974
Kalahari Energy (h)	1,451,000		1,814
TOTAL BRITISH VIRGIN ISLANDS			8,866
Canada - 3.2%
AirSea Lines (h)	1,862,300		1,214
AirSea Lines warrants 6/14/08 (a)(h)	1,862,300		0
Altius Minerals Corp. (a)	533,806		4,537
Antrim Energy, Inc. (a)	714,540		2,611
Antrim Energy, Inc. (United Kingdom) (a)	800,000		2,869
Bankers Petroleum Ltd. (a)	3,767,000		2,241
First Quantum Minerals Ltd.	79,311		4,208
Grove Energy Ltd. (a)	1,964,140		1,158
MagIndustries Corp. (a)	3,635,960		3,399
Oilexco, Inc. (a)	1,394,525		9,778
Platinum Group Metals Ltd. (a)	407,100		830
Rally Energy Corp. (a)	416,720		1,594
Rock Well Petroleum, Inc. (h)	770,400		982
Starfield Resources, Inc. (a)(f)	13,019,181		3,154
Starfield Resources, Inc.:
warrants 5/9/07 (a)(h)	1,313,025		1
warrants 1/21/08 (a)(h)	1,678,100		76
Stealth Ventures Ltd. (a)	966,500		1,249
Stealth Ventures Ltd. warrants 3/12/08 (a)(h)	483,250		109
StrataGold Corp. (a)	2,976,400		2,934
SXR Uranium One, Inc. (South Africa) (a)	475,740		6,186
Visual Defence, Inc. (a)(f)	5,603,400		1,927
Western Canadian Coal Corp.	1,554,418		2,748
Western Canadian Coal Corp. (United Kingdom) (a)	548,286		921
TOTAL CANADA			54,726
Cayman Islands - 0.4%
Computime Group Ltd.	1,938,000		591
EcoGreen Fine Chemical Group Ltd.	2,514,000		641
Kingboard Chemical Holdings Ltd.	364,500		1,501
Modern Beauty Salon Holdings Ltd.	3,160,000		984
Prime Success International Group Ltd.	2,852,000		3,178
Solomon Systech International Ltd.	2,738,000		505
TOTAL CAYMAN ISLANDS			7,400
Common Stocks - continued
	Shares		Value (000s)
China - 0.9%
Anhui Conch Cement Co. Ltd. (H Shares)	338,000		$ 1,141
BYD Co. Ltd. (H Shares) (a)	162,000		571
China International Marine Containers Co. Ltd. (B Shares)	803,400		1,672
China Mengniu Dairy Co. Ltd.	382,000		1,140
China Merchants Bank Co. Ltd. (H Shares) (a)	888,500		1,916
China Oilfield Services Ltd. (H Shares)	2,520,000		1,720
China Shipping Development Co. Ltd. (H Shares)	524,000		738
Hunan Non-Ferrous Metals Corp. Ltd. (H Shares)	2,832,000		1,618
London Asia Chinese Private Equity Fund Ltd. (a)	473,800		1,080
Nine Dragons Paper (Holdings) Ltd.	479,000		814
Shenzhou International Group Holdings Ltd.	1,208,000		432
Sina Corp. (a)	42,400		1,517
Synear Food Holdings Ltd. (a)	466,000		552
Yantai Changyu Pioneer Wine Co. (B Shares)	226,210		1,075
TOTAL CHINA			15,986
Cyprus - 0.2%
Buried Hill Energy (Cyprus) PCL (h)	1,947,000		2,142
Marfin Popular Bank Public Co. (a)	173,665		1,892
TOTAL CYPRUS			4,034
Czech Republic - 1.3%
Ceske Energeticke Zavody AS	533,600		22,756
Finland - 0.7%
Inion OY (a)(f)	3,740,300		2,113
Nokian Tyres Ltd.	348,000		6,876
Tekla Oyj (A Shares)	293,380		3,059
TOTAL FINLAND			12,048
France - 2.2%
BVRP Software SA (a)	98,706		2,419
Carbone Lorraine	27,400		1,580
EDF Energies Nouvelles SA	19,900		1,024
Electricite de France	90,900		6,332
Groupe Open SA (a)	2		0
Groupe Promeo	31,995		1,918
Guerbet SA	8,400		1,401
Icade SA	136,218		8,691
Tessi SA	43,953		3,036
Veolia Environnement	166,000		11,629
TOTAL FRANCE			38,030
Common Stocks - continued
	Shares		Value (000s)
Germany - 3.9%
Articon-Integralis AG (Reg.) (a)	195,779		$ 934
Deutz AG (a)(e)	951,500		14,696
E.ON AG	93,000		12,664
ElringKlinger AG	18,284		1,251
Fresenius Medical Care AG	108,100		14,441
Merck KGaA	18,831		2,196
Parsytec AG	153,836		1,464
Pfleiderer AG	164,259		5,247
PSI AG (a)	387,761		2,274
RWE AG	52,000		5,422
SGL Carbon AG (a)	200,700		5,041
TOTAL GERMANY			65,630
Greece - 1.0%
Fourlis Holdings SA	110,000		2,194
Hellenic Technodomiki Tev SA	165,300		2,292
Sarantis SA (Reg.)	1,159,018		11,692
TOTAL GREECE			16,178
Hong Kong - 1.2%
Bank of East Asia Ltd.	154,800		889
Cafe de Coral Holdings Ltd.	686,000		1,186
China Overseas Land & Investment Ltd.	1,348,000		1,490
China Power International Development Ltd.	3,699,000		2,004
Esprit Holdings Ltd.	246,000		2,494
Fairwood Holdings Ltd. (g)	878,500		1,112
Hang Lung Properties Ltd.	1,208,000		3,296
Li & Fung Ltd.	924,000		2,882
Midland Holdings Ltd.	434,000		267
Sa Sa International Holdings Ltd.	974,000		332
Tai Cheung Holdings Ltd.	900,000		572
Vtech Holdings Ltd.	474,000		2,923
Wing Lung Bank Ltd.	116,100		1,309
TOTAL HONG KONG			20,756
India - 0.2%
Aditya Birla Nuvo Ltd.	9,615		275
Deccan Chronicle Holdings Ltd.	19,000		374
Noida Toll Bridge Co. Ltd. GDR	454,051		1,771
Sobha Developers Ltd. (a)	22,169		494
TOTAL INDIA			2,914
Common Stocks - continued
	Shares		Value (000s)
Indonesia - 0.1%
PT Bank Niaga Tbk	7,769,000		$ 768
PT Telkomunikasi Indonesia Tbk Series B	1,463,500		1,520
TOTAL INDONESIA			2,288
Ireland - 0.9%
Adwalker PLC (a)(f)	9,125,000		403
Celtic Resources Holdings PLC (a)	119,281		345
Glanbia PLC	1,115,500		4,871
Kenmare Resources PLC (a)	2,640,000		2,243
Kenmare Resources PLC warrants 7/23/09 (a)	1,712,500		892
Petroceltic International PLC (a)(e)	13,644,934		3,753
Trinity Biotech PLC sponsored ADR (a)	227,325		2,069
Vimio PLC (a)	867,300		1,142
TOTAL IRELAND			15,718
Israel - 0.6%
Advanced Vision Technology Ltd. (a)	133,900		2,059
Israel Chemicals Ltd.	611,900		3,775
Leadcom Integrated Solutions	2,808,900		2,980
Metal-Tech Ltd.	485,000		1,420
MTI Wireless Edge Ltd.	705,128		630
TOTAL ISRAEL			10,864
Italy - 4.0%
Banca Italease Spa (e)	790,700		54,918
Bastogi Spa (a)	3,339,200		1,270
Enel S.p.A.	543,800		5,757
ERG Spa	109,100		2,423
Lottomatica Spa	58,540		2,387
Teleunit Spa (f)	12,719,158		1,062
TOTAL ITALY			67,817
Japan - 28.3%
Abc-Mart, Inc.	330,400		7,419
Access Co. Ltd. (a)	443		712
Advanced Media, Inc. (a)(e)	64		141
Aeon Fantasy Co. Ltd.	46,300		1,654
Ain Pharmaciez, Inc.	25,500		377
Alpen Co. Ltd.	23,900		594
Anritsu Corp. (e)	1,151,000		6,914
AOC Holdings, Inc.	59,000		948
AOI Electronics Co. Ltd.	66,100		1,454
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Ariake Japan Co. Ltd. (e)	67,300		$ 1,467
Asahi Diamond Industrial Co. Ltd.	194,000		1,397
Asics Corp.	43,000		496
Atlus Co. Ltd. (a)	31,700		177
Atrium Co. Ltd.	64,400		2,065
Axell Corp.	384		1,107
Bic Camera, Inc.	47		62
Bit-isle, Inc.	238		1,329
Bookoff Corp.	166,100		3,035
Brother Industries Ltd. (a)	404,000		5,621
C. Uyemura & Co. Ltd.	37,500		2,436
Cabin Co. Ltd.	195,000		808
Canon Fintech, Inc.	34,200		670
Casio Micronics Co. Ltd. (e)	118,400		1,056
Chiba Bank Ltd.	382,000		3,441
Chiyoda Corp.	119,000		2,500
Chuo Denki Kogyo Co. Ltd.	25,000		113
CMIC Co. Ltd. (e)	1,670		390
Create SD Co. Ltd.	55,300		994
Dai-ichi Seiko Co. Ltd. (a)	32,500		1,072
Daido Metal Co. Ltd. (a)(e)	657,000		4,344
Daido Steel Co. Ltd.	80,000		497
Daifuku Co. Ltd.	35,500		507
Daikokutenbussan Co. Ltd.	52,900		845
Daiseki Co. Ltd.	68,300		1,667
Daito Gyorui Co. Ltd.	200,000		421
Daiwa Securities Group, Inc.	132,000		1,614
Daiwabo Information System Ltd. (a)	202,500		2,760
Densei-Lambda KK (e)	96,600		1,597
Denyo Co. Ltd.	41,400		448
Descente Ltd.	183,000		849
E*TRADE Securities Co. Ltd.	790		1,139
Ebara Corp. (e)	260,000		1,090
Ebara-Udylite Co. Ltd.	8,700		265
Eiken Chemical Co. Ltd.	4,400		46
Elpida Memory, Inc. (a)(e)	179,000		7,757
Endo Lighting Corp.	158,500		1,395
EPS Co. Ltd.	1,465		4,127
Fast Retailing Co. Ltd.	42,900		3,388
Fujikura Ltd.	32,000		279
Furukawa Electric Co. Ltd.	816,000		5,531
Futaba Industrial Co. Ltd.	95,800		2,354
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Hamamatsu Photonics KK (a)	121,400		$ 3,591
Harmonic Drive Systems, Inc. (e)	483		2,613
Haseko Corp. (a)	734,500		2,830
Heiwa Real Estate Co. Ltd. (a)(e)	280,000		1,677
Hikari Tsushin, Inc.	227,100		10,632
Hioki EE Corp. (e)	27,000		745
Hiroshima Bank Ltd.	339,000		1,930
Hitachi Construction Machinery Co. Ltd. (a)	407,900		11,458
Hitachi Maxell Ltd. (a)(e)	119,000		1,849
Hokuriku Electric Industry (e)	739,000		2,027
Hokuto Corp.	160,100		2,812
Ibiden Co. Ltd.	28,500		1,415
Inpex Holdings, Inc.	197		1,613
Intelligence Ltd. (a)(e)	1,258		3,388
Intelligent Wave, Inc.	2,059		2,047
Iriso Electronics Co. Ltd. (e)	52,100		1,817
Ishihara Chemical Co. Ltd. (a)	32,200		640
Ishikawajima-Harima Heavy Industries Co. Ltd.	1,581,000		5,934
Itochu Corp.	449,000		3,921
ITOCHU Techno-Solutions Corp.	93,000		4,701
Japan Steel Works Ltd.	382,000		3,165
Jastec Co. Ltd.	185,900		1,742
JGC Corp.	90,000		1,566
Joint Corp. (e)	27,200		996
JSR Corp.	58,700		1,396
Juroku Bank Ltd.	149,000		841
Kakaku.com, Inc. (e)	264		993
Kandenko Co. Ltd.	245,000		1,385
Kawasaki Heavy Industries Ltd. (e)	1,077,000		4,185
Kibun Food Chemifa Co. Ltd. (e)	68,200		772
Kimoto Co. Ltd.	50,400		323
Kitagawa Seiki Co. Ltd.	76,900		526
KK daVinci Advisors (a)	535		625
Kobayashi Pharmaceutical Co. Ltd.	91,400		3,499
Koito Manufacturing Co. Ltd. (a)	214,000		3,034
Konica Minolta Holdings, Inc.	172,000		2,346
Kubota Corp.	91,000		958
Kura Corp. Ltd.	4,580		10,360
Kurita Water Industries Ltd.	72,700		1,551
Link Theory Holdings Co. Ltd. (e)	102		187
Mandom Corp.	21,100		531
Mazda Motor Corp.	807,000		5,296
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Media Global Links Co. Ltd. (e)	648		$ 961
Meganesuper Co. Ltd.	20		0
Meiko Electronics Co. Ltd.	40,900		2,037
Micronics Japan Co. Ltd. (a)	149,600		5,467
Mitsuba Corp. (e)	260,000		2,279
Mitsubishi Gas Chemical Co., Inc.	237,000		2,523
Mitsubishi Rayon Co. Ltd. (a)	374,000		2,563
Mitsui Engineering & Shipbuilding Co.	449,000		1,555
Mitsui O.S.K. Lines Ltd.	364,000		3,788
Miyachi Corp.	60,600		1,147
Mori Seiki Co. Ltd.	112,000		2,450
Murata Manufacturing Co. Ltd. (a)	75,700		5,357
Nabtesco Corp.	111,000		1,411
Nachi-Fujikoshi Corp. (e)	875,000		4,575
Nafco Co. Ltd.	21,500		570
Namco Bandai Holdings, Inc.	67,800		978
NHK Spring Co. Ltd.	96,000		1,006
NIC Corp.	162,900		1,323
Nidec Copal Electronics Corp. (e)	112,200		706
Nidec Corp.	36,900		2,608
Nidec Sankyo Corp.	245,000		1,872
Nihon Ceratec Co. Ltd. (e)	122		308
Nihon Dempa Kogyo Co. Ltd. (e)	283,000		12,686
Nihon Trim Co. Ltd. (e)	193,500		8,241
Nihonwasou Holdings, Inc.	631		509
Nikkiso Co. Ltd.	255,000		1,952
Nikon Corp.	76,000		1,694
Nippon Carbon Co. Ltd.	143,000		564
Nippon Denko Co. Ltd. (e)	1,660,000		6,589
Nippon Paint Co. Ltd.	1,258,000		6,640
Nippon Seiki Co. Ltd.	634,000		14,709
Nissei Corp.	23,700		265
Nissin Kogyo Co. Ltd. (e)	737,400		19,858
Nitto Boseki Co. Ltd.	326,000		1,135
NOK Corp.	774,600		13,607
Noritake Co. Ltd.	241,000		1,224
NSK Ltd.	208,000		1,904
NTN Corp.	141,000		1,276
Obara Corp.	1,100		41
Oiles Corp.	56,400		1,393
Optex Co. Ltd.	35,280		728
Optoelectronics Co. Ltd.	33,500		650
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Otaki Gas Co. Ltd.	15,000		$ 76
Otsuka Corp. (e)	19,400		1,808
Pacific Metals Co. Ltd.	128,000		1,471
Phoenix Electric Co. Ltd.	80,700		412
Pigeon Corp. (e)	57,700		994
Produce Co. Ltd. (a)	305		1,799
Properst Co. Ltd. (a)(e)	173		1,849
Ray Corp.	158,300		312
Round One Corp.	2,649		7,134
Ryobi Ltd.	213,000		1,804
Saison Information Systems Co. Ltd.	91,500		977
Sakai Chemical Industry Co. Ltd.	55,000		322
Sammy NetWorks Co. Ltd. (e)	932		4,803
Sato Corp. (e)	168,400		3,335
Sawai Pharmaceutical Co. Ltd. (a)(e)	42,200		1,780
Sec Carbon Ltd.	9,000		114
Sega Sammy Holdings, Inc.	20,200		521
Sekisui Plastics Co. Ltd.	108,000		360
Seria Co. Ltd.	482		735
Shaddy Co. Ltd. (e)	118,900		1,458
Shibaura Electronics Co. Ltd.	119,400		2,236
Shikoku Chemicals Corp. (e)	88,000		578
Shimamura Co. Ltd.	11,800		1,214
Shin Nippon Biomedical Laboratories Ltd.	24,500		485
Shin-Kobe Electric Machinery Co. Ltd.	312,000		1,660
Shinohara Systems of Construction Co. Ltd. (a)(e)	288		441
Shizuki Electric Co., Inc.	339,000		1,331
SRI Sports Ltd. (a)	1,294		1,694
St. Marc Holdings Co. Ltd.	15,500		907
Star Micronics Co. Ltd.	214,700		4,474
Starbucks Coffee Japan Ltd.	2,853		1,418
Stella Chemifa Corp. (e)	19,600		693
Sumco Corp.	89,600		3,237
Sumitomo Corp.	356,300		5,527
Sumitomo Metal Industries Ltd.	693,000		2,940
Sumitomo Titanium Corp. (e)	12,600		1,367
Sumitomo Trust & Banking Co. Ltd.	160,000		1,712
Sun Frontier Fudousan Co. Ltd.	141		325
Sunx Ltd.	234,500		2,425
Suruga Corp.	21,100		1,588
Sysmex Corp.	70,500		2,675
T Rad Co. Ltd. (e)	304,000		1,388
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
T&D Holdings, Inc.	18,300		$ 1,233
Taiho Kogyo Co. Ltd.	72,700		852
Taisei Corp.	237,000		795
Taiyo Ink Manufacturing Co. Ltd.	48,400		2,691
Taiyo Kagaku	73,500		700
Taiyo Nippon Sanso Corp.	307,000		2,798
Takeuchi Manufacturing Co. Ltd.	10,000		480
Takiron Co. Ltd.	282,000		965
Telewave, Inc.	392		185
The First Energy Service Co. Ltd. (a)	151		135
The Goodwill Group, Inc.	1,817		1,656
THK Co. Ltd.	40,100		970
Toagosei Co. Ltd.	354,000		1,311
Tohcello Co. Ltd.	99,500		1,138
Tohoku Electric Power Co., Inc.	46,300		1,216
Tokai Carbon Co. Ltd. (e)	347,000		2,625
Token Corp. (e)	106,600		7,004
Tokyo Gas Co. Ltd. (e)	248,000		1,280
Tokyo Radiator Manufacturing Co. Ltd.	13,700		99
Tokyo Seimitsu Co. Ltd.	10,600		446
Tomen Devices Corp.	54,600		1,136
TonenGeneral Sekiyu KK (e)	122,000		1,241
Toray Industries, Inc.	157,000		1,193
Toshiba Machine Co. Ltd.	313,000		2,993
Trancom Co. Ltd.	70,200		1,399
Trend Micro, Inc.	47,500		1,299
Tyo Productions, Inc. (e)	85,500		265
Ulvac, Inc.	63,000		2,130
Unicom Group Holdings, Inc.	135,600		1,580
Usen Corp. (e)	62,680		635
Village Vanguard Co. Ltd. (e)	136		778
Wacom Co. Ltd.	173		517
Wiz Co. Ltd.	219		512
Yachiyo Industry Co. Ltd.	64,200		1,569
Yamada Denki Co. Ltd.	61,550		5,110
Yamaha Motor Co. Ltd.	57,200		1,773
Yaskawa Electric Corp. (e)	441,000		5,083
Yokogawa Electric Corp.	163,900		2,671
Yonkyu Co. Ltd.	90,700		988
Yoshimoto Kogyo Co. Ltd.	44,400		800
TOTAL JAPAN			483,065
Common Stocks - continued
	Shares		Value (000s)
Kazakhstan - 0.1%
JSC Halyk Bank of Kazakhstan unit (a)	49,600		$ 1,171
Korea (South) - 0.5%
LG Dacom Corp.	54,910		1,238
LG Household & Health Care Ltd.	18,830		2,270
NHN Corp.	5,675		751
Nice e-Banking Services (a)	8,861		329
Sung Kwang Bend Co. Ltd.	170,801		1,403
Taewoong Co. Ltd.	47,211		1,449
YBM Sisa.com, Inc.	44,849		839
TOTAL KOREA (SOUTH)			8,279
Luxembourg - 0.3%
SES Global SA FDR (France) unit	290,300		5,051
Malaysia - 0.0%
KNM Group BHD	156,700		479
Malta - 0.3%
Unibet Group plc unit	214,356		5,768
Netherlands - 0.4%
Engel East Europe NV	1,448,532		4,354
Tele Atlas NV (Netherlands) (a)	105,000		2,187
TOTAL NETHERLANDS			6,541
New Zealand - 0.5%
Fisher & Paykel Healthcare Corp.	1,355,139		3,958
Freightways Ltd.	291,466		950
Sky City Entertainment Group Ltd.	1,019,723		3,779
TOTAL NEW ZEALAND			8,687
Norway - 2.0%
Aker Kvaerner ASA	22,550		2,548
Eitzen Maritime Services ASA (a)	68,425		26
Hafslund ASA (B Shares)	172,870		3,809
Pertra AS (A Shares) (a)	175,642		2,167
ProSafe ASA	455,050		7,117
Schibsted ASA (B Shares)	48,600		2,025
Songa Offshore ASA (a)	389,186		3,508
Stepstone ASA (a)	5,212,154		12,362
TOTAL NORWAY			33,562
Oman - 0.1%
BankMuscat SAOG sponsored GDR	144,500		1,857
Common Stocks - continued
	Shares		Value (000s)
Papua New Guinea - 0.0%
Lihir Gold Ltd. (a)	276,700		$ 664
Russia - 0.1%
Sistema-Hals JSC unit (a)	91,600		1,168
Singapore - 3.0%
Advent Air Ltd. (f)	14,719,299		3,832
Banyan Tree Holdings Ltd.	2,220,000		2,371
CapitaMall Trust	746,000		1,574
China Energy Ltd.	623,949		557
Cosco Corp. Singapore Ltd.	4,573,000		8,040
CSE Global Ltd.	2,135,000		1,766
F J Benjamin Holdings Ltd.	2,892,000		1,347
HTL International Holdings Ltd.	462,375		304
Hyflux Ltd.	327,000		590
Keppel Corp. Ltd.	142,000		1,655
Keppel Land Ltd.	675,000		3,297
Mapletree Logistics Trust (REIT)	1,493,000		1,206
Olam International Ltd.	714,000		916
Osim International Ltd.	1,771,000		1,511
Overseas Union Enterprises Ltd.	79,000		674
Parkway Holdings Ltd.	2,855,300		6,024
SembCorp Marine Ltd.	375,000		825
SIA Engineering Co. Ltd.	1,455,000		4,396
Uol Group Ltd.	1,827,000		6,068
Wing Tai Holdings Ltd.	809,000		1,317
Yanlord Land Group Ltd.	1,466,000		2,205
TOTAL SINGAPORE			50,475
South Africa - 2.2%
Barnard Jacobs Mellet Holdings Ltd.	2,661,840		2,211
MTN Group Ltd.	377,102		4,527
Steinhoff International Holdings Ltd.	6,659,732		22,961
Telkom SA Ltd.	146,300		3,262
Wilson Bayly Holmes-Ovcon Ltd.	446,856		4,857
TOTAL SOUTH AFRICA			37,818
Sweden - 1.4%
Hexagon AB (B Shares)	239,511		9,787
Modern Times Group AB (MTG) (B Shares)	227,750		14,402
TOTAL SWEDEN			24,189
Common Stocks - continued
	Shares		Value (000s)
Switzerland - 0.5%
Actelion Ltd. (Reg.) (a)	16,588		$ 4,034
Bucher Industries AG	15,811		1,894
Sulzer AG (Reg.)	2,070		2,931
TOTAL SWITZERLAND			8,859
Taiwan - 0.2%
China Life Insurance Co. Ltd. (a)	3,063,000		1,651
Sinyi Realty, Inc.	746,000		1,924
TOTAL TAIWAN			3,575
Thailand - 0.1%
Robinson Department Store PCL (For. Reg.) (a)	2,798,500		886
Total Access Communication PCL (a)	169,100		703
TOTAL THAILAND			1,589
Turkey - 0.1%
Dogan Gazetecilik AS (a)	555,748		929
United Kingdom - 17.8%
Accsys Technologies PLC (a)	500,000		1,347
Accuma Group PLC (a)	955,000		1,548
ADVFN PLC (a)	19,750,780		1,019
AeroBox PLC (a)	5,694,657		0
Afren PLC (a)(e)	6,926,010		7,484
African Consolidated Resources PLC	7,758,334		1,486
African Copper PLC (a)	1,677,884		1,797
Air Partner PLC	45,000		723
Alliance Pharma PLC (a)	7,984,200		1,961
Alterian PLC (a)	1,020,800		2,457
Ambrian Capital PLC	1,457,800		1,547
Amlin PLC	206,973		1,240
Anglo Asian Mining PLC (a)	4,744,400		1,398
Angus & Ross PLC (a)	1,800,000		513
Appian Technology PLC (a)	4,869,178		1,387
Appian Technology PLC warrants 2/28/08 (a)(h)	479,045		302
Ascent Resources PLC (a)	9,263,100		2,593
Ascent Resources PLC warrants 12/22/07 (a)	1,500,000		138
Atrium Underwriting PLC	257,060		1,293
Autoclenz Holdings PLC	198,230		411
Baltic Oil Terminals PLC	1,758,000		6,321
Belitung Zinc Corp. PLC (h)	7,435,490		1,461
BioCare Solutions PLC (f)	5,024,670		2,468
Bioprogress PLC (a)(f)	8,454,910		11,794
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Blackstar Investors PLC	2,820,000		$ 5,928
Block Shield Corp. PLC (a)	1,103,400		2,168
BowLeven PLC (a)	511,060		2,056
Cambrian Mining PLC (f)	5,826,141		13,336
Camco International Ltd.	868,900		913
CareCapital Group PLC	1,797,500		1,007
Celsis International PLC (a)	788,248		3,523
CeNeS Pharmaceuticals plc (a)	1,095,708		164
Central African Mining & Exploration Co. PLC (a)	6,953,209		6,421
Centurion Electronics PLC (a)(f)	880,024		493
Clapham House Group PLC (a)	494,150		3,267
Cobra Biomanufacturing PLC (a)	396,900		413
Coffeeheaven International PLC (a)	2,972,840		2,439
Corac Group PLC (a)(f)	5,224,104		3,695
Countermine PLC (h)	4,939		250
Countermine PLC warrants 7/26/06 (a)(h)	4,939		0
CustomVis plc (a)(f)	8,417,536		972
DA Group PLC (a)(f)	1,382,065		991
Datacash Group PLC	720,000		2,776
Dominion Energy PLC (a)	10,531,300		1,241
Eclipse Energy Co. Ltd. (h)	102,000		1,503
Econergy International PLC	240,170		415
Emerald Energy PLC (a)	552,500		2,052
EnCore Oil PLC (a)	1,065,530		476
Europa Oil & Gas Holdings PLC (a)	1,000,000		467
Europa Oil & Gas Holdings PLC warrants 11/11/07 (a)	500,000		29
Faroe Petroleum PLC (a)	641,516		1,279
Financial Payment Systems Ltd. (a)(f)	7,787,504		1,224
Flomerics Group PLC	449,658		839
Forum Energy PLC (a)	800,270		1,164
Gasol PLC (a)	7,750,800		914
Gemfields Resources PLC (a)	5,134,200		3,934
Global Coal Management PLC (a)	1,478,451		2,963
GMA Resources PLC (a)	7,246,083		1,602
Gyrus Group PLC (a)	486,400		3,897
Hallin Marine Subsea International PLC	1,047,700		1,235
Hardide Ltd. (a)	6,848,580		1,295
Healthcare Enterprise Group PLC (a)(f)	23,947,186		2,705
Healthcare Enterprise Group PLC warrants 6/30/08 (a)	1,851,769		83
Hot Tuna International PLC (a)	2,349,400		762
Hot Tuna International PLC warrants 2/25/08 (a)(h)	1,179,700		0
Hydrodec Group PLC (a)(f)	13,277,286		6,652
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
ID Data PLC (a)	24,350,500		$ 359
Ideal Shopping Direct PLC	661,592		2,639
Impact Holdings PLC (a)(f)	10,414,000		1,739
Indago Petroleum Ltd. (a)	1,788,646		1,740
Inova Holding PLC	1,443,461		532
International Con Minerals Ltd. (a)(h)	2,659,964		798
International Con Minerals Ltd. warrants 10/31/07 (a)(h)	1,329,982		0
Intertek Group PLC	94,110		1,586
iomart Group PLC	2,037,940		3,383
IPSA Group PLC (a)	2,184,605		2,468
Irvine Energy PLC (a)	12,895,900		538
ITE Group PLC	2,116,540		6,446
ITM Power PLC (a)	2,411,500		6,041
Jubilee Platinum PLC (a)(f)	4,693,503		7,377
Kalahari Minerals PLC	3,563,200		1,890
KBC Advanced Technologies PLC (a)	917,600		928
Keronite PLC (a)(h)	13,620,267		1,606
KimCor Diamonds PLC (f)	4,185,000		946
KimCor Diamonds PLC warrants 3/15/08 (a)	2,185,000		193
Landround plc (a)(f)	858,600		422
Landround plc warrants 12/11/09 (a)(h)	166,666		49
Lansdowne Oil & Gas PLC	907,620		1,070
Lawrence PLC	854,475		4,315
London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a)	105,400		56
LTG Technologies PLC (a)(f)	22,912,152		1,688
Max Petroleum PLC (a)(e)	11,461,320		18,803
Metals Exploration PLC (a)(f)	3,945,316		2,015
MicroEmissive Displays (a)(f)	3,022,300		2,494
Motivcom PLC (f)	1,820,500		3,738
NeutraHealth PLC (a)	4,372,700		967
Oystertec PLC (a)	7,009,687		0
Peninsular Gold Ltd. (a)	325,000		246
PetroLatina Energy PLC (a)	4,545,755		2,188
PetroLatina Energy PLC warrants 4/30/07 (a)	2,279,573		7
Pilat Media Global PLC (a)	1,026,000		1,643
Plethora Solutions Holdings PLC (a)	431,818		1,506
Proteome Sciences PLC (a)	780,842		759
Pureprofile Media PLC (a)(h)	1,108,572		1,089
Pursuit Dynamics PLC (a)	666,667		1,582
Rambler Metals & Mining PLC (a)	1,300,000		1,175
Rheochem PLC (a)(f)	5,603,300		1,651
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Rheochem PLC warrants 12/21/07 (a)	4,364,150		$ 124
Sarantel Group PLC Class A (a)(f)	3,479,400		1,094
Scottish & Southern Energy PLC	209,000		6,143
SDL PLC (a)	948,100		5,011
Sibir Energy PLC (a)	84,580		686
Sinclair Pharma PLC (a)	1,583,955		3,283
Sinosoft Technology PLC	4,573,900		1,213
Solomon Gold PLC (f)	1,824,300		771
SPI Lasers PLC (a)	565,800		2,546
Spice PLC	565,470		5,472
SR Pharma plc (a)	421,400		524
Stem Cell Sciences PLC (a)	716,649		655
Stratex International PLC	3,500,510		593
SubSea Resources PLC (a)	7,879,100		1,780
SubSea Resources PLC warrants 11/4/09 (a)	1,805,625		98
Synchronica PLC (a)	1,447,320		917
Tanfield Group PLC (a)	6,543,261		9,288
Target Resources PLC	1,020,000		812
Target Resources PLC warrants 7/12/08 (a)	1,020,000		80
Tersus Energy PLC (a)	1,350,122		703
Theratase PLC	1,725,000		1,712
Third Advance Value Realisation Co. Ltd. (a)	507,108		1,021
TMO Biotec (h)	10,000		1,365
Toledo Mining Corp. PLC (a)	1,608,144		4,107
Triple Plate Junction PLC (a)	1,539,200		643
Triple Plate Junction PLC warrants 5/9/07 (a)	1,818,750		0
UK Coal PLC	809,200		6,530
Vectura Group PLC (a)	2,489,400		4,255
Victoria Oil & Gas PLC (a)	1,316,900		1,358
Virotec International PLC (a)	3,411,132		871
William Ransom & Son PLC	2,512,470		2,493
York Pharma PLC (a)	1,070,000		2,418
Zenergy Power PLC (a)	922,000		2,310
ZincOx Resources PLC (a)	693,100		3,731
TOTAL UNITED KINGDOM			303,510
United States of America - 1.8%
121Media, Inc. (a)	644,900		12,607
Cyberview Technology, Inc. (a)(f)	996,527		4,454
Frontera Resources Corp. (a)	1,157,200		1,296
Frontier Mining Ltd. (a)(f)	6,771,600		2,229
Solar Integrated Technologies, Inc. (a)	1,345,573		2,194
Common Stocks - continued
	Shares		Value (000s)
United States of America - continued
Spacelabs Healthcare, Inc. (a)	707,250		$ 1,000
UTEK Corp. (e)	22,500		246
XL TechGroup, Inc. (a)	1,329,250		5,902
TOTAL UNITED STATES OF AMERICA			29,928
TOTAL COMMON STOCKS (Cost $1,270,660)		1,641,628
Investment Companies - 0.0%
United Kingdom - 0.0%
The Greenhouse Fund Ltd. (a) (Cost $404)	2,175,000		577

Convertible Bonds - 0.3%
		Principal Amount (000s) (d)
Canada - 0.3%
Western Canadian Coal Corp. 7.5% 3/24/11 (d) (Cost $6,335)	CAD	7,354		5,249
Money Market Funds - 6.8%
		Shares
Fidelity Cash Central Fund, 5.35% (b)		55,013,167		55,013
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)		60,409,889		60,410
TOTAL MONEY MARKET FUNDS (Cost $115,423)			115,423
TOTAL INVESTMENT PORTFOLIO - 103.2% (Cost $1,392,822)				1,762,877
NET OTHER ASSETS - (3.2)%				(55,263)
NET ASSETS - 100%			$ 1,707,614

Currency Abbreviation
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

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

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

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

(f) Affiliated company

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,112,000 or 0.1% of net assets.

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $14,761,000 or 0.9% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
AirSea Lines	8/4/06	$ 1,199
AirSea Lines warrants 6/14/08	8/4/06	$ 0
Security	Acquisition Date	Acquisition Cost (000s)
Appian Technology PLC warrants 2/28/08	2/18/05	$ 0
Belitung Zinc Corp. PLC	1/12/06	$ 1,308
Buried Hill Energy (Cyprus) PCL	8/18/06	$ 2,142
Countermine PLC	12/22/05	$ 443
Countermine PLC warrants 7/26/06	12/22/05	$ 0
Eclipse Energy Co. Ltd.	4/28/05	$ 1,459
Hot Tuna International PLC warrants 2/25/08	2/14/06	$ 0
International Con Minerals Ltd.	1/30/06	$ 798
International Con Minerals Ltd. warrants 10/31/07	1/30/06	$ 0
Kalahari Energy	9/1/06	$ 1,814
Keronite PLC	8/16/06	$ 1,549
Landround plc warrants 12/11/09	12/12/06	$ 0
Pureprofile Media PLC	5/3/05 - 1/11/06	$ 1,173
Rock Well Petroleum, Inc.	4/13/06	$ 1,004
Starfield Resources, Inc. warrants 5/9/07	5/18/06	$ 0
Starfield Resources, Inc. warrants 1/21/08	1/17/06	$ 0
Stealth Ventures Ltd. warrants 3/12/08	9/21/06	$ 0
TMO Biotec	10/27/05	$ 535

Other Affiliated Issuers

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

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Advanced Technology PLC	$ -	$ -	$ -	$ -	$ -
Advent Air Ltd.	2,948	-	-	50	3,832
Adwalker PLC	413	-	-	-	403
Avanti Screenmedia Group PLC	9,335	-	8,831	-	-
BDI Mining Corp.	3,288	-	-	-	4,974
BioCare Solutions PLC	2,270	-	66	-	2,468
Bioprogress PLC	9,152	-	-	-	11,794
Cambrian Mining PLC	15,845	-	1,300	182	13,336
Centurion Electronics PLC	432	-	-	-	493
Corac Group PLC	3,538	-	-	-	3,695
CustomVis plc	134	715	-	-	972
Cyberview Technology, Inc. (formerly Cyberscan Technology, Inc.)	4,562	-	-	-	4,454
DA Group PLC	1,236	-	337	-	991
Financial Payment Systems Ltd.	1,485	-	-	-	1,224
Frontier Mining Ltd.	1,808	-	-	-	2,229
Gasol PLC	1,257	-	-	-	-
Gemfields Resources PLC	5,589	-	1,002	-	-
GMA Resources PLC	3,939	-	2,433	-	-
Hardide Ltd.	1,711	-	233	-	-
Healthcare Enterprise Group PLC	1,010	431	-	-	2,705
Hydrodec Group PLC	8,231	-	-	-	6,652
ID Data PLC	925	-	808	-	-
Impact Holdings PLC	2,086	-	-	-	1,739
Inion OY	1,677	-	-	-	2,113
Interbulk Investments PLC	1,682	-	1,528	-	-
International Ferro Metals	17,682	-	4,802	-	-
Jubilee Platinum PLC	8,789	-	2,945	-	7,377
KimCor Diamonds PLC	1,185	-	25	-	946
Landround plc	188	197	-	-	422
Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
LTG Technologies PLC	$ 1,948	$ 340	$ -	$ -	$ 1,688
Metals Exploration PLC	2,126	-	-	-	2,015
MicroEmissive Displays	1,672	-	-	-	2,494
Mineral Commodities Ltd.	948	-	-	-	828
Motivcom PLC	3,085	-	186	-	3,738
Platinum Mining Corp. of India PLC	2,418	-	2,829	-	-
Rheochem PLC	2,034	-	598	-	1,651
Sarantel Group PLC Class A	677	463	-	-	1,094
Solomon Gold PLC	905	-	-	-	771
Starfield Resources, Inc.	3,247	-	-	-	3,154
SubSea Resources PLC	2,630	-	-	-	-
Tanzanite One Ltd.	9,086	-	-	-	8,388
Teleunit Spa	1,122	-	-	-	1,062
Toledo Mining Corp. PLC	3,742	-	-	-	-
Visual Defence, Inc.	2,673	-	116	-	1,927
Xceldiam Ltd.	1,946	-	-	-	2,999
Total	$ 152,656	$ 2,146	$ 28,039	$ 232	$ 104,628

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 822
Fidelity Securities Lending Cash Central Fund	310
Total	$ 1,132

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,420,017,000. Net unrealized appreciation aggregated $342,860,000, of which $486,157,000 related to appreciated investment securities and $143,297,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Small Cap
Opportunities Fund

January 31, 2007

1.827842.101

ILS-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
Australia - 4.0%
Babcock & Brown Ltd.	590,000		$ 11,911,510
CSL Ltd.	101,453		5,469,574
Downer EDI Ltd.	2,500,000		12,792,837
Oxiana Ltd.	6,340,600		13,785,732
United Group Ltd.	1,141,308		11,671,592
TOTAL AUSTRALIA			55,631,245
Austria - 0.5%
Andritz AG	30,974		6,661,044
Bermuda - 0.3%
Sinofert Holdings Ltd.	8,000,000		3,729,747
Brazil - 1.4%
Cosan SA Industria E Comercio (a)	1,070,000		20,326,499
Cayman Islands - 2.0%
Himax Technologies, Inc. sponsored ADR	3,144,500		16,068,395
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	340,000		12,512,000
TOTAL CAYMAN ISLANDS			28,580,395
China - 2.6%
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)(d)	1,565,696		15,171,594
Comba Telecom Systems Holdings Ltd.	17,268,000		6,635,158
First Tractor Co. Ltd. (H Shares) (a)	1,630,000		670,163
Global Bio-Chem Technology Group Co. Ltd.	33,633,300		9,735,672
ZTE Corp. (H Shares)	1,099,000		4,954,825
TOTAL CHINA			37,167,412
Finland - 1.6%
KCI Konecranes Oyj	379,000		12,220,809
Metso Corp.	200,900		10,641,300
TOTAL FINLAND			22,862,109
France - 5.7%
Alstom SA (a)	65,062		7,945,625
Compagnie des Machines Bull SA (a)	500,000		3,701,514
Compagnie Generale de Geophysique SA (a)	40,902		8,119,055
Neopost SA	148,400		19,090,272
Nexans SA	45,000		6,140,733
Silicon On Insulator Technologies SA (SOITEC) (a)(d)	969,501		28,456,252
Vallourec SA	23,300		6,021,985
TOTAL FRANCE			79,475,436
Common Stocks - continued
	Shares		Value
Germany - 11.2%
Demag Cranes AG	560,000		$ 34,815,085
Deutz AG (a)(d)	1,342,962		20,741,642
Kontron AG	250,000		4,040,385
MG Technologies AG	1,169,800		27,138,927
MTU Aero Engines Holding AG	289,350		15,382,901
Q-Cells AG (d)	353,800		18,306,672
SGL Carbon AG (a)	358,908		9,014,173
SolarWorld AG (d)	236,000		18,326,248
Wacker Chemie AG	57,200		9,199,670
TOTAL GERMANY			156,965,703
Greece - 1.3%
Bank of Piraeus	332,950		11,942,314
Hellenic Technodomiki Tev SA	500,000		6,933,822
TOTAL GREECE			18,876,136
India - 0.7%
Aurobindo Pharma Ltd.	221,059		3,601,236
Bajaj Hindusthan Ltd.	1,610,000		6,154,378
TOTAL INDIA			9,755,614
Italy - 3.7%
Banca Italease Spa	339,240		23,562,091
Eurotech Spa (a)(d)	400,000		4,605,518
Impregilo Spa (a)	1,200,000		7,291,461
Lottomatica Spa	270,000		11,007,573
Nice Spa	670,200		5,750,285
TOTAL ITALY			52,216,928
Japan - 27.6%
Acca Networks Co. Ltd. (a)(d)	2,661		4,872,859
Air Water, Inc. (d)	941,000		10,253,263
Asics Corp.	1,073,000		12,367,262
Asset Managers Co. Ltd. (d)	4,916		10,835,282
Atrium Co. Ltd.	379,200		12,159,788
Dainippon Screen Manufacturing Co. Ltd.	516,000		4,442,342
Furukawa Electric Co. Ltd.	1,038,000		7,035,539
Haseko Corp. (a)	1,451,000		5,590,711
Ichiyoshi Securities Co. Ltd.	657,200		10,335,714
Intelligence Ltd. (a)(d)	2,882		7,761,114
Intelligent Wave, Inc.	7,474		7,431,578
Japan Asia Investment Co. Ltd.	500,000		3,364,130
Japan General Estate Co. Ltd.	609,400		16,814,865
Common Stocks - continued
	Shares		Value
Japan - continued
Japan Steel Works Ltd. (d)	865,000		$ 7,167,419
Joint Corp. (d)	378,600		13,865,949
Kajima Corp.	500,000		2,311,803
Kenedix, Inc. (d)	2,500		11,994,034
KK daVinci Advisors (a)(d)	18,098		21,144,451
Kurita Water Industries Ltd.	300,000		6,400,961
Miraial Co. Ltd. (d)	49,400		5,239,425
Nabtesco Corp.	488,000		6,202,859
NGK Insulators Ltd.	387,000		5,858,632
Nidec Corp.	163,000		11,520,819
Nikko Cordial Corp.	347,000		3,024,537
Nintendo Co. Ltd.	78,100		23,038,158
Nippon Electric Glass Co. Ltd.	437,000		10,428,471
OMC Card, Inc. (d)	1,014,600		7,272,064
Organo Corp.	641,000		7,154,386
ORIX Corp.	45,760		13,119,244
Risa Partners, Inc. (d)	1,073		5,307,876
SBI Holdings, Inc.	35,000		13,558,023
SHIMIZU Corp.	500,000		2,692,961
Sohgo Security Services Co., Ltd.	145,200		2,833,376
Sojitz Corp. (a)(d)	2,200,000		7,783,900
Sparx Group Co. Ltd. (d)	10,122		9,141,965
Sumco Corp.	357,200		12,904,603
Sumitomo Osaka Cement Co. Ltd.	1,000,000		3,678,999
The Sumitomo Warehouse Co. Ltd.	238,000		1,865,584
Toho Tenax Co. Ltd. (a)(d)	1,262,000		8,062,328
Tokai Carbon Co. Ltd. (d)	500,000		3,782,575
Tokuyama Corp. (d)	1,108,000		17,765,091
Tokyo Tatemono Co. Ltd.	500,000		6,073,663
Toray Industries, Inc.	1,064,000		8,084,584
Urban Corp.	416,700		6,663,885
Wacom Co. Ltd. (d)	1,200		3,589,510
Zenrin Co. Ltd.	130,000		4,265,650
TOTAL JAPAN			387,062,232
Luxembourg - 0.9%
Acergy SA (a)	670,400		12,999,223
Netherlands - 3.5%
Koninklijke Wessanen NV (d)	917,015		12,669,030
Nutreco Holding NV	266,000		18,322,625
Common Stocks - continued
	Shares		Value
Netherlands - continued
QIAGEN NV (a)	555,000		$ 9,584,850
Tele Atlas NV (Netherlands) (a)	408,200		8,501,799
TOTAL NETHERLANDS			49,078,304
Norway - 6.0%
Aker Kvaerner ASA	73,500		8,303,754
Cermaq ASA	1,216,000		19,681,263
Norwegian Property ASA	358,200		4,032,459
PAN Fish ASA (a)(d)	21,499,000		23,014,033
Petroleum Geo-Services ASA (a)	531,600		12,416,281
ProSafe ASA (d)	665,000		10,400,865
TGS Nopec Geophysical Co. ASA (a)	300,000		6,117,543
TOTAL NORWAY			83,966,198
Papua New Guinea - 1.5%
Lihir Gold Ltd. (a)	6,861,900		16,464,340
Lihir Gold Ltd. sponsored ADR (a)	170,000		4,190,500
TOTAL PAPUA NEW GUINEA			20,654,840
Singapore - 1.1%
GigaMedia Ltd. (a)	1,250,000		14,837,500
South Africa - 0.4%
Gold Fields Ltd.	314,600		5,313,594
Spain - 2.9%
Abengoa SA	525,324		20,437,729
Grifols SA	1,332,380		20,404,550
TOTAL SPAIN			40,842,279
Sweden - 2.8%
Axfood AB	185,000		6,947,482
Bergman & Beving AB (B Shares)	315,000		9,223,381
Lindex AB (d)	780,000		10,717,986
Modern Times Group AB (MTG) (B Shares)	193,100		12,211,144
TOTAL SWEDEN			39,099,993
Switzerland - 0.4%
Cytos Biotechnology AG (a)	52,850		5,842,714
Taiwan - 2.4%
Macronix International Co. Ltd. (a)	14,630,000		5,953,837
Motech Industries, Inc.	588,000		8,428,827
Common Stocks - continued
	Shares		Value
Taiwan - continued
PixArt Imaging, Inc.	867,000		$ 12,164,910
Prime View International Co. Ltd. (a)	13,930,000		6,768,913
TOTAL TAIWAN			33,316,487
United Kingdom - 6.6%
ARM Holdings PLC sponsored ADR	1,000,000		7,240,000
Autonomy Corp. PLC (a)	600,000		6,955,215
Clipper Windpower PLC (a)	683,000		7,803,289
CSR PLC (a)	1,070,000		14,316,544
Michael Page International PLC	869,827		8,160,440
Optos PLC	1,312,400		5,698,569
Premier Foods PLC	1,000,000		6,188,962
Renovo Group PLC	6,901,363		26,576,528
Xansa PLC	5,550,782		9,079,161
TOTAL UNITED KINGDOM			92,018,708
United States of America - 8.5%
AGCO Corp. (a)	540,000		18,343,800
Chiquita Brands International, Inc. (d)	1,080,000		17,139,600
Level 3 Communications, Inc. (a)	1,844,600		11,454,966
NII Holdings, Inc. (a)	116,800		8,619,840
Time Warner Telecom, Inc. Class A (sub. vtg.) (a)	687,000		15,993,360
Titanium Metals Corp.	1,193,614		36,811,057
Whole Foods Market, Inc.	270,000		11,661,300
TOTAL UNITED STATES OF AMERICA			120,023,923
TOTAL COMMON STOCKS (Cost $1,144,817,225)		1,397,304,263
Money Market Funds - 10.1%
Fidelity Cash Central Fund, 5.35% (b)	10,379,025		10,379,025
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	130,824,864		130,824,864
TOTAL MONEY MARKET FUNDS (Cost $141,203,889)		141,203,889
TOTAL INVESTMENT PORTFOLIO - 109.7% (Cost $1,286,021,114)		1,538,508,152
NET OTHER ASSETS - (9.7)%		(135,950,718)
NET ASSETS - 100%		$ 1,402,557,434

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 244,483
Fidelity Securities Lending Cash Central Fund	631,447
Total	$ 875,930

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,290,208,294. Net unrealized appreciation aggregated $248,299,858, of which $285,521,562 related to appreciated investment securities and $37,221,704 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor International
Small Cap Opportunities Fund:
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2007

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

1.829636.101

AILS-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
Australia - 4.0%
Babcock & Brown Ltd.	590,000		$ 11,911,510
CSL Ltd.	101,453		5,469,574
Downer EDI Ltd.	2,500,000		12,792,837
Oxiana Ltd.	6,340,600		13,785,732
United Group Ltd.	1,141,308		11,671,592
TOTAL AUSTRALIA			55,631,245
Austria - 0.5%
Andritz AG	30,974		6,661,044
Bermuda - 0.3%
Sinofert Holdings Ltd.	8,000,000		3,729,747
Brazil - 1.4%
Cosan SA Industria E Comercio (a)	1,070,000		20,326,499
Cayman Islands - 2.0%
Himax Technologies, Inc. sponsored ADR	3,144,500		16,068,395
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	340,000		12,512,000
TOTAL CAYMAN ISLANDS			28,580,395
China - 2.6%
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)(d)	1,565,696		15,171,594
Comba Telecom Systems Holdings Ltd.	17,268,000		6,635,158
First Tractor Co. Ltd. (H Shares) (a)	1,630,000		670,163
Global Bio-Chem Technology Group Co. Ltd.	33,633,300		9,735,672
ZTE Corp. (H Shares)	1,099,000		4,954,825
TOTAL CHINA			37,167,412
Finland - 1.6%
KCI Konecranes Oyj	379,000		12,220,809
Metso Corp.	200,900		10,641,300
TOTAL FINLAND			22,862,109
France - 5.7%
Alstom SA (a)	65,062		7,945,625
Compagnie des Machines Bull SA (a)	500,000		3,701,514
Compagnie Generale de Geophysique SA (a)	40,902		8,119,055
Neopost SA	148,400		19,090,272
Nexans SA	45,000		6,140,733
Silicon On Insulator Technologies SA (SOITEC) (a)(d)	969,501		28,456,252
Vallourec SA	23,300		6,021,985
TOTAL FRANCE			79,475,436
Common Stocks - continued
	Shares		Value
Germany - 11.2%
Demag Cranes AG	560,000		$ 34,815,085
Deutz AG (a)(d)	1,342,962		20,741,642
Kontron AG	250,000		4,040,385
MG Technologies AG	1,169,800		27,138,927
MTU Aero Engines Holding AG	289,350		15,382,901
Q-Cells AG (d)	353,800		18,306,672
SGL Carbon AG (a)	358,908		9,014,173
SolarWorld AG (d)	236,000		18,326,248
Wacker Chemie AG	57,200		9,199,670
TOTAL GERMANY			156,965,703
Greece - 1.3%
Bank of Piraeus	332,950		11,942,314
Hellenic Technodomiki Tev SA	500,000		6,933,822
TOTAL GREECE			18,876,136
India - 0.7%
Aurobindo Pharma Ltd.	221,059		3,601,236
Bajaj Hindusthan Ltd.	1,610,000		6,154,378
TOTAL INDIA			9,755,614
Italy - 3.7%
Banca Italease Spa	339,240		23,562,091
Eurotech Spa (a)(d)	400,000		4,605,518
Impregilo Spa (a)	1,200,000		7,291,461
Lottomatica Spa	270,000		11,007,573
Nice Spa	670,200		5,750,285
TOTAL ITALY			52,216,928
Japan - 27.6%
Acca Networks Co. Ltd. (a)(d)	2,661		4,872,859
Air Water, Inc. (d)	941,000		10,253,263
Asics Corp.	1,073,000		12,367,262
Asset Managers Co. Ltd. (d)	4,916		10,835,282
Atrium Co. Ltd.	379,200		12,159,788
Dainippon Screen Manufacturing Co. Ltd.	516,000		4,442,342
Furukawa Electric Co. Ltd.	1,038,000		7,035,539
Haseko Corp. (a)	1,451,000		5,590,711
Ichiyoshi Securities Co. Ltd.	657,200		10,335,714
Intelligence Ltd. (a)(d)	2,882		7,761,114
Intelligent Wave, Inc.	7,474		7,431,578
Japan Asia Investment Co. Ltd.	500,000		3,364,130
Japan General Estate Co. Ltd.	609,400		16,814,865
Common Stocks - continued
	Shares		Value
Japan - continued
Japan Steel Works Ltd. (d)	865,000		$ 7,167,419
Joint Corp. (d)	378,600		13,865,949
Kajima Corp.	500,000		2,311,803
Kenedix, Inc. (d)	2,500		11,994,034
KK daVinci Advisors (a)(d)	18,098		21,144,451
Kurita Water Industries Ltd.	300,000		6,400,961
Miraial Co. Ltd. (d)	49,400		5,239,425
Nabtesco Corp.	488,000		6,202,859
NGK Insulators Ltd.	387,000		5,858,632
Nidec Corp.	163,000		11,520,819
Nikko Cordial Corp.	347,000		3,024,537
Nintendo Co. Ltd.	78,100		23,038,158
Nippon Electric Glass Co. Ltd.	437,000		10,428,471
OMC Card, Inc. (d)	1,014,600		7,272,064
Organo Corp.	641,000		7,154,386
ORIX Corp.	45,760		13,119,244
Risa Partners, Inc. (d)	1,073		5,307,876
SBI Holdings, Inc.	35,000		13,558,023
SHIMIZU Corp.	500,000		2,692,961
Sohgo Security Services Co., Ltd.	145,200		2,833,376
Sojitz Corp. (a)(d)	2,200,000		7,783,900
Sparx Group Co. Ltd. (d)	10,122		9,141,965
Sumco Corp.	357,200		12,904,603
Sumitomo Osaka Cement Co. Ltd.	1,000,000		3,678,999
The Sumitomo Warehouse Co. Ltd.	238,000		1,865,584
Toho Tenax Co. Ltd. (a)(d)	1,262,000		8,062,328
Tokai Carbon Co. Ltd. (d)	500,000		3,782,575
Tokuyama Corp. (d)	1,108,000		17,765,091
Tokyo Tatemono Co. Ltd.	500,000		6,073,663
Toray Industries, Inc.	1,064,000		8,084,584
Urban Corp.	416,700		6,663,885
Wacom Co. Ltd. (d)	1,200		3,589,510
Zenrin Co. Ltd.	130,000		4,265,650
TOTAL JAPAN			387,062,232
Luxembourg - 0.9%
Acergy SA (a)	670,400		12,999,223
Netherlands - 3.5%
Koninklijke Wessanen NV (d)	917,015		12,669,030
Nutreco Holding NV	266,000		18,322,625
Common Stocks - continued
	Shares		Value
Netherlands - continued
QIAGEN NV (a)	555,000		$ 9,584,850
Tele Atlas NV (Netherlands) (a)	408,200		8,501,799
TOTAL NETHERLANDS			49,078,304
Norway - 6.0%
Aker Kvaerner ASA	73,500		8,303,754
Cermaq ASA	1,216,000		19,681,263
Norwegian Property ASA	358,200		4,032,459
PAN Fish ASA (a)(d)	21,499,000		23,014,033
Petroleum Geo-Services ASA (a)	531,600		12,416,281
ProSafe ASA (d)	665,000		10,400,865
TGS Nopec Geophysical Co. ASA (a)	300,000		6,117,543
TOTAL NORWAY			83,966,198
Papua New Guinea - 1.5%
Lihir Gold Ltd. (a)	6,861,900		16,464,340
Lihir Gold Ltd. sponsored ADR (a)	170,000		4,190,500
TOTAL PAPUA NEW GUINEA			20,654,840
Singapore - 1.1%
GigaMedia Ltd. (a)	1,250,000		14,837,500
South Africa - 0.4%
Gold Fields Ltd.	314,600		5,313,594
Spain - 2.9%
Abengoa SA	525,324		20,437,729
Grifols SA	1,332,380		20,404,550
TOTAL SPAIN			40,842,279
Sweden - 2.8%
Axfood AB	185,000		6,947,482
Bergman & Beving AB (B Shares)	315,000		9,223,381
Lindex AB (d)	780,000		10,717,986
Modern Times Group AB (MTG) (B Shares)	193,100		12,211,144
TOTAL SWEDEN			39,099,993
Switzerland - 0.4%
Cytos Biotechnology AG (a)	52,850		5,842,714
Taiwan - 2.4%
Macronix International Co. Ltd. (a)	14,630,000		5,953,837
Motech Industries, Inc.	588,000		8,428,827
Common Stocks - continued
	Shares		Value
Taiwan - continued
PixArt Imaging, Inc.	867,000		$ 12,164,910
Prime View International Co. Ltd. (a)	13,930,000		6,768,913
TOTAL TAIWAN			33,316,487
United Kingdom - 6.6%
ARM Holdings PLC sponsored ADR	1,000,000		7,240,000
Autonomy Corp. PLC (a)	600,000		6,955,215
Clipper Windpower PLC (a)	683,000		7,803,289
CSR PLC (a)	1,070,000		14,316,544
Michael Page International PLC	869,827		8,160,440
Optos PLC	1,312,400		5,698,569
Premier Foods PLC	1,000,000		6,188,962
Renovo Group PLC	6,901,363		26,576,528
Xansa PLC	5,550,782		9,079,161
TOTAL UNITED KINGDOM			92,018,708
United States of America - 8.5%
AGCO Corp. (a)	540,000		18,343,800
Chiquita Brands International, Inc. (d)	1,080,000		17,139,600
Level 3 Communications, Inc. (a)	1,844,600		11,454,966
NII Holdings, Inc. (a)	116,800		8,619,840
Time Warner Telecom, Inc. Class A (sub. vtg.) (a)	687,000		15,993,360
Titanium Metals Corp.	1,193,614		36,811,057
Whole Foods Market, Inc.	270,000		11,661,300
TOTAL UNITED STATES OF AMERICA			120,023,923
TOTAL COMMON STOCKS (Cost $1,144,817,225)		1,397,304,263
Money Market Funds - 10.1%
Fidelity Cash Central Fund, 5.35% (b)	10,379,025		10,379,025
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	130,824,864		130,824,864
TOTAL MONEY MARKET FUNDS (Cost $141,203,889)		141,203,889
TOTAL INVESTMENT PORTFOLIO - 109.7% (Cost $1,286,021,114)		1,538,508,152
NET OTHER ASSETS - (9.7)%		(135,950,718)
NET ASSETS - 100%		$ 1,402,557,434

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 244,483
Fidelity Securities Lending Cash Central Fund	631,447
Total	$ 875,930

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,290,208,294. Net unrealized appreciation aggregated $248,299,858, of which $285,521,562 related to appreciated investment securities and $37,221,704 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity International
Value Fund

January 31, 2007

1.844602.100

FIV-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%
	Shares		Value
Australia - 2.5%
Australia & New Zealand Banking Group Ltd.	87,000		$ 1,966,541
Macquarie Airports unit	776,300		2,139,929
National Australia Bank Ltd.	87,700		2,754,657
Zinifex Ltd.	80,800		1,028,956
TOTAL AUSTRALIA			7,890,083
Austria - 0.9%
OMV AG	49,400		2,644,312
Brazil - 0.9%
Companhia Vale do Rio Doce sponsored ADR	18,800		637,884
TAM SA (PN) sponsored ADR (ltd. vtg.)	27,000		881,010
Uniao de Bancos Brasileiros SA (Unibanco) GDR	13,300		1,261,239
TOTAL BRAZIL			2,780,133
Canada - 2.7%
Canadian Natural Resources Ltd.	51,000		2,550,433
Cognos, Inc. (a)	42,700		1,841,651
Finning International, Inc.	41,900		1,697,224
RONA, Inc. (a)	128,600		2,371,766
TOTAL CANADA			8,461,074
Cayman Islands - 1.9%
GlobalSantaFe Corp.	101,700		5,899,617
Czech Republic - 0.4%
Ceske Energeticke Zavody AS	32,300		1,377,445
Finland - 0.7%
Nokia Corp. sponsored ADR	94,400		2,086,240
France - 8.8%
Accor SA	22,700		1,881,672
Alcatel-Lucent SA	161,300		2,096,900
AXA SA sponsored ADR (d)	78,200		3,321,154
BNP Paribas SA	14,300		1,594,473
Carrefour SA	46,100		2,655,732
Compagnie de St. Gobain	54,500		5,142,758
Gaz de France	21,000		902,948
Pernod Ricard SA	14,940		3,059,059
Peugeot Citroen SA	27,600		1,814,811
Societe Generale Series A	21,635		3,820,826
Suez SA (France)	20,800		1,019,595
TOTAL FRANCE			27,309,928
Common Stocks - continued
	Shares		Value
Germany - 11.7%
Allianz AG sponsored ADR (d)	285,200		$ 5,741,076
BASF AG sponsored ADR	52,500		5,080,425
DaimlerChrysler AG	33,700		2,105,913
E.ON AG	70,800		9,640,836
GFK AG	19,300		911,605
Heidelberger Druckmaschinen AG	36,100		1,522,568
KarstadtQuelle AG (a)(d)	74,500		2,401,272
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	33,000		5,204,276
RWE AG	18,600		1,939,385
Siemens AG sponsored ADR	17,800		1,970,994
TOTAL GERMANY			36,518,350
Greece - 0.8%
Alpha Bank AE	36,300		1,167,650
Greek Organization of Football Prognostics SA	38,600		1,440,859
TOTAL GREECE			2,608,509
Hong Kong - 2.0%
Swire Pacific Ltd. (A Shares)	537,800		6,175,315
India - 0.3%
Satyam Computer Services Ltd. sponsored ADR	41,400		963,792
Ireland - 0.5%
Bank of Ireland	46,488		1,040,053
Kerry Group PLC Class A	19,200		494,731
TOTAL IRELAND			1,534,784
Italy - 3.4%
ENI Spa sponsored ADR (d)	107,400		6,924,078
Intesa Sanpaolo Spa	203,981		1,539,587
Unicredito Italiano Spa	244,000		2,257,924
TOTAL ITALY			10,721,589
Japan - 18.7%
Asahi Breweries Ltd.	63,100		968,316
Astellas Pharma, Inc.	13,600		578,100
Canon, Inc.	86,950		4,591,830
Daiwa Securities Group, Inc.	153,000		1,871,219
Denso Corp.	21,400		858,234
East Japan Railway Co.	686		4,757,692
Fujitsu Ltd.	85,000		637,403
Japan Tobacco, Inc.	57		273,936
JFE Holdings, Inc.	17,500		970,087
Common Stocks - continued
	Shares		Value
Japan - continued
Konica Minolta Holdings, Inc.	115,000		$ 1,568,463
Leopalace21 Corp.	47,500		1,511,373
Misawa Homes Holdings, Inc. (a)(d)	48,500		1,199,590
Mitsui & Co. Ltd.	404,000		6,454,091
Mizuho Financial Group, Inc.	697		5,024,568
Nippon Oil Corp. (a)	486,000		3,257,853
ORIX Corp.	15,900		4,558,479
Ricoh Co. Ltd.	85,000		1,852,343
Shin-Etsu Chemical Co. Ltd.	12,200		792,543
Sumitomo Mitsui Financial Group, Inc.	109		1,110,909
Sumitomo Trust & Banking Co. Ltd.	154,000		1,647,380
Takeda Pharamaceutical Co. Ltd.	35,700		2,328,036
Tokyo Gas Co. Ltd.	742,000		3,830,352
Tokyo Tomin Bank Ltd.	30,200		1,173,617
Toyota Motor Corp.	96,300		6,345,207
TOTAL JAPAN			58,161,621
Kazakhstan - 0.3%
JSC Halyk Bank of Kazakhstan:
GDR (a)(e)	4,700		110,920
unit (a)	28,000		660,800
TOTAL KAZAKHSTAN			771,720
Korea (South) - 1.2%
Kookmin Bank sponsored ADR	14,300		1,137,279
Samsung Electronics Co. Ltd. GDR	8,707		2,636,044
TOTAL KOREA (SOUTH)			3,773,323
Netherlands - 3.1%
ING Groep NV sponsored ADR	178,200		7,851,492
Royal DSM NV	18,300		907,304
TomTom Group BV (a)(d)	17,900		747,725
TOTAL NETHERLANDS			9,506,521
Norway - 2.2%
DnB Nor ASA	226,400		3,399,492
Fred Olsen Energy ASA (a)	50,500		2,241,657
Petroleum Geo-Services ASA (a)	55,500		1,296,282
TOTAL NORWAY			6,937,431
Philippines - 0.2%
Philippine Long Distance Telephone Co. sponsored ADR	13,600		715,632
Common Stocks - continued
	Shares		Value
Russia - 0.7%
OAO Gazprom sponsored ADR	47,800		$ 2,067,350
Singapore - 0.4%
DBS Group Holdings Ltd.	92,000		1,318,009
South Africa - 0.5%
Impala Platinum Holdings Ltd.	49,700		1,428,307
Spain - 2.8%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR	151,800		3,807,144
Banco Santander Central Hispano SA	82,600		1,570,711
Gestevision Telecinco SA	54,500		1,476,057
Telefonica SA sponsored ADR	29,400		1,938,636
TOTAL SPAIN			8,792,548
Sweden - 0.3%
Atlas Copco AB (A Shares)	26,400		902,158
Switzerland - 8.9%
Adecco SA (Reg.)	20,818		1,347,341
Credit Suisse Group sponsored ADR	76,300		5,423,404
Nestle SA (Reg.)	15,211		5,579,915
Novartis AG sponsored ADR	46,000		2,653,740
Roche Holding AG (participation certificate)	17,251		3,241,454
Swiss Reinsurance Co. (Reg.)	25,106		2,087,204
UBS AG (NY Shares)	96,600		6,086,766
Zurich Financial Services AG (Reg.)	5,229		1,406,312
TOTAL SWITZERLAND			27,826,136
Taiwan - 0.4%
Novatek Microelectronics Corp.	221,000		1,090,670
United Kingdom - 19.3%
3i Group PLC	90,700		1,880,040
BAE Systems PLC	125,100		1,026,789
Barclays PLC	539,900		7,962,175
BHP Billiton PLC	221,600		4,127,484
BP PLC	228,500		2,418,673
British American Tobacco PLC	96,800		2,959,660
HSBC Holdings PLC (United Kingdom) (Reg.)	359,600		6,604,414
National Grid PLC	184,500		2,783,972
Old Mutual plc	677,400		2,285,858
Prudential PLC	159,928		2,155,539
Rolls-Royce Group PLC	256,100		2,354,847
Royal Bank of Scotland Group PLC	278,600		11,193,907
SABMiller PLC	50,700		1,149,532
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Smiths Group PLC	32,400		$ 678,275
Taylor Woodrow PLC	74,600		596,541
Tesco PLC	427,500		3,510,910
Vedanta Resources PLC	46,600		1,056,572
Vodafone Group PLC sponsored ADR	142,512		4,188,428
Yell Group PLC	109,000		1,313,858
TOTAL UNITED KINGDOM			60,247,474
United States of America - 0.2%
NTL, Inc.	27,900		760,275
TOTAL COMMON STOCKS (Cost $272,964,516)		301,270,346
Money Market Funds - 5.1%
Fidelity Cash Central Fund, 5.35% (b)	11,901,753		11,901,753
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	3,996,710		3,996,710
TOTAL MONEY MARKET FUNDS (Cost $15,898,463)		15,898,463
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $288,862,979)			317,168,809
NET OTHER ASSETS - (1.8)%			(5,661,327)
NET ASSETS - 100%		$ 311,507,482

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $110,920 or 0.0% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 139,711
Fidelity Securities Lending Cash Central Fund	17,519
Total	$ 157,230

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $289,049,685. Net unrealized appreciation aggregated $28,119,124, of which $30,687,016 related to appreciated investment securities and $2,567,892 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor International
Value Fund:
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2007

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

1.844600.100

AFIV-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%
	Shares		Value
Australia - 2.5%
Australia & New Zealand Banking Group Ltd.	87,000		$ 1,966,541
Macquarie Airports unit	776,300		2,139,929
National Australia Bank Ltd.	87,700		2,754,657
Zinifex Ltd.	80,800		1,028,956
TOTAL AUSTRALIA			7,890,083
Austria - 0.9%
OMV AG	49,400		2,644,312
Brazil - 0.9%
Companhia Vale do Rio Doce sponsored ADR	18,800		637,884
TAM SA (PN) sponsored ADR (ltd. vtg.)	27,000		881,010
Uniao de Bancos Brasileiros SA (Unibanco) GDR	13,300		1,261,239
TOTAL BRAZIL			2,780,133
Canada - 2.7%
Canadian Natural Resources Ltd.	51,000		2,550,433
Cognos, Inc. (a)	42,700		1,841,651
Finning International, Inc.	41,900		1,697,224
RONA, Inc. (a)	128,600		2,371,766
TOTAL CANADA			8,461,074
Cayman Islands - 1.9%
GlobalSantaFe Corp.	101,700		5,899,617
Czech Republic - 0.4%
Ceske Energeticke Zavody AS	32,300		1,377,445
Finland - 0.7%
Nokia Corp. sponsored ADR	94,400		2,086,240
France - 8.8%
Accor SA	22,700		1,881,672
Alcatel-Lucent SA	161,300		2,096,900
AXA SA sponsored ADR (d)	78,200		3,321,154
BNP Paribas SA	14,300		1,594,473
Carrefour SA	46,100		2,655,732
Compagnie de St. Gobain	54,500		5,142,758
Gaz de France	21,000		902,948
Pernod Ricard SA	14,940		3,059,059
Peugeot Citroen SA	27,600		1,814,811
Societe Generale Series A	21,635		3,820,826
Suez SA (France)	20,800		1,019,595
TOTAL FRANCE			27,309,928
Common Stocks - continued
	Shares		Value
Germany - 11.7%
Allianz AG sponsored ADR (d)	285,200		$ 5,741,076
BASF AG sponsored ADR	52,500		5,080,425
DaimlerChrysler AG	33,700		2,105,913
E.ON AG	70,800		9,640,836
GFK AG	19,300		911,605
Heidelberger Druckmaschinen AG	36,100		1,522,568
KarstadtQuelle AG (a)(d)	74,500		2,401,272
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	33,000		5,204,276
RWE AG	18,600		1,939,385
Siemens AG sponsored ADR	17,800		1,970,994
TOTAL GERMANY			36,518,350
Greece - 0.8%
Alpha Bank AE	36,300		1,167,650
Greek Organization of Football Prognostics SA	38,600		1,440,859
TOTAL GREECE			2,608,509
Hong Kong - 2.0%
Swire Pacific Ltd. (A Shares)	537,800		6,175,315
India - 0.3%
Satyam Computer Services Ltd. sponsored ADR	41,400		963,792
Ireland - 0.5%
Bank of Ireland	46,488		1,040,053
Kerry Group PLC Class A	19,200		494,731
TOTAL IRELAND			1,534,784
Italy - 3.4%
ENI Spa sponsored ADR (d)	107,400		6,924,078
Intesa Sanpaolo Spa	203,981		1,539,587
Unicredito Italiano Spa	244,000		2,257,924
TOTAL ITALY			10,721,589
Japan - 18.7%
Asahi Breweries Ltd.	63,100		968,316
Astellas Pharma, Inc.	13,600		578,100
Canon, Inc.	86,950		4,591,830
Daiwa Securities Group, Inc.	153,000		1,871,219
Denso Corp.	21,400		858,234
East Japan Railway Co.	686		4,757,692
Fujitsu Ltd.	85,000		637,403
Japan Tobacco, Inc.	57		273,936
JFE Holdings, Inc.	17,500		970,087
Common Stocks - continued
	Shares		Value
Japan - continued
Konica Minolta Holdings, Inc.	115,000		$ 1,568,463
Leopalace21 Corp.	47,500		1,511,373
Misawa Homes Holdings, Inc. (a)(d)	48,500		1,199,590
Mitsui & Co. Ltd.	404,000		6,454,091
Mizuho Financial Group, Inc.	697		5,024,568
Nippon Oil Corp. (a)	486,000		3,257,853
ORIX Corp.	15,900		4,558,479
Ricoh Co. Ltd.	85,000		1,852,343
Shin-Etsu Chemical Co. Ltd.	12,200		792,543
Sumitomo Mitsui Financial Group, Inc.	109		1,110,909
Sumitomo Trust & Banking Co. Ltd.	154,000		1,647,380
Takeda Pharamaceutical Co. Ltd.	35,700		2,328,036
Tokyo Gas Co. Ltd.	742,000		3,830,352
Tokyo Tomin Bank Ltd.	30,200		1,173,617
Toyota Motor Corp.	96,300		6,345,207
TOTAL JAPAN			58,161,621
Kazakhstan - 0.3%
JSC Halyk Bank of Kazakhstan:
GDR (a)(e)	4,700		110,920
unit (a)	28,000		660,800
TOTAL KAZAKHSTAN			771,720
Korea (South) - 1.2%
Kookmin Bank sponsored ADR	14,300		1,137,279
Samsung Electronics Co. Ltd. GDR	8,707		2,636,044
TOTAL KOREA (SOUTH)			3,773,323
Netherlands - 3.1%
ING Groep NV sponsored ADR	178,200		7,851,492
Royal DSM NV	18,300		907,304
TomTom Group BV (a)(d)	17,900		747,725
TOTAL NETHERLANDS			9,506,521
Norway - 2.2%
DnB Nor ASA	226,400		3,399,492
Fred Olsen Energy ASA (a)	50,500		2,241,657
Petroleum Geo-Services ASA (a)	55,500		1,296,282
TOTAL NORWAY			6,937,431
Philippines - 0.2%
Philippine Long Distance Telephone Co. sponsored ADR	13,600		715,632
Common Stocks - continued
	Shares		Value
Russia - 0.7%
OAO Gazprom sponsored ADR	47,800		$ 2,067,350
Singapore - 0.4%
DBS Group Holdings Ltd.	92,000		1,318,009
South Africa - 0.5%
Impala Platinum Holdings Ltd.	49,700		1,428,307
Spain - 2.8%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR	151,800		3,807,144
Banco Santander Central Hispano SA	82,600		1,570,711
Gestevision Telecinco SA	54,500		1,476,057
Telefonica SA sponsored ADR	29,400		1,938,636
TOTAL SPAIN			8,792,548
Sweden - 0.3%
Atlas Copco AB (A Shares)	26,400		902,158
Switzerland - 8.9%
Adecco SA (Reg.)	20,818		1,347,341
Credit Suisse Group sponsored ADR	76,300		5,423,404
Nestle SA (Reg.)	15,211		5,579,915
Novartis AG sponsored ADR	46,000		2,653,740
Roche Holding AG (participation certificate)	17,251		3,241,454
Swiss Reinsurance Co. (Reg.)	25,106		2,087,204
UBS AG (NY Shares)	96,600		6,086,766
Zurich Financial Services AG (Reg.)	5,229		1,406,312
TOTAL SWITZERLAND			27,826,136
Taiwan - 0.4%
Novatek Microelectronics Corp.	221,000		1,090,670
United Kingdom - 19.3%
3i Group PLC	90,700		1,880,040
BAE Systems PLC	125,100		1,026,789
Barclays PLC	539,900		7,962,175
BHP Billiton PLC	221,600		4,127,484
BP PLC	228,500		2,418,673
British American Tobacco PLC	96,800		2,959,660
HSBC Holdings PLC (United Kingdom) (Reg.)	359,600		6,604,414
National Grid PLC	184,500		2,783,972
Old Mutual plc	677,400		2,285,858
Prudential PLC	159,928		2,155,539
Rolls-Royce Group PLC	256,100		2,354,847
Royal Bank of Scotland Group PLC	278,600		11,193,907
SABMiller PLC	50,700		1,149,532
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Smiths Group PLC	32,400		$ 678,275
Taylor Woodrow PLC	74,600		596,541
Tesco PLC	427,500		3,510,910
Vedanta Resources PLC	46,600		1,056,572
Vodafone Group PLC sponsored ADR	142,512		4,188,428
Yell Group PLC	109,000		1,313,858
TOTAL UNITED KINGDOM			60,247,474
United States of America - 0.2%
NTL, Inc.	27,900		760,275
TOTAL COMMON STOCKS (Cost $272,964,516)		301,270,346
Money Market Funds - 5.1%
Fidelity Cash Central Fund, 5.35% (b)	11,901,753		11,901,753
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	3,996,710		3,996,710
TOTAL MONEY MARKET FUNDS (Cost $15,898,463)		15,898,463
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $288,862,979)			317,168,809
NET OTHER ASSETS - (1.8)%			(5,661,327)
NET ASSETS - 100%		$ 311,507,482

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $110,920 or 0.0% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 139,711
Fidelity Securities Lending Cash Central Fund	17,519
Total	$ 157,230

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $289,049,685. Net unrealized appreciation aggregated $28,119,124, of which $30,687,016 related to appreciated investment securities and $2,567,892 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Japan Fund

January 31, 2007

1.813056.102

JPN-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
CONSUMER DISCRETIONARY - 31.4%
Auto Components - 1.0%
Aisin Seiki Co. Ltd.	161,700		$ 5,265,617
Stanley Electric Co. Ltd.	45,400		936,703
Toyoda Gosei Co. Ltd.	458,000		10,891,660
			17,093,980
Automobiles - 10.4%
Fuji Heavy Industries Ltd.	668,000		3,492,630
Honda Motor Co. Ltd.	1,119,100		44,014,204
Mazda Motor Corp. (d)	5,288,000		34,702,706
Toyota Motor Corp.	1,550,500		102,162,446
			184,371,986
Household Durables - 3.7%
Casio Computer Co. Ltd. (d)	1,236,800		25,569,176
Daiwa House Industry Co. Ltd.	751,000		12,694,536
Sekisui House Ltd.	212,000		2,972,234
Sony Corp.	544,600		25,231,318
			66,467,264
Leisure Equipment & Products - 8.3%
Fujifilm Holdings Corp.	1,872,200		77,255,302
Namco Bandai Holdings, Inc.	101,600		1,464,838
Nikon Corp. (d)	3,044,000		67,849,029
			146,569,169
Multiline Retail - 2.0%
Parco Co. Ltd.	487,200		5,215,747
The Daimaru, Inc.	2,437,000		30,976,161
			36,191,908
Specialty Retail - 6.0%
Nishimatsuya Chain Co. Ltd.	332,000		5,763,268
Otsuka Kagu Ltd. (d)	455,200		13,653,926
Shimachu Co. Ltd.	63,200		1,738,609
United Arrows Ltd. (a)	574,600		10,165,066
Yamada Denki Co. Ltd. (d)	909,180		75,485,634
			106,806,503
TOTAL CONSUMER DISCRETIONARY			557,500,810
CONSUMER STAPLES - 2.8%
Food & Staples Retailing - 0.2%
Aeon Co. Ltd.	160,400		3,488,835
Household Products - 2.1%
Kao Corp.	552,000		15,779,923
Uni-Charm Corp.	382,600		20,669,943
			36,449,866
Personal Products - 0.5%
Mandom Corp.	319,800		8,055,616
Milbon Co. Ltd.	58,100		1,622,381
			9,677,997
TOTAL CONSUMER STAPLES			49,616,698
	Shares		Value
ENERGY - 5.0%
Energy Equipment & Services - 0.7%
Shinko Plantech Co. Ltd.	1,321,000		$ 12,467,324
Oil, Gas & Consumable Fuels - 4.3%
Inpex Holdings, Inc.	7,050		57,715,541
Nippon Oil Corp. (a)	2,628,000		17,616,539
			75,332,080
TOTAL ENERGY			87,799,404
FINANCIALS - 14.1%
Capital Markets - 2.1%
Daiwa Securities Group, Inc.	2,984,000		36,494,876
Commercial Banks - 6.6%
Mizuho Financial Group, Inc.	12,994		93,671,791
Sumitomo Mitsui Financial Group, Inc.	165		1,681,651
Sumitomo Trust & Banking Co. Ltd.	1,492,000		15,960,327
Tokyo Tomin Bank Ltd. (d)	150,500		5,848,656
			117,162,425
Real Estate Management & Development - 5.4%
Mitsubishi Estate Co. Ltd.	1,498,000		42,823,052
Mitsui Fudosan Co. Ltd.	923,000		23,938,269
Sankei Building Co. Ltd.	501,500		4,541,903
Sumitomo Realty & Development Co. Ltd.	707,000		24,545,967
			95,849,191
TOTAL FINANCIALS			249,506,492
HEALTH CARE - 5.3%
Health Care Equipment & Supplies - 1.0%
Olympus Corp.	456,000		14,584,746
Terumo Corp.	91,000		3,657,041
			18,241,787
Pharmaceuticals - 4.3%
Daiichi Sankyo Co. Ltd.	630,100		17,542,661
Kyowa Hakko Kogyo Co. Ltd.	1,060,000		9,266,272
Takeda Pharamaceutical Co. Ltd.	761,200		49,638,680
			76,447,613
TOTAL HEALTH CARE			94,689,400
INDUSTRIALS - 10.0%
Building Products - 0.3%
Toto Ltd. (a)(d)	449,000		4,799,354
Construction & Engineering - 2.9%
JGC Corp. (d)	2,840,000		49,417,907
Meisei Industrial Co. Ltd. (a)	445,000		1,983,759
			51,401,666
Electrical Equipment - 0.1%
Sumitomo Electric Industries Ltd.	189,100		2,895,611
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - 6.4%
Ishikawajima-Harima Heavy Industries Co. Ltd.	4,972,000		$ 18,662,767
JTEKT Corp. (a)	42,400		855,483
Mitsubishi Heavy Industries Ltd.	3,108,000		15,966,856
Mitsui Engineering & Shipbuilding Co. (d)	19,351,000		67,023,392
Nabtesco Corp.	886,000		11,261,748
			113,770,246
Transportation Infrastructure - 0.3%
Mitsui-Soko Co. Ltd. (d)	761,000		4,949,952
TOTAL INDUSTRIALS			177,816,829
INFORMATION TECHNOLOGY - 20.5%
Electronic Equipment & Instruments - 5.3%
Hitachi Ltd.	2,723,000		18,312,175
Hoya Corp.	673,900		24,457,737
Murata Manufacturing Co. Ltd. (a)	178,100		12,602,842
Nidec Corp. (d)	269,800		19,069,429
Nihon Dempa Kogyo Co. Ltd.	33,500		1,501,719
Yamatake Corp.	811,000		18,647,927
			94,591,829
Office Electronics - 3.0%
Canon, Inc.	1,009,200		53,295,853
Semiconductors & Semiconductor Equipment - 5.0%
Sumco Corp.	821,200		29,667,581
Tokyo Electron Ltd.	834,600		58,989,420
			88,657,001
Software - 7.2%
Nintendo Co. Ltd.	433,600		127,904,546
TOTAL INFORMATION TECHNOLOGY			364,449,229
MATERIALS - 10.1%
Chemicals - 4.0%
Asahi Kasei Corp.	1,089,000		7,236,840
Hitachi Chemical Co. Ltd. (a)	197,100		4,572,896
Kuraray Co. Ltd.	1,911,000		23,023,524
Mitsubishi Gas Chemical Co., Inc.	1,871,000		19,921,573
	Shares		Value
Mitsubishi Rayon Co. Ltd. (a)	1,275,000		$ 8,737,001
Tokyo Ohka Kogyo Co. Ltd.	232,100		6,577,305
			70,069,139
Metals & Mining - 6.1%
Nippon Denko Co. Ltd. (d)	445,000		1,766,210
Nippon Steel Corp.	4,043,000		23,852,310
Sumitomo Metal Industries Ltd.	7,762,000		32,929,892
Sumitomo Metal Mining Co. Ltd. (d)	3,847,000		50,173,411
			108,721,823
TOTAL MATERIALS			178,790,962
TOTAL COMMON STOCKS (Cost $1,533,034,239)		1,760,169,824
Money Market Funds - 6.8%
Fidelity Cash Central Fund, 5.35% (b)	16,136,695		16,136,695
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	104,556,519		104,556,519
TOTAL MONEY MARKET FUNDS (Cost $120,693,214)		120,693,214

TOTAL INVESTMENT PORTFOLIO - 106.0% (Cost $1,653,727,453) 1,880,863,038

NET OTHER ASSETS - (6.0)%	(105,836,760)
NET ASSETS - 100%	$ 1,775,026,278

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 179,708
Fidelity Securities Lending Cash Central Fund	119,718
Total	$ 299,426

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,654,230,286. Net unrealized appreciation aggregated $226,632,752, of which $261,687,700 related to appreciated investment securities and $35,054,948 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Japan Smaller Companies Fund

January 31, 2007

1.813017.102

JSC-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
CONSUMER DISCRETIONARY - 23.7%
Auto Components - 6.6%
F-Tech, Inc.	259,900		$ 6,439,085
Fine Sinter Co. Ltd.	407,000		1,703,070
Fuji Kiko Co. Ltd. (d)	760,000		2,273,356
H-One Co. Ltd.	336,600		5,243,469
Keihin Corp. (a)	98,600		2,483,689
Koito Manufacturing Co. Ltd. (a)	262,000		3,714,480
NHK Spring Co. Ltd.	1,617,000		16,949,124
Nippon Seiki Co. Ltd.	707,000		16,403,033
Nissin Kogyo Co. Ltd.	129,800		3,495,463
Sumitomo Rubber Industries Ltd.	244,200		2,871,275
Toyota Boshoku Corp.	100,800		2,121,490
Toyota Industries Corp.	91,300		4,274,309
			67,971,843
Automobiles - 1.2%
Mazda Motor Corp.	1,278,000		8,386,925
Yachiyo Industry Co. Ltd.	149,700		3,659,237
			12,046,162
Distributors - 0.1%
Jin Co. Ltd. (d)	99,000		1,017,194
Diversified Consumer Services - 0.5%
Best Bridal, Inc.	1,606		5,296,334
Novarese, Inc. (a)	22		38,099
			5,334,433
Hotels, Restaurants & Leisure - 1.4%
Round One Corp.	833		2,243,237
St. Marc Holdings Co. Ltd.	33,500		1,959,730
Zensho Co. Ltd. (d)	1,038,608		10,439,007
			14,641,974
Household Durables - 3.1%
Casio Computer Co. Ltd.	254,200		5,255,243
Juki Corp.	484,000		2,899,548
Sohken Homes Co. Ltd. (d)	975		1,357,252
Token Corp. (d)	344,870		22,660,804
			32,172,847
Internet & Catalog Retail - 1.2%
DeNA Co. Ltd. (a)	1,185		4,261,424
Felissimo Corp. (d)	96,100		2,556,084
Rakuten, Inc.	9,770		5,148,710
			11,966,218
Leisure Equipment & Products - 0.2%
Endo Manufacturing Co. Ltd.	264,000		1,564,072
Media - 0.8%
Gentosha, Inc. (d)	14		55,798
Toei Co. Ltd.	1,153,000		6,649,443
WOWOW INC.	55		189,585
Zenrin Co. Ltd. (d)	45,900		1,506,103
			8,400,929
	Shares		Value
Multiline Retail - 0.7%
The Daimaru, Inc.	581,000		$ 7,384,961
Specialty Retail - 6.1%
Alpen Co. Ltd.	104,900		2,607,615
Bic Camera, Inc.	60		79,546
Hikari Tsushin, Inc.	224,800		10,524,257
Nishimatsuya Chain Co. Ltd. (d)	744,300		12,920,483
PC Depot Corp.	527		166,373
Shimachu Co. Ltd.	217,500		5,983,345
Shimamura Co. Ltd.	28,800		2,963,881
United Arrows Ltd. (a)	184,600		3,265,700
USS Co. Ltd.	108,510		7,138,993
Yamada Denki Co. Ltd.	209,410		17,386,487
			63,036,680
Textiles, Apparel & Luxury Goods - 1.8%
Asics Corp.	848,000		9,773,941
Japan Vilene Co. Ltd. (d)	390,000		2,462,444
Seiren Co. Ltd. (d)	534,200		5,957,934
			18,194,319
TOTAL CONSUMER DISCRETIONARY			243,731,632
CONSUMER STAPLES - 3.7%
Food & Staples Retailing - 2.6%
Cosmos Pharmaceutical Corp. (d)	296,200		6,724,846
Create SD Co. Ltd.	102,500		1,843,021
Daikokutenbussan Co. Ltd.	248,200		3,963,056
Kirindo Co. Ltd.	269,700		2,426,931
Valor Co. Ltd. (d)	878,500		11,071,786
			26,029,640
Food Products - 1.1%
Ariake Japan Co. Ltd.	63,700		1,388,168
Frente Co. Ltd.	179,500		3,346,522
Hokuto Corp. (d)	232,700		4,087,699
Nichirei Corp.	497,000		2,717,985
			11,540,374
TOTAL CONSUMER STAPLES			37,570,014
ENERGY - 0.5%
Energy Equipment & Services - 0.5%
Shinko Plantech Co. Ltd.	557,000		5,256,851
FINANCIALS - 9.6%
Capital Markets - 0.9%
E*TRADE Securities Co. Ltd. (d)	4,763		6,867,150
Risa Partners, Inc. (d)	542		2,681,145
			9,548,295
Commercial Banks - 3.8%
Bank of Yokohama Ltd.	983,000		7,941,542
Chiba Bank Ltd.	980,000		8,826,781
Hiroshima Bank Ltd.	779,000		4,434,462
Kansai Urban Banking Corp.	388,000		1,691,080
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
The Keiyo Bank Ltd.	1,275,000		$ 7,722,791
Tokyo Tomin Bank Ltd. (d)	219,200		8,518,441
			39,135,097
Real Estate Management & Development - 4.9%
Arealink Co. Ltd.	1,545		956,304
Daibiru Corp.	334,600		3,729,022
Daiwasystem Co. Ltd.	88,500		2,181,609
Heiwa Real Estate Co. Ltd. (a)(d)	607,000		3,636,417
Joint Corp. (d)	62,200		2,278,030
Land Co. Ltd.	293		594,813
NTT Urban Development Co.	4,127		8,275,544
Sankei Building Co. Ltd.	556,200		5,037,300
Sumitomo Realty & Development Co. Ltd.	508,000		17,636,989
Sun Frontier Fudousan Co. Ltd. (d)	521		1,200,133
Suruga Corp. (d)	31,200		2,347,400
Toc Co. Ltd.	267,500		1,442,951
Tokyu Community Corp.	18,300		532,237
			49,848,749
TOTAL FINANCIALS			98,532,141
HEALTH CARE - 4.7%
Health Care Equipment & Supplies - 3.2%
Hogy Medical Co. (d)	303,700		14,293,541
Nakanishi, Inc.	27,600		3,430,418
Nipro Corp. (a)	167,000		3,106,558
Sysmex Corp.	324,700		12,322,377
			33,152,894
Life Sciences Tools & Services - 0.6%
Shin Nippon Biomedical Laboratories Ltd. (d)	270,000		5,346,978
Soiken Holdings, Inc. (d)	672		874,210
			6,221,188
Pharmaceuticals - 0.9%
Hisamitsu Pharmaceutical Co., Inc.	216,500		6,296,682
Sawai Pharmaceutical Co. Ltd. (a)(d)	43,600		1,838,870
Towa Pharmaceutical Co. Ltd.	33,500		1,054,812
			9,190,364
TOTAL HEALTH CARE			48,564,446
INDUSTRIALS - 23.9%
Air Freight & Logistics - 1.0%
I-LOGISTICS Corp. (a)	34,000		109,591
Kintetsu World Express, Inc.	177,300		4,701,164
Yusen Air & Sea Service Co. Ltd.	214,600		5,058,930
			9,869,685
	Shares		Value
Building Products - 0.6%
Comany, Inc.	337,300		$ 4,737,320
Wavelock Holdings Co. Ltd. (d)	288,700		1,875,468
			6,612,788
Commercial Services & Supplies - 3.6%
Career Design Center Co. Ltd. (e)	3,141		8,068,194
Certo Corp.	60,100		2,016,862
Gakujo Co. Ltd. (d)	483,300		5,382,237
Intelligence Ltd. (a)(d)	3,092		8,326,636
Nihonwasou Holdings, Inc.	862		695,685
TFP Consulting Group Co. Ltd.	1,286		4,145,122
The Goodwill Group, Inc. (d)	8,749		7,974,396
			36,609,132
Construction & Engineering - 2.0%
Chiyoda Corp.	346,000		7,267,763
JGC Corp.	423,000		7,360,484
Kandenko Co. Ltd. (d)	527,000		2,978,117
Meisei Industrial Co. Ltd. (a)	604,000		2,692,563
			20,298,927
Electrical Equipment - 4.0%
Daihen Corp.	391,000		2,086,457
Densei-Lambda KK (d)	32,200		532,287
Endo Lighting Corp.	380,600		3,349,192
Furukawa Electric Co. Ltd.	3,384,000		22,936,664
Iwabuchi Corp.	203,000		1,126,983
Nippon Carbon Co. Ltd. (d)	414,000		1,632,879
Sansha Electric Manufacturing Co. Ltd.	48,000		489,207
Sec Carbon Ltd.	5,000		63,388
Sumitomo Wiring Systems Ltd. (a)	340,000		7,578,407
Toyo Tanso Co. Ltd. (d)	15,800		1,777,885
			41,573,349
Machinery - 9.3%
Harmonic Drive Systems, Inc.	408		2,207,598
Hitachi Construction Machinery Co. Ltd. (a)	815,800		22,915,541
Ishikawajima-Harima Heavy Industries Co. Ltd. (d)	4,204,000		15,780,023
Japan Steel Works Ltd.	324,000		2,684,675
JTEKT Corp. (a)	516,400		10,419,141
Miyachi Corp.	75,800		1,435,166
Nihon Trim Co. Ltd. (d)	43,200		1,839,897
Nitchitsu Co. Ltd.	48,000		169,433
Nitta Corp.	285,400		5,238,108
NTN Corp. (d)	1,334,000		12,070,498
Obara Corp. (d)	42,750		1,601,110
Organo Corp.	166,000		1,852,774
OSG Corp. (d)	461,700		7,804,350
Sumitomo Heavy Industries Ltd.	353,000		3,667,912
Taiho Kogyo Co. Ltd.	288,300		3,377,853
TCM Corp. (d)	850,000		2,774,993
			95,839,072
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Road & Rail - 1.0%
Hamakyorex Co. Ltd. (d)	179,300		$ 5,289,042
Ichinen Co. Ltd. (a)	771,400		5,177,396
			10,466,438
Trading Companies & Distributors - 2.1%
Itochu Corp.	1,362,000		11,895,000
Marubeni Corp.	1,527,000		8,224,303
Meiji Electric Industries Co. Ltd. (a)	34,100		901,346
			21,020,649
Transportation Infrastructure - 0.3%
The Sumitomo Warehouse Co. Ltd.	388,000		3,041,372
TOTAL INDUSTRIALS			245,331,412
INFORMATION TECHNOLOGY - 24.9%
Communications Equipment - 0.3%
NextCom KK (a)(d)	7,503		2,691,966
Computers & Peripherals - 0.1%
Megachips Corp. (a)(d)	56,400		1,259,461
Electronic Equipment & Instruments - 14.3%
A&D Co. Ltd.	305,400		6,743,928
Canon Electronics, Inc.	280,200		9,240,552
Dai-ichi Seiko Co. Ltd. (a)	1,600		52,765
Excel Co. Ltd.	117,600		2,333,778
Forval Corp.	150,500		592,348
Hamamatsu Photonics KK (a)(d)	409,600		12,116,436
Hioki EE Corp. (d)	45,000		1,241,662
Hokuriku Electric Industry (d)	1,740,000		4,772,258
Honda Tsushin Kogyo Co. Ltd. (d)	205,600		1,120,974
Ibiden Co. Ltd.	213,100		10,576,866
Iriso Electronics Co. Ltd.	87,400		3,048,879
Meiko Electronics Co. Ltd. (d)	448,100		22,314,961
Murata Manufacturing Co. Ltd. (a)	237,900		16,834,454
Nagano Keiki Co. Ltd.	254,420		3,396,202
Nidec Corp.	94,900		6,707,520
Optoelectronics Co. Ltd. (d)	94,000		1,822,596
Seikoh Giken Co. Ltd.	5,600		144,310
Shibaura Electronics Co. Ltd.	91,500		1,713,469
Shizuki Electric Co., Inc.	289,000		1,135,071
Sokkia Co. Ltd.	154,000		664,822
Star Micronics Co. Ltd.	728,400		15,179,401
Sunx Ltd.	1,436,100		14,850,668
Yokogawa Electric Corp.	664,400		10,828,809
			147,432,729
Internet Software & Services - 0.0%
Acca Networks Co. Ltd. (a)	253		463,297
IT Services - 2.5%
Bit-isle, Inc. (d)	263		1,468,799
CAC Corp. (d)	578,100		4,382,993
	Shares		Value
Hitachi Systems & Services Ltd.	132,300		$ 2,905,042
INTEC Holdings Ltd. (a)(d)	389,000		5,128,218
Mitsui Knowledge Industry Co.	4,800		80,540
Otsuka Corp. (d)	120,700		11,251,398
			25,216,990
Office Electronics - 2.5%
Canon Fintech, Inc.	360,100		7,056,689
Konica Minolta Holdings, Inc.	1,383,000		18,862,477
			25,919,166
Semiconductors & Semiconductor Equipment - 4.7%
Axell Corp.	792		2,283,764
Disco Corp.	44,000		2,767,204
Elpida Memory, Inc. (a)	110,900		4,805,958
Furuya Metal Co. Ltd. (d)	5,500		1,002,610
Micronics Japan Co. Ltd. (a)	529,200		19,337,714
Rorze Corp.	19,600		254,978
Sumco Corp.	374,400		13,525,989
Ulvac, Inc.	130,000		4,394,912
			48,373,129
Software - 0.5%
Alpha Systems, Inc. (d)	112,900		3,554,874
Cybernet Systems Co. Ltd. (d)	2,483		1,598,617
			5,153,491
TOTAL INFORMATION TECHNOLOGY			256,510,229
MATERIALS - 6.1%
Chemicals - 5.9%
C. Uyemura & Co. Ltd.	329,700		21,418,138
Lintec Corp. (d)	774,300		14,467,801
Nippon Parkerizing Co. Ltd.	137,000		2,406,596
Sakai Chemical Industry Co. Ltd.	341,000		1,994,830
Soken Chemical & Engineer Co. Ltd. (d)	56,200		1,355,115
Sumitomo Chemical Co. Ltd.	726,000		5,600,580
Taiyo Kagaku	317,500		3,025,438
The Nippon Synthetic Chemical Industry Co. Ltd.	26,000		107,718
Tohcello Co. Ltd. (d)	602,000		6,883,706
Tokai Carbon Co. Ltd. (d)	486,000		3,676,662
			60,936,584
Containers & Packaging - 0.2%
Fuji Seal International, Inc. (d)	87,000		2,144,633
TOTAL MATERIALS			63,081,217
UTILITIES - 1.3%
Electric Utilities - 1.3%
Chugokun Electric Power Co. (a)	196,900		4,535,626
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Electric Utilities - continued
Kyushu Electric Power Co., Inc.	164,600		$ 4,623,557
Tohoku Electric Power Co., Inc.	174,300		4,578,291
			13,737,474
TOTAL COMMON STOCKS (Cost $811,007,071)		1,012,315,416
Money Market Funds - 10.0%
Fidelity Cash Central Fund, 5.35% (b)	26,577,951		26,577,951
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	76,262,335		76,262,335
TOTAL MONEY MARKET FUNDS (Cost $102,840,286)		102,840,286

TOTAL INVESTMENT PORTFOLIO - 108.4% (Cost $913,847,357) 1,115,155,702

NET OTHER ASSETS - (8.4)%		(86,508,030)
NET ASSETS - 100%	$ 1,028,647,672

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 301,271
Fidelity Securities Lending Cash Central Fund	440,031
Total	$ 741,302

Other Affiliated Issuers

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

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Career Design Center Co. Ltd.	$ 9,006,840	$ -	$ 407,443	$ 16,952	$ 8,068,194

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $914,357,631. Net unrealized appreciation aggregated $200,798,071, of which $244,483,620 related to appreciated investment securities and $43,685,549 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Latin America Fund

January 31, 2007

1.813035.102

LAF-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
Bermuda - 0.3%
Dufry South America Ltd. unit (a)	626,578		$ 10,000,233
Brazil - 58.8%
AES Tiete SA (PN) (non-vtg.)	467,700,000		14,125,353
Aracruz Celulose SA (PN-B) sponsored ADR (non-vtg.)	1,129,700		62,574,083
Banco Bradesco SA:
(PN)	1,240,754		50,411,747
(PN) sponsored ADR (non-vtg.) (d)	3,161,200		128,471,168
Banco Itau Holding Financeira SA:
(PN) (non-vtg.)	2,763,240		102,513,270
sponsored ADR (non-vtg.) (d)	2,280,800		84,321,176
Banco Nossa Caixa SA	889,000		20,194,558
Brascan Residential Properties SA	1,898,600		14,748,664
Centrais Electricas Brasileiras SA (Electrobras) (PN-B)	331,000,000		7,452,000
Companhia de Bebidas das Americas (AmBev):
(PN) sponsored ADR	959,826		49,651,799
sponsored ADR	74,145		3,399,548
Companhia de Saneamento de Minas Gerais	1,379,600		15,451,936
Companhia Siderurgica Nacional SA (CSN) sponsored ADR (d)	803,100		25,980,285
Companhia Vale do Rio Doce:
(PN-A)	552,800		15,519,156
(PN-A) sponsored ADR (non-vtg.)	4,730,800		135,915,884
sponsored ADR (d)	2,979,700		101,101,221
Cosan SA Industria E Comercio (a)	616,500		11,711,483
Diagnosticos da America SA (a)	717,200		14,353,792
Duratex SA (PN)	2,459,400		46,570,028
Eletropaulo Metropolitana SA (PN-B) (a)	292,450,000		14,319,249
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR	1,098,700		44,552,285
Empresa Nacional de Comercio Redito e Participacoes SA (PN)	11,465,310		72,871
Gafisa SA (a)	1,299,700		18,724,051
Gol Linhas Aereas Inteligentes SA sponsored ADR (d)	816,700		24,590,837
Localiza Rent a Car SA	995,400		30,226,831
Lojas Americanas SA	74,300,000		4,355,403
Lojas Renner SA	2,053,000		28,803,183
LPS Brasil Consultoria de Imoveis SA	280,000		3,176,950
Medial Saude SA	1,921,200		21,707,964
Natura Cosmeticos SA	1,144,000		15,468,412
Petroleo Brasileiro SA Petrobras:
(ON)	198,500		4,858,650
(PN) (non-vtg.)	3,161,080		69,470,688
(PN) sponsored ADR (non-vtg.)	2,152,700		190,944,490
sponsored ADR	2,056,730		202,135,424
Profarma Distribuidora de Produtos Farmaceuticos SA	511,000		8,660,813
Sao Carlos Empreen E Part SA	1,035,900		8,768,853
	Shares		Value
Submarino SA	1,957,800		$ 59,405,480
TAM SA:
(PN) (ltd.-vtg.)	2,749,300		89,117,161
(PN) sponsored ADR (ltd. vtg.)	1,528,000		49,858,640
Terna Participacoes SA unit	1,012,600		11,322,356
TIM Participacoes SA	1,833,200,000		6,170,938
TIM Participacoes SA sponsored ADR (non-vtg.)	360,000		12,034,800
Totvs SA	944,500		21,788,800
Tractebel Energia SA	1,875,300		16,095,063
Uniao de Bancos Brasileiros SA (Unibanco):
unit	431,200		4,027,687
GDR	1,809,500		171,594,885
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A) (non-vtg.)	1,410,400		53,154,361
Vivo Participacoes SA:
(PN)	2,408,100		9,171,879
(PN) sponsored ADR (d)	12,512,800		47,673,768
Votorantim Celulose e Papel SA:
(PN) (non-vtg.)	96,565		1,743,494
sponsored ADR (non-vtg.)	5,060,550		91,342,928
TOTAL BRAZIL			2,239,806,345
Canada - 0.3%
Eldorado Gold Corp. (a)	1,664,800		9,508,292
Cayman Islands - 0.2%
Apex Silver Mines Ltd. (a)	655,900		9,097,333
Chile - 6.7%
Compania Acero del Pacifico SA	3,933,689		57,397,147
Empresa Nacional de Electricidad SA sponsored ADR	883,900		34,295,320
Enersis SA sponsored ADR	1,670,500		26,327,080
Inversiones Aguas Metropolitanas SA ADR (e)	1,547,000		35,230,119
Lan Airlines SA sponsored ADR (d)	1,361,800		84,540,544
Masisa SA	33,507,014		7,748,710
Vina Concha y Toro SA sponsored ADR	217,750		7,839,000
TOTAL CHILE			253,377,920
Mexico - 29.9%
Alsea SAB de CV	2,856,000		17,262,216
America Movil SA de CV Series L sponsored ADR	8,843,400		392,293,217
Axtel SAB de CV unit (a)	6,586,589		22,619,805
Cemex SA de CV sponsored ADR	4,185,788		148,093,179
Corporacion Geo SA de CV Series B (a)	8,224,800		43,620,639
Fomento Economico Mexicano SA de CV sponsored ADR	1,026,265		123,223,639
Gruma SA de CV Series B	1,299,725		3,932,029
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR	1,288,000		52,112,480
Grupo Modelo SA de CV Series C	927,300		5,046,915
Common Stocks - continued
	Shares		Value
Mexico - continued
Grupo Televisa SA de CV	1,507,400		$ 8,901,426
Grupo Televisa SA de CV (CPO) sponsored ADR	4,161,000		122,583,060
Industrias Penoles SA de CV	2,494,000		23,698,094
Telefonos de Mexico SA de CV Series L sponsored ADR	718,700		22,064,090
Urbi, Desarrollos Urbanos, SA de CV (a)	8,632,400		30,751,692
Wal-Mart de Mexico SA de CV Series V	27,787,486		123,306,898
TOTAL MEXICO			1,139,509,379
Panama - 0.2%
Copa Holdings SA Class A	151,900		8,513,995
United States of America - 0.6%
Newmont Mining Corp.	509,200		22,964,920
TOTAL COMMON STOCKS (Cost $2,380,815,146)		3,692,778,417
Money Market Funds - 3.9%
Fidelity Cash Central Fund, 5.35% (b)	92,468,195		92,468,195
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	56,486,434		56,486,434
TOTAL MONEY MARKET FUNDS (Cost $148,954,629)		148,954,629

TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $2,529,769,775) 3,841,733,046

NET OTHER ASSETS - (0.9)%		(34,923,712)
NET ASSETS - 100%	$ 3,806,809,334

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $35,230,119 or 0.9% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,241,304
Fidelity Securities Lending Cash Central Fund	38,013
Total	$ 1,279,317

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $2,562,677,867. Net unrealized appreciation aggregated $1,279,055,179, of which $1,302,334,490 related to appreciated investment securities and $23,279,311 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Nordic Fund

January 31, 2007

1.813058.102

NOR-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
Canada - 0.7%
Lundin Mining Corp. unit (a)	107,100		$ 3,652,187
Denmark - 7.5%
Carlsberg AS Series B	25,100		2,544,793
Coloplast AS Series B	66,950		5,775,486
Danske Bank AS	141,920		6,536,948
FLS Industries	76,250		4,998,296
Novo Nordisk AS Series B	59,195		5,101,322
Novozymes AS Series B	23,500		2,029,297
Rockwool International AS Series B	18,100		3,322,146
Topdanmark AS (a)	38,200		6,884,507
Vestas Wind Systems AS (a)	120,600		5,323,037
TOTAL DENMARK			42,515,832
Estonia - 1.1%
AS Eesti Ehitus (a)	45,200		792,359
AS Merko Ehitus	34,800		1,120,308
Tallinna Vesi AS	171,462		4,114,175
TOTAL ESTONIA			6,026,842
Finland - 13.9%
Kemira GrowHow Oyj	253,100		2,770,974
Kemira Oyj	140,800		3,356,429
Metso Corp.	166,400		8,813,899
Nokia Corp.	2,452,000		54,189,197
Nokian Tyres Ltd.	345,150		6,819,745
Stockmann Oyj (B Shares)	53,850		2,523,165
TOTAL FINLAND			78,473,409
Iceland - 1.6%
Exista ehf (a)	7,259,863		2,699,664
Kaupthing Bank Hf	383,500		5,288,881
Ossur hf (a)	689,370		1,120,270
TOTAL ICELAND			9,108,815
Liberia - 0.5%
Royal Caribbean Cruises Ltd.	66,000		2,965,380
Luxembourg - 0.3%
Transcom WorldWide SA Series B	167,300		1,787,342
Norway - 23.6%
Acta Holding ASA	200,500		1,114,915
Aker ASA (A Shares) (a)	57,140		3,410,865
Aker Kvaerner ASA	139,000		15,703,698
Awilco Offshore ASA (a)(d)	131,300		1,243,513
DnB Nor ASA	1,314,800		19,742,280
Farstad Shipping ASA	117,400		2,539,802
Havila Shipping ASA (d)	187,400		2,440,006
Kongsberg Gruppen ASA	3,900		110,621
	Shares		Value
Leroy Seafood Group ASA (a)	216,300		$ 4,055,463
Norsk Hydro ASA	697,600		22,532,480
Norwegian Air Shuttle AS (a)(d)	374,000		5,678,699
Ocean RIG ASA (a)(d)	184,600		1,337,113
Otrum Electronics ASA (a)	94,000		195,825
PAN Fish ASA (a)(d)	3,905,000		4,180,185
Petroleum Geo-Services ASA (a)	84,700		1,978,290
Schibsted ASA (B Shares)	78,500		3,270,702
Solstad Offshore ASA	136,200		2,902,864
Steen & Stroem ASA	4,800		269,220
Storebrand ASA (A Shares)	675,100		9,109,158
TANDBERG ASA	169,600		2,826,553
Telenor ASA	851,600		17,263,315
Tomra Systems AS (d)	123,600		839,813
Yara International ASA	420,800		11,193,910
TOTAL NORWAY			133,939,290
Sweden - 48.6%
ABB Ltd. (Sweden)	625,500		11,047,500
Assa Abloy AB (B Shares)	276,602		6,049,425
Elekta AB (B Shares)	353,900		7,765,432
Hennes & Mauritz AB (H&M) (B Shares)	338,990		18,339,603
Hexagon AB (B Shares) (d)	186,025		7,601,597
Investor AB (B Shares)	789,700		19,089,151
Invik & Co. AB (B Shares)	107,600		2,237,151
Lbi International AB (a)	165,600		1,310,504
Mekonomen AB (d)	274,800		4,102,230
Modern Times Group AB (MTG) (B Shares)	86,800		5,489,007
NCC AB Series B	26,000		744,460
NeoNet AB	864,000		2,859,281
Nordea Bank AB	2,003,000		31,298,676
Orexo AB (a)(d)	107,800		1,853,540
rnb Retail & Brands AB	884,850		9,485,083
Sandvik AB	770,400		12,248,806
Scania AB (B Shares)	85,900		6,155,137
Skandinaviska Enskilda Banken AB (A Shares)	484,200		16,163,223
SKF AB (B Shares)	404,000		7,963,741
Svenska Cellulosa AB (SCA) (B Shares)	149,200		7,975,223
Svenska Handelsbanken AB (A Shares)	443,116		13,548,511
Swedbank AB (A Shares)	400,400		15,123,022
Swedish Match Co.	151,000		2,672,374
TELE2 AB (B Shares)	330,750		4,901,763
Telefonaktiebolaget LM Ericsson (B Shares)	11,847,000		47,139,213
TeliaSonera AB	1,553,000		12,401,655
TOTAL SWEDEN			275,565,308
TOTAL COMMON STOCKS (Cost $437,744,009)		554,034,405
Money Market Funds - 2.4%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b)	5,394,039		$ 5,394,039
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	8,272,947		8,272,947
TOTAL MONEY MARKET FUNDS (Cost $13,666,986)		13,666,986

TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $451,410,995) 567,701,391

NET OTHER ASSETS - (0.2)%		(998,275)
NET ASSETS - 100%	$ 566,703,116

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 183,548
Fidelity Securities Lending Cash Central Fund	15,649
Total	$ 199,197

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $452,361,643. Net unrealized appreciation aggregated $115,339,748, of which $118,789,170 related to appreciated investment securities and $3,449,422 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Overseas Fund

January 31, 2007

1.813070.102

OVE-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.2%
	Shares		Value
Argentina - 0.2%
Banco Macro SA sponsored ADR	576,100		$ 19,011,300
Australia - 3.2%
Computershare Ltd.	10,269,163		73,041,886
Macquarie Bank Ltd.	1,003,200		63,089,979
National Australia Bank Ltd.	1,854,300		58,243,563
Westfield Group unit	3,000,000		51,971,145
TOTAL AUSTRALIA			246,346,573
Brazil - 1.7%
Banco Nossa Caixa SA	1,842,800		41,861,114
Uniao de Bancos Brasileiros SA (Unibanco) GDR	302,600		28,695,558
Vivo Participacoes SA (PN) sponsored ADR (d)	15,810,000		60,236,100
TOTAL BRAZIL			130,792,772
Canada - 0.5%
Cameco Corp.	984,200		37,490,943
Cayman Islands - 0.8%
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	1,613,400		59,373,120
China - 0.4%
Global Bio-Chem Technology Group Co. Ltd.	114,978,000		33,282,136
Denmark - 0.7%
Vestas Wind Systems AS (a)	1,171,125		51,691,063
Finland - 1.8%
Neste Oil Oyj	3,100,922		94,451,880
Nokia Corp. sponsored ADR	2,189,800		48,394,580
TOTAL FINLAND			142,846,460
France - 13.3%
Alcatel-Lucent SA sponsored ADR (d)	4,290,000		55,770,000
AXA SA	1,888,360		80,198,649
BNP Paribas SA	513,198		57,222,394
Carrefour SA	698,700		40,250,758
Electricite de France	878,500		61,199,874
L'Oreal SA	480,116		50,749,070
Pernod Ricard SA	1,946,742		398,607,660
Renault SA	304,000		37,620,937
Societe Generale Series A	399,210		70,502,053
Sodexho Alliance SA ADR (d)	576,700		40,201,757
Veolia Environnement	2,133,500		149,462,475
TOTAL FRANCE			1,041,785,627
Germany - 4.6%
Bayer AG	1,633,900		96,694,202
DaimlerChrysler AG	790,600		49,404,594
E.ON AG	651,791		88,754,380
	Shares		Value
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	383,376		$ 60,460,446
SAP AG sponsored ADR (d)	590,400		27,359,136
Siemens AG (Reg.)	351,400		38,910,522
TOTAL GERMANY			361,583,280
Greece - 0.7%
Greek Organization of Football Prognostics SA	1,389,000		51,848,514
Hong Kong - 2.2%
China Unicom Ltd. sponsored ADR (d)	9,179,000		124,467,240
Shanghai Industrial Holdings Ltd. (H Shares)	10,952,000		23,706,539
Television Broadcasts Ltd.	2,927,000		20,056,932
TOTAL HONG KONG			168,230,711
India - 1.8%
Allahabad Bank	10,885,323		22,696,688
Bank of Baroda	3,860,000		23,707,300
Satyam Computer Services Ltd.	5,509,009		59,045,627
State Bank of India	1,193,012		37,450,779
TOTAL INDIA			142,900,394
Italy - 4.9%
FASTWEB Spa (d)	1,643,361		90,065,825
Impregilo Spa (a)(d)	10,371,200		63,017,669
Lottomatica Spa (d)	2,455,400		100,103,682
Safilo Group Spa (a)	6,000,000		36,543,327
Unicredito Italiano Spa	9,839,800		91,055,393
TOTAL ITALY			380,785,896
Japan - 17.4%
Canon, Inc.	1,197,700		63,250,538
Citizen Watch Co. Ltd. (d)	12,421,200		101,584,493
Fanuc Ltd.	534,000		49,335,875
Honda Motor Co. Ltd. sponsored ADR	997,900		39,247,407
Konica Minolta Holdings, Inc.	6,801,000		92,757,560
Kubota Corp.	6,660,000		70,140,118
Kurita Water Industries Ltd.	1,062,500		22,670,071
Matsushita Electric Industrial Co. Ltd.	1,780,900		35,475,528
Mitsubishi Estate Co. Ltd.	2,734,000		78,156,359
Mitsui Fudosan Co. Ltd.	2,192,000		56,850,148
Mizuho Financial Group, Inc.	9,307		67,092,763
Murata Manufacturing Co. Ltd. (a)	533,800		37,773,145
Nidec Corp.	372,800		26,349,456
Nintendo Co. Ltd.	687,200		202,712,187
Nissan Motor Co. Ltd.	5,032,700		62,883,587
Omron Corp.	1,864,700		50,215,645
ORIX Corp.	199,620		57,230,411
Sony Corp. sponsored ADR	827,300		38,328,809
Sumitomo Mitsui Financial Group, Inc.	5,860		59,724,076
Common Stocks - continued
	Shares		Value
Japan - continued
T&D Holdings, Inc.	978,950		$ 65,947,414
Tokuyama Corp. (d)	5,201,000		83,390,108
TOTAL JAPAN			1,361,115,698
Korea (South) - 0.5%
Hyundai Engineering & Construction Co. Ltd. (a)	695,040		35,855,412
Luxembourg - 1.0%
Acergy SA sponsored ADR (a)	2,168,500		42,372,490
Millicom International Cellular SA unit (a)	550,800		37,327,597
TOTAL LUXEMBOURG			79,700,087
Malaysia - 0.3%
UMW Holdings BHD	9,288,800		23,749,396
Netherlands - 2.0%
Arcelor Mittal	1,528,800		72,725,016
ING Groep NV (Certificaten Van Aandelen)	1,861,114		82,000,683
TOTAL NETHERLANDS			154,725,699
Netherlands Antilles - 1.5%
Schlumberger Ltd. (NY Shares)	1,834,200		116,453,358
Norway - 2.7%
Aker Kvaerner ASA	1,853,960		209,453,435
Philippines - 0.4%
Metropolitan Bank & Trust Co.	28,518,800		34,462,042
South Africa - 1.6%
Impala Platinum Holdings Ltd.	2,549,090		73,257,218
Steinhoff International Holdings Ltd.	15,215,826		52,461,100
TOTAL SOUTH AFRICA			125,718,318
Spain - 3.9%
Banco Bilbao Vizcaya Argentaria SA	5,180,600		129,929,448
Banco Santander Central Hispano SA	4,314,000		82,034,491
Telefonica SA sponsored ADR (d)	1,459,600		96,246,024
TOTAL SPAIN			308,209,963
Sweden - 1.2%
OMX AB	4,543,500		90,543,129
Switzerland - 7.4%
Actelion Ltd. (Reg.) (a)	408,154		99,269,616
Credit Suisse Group (Reg.)	2,660,411		189,102,014
Nestle SA (Reg.)	108,284		39,722,271
Novartis AG (Reg.)	1,334,668		76,996,997
Roche Holding AG (participation certificate)	407,893		76,642,890
UBS AG (NY Shares)	1,563,800		98,535,038
TOTAL SWITZERLAND			580,268,826
	Shares		Value
Thailand - 0.5%
Bangkok Bank Ltd. PCL (For. Reg.)	7,865,700		$ 25,351,320
TMB PCL (For.Reg.) (a)	289,158,200		16,392,565
TOTAL THAILAND			41,743,885
Turkey - 1.1%
Turkiye Garanti Bankasi AS	12,550,000		47,291,148
Yapi ve Kredi Bankasi AS	21,607,711		42,093,941
TOTAL TURKEY			89,385,089
United Kingdom - 12.6%
3i Group PLC	2,179,900		45,185,212
BAE Systems PLC	6,967,300		57,185,808
Barclays PLC	6,164,300		90,908,015
British Land Co. PLC	1,297,900		40,010,269
Burberry Group PLC	2,295,800		29,702,782
GlaxoSmithKline PLC	2,134,800		57,778,362
HSBC Holdings PLC sponsored ADR (d)	850,100		78,064,683
LogicaCMG PLC	11,043,929		37,050,290
MyTravel Group PLC Class A (a)	5,352,500		23,083,332
Prudential PLC	3,966,200		53,457,177
Reuters Group PLC	25,736,282		218,189,527
Rolls-Royce Group PLC	5,521,429		50,769,705
Standard Chartered PLC (United Kingdom)	1,913,000		54,875,074
The Weir Group PLC	5,821,200		65,306,427
Vodafone Group PLC sponsored ADR	2,682,900		78,850,431
TOTAL UNITED KINGDOM			980,417,094
United States of America - 2.3%
AES Corp. (a)	1,851,400		38,490,606
Fluor Corp.	25,700		2,122,820
Global Industries Ltd. (a)	5,103,089		68,738,609
Johnson & Johnson	578,800		38,663,840
Titanium Metals Corp. (a)	924,000		28,496,160
TOTAL UNITED STATES OF AMERICA			176,512,035
TOTAL COMMON STOCKS (Cost $6,025,961,064)		7,276,282,255
Money Market Funds - 9.0%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b)	494,616,316		$ 494,616,316
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	205,860,246		205,860,246
TOTAL MONEY MARKET FUNDS (Cost $700,476,562)		700,476,562

TOTAL INVESTMENT PORTFOLIO - 102.2% (Cost $6,726,437,626) 7,976,758,817

NET OTHER ASSETS - (2.2)%	(173,398,923)
NET ASSETS - 100%	$ 7,803,359,894

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 5,536,699
Fidelity Securities Lending Cash Central Fund	699,486
Total	$ 6,236,185

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $6,729,495,411. Net unrealized appreciation aggregated $1,247,263,406, of which $1,334,464,928 related to appreciated investment securities and $87,201,522 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Pacific Basin Fund

January 31, 2007

1.813019.102

PAF-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
Australia - 12.6%
AMP Ltd.	829,204		$ 6,741,391
Babcock & Brown Ltd.	333,303		6,729,054
Billabong International Ltd.	328,242		4,164,738
Cochlear Ltd.	85,869		3,763,932
Computershare Ltd.	1,876,162		13,344,652
CSL Ltd.	95,114		5,127,824
CSR Ltd.	1,856,319		5,160,325
Downer EDI Ltd.	1,498,082		7,665,888
Energy Resources of Australia Ltd.	184,784		2,983,048
HFA Holdings Ltd.	1,265,455		2,063,514
Macquarie Airports unit	1,249,651		3,444,757
Macquarie Bank Ltd.	84,972		5,343,782
Macquarie Infrastructure Group unit	1,908,108		5,422,824
McGuigan Simeon Wines Ltd.	524,600		1,482,761
National Australia Bank Ltd.	449,220		14,110,000
QBE Insurance Group Ltd.	334,256		7,994,133
Reverse Corp. Ltd. (d)	751,900		2,528,072
Seek Ltd.	1,052,568		5,132,764
Sonic Healthcare Ltd.	387,668		4,364,851
TOWER Australia Group Ltd. (a)	1,615,014		3,511,363
United Group Ltd.	586,893		6,001,864
Woolworths Ltd.	345,184		6,365,840
WorleyParsons Ltd.	249,585		4,168,697
TOTAL AUSTRALIA			127,616,074
Bermuda - 1.2%
Noble Group Ltd.	2,918,000		2,052,186
Peace Mark Holdings Ltd.	4,051,750		3,393,973
Ports Design Ltd.	2,045,500		5,619,721
Sinolink Worldwide Holdings Ltd.	4,726,085		1,095,641
TOTAL BERMUDA			12,161,521
Cayman Islands - 3.2%
China Shineway Pharmaceutical Group Ltd.	1,871,237		1,311,004
Ctrip.com International Ltd. sponsored ADR	35,705		2,538,983
Foxconn International Holdings Ltd. (a)	1,622,000		4,850,938
Himax Technologies, Inc. sponsored ADR	366,093		1,870,735
Kingboard Chemical Holdings Ltd.	1,057,400		4,354,199
Prime Success International Group Ltd.	2,490,000		2,774,640
Samson Holding Ltd.	5,569,000		3,002,945
SinoCom Software Group Ltd.	23,410,000		5,247,198
The9 Ltd. sponsored ADR (a)	81,771		3,013,261
Xinao Gas Holdings Ltd.	3,068,000		2,868,575
Xinhua Finance Ltd. (a)(d)	1,890		1,036,732
TOTAL CAYMAN ISLANDS			32,869,210
China - 4.6%
AMVIG Holdings Ltd.	4,392,000		3,093,948
Baidu.com, Inc. sponsored ADR (a)(d)	28,196		3,522,808
Beijing Media Corp. Ltd. (H Shares)	1,084,000		1,227,353
BYD Co. Ltd. (H Shares) (a)	653,500		2,301,793
	Shares		Value
China Mengniu Dairy Co. Ltd.	1,816,362		$ 5,420,587
China Shenhua Energy Co. Ltd. (H Shares)	1,213,000		2,967,442
Chitaly Holdings Ltd. (a)	6,993,308		1,379,404
Focus Media Holding Ltd. ADR (a)	65,370		5,403,484
Global Bio-Chem Technology Group Co. Ltd.	5,722,000		1,656,320
Li Ning Co. Ltd.	2,422,000		4,119,649
Macau Success Ltd.	16,700,000		1,497,278
Sina Corp. (a)	88,149		3,153,090
Tencent Holdings Ltd.	648,000		2,518,963
Weichai Power Co. Ltd. (H Shares)	946,000		4,004,521
Yantai Changyu Pioneer Wine Co. (B Shares)	826,775		3,928,703
TOTAL CHINA			46,195,343
Hong Kong - 6.2%
Bank of East Asia Ltd.	741,800		4,261,253
Cafe de Coral Holdings Ltd.	1,434,789		2,480,903
China Overseas Land & Investment Ltd.	2,975,750		3,289,238
China Resources Enterprise Ltd.	1,102,000		3,436,913
China State Construction International Holdings Ltd.	12,348,907		9,173,700
Esprit Holdings Ltd.	487,500		4,942,123
Far East Consortium International Ltd.	6,041,000		2,770,001
Golden Meditech Co. Ltd. (a)	4,688,000		1,861,390
Guangzhou Investment Co. Ltd.	11,290,903		2,603,090
Hang Lung Properties Ltd.	1,684,000		4,594,198
Hong Kong Exchanges & Clearing Ltd.	443,000		4,805,905
IPE Group Ltd.	17,535,000		3,166,743
Li & Fung Ltd.	1,434,539		4,474,035
PYI Corp. Ltd.	9,391,631		3,368,116
Television Broadcasts Ltd.	435,792		2,986,215
Tian An China Investments Co. Ltd. (a)	1,263,000		922,075
Tingyi (Cayman Island) Holding Corp.	2,952,742		3,343,226
TOTAL HONG KONG			62,479,124
India - 4.7%
Bajaj Auto Ltd.	30,383		1,910,758
Educomp Solutions Ltd.	90,199		2,025,794
Financial Technology (India) Ltd.	219,064		8,830,645
Geodesic Information Systems Ltd.	696,958		3,812,872
HCL Infosystems Ltd.	227,933		884,481
INFO Edge India Ltd.	93,293		1,473,259
IVRCL Infrastructures & Projects Ltd.	492,367		4,546,129
Max India Ltd. (a)	218,465		5,155,090
Pantaloon Retail India Ltd.	151,548		1,675,589
Pfizer Ltd.	107,366		1,929,324
Praj Industries Ltd.	539,390		3,930,401
Sasken Communication Technologies Ltd.	126,110		1,576,947
Shopper's Stop Ltd.	95,905		1,475,888
Shree Renuka Sugars Ltd.	120,690		910,651
Common Stocks - continued
	Shares		Value
India - continued
State Bank of India	156,475		$ 4,912,030
Suzlon Energy Ltd.	75,624		1,960,339
TOTAL INDIA			47,010,197
Indonesia - 2.6%
PT Astra International Tbk	2,942,000		4,801,738
PT Bank Niaga Tbk	29,692,500		2,937,099
PT Indosat Tbk	4,171,000		2,750,558
PT Mitra Adiperkasa Tbk	29,415,000		2,844,991
PT Perusahaan Gas Negara Tbk Series B	8,887,848		9,182,349
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk	2,647,500		1,542,202
PT Semen Gresik Tbk	559,500		2,336,754
TOTAL INDONESIA			26,395,691
Japan - 33.4%
Aeon Co. Ltd.	137,200		2,984,215
Aida Engineering Ltd.	485,000		3,291,337
Aioi Insurance Co. Ltd.	455,000		3,163,152
ARRK Corp.	199,500		2,869,719
Aruze Corp.	124,500		4,054,232
Asics Corp.	300,000		3,457,762
Canon, Inc.	143,400		7,572,954
Casio Computer Co. Ltd.	156,600		3,237,494
Chiba Bank Ltd.	267,000		2,404,847
CyberAgent, Inc. (a)(d)	1,060		1,220,864
Daiei, Inc. (a)(d)	130,200		1,862,081
Daiichi Sankyo Co. Ltd.	120,900		3,365,986
Daiwa House Industry Co. Ltd.	283,000		4,783,693
Daiwa Securities Group, Inc.	530,000		6,481,999
DCM Japan Holdings Co. Ltd. (a)	179,740		1,671,030
Denso Corp.	160,500		6,436,757
eAccess Ltd. (d)	3,893		2,432,218
EDION Corp.	95,900		1,349,283
Fanuc Ltd.	66,900		6,180,843
Fujifilm Holdings Corp.	141,200		5,826,540
Hamakyorex Co. Ltd. (d)	133,200		3,929,171
Hamamatsu Photonics KK (a)	83,600		2,472,983
Hitachi Metals Ltd.	283,000		3,254,787
Ise Chemical Corp.	527,000		4,768,480
Japan Excellent, Inc.	358		2,551,104
Japan Logistics Fund, Inc.	388		3,697,228
JSR Corp.	223,700		5,319,791
Kansai Urban Banking Corp.	62,600		272,839
Kato Works Co. Ltd.	895,000		4,271,616
Keihanshin Real Estate Co. Ltd.	204,000		1,392,849
Kobayashi Pharmaceutical Co. Ltd.	67,500		2,584,000
Konica Minolta Holdings, Inc.	446,000		6,082,910
Kyoritsu Maintenance Co. Ltd. (a)(d)	130,200		3,004,574
Leopalace21 Corp.	134,300		4,273,207
Lintec Corp.	198,100		3,701,500
Mandom Corp.	244,000		6,146,249
	Shares		Value
Misawa Homes Holdings, Inc. (a)(d)	132,300		$ 3,272,283
Mitsubishi Estate Co. Ltd.	381,000		10,891,577
Mizuho Financial Group, Inc.	2,300		16,580,354
Musashi Seimitsu Industry Co. Ltd. (d)	162,400		4,454,108
Nabtesco Corp.	288,000		3,660,704
Namco Bandai Holdings, Inc.	108,600		1,565,762
Nidec Corp.	53,900		3,809,645
Nidec Sankyo Corp. (d)	279,000		2,131,483
Nintendo Co. Ltd.	32,000		9,439,450
Nippon Electric Glass Co. Ltd.	410,000		9,784,149
Nippon Parkerizing Co. Ltd.	197,000		3,460,579
Nissin Food Products Co. Ltd.	98,700		3,590,281
Nittoku Engineering Co. Ltd.	237,200		1,845,555
NTT Urban Development Co.	2,305		4,622,033
Organo Corp.	134,000		1,495,613
ORIX Corp.	21,240		6,089,440
Rakuten, Inc.	6,205		3,269,984
Risa Partners, Inc. (d)	627		3,101,620
Sanyo Special Steel Co. Ltd.	255,000		1,688,238
Seikoh Giken Co. Ltd.	38,800		999,859
SFCG Co. Ltd.	20,530		3,267,857
Shoei Co. (d)	101,700		2,797,730
St. Marc Holdings Co. Ltd. (d)	1,300		76,049
Sumitomo Electric Industries Ltd.	365,800		5,601,346
Sumitomo Metal Industries Ltd.	1,747,000		7,411,559
Sumitomo Mitsui Financial Group, Inc.	1,029		10,487,385
Sysmex Corp.	53,200		2,018,942
T&D Holdings, Inc.	127,600		8,595,832
Takara Holdings, Inc. (d)	537,000		3,466,239
Take & Give Needs Co. Ltd. (d)	2,702		1,826,931
Telewave, Inc.	1,849		874,822
The Nippon Synthetic Chemical Industry Co. Ltd. (d)	490,000		2,030,078
The Sumitomo Warehouse Co. Ltd. (d)	401,000		3,143,274
TIS, Inc.	96,800		2,113,502
Tohcello Co. Ltd.	147,000		1,680,905
Token Corp.	45,160		2,967,385
Tokyo Tomin Bank Ltd.	80,500		3,128,351
Toyota Motor Corp.	421,800		27,792,406
Trend Micro, Inc.	90,000		2,460,952
Tsubakimoto Chain Co.	621,000		4,121,647
UNY Co. Ltd.	258,000		3,364,892
V Technology Co. Ltd. (d)	411		1,808,352
Valor Co. Ltd.	222,000		2,797,879
Yasuragi Co. Ltd. (d)	101,500		1,131,189
Yokogawa Electric Corp.	224,000		3,650,893
TOTAL JAPAN			336,739,408
Korea (South) - 10.8%
CDNetworks Co. Ltd. (a)	120,643		3,903,111
Cheil Industries, Inc.	119,163		4,643,265
China LotSynergy Holdings Ltd. (a)	5,242,000		1,329,383
Core Logic, Inc.	5,410		116,113
Common Stocks - continued
	Shares		Value
Korea (South) - continued
Doosan Heavy Industries & Construction Co. Ltd.	73,626		$ 3,508,093
Duzon Digital Ware Co. Ltd.	111,625		2,535,729
Hana Tour Service, Inc.	32,720		2,426,221
Hyundai Engineering & Construction Co. Ltd. (a)	63,495		3,275,552
Hyundai Mipo Dockyard Co. Ltd.	22,382		2,802,492
Hyunjin Materials Co. Ltd.	118,199		2,228,393
INTOPS Co. Ltd.	119,506		2,928,352
Kookmin Bank	33,025		2,630,928
Korea Information Service, Inc.	60,093		1,445,220
Korean Reinsurance Co.	356,926		4,689,617
Kyeryong Construction Industrial Co. Ltd.	67,780		2,725,673
LG Dacom Corp.	48,772		1,099,897
LG Household & Health Care Ltd.	51,550		6,214,472
Lotte Chilsung Beverage Co. Ltd.	924		1,343,389
Macquarie Korea Infrastructure Fund GDR	258,800		1,863,360
Mobilians Co. Ltd. (a)	144,281		960,588
NHN Corp.	134,900		17,862,634
Nice e-Banking Services (a)	69,243		2,574,089
S.M. Entertainment Co. Ltd. (a)	285,148		1,932,962
Samsung Corp.	136,194		4,398,979
Samsung Fire & Marine Insurance Co. Ltd.	40,684		6,854,193
Seoul Semiconductor Co. Ltd.	152,646		2,515,564
SFA Engineering Corp.	189,179		5,456,922
Taewoong Co. Ltd.	45,524		1,397,715
TK Corp.	190,263		2,383,755
TSM Tech Co. Ltd.	161,065		2,670,917
Woongjin Coway Co. Ltd.	124,340		3,255,034
YBM Sisa.com, Inc.	138,305		2,587,252
Yuhan Corp.	13,309		2,077,094
TOTAL KOREA (SOUTH)			108,636,958
Malaysia - 2.8%
Bumiputra-Commerce Holdings BHD	1,732,900		4,554,401
Gamuda BHD	2,962,686		6,009,162
IJM Corp. BHD	1,043,100		2,428,586
IOI Corp. BHD	802,300		4,217,203
Lion Diversified Holdings BHD	1,455,610		2,557,349
PPB Oil Palms BHD	490,200		1,666,442
Road Builder (M) Holdings BHD	610,000		683,102
Tenaga Nasional BHD	1,757,425		6,175,211
TOTAL MALAYSIA			28,291,456
New Zealand - 0.4%
Pumpkin Patch Ltd.	1,101,053		3,678,800
Papua New Guinea - 0.5%
Oil Search Ltd.	1,926,236		5,264,942
	Shares		Value
Philippines - 0.3%
Banco de Oro Universal Bank	1,743,300		$ 1,803,106
Filinvest Land, Inc.	45,402,000		1,506,426
TOTAL PHILIPPINES			3,309,532
Singapore - 7.6%
Ascendas Real Estate Investment Trust (A-REIT)	3,135,550		5,063,761
CapitaCommercial Trust (REIT)	2,668,300		4,674,064
CapitaLand Ltd.	799,000		3,486,016
Cosco Corp. Singapore Ltd.	3,554,000		6,248,689
CSE Global Ltd.	2,354,000		1,946,785
DBS Group Holdings Ltd.	643,000		9,211,734
Ezra Holdings Ltd.	1,033,000		3,134,686
Gallant Venture Ltd. (a)	2,446,000		2,070,654
Goodpack Ltd.	3,917,000		3,877,081
Keppel Corp. Ltd.	992,000		11,563,051
Keppel Land Ltd.	1,133,000		5,533,487
KS Energy Services Ltd.	858,000		1,480,611
Olam International Ltd.	3,714,000		4,764,484
Parkway Holdings Ltd.	4,171,000		8,800,208
Pertama Holdings Ltd.	10,644,000		2,841,819
Singapore Press Holdings Ltd.	656,000		2,007,749
TOTAL SINGAPORE			76,704,879
Taiwan - 5.4%
China Motor Co. Ltd.	3,155,000		3,085,340
Chipbond Technology Corp.	1,494,637		1,525,186
D-Link Corp.	1,885,000		2,653,438
Delta Electronics, Inc.	1,072,000		3,499,863
Everlight Electronics Co. Ltd.	941,000		3,243,645
Hon Hai Precision Industry Co. Ltd. (Foxconn)	1,438,885		9,832,330
MediaTek, Inc.	392,040		4,274,375
Opto Technology Corp. (a)	4,321,000		2,644,278
Phoenix Precision Technology Corp.	2,654,434		2,720,781
Powertech Technology, Inc.	372,000		1,547,788
Shin Kong Financial Holding Co. Ltd. warrants (UBS Warrant Programme) 6/14/07 (a)	4,817,404		4,824,861
Siliconware Precision Industries Co. Ltd.	511,000		847,347
Springsoft, Inc.	2,080,139		3,398,775
Taishin Financial Holdings Co. Ltd. (a)	6,793,000		3,785,694
Tsann Kuen Enterprise Co. Ltd.	3,161,260		2,851,442
Wistron Corp.	2,585,981		3,714,790
TOTAL TAIWAN			54,449,933
Thailand - 2.5%
AAPICO Hitech PCL (For. Reg.)	11,800		5,195
ACL Bank PCL (For. Reg.) (a)	8,517,800		1,019,685
BEC World PCL (For. Reg.)	1,768,900		1,033,343
Bumrungrad Hospital PCL (For. Reg.)	4,160,400		4,310,055
Khon Kaen Sugar Industry PCL (For. Reg.)	8,372,100		2,240,591
Minor International PCL (For. Reg.)	10,403,412		3,233,291
Siam Commercial Bank PCL (For. Reg.)	909,727		1,557,662
Common Stocks - continued
	Shares		Value
Thailand - continued
Sino Thai Engineering & Construction PCL (For. Reg.)	14,247,200		$ 1,828,561
Thai Oil PCL (For. Reg.)	992,000		1,641,439
Thai Stanley Electric PCL	364,390		1,405,130
Ticon Industrial Connection PCL (For. Reg.)	7,011,600		3,409,958
Total Access Communication PCL (a)	644,676		2,681,852
True Corp. PCL:
(For. Reg.) (a)	5,273,000		789,053
(For. Reg.) rights 4/30/08 (a)	206,113		0
TOTAL THAILAND			25,155,815
TOTAL COMMON STOCKS (Cost $810,287,869)		996,958,883
Money Market Funds - 3.9%
Fidelity Cash Central Fund, 5.35% (b)	14,261,294		14,261,294
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	25,052,095		25,052,095
TOTAL MONEY MARKET FUNDS (Cost $39,313,389)		39,313,389

TOTAL INVESTMENT PORTFOLIO - 102.7% (Cost $849,601,258) 1,036,272,272

NET OTHER ASSETS - (2.7)%		(27,327,461)
NET ASSETS - 100%	$ 1,008,944,811

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 69,473
Fidelity Securities Lending Cash Central Fund	153,517
Total	$ 222,990

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $857,426,010. Net unrealized appreciation aggregated $178,846,262, of which $228,135,400 related to appreciated investment securities and $49,289,138 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Southeast Asia Fund

January 31, 2007

1.813038.102

SEA-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares		Value
Australia - 1.9%
CSR Ltd.	1,400,000		$ 3,891,818
Downer EDI Ltd.	649,700		3,324,603
HFA Holdings Ltd.	2,000,000		3,261,300
Macquarie Airports unit	1,950,000		5,375,321
Paladin Resources Ltd. (a)	1,200,000		8,078,706
Rinker Group Ltd.	280,000		4,044,012
Seek Ltd.	1,020,000		4,973,948
WorleyParsons Ltd.	490,000		8,184,232
TOTAL AUSTRALIA			41,133,940
Bermuda - 1.1%
COFCO International Ltd.	2,000,000		2,100,544
DVN Holdings Ltd. (a)	3,662,000		1,111,616
Hongguo International Holdings Ltd. (a)	6,519,000		4,881,874
Longcheer Holdings Ltd.	5,321,000		3,846,130
NWS Holdings Ltd.	4,645,117		10,054,752
Ports Design Ltd.	667,500		1,833,862
TOTAL BERMUDA			23,828,778
Cayman Islands - 3.1%
China Medical Technologies, Inc. sponsored ADR (a)(d)	320,000		7,625,600
Foxconn International Holdings Ltd. (a)	7,130,000		21,323,791
New World China Land Ltd.	18,000,000		10,074,928
Shimao Property Holdings Ltd.	7,612,000		11,699,520
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	290,000		10,672,000
Tianjin Port Development Holdings Ltd.	20,000,000		6,737,112
Wuyi International Pharmaceutical Co. Ltd. (a)	178,000		41,037
TOTAL CAYMAN ISLANDS			68,173,988
China - 17.3%
Angang Steel Co. Ltd. (H Shares)	4,400,000		6,886,711
Anhui Conch Cement Co. Ltd. (H Shares)	3,100,000		10,462,376
AviChina Industry & Technology Co. Ltd.	30,000,000		3,073,967
Baidu.com, Inc. sponsored ADR (a)(d)	54,000		6,746,760
Bank of China (H Shares)	18,400,000		9,096,894
Bank of Communications Co. Ltd. (H Shares)	4,800,000		5,182,709
Beijing Jingkelong Co. Ltd. (H Shares)	3,000,000		3,039,385
Changsha Zoomlion Heavy Industry Science and Technology Development Co. Ltd. warrants:
(Citigroup Warrant Program) 1/20/10 (a)	50,240		135,651
(JPMorgan Warrant Program) 2/13/12 (a)(e)(f)	265,608		717,158
(UBS Warrant Programme) 1/22/10 (a)	87,925		237,426
China Construction Bank Corp. (H Shares)	27,800,000		16,379,123
China Cosco Holdings Co. Ltd. (H Shares)	13,600,000		9,876,657
	Shares		Value
China Life Insurance Co. Ltd. (H Shares)	11,160,000		$ 32,869,920
China Mengniu Dairy Co. Ltd.	5,200,000		15,518,412
China Merchants Bank Co. Ltd. (H Shares) (a)	10,864,000		23,432,566
China Oilfield Services Ltd. (H Shares)	18,000,000		12,288,184
China Shenhua Energy Co. Ltd. (H Shares)	2,517,000		6,157,502
Datang International Power Generation Co. Ltd.	10,200,000		10,360,038
Dongfang Electrical Machinery Co. Ltd. (H Shares)	2,190,000		5,834,390
Dongfeng Motor Group Co. Ltd. (H Shares) (a)	8,000,000		4,867,115
Focus Media Holding Ltd. ADR (a)(d)	142,000		11,737,720
Guangshen Railway Co. Ltd. (H Shares)	14,200,000		8,493,628
Harbin Power Equipment Co. Ltd. (H Shares)	9,920,000		11,053,986
Huadian Power International Corp. Ltd. (H shares)	16,600,000		6,144,605
Huaneng Power International, Inc. (H Shares)	16,000,000		14,488,633
Hunan Non-Ferrous Metals Corp. Ltd. (H Shares)	14,000,000		7,997,438
Industrial & Commercial Bank of China	34,306,000		19,904,730
Li Ning Co. Ltd.	8,400,000		14,287,800
Mindray Medical International Ltd. sponsored ADR	117,300		2,850,390
PetroChina Co. Ltd. (H Shares)	26,320,000		32,460,456
Shanghai Electric (Group) Corp. (H Shares)	31,000,000		15,048,351
Shanghai Forte Land Co. Ltd. (H Shares)	8,600,000		3,194,364
Shanghai Prime Machinery Co. Ltd. (H Shares)	13,200,000		5,274,928
Shanghai Zhenhua Port Machinery Co. Ltd. (B Shares)	3,807,600		6,023,623
Shenzhen International Holdings Ltd.	164,000,000		11,132,885
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)	6,200,000		3,033,493
Tencent Holdings Ltd.	4,157,000		16,159,456
Yantai Changyu Pioneer Wine Co. (B Shares)	641,100		3,046,405
TOTAL CHINA			375,495,835
Hong Kong - 15.0%
Asia Financial Holdings Ltd.	9,400,000		3,792,507
Bank of East Asia Ltd.	3,460,000		19,875,889
Cheung Kong Holdings Ltd.	2,271,000		29,901,863
China Merchants Holdings International Co. Ltd.	600,000		2,197,887
China Mobile (Hong Kong) Ltd.	8,039,800		74,207,363
China Power International Development Ltd.	21,800,000		11,810,951
China Resources Enterprise Ltd.	2,954,000		9,212,923
China Resources Power Holdings Co. Ltd.	3,400,000		5,330,259
China Unicom Ltd.	3,400,000		4,610,400
CLP Holdings Ltd.	3,080,000		22,998,911
Common Stocks - continued
	Shares		Value
Hong Kong - continued
CNOOC Ltd.	16,800,000		$ 14,409,360
CNPC (Hong Kong) Ltd.	21,400,000		10,717,131
Cosco International Holdings Ltd.	6,400,000		2,442,779
Dynasty Fine Wines Group Ltd. (d)	17,000,000		7,381,364
Esprit Holdings Ltd.	1,920,000		19,464,361
First Pacific Co. Ltd.	4,000,000		2,484,790
Hong Kong & China Gas Co. Ltd.	187,000		415,316
Hong Kong Exchanges & Clearing Ltd.	2,370,000		25,711,047
Midland Holdings Ltd.	10,000,000		6,147,935
New World Development Co. Ltd.	7,000,000		15,331,412
Orient Overseas International Ltd.	900,000		6,005,764
PYI Corp. Ltd.	17,300,314		6,204,403
Shangri-La Asia Ltd.	1,600,000		4,293,308
Sino Land Co.	5,200,000		11,682,101
Sun Hung Kai Properties Ltd.	796,000		9,634,582
TOTAL HONG KONG			326,264,606
Indonesia - 5.6%
Arpeni Pratama Ocean Line PT	20,000,000		1,208,988
Ciputra Surya Tbk PT	40,000,000		4,044,614
PT Apexindo Pratama Duta Tbk	11,000,000		2,115,729
PT Astra Agro Lestari Tbk	2,400,000		3,481,885
PT Astra International Tbk	10,500,000		17,137,405
PT Bakrie & Brothers Tbk (a)	204,576,000		3,867,341
PT Bank Niaga Tbk	105,910,500		10,476,370
PT Bank Rakyat Indonesia Tbk	10,900,000		6,349,385
PT Hexindo Adiperkasa Tbk	22,500,000		2,176,178
PT Jakarta International Hotel & Development Tbk (a)	52,000,000		3,714,890
PT Medco Energi International Tbk	22,700,000		8,545,072
PT Perusahaan Gas Negara Tbk Series B	39,600,000		40,912,154
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk	6,000,000		3,495,074
PT Summarecon Agung Tbk	19,000,000		2,652,080
PT Telkomunikasi Indonesia Tbk Series B	7,742,000		8,041,078
Tempo Scan Pacific Tbk PT	22,000,000		2,272,897
TOTAL INDONESIA			120,491,140
Korea (South) - 22.0%
Amorepacific Corp. (a)	8,000		4,775,359
Cheil Industries, Inc.	260,000		10,131,071
Daewoo Securities Co. Ltd.	650,000		10,677,454
Daishin Securities Co. Ltd.	360,000		7,435,921
Dongbu Securities Co. Ltd.	150,000		2,293,518
Dongkuk Steel Mill Co. Ltd.	400,000		8,518,450
Doosan Co. Ltd. (a)	150,000		8,453,362
Doosan Heavy Industries & Construction Co. Ltd.	195,000		9,291,259
Hanbit Soft, Inc. (a)	460,000		3,587,319
Hyundai Engineering & Construction Co. Ltd. (a)	320,022		16,509,151
Hyundai Heavy Industries Co. Ltd.	182,000		26,302,152
	Shares		Value
Hyundai Industrial Development & Construction Co.	149,000		$ 7,865,428
Hyundai Mipo Dockyard Co. Ltd.	112,000		14,023,728
Hyundai Securities Co. Ltd.	470,000		5,414,854
INI Steel Co.	165,000		5,790,999
Kookmin Bank	546,000		43,496,943
Korea Investment Holdings Co. Ltd.	370,000		16,073,289
Korea Zinc Co. Ltd.	58,000		5,161,779
Korean Reinsurance Co.	624,087		8,199,819
Kyobo Securities Co. Ltd.	300,000		2,947,815
Meritz Fire & Marine Insurance Co. Ltd.	580,000		3,666,436
NHN Corp.	121,498		16,088,023
POSCO	133,000		46,747,596
Samsung Electronics Co. Ltd.	107,072		66,304,922
Samsung Electronics Co. Ltd. GDR	8,200		2,482,550
Samsung Engineering Co. Ltd.	520,000		23,671,578
Samsung Fire & Marine Insurance Co. Ltd.	93,000		15,672,227
Samsung Techwin Co. Ltd.	105,000		3,197,155
Seoul Securities Co. Ltd.	4,300,000		6,313,089
Seoul Semiconductor Co. Ltd.	181,210		2,986,290
Shinhan Financial Group Co. Ltd.	984,000		51,316,216
Shinsegae Co. Ltd.	27,500		15,986,977
SK Securities Co. Ltd.	2,000,000		2,585,072
Tong Yang Major Corp. (a)	350,000		2,356,305
TOTAL KOREA (SOUTH)			476,324,106
Malaysia - 5.4%
AirAsia BHD (a)	4,200,000		1,727,753
AMMB Holdings BHD	4,500,000		4,113,698
Bumiputra-Commerce Holdings BHD	3,800,000		9,987,145
Bursa Malaysia BHD	4,900,000		15,397,800
DiGi.com BHD	1,050,000		4,619,340
Gamuda BHD	2,050,000		4,157,977
Golden Hope Plantation BHD	3,300,000		6,127,696
IGB Corp. BHD	5,200,000		3,372,090
IJM Corp. BHD	2,000,000		4,656,478
Lafarge Malayan Cement BHD	16,000,000		7,541,780
POS Malaysia & Services Holding BHD	1,000,000		1,371,233
PPB Oil Palms BHD	1,550,000		5,269,247
Public Bank BHD (For. Reg.)	1,990,625		5,231,753
Sime Darby BHD	4,000,000		9,370,090
Telekom Malaysia BHD	3,100,000		9,121,554
Tenaga Nasional BHD	6,250,000		21,961,148
YTL Power International BHD	4,535,128		2,863,200
TOTAL MALAYSIA			116,889,982
Papua New Guinea - 0.4%
Oil Search Ltd.	3,000,000		8,199,840
Philippines - 0.7%
Bank of the Philippine Islands (BPI)	4,700,000		6,930,876
Philippine Long Distance Telephone Co.	159,280		8,579,752
TOTAL PHILIPPINES			15,510,628
Common Stocks - continued
	Shares		Value
Singapore - 9.8%
Advanced Holdings Ltd.	6,000,000		$ 1,093,999
Banyan Tree Holdings Ltd.	1,413,000		1,509,016
CapitaCommercial Trust (REIT)	1,200,000		2,102,041
CDL Hospitality Trusts unit	4,400,000		4,985,511
ComfortDelgro Corp. Ltd.	1,186,000		1,405,607
Cosco Corp. Singapore Ltd.	19,361,000		34,040,764
DBS Group Holdings Ltd.	1,210,000		17,334,679
Hotel Properties Ltd.	1,840,000		3,954,026
Keppel Corp. Ltd.	2,100,000		24,478,234
Keppel Land Ltd.	2,080,000		10,158,565
Mapletree Logistics Trust (REIT)	1,836,000		1,482,525
Raffles Medical Group Ltd.	2,376,000		1,732,895
SembCorp Industries Ltd.	2,450,000		6,828,379
SembCorp Marine Ltd.	8,400,000		18,488,588
Singapore Exchange Ltd.	6,585,000		28,944,584
Singapore Land Ltd.	1,700,000		9,409,696
Singapore Press Holdings Ltd.	2,500,000		7,651,483
Singapore Technologies Engineering Ltd.	3,000,000		6,524,924
Straits Asia Resources Ltd. (a)	5,000,000		2,507,082
The Ascott Group Ltd.	12,650,000		13,427,213
United Overseas Bank Ltd.	630,000		7,753,720
Uol Group Ltd.	1,800,000		5,977,925
TOTAL SINGAPORE			211,791,456
Taiwan - 12.8%
Ambassador Hotel	2,000,000		2,186,655
ASUSTeK Computer, Inc.	2,350,000		6,209,190
China Life Insurance Co. Ltd. (a)	8,400,000		4,528,199
Chong Hong Construction Co. Ltd.	3,157,888		6,751,763
Far EasTone Telecommunications Co. Ltd.	5,080,000		5,746,955
Farglory Developers Co. Ltd.	2,850,000		4,046,451
Formosa Plastics Corp.	10,700,000		18,002,855
Foxconn Technology Co. Ltd.	997,645		11,907,386
Fubon No 2 (REIT) (a)	6,500,000		2,483,372
Fuhwa Financial Holding Co. Ltd. (a)	6,300,000		2,956,085
Goldsun Development & Construction Co. Ltd.	7,432,000		3,791,952
Hon Hai Precision Industry Co. Ltd. (Foxconn)	9,327,025		63,734,341
Huaku Construction Co. Ltd.	4,200,000		8,138,002
Hung Poo Real Estate Development Co. Ltd.	6,500,000		6,040,635
KEE TAI Properties Co. Ltd. (a)	3,549,000		2,522,143
Kindom Construction Co. Ltd. (a)	9,000,000		3,976,979
King Yuan Electronics Co. Ltd.	415,000		319,502
Largan Precision Co. Ltd.	500,000		7,554,590
MediaTek, Inc.	1,300,000		14,173,778
Shin Kong Financial Holding Co. Ltd.	3,000,000		3,006,651
Shin Kong Financial Holding Co. Ltd. warrants (UBS Warrant Programme) 6/14/07 (a)	1,275,902		1,277,877
	Shares		Value
Shin Kong Financial Holding Co. Ltd. warrants (UBS Warrant Programme) 7/31/07 (a)	6,762,280		$ 6,743,386
Shin Kong No 1 REIT (a)	6,483,000		2,266,205
Shinkong Insurance Co. Ltd.	662,000		356,865
Siliconware Precision Industries Co. Ltd.	4,800,000		7,959,425
Silitech Technology Corp.	600,000		2,487,320
Tainan Spinning Co. Ltd. (a)	6,000,000		2,751,541
Taiwan Chi Cheng Enterprise Co. Ltd.	3,170,000		12,178,607
Taiwan Fertilizer Co. Ltd.	10,850,000		19,309,685
Taiwan Semiconductor Manufacturing Co. Ltd.	17,756,604		36,346,922
Yuanta Core Pacific Securities Co. Ltd.	9,100,000		6,881,587
TOTAL TAIWAN			276,636,904
Thailand - 0.6%
Bangkok Dusit Medical Service PCL (For. Reg.)	2,600,000		2,600,000
Central Pattana PCL (For. Reg.)	5,216,600		3,227,537
Total Access Communication PCL (a)	1,868,600		7,773,376
True Corp. PCL (For. Reg.) (a)	100		15
TOTAL THAILAND			13,600,928
United Kingdom - 0.1%
Standard Chartered PLC (Hong Kong)	76,350		2,184,642
TOTAL COMMON STOCKS (Cost $1,564,773,573)		2,076,526,773
Nonconvertible Preferred Stocks - 0.3%
Korea (South) - 0.3%
Samsung Electronics Co. Ltd. (Cost $3,523,630)	14,000		6,610,790
Investment Companies - 1.0%
Hong Kong - 1.0%
iShares FTSE/Xinhua A50 China Tracker (Cost $14,635,442)	1,560,000		22,638,232
Money Market Funds - 3.4%
Fidelity Cash Central Fund, 5.35% (b)	61,970,187		61,970,187
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	11,443,000		11,443,000
TOTAL MONEY MARKET FUNDS (Cost $73,413,187)		73,413,187

TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $1,656,345,832) 2,179,188,982

NET OTHER ASSETS - (0.5)%		(10,359,282)
NET ASSETS - 100%	$ 2,168,829,700

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $717,158 or 0.0% of net assets.

(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 730,633
Fidelity Securities Lending Cash Central Fund	30,253
Total	$ 760,886

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,656,677,479. Net unrealized appreciation aggregated $522,511,503, of which $553,928,912 related to appreciated investment securities and $31,417,409 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Indexed securities are marked-to-market daily based on dealer-supplied valuations. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Worldwide Fund

January 31, 2007

1.813085.102

WLD-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
Argentina - 0.2%
Inversiones y Representaciones SA sponsored GDR (a)	151,000		$ 2,698,370
Australia - 2.8%
AMP Ltd.	156,800		1,274,777
Aristocrat Leisure Ltd.	127,500		1,594,950
Australia & New Zealand Banking Group Ltd.	61,600		1,392,401
AXA Asia Pacific Holdings Ltd.	277,800		1,557,438
Babcock & Brown Japan Property Trust	576,200		926,158
BHP Billiton Ltd.	80,500		1,649,848
Billabong International Ltd.	156,100		1,980,598
Brambles Ltd. (a)	297,400		3,205,324
Cochlear Ltd.	50,300		2,204,821
Commonwealth Bank of Australia	21,400		831,520
Computershare Ltd.	222,700		1,584,007
CSL Ltd.	114,500		6,172,969
Fosters Group Ltd.	293,000		1,540,273
Macquarie Airports unit	159,963		440,950
Macquarie Bank Ltd.	30,300		1,905,529
Macquarie Infrastructure Group unit	126,266		358,847
Mortgage Choice Ltd.	216,600		472,614
Multiplex Group unit	294,500		1,017,623
National Australia Bank Ltd.	92,000		2,889,720
QBE Insurance Group Ltd.	88,800		2,123,759
Seek Ltd.	144,300		703,667
Woolworths Ltd.	171,603		3,164,681
TOTAL AUSTRALIA			38,992,474
Austria - 0.2%
Austriamicrosystems AG (a)	11,400		751,598
Oesterreichische Elektrizitaetswirtschafts AG (Verbund)	27,400		1,324,907
TOTAL AUSTRIA			2,076,505
Belgium - 0.1%
Almancora SCA (Certificaten Van Aandelen)	13,400		2,008,462
Bermuda - 0.9%
Allied World Assurance Co. Holdings Ltd.	72,900		3,105,540
Dufry South America Ltd. unit (a)	31,598		504,306
Endurance Specialty Holdings Ltd.	118,100		4,015,400
Lazard Ltd. Class A	72,200		3,664,872
Ports Design Ltd.	477,500		1,311,864
TOTAL BERMUDA			12,601,982
Brazil - 0.0%
Banco Nossa Caixa SA	18,500		420,247
Canada - 1.5%
Cameco Corp.	90,600		3,451,209
Canadian Natural Resources Ltd.	80,200		4,010,682
Potash Corp. of Saskatchewan, Inc.	47,500		7,411,425
	Shares		Value
Suncor Energy, Inc.	47,900		$ 3,549,958
Western Oil Sands, Inc. Class A (a)	70,200		1,891,331
TOTAL CANADA			20,314,605
Cayman Islands - 0.5%
DSND, Inc. (a)	59,100		1,048,888
Foxconn International Holdings Ltd. (a)	698,700		2,089,612
Melco PBL Entertainment (Macau) Ltd. sponsored ADR	8,400		162,456
Noble Corp.	48,300		3,620,085
Xinao Gas Holdings Ltd.	418,000		390,829
TOTAL CAYMAN ISLANDS			7,311,870
China - 0.2%
China Life Insurance Co. Ltd. (H Shares)	240,000		706,880
China Merchants Bank Co. Ltd. (H Shares) (a)	106,500		229,710
China Shenhua Energy Co. Ltd. (H Shares)	167,400		409,522
Shanghai Pudong Development Bank Co. Ltd. warrants (UBS Warrant Programme) 1/15/10 (a)	116,208		373,599
Shanghai Pudong Development Bank Co. Ltd. warrants (JPMorgan Warrant Program) 2/13/12 (a)(e)	94,172		302,755
TOTAL CHINA			2,022,466
Cyprus - 0.1%
Marfin Popular Bank Public Co. (a)	172,949		1,884,453
Czech Republic - 0.1%
Ceske Energeticke Zavody AS	42,600		1,816,692
Denmark - 0.2%
Vestas Wind Systems AS (a)	48,300		2,131,863
Finland - 0.4%
Citycon Oyj	54,200		379,345
Nokia Corp. sponsored ADR	203,100		4,488,510
TOTAL FINLAND			4,867,855
France - 5.7%
Alcatel-Lucent SA	81,400		1,058,200
April Group	20,100		1,055,753
AXA SA	112,500		4,777,875
BNP Paribas SA	49,182		5,483,871
CNP Assurances	15,300		1,751,839
Electricite de France	37,300		2,598,469
Gaz de France	66,700		2,867,934
Groupe Danone	16,900		2,603,546
Icade SA	41,600		2,654,038
L'Oreal SA	24,900		2,631,972
Louis Vuitton Moet Hennessy (LVMH)	25,000		2,636,025
Neopost SA	27,000		3,473,297
Orpea (a)	19,700		1,740,832
Pernod Ricard SA	21,360		4,373,594
Peugeot Citroen SA	41,600		2,735,367
Pinault Printemps-Redoute SA	11,600		1,711,455
Common Stocks - continued
	Shares		Value
France - continued
Renault SA	41,000		$ 5,073,876
Sanofi-Aventis sponsored ADR	35,400		1,560,432
Schneider Electric SA	13,900		1,678,500
Sechilienne-Sidec	13,600		737,029
Societe Generale Series A	19,985		3,529,429
SR Teleperformance SA	33,600		1,448,658
Suez SA (France)	67,000		3,284,273
Total SA Series B	114,296		7,777,843
Veolia Environnement	42,300		2,963,329
Vinci SA	33,200		4,560,787
Vivendi Universal SA	78,621		3,236,024
TOTAL FRANCE			80,004,247
Georgia - 0.0%
Bank of Georgia unit (a)	15,100		392,600
Germany - 5.1%
Allianz AG (Reg.)	41,800		8,414,340
Bayer AG	76,900		4,550,942
Continental AG	19,700		2,384,273
Deutsche Boerse AG	19,100		4,013,159
Deutsche Postbank AG	19,600		1,686,014
E.ON AG	59,700		8,129,349
GFK AG	32,877		1,552,893
Hochtief AG	23,600		1,926,132
KarstadtQuelle AG (a)	94,500		3,045,909
Lanxess AG (a)	44,100		2,279,567
Linde AG	28,114		3,011,271
Merck KGaA	16,300		1,900,542
MPC Muenchmeyer Petersen Capital AG	4,400		388,357
MTU Aero Engines Holding AG	23,500		1,249,346
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	26,500		4,179,192
Pfleiderer AG	83,000		2,651,444
Puma AG	3,200		1,162,380
Q-Cells AG	27,900		1,443,630
RWE AG	50,000		5,213,400
SAP AG sponsored ADR	44,900		2,080,666
SGL Carbon AG (a)	47,200		1,185,454
Siemens AG (Reg.) (d)	31,300		3,465,849
SolarWorld AG	29,800		2,314,077
Wincor Nixdorf AG	16,300		2,586,531
TOTAL GERMANY			70,814,717
Greece - 0.3%
Alpha Bank AE	56,500		1,817,417
EFG Eurobank Ergasias SA	27,900		1,090,904
Greek Organization of Football Prognostics SA	26,800		1,000,389
TOTAL GREECE			3,908,710
Hong Kong - 0.5%
BOC Hong Kong Holdings Ltd.	243,500		636,234
	Shares		Value
Chaoda Modern Agriculture (Holdings) Ltd.	978,000		$ 691,458
China Resources Power Holdings Co. Ltd.	360,000		564,380
Esprit Holdings Ltd.	332,600		3,371,795
Television Broadcasts Ltd.	328,000		2,247,582
TOTAL HONG KONG			7,511,449
India - 0.3%
BF Utilities Ltd. (a)	824		54,261
Infosys Technologies Ltd.	70,445		3,591,448
Pantaloon Retail India Ltd.	73,237		809,744
TOTAL INDIA			4,455,453
Indonesia - 0.1%
PT Perusahaan Gas Negara Tbk Series B	1,170,000		1,208,768
Ireland - 0.6%
AgCert International (a)	108,100		211,328
Allied Irish Banks PLC	64,300		1,866,951
C&C Group PLC	156,600		2,322,710
Paddy Power PLC (Ireland)	46,600		1,020,367
Ryanair Holdings PLC sponsored ADR (a)	33,200		2,878,108
TOTAL IRELAND			8,299,464
Israel - 0.4%
Bank Hapoalim BM (Reg.)	186,500		865,095
Israel Chemicals Ltd.	355,600		2,194,008
Nice Systems Ltd. sponsored ADR	44,200		1,399,372
Ormat Industries Ltd.	127,900		1,536,737
TOTAL ISRAEL			5,995,212
Italy - 1.5%
ENI Spa	77,551		2,499,856
Fiat Spa (a)	182,900		3,971,218
Impregilo Spa (a)	249,600		1,516,624
Lottomatica Spa	65,785		2,681,975
Mediobanca Spa	78,200		1,783,634
Milano Assicurazioni Spa	136,900		1,091,091
Pirelli & C. Real Estate Spa	17,000		1,237,466
Unicredito Italiano Spa	647,700		5,993,677
TOTAL ITALY			20,775,541
Japan - 9.3%
Aeon Co. Ltd.	63,200		1,374,653
Aeon Mall Co. Ltd.	28,600		1,609,098
Asics Corp.	171,000		1,970,924
Canon, Inc.	129,650		6,846,817
Casio Computer Co. Ltd.	65,600		1,356,192
Daiwa House Industry Co. Ltd.	70,000		1,183,246
Daiwa Securities Group, Inc.	304,000		3,717,977
E*TRADE Securities Co. Ltd.	1,200		1,730,124
East Japan Railway Co.	218		1,511,919
Fanuc Ltd.	20,800		1,921,697
Fujifilm Holdings Corp.	39,600		1,634,072
Honda Motor Co. Ltd.	103,900		4,086,387
Common Stocks - continued
	Shares		Value
Japan - continued
Hoya Corp.	77,900		$ 2,827,211
Japan Tobacco, Inc.	760		3,652,484
JSR Corp.	50,800		1,208,071
Kansai Urban Banking Corp.	96,000		418,412
Keyence Corp.	5,800		1,301,438
Konica Minolta Holdings, Inc.	53,500		729,676
Leopalace21 Corp.	25,000		795,459
Mitsubishi Estate Co. Ltd.	111,600		3,190,289
Mitsubishi UFJ Financial Group, Inc.	262		3,183,300
Mitsui & Co. Ltd.	163,000		2,604,002
Mitsui Fudosan Co. Ltd.	132,000		3,423,458
Mizuho Financial Group, Inc.	842		6,069,851
Murata Manufacturing Co. Ltd. (a)	44,200		3,127,713
Nidec Corp.	9,300		657,323
Nintendo Co. Ltd.	43,100		12,713,759
Nippon Building Fund, Inc.	100		1,483,200
Nippon Electric Glass Co. Ltd.	40,000		954,551
NSK Ltd.	137,000		1,254,381
Omron Corp.	40,100		1,079,877
ORIX Corp.	29,620		8,491,959
Sompo Japan Insurance, Inc.	141,000		1,789,883
Sony Corp. sponsored ADR	56,100		2,599,113
St. Marc Holdings Co. Ltd.	6,900		403,646
Sumco Corp.	80,200		2,897,394
Sumitomo Electric Industries Ltd.	128,800		1,972,262
Sumitomo Metal Industries Ltd.	306,100		1,298,614
Sumitomo Mitsui Financial Group, Inc.	445		4,535,361
Sumitomo Trust & Banking Co. Ltd.	270,200		2,890,402
T&D Holdings, Inc.	35,750		2,408,315
Takeda Pharamaceutical Co. Ltd.	52,900		3,449,667
The Sumitomo Warehouse Co. Ltd.	27,000		211,642
Tokuyama Corp.	191,000		3,062,394
Toyo Tanso Co. Ltd.	7,600		855,185
Toyota Motor Corp.	184,600		12,163,294
Yamada Denki Co. Ltd.	23,000		1,909,599
TOTAL JAPAN			130,556,291
Kazakhstan - 0.1%
JSC Halyk Bank of Kazakhstan:
GDR (a)(e)	23,200		547,520
unit (a)	50,800		1,198,880
TOTAL KAZAKHSTAN			1,746,400
Korea (South) - 1.1%
Kookmin Bank	18,260		1,454,678
Korean Reinsurance Co.	68,310		897,519
KT&G Corp.	12,650		769,883
LG Household & Health Care Ltd.	61,490		7,412,762
NHN Corp.	18,051		2,390,203
Shinhan Financial Group Co. Ltd.	28,686		1,495,993
Shinsegae Co. Ltd.	590		342,993
TOTAL KOREA (SOUTH)			14,764,031
	Shares		Value
Luxembourg - 0.4%
Acergy SA (a)	87,900		$ 1,704,403
GAGFAH SA	63,100		1,888,262
SES SA FDR	106,828		1,830,931
TOTAL LUXEMBOURG			5,423,596
Mexico - 0.5%
America Movil SA de CV Series L sponsored ADR	138,700		6,152,732
Urbi, Desarrollos Urbanos, SA de CV (a)	297,400		1,059,445
TOTAL MEXICO			7,212,177
Netherlands - 1.2%
Heineken NV (Bearer)	51,500		2,609,053
ING Groep NV (Certificaten Van Aandelen)	101,000		4,450,060
Koninklijke KPN NV	209,700		3,020,103
Koninklijke Numico NV	32,600		1,729,311
Koninklijke Philips Electronics NV	134,000		5,246,100
Nutreco Holding NV	1,200		82,658
Tele Atlas NV (Netherlands) (a)	11,900		247,848
TOTAL NETHERLANDS			17,385,133
Norway - 1.0%
Aker Kvaerner ASA	22,100		2,496,775
DnB Nor ASA	69,400		1,042,070
Hafslund ASA (B Shares)	27,400		603,742
Norsk Hydro ASA	34,720		1,121,456
PAN Fish ASA (a)	1,857,600		1,988,505
ProSafe ASA	55,800		872,734
Renewable Energy Corp. AS	79,500		1,898,241
Telenor ASA	204,400		4,143,520
TOTAL NORWAY			14,167,043
Russia - 0.3%
OAO Gazprom sponsored ADR	60,900		2,633,925
Sistema-Hals JSC ADR (a)	130,100		1,658,775
TOTAL RUSSIA			4,292,700
Singapore - 0.4%
Ascendas Real Estate Investment Trust (A-REIT)	363,000		586,227
HTL International Holdings Ltd.	588,750		387,222
Keppel Corp. Ltd.	82,000		955,817
Singapore Exchange Ltd.	701,000		3,081,269
TOTAL SINGAPORE			5,010,535
Spain - 1.9%
Banco Bilbao Vizcaya Argentaria SA	255,700		6,412,956
Banco Santander Central Hispano SA	413,400		7,861,163
Gestevision Telecinco SA	20,100		544,381
Grupo Ferrovial SA	21,600		2,160,694
Common Stocks - continued
	Shares		Value
Spain - continued
Inditex SA	78,200		$ 4,430,548
Telefonica SA	249,100		5,475,218
TOTAL SPAIN			26,884,960
Sweden - 0.7%
Hennes & Mauritz AB (H&M) (B Shares)	41,450		2,242,475
Modern Times Group AB (MTG) (B Shares)	59,950		3,791,083
Scania AB (B Shares)	41,900		3,002,331
TOTAL SWEDEN			9,035,889
Switzerland - 7.0%
ABB Ltd.:
(Reg.)	43,251		765,043
sponsored ADR	1,721,500		30,659,910
Actelion Ltd. (Reg.) (a)	14,472		3,519,823
Compagnie Financiere Richemont unit	37,899		2,114,726
Credit Suisse Group sponsored ADR	15,900		1,130,172
Credit Suisse Group (Reg.)	96,656		6,870,308
Lindt & Spruengli AG (participation certificate)	1,255		3,106,850
Logitech International SA (Reg.) (a)	58,271		1,700,348
Nestle SA:
(Reg.)	22,344		8,196,543
sponsored ADR	35,700		3,298,680
Nobel Biocare Holding AG (Switzerland)	4,840		1,602,308
Novartis AG:
(Reg.)	5,340		308,065
sponsored ADR	106,200		6,126,678
Pargesa Holding SA	10,225		1,107,383
Roche Holding AG (participation certificate)	73,845		13,875,438
Societe Generale de Surveillance Holding SA (SGS) (Reg.)	932		1,022,109
Swiss Life Holding	6,992		1,759,595
Syngenta AG (Switzerland)	4,700		871,145
Tecan Group AG	17,800		1,273,729
The Swatch Group AG (Reg.)	34,783		1,669,584
UBS AG (NY Shares)	120,240		7,576,322
TOTAL SWITZERLAND			98,554,759
Taiwan - 0.4%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	502,614		3,434,511
Shin Kong Financial Holding Co. Ltd.	788,345		790,093
Siliconware Precision Industries Co. Ltd.	701,000		1,162,408
TOTAL TAIWAN			5,387,012
United Kingdom - 9.1%
Anglo American PLC (United Kingdom)	72,100		3,348,806
AstraZeneca PLC sponsored ADR	54,200		3,032,490
Aviva PLC	171,000		2,758,332
BAE Systems PLC	302,300		2,481,201
Barclays PLC	348,400		5,138,029
	Shares		Value
Benfield Group PLC	209,100		$ 1,417,361
BG Group PLC	109,200		1,434,271
BG Group PLC sponsored ADR	14,900		984,890
BHP Billiton PLC	97,100		1,808,568
BP PLC	626,875		6,635,472
BP PLC sponsored ADR	6,500		412,815
British American Tobacco PLC	162,800		4,977,610
British Land Co. PLC	102,600		3,162,843
Burberry Group PLC	300,500		3,887,833
Cable & Wireless PLC	7,282		23,965
Capita Group PLC	92,400		1,150,982
Clipper Windpower PLC (a)	149,000		1,702,328
Enterprise Inns PLC	72,900		920,971
GlaxoSmithKline PLC	18,600		503,409
GlaxoSmithKline PLC sponsored ADR	86,100		4,660,593
HBOS PLC	152,900		3,337,558
HSBC Holdings PLC (Hong Kong) (Reg.)	288,352		5,295,873
Imperial Tobacco Group PLC sponsored ADR	13,100		1,066,602
Informa PLC	99,500		1,091,826
International Power PLC	532,800		3,771,165
Ishaan Real Estate PLC (a)	246,400		486,535
Man Group plc	116,000		1,218,754
Marks & Spencer Group PLC	248,100		3,295,192
National Grid PLC	164,300		2,479,169
Next PLC	41,900		1,607,769
Pearson PLC	157,000		2,473,895
Reckitt Benckiser PLC	101,200		4,869,413
Reed Elsevier PLC	148,800		1,698,581
Renovo Group PLC	451,800		1,739,841
Reuters Group PLC sponsored ADR	60,000		3,082,200
Rolls-Royce Group PLC	287,826		2,646,569
Royal Bank of Scotland Group PLC	171,100		6,874,650
Royal Dutch Shell PLC Class B	151,400		5,125,647
Scottish & Southern Energy PLC	105,000		3,086,229
Shire PLC	118,500		2,486,548
Tesco PLC	865,543		7,108,406
Unilever PLC	81,300		2,220,303
Unitech Corporate Parks PLC (a)	175,200		306,360
Vodafone Group PLC	1,394,700		4,099,023
Vodafone Group PLC sponsored ADR	88,112		2,589,612
VT Group PLC	87,900		778,452
Xstrata PLC	55,200		2,572,534
TOTAL UNITED KINGDOM			127,851,475
United States of America - 43.3%
AeroVironment, Inc. (a)	12,600		288,162
AES Corp. (a)	321,000		6,673,590
Allergan, Inc.	83,000		9,686,930
American International Group, Inc.	190,700		13,053,415
American Superconductor Corp. (a)(d)	66,500		670,320
American Tower Corp. Class A (a)	252,800		10,069,024
Amphenol Corp. Class A	53,600		3,629,792
Amylin Pharmaceuticals, Inc. (a)	80,500		3,121,790
Common Stocks - continued
	Shares		Value
United States of America - continued
Apple, Inc. (a)	175,600		$ 15,054,188
Applied Materials, Inc.	290,400		5,148,792
Astoria Financial Corp.	66,500		1,967,735
AT&T, Inc.	384,500		14,468,735
Avon Products, Inc.	574,200		19,746,738
Bank of America Corp.	141,800		7,455,844
Beazer Homes USA, Inc.	31,400		1,366,214
Brookdale Senior Living, Inc.	28,200		1,353,600
C.R. Bard, Inc.	83,500		6,890,420
Casual Male Retail Group, Inc. (a)	288,000		3,594,240
Celgene Corp. (a)	84,300		4,525,224
Cerner Corp. (a)	106,200		4,771,566
Chicago Mercantile Exchange Holdings, Inc. Class A	6,020		3,391,066
Cisco Systems, Inc. (a)	275,900		7,336,181
Coach, Inc. (a)	94,700		4,342,942
Cognizant Technology Solutions Corp. Class A (a)	141,900		12,102,651
Comcast Corp. Class A (a)	125,700		5,571,024
Commerce Bancorp, Inc., New Jersey	73,300		2,476,074
CyberSource Corp. (a)	417,500		5,385,750
DynCorp International, Inc. Class A	256,300		4,016,221
Exelixis, Inc. (a)	150,300		1,472,940
Exxon Mobil Corp.	314,700		23,319,270
Federated Department Stores, Inc.	427,600		17,741,124
Fluor Corp.	138,800		11,464,880
FormFactor, Inc. (a)	157,600		6,406,440
FPL Group, Inc.	144,300		8,174,595
Fuel Tech, Inc. (a)	21,189		610,031
General Dynamics Corp.	211,100		16,497,465
General Electric Co.	356,700		12,859,035
General Growth Properties, Inc.	67,300		4,140,296
Gilead Sciences, Inc. (a)	73,300		4,714,656
Google, Inc. Class A (sub. vtg.) (a)	30,000		15,039,000
Greenhill & Co., Inc.	46,300		3,469,259
Health Net, Inc. (a)	68,500		3,336,635
Hittite Microwave Corp. (a)	59,100		2,055,498
Hudson City Bancorp, Inc.	876,100		12,063,897
Intel Corp.	16,500		345,840
Inverness Medical Innovations, Inc. (a)	88,240		3,637,253
Investors Financial Services Corp.	165,900		7,759,143
JCPenney Co., Inc.	154,200		12,527,208
Johnson & Johnson	95,600		6,386,080
Kroger Co.	194,000		4,966,400
Lennar Corp. Class A	35,200		1,914,176
Level 3 Communications, Inc. (a)(d)	735,400		4,566,834
Macquarie Infrastructure Co. Trust	10,100		370,367
Mastercard, Inc. Class A	65,600		7,317,680
Merck & Co., Inc.	407,100		18,217,725
MGIC Investment Corp.	2,800		172,816
Microsoft Corp.	554,800		17,121,128
	Shares		Value
Molson Coors Brewing Co. Class B	44,500		$ 3,595,600
Monsanto Co.	233,100		12,841,479
Morgan Stanley	144,100		11,930,039
National Oilwell Varco, Inc. (a)	91,004		5,518,483
Nautilus, Inc. (d)	400,000		6,524,000
Northern Trust Corp.	186,900		11,354,175
Peabody Energy Corp.	109,600		4,474,968
PepsiCo, Inc.	200,500		13,080,620
Procter & Gamble Co.	276,600		17,943,042
Quanta Services, Inc. (a)	184,100		3,786,937
Quest Software, Inc. (a)	251,400		3,753,402
Quicksilver Resources, Inc. (a)	56,900		2,256,654
Qwest Communications International, Inc. (a)	601,200		4,899,780
Ryland Group, Inc.	13,300		747,194
Safeway, Inc.	207,300		7,469,019
Senomyx, Inc. (a)	29,100		425,442
Service Corp. International	508,200		5,412,330
State Street Corp.	148,500		10,550,925
Sun Microsystems, Inc. (a)	1,662,700		11,040,328
Time Warner, Inc.	601,100		13,146,057
Titanium Metals Corp. (a)	341,640		10,536,178
Tyson Foods, Inc. Class A	84,600		1,501,650
U.S. Bancorp, Delaware	185,800		6,614,480
United Dominion Realty Trust, Inc. (SBI)	124,500		4,082,355
Valero Energy Corp.	91,600		4,972,048
ValueClick, Inc. (a)	29,100		742,632
Wachovia Corp.	96,100		5,429,650
Washington Mutual, Inc.	98,700		4,401,033
Wells Fargo & Co.	248,300		8,918,936
Yahoo!, Inc. (a)	65,500		1,854,305
TOTAL UNITED STATES OF AMERICA			606,629,640
TOTAL COMMON STOCKS (Cost $1,121,145,391)		1,377,415,646
Nonconvertible Preferred Stocks - 0.8%
Germany - 0.5%
Fresenius AG (non-vtg.)	6,800		1,432,403
Hugo Boss AG (non-vtg.)	38,900		2,074,150
Porsche AG (non-vtg.)	1,471		1,858,446
ProSiebenSat.1 Media AG	53,700		1,807,839
TOTAL GERMANY			7,172,838
Italy - 0.3%
Intesa Sanpaolo Spa	422,000		3,138,378
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $7,452,087)		10,311,216
Money Market Funds - 1.8%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b)	19,847,835		$ 19,847,835
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	5,365,275		5,365,275
TOTAL MONEY MARKET FUNDS (Cost $25,213,110)		25,213,110
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 5.24%, dated 1/31/07 due 2/1/07 (Collateralized by U.S. Treasury Obligations) # (Cost $25,000)	$ 25,004		25,000

TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $1,153,835,588) 1,412,964,972

NET OTHER ASSETS - (1.0)%		(13,339,109)
NET ASSETS - 100%	$ 1,399,625,863

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $850,275 or 0.1% of net assets.

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

Repurchase Agreement / Counterparty	Value
$25,000 due 2/01/07 at 5.24%
BNP Paribas Securities Corp.	$ 6,435
Merrill Lynch Government Securities, Inc.	10,840
Merrill Lynch, Pierce, Fenner & Smith, Inc.	7,725
	$ 25,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 185,887
Fidelity Securities Lending Cash Central Fund	37,349
Total	$ 223,236

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,154,822,659. Net unrealized appreciation aggregated $258,142,313, of which $266,941,513 related to appreciated investment securities and $8,799,200 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Investment Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Investment Trust

By:	/s/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer
Date:	March 22, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer
Date:	March 22, 2007

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer
Date:	March 22, 2007

EX-99.CERT

Exhibit EX-99.CERT

I, Kimberley Monasterio, certify that:

1. I have reviewed this report on Form N-Q of Fidelity Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 22, 2007

/s/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

I, Joseph B. Hollis, certify that:

1. I have reviewed this report on Form N-Q of Fidelity Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 22, 2007

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer