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, 2008

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Aggressive International Fund

January 31, 2008

1.813010.103

IVF-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
Australia - 3.4%
Babcock & Brown Ltd.	174,577		$ 2,809,794
Commonwealth Bank of Australia	87,922		3,894,462
CSL Ltd.	94,058		2,880,956
Leighton Holdings Ltd.	57,387		2,547,075
Macquarie Group Ltd.	50,023		2,915,453
TOTAL AUSTRALIA			15,047,740
Bermuda - 0.6%
Aquarius Platinum Ltd. (United Kingdom)	200,100		2,419,503
Brazil - 3.8%
Companhia Vale do Rio Doce (PN-A) sponsored ADR	197,600		5,143,528
MRV Engenharia e Participacoes SA	130,700		2,444,588
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)	63,500		5,925,185
Uniao de Bancos Brasileiros SA (Unibanco) GDR	24,700		3,230,760
TOTAL BRAZIL			16,744,061
Canada - 1.5%
Addax Petroleum, Inc.	59,600		2,401,104
Canadian Western Bank, Edmonton	84,700		2,481,371
Uranium One, Inc. (a)	284,000		1,975,308
TOTAL CANADA			6,857,783
Cayman Islands - 1.2%
Chaoda Modern Agriculture (Holdings) Ltd.	2,434,000		2,466,011
Lee & Man Paper Manufacturing Ltd.	649,200		1,448,689
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	27,600		1,510,548
TOTAL CAYMAN ISLANDS			5,425,248
China - 1.0%
China Communications Construction Co. Ltd. (H Shares)	690,000		1,629,994
China Construction Bank Corp. (H Shares)	3,777,000		2,610,857
TOTAL CHINA			4,240,851
Cyprus - 0.5%
Marfin Popular Bank Public Co.	212,400		2,154,286
Czech Republic - 0.6%
Ceske Energeticke Zavody AS	39,500		2,664,772
Denmark - 0.7%
Vestas Wind Systems AS (a)	33,000		3,205,698
Finland - 1.6%
Nokia Corp. sponsored ADR	195,900		7,238,505
France - 4.5%
AXA SA	111,300		3,819,816
Bouygues SA	41,000		3,161,604
Eutelsat Communications	94,200		2,501,839
Renault SA	26,100		2,979,464
	Shares		Value
Suez SA (France)	64,900		$ 3,926,450
Vivendi	88,888		3,582,395
TOTAL FRANCE			19,971,568
Germany - 13.0%
Allianz AG (Reg.)	37,600		6,707,840
Bayer AG	56,800		4,657,600
DaimlerChrysler AG	60,400		4,725,092
Deutsche Boerse AG	20,400		3,570,132
Deutsche Postbank AG	27,300		2,269,921
E.ON AG	34,000		6,320,909
Fresenius AG	45,573		3,638,250
K&S AG	11,200		2,833,686
Linde AG	20,200		2,636,229
Merck KGaA	20,500		2,535,613
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	18,500		3,324,353
Q-Cells AG (a)	17,600		1,656,127
Siemens AG:
(Reg.)	9,000		1,168,200
sponsored ADR	40,700		5,282,860
SolarWorld AG	52,300		2,319,153
United Internet AG	123,800		2,362,597
Vossloh AG	17,000		2,087,223
TOTAL GERMANY			58,095,785
Greece - 2.3%
Coca-Cola Hellenic Bottling Co. SA (Bearer)	59,700		2,520,895
National Bank of Greece SA	47,675		2,914,381
Public Power Corp. of Greece	104,400		4,896,570
TOTAL GREECE			10,331,846
Hong Kong - 1.1%
CNOOC Ltd.	1,572,000		2,290,876
Esprit Holdings Ltd.	194,400		2,513,068
TOTAL HONG KONG			4,803,944
India - 2.3%
Bharti Airtel Ltd. (a)	104,480		2,284,436
Reliance Industries Ltd.	50,069		3,159,777
Satyam Computer Services Ltd.	490,478		4,903,531
TOTAL INDIA			10,347,744
Indonesia - 0.9%
PT Bumi Resources Tbk	3,823,000		2,647,963
PT Perusahaan Gas Negara Tbk Series B	1,036,500		1,503,148
TOTAL INDONESIA			4,151,111
Israel - 2.0%
Israel Chemicals Ltd.	200,600		2,562,164
Common Stocks - continued
	Shares		Value
Israel - continued
Partner Communications Co. Ltd. ADR (d)	122,100		$ 2,533,575
Teva Pharmaceutical Industries Ltd. sponsored ADR	78,100		3,595,724
TOTAL ISRAEL			8,691,463
Italy - 2.2%
Fiat SpA	128,900		3,016,516
Finmeccanica SpA	83,400		2,493,191
UniCredit SpA	562,700		4,155,733
TOTAL ITALY			9,665,440
Japan - 12.9%
Asahi Glass Co. Ltd.	180,000		2,241,324
Japan Tobacco, Inc.	1,006		5,279,301
Konica Minolta Holdings, Inc.	167,000		2,677,843
Mitsubishi Corp.	187,800		4,910,035
Mitsubishi Estate Co. Ltd.	161,000		4,269,915
Mitsui & Co. Ltd.	238,000		4,756,419
NGK Insulators Ltd.	120,000		3,092,260
Nikon Corp.	88,000		2,400,075
Nintendo Co. Ltd.	9,700		4,791,800
ORIX Corp.	19,560		3,320,399
Sony Corp.	73,200		3,476,268
Sumitomo Mitsui Financial Group, Inc.	869		6,848,698
Terumo Corp.	46,500		2,532,070
Toyota Motor Corp. sponsored ADR	64,400		6,990,620
TOTAL JAPAN			57,587,027
Korea (South) - 2.6%
Hyundai Heavy Industries Co. Ltd.	3,840		1,269,354
KT&G Corp.	34,190		2,934,141
NHN Corp. (a)	13,346		2,827,991
Pusan Bank	161,360		2,188,279
SK Energy Co. Ltd.	21,340		2,566,180
TOTAL KOREA (SOUTH)			11,785,945
Luxembourg - 0.5%
Evraz Group SA GDR	30,700		2,231,890
Malaysia - 0.5%
Public Bank BHD	681,100		2,399,796
Mexico - 1.6%
America Movil SAB de CV Series L sponsored ADR	72,600		4,349,466
Desarrolladora Homex Sab de CV (a)	315,800		2,912,721
TOTAL MEXICO			7,262,187
Netherlands - 1.3%
Heineken NV (Bearer)	48,400		2,691,040
Koninklijke KPN NV	177,800		3,227,452
TOTAL NETHERLANDS			5,918,492
	Shares		Value
Norway - 1.1%
Petroleum Geo-Services ASA	98,800		$ 2,123,212
Yara International ASA	53,600		2,606,934
TOTAL NORWAY			4,730,146
Russia - 2.9%
Lukoil Oil Co. sponsored ADR	39,000		2,716,350
OAO Gazprom sponsored ADR	146,005		7,125,044
Sberbank (Savings Bank of the Russian Federation) GDR	6,500		3,018,747
TOTAL RUSSIA			12,860,141
South Africa - 2.1%
African Bank Investments Ltd.	604,134		2,276,924
African Rainbow Minerals Ltd.	107,800		2,192,674
Exxaro Resources Ltd.	181,453		2,769,583
Murray & Roberts Holdings Ltd.	167,800		1,947,459
TOTAL SOUTH AFRICA			9,186,640
Spain - 2.8%
Grifols SA	122,993		3,005,325
Grupo Acciona SA	9,000		2,294,136
Telefonica SA	249,300		7,296,180
TOTAL SPAIN			12,595,641
Switzerland - 7.6%
ABB Ltd. (Reg.)	170,257		4,257,978
Roche Holding AG (participation certificate)	32,913		6,020,446
Sonova Holding AG	23,070		2,062,143
Swiss Life Holding	11,862		2,880,463
Syngenta AG (Switzerland)	10,322		2,721,911
The Swatch Group AG (Reg.)	51,168		2,683,492
UBS AG (NY Shares)	172,400		7,118,396
Zurich Financial Services AG (Reg.)	22,049		6,312,738
TOTAL SWITZERLAND			34,057,567
Taiwan - 1.8%
Acer, Inc.	1,668,000		2,616,361
AU Optronics Corp. sponsored ADR (d)	162,600		2,697,534
Taiwan Mobile Co. Ltd.	1,825		2,638,159
TOTAL TAIWAN			7,952,054
Thailand - 0.5%
Siam Commercial Bank PCL (For. Reg.)	1,023,400		2,354,780
United Kingdom - 16.5%
BAE Systems PLC	351,100		3,270,817
BG Group PLC	215,700		4,715,202
British American Tobacco PLC	173,500		6,129,755
Cairn Energy PLC	67,900		3,487,018
Imperial Tobacco Group PLC	51,200		2,504,516
International Power PLC	329,500		2,630,721
Man Group plc	319,900		3,522,205
Meggitt PLC	462,600		2,646,805
Reckitt Benckiser Group PLC	64,700		3,389,072
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Rio Tinto PLC sponsored ADR	16,300		$ 6,633,285
Royal Dutch Shell PLC Class A (United Kingdom)	223,300		8,005,807
Standard Chartered PLC (United Kingdom)	158,700		5,321,888
Tesco PLC	747,700		6,250,600
Unilever PLC	101,900		3,342,320
Vodafone Group PLC sponsored ADR	216,500		7,534,200
Xstrata PLC	57,600		4,434,913
TOTAL UNITED KINGDOM			73,819,124
United States of America - 0.5%
Freeport-McMoRan Copper & Gold, Inc. Class B	26,400		2,350,392
TOTAL COMMON STOCKS (Cost $463,393,897)		439,149,170
Money Market Funds - 3.9%
	Shares		Value
Fidelity Cash Central Fund, 3.79% (b)	13,315,041		$ 13,315,041
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	4,078,325		4,078,325
TOTAL MONEY MARKET FUNDS (Cost $17,393,366)		17,393,366

TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $480,787,263) 456,542,536

NET OTHER ASSETS - (2.3)%		(10,198,004)
NET ASSETS - 100%	$ 446,344,532

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	$ 443,084
Fidelity Securities Lending Cash Central Fund	85,415
Total	$ 528,499

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $481,678,677. Net unrealized depreciation aggregated $25,136,141, of which $9,562,559 related to appreciated investment securities and $34,698,700 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Canada Fund

January 31, 2008

1.813011.103

CAN-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.4%
	Shares		Value
CONSUMER DISCRETIONARY - 5.1%
Hotels, Restaurants & Leisure - 0.7%
Great Canadian Gaming Corp. (a)	1,100,000		$ 14,194,609
Tim Hortons, Inc.	500,000		17,125,000
			31,319,609
Media - 2.4%
Aeroplan Income Fund	668,200		13,583,060
Aeroplan Income Fund (a)(f)	31,800		646,425
Corus Entertainment, Inc. Class B (non-vtg.)	1,050,000		22,777,639
Quebecor, Inc. Class B (sub. vtg.)	1,000,000		31,528,075
Yellow Pages Income Fund (e)	3,000,000		35,902,546
			104,437,745
Multiline Retail - 0.3%
Canadian Tire Corp. Ltd. Class A (non-vtg.) (e)	175,000		11,240,596
Textiles, Apparel & Luxury Goods - 1.7%
Gildan Activewear, Inc. (a)	2,000,000		73,917,593
TOTAL CONSUMER DISCRETIONARY			220,915,543
CONSUMER STAPLES - 3.8%
Food & Staples Retailing - 2.4%
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	1,250,000		21,087,639
Metro, Inc. Class A (sub. vtg.)	700,000		16,566,190
Shoppers Drug Mart Corp.	1,300,000		63,604,205
			101,258,034
Food Products - 1.4%
Bunge Ltd.	190,000		22,509,300
Saskatchewan Wheat Pool, Inc. (a)	2,026,500		23,585,790
Saskatchewan Wheat Pool, Inc. (a)(f)	1,273,500		14,821,862
			60,916,952
TOTAL CONSUMER STAPLES			162,174,986
ENERGY - 26.1%
Energy Equipment & Services - 0.2%
Flint Energy Services Ltd. (a)	400,000		6,576,653
Oil, Gas & Consumable Fuels - 25.9%
AltaGas Income Trust	700,000		16,287,181
Cameco Corp.	950,000		32,185,741
Canadian Natural Resources Ltd.	2,250,000		143,961,437
Canadian Oil Sands Trust	2,150,000		81,410,991
Duvernay Oil Corp. (a)	350,000		10,916,247
EnCana Corp.	2,500,000		164,889,642
Galleon Energy, Inc. Class A (a)	700,000		10,016,442
Husky Energy, Inc.	1,400,000		58,020,029
Keyera Facilities Income Fund	1,000,000		17,587,564
Nexen, Inc.	1,550,000		44,389,418
Niko Resources Ltd.	500,000		42,404,464
Niko Resources Ltd. (f)	20,000		1,696,179
	Shares		Value
Petro-Canada	1,450,000		$ 65,929,451
Suncor Energy, Inc.	2,100,000		197,538,736
Talisman Energy, Inc.	3,000,000		47,411,689
TransCanada Corp.	4,050,000		159,691,595
Uranium One, Inc. (a)	1,550,000		10,780,728
Valero Energy Corp.	250,000		14,797,500
			1,119,915,034
TOTAL ENERGY			1,126,491,687
FINANCIALS - 23.0%
Capital Markets - 0.3%
CI Financial Income Fund (e)	700,000		15,136,266
Commercial Banks - 13.4%
Bank of Montreal (e)	2,300,000		130,063,275
Canadian Imperial Bank of Commerce	500,000		36,495,441
National Bank of Canada	1,000,000		50,351,253
Royal Bank of Canada (e)	3,400,000		171,600,817
Toronto-Dominion Bank	2,825,000		191,448,608
			579,959,394
Diversified Financial Services - 0.8%
Onex Corp. (sub. vtg.)	400,000		12,033,282
TSX Group, Inc.	450,000		20,626,775
			32,660,057
Insurance - 6.5%
ING Canada, Inc.	550,000		18,907,877
Manulife Financial Corp.	4,600,000		173,356,584
Power Corp. of Canada (sub. vtg.)	1,200,000		42,568,880
Sun Life Financial, Inc.	950,000		47,000,648
			281,833,989
Real Estate Management & Development - 2.0%
Brookfield Asset Management, Inc. Class A	1,900,000		62,649,525
Brookfield Properties Corp.	1,100,000		22,341,010
			84,990,535
TOTAL FINANCIALS			994,580,241
HEALTH CARE - 0.3%
Health Care Equipment & Supplies - 0.3%
Noveko International, Inc. (a)	1,750,000		14,403,866
INDUSTRIALS - 8.4%
Aerospace & Defense - 2.9%
Bombardier, Inc. Class B (sub. vtg.) (a)	17,750,000		87,551,692
CAE, Inc.	3,000,000		33,720,293
Mecachrome International, Inc. (a)(f)	400,000		3,726,770
			124,998,755
Commercial Services & Supplies - 0.4%
Garda World Security Corp. (a)	1,100,000		16,014,150
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 3.4%
SNC-Lavalin Group, Inc.	3,400,000		$ 146,292,661
Road & Rail - 0.8%
Canadian National Railway Co.	550,000		27,846,644
TransForce Income Fund	800,000		7,413,681
			35,260,325
Trading Companies & Distributors - 0.9%
Finning International, Inc.	1,500,000		39,355,289
TOTAL INDUSTRIALS			361,921,180
INFORMATION TECHNOLOGY - 6.4%
Communications Equipment - 3.4%
Research In Motion Ltd. (a)	1,550,000		145,514,009
Electronic Equipment & Instruments - 0.1%
Miranda Technologies, Inc. (a)	613,700		6,396,594
Internet Software & Services - 1.8%
Google, Inc. Class A (sub. vtg.) (a)	100,000		56,430,000
Open Text Corp. (a)	650,000		20,175,876
			76,605,876
IT Services - 0.4%
CGI Group, Inc. Class A (sub. vtg.) (a)	2,000,000		20,028,897
Software - 0.7%
MacDonald Dettwiler & Associates Ltd. (a)	650,000		29,256,639
TOTAL INFORMATION TECHNOLOGY			277,802,015
MATERIALS - 14.1%
Chemicals - 4.7%
Agrium, Inc.	325,000		20,966,070
Potash Corp. of Saskatchewan, Inc.	1,300,000		183,144,008
			204,110,078
Metals & Mining - 9.4%
B2Gold Corp.	3,597,200		6,631,279
Barrick Gold Corp.	1,350,000		69,696,079
Fording Canadian Coal Trust	450,000		20,178,367
Goldcorp, Inc.	3,150,000		117,204,923
Harry Winston Diamond Corp.	350,000		8,631,857
Kinross Gold Corp. (a)	4,000,000		88,286,583
Orezone Resources, Inc. Class A (a)	10,000,000		14,249,415
Shore Gold, Inc. (a)	3,000,000		10,911,265
Yamana Gold, Inc.	4,100,000		68,023,517
			403,813,285
TOTAL MATERIALS			607,923,363
	Shares		Value
TELECOMMUNICATION SERVICES - 5.2%
Diversified Telecommunication Services - 2.1%
BCE, Inc.	1,850,000		$ 64,355,040
TELUS Corp. (non-vtg.)	600,000		25,230,432
			89,585,472
Wireless Telecommunication Services - 3.1%
American Tower Corp. Class A (a)	325,000		12,197,250
Rogers Communications, Inc. Class B (non-vtg.)	3,200,000		122,413,432
			134,610,682
TOTAL TELECOMMUNICATION SERVICES			224,196,154
UTILITIES - 0.0%
Electric Utilities - 0.0%
Brookfield Infrastructure Partners LP	76,000		1,596,000
TOTAL COMMON STOCKS (Cost $2,928,540,225)		3,992,005,035

Government Obligations - 1.8%
		Principal Amount (d)
Canadian Government Treasury Bills 3.4108% to 3.9712% 2/7/08 to 5/1/08 (Cost $80,160,210)	CAD	79,850,000	79,213,664

Money Market Funds - 11.6%
	Shares
Fidelity Cash Central Fund, 3.79% (b)	252,249,076		252,249,076
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	247,985,250		247,985,250
TOTAL MONEY MARKET FUNDS (Cost $500,234,326)		500,234,326

TOTAL INVESTMENT PORTFOLIO - 105.8% (Cost $3,508,934,761) 4,571,453,025

NET OTHER ASSETS - (5.8)%		(249,317,503)
NET ASSETS - 100%	$ 4,322,135,522

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) 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 $20,891,236 or 0.5% 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	$ 1,924,026
Fidelity Securities Lending Cash Central Fund	1,467,532
Total	$ 3,391,558

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $3,518,004,680. Net unrealized appreciation aggregated $1,053,448,345, of which $1,175,274,476 related to appreciated investment securities and $121,826,131 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Canada Fund

January 31, 2008

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

1.855814.100

ACAN-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.4%
	Shares		Value
CONSUMER DISCRETIONARY - 5.1%
Hotels, Restaurants & Leisure - 0.7%
Great Canadian Gaming Corp. (a)	1,100,000		$ 14,194,609
Tim Hortons, Inc.	500,000		17,125,000
			31,319,609
Media - 2.4%
Aeroplan Income Fund	668,200		13,583,060
Aeroplan Income Fund (a)(f)	31,800		646,425
Corus Entertainment, Inc. Class B (non-vtg.)	1,050,000		22,777,639
Quebecor, Inc. Class B (sub. vtg.)	1,000,000		31,528,075
Yellow Pages Income Fund (e)	3,000,000		35,902,546
			104,437,745
Multiline Retail - 0.3%
Canadian Tire Corp. Ltd. Class A (non-vtg.) (e)	175,000		11,240,596
Textiles, Apparel & Luxury Goods - 1.7%
Gildan Activewear, Inc. (a)	2,000,000		73,917,593
TOTAL CONSUMER DISCRETIONARY			220,915,543
CONSUMER STAPLES - 3.8%
Food & Staples Retailing - 2.4%
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	1,250,000		21,087,639
Metro, Inc. Class A (sub. vtg.)	700,000		16,566,190
Shoppers Drug Mart Corp.	1,300,000		63,604,205
			101,258,034
Food Products - 1.4%
Bunge Ltd.	190,000		22,509,300
Saskatchewan Wheat Pool, Inc. (a)	2,026,500		23,585,790
Saskatchewan Wheat Pool, Inc. (a)(f)	1,273,500		14,821,862
			60,916,952
TOTAL CONSUMER STAPLES			162,174,986
ENERGY - 26.1%
Energy Equipment & Services - 0.2%
Flint Energy Services Ltd. (a)	400,000		6,576,653
Oil, Gas & Consumable Fuels - 25.9%
AltaGas Income Trust	700,000		16,287,181
Cameco Corp.	950,000		32,185,741
Canadian Natural Resources Ltd.	2,250,000		143,961,437
Canadian Oil Sands Trust	2,150,000		81,410,991
Duvernay Oil Corp. (a)	350,000		10,916,247
EnCana Corp.	2,500,000		164,889,642
Galleon Energy, Inc. Class A (a)	700,000		10,016,442
Husky Energy, Inc.	1,400,000		58,020,029
Keyera Facilities Income Fund	1,000,000		17,587,564
Nexen, Inc.	1,550,000		44,389,418
Niko Resources Ltd.	500,000		42,404,464
Niko Resources Ltd. (f)	20,000		1,696,179
	Shares		Value
Petro-Canada	1,450,000		$ 65,929,451
Suncor Energy, Inc.	2,100,000		197,538,736
Talisman Energy, Inc.	3,000,000		47,411,689
TransCanada Corp.	4,050,000		159,691,595
Uranium One, Inc. (a)	1,550,000		10,780,728
Valero Energy Corp.	250,000		14,797,500
			1,119,915,034
TOTAL ENERGY			1,126,491,687
FINANCIALS - 23.0%
Capital Markets - 0.3%
CI Financial Income Fund (e)	700,000		15,136,266
Commercial Banks - 13.4%
Bank of Montreal (e)	2,300,000		130,063,275
Canadian Imperial Bank of Commerce	500,000		36,495,441
National Bank of Canada	1,000,000		50,351,253
Royal Bank of Canada (e)	3,400,000		171,600,817
Toronto-Dominion Bank	2,825,000		191,448,608
			579,959,394
Diversified Financial Services - 0.8%
Onex Corp. (sub. vtg.)	400,000		12,033,282
TSX Group, Inc.	450,000		20,626,775
			32,660,057
Insurance - 6.5%
ING Canada, Inc.	550,000		18,907,877
Manulife Financial Corp.	4,600,000		173,356,584
Power Corp. of Canada (sub. vtg.)	1,200,000		42,568,880
Sun Life Financial, Inc.	950,000		47,000,648
			281,833,989
Real Estate Management & Development - 2.0%
Brookfield Asset Management, Inc. Class A	1,900,000		62,649,525
Brookfield Properties Corp.	1,100,000		22,341,010
			84,990,535
TOTAL FINANCIALS			994,580,241
HEALTH CARE - 0.3%
Health Care Equipment & Supplies - 0.3%
Noveko International, Inc. (a)	1,750,000		14,403,866
INDUSTRIALS - 8.4%
Aerospace & Defense - 2.9%
Bombardier, Inc. Class B (sub. vtg.) (a)	17,750,000		87,551,692
CAE, Inc.	3,000,000		33,720,293
Mecachrome International, Inc. (a)(f)	400,000		3,726,770
			124,998,755
Commercial Services & Supplies - 0.4%
Garda World Security Corp. (a)	1,100,000		16,014,150
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 3.4%
SNC-Lavalin Group, Inc.	3,400,000		$ 146,292,661
Road & Rail - 0.8%
Canadian National Railway Co.	550,000		27,846,644
TransForce Income Fund	800,000		7,413,681
			35,260,325
Trading Companies & Distributors - 0.9%
Finning International, Inc.	1,500,000		39,355,289
TOTAL INDUSTRIALS			361,921,180
INFORMATION TECHNOLOGY - 6.4%
Communications Equipment - 3.4%
Research In Motion Ltd. (a)	1,550,000		145,514,009
Electronic Equipment & Instruments - 0.1%
Miranda Technologies, Inc. (a)	613,700		6,396,594
Internet Software & Services - 1.8%
Google, Inc. Class A (sub. vtg.) (a)	100,000		56,430,000
Open Text Corp. (a)	650,000		20,175,876
			76,605,876
IT Services - 0.4%
CGI Group, Inc. Class A (sub. vtg.) (a)	2,000,000		20,028,897
Software - 0.7%
MacDonald Dettwiler & Associates Ltd. (a)	650,000		29,256,639
TOTAL INFORMATION TECHNOLOGY			277,802,015
MATERIALS - 14.1%
Chemicals - 4.7%
Agrium, Inc.	325,000		20,966,070
Potash Corp. of Saskatchewan, Inc.	1,300,000		183,144,008
			204,110,078
Metals & Mining - 9.4%
B2Gold Corp.	3,597,200		6,631,279
Barrick Gold Corp.	1,350,000		69,696,079
Fording Canadian Coal Trust	450,000		20,178,367
Goldcorp, Inc.	3,150,000		117,204,923
Harry Winston Diamond Corp.	350,000		8,631,857
Kinross Gold Corp. (a)	4,000,000		88,286,583
Orezone Resources, Inc. Class A (a)	10,000,000		14,249,415
Shore Gold, Inc. (a)	3,000,000		10,911,265
Yamana Gold, Inc.	4,100,000		68,023,517
			403,813,285
TOTAL MATERIALS			607,923,363
	Shares		Value
TELECOMMUNICATION SERVICES - 5.2%
Diversified Telecommunication Services - 2.1%
BCE, Inc.	1,850,000		$ 64,355,040
TELUS Corp. (non-vtg.)	600,000		25,230,432
			89,585,472
Wireless Telecommunication Services - 3.1%
American Tower Corp. Class A (a)	325,000		12,197,250
Rogers Communications, Inc. Class B (non-vtg.)	3,200,000		122,413,432
			134,610,682
TOTAL TELECOMMUNICATION SERVICES			224,196,154
UTILITIES - 0.0%
Electric Utilities - 0.0%
Brookfield Infrastructure Partners LP	76,000		1,596,000
TOTAL COMMON STOCKS (Cost $2,928,540,225)		3,992,005,035

Government Obligations - 1.8%
		Principal Amount (d)
Canadian Government Treasury Bills 3.4108% to 3.9712% 2/7/08 to 5/1/08 (Cost $80,160,210)	CAD	79,850,000	79,213,664

Money Market Funds - 11.6%
	Shares
Fidelity Cash Central Fund, 3.79% (b)	252,249,076		252,249,076
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	247,985,250		247,985,250
TOTAL MONEY MARKET FUNDS (Cost $500,234,326)		500,234,326

TOTAL INVESTMENT PORTFOLIO - 105.8% (Cost $3,508,934,761) 4,571,453,025

NET OTHER ASSETS - (5.8)%		(249,317,503)
NET ASSETS - 100%	$ 4,322,135,522

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) 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 $20,891,236 or 0.5% 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	$ 1,924,026
Fidelity Securities Lending Cash Central Fund	1,467,532
Total	$ 3,391,558

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $3,518,004,680. Net unrealized appreciation aggregated $1,053,448,345, of which $1,175,274,476 related to appreciated investment securities and $121,826,131 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 ® China Region Fund

January 31, 2008

1.813032.103

HKC-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.2%
	Shares		Value
CONSUMER DISCRETIONARY - 14.1%
Distributors - 3.2%
Li & Fung Ltd.	12,260,600		$ 45,599,189
Diversified Consumer Services - 0.5%
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	131,000		7,421,150
Hotels, Restaurants & Leisure - 0.6%
Ctrip.com International Ltd. sponsored ADR	177,300		8,095,518
Leisure Equipment & Products - 0.8%
Li Ning Co. Ltd.	4,210,000		11,743,262
Media - 2.0%
Focus Media Holding Ltd. ADR (a)(d)	582,800		28,003,540
Multiline Retail - 2.3%
Far East Department Stores Co. Ltd.	13,883,240		19,535,057
Parkson Retail Group Ltd.	1,625,000		13,921,218
			33,456,275
Specialty Retail - 4.0%
Esprit Holdings Ltd.	4,415,500		57,080,507
Textiles, Apparel & Luxury Goods - 0.7%
China Dongxiang Group Co. Ltd.	11,270,000		6,836,479
Ports Design Ltd.	1,097,500		3,166,901
			10,003,380
TOTAL CONSUMER DISCRETIONARY			201,402,821
CONSUMER STAPLES - 0.8%
Beverages - 0.5%
Yantai Changyu Pioneer Wine Co. (B Shares)	883,663		6,264,726
Food Products - 0.3%
Unified-President Enterprises Corp.	3,573,080		4,413,182
TOTAL CONSUMER STAPLES			10,677,908
ENERGY - 10.7%
Energy Equipment & Services - 1.1%
China Oilfield Services Ltd. (H Shares)	8,872,000		16,202,384
Oil, Gas & Consumable Fuels - 9.6%
China Coal Energy Co. Ltd. (H Shares)	2,857,000		6,551,265
China Shenhua Energy Co. Ltd. (H Shares)	6,530,000		33,498,131
CNOOC Ltd.	25,925,000		37,780,503
PetroChina Co. Ltd. (H Shares)	13,740,000		19,542,402
PT Bumi Resources Tbk	48,585,000		33,651,914
Straits Asia Resources Ltd.	2,824,000		6,756,076
			137,780,291
TOTAL ENERGY			153,982,675
FINANCIALS - 23.7%
Commercial Banks - 4.8%
Bank of East Asia Ltd.	2,257,800		12,783,906
	Shares		Value
China Construction Bank Corp. (H Shares)	22,544,000		$ 15,583,577
China Merchants Bank Co. Ltd. (H Shares)	1,304,500		4,533,783
Hang Seng Bank Ltd.	1,052,300		20,675,010
Industrial & Commercial Bank of China	26,529,000		15,752,492
			69,328,768
Diversified Financial Services - 4.2%
Fuhwa Financial Holding Co. Ltd. (a)	24,067,000		18,438,987
Hong Kong Exchanges & Clearing Ltd.	1,715,500		35,377,258
Singapore Exchange Ltd.	946,000		6,409,033
			60,225,278
Insurance - 2.5%
China Life Insurance Co. Ltd. (H Shares)	7,540,000		28,023,667
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	993,000		6,902,333
			34,926,000
Real Estate Management & Development - 12.2%
Cathay Real Estate Development Co. Ltd.	7,764,000		4,858,909
Cheung Kong Holdings Ltd.	2,018,000		32,531,481
Hang Lung Properties Ltd.	4,973,000		19,356,399
Hong Kong Land Holdings Ltd.	1,736,000		8,159,200
Kerry Properties Ltd.	2,727,191		18,064,805
New World Development Co. Ltd.	11,094,000		33,577,439
Sino Land Co.	3,486,000		10,506,127
Sinyi Realty, Inc.	989,245		2,812,808
Sun Hung Kai Properties Ltd.	2,045,000		39,995,447
Swire Pacific Ltd. (A Shares)	393,500		5,349,313
			175,211,928
TOTAL FINANCIALS			339,691,974
HEALTH CARE - 0.9%
Health Care Equipment & Supplies - 0.9%
China Medical Technologies, Inc. sponsored ADR (d)	185,100		8,823,717
Mindray Medical International Ltd. sponsored ADR	130,500		4,450,050
			13,273,767
INDUSTRIALS - 6.5%
Construction & Engineering - 2.7%
China Communications Construction Co. Ltd. (H Shares)	16,561,000		39,122,228
Electrical Equipment - 0.2%
BYD Co. Ltd. (H Shares)	128,500		708,629
Dongfang Electric Corp. Ltd.	420,000		2,477,733
			3,186,362
Industrial Conglomerates - 2.6%
Far Eastern Textile Ltd.	12,723,000		17,648,477
Hutchison Whampoa Ltd.	2,027,000		20,006,490
			37,654,967
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Marine - 1.0%
Cosco Corp. Singapore Ltd.	4,308,000		$ 13,529,005
TOTAL INDUSTRIALS			93,492,562
INFORMATION TECHNOLOGY - 8.4%
Electronic Equipment & Instruments - 3.3%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	6,854,543		36,793,478
Synnex Technology International Corp.	5,495,150		11,272,199
			48,065,677
Internet Software & Services - 4.3%
Baidu.com, Inc. sponsored ADR (a)	77,200		21,612,140
Pacific Online Ltd.	1,661,000		408,995
Sina Corp. (a)	348,700		13,843,390
Tencent Holdings Ltd.	4,343,000		25,648,789
			61,513,314
Semiconductors & Semiconductor Equipment - 0.8%
MediaTek, Inc.	1,089,810		10,856,292
TOTAL INFORMATION TECHNOLOGY			120,435,283
MATERIALS - 17.2%
Chemicals - 7.6%
Formosa Plastics Corp.	5,261,000		12,060,992
Incitec Pivot Ltd.	352,513		37,926,533
Nan Ya Plastics Corp.	6,879,000		13,801,731
Sinofert Holdings Ltd.	10,132,000		8,043,281
Taiwan Fertilizer Co. Ltd.	11,471,000		37,217,261
			109,049,798
Construction Materials - 2.6%
Anhui Conch Cement Co. Ltd. (H Shares)	3,722,000		19,904,892
Taiwan Cement Corp.	13,131,600		17,065,160
TCC International Holdings Ltd. (a)	1,186,000		863,934
			37,833,986
Metals & Mining - 6.4%
China Steel Corp.	11,009,380		15,572,248
Lihir Gold Ltd. (a)	5,214,026		17,391,582
Mount Gibson Iron Ltd. (a)(d)	5,269,910		12,332,941
Parkson Holdings Bhd	4,787,500		11,393,525
Rio Tinto Ltd.	156,158		17,222,346
Zijin Mining Group Co. Ltd. (H Shares)	14,814,000		17,478,637
			91,391,279
Paper & Forest Products - 0.6%
Sino-Forest Corp. (a)	427,900		7,862,564
TOTAL MATERIALS			246,137,627
	Shares		Value
TELECOMMUNICATION SERVICES - 12.0%
Diversified Telecommunication Services - 0.9%
China Telecom Corp. Ltd. (H Shares)	18,448,000		$ 13,301,008
Wireless Telecommunication Services - 11.1%
China Mobile (Hong Kong) Ltd.	9,192,000		138,983,041
China Unicom Ltd.	8,548,000		20,267,308
			159,250,349
TOTAL TELECOMMUNICATION SERVICES			172,551,357
UTILITIES - 0.9%
Electric Utilities - 0.7%
CLP Holdings Ltd.	1,216,000		9,622,017
Gas Utilities - 0.2%
Xinao Gas Holdings Ltd.	2,008,000		3,862,801
TOTAL UTILITIES			13,484,818
TOTAL COMMON STOCKS (Cost $1,269,929,739)		1,365,130,792
Money Market Funds - 7.8%
Fidelity Cash Central Fund, 3.79% (b)	75,148,259		75,148,259
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	36,561,715		36,561,715
TOTAL MONEY MARKET FUNDS (Cost $111,709,974)		111,709,974

TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $1,381,639,713) 1,476,840,766

NET OTHER ASSETS - (3.0)%		(42,403,760)
NET ASSETS - 100%	$ 1,434,437,006

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	$ 645,806
Fidelity Securities Lending Cash Central Fund	56,183
Total	$ 701,989

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,383,694,249. Net unrealized appreciation aggregated $93,146,517, of which $202,195,964 related to appreciated investment securities and $109,049,447 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Diversified International Fund

January 31, 2008

1.813063.103

DIF-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%
	Shares		Value
Australia - 3.5%
Aristocrat Leisure Ltd. (d)	3,750,000		$ 33,288,131
Babcock & Brown Ltd.	4,750,000		76,450,620
BHP Billiton Ltd. sponsored ADR (d)	4,476,492		302,476,564
Brambles Ltd.	13,500,000		129,157,949
Brambles Ltd. unit	7,500,000		70,507,210
Cochlear Ltd.	1,300,000		81,303,738
Commonwealth Bank of Australia	2,000,000		88,589,020
Computershare Ltd.	20,000,000		142,029,359
CSL Ltd.	15,900,000		487,010,065
Macquarie Group Ltd.	750,000		43,711,687
National Australia Bank Ltd.	2,500,000		77,560,225
QBE Insurance Group Ltd.	9,500,000		236,805,264
TOTAL AUSTRALIA			1,768,889,832
Austria - 0.0%
Raiffeisen International Bank Holding AG	129,922		16,597,170
Belgium - 0.6%
Fortis	2,300,000		51,452,631
InBev SA	2,330,000		192,320,094
Nyrstar SA/NV	2,100,000		40,843,543
TOTAL BELGIUM			284,616,268
Bermuda - 0.2%
Brookfield Infrastructure Partners LP	180,000		3,780,000
Clear Media Ltd. (a)	22,325,000		18,896,562
Genesis Lease Ltd. ADR	269,800		5,422,980
Ports Design Ltd.	2,000,000		5,771,117
Willis Group Holdings Ltd.	1,700,000		59,908,000
TOTAL BERMUDA			93,778,659
Brazil - 1.6%
Banco Nossa Caixa SA	1,000,000		13,303,013
Bolsa de Mercadorias & Futuros - BM&F SA	3,400,000		30,636,725
Bovespa Holding SA	1,320,000		19,383,513
Cosan SA Industria e Comercio	3,174,893		49,617,856
Cyrela Brazil Realty SA	2,600,000		33,922,683
Cyrela Commercial Properties SA Empreendimentos e Participaçöes	520,000		3,251,848
Petroleo Brasileiro SA - Petrobras:
(PN) sponsored ADR (non-vtg.)	450,000		41,989,500
sponsored ADR	1,400,000		155,596,000
Redecard SA	2,000,000		29,562,251
Uniao de Bancos Brasileiros SA (Unibanco) GDR	2,900,000		379,320,000
Vivo Participacoes SA (PN) sponsored ADR	7,500,000		44,025,000
TOTAL BRAZIL			800,608,389
Canada - 7.0%
BCE, Inc.	3,000,000		104,359,524
Bombardier, Inc. Class B (sub. vtg.) (a)	2,500,000		12,331,224
	Shares		Value
Brookfield Asset Management, Inc. Class A	4,500,000		$ 148,380,454
Canadian National Railway Co.	875,000		44,301,480
Canadian Natural Resources Ltd.	9,700,000		620,633,750
Canadian Pacific Railway Ltd.	1,500,000		100,204,275
EnCana Corp.	6,500,000		428,713,069
Flint Energy Services Ltd. (a)(e)	2,500,000		41,104,081
Niko Resources Ltd. (e)	3,900,000		330,754,820
OZ Optics Ltd. unit (g)	102,000		1,231,650
Petrobank Energy & Resources Ltd. (a)	1,400,000		70,352,250
Potash Corp. of Saskatchewan, Inc.	2,200,000		309,936,013
Power Corp. of Canada (sub. vtg.)	3,800,000		134,801,455
Research In Motion Ltd. (a)	2,300,000		215,924,014
Rogers Communications, Inc. Class B (non-vtg.)	3,000,000		114,762,593
Shoppers Drug Mart Corp.	1,200,000		58,711,574
Silver Wheaton Corp. (a)	6,851,700		105,620,866
SNC-Lavalin Group, Inc.	4,300,000		185,017,189
Suncor Energy, Inc.	2,850,000		268,088,287
Talisman Energy, Inc.	1,000,000		15,803,896
TransCanada Corp.	500,000		19,715,012
Trican Well Service Ltd. (e)	7,000,000		95,072,493
Ultra Petroleum Corp. (a)	800,000		55,040,000
Westernzagros Resources Ltd. (a)	7,000,000		14,996,762
Yamana Gold, Inc.	1,478,900		24,536,580
TOTAL CANADA			3,520,393,311
Cayman Islands - 0.2%
Lee & Man Paper Manufacturing Ltd.	9,000,000		20,083,489
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	1,578,500		86,391,305
TOTAL CAYMAN ISLANDS			106,474,794
China - 0.2%
China Telecom Corp. Ltd. sponsored ADR (d)	1,000,000		72,100,000
Global Bio-Chem Technology Group Co. Ltd.	39,999,600		12,824,577
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	1,000,000		1,687,731
TOTAL CHINA			86,612,308
Czech Republic - 0.2%
Ceske Energeticke Zavody AS	1,400,000		94,447,618
Denmark - 0.3%
Novo Nordisk AS Series B	32,200		2,031,836
Novozymes AS Series B	1,700,000		132,373,128
William Demant Holding AS (a)	70,411		4,788,434
TOTAL DENMARK			139,193,398
Egypt - 0.1%
Orascom Construction Industries SAE GDR	150,000		30,975,000
Common Stocks - continued
	Shares		Value
Finland - 1.5%
Neste Oil Oyj	650,000		$ 20,875,224
Nokia Corp. sponsored ADR	19,350,000		714,982,500
TOTAL FINLAND			735,857,724
France - 8.3%
Accor SA	1,300,000		99,727,363
Alstom SA	1,650,300		333,313,902
AXA SA sponsored ADR	7,500,000		257,400,000
bioMerieux SA	300,000		30,218,414
BNP Paribas SA	1,500,000		148,816,427
Bouygues SA	2,950,000		227,481,238
Cap Gemini SA	5,087,553		277,248,523
CNP Assurances	800,000		97,844,725
Compagnie Generale de Geophysique SA (a)	150,000		35,094,322
Dassault Aviation SA	36,265		30,785,232
Electricite de France	3,926,900		409,627,372
Essilor International SA	2,400,000		139,126,178
Financiere Marc de Lacharriere SA (Fimalac) (d)	1,400,000		72,247,991
Gaz de France	1,000,000		54,233,957
Groupe Danone	1,500,000		121,875,000
Ipsen SA	500,000		27,869,263
L'Air Liquide SA	24,400		3,385,500
L'Oreal SA	1,200,000		147,000,000
LVMH Moet Hennessy - Louis Vuitton	1,450,000		148,930,046
Neopost SA	800,000		81,263,127
Nexans SA	622,406		68,792,441
Pernod Ricard SA	2,200,000		234,082,913
Renault SA	1,875,900		214,144,725
Sanofi-Aventis sponsored ADR	1,400,000		57,246,000
Societe Generale Series A	1,200,000		150,760,310
Sodexho Alliance SA (d)	199,696		10,867,711
Suez SA (France)	1,769,900		107,078,950
Total SA:
Series B	53,800		3,915,564
sponsored ADR	600,000		43,668,000
Veolia Environnement	2,613,341		214,994,410
Vinci SA	4,000,000		273,510,594
Vivendi	1,000,000		40,302,351
TOTAL FRANCE			4,162,852,549
Germany - 10.7%
Adidas-Salomon AG	2,939,000		187,484,462
Allianz AG sponsored ADR	22,000,000		392,480,000
BASF AG	200,000		26,080,000
Bayer AG	9,276,710		760,690,219
Bayerische Motoren Werke AG (BMW) (d)	1,400,000		76,891,864
Continental AG	3,100,000		321,928,931
DaimlerChrysler AG	1,600,300		125,191,469
Deutsche Boerse AG	975,000		170,631,298
	Shares		Value
E.ON AG	38,480		$ 7,153,782
E.ON AG sponsored ADR	15,200,000		932,520,000
Fresenius AG	2,400,000		191,600,284
GEA Group AG (a)	4,500,000		139,076,900
Gerresheimer AG	1,000,000		51,248,463
GFK AG	1,600,000		58,682,032
Henkel KGaA	600,270		25,127,923
Hochtief AG	20,000		2,014,205
K&S AG	730,860		184,913,161
Linde AG	3,043,986		397,259,564
MAN AG	600,000		73,977,357
MTU Aero Engines Holding AG	317,190		17,005,884
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	1,300,000		233,603,168
Q-Cells AG (a)	1,100,000		103,507,966
Siemens AG:
(Reg.)	21,600		2,803,680
sponsored ADR (d)	6,150,000		798,270,000
SolarWorld AG	1,200,000		53,211,924
Wacker Chemie AG	100,000		21,777,257
TOTAL GERMANY			5,355,131,793
Greece - 0.4%
Coca-Cola Hellenic Bottling Co. SA:
(Bearer)	375,000		15,834,767
sponsored ADR	1,800,000		76,464,000
National Bank of Greece SA	1,100,000		67,243,186
Public Power Corp. of Greece	600,000		28,141,205
TOTAL GREECE			187,683,158
Hong Kong - 1.0%
China Mobile (Hong Kong) Ltd. sponsored ADR	3,200,000		241,920,000
Cosco Pacific Ltd.	6,000,000		11,988,535
Esprit Holdings Ltd.	11,810,000		152,671,450
Hutchison Whampoa Ltd.	5,000,000		49,350,000
Sun Hung Kai Properties Ltd.	2,500,000		48,894,190
TOTAL HONG KONG			504,824,175
India - 2.8%
Bajaj Auto Ltd.	600,000		36,034,368
Bharti Airtel Ltd. (a)	600,000		13,118,890
HDFC Bank Ltd.	100,000		3,995,799
Infosys Technologies Ltd.	7,000,000		267,142,307
Infosys Technologies Ltd. sponsored ADR	2,410,000		99,774,000
Reliance Industries Ltd.	6,850,000		432,292,889
Satyam Computer Services Ltd.	19,000,000		189,951,626
State Bank of India	4,000,000		244,605,321
State Bank of India rights 4/4/08 (a)	800,000		11,758,656
Tata Consultancy Services Ltd.	5,000,000		111,220,721
TOTAL INDIA			1,409,894,577
Common Stocks - continued
	Shares		Value
Indonesia - 0.0%
PT Bumi Resources Tbk	12,091,000		$ 8,374,710
Ireland - 0.9%
CRH PLC	4,500,000		170,874,855
IAWS Group PLC (Ireland)	4,000,000		81,684,206
Ryanair Holdings PLC sponsored ADR (a)	5,325,000		177,961,500
Smurfit Kappa Group PLC	773,558		10,459,258
TOTAL IRELAND			440,979,819
Italy - 3.2%
A2A SpA	15,200,000		61,118,067
Enel SpA ADR	71,000		3,965,350
Fiat SpA (d)	25,400,012		594,410,810
Impregilo SpA (a)	2,000,000		10,899,995
Intesa Sanpaolo SpA (d)	51,478,464		366,462,434
Prysmian SpA	1,800,000		36,165,014
Saipem SpA	35,300		1,225,021
UniCredit SpA	69,990,700		516,905,334
TOTAL ITALY			1,591,152,025
Japan - 11.9%
ABC-Mart, Inc.	200,000		4,975,078
Asahi Glass Co. Ltd.	2,000,000		24,903,603
Canon, Inc. sponsored ADR	8,200,000		349,074,000
Chugai Pharmaceutical Co. Ltd.	1,500,000		19,820,372
Daiwa Securities Group, Inc.	4,000,000		35,286,374
Fanuc Ltd.	1,800,000		158,788,685
Hirose Electric Co. Ltd.	650,000		66,204,273
Honda Motor Co. Ltd. sponsored ADR	6,050,000		190,817,000
Hoya Corp.	2,139,500		58,452,439
Ibiden Co. Ltd.	1,000,000		63,011,383
Japan Tobacco, Inc.	90,000		472,303,230
JSR Corp.	4,500,000		104,744,668
Kawasaki Kisen Kaisha Ltd.	7,000,000		67,610,273
Keyence Corp.	920,000		195,801,759
Konica Minolta Holdings, Inc.	5,000,000		80,174,931
Kubota Corp.	20,000,000		143,891,665
Leopalace21 Corp.	250,000		6,054,265
Mitsubishi Corp.	3,250,000		84,971,320
Mitsubishi Electric Corp.	1,000,000		9,103,734
Mitsubishi Estate Co. Ltd.	7,000,000		185,648,462
Mitsui & Co. Ltd.	18,000,000		359,729,163
Mitsui Fudosan Co. Ltd.	4,700,000		107,410,896
Mitsui O.S.K. Lines Ltd.	5,000,000		60,848,306
Mori Seiki Co. Ltd.	900,000		15,938,118
Murata Manufacturing Co. Ltd.	800,000		39,574,910
NGK Insulators Ltd.	1,200,000		30,922,601
Nidec Corp.	400,000		26,220,259
Nikon Corp.	2,000,000		54,547,167
Nintendo Co. Ltd.	1,150,000		568,100,028
Nippon Electric Glass Co. Ltd.	3,000,000		44,888,557
	Shares		Value
Nomura Holdings, Inc.	6,000,000		$ 87,840,004
NTT DoCoMo, Inc.	15,000		23,760,001
ORIX Corp.	2,300,000		390,435,456
Ricoh Co. Ltd.	1,000,000		15,649,394
Shin-Etsu Chemical Co. Ltd.	2,400,000		126,173,241
Shinsei Bank Ltd.	1,880,000		8,592,872
Sony Corp. (d)	2,500,000		118,725,006
Sony Financial Holdings, Inc.	35,379		135,420,424
Stanley Electric Co. Ltd.	1,500,000		30,259,571
Sumitomo Metal Industries Ltd.	10,000,000		47,117,467
Sumitomo Mitsui Financial Group, Inc.	38,550		303,817,376
Sumitomo Trust & Banking Co. Ltd.	9,000,000		57,048,813
T&D Holdings, Inc.	1,000,000		53,794,792
Takeda Pharmaceutical Co. Ltd.	2,443,500		148,223,228
Teijin Ltd.	2,500,000		9,851,406
Tokai Carbon Co. Ltd. (d)	2,500,000		19,561,743
Tokuyama Corp.	8,000,000		57,105,241
Tokyo Tatemono Co. Ltd.	2,000,000		16,834,384
Toshiba Corp.	6,000,000		40,515,379
Toyota Motor Corp. sponsored ADR	6,200,000		673,010,000
TOTAL JAPAN			5,993,553,317
Korea (South) - 1.7%
Amorepacific Corp.	137,531		90,341,886
Kookmin Bank sponsored ADR	900,000		59,850,000
Korean Reinsurance Co.	1,100,460		12,650,301
LG Household & Health Care Ltd.	519,530		92,473,389
NHN Corp. (a)	1,050,000		222,492,900
Samsung Electronics Co. Ltd.	60,000		37,823,793
Samsung Fire & Marine Insurance Co. Ltd.	400,000		79,461,750
Shinhan Financial Group Co. Ltd.	3,000,000		162,359,941
SK Energy Co. Ltd.	639,000		76,841,101
SK Holdings Co. Ltd.	261,000		38,852,028
TOTAL KOREA (SOUTH)			873,147,089
Luxembourg - 0.7%
ArcelorMittal SA (NY Reg.) Class A	2,950,000		195,850,500
SES SA FDR (France) unit	6,916,322		168,581,474
TOTAL LUXEMBOURG			364,431,974
Malaysia - 0.1%
DiGi.com Bhd	5,000,000		37,397,620
KNM Group Bhd	5,000,000		10,972,029
TOTAL MALAYSIA			48,369,649
Mexico - 0.9%
America Movil SAB de CV Series L sponsored ADR	6,800,000		407,388,000
Grupo Televisa SA de CV (CPO) sponsored ADR	2,500,000		55,725,000
TOTAL MEXICO			463,113,000
Common Stocks - continued
	Shares		Value
Netherlands - 1.7%
Chicago Bridge & Iron Co. NV (NY Shares)	2,000,000		$ 88,980,000
Fugro NV (Certificaten Van Aandelen) unit	900,000		61,698,036
Heineken NV (Bearer)	2,700,000		150,120,000
ING Groep NV sponsored ADR	4,500,000		146,565,000
Koninklijke KPN NV	2,000,000		36,304,298
Koninklijke Philips Electronics NV (NY Shares)	6,050,000		238,370,000
OPG Groep NV (A Shares)(Certificaten Van Aandelen) unit	2,094,400		55,004,430
Reed Elsevier NV sponsored ADR (a)	2,164,179		79,252,235
Unilever NV (NY Shares)	600,000		19,512,000
TOTAL NETHERLANDS			875,805,999
Netherlands Antilles - 0.6%
Schlumberger Ltd. (NY Shares)	3,900,000		294,294,000
Norway - 0.8%
Orkla ASA (A Shares)	7,919,100		104,861,535
Petroleum Geo-Services ASA	5,444,750		117,007,677
Pronova BioPharma ASA	12,999,500		47,102,250
Renewable Energy Corp. AS (a)	2,600,000		67,971,134
StatoilHydro ASA sponsored ADR	69,000		1,812,630
Telenor ASA	3,000,000		61,200,000
TOTAL NORWAY			399,955,226
Panama - 0.1%
McDermott International, Inc. (a)	1,000,000		47,180,000
Papua New Guinea - 0.3%
Lihir Gold Ltd. (a)	40,000,000		133,421,519
Russia - 0.7%
JSC MMC 'Norilsk Nickel' sponsored ADR	250,000		61,000,000
Lukoil Oil Co. sponsored ADR	250,000		17,412,500
Magnitogorsk Iron & Steel Works OJSC sponsored GDR ADR (f)	1,400,000		18,830,000
OAO Gazprom:
(Reg. S) unit	67,000		3,269,600
sponsored ADR	3,000,000		146,400,000
Rostelecom sponsored ADR (d)	91,000		6,199,830
Sberbank (Savings Bank of the Russian Federation) GDR	250,000		116,105,658
TOTAL RUSSIA			369,217,588
Singapore - 0.3%
DBS Group Holdings Ltd.	5,000,000		61,326,747
Flextronics International Ltd. (a)	8,000,000		93,600,000
TOTAL SINGAPORE			154,926,747
South Africa - 0.5%
Bidvest Group Ltd.	200,000		2,774,619
Gold Fields Ltd. sponsored ADR	3,400,000		51,102,000
	Shares		Value
Highveld Steel & Vanadium Corp. Ltd. ADR	378,000		$ 5,012,280
Impala Platinum Holdings Ltd.	5,663,700		215,254,779
Sasol Ltd. sponsored ADR	54,000		2,594,700
TOTAL SOUTH AFRICA			276,738,378
Spain - 3.8%
Actividades de Construccion y Servicios SA (ACS)	2,200,000		115,681,948
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)	8,500,000		179,010,000
Banco Santander SA sponsored ADR	10,600,000		185,606,000
Enagas SA	4,319,649		119,157,658
Grupo Acciona SA	85,400		21,768,800
Inditex SA	8,500,000		427,096,399
Red Electrica de Espana SA	1,700,000		98,234,996
Telefonica SA	11,096,100		324,745,861
Telefonica SA sponsored ADR	5,150,000		452,170,000
TOTAL SPAIN			1,923,471,662
Sweden - 1.3%
AB Volvo sponsored ADR	265,000		3,590,750
Assa Abloy AB (B Shares)	9,199,800		160,993,797
Modern Times Group MTG AB (B Shares)	1,000,800		60,710,663
Scania AB (B Shares)	5,400,000		112,040,643
Svenska Cellulosa AB (SCA) (B Shares)	12,500,000		200,902,034
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	4,000,000		90,880,000
TOTAL SWEDEN			629,117,887
Switzerland - 9.4%
ABB Ltd. (Reg.)	18,589,295		464,901,894
Actelion Ltd. (Reg.) (a)	4,430,450		221,476,175
Alcon, Inc.	1,200,000		170,400,000
Barry Callebaut AG	13,000		10,201,382
Compagnie Financiere Richemont unit	2,840,374		162,469,974
Credit Suisse Group sponsored ADR	250,000		14,192,500
Julius Baer Holding AG	5,800,000		407,379,695
Kuehne & Nagel International AG	1,200,000		109,760,331
Lonza Group AG	26,560		3,408,385
Nestle SA (Reg.)	1,800,000		809,640,000
Novartis AG sponsored ADR	3,100,000		156,891,000
Roche Holding AG (participation certificate)	5,030,243		920,132,050
Schindler Holding AG (Reg.)	1,400,000		83,356,324
SGS Societe Generale de Surveillance Holding SA (Reg.)	227,054		296,118,177
Sonova Holding AG	1,900,000		169,834,095
Sulzer AG (Reg.)	80,000		84,596,809
Swiss Life Holding	393,358		95,519,564
Syngenta AG:
sponsored ADR	2,000,000		105,480,000
(Switzerland)	14,056		3,706,567
Tecan Group AG (e)	1,100,000		55,156,950
Common Stocks - continued
	Shares		Value
Switzerland - continued
The Swatch Group AG (Reg.)	1,800,000		$ 94,400,520
UBS AG:
(NY Shares)	4,325,000		178,579,250
(Reg.)	48,368		1,997,115
Zurich Financial Services AG (Reg.)	400,000		114,521,984
TOTAL SWITZERLAND			4,734,120,741
Taiwan - 0.3%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	28,000,000		150,297,020
Turkey - 0.1%
Acibadem Saglik Hizmetleri AS	4,574,044		32,201,957
United Kingdom - 13.7%
Anglo American PLC (United Kingdom)	4,400,000		243,132,057
Autonomy Corp. PLC (a)	1,500,000		27,414,342
BAE Systems PLC	17,000,000		158,370,519
BG Group PLC	13,699,000		299,460,140
BG Group PLC sponsored ADR	27,000		2,951,100
BHP Billiton PLC	4,000,000		120,961,407
British American Tobacco PLC	112,900		3,988,757
British American Tobacco PLC sponsored ADR	4,830,000		339,549,000
Bunzl PLC ADR	67,000		4,321,500
Cadbury Schweppes PLC	4,600,000		50,904,287
Cadbury Schweppes PLC sponsored ADR	41,000		1,819,170
Capita Group PLC	19,806,451		259,638,912
Diageo PLC sponsored ADR	23,000		1,856,330
easyJet PLC (a)	20,000,000		187,399,061
European Capital Ltd. (e)	5,819,600		51,233,961
Experian Group Ltd.	11,000,000		97,411,837
HSBC Holdings PLC sponsored ADR	3,200,000		240,576,000
Imperial Tobacco Group PLC	566,400		27,706,211
Imperial Tobacco Group PLC sponsored ADR	131,500		12,779,170
Informa PLC	20,000,000		156,285,465
International Power PLC	22,767,100		181,772,039
International Power PLC sponsored ADR	90,000		7,110,000
Invensys PLC (a)	2,000,000		9,069,631
Johnson Matthey PLC	1,000,000		37,227,908
KKR Private Equity Investors, LP	1,000,557		16,759,330
Man Group plc	14,875,000		163,778,678
Misys PLC	10,000,355		34,889,814
National Grid PLC	14,382,500		222,332,754
NEXT plc	3,150,000		88,908,841
Pearson PLC	8,100,000		112,119,622
Pearson PLC sponsored ADR	300,000		4,164,000
Reckitt Benckiser Group PLC	11,900,400		623,358,763
Rexam PLC sponsored ADR	34,000		1,434,120
Rio Tinto PLC:
(Reg.)	28,900		2,940,214
	Shares		Value
sponsored ADR	675,000		$ 274,691,250
Rolls-Royce Group PLC	18,999,790		179,389,444
Royal Bank of Scotland Group PLC	31,500,000		242,855,261
Royal Dutch Shell PLC:
ADR Class B	250,000		17,287,500
Class A sponsored ADR	347,800		24,836,398
Class B	82,500		2,852,438
Shire PLC sponsored ADR	2,650,000		142,702,500
Smith & Nephew PLC	8,440,500		113,693,535
Standard Chartered PLC (United Kingdom)	2,750,300		92,229,299
Tesco PLC	75,137,000		628,128,047
United Utilities PLC sponsored ADR	170,000		4,811,000
Vodafone Group PLC sponsored ADR	27,700,000		963,960,001
Wolseley PLC ADR	170,000		2,288,200
WPP Group plc	5,500,000		67,562,000
Xstrata PLC	4,500,000		346,477,582
TOTAL UNITED KINGDOM			6,897,389,395
United States of America - 3.9%
Alcoa, Inc.	1,000,000		33,100,000
Becton, Dickinson & Co.	700,000		60,571,000
C.R. Bard, Inc.	1,000,000		96,570,000
Cabela's, Inc. Class A (a)(d)	500,000		7,375,000
Flowserve Corp.	2,050,000		168,346,000
Google, Inc. Class A (sub. vtg.) (a)	482,645		272,356,574
Henry Schein, Inc. (a)	1,050,000		61,036,500
Hess Corp.	1,500,000		136,245,000
Marathon Oil Corp.	142,201		6,662,117
NII Holdings, Inc. (a)	993,500		42,382,710
Peabody Energy Corp.	1,909,700		103,161,994
ResMed, Inc. (a)(d)	1,478,400		68,863,872
RTI International Metals, Inc. (a)	57,336		3,167,814
Synthes, Inc.	1,900,000		243,314,380
Tesoro Corp.	1,150,000		44,907,500
Titanium Metals Corp. (d)	4,181,500		90,905,810
Transocean, Inc. (a)	1,655,220		202,929,972
Valero Energy Corp.	5,200,000		307,788,000
TOTAL UNITED STATES OF AMERICA			1,949,684,243
TOTAL COMMON STOCKS (Cost $36,915,701,893)		47,949,774,668
Preferred Stocks - 0.5%
Convertible Preferred Stocks - 0.0%
Canada - 0.0%
MetroPhotonics, Inc. Series 2 (a)(g)	198,000		0
Nonconvertible Preferred Stocks - 0.5%
Germany - 0.2%
Porsche Automobil Holding SE (d)	60,252		108,177,066
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
Italy - 0.3%
Intesa Sanpaolo SpA	20,359,700		$ 139,235,399
United Kingdom - 0.0%
Rolls-Royce Group PLC B Shares	830,309,575		1,816,269
TOTAL NONCONVERTIBLE PREFERRED STOCKS			249,228,734
TOTAL PREFERRED STOCKS (Cost $196,799,859)		249,228,734
Money Market Funds - 5.0%
Fidelity Cash Central Fund, 3.79% (b)	2,120,862,381		2,120,862,381
Fidelity Securities Lending Cash Central Fund, 3.25% (b)(c)	374,238,207		374,238,207
TOTAL MONEY MARKET FUNDS (Cost $2,495,100,588)		2,495,100,588
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 1.69%, dated 1/31/08 due 2/1/08 (Collateralized by U.S. Treasury Obligations) # (Cost $31,922,000)	$ 31,923,498		31,922,000

TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $39,632,901,680) 50,726,025,990

NET OTHER ASSETS - (1.0)%		(507,880,740)
NET ASSETS - 100%	$ 50,218,145,250

Forward Foreign Currency Contracts
	Settlement Dates	Value	Unrealized Appreciation/ (Depreciation)
Contracts to Buy
197,384,138 EUR	Feb. 2008	$ 293,285,764	$ (456,376)
238,488,878 GBP	Feb. 2008	473,466,031	(18,604,971)
107,825,410,000 JPY	Feb. 2008	1,016,107,847	8,696,296
		$ 1,782,859,642	$ (10,365,051)

(Payable Amount $1,805,000,000)

The value of contracts to buy as a percentage of net assets - 3.5%

Currency Abbreviations
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) 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 $18,830,000 or 0.0% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,231,652 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
MetroPhotonics, Inc. Series 2	9/29/00	$ 1,980,000
OZ Optics Ltd. unit	8/18/00	$ 1,505,520

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

Repurchase Agreement / Counterparty	Value
$31,922,000 due 2/01/08 at 1.69%
Banc of America Securities LLC	$ 6,968,858
Barclays Capital, Inc.	10,050,571
ING Financial Markets LLC	14,902,571
	$ 31,922,000

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
European Capital Ltd.	$ 69,643,666	$ -	$ -	$ 1,170,013	$ 51,233,961
Flint Energy Services Ltd.	64,419,614	-	-	-	41,104,081
Niko Resources Ltd.	437,004,872	-	-	101,392	330,754,820
Tecan Group AG	73,599,240	-	-	-	55,156,950
Trican Well Service Ltd.	84,727,812	50,702,513	-	291,804	95,072,493
Total	$ 729,395,204	$ 50,702,513	$ -	$ 1,563,209	$ 573,322,305

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	$ 30,877,451
Fidelity Securities Lending Cash Central Fund	3,624,358
Total	$ 34,501,809

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $39,669,230,018. Net unrealized appreciation aggregated $11,056,795,972, of which $13,238,601,012 related to appreciated investment securities and $2,181,805,040 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Emerging Markets Fund

Janaury 31, 2008

1.813065.103

EMF-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%
	Shares		Value
Argentina - 0.3%
Banco Macro SA sponsored ADR	357,400		$ 8,473,954
Banco Patagonia SA unit	211,200		4,214,395
Telecom Argentina SA Class B sponsored ADR (a)	281,800		5,731,812
TOTAL ARGENTINA			18,420,161
Austria - 0.4%
Raiffeisen International Bank Holding AG	158,800		20,286,253
Bahrain - 0.3%
Gulf Finance House BSC unit (a)	401,900		15,272,200
Bermuda - 1.9%
Aquarius Platinum Ltd. (Australia)	2,007,300		23,164,012
C C Land Holdings Ltd.	5,173,000		5,745,235
Central European Media Enterprises Ltd. Class A (a)	188,800		17,896,352
Credicorp Ltd. (NY Shares)	207,100		14,832,502
Dufry South America Ltd. unit	394,718		7,934,752
FerroChina Ltd.	4,053,000		3,117,692
Pacific Basin Shipping Ltd.	5,256,000		7,387,769
Samling Global Ltd.	27,953,000		4,086,775
Sinofert Holdings Ltd.	24,864,900		19,738,983
TOTAL BERMUDA			103,904,072
Brazil - 13.4%
All America Latina Logistica SA unit	1,514,800		16,482,815
Anhanguera Educacional Participacoes SA unit (a)	143,475		2,161,505
Banco Bradesco SA:
(PN)	2,110,400		55,681,446
(PN) sponsored ADR	388,000		10,522,560
Banco Daycoval SA (PN)	719,300		4,702,644
Banco do Brasil SA	3,295,000		54,941,643
Banco Indusval SA	258,784		2,883,551
Companhia de Concessoes Rodoviarias	486,100		7,834,528
Companhia de Saneamento de Minas Gerais	773,700		10,468,482
Companhia Vale do Rio Doce (PN-A) sponsored ADR	6,866,800		178,742,804
Gafisa SA:
ADR (a)(d)	288,300		10,041,489
warrants 12/28/07 (a)	266,000		4,632,390
GVT Holding SA	585,000		12,205,515
JBS SA	934,145		2,602,223
Localiza Rent a Car SA	1,651,400		14,889,826
MMX Mineracao e Metalicos SA (a)	13,000		6,422,103
MRV Engenharia e Participacoes SA	602,600		11,270,915
Multiplan Empreendimentos Imobiliarios SA	477,000		5,071,006
Net Servicos de Comunicacao SA sponsored ADR (d)	647,166		7,610,672
	Shares		Value
Petroleo Brasileiro SA - Petrobras:
(PN) (non-vtg.)	2,232,200		$ 101,711,671
(PN) sponsored ADR (non-vtg.)	1,180,000		110,105,800
sponsored ADR	424,900		47,223,386
SEB - Sistema Educacional Brasileiro SA unit (a)	191,800		2,833,930
Tegma Gestao Logistica	436,700		4,344,656
Uniao de Bancos Brasileiros SA (Unibanco):
unit	1,968,000		25,296,464
GDR	264,100		34,544,280
Weg SA	487,200		5,846,954
TOTAL BRAZIL			751,075,258
British Virgin Islands - 0.1%
Thunderbird Resorts, Inc. (a)(e)	331,900		2,987,100
Titanium Resources Group Ltd. (a)	2,180,500		3,096,062
TOTAL BRITISH VIRGIN ISLANDS			6,083,162
Canada - 1.1%
Addax Petroleum, Inc.	152,600		6,147,793
Addax Petroleum, Inc. (e)	20,700		833,941
Aurelian Resources, Inc. (a)	801,400		6,388,521
Eastern Platinum Ltd. (a)	4,871,900		15,195,104
First Quantum Minerals Ltd.	167,600		12,557,266
Frontera Copper Corp. (a)	1,320,800		6,922,832
Ivanhoe Mines Ltd. (a)	520,000		5,103,881
JumpTV, Inc.	1,044,042		1,560,523
SouthGobi Energy Resources Ltd. (a)	415,000		3,903,742
Uranium One, Inc. (a)	241,500		1,679,707
Uranium One, Inc. (South Africa) (a)	604,939		4,195,958
TOTAL CANADA			64,489,268
Cayman Islands - 1.3%
Agile Property Holdings Ltd.	10,228,000		11,293,831
Chaoda Modern Agriculture (Holdings) Ltd.	28,995,063		29,376,398
China Aoyuan Property Group Ltd.	596,000		226,248
CNinsure, Inc. ADR	27,400		294,276
E-House China Holdings Ltd. ADR sponsored ADR (d)	81,200		1,500,576
Giant Interactive Group, Inc. ADR (d)	84,500		837,395
Hidili Industry International Development Ltd.	2,183,000		3,006,806
Integra Group unit	418,000		5,538,500
Lee & Man Paper Manufacturing Ltd.	6,938,700		15,483,700
NagaCorp Ltd.	7,800,000		1,990,651
Neo-Neon Holdings Ltd.	3,717,000		2,264,298
Xinyuan Real Estate Co. Ltd. ADR	224,300		2,949,545
Zhong An Real Estate Ltd.	509,000		250,014
TOTAL CAYMAN ISLANDS			75,012,238
Chile - 0.3%
Lan Airlines SA sponsored ADR (d)	1,271,300		16,425,196
Common Stocks - continued
	Shares		Value
China - 4.3%
Anhui Conch Cement Co. Ltd. (H Shares)	2,144,000		$ 11,465,902
China Coal Energy Co. Ltd. (H Shares)	17,416,700		39,937,492
China Communications Construction Co. Ltd. (H Shares)	2,145,000		5,067,157
China Construction Bank Corp. (H Shares)	90,924,000		62,851,363
China Gas Holdings Ltd.	18,639,100		5,234,997
China Hongxing Sports Ltd.	5,160,000		2,239,520
China Petroleum & Chemical Corp. (H Shares)	6,984,000		7,516,181
Digital China Holdings Ltd. (H Shares)	4,263,000		3,050,682
First Tractor Co. Ltd. (H Shares) (a)	9,664,800		4,734,822
Golden Eagle Retail Group Ltd. (H Shares) (a)	5,854,000		6,043,604
Guangzhou R&F Properties Co. Ltd. (H Shares)	1,202,400		3,130,346
Industrial & Commercial Bank of China	60,752,000		36,073,557
Parkson Retail Group Ltd.	1,124,000		9,629,199
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	5,059,500		35,168,536
Yantai Changyu Pioneer Wine Co. (B Shares)	1,408,650		9,986,620
TOTAL CHINA			242,129,978
Colombia - 0.1%
BanColombia SA sponsored ADR	97,400		3,254,134
Cyprus - 0.4%
Mirland Development Corp. PLC	903,405		8,954,985
Urals Energy Public Co. Ltd. (a)	728,630		2,358,329
XXI Century Investments Public Ltd. (a)	370,000		8,672,192
TOTAL CYPRUS			19,985,506
Czech Republic - 0.9%
Ceske Energeticke Zavody AS	707,300		47,716,286
Egypt - 1.6%
Commercial International Bank Ltd. sponsored GDR	1,188,175		19,664,296
Eastern Tobacco Co.	128,345		10,392,077
Egyptian Co. for Mobile Services (MobiNil)	153,472		6,075,089
Orascom Construction Industries SAE:
GDR	146,812		30,316,678
GDR (e)	16,120		3,328,780
Orascom Hotels & Development (OHD) (a)	1,503,349		20,829,127
TOTAL EGYPT			90,606,047
Estonia - 0.0%
Olympic Entertainment Group AS	99,600		429,467
Georgia - 0.2%
Bank of Georgia:
ADR (a)(e)	81,200		2,233,000
unit (a)	225,200		6,193,000
TOTAL GEORGIA			8,426,000
	Shares		Value
Hong Kong - 5.3%
China Mobile (Hong Kong) Ltd.	11,428,900		$ 172,804,968
China Overseas Land & Investment Ltd. warrants 8/27/08 (a)	103,166		31,621
China Resources Power Holdings Co. Ltd.	5,343,500		12,760,065
China Seven Star Shopping Ltd. (a)	12,250,000		227,799
CNOOC Ltd.	31,119,000		45,349,719
CNOOC Ltd. sponsored ADR (d)	98,000		14,281,540
CNPC (Hong Kong) Ltd.	33,386,000		15,585,228
Kerry Properties Ltd.	1,770,617		11,728,497
REXCAPITAL Financial Holdings Ltd. (a)	63,095,000		8,091,748
Shanghai Industrial Holdings Ltd. (H Shares)	2,668,000		9,905,623
Sinotrans Shipping Ltd.	6,120,500		3,704,898
TOTAL HONG KONG			294,471,706
India - 8.0%
Axis Bank Ltd.	101,500		2,896,161
Bank of India	897,000		8,057,700
Bharat Heavy Electricals Ltd.	430,592		22,585,252
Bharti Airtel Ltd. (a)	1,199,638		26,229,864
Blue Star Ltd.	733,363		9,207,178
Cairn India Ltd.	1,878,648		9,304,760
Educomp Solutions Ltd.	66,169		5,670,185
Federal Bank Ltd.:
GDR	499,884		3,930,777
GDR (e)	674,600		5,304,635
HCL Technologies Ltd.	1,943,082		11,953,813
Housing Development Finance Corp. Ltd.	279,000		20,165,705
Indiabulls Real Estate Ltd. (a)	175,000		2,814,568
Indiabulls Real Estate Ltd. sponsored GDR (a)	719,116		11,649,679
Indian Overseas Bank	2,779,841		11,745,409
ITC Ltd.	1,500		7,468
Jaiprakash Associates Ltd.	3,023,665		27,888,844
JSW Steel Ltd.	446,072		11,010,415
LANCO Infratech Ltd. (a)	1,255,702		15,178,394
Larsen & Toubro Ltd.	390,748		36,277,987
Pantaloon Retail India Ltd.	494,132		8,030,800
Punjab National Bank	589,351		10,198,784
Reliance Industries Ltd.	1,468,400		92,668,449
Rolta India Ltd.	1,310,533		7,745,423
Sintex Industries Ltd.	951,648		11,723,586
State Bank of India	459,592		28,104,662
State Bank of India rights 4/4/08 (a)	91,918		1,351,040
Steel Authority of India Ltd.	3,906,039		21,359,907
Tata Power Co. Ltd.	458,393		14,913,527
United Phosphorous Ltd.	1,033,895		9,116,332
TOTAL INDIA			447,091,304
Indonesia - 4.8%
PT Astra Agro Lestari Tbk	8,120,000		26,539,367
PT Astra International Tbk	9,870,500		29,109,400
Common Stocks - continued
	Shares		Value
Indonesia - continued
PT Bakrie & Brothers Tbk (a)	424,994,000		$ 14,028,468
PT Bank Mandiri Persero Tbk	69,026,000		24,838,877
PT Bank Niaga Tbk	96,530,000		7,417,341
PT Bank Rakyat Indonesia Tbk	23,606,500		17,883,694
PT Bumi Resources Tbk	91,862,000		63,627,296
PT Indocement Tunggal Prakarsa Tbk	9,680,000		8,119,040
PT International Nickel Indonesia Tbk	23,485,000		20,206,230
PT Medco Energi International Tbk	24,705,000		10,828,479
PT Perusahaan Gas Negara Tbk Series B	21,963,800		31,852,232
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk (a)	9,987,000		13,078,201
TOTAL INDONESIA			267,528,625
Ireland - 0.1%
Dragon Oil plc (a)	1,064,000		8,215,474
Israel - 1.5%
Bank Hapoalim BM (Reg.)	4,772,945		21,961,302
Israel Chemicals Ltd.	3,714,600		47,444,742
Ormat Industries Ltd.	579,600		7,666,416
Orpak Systems Ltd.	832,800		2,800,608
Queenco Leisure International Ltd. GDR (a)	171,800		2,784,493
TOTAL ISRAEL			82,657,561
Kazakhstan - 0.5%
JSC Halyk Bank of Kazakhstan:
GDR (e)	333,200		5,581,100
unit	373,100		6,249,425
KazMunaiGas Exploration & Production JSC (Reg. S) GDR	678,500		17,708,850
TOTAL KAZAKHSTAN			29,539,375
Korea (South) - 10.9%
Asia Cement Co. Ltd.	11,140		607,840
CJ CheilJedang Corp. (a)	14,902		4,547,094
CJ Corp.	18,811		1,385,140
Daewoo Shipbuilding & Marine Engineering Co. Ltd.	376,210		11,718,568
Doosan Co. Ltd. (a)	144,730		19,780,858
GS Engineering & Construction Corp.	203,100		24,315,613
GS Holdings Corp.	159,060		6,740,899
Hanil Cement Co. Ltd.	22,480		2,374,588
Hanjin Heavy Industries & Consolidated Co. Ltd. (a)	282,184		12,347,508
Hyundai Engineering & Construction Co. Ltd. (a)	267,058		19,664,697
Hyundai Heavy Industries Co. Ltd.	80,911		26,746,011
Hyundai Mipo Dockyard Co. Ltd.	19,813		3,684,039
Hyundai Steel Co.	192,200		13,052,938
Kyeryong Construction Industrial Co. Ltd.	338,240		13,904,442
LG Chemical Ltd.	158,453		13,061,015
	Shares		Value
LG Electronics, Inc.	83,080		$ 7,922,019
LG Household & Health Care Ltd.	134,240		23,893,958
MegaStudy Co. Ltd.	104,119		32,674,722
NHN Corp. (a)	167,335		35,457,952
POSCO	160,320		86,457,435
Samsung Electronics Co. Ltd.	192,246		121,191,215
Samsung Fire & Marine Insurance Co. Ltd.	95,800		19,031,089
Samwhan Corp.	81,430		1,609,015
Shinhan Financial Group Co. Ltd.	1,015,090		54,936,651
SK Chemicals Co. Ltd.	83,950		4,296,004
SK Energy Co. Ltd.	234,574		28,208,020
Taewoong Co. Ltd.	152,688		12,909,358
Woori Investment & Securities Co. Ltd.	466,310		10,152,744
TOTAL KOREA (SOUTH)			612,671,432
Lebanon - 0.1%
Solidere GDR	333,800		7,176,700
Luxembourg - 0.6%
Evraz Group SA GDR	454,400		33,034,880
Malaysia - 2.0%
Bandar Raya Developments BHD	3,200,000		2,472,570
DiGi.com Bhd	1,275,500		9,540,133
Gamuda Bhd	8,091,400		12,754,177
Genting Bhd	8,068,800		18,204,988
IJM Corp. Bhd	2,748,000		6,369,958
KNM Group Bhd	8,559,600		18,783,236
Parkson Holdings Bhd	2,747,810		6,539,372
Public Bank BHD	7,023,000		24,744,924
Steppe Cement Ltd. (a)	1,599,200		7,420,470
UEM World BHD	5,214,400		6,091,928
TOTAL MALAYSIA			112,921,756
Mauritius - 0.2%
Golden Agri-Resources Ltd.	6,412,000		8,642,851
Mexico - 3.7%
Alsea SAB de CV	4,268,500		5,475,569
America Movil SAB de CV Series L sponsored ADR	1,963,800		117,651,258
Banco Compartamos SA de CV	1,766,500		7,675,824
Desarrolladora Homex Sab de CV sponsored ADR (a)	96,600		5,306,238
Grupo Aeroportuario Norte Sab de CV ADR	543,100		12,790,005
Grupo Mexico SA de CV Series B	4,610,531		27,033,858
Megacable Holdings SAB de CV unit	2,740,200		7,971,583
Urbi, Desarrollos Urbanos, SA de CV (a)	6,291,600		22,213,508
TOTAL MEXICO			206,117,843
Netherlands - 0.4%
A&D Pharma Holdings NV (Reg. S) unit	55,300		1,192,311
AmRest Holdings NV (a)	88,900		4,405,261
Common Stocks - continued
	Shares		Value
Netherlands - continued
Kardan NV	168,000		$ 2,420,204
X5 Retail Group NV unit (a)	400,000		12,840,000
TOTAL NETHERLANDS			20,857,776
Nigeria - 0.2%
Guaranty Trust Bank PLC:
(Reg. S) unit	264,000		3,400,320
sponsored GDR (e)	440,800		5,677,504
TOTAL NIGERIA			9,077,824
Oman - 0.4%
BankMuscat SAOG sponsored:
GDR (e)	406,257		7,922,012
GDR	848,000		16,536,000
TOTAL OMAN			24,458,012
Pakistan - 0.1%
MCB Bank Ltd. (a)	380,190		2,358,167
MCB Bank Ltd. unit (e)	192,395		4,983,031
TOTAL PAKISTAN			7,341,198
Panama - 0.1%
Intergroup Financial Services Corp. (e)	222,096		3,664,584
Philippines - 1.0%
Alliance Global Group, Inc. (a)	20,753,000		2,208,859
Ayala Corp.	676,800		7,831,782
GMA Networks, Inc. unit	7,992,000		1,186,931
International Container Terminal Services, Inc.	5,614,000		5,280,495
Megaworld Corp.	120,318,000		8,189,963
PNOC Energy Development Corp.	54,693,000		8,122,723
Robinsons Land Corp.	14,515,000		4,940,130
Security Bank Corp.	3,065,000		5,083,045
SM Investments Corp.	1,302,957		9,675,423
Vista Land & Lifescapes, Inc.	47,900,000		5,453,960
TOTAL PHILIPPINES			57,973,311
Poland - 0.3%
BRE Bank SA (a)	47,736		7,254,082
Globe Trade Centre SA (a)	756,500		11,249,175
TOTAL POLAND			18,503,257
Romania - 0.0%
Banca Transilvania SA (a)	9,511,332		2,716,058
Russia - 11.2%
JSC MMC 'Norilsk Nickel' sponsored ADR	231,200		56,412,800
LSR Group OJSC (a)	124,500		8,403,750
Lukoil Oil Co. sponsored ADR	509,259		35,469,889
Magnitogorsk Iron & Steel Works (a)(g)	892,800		937,440
Mechel Steel Group OAO sponsored ADR (d)	237,500		22,116,000
	Shares		Value
Mobile TeleSystems OJSC sponsored ADR	706,100		$ 58,726,337
Novorossiysk Commercial Sea Port JSC ADR (a)(e)	331,200		4,491,072
OAO Gazprom sponsored ADR	4,600,206		224,490,049
OAO Raspadskaya (a)	1,180,000		7,493,000
OAO TatNeft unit	277,600		27,760,000
OAO TMK	1,540,400		13,940,620
OAO TMK unit	104,100		3,747,600
OJSC Rosneft unit	674,800		4,784,332
Open Investments (a)	9,353		2,403,721
Rosinter Restaurants Holding	64,000		3,520,000
Sberbank (Savings Bank of the Russian Federation)	5,720,000		20,592,000
Sberbank (Savings Bank of the Russian Federation) GDR	138,100		64,136,766
Sistema-Hals JSC (a)	25,221		4,302,703
Sistema-Hals JSC unit (a)	87,000		742,110
Uralkali JSC (a)	2,099,300		14,485,170
Uralkali JSC unit (a)	134,100		4,257,675
Vimpel Communications sponsored ADR	1,231,000		42,395,640
VSMPO-Avisma Corp. (a)	17,100		4,257,900
TOTAL RUSSIA			629,866,574
Singapore - 0.7%
Keppel Corp. Ltd.	1,710,800		13,667,083
Olam International Ltd.	3,567,000		6,519,781
Straits Asia Resources Ltd.	8,905,000		21,304,128
TOTAL SINGAPORE			41,490,992
Slovenia - 0.1%
Nova Kreditna banka Maribor d.d.	105,899		5,999,474
South Africa - 6.2%
African Bank Investments Ltd.	3,639,526		13,717,031
African Rainbow Minerals Ltd.	651,866		13,259,085
Aspen Pharmacare Holdings Ltd.	2,310,300		9,922,931
Bell Equipment Ltd.	496,263		2,946,186
Bidvest Group Ltd.	1,375,200		19,078,278
Blue Label Telecoms Ltd.	2,301,100		2,460,477
Exxaro Resources Ltd.	792,400		12,094,688
FirstRand Ltd.	12,639,756		28,700,813
Illovo Sugar Ltd.	1,526,903		4,885,447
Impala Platinum Holdings Ltd.	1,928,628		73,299,503
Kumba Iron Ore Ltd.	578,700		22,350,679
Mr. Price Group Ltd.	2,997,847		7,676,707
MTN Group Ltd.	3,323,200		53,042,656
Murray & Roberts Holdings Ltd.	2,869,800		33,306,424
Nedbank Group Ltd.	1,280,090		19,009,032
Raubex Group Ltd.	2,498,498		12,840,005
Sasol Ltd. sponsored ADR	250,000		12,012,500
Shoprite Holdings Ltd.	1,374,151		6,532,783
TOTAL SOUTH AFRICA			347,135,225
Taiwan - 5.4%
Asia Cement Corp.	7,873,000		11,347,431
Common Stocks - continued
	Shares		Value
Taiwan - continued
AU Optronics Corp.	12,864,000		$ 21,473,864
AU Optronics Corp. sponsored ADR (d)	900,105		14,932,742
China Steel Corp.	25,445,950		35,992,094
Chung Hwa Pulp Corp.	6,000		3,015
Delta Electronics, Inc.	541,677		1,386,904
Everlight Electronics Co. Ltd.	1,821,713		5,275,698
Feng Tay Enterprise Co. Ltd.	825,400		559,435
Formosa Chemicals & Fibre Corp.	10,185,000		21,190,279
Foxconn Technology Co. Ltd.	1,978,325		11,345,820
Greatek Electronics, Inc.	3,075,240		3,320,941
Hon Hai Precision Industry Co. Ltd. (Foxconn)	13,880,828		74,508,824
Innolux Display Corp.	10,190,631		21,873,267
MediaTek, Inc.	2,725,700		27,152,435
Shin Kong Financial Holding Co. Ltd.	5,319,164		3,683,718
Siliconware Precision Industries Co. Ltd.	14,904,726		23,279,800
Taiwan Cement Corp.	18,590,400		24,159,140
TOTAL TAIWAN			301,485,407
Thailand - 1.0%
Mermaid Maritime PLC	5,066,000		4,254,439
Minor International PCL (For. Reg.)	24,050,794		11,140,695
PTT Public Co. Ltd. (For. Reg.)	3,717,900		36,694,986
Total Access Communication PCL (a)	3,390,000		4,101,900
Total Access Communication PCL unit (a)	1,923,000		2,518,006
TOTAL THAILAND			58,710,026
Turkey - 3.2%
Aksigorta AS	1,408,000		5,767,291
Anadolu Efes Biracilik ve Malt Sanyii AS	2,358,631		23,347,800
Asya Katilim Bankasi AS (a)	2,936,000		24,553,313
Bagfas Bandirma Gubre Fabrikalari AS	88,000		7,772,326
Enka Insaat ve Sanayi AS	2,063,072		29,048,673
Tekfen Holding AS	1,270,000		6,936,041
Tofas Turk Otomobil Fabrikasi AS	2,943,000		13,310,492
Tupras-Turkiye Petrol Rafinerileri AS	1,243,400		31,301,190
Turkiye Garanti Bankasi AS	5,524,500		34,886,120
TOTAL TURKEY			176,923,246
United Arab Emirates - 0.1%
DP World Ltd.	7,141,100		6,926,867
United Kingdom - 0.8%
Aricom PLC (a)	4,405,800		5,387,264
Aricom PLC warrants 5/6/10 (a)(f)	176,800		65,922
Imperial Energy PLC (a)	310,600		9,011,092
Prosperity Mineral Holdings Ltd.	711,000		2,000,661
Sibir Energy PLC	2,072,044		20,889,200
Vedanta Resources PLC	203,000		7,370,945
TOTAL UNITED KINGDOM			44,725,084
	Shares		Value
United States of America - 1.1%
BMB Munai, Inc. (a)	1,115,762		$ 5,634,598
Central European Distribution Corp. (a)(d)	192,300		10,109,211
CTC Media, Inc. (a)	645,017		17,215,504
Freeport-McMoRan Copper & Gold, Inc. Class B	69,000		6,143,070
Golden Telecom, Inc. (a)	171,000		17,563,410
Pricesmart, Inc.	237,059		6,746,699
TOTAL UNITED STATES OF AMERICA			63,412,492
Vietnam - 0.1%
Luks Group (Vietnam Holdings) Co. Ltd.	3,946,000		4,129,473
TOTAL COMMON STOCKS (Cost $4,033,574,941)		5,418,981,613
Nonconvertible Preferred Stocks - 0.2%
Brazil - 0.0%
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)	38,250		1,789,639
Korea (South) - 0.1%
Samsung Electronics Co. Ltd.	14,270		6,501,137
South Africa - 0.1%
Allied Electronics Corp. Ltd.	628,500		3,141,667
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $9,401,184)		11,432,443
Investment Companies - 0.2%
Romania - 0.2%
SIF 1 Banat-Crisana Arad Fund (a)	2,651,100		2,869,374
SIF 3 Transilvania Brasov Fund (a)	8,137,600		5,850,063
SIF 4 Muntenia Bucuresti Fund (a)	2,731,000		1,974,204
SIF 5 Oltenia Craiova Fund (a)	1,203,500		1,672,696
TOTAL INVESTMENT COMPANIES (Cost $13,001,363)		12,366,337

Convertible Bonds - 0.0%
		Principal Amount
Brazil - 0.0%
Companhia de Saneamento de Minas Gerais 2.3% 6/1/13 (f) (Cost $302,546)	BRL	4,841	262,003

Money Market Funds - 3.3%
	Shares		Value
Fidelity Cash Central Fund, 3.79% (b)	131,484,615		$ 131,484,615
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	52,987,850		52,987,850
TOTAL MONEY MARKET FUNDS (Cost $184,472,465)		184,472,465

TOTAL INVESTMENT PORTFOLIO - 100.4% (Cost $4,240,752,499) 5,627,514,861

NET OTHER ASSETS - (0.4)%		(19,927,660)
NET ASSETS - 100%	$ 5,607,587,201

Currency Abbreviation
BRL	-	Brazilian real

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 $47,006,759 or 0.8% 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 $327,925 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aricom PLC warrants 5/6/10	5/11/07	$ 0
Companhia de Saneamento de Minas Gerais 2.3% 6/1/13	8/22/07	$ 302,546

(g) A portion of the security is subject to a forward commitment to sell.

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	$ 1,087,920
Fidelity Securities Lending Cash Central Fund	88,121
Total	$ 1,176,041

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $4,249,742,170. Net unrealized appreciation aggregated $1,377,772,691, of which $1,703,509,350 related to appreciated investment securities and $325,736,659 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 available 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Europe Capital Appreciation Fund

January 31, 2008

1.813014.103

ECA-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.3%
	Shares		Value
Argentina - 0.3%
Cresud S.A.C.I.F. y A. sponsored ADR	156,000		$ 2,695,680
Australia - 1.3%
CSL Ltd.	454,944		13,934,736
Belgium - 1.7%
Fortis	404,100		9,040,004
InBev SA	109,000		8,996,949
TOTAL BELGIUM			18,036,953
Bermuda - 1.2%
Aquarius Platinum Ltd. (United Kingdom)	429,300		5,190,869
SeaDrill Ltd. (a)(d)	359,600		7,535,852
TOTAL BERMUDA			12,726,721
Cyprus - 1.4%
Bank of Cyprus Public Co. Ltd.	688,200		10,748,765
Marfin Popular Bank Public Co.	381,900		3,873,455
TOTAL CYPRUS			14,622,220
Denmark - 0.4%
Vestas Wind Systems AS (a)	39,400		3,827,409
Finland - 2.7%
Neste Oil Oyj	239,400		7,688,506
Nokia Corp. sponsored ADR	576,850		21,314,608
TOTAL FINLAND			29,003,114
France - 14.7%
Alstom SA	43,300		8,745,375
AXA SA	302,200		10,371,504
BNP Paribas SA	85,200		8,452,773
Electricite de France	91,100		9,502,929
Eutelsat Communications	367,364		9,756,748
Groupe Danone	169,200		13,747,500
Pernod Ricard SA	112,400		11,959,509
Pinault Printemps-Redoute SA	58,300		8,206,598
Remy Cointreau SA	106,500		6,424,344
Renault SA	43,900		5,011,436
Societe Generale Series A	18,600		2,336,785
Suez SA (France)	234,000		14,157,000
Total SA sponsored ADR	363,400		26,448,252
Veolia Environnement	164,487		13,532,021
Vivendi	185,520		7,476,892
TOTAL FRANCE			156,129,666
Germany - 14.6%
Adidas-Salomon AG	176,900		11,284,791
Bayer AG	187,266		15,355,812
Continental AG	73,400		7,622,446
Deutsche Boerse AG	72,500		12,687,968
E.ON AG	127,200		23,647,636
K&S AG	10,900		2,757,783
Linde AG	87,600		11,432,358
	Shares		Value
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (d)	74,400		$ 13,369,289
RWE AG (d)	144,700		17,765,796
SAP AG sponsored ADR (d)	151,700		7,251,260
Siemens AG (Reg.) (d)	187,500		24,337,500
SolarWorld AG	160,900		7,134,832
TOTAL GERMANY			154,647,471
Greece - 0.6%
Public Power Corp. of Greece	143,100		6,711,677
Ireland - 1.6%
Anglo Irish Bank Corp. plc	585,000		8,311,917
CRH PLC	218,400		8,293,126
TOTAL IRELAND			16,605,043
Italy - 4.8%
Fiat SpA	342,300		8,010,501
Finmeccanica SpA	211,800		6,331,630
IFIL Finanziaria di Partecipazioni SpA	138,000		1,115,892
Intesa Sanpaolo SpA (d)	2,719,800		19,361,583
Prysmian SpA	44,800		900,107
UniCredit SpA	1,987,000		14,674,677
TOTAL ITALY			50,394,390
Luxembourg - 1.0%
ArcelorMittal SA (France)	159,000		10,553,439
Netherlands - 1.5%
Koninklijke KPN NV	877,200		15,923,065
Norway - 2.7%
Orkla ASA (A Shares)	297,150		3,934,741
Petroleum Geo-Services ASA	326,700		7,020,783
Pronova BioPharma ASA	2,153,800		7,804,056
Renewable Energy Corp. AS (a)	164,300		4,295,253
Telenor ASA	270,000		5,508,000
TOTAL NORWAY			28,562,833
Papua New Guinea - 0.1%
Lihir Gold Ltd. (a)	259,426		865,325
Russia - 0.9%
OAO Gazprom sponsored ADR	202,500		9,882,000
Spain - 4.1%
Banco Santander SA	448,200		7,929,843
Compania de Distribucion Integral Logista SA	21,000		1,660,608
Inditex SA	134,400		6,753,148
Telefonica SA sponsored ADR	303,500		26,647,300
TOTAL SPAIN			42,990,899
Sweden - 2.0%
Atlas Copco AB (A Shares)	438,600		6,184,260
Common Stocks - continued
	Shares		Value
Sweden - continued
H&M Hennes & Mauritz AB (B Shares)	147,550		$ 7,998,686
TELE2 AB (B Shares)	344,950		7,072,555
TOTAL SWEDEN			21,255,501
Switzerland - 14.3%
ABB Ltd. (Reg.)	560,740		14,023,613
Credit Suisse Group (Reg.)	68,006		3,860,701
Julius Baer Holding AG	138,009		9,693,459
Lindt & Spruengli AG	337		10,940,210
Nestle SA (Reg.)	67,145		30,201,821
Novartis AG (Reg.)	343,349		17,376,893
Roche Holding AG (participation certificate)	234,283		42,855,046
Sonova Holding AG	109,991		9,831,696
Syngenta AG sponsored ADR	188,400		9,936,216
UBS AG (NY Shares)	75,800		3,129,782
TOTAL SWITZERLAND			151,849,437
United Kingdom - 24.4%
3i Group plc	384,965		7,210,351
Autonomy Corp. PLC (a)	107,100		1,957,384
Barclays PLC	328,400		3,097,633
BG Group PLC	1,279,900		27,978,614
easyJet PLC (a)	360,800		3,380,679
GlaxoSmithKline PLC	513,700		12,169,553
HSBC Holdings PLC sponsored ADR (d)	251,200		18,885,216
Kesa Electricals PLC	462,400		2,224,348
Lloyds TSB Group PLC	648,500		5,663,724
Man Group plc	795,987		8,764,081
Misys PLC	974,600		3,400,241
Reckitt Benckiser Group PLC	370,100		19,386,330
Rio Tinto PLC (Reg.)	157,900		16,064,351
Royal Bank of Scotland Group PLC	707,500		5,454,606
Royal Dutch Shell PLC Class A (United Kingdom)	1,417,100		50,806,221
Signet Group PLC	2,268,500		2,973,865
Standard Chartered PLC (United Kingdom)	417,600		14,003,911
Tesco PLC	1,093,700		9,143,081
Tullow Oil PLC	367,400		4,402,372
	Shares		Value
Vodafone Group PLC	3,535,400		$ 12,303,192
Vodafone Group PLC sponsored ADR	486,250		16,921,500
Xstrata PLC	164,200		12,642,582
TOTAL UNITED KINGDOM			258,833,835
TOTAL COMMON STOCKS (Cost $1,021,928,127)		1,020,051,414
Nonconvertible Preferred Stocks - 0.4%
Italy - 0.4%
Istituto Finanziario Industriale SpA (IFI) (a) (Cost $2,587,620)	129,911		3,805,611
Money Market Funds - 11.5%
Fidelity Cash Central Fund, 3.79% (b)	33,642,316		33,642,316
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	88,422,845		88,422,845
TOTAL MONEY MARKET FUNDS (Cost $122,065,161)		122,065,161

TOTAL INVESTMENT PORTFOLIO - 108.2% (Cost $1,146,580,908) 1,145,922,186

NET OTHER ASSETS - (8.2)%	(86,361,590)
NET ASSETS - 100%	$ 1,059,560,596

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	$ 271,373
Fidelity Securities Lending Cash Central Fund	153,702
Total	$ 425,075

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,147,071,343. Net unrealized depreciation aggregated $1,149,157, of which $82,638,753 related to appreciated investment securities and $83,787,910 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Europe Fund

January 31, 2008

1.813067.103

EUR-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.5%
	Shares		Value
Austria - 2.2%
Erste Bank AG	755,600		$ 41,098,298
Raiffeisen International Bank Holding AG	488,000		62,340,627
TOTAL AUSTRIA			103,438,925
Belgium - 0.5%
InBev SA	322,100		26,586,396
Czech Republic - 1.1%
Ceske Energeticke Zavody AS	769,300		51,898,966
Denmark - 0.6%
Vestas Wind Systems AS (a)	279,400		27,141,577
Finland - 2.1%
Nokia Corp.	2,660,850		98,318,407
France - 12.8%
Electricite de France	1,988,600		207,437,162
Essilor International SA	850,300		49,291,246
France Telecom SA	2,042,000		72,205,120
L'Oreal SA	512,700		62,805,750
Sodexho Alliance SA (d)	211,400		11,504,658
Total SA Series B	697,800		50,785,884
Veolia Environnement	873,300		71,844,669
Vinci SA	1,187,700		81,212,133
TOTAL FRANCE			607,086,622
Germany - 16.5%
Bayer AG	2,552,500		209,305,000
E.ON AG	1,153,400		214,427,546
Hochtief AG	108,100		10,886,776
Linde AG	933,500		121,827,697
Merck KGaA	104,300		12,900,703
RWE AG	267,600		32,855,059
Siemens AG (Reg.) (d)	750,600		97,427,880
Wincor Nixdorf AG	1,068,300		82,884,353
TOTAL GERMANY			782,515,014
Italy - 2.4%
ENI SpA	1,531,300		49,407,395
Tod's SpA (d)	599,800		35,092,795
UniCredit SpA	4,348,700		32,116,642
TOTAL ITALY			116,616,832
Luxembourg - 1.1%
ArcelorMittal SA (France)	766,300		50,862,265
Netherlands - 1.2%
Heineken NV (Bearer)	1,056,300		58,730,280
Norway - 1.5%
Telenor ASA	3,495,400		71,306,160
Russia - 1.8%
OAO Gazprom sponsored ADR	1,728,600		84,355,680
Spain - 4.7%
Banco Bilbao Vizcaya Argentaria SA	995,200		20,958,912
	Shares		Value
Banco Santander SA	1,866,300		$ 33,019,782
Telefonica SA	5,843,000		171,005,134
TOTAL SPAIN			224,983,828
Sweden - 7.1%
Elekta AB (B Shares)	2,434,000		39,950,332
H&M Hennes & Mauritz AB (B Shares)	1,814,350		98,355,917
Hexagon AB (B Shares)	3,763,275		66,526,885
Nordea Bank AB	2,365,500		32,290,717
Scania AB (B Shares)	1,856,500		38,519,158
TeliaSonera AB	6,869,000		61,047,404
TOTAL SWEDEN			336,690,413
Switzerland - 12.9%
ABB Ltd. (Reg.)	3,917,479		97,972,699
Compagnie Financiere Richemont unit	886,965		50,734,579
Geberit AG (Reg.)	189,351		26,369,826
Julius Baer Holding AG	507,970		35,678,735
Roche Holding AG (participation certificate)	669,333		122,434,392
Schindler Holding AG (participation certificate)	786,544		47,127,251
SGS Societe Generale de Surveillance Holding SA (Reg.)	42,492		55,417,009
Syngenta AG (Switzerland)	670,639		176,847,504
TOTAL SWITZERLAND			612,581,995
United Kingdom - 26.0%
Anglo American PLC (United Kingdom)	463,600		25,617,278
AstraZeneca PLC (United Kingdom)	541,000		22,640,850
BG Group PLC	5,292,700		115,698,422
BHP Billiton PLC	894,600		27,053,019
BP PLC	4,441,700		47,193,063
British American Tobacco PLC	1,809,400		63,926,102
Capita Group PLC	3,381,516		44,327,635
GlaxoSmithKline PLC	2,027,600		48,033,844
HSBC Holdings PLC (United Kingdom) (Reg.)	3,196,100		48,056,560
Investec PLC	3,877,400		33,010,071
Rio Tinto PLC (Reg.)	269,700		27,438,604
Royal Dutch Shell PLC Class A (Netherlands)	3,586,600		128,059,553
Serco Group PLC	5,626,400		47,116,025
Smith & Nephew PLC	2,129,800		28,688,406
Tesco PLC	22,924,873		191,646,668
Unilever PLC	2,930,700		96,126,960
Vodafone Group PLC	69,012,100		240,162,110
TOTAL UNITED KINGDOM			1,234,795,170
TOTAL COMMON STOCKS (Cost $4,037,005,178)		4,487,908,530
Nonconvertible Preferred Stocks - 0.5%
	Shares		Value
Germany - 0.5%
Henkel KGaA (Cost $21,960,108)	471,300		$ 21,491,920
Money Market Funds - 7.8%
Fidelity Cash Central Fund, 3.79% (b)	251,492,881		251,492,881
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	118,278,798		118,278,798
TOTAL MONEY MARKET FUNDS (Cost $369,771,679)		369,771,679

TOTAL INVESTMENT PORTFOLIO - 102.8% (Cost $4,428,736,965) 4,879,172,129

NET OTHER ASSETS - (2.8)%		(132,078,502)
NET ASSETS - 100%	$ 4,747,093,627

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	$ 1,738,932
Fidelity Securities Lending Cash Central Fund	655,429
Total	$ 2,394,361

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $4,434,115,850. Net unrealized appreciation aggregated $445,056,279, of which $677,199,954 related to appreciated investment securities and $232,143,675 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Discovery Fund

January 31, 2008

1.813016.103

IGI-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.3%
	Shares		Value (000s)
Australia - 6.7%
ABB Grain Ltd.	1,700,680		$ 13,221
AMP Ltd.	3,054,821		23,008
AXA Asia Pacific Holdings Ltd.	3,949,651		21,001
Babcock & Brown Japan Property Trust	14,813,600		16,205
Babcock & Brown Ltd. (d)	4,188,299		67,410
Babcock & Brown Wind Partners	7,081,600		8,731
Brambles Ltd.	3,864,957		36,977
Cochlear Ltd.	1,233,107		77,120
Commonwealth Bank of Australia	2,637,524		116,828
Computershare Ltd.	6,844,068		48,603
CSL Ltd.	6,334,338		194,018
Goodman Group unit	4,802,032		18,859
Macquarie Group Ltd.	610,316		35,571
Mortgage Choice Ltd.	2,899,300		5,147
QBE Insurance Group Ltd.	2,074,346		51,707
Seek Ltd.	3,139,317		17,565
United Group Ltd.	556,800		7,554
Woolworths Ltd.	2,822,663		72,891
WorleyParsons Ltd.	1,820,190		64,075
TOTAL AUSTRALIA			896,491
Austria - 0.0%
Strabag SE	117,400		6,861
Belgium - 0.2%
Hansen Transmission International NV	6,191,000		29,547
Bermuda - 0.8%
Aquarius Platinum Ltd. (United Kingdom)	4,644,900		56,164
Ports Design Ltd.	4,763,900		13,747
Sinofert Holdings Ltd.	40,172,900		31,891
TOTAL BERMUDA			101,802
Brazil - 0.9%
Bolsa de Mercadorias & Futuros - BM&F SA	1,039,000		9,362
Bovespa Holding SA	2,235,800		32,832
Petroleo Brasileiro SA - Petrobras sponsored ADR	366,800		40,766
Uniao de Bancos Brasileiros SA (Unibanco) GDR	337,000		44,080
TOTAL BRAZIL			127,040
Canada - 2.0%
Barrick Gold Corp.	318,600		16,448
Goldcorp, Inc.	424,000		15,776
Niko Resources Ltd.	498,400		42,269
Common Stocks - continued
	Shares		Value (000s)
Canada - continued
Open Text Corp. (a)(d)	883,700		$ 27,430
Petrobank Energy & Resources Ltd. (a)	54,600		2,744
Potash Corp. of Saskatchewan, Inc.	638,100		89,896
Suncor Energy, Inc.	394,800		37,137
Talisman Energy, Inc.	1,883,200		29,762
TOTAL CANADA			261,462
Cayman Islands - 0.6%
Chaoda Modern Agriculture (Holdings) Ltd.	12,757,500		12,925
Lee & Man Paper Manufacturing Ltd.	9,655,000		21,545
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	737,300		40,352
TOTAL CAYMAN ISLANDS			74,822
China - 0.2%
Jiangsu Expressway Co. Ltd. (H Shares)	13,585,200		12,562
Nine Dragons Paper (Holdings) Ltd.	10,792,000		17,439
TOTAL CHINA			30,001
Cyprus - 0.3%
Aisi Realty Public Ltd. (e)	10,023,000		7,375
Marfin Popular Bank Public Co.	2,692,059		27,304
TOTAL CYPRUS			34,679
Czech Republic - 0.3%
Ceske Energeticke Zavody AS	606,300		40,903
Denmark - 0.7%
Novo Nordisk AS Series B	454,400		28,673
Vestas Wind Systems AS (a)	663,400		64,444
TOTAL DENMARK			93,117
Finland - 1.4%
Nokia Corp. sponsored ADR	5,239,700		193,607
France - 8.6%
Alstom SA	493,700		99,713
AXA SA	1,678,966		57,622
BNP Paribas SA	435,039		43,161
Cap Gemini SA	643,800		35,084
CNP Assurances	218,000		26,663
Electricite de France	918,800		95,843
Eutelsat Communications	1,952,985		51,869
Gaz de France	952,600		51,663
Groupe Danone	501,200		40,723
Common Stocks - continued
	Shares		Value (000s)
France - continued
ICADE	49,839		$ 6,423
L'Oreal SA	309,800		37,951
Neuf Cegetel	688,313		35,804
Orpea (a)	560,828		32,198
Remy Cointreau SA	315,700		19,044
Renault SA	579,900		66,199
Sechilienne-Sidec	174,000		10,615
Societe Generale Series A	188,520		23,684
Suez SA (France)	1,228,100		74,300
Total SA Series B	2,344,176		170,609
Veolia Environnement	1,273,762		104,790
Vivendi	1,482,311		59,741
TOTAL FRANCE			1,143,699
Germany - 11.0%
Allianz AG (Reg.)	629,430		112,290
Bayer AG	535,200		43,886
Bayer AG sponsored ADR	1,353,900		111,020
CompuGROUP Holding AG (a)	519,400		9,795
Continental AG	237,000		24,612
DaimlerChrysler AG (Reg.)	693,600		54,260
Deutsche Boerse AG	753,900		131,937
E.ON AG	1,396,700		259,657
Fresenius Medical Care AG	1,044,200		53,733
GEA Group AG (a)	1,668,100		51,554
Gerresheimer AG	796,986		40,844
Hochtief AG	285,900		28,793
K&S AG	174,100		44,049
Linde AG	530,928		69,289
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	474,000		85,175
Q-Cells AG (a)	155,100		14,595
RWE AG	536,800		65,907
SGL Carbon AG (a)	661,000		33,493
Siemens AG (Reg.) (d)	1,321,000		171,466
SolarWorld AG	797,300		35,355
Wincor Nixdorf AG	256,500		19,901
TOTAL GERMANY			1,461,611
Greece - 0.9%
Marfin Financial Group Holdings SA	1,328,400		9,612
Common Stocks - continued
	Shares		Value (000s)
Greece - continued
National Bank of Greece SA	565,035		$ 34,541
Public Power Corp. of Greece	1,513,945		71,007
TOTAL GREECE			115,160
Hong Kong - 1.6%
China Mobile (Hong Kong) Ltd.	1,595,500		24,124
Esprit Holdings Ltd.	8,115,900		104,917
Li & Fung Ltd.	11,821,900		43,968
Sun Hung Kai Properties Ltd.	1,827,000		35,732
TOTAL HONG KONG			208,741
India - 1.4%
Bharti Airtel Ltd. (a)	1,968,182		43,034
Infosys Technologies Ltd.	1,028,452		39,249
Reliance Industries Ltd.	1,124,702		70,978
Satyam Computer Services Ltd.	3,263,566		32,627
TOTAL INDIA			185,888
Indonesia - 0.7%
PT Bumi Resources Tbk	100,629,500		69,700
PT Perusahaan Gas Negara Tbk Series B	16,625,000		24,110
TOTAL INDONESIA			93,810
Ireland - 0.3%
C&C Group PLC	3,574,400		23,982
Paddy Power PLC (Ireland)	646,097		18,396
TOTAL IRELAND			42,378
Israel - 0.5%
Israel Chemicals Ltd.	4,226,600		53,984
Nice Systems Ltd. sponsored ADR (a)	281,500		8,617
TOTAL ISRAEL			62,601
Italy - 2.5%
A2A SpA	7,499,000		30,153
Edison SpA	9,838,300		25,575
ENI SpA	1,659,200		53,534
ENI SpA sponsored ADR	403,750		26,054
Fiat SpA	2,676,500		62,635
Finmeccanica SpA	1,232,600		36,848
Common Stocks - continued
	Shares		Value (000s)
Italy - continued
Prysmian SpA	1,016,400		$ 20,421
UniCredit SpA	10,574,400		78,096
TOTAL ITALY			333,316
Japan - 13.5%
Aeon Mall Co. Ltd.	822,800		21,048
Asahi Glass Co. Ltd.	3,154,000		39,273
Asics Corp.	4,395,000		57,040
Canon Marketing Japan, Inc.	2,296,500		37,127
Canon, Inc.	2,533,850		107,866
Chiba Bank Ltd.	2,187,000		16,187
East Japan Railway Co.	3,816		31,546
Fujifilm Holdings Corp.	1,573,800		61,787
Ibiden Co. Ltd.	601,300		37,889
Japan Tobacco, Inc.	16,598		87,103
Keyence Corp.	85,600		18,218
Konica Minolta Holdings, Inc.	3,011,500		48,289
Kubota Corp.	6,091,000		43,822
Leopalace21 Corp.	329,500		7,980
Matsui Securities Co. Ltd. (d)	2,233,300		15,438
Mitsubishi Corp.	2,730,100		71,379
Mitsubishi Estate Co. Ltd.	2,104,400		55,811
Mitsui & Co. Ltd.	3,677,000		73,485
Mitsui Fudosan Co. Ltd.	2,421,000		55,328
Murata Manufacturing Co. Ltd.	59,900		2,963
Namco Bandai Holdings, Inc.	1,828,400		25,415
NGK Insulators Ltd.	2,945,900		75,912
Nintendo Co. Ltd.	254,400		125,674
Nippon Building Fund, Inc.	2,590		29,961
Nippon Electric Glass Co. Ltd.	855,000		12,793
Nomura Holdings, Inc.	3,021,400		44,233
NSK Ltd.	3,742,000		32,553
ORIX Corp.	274,410		46,582
Sony Corp. sponsored ADR	838,300		39,811
Sony Financial Holdings, Inc.	1,085		4,153
Sumitomo Corp.	1,959,100		27,011
Sumitomo Electric Industries Ltd.	1,851,800		27,029
Sumitomo Mitsui Financial Group, Inc.	14,760		116,325
Sumitomo Trust & Banking Co. Ltd.	2,478,800		15,713
Takeda Pharmaceutical Co. Ltd.	1,988,100		120,599
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Tokuyama Corp.	3,488,900		$ 24,904
Toyota Motor Corp.	2,743,000		148,876
TOTAL JAPAN			1,807,123
Korea (South) - 1.3%
Korean Reinsurance Co.	946,600		10,882
LG Household & Health Care Ltd.	190,530		33,913
NHN Corp. (a)	296,794		62,890
Samsung Fire & Marine Insurance Co. Ltd.	225,160		44,729
Shinhan Financial Group Co. Ltd.	399,290		21,610
TOTAL KOREA (SOUTH)			174,024
Luxembourg - 0.3%
SES SA (A Shares) FDR unit	1,845,168		44,707
Malaysia - 1.4%
DiGi.com Bhd	4,002,700		29,938
Gamuda Bhd	55,399,400		87,324
IJM Corp. Bhd	8,838,700		20,488
KNM Group Bhd	19,984,600		43,854
TOTAL MALAYSIA			181,604
Mexico - 0.6%
America Movil SAB de CV Series L sponsored ADR	1,262,700		75,648
Netherlands - 1.6%
CNH Global NV	483,300		23,904
Heineken NV (Bearer)	958,100		53,270
Koninklijke KPN NV	4,813,200		87,370
Koninklijke Philips Electronics NV	1,339,400		52,772
TOTAL NETHERLANDS			217,316
Norway - 1.4%
Aker Kvaerner ASA	1,487,135		27,993
Hafslund ASA (B Shares)	674,550		13,648
Petroleum Geo-Services ASA	1,889,000		40,595
Pronova BioPharma ASA	6,497,400		23,543
Renewable Energy Corp. AS (a)	1,148,900		30,035
StatoilHydro ASA	2,164,900		57,016
TOTAL NORWAY			192,830
Common Stocks - continued
	Shares		Value (000s)
Papua New Guinea - 0.4%
Lihir Gold Ltd. (a)	12,986,269		$ 43,316
New Britain Palm Oil Ltd.	679,450		5,979
TOTAL PAPUA NEW GUINEA			49,295
Russia - 0.0%
OAO Gazprom sponsored ADR	112,200		5,475
Singapore - 0.5%
Keppel Corp. Ltd.	2,418,000		19,317
Singapore Exchange Ltd.	5,967,000		40,426
Straits Asia Resources Ltd.	2,158,000		5,163
TOTAL SINGAPORE			64,906
South Africa - 0.2%
JSE Ltd.	2,428,500		22,657
Spain - 3.0%
Banco Santander SA	5,747,500		101,688
Compania de Distribucion Integral Logista SA	38,478		3,043
Grifols SA	1,966,700		48,056
Inditex SA	439,800		22,098
Telefonica SA	7,546,500		220,861
TOTAL SPAIN			395,746
Sweden - 1.1%
H&M Hennes & Mauritz AB (B Shares)	588,550		31,905
Modern Times Group MTG AB (B Shares)	1,087,900		65,994
Scania AB (B Shares)	2,478,500		51,425
TOTAL SWEDEN			149,324
Switzerland - 9.3%
ABB Ltd. sponsored ADR	4,794,400		119,860
Actelion Ltd. (Reg.) (a)	1,334,950		66,734
BB Biotech AG	354,261		26,902
Credit Suisse Group (Reg.)	1,135,271		64,449
EFG International	547,410		16,390
Julius Baer Holding AG	1,007,697		70,778
Lindt & Spruengli AG (participation certificate)	16,675		52,165
Nestle SA (Reg.)	452,626		203,591
Novartis AG (Reg.)	763,970		38,665
Roche Holding AG (participation certificate)	1,127,334		206,212
SGS Societe Generale de Surveillance Holding SA (Reg.)	25,313		33,013
Sonova Holding AG	783,960		70,075
Swiss Life Holding	99,416		24,141
Common Stocks - continued
	Shares		Value (000s)
Switzerland - continued
Syngenta AG (Switzerland)	378,879		$ 99,910
Tecan Group AG	212,300		10,645
The Swatch Group AG (Reg.)	931,687		48,862
UBS AG (NY Shares)	1,273,200		52,570
Zurich Financial Services AG (Reg.)	117,931		33,764
TOTAL SWITZERLAND			1,238,726
Taiwan - 0.6%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	10,203,668		54,771
Wistron Corp.	15,219,615		23,223
TOTAL TAIWAN			77,994
United Kingdom - 16.0%
Anglo American PLC (United Kingdom)	981,454		54,232
Autonomy Corp. PLC (a)	2,053,300		37,527
BAE Systems PLC	4,473,409		41,674
Barclays PLC	1,431,400		13,502
BG Group PLC	4,347,600		95,039
BG Group PLC sponsored ADR	207,400		22,669
BHP Billiton PLC	4,684,600		141,664
Blinkx PLC	2,595,500		1,050
BP PLC sponsored ADR (d)	857,200		54,647
British American Tobacco PLC	2,319,600		81,951
British American Tobacco PLC sponsored ADR	404,500		28,436
Capita Group PLC	2,212,793		29,007
Clipper Windpower PLC (a)	2,006,200		23,985
GlaxoSmithKline PLC sponsored ADR	991,900		46,996
HSBC Holdings PLC (Hong Kong) (Reg.)	1,498,444		22,531
Imperial Tobacco Group PLC	1,850,600		90,525
Informa PLC	3,117,000		24,357
International Power PLC	10,959,800		87,503
Misys PLC	7,892,600		27,536
National Grid PLC	3,497,200		54,062
Pearson PLC	2,583,700		35,763
Reckitt Benckiser Group PLC	2,043,100		107,020
Renovo Group PLC (a)(e)	10,125,200		27,249
Rio Tinto PLC sponsored ADR	343,000		139,584
Rolls-Royce Group PLC	4,253,343		40,159
Royal Bank of Scotland Group PLC	6,935,757		53,473
Royal Dutch Shell PLC Class B	7,221,659		249,689
Shire PLC	2,222,100		39,887
SSL International PLC	7,248,900		75,600
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Tesco PLC	11,600,812		$ 96,980
Vodafone Group PLC	69,326,235		241,255
Xstrata PLC	701,300		53,997
TOTAL UNITED KINGDOM			2,139,549
United States of America - 0.5%
Macquarie Infrastructure Co. LLC	131,000		4,331
ResMed, Inc. (a)(d)	726,500		33,840
Sunpower Corp. Class A (a)	373,000		25,771
TOTAL UNITED STATES OF AMERICA			63,942
TOTAL COMMON STOCKS (Cost $10,640,188)		12,438,402
Nonconvertible Preferred Stocks - 1.4%
Germany - 1.2%
Fresenius AG (non-vtg.)	1,229,200		96,027
Porsche Automobil Holding SE (d)	21,495		38,592
ProSiebenSat.1 Media AG	1,396,900		28,111
TOTAL GERMANY			162,730
Italy - 0.2%
Intesa Sanpaolo SpA	2,632,302		18,002
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $162,248)		180,732
Government Obligations - 0.0%
	Principal Amount (000s)
United States of America - 0.0%
U.S. Treasury Bills, yield at date of purchase 2.16% to 3.04% 3/6/08 to 4/17/08 (f) (Cost $3,187)	$ 3,200		3,190
Money Market Funds - 6.6%
	Shares		Value (000s)
Fidelity Cash Central Fund, 3.79% (b)	638,234,870		$ 638,235
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	242,889,900		242,890
TOTAL MONEY MARKET FUNDS (Cost $881,125)		881,125
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $11,686,748)		13,503,449
NET OTHER ASSETS - (1.3)%			(175,933)
NET ASSETS - 100%		$ 13,327,516

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
753 Nikkei 225 Index Contracts (Japan)	March 2008	$ 51,204	$ (9,378)

The face value of futures purchased as a percentage of net assets - 0.4%

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 or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $1,173,000.

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
Aisi Realty Public Ltd.	$ 8,752	$ -	$ -	$ -	$ 7,375
Renovo Group PLC	42,523	-	-	-	27,249
Total	$ 51,275	$ -	$ -	$ -	$ 34,624

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	$ 9,888
Fidelity Securities Lending Cash Central Fund	1,183
Total	$ 11,071

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $11,690,530,000. Net unrealized appreciation aggregated $1,812,919,000, of which $2,489,028,000 related to appreciated investment securities and $676,109,000 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 available 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 LLC 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, 2008

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

1.844601.101

AIGI-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.3%
	Shares		Value (000s)
Australia - 6.7%
ABB Grain Ltd.	1,700,680		$ 13,221
AMP Ltd.	3,054,821		23,008
AXA Asia Pacific Holdings Ltd.	3,949,651		21,001
Babcock & Brown Japan Property Trust	14,813,600		16,205
Babcock & Brown Ltd. (d)	4,188,299		67,410
Babcock & Brown Wind Partners	7,081,600		8,731
Brambles Ltd.	3,864,957		36,977
Cochlear Ltd.	1,233,107		77,120
Commonwealth Bank of Australia	2,637,524		116,828
Computershare Ltd.	6,844,068		48,603
CSL Ltd.	6,334,338		194,018
Goodman Group unit	4,802,032		18,859
Macquarie Group Ltd.	610,316		35,571
Mortgage Choice Ltd.	2,899,300		5,147
QBE Insurance Group Ltd.	2,074,346		51,707
Seek Ltd.	3,139,317		17,565
United Group Ltd.	556,800		7,554
Woolworths Ltd.	2,822,663		72,891
WorleyParsons Ltd.	1,820,190		64,075
TOTAL AUSTRALIA			896,491
Austria - 0.0%
Strabag SE	117,400		6,861
Belgium - 0.2%
Hansen Transmission International NV	6,191,000		29,547
Bermuda - 0.8%
Aquarius Platinum Ltd. (United Kingdom)	4,644,900		56,164
Ports Design Ltd.	4,763,900		13,747
Sinofert Holdings Ltd.	40,172,900		31,891
TOTAL BERMUDA			101,802
Brazil - 0.9%
Bolsa de Mercadorias & Futuros - BM&F SA	1,039,000		9,362
Bovespa Holding SA	2,235,800		32,832
Petroleo Brasileiro SA - Petrobras sponsored ADR	366,800		40,766
Uniao de Bancos Brasileiros SA (Unibanco) GDR	337,000		44,080
TOTAL BRAZIL			127,040
Canada - 2.0%
Barrick Gold Corp.	318,600		16,448
Goldcorp, Inc.	424,000		15,776
Niko Resources Ltd.	498,400		42,269
Common Stocks - continued
	Shares		Value (000s)
Canada - continued
Open Text Corp. (a)(d)	883,700		$ 27,430
Petrobank Energy & Resources Ltd. (a)	54,600		2,744
Potash Corp. of Saskatchewan, Inc.	638,100		89,896
Suncor Energy, Inc.	394,800		37,137
Talisman Energy, Inc.	1,883,200		29,762
TOTAL CANADA			261,462
Cayman Islands - 0.6%
Chaoda Modern Agriculture (Holdings) Ltd.	12,757,500		12,925
Lee & Man Paper Manufacturing Ltd.	9,655,000		21,545
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	737,300		40,352
TOTAL CAYMAN ISLANDS			74,822
China - 0.2%
Jiangsu Expressway Co. Ltd. (H Shares)	13,585,200		12,562
Nine Dragons Paper (Holdings) Ltd.	10,792,000		17,439
TOTAL CHINA			30,001
Cyprus - 0.3%
Aisi Realty Public Ltd. (e)	10,023,000		7,375
Marfin Popular Bank Public Co.	2,692,059		27,304
TOTAL CYPRUS			34,679
Czech Republic - 0.3%
Ceske Energeticke Zavody AS	606,300		40,903
Denmark - 0.7%
Novo Nordisk AS Series B	454,400		28,673
Vestas Wind Systems AS (a)	663,400		64,444
TOTAL DENMARK			93,117
Finland - 1.4%
Nokia Corp. sponsored ADR	5,239,700		193,607
France - 8.6%
Alstom SA	493,700		99,713
AXA SA	1,678,966		57,622
BNP Paribas SA	435,039		43,161
Cap Gemini SA	643,800		35,084
CNP Assurances	218,000		26,663
Electricite de France	918,800		95,843
Eutelsat Communications	1,952,985		51,869
Gaz de France	952,600		51,663
Groupe Danone	501,200		40,723
Common Stocks - continued
	Shares		Value (000s)
France - continued
ICADE	49,839		$ 6,423
L'Oreal SA	309,800		37,951
Neuf Cegetel	688,313		35,804
Orpea (a)	560,828		32,198
Remy Cointreau SA	315,700		19,044
Renault SA	579,900		66,199
Sechilienne-Sidec	174,000		10,615
Societe Generale Series A	188,520		23,684
Suez SA (France)	1,228,100		74,300
Total SA Series B	2,344,176		170,609
Veolia Environnement	1,273,762		104,790
Vivendi	1,482,311		59,741
TOTAL FRANCE			1,143,699
Germany - 11.0%
Allianz AG (Reg.)	629,430		112,290
Bayer AG	535,200		43,886
Bayer AG sponsored ADR	1,353,900		111,020
CompuGROUP Holding AG (a)	519,400		9,795
Continental AG	237,000		24,612
DaimlerChrysler AG (Reg.)	693,600		54,260
Deutsche Boerse AG	753,900		131,937
E.ON AG	1,396,700		259,657
Fresenius Medical Care AG	1,044,200		53,733
GEA Group AG (a)	1,668,100		51,554
Gerresheimer AG	796,986		40,844
Hochtief AG	285,900		28,793
K&S AG	174,100		44,049
Linde AG	530,928		69,289
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	474,000		85,175
Q-Cells AG (a)	155,100		14,595
RWE AG	536,800		65,907
SGL Carbon AG (a)	661,000		33,493
Siemens AG (Reg.) (d)	1,321,000		171,466
SolarWorld AG	797,300		35,355
Wincor Nixdorf AG	256,500		19,901
TOTAL GERMANY			1,461,611
Greece - 0.9%
Marfin Financial Group Holdings SA	1,328,400		9,612
Common Stocks - continued
	Shares		Value (000s)
Greece - continued
National Bank of Greece SA	565,035		$ 34,541
Public Power Corp. of Greece	1,513,945		71,007
TOTAL GREECE			115,160
Hong Kong - 1.6%
China Mobile (Hong Kong) Ltd.	1,595,500		24,124
Esprit Holdings Ltd.	8,115,900		104,917
Li & Fung Ltd.	11,821,900		43,968
Sun Hung Kai Properties Ltd.	1,827,000		35,732
TOTAL HONG KONG			208,741
India - 1.4%
Bharti Airtel Ltd. (a)	1,968,182		43,034
Infosys Technologies Ltd.	1,028,452		39,249
Reliance Industries Ltd.	1,124,702		70,978
Satyam Computer Services Ltd.	3,263,566		32,627
TOTAL INDIA			185,888
Indonesia - 0.7%
PT Bumi Resources Tbk	100,629,500		69,700
PT Perusahaan Gas Negara Tbk Series B	16,625,000		24,110
TOTAL INDONESIA			93,810
Ireland - 0.3%
C&C Group PLC	3,574,400		23,982
Paddy Power PLC (Ireland)	646,097		18,396
TOTAL IRELAND			42,378
Israel - 0.5%
Israel Chemicals Ltd.	4,226,600		53,984
Nice Systems Ltd. sponsored ADR (a)	281,500		8,617
TOTAL ISRAEL			62,601
Italy - 2.5%
A2A SpA	7,499,000		30,153
Edison SpA	9,838,300		25,575
ENI SpA	1,659,200		53,534
ENI SpA sponsored ADR	403,750		26,054
Fiat SpA	2,676,500		62,635
Finmeccanica SpA	1,232,600		36,848
Common Stocks - continued
	Shares		Value (000s)
Italy - continued
Prysmian SpA	1,016,400		$ 20,421
UniCredit SpA	10,574,400		78,096
TOTAL ITALY			333,316
Japan - 13.5%
Aeon Mall Co. Ltd.	822,800		21,048
Asahi Glass Co. Ltd.	3,154,000		39,273
Asics Corp.	4,395,000		57,040
Canon Marketing Japan, Inc.	2,296,500		37,127
Canon, Inc.	2,533,850		107,866
Chiba Bank Ltd.	2,187,000		16,187
East Japan Railway Co.	3,816		31,546
Fujifilm Holdings Corp.	1,573,800		61,787
Ibiden Co. Ltd.	601,300		37,889
Japan Tobacco, Inc.	16,598		87,103
Keyence Corp.	85,600		18,218
Konica Minolta Holdings, Inc.	3,011,500		48,289
Kubota Corp.	6,091,000		43,822
Leopalace21 Corp.	329,500		7,980
Matsui Securities Co. Ltd. (d)	2,233,300		15,438
Mitsubishi Corp.	2,730,100		71,379
Mitsubishi Estate Co. Ltd.	2,104,400		55,811
Mitsui & Co. Ltd.	3,677,000		73,485
Mitsui Fudosan Co. Ltd.	2,421,000		55,328
Murata Manufacturing Co. Ltd.	59,900		2,963
Namco Bandai Holdings, Inc.	1,828,400		25,415
NGK Insulators Ltd.	2,945,900		75,912
Nintendo Co. Ltd.	254,400		125,674
Nippon Building Fund, Inc.	2,590		29,961
Nippon Electric Glass Co. Ltd.	855,000		12,793
Nomura Holdings, Inc.	3,021,400		44,233
NSK Ltd.	3,742,000		32,553
ORIX Corp.	274,410		46,582
Sony Corp. sponsored ADR	838,300		39,811
Sony Financial Holdings, Inc.	1,085		4,153
Sumitomo Corp.	1,959,100		27,011
Sumitomo Electric Industries Ltd.	1,851,800		27,029
Sumitomo Mitsui Financial Group, Inc.	14,760		116,325
Sumitomo Trust & Banking Co. Ltd.	2,478,800		15,713
Takeda Pharmaceutical Co. Ltd.	1,988,100		120,599
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Tokuyama Corp.	3,488,900		$ 24,904
Toyota Motor Corp.	2,743,000		148,876
TOTAL JAPAN			1,807,123
Korea (South) - 1.3%
Korean Reinsurance Co.	946,600		10,882
LG Household & Health Care Ltd.	190,530		33,913
NHN Corp. (a)	296,794		62,890
Samsung Fire & Marine Insurance Co. Ltd.	225,160		44,729
Shinhan Financial Group Co. Ltd.	399,290		21,610
TOTAL KOREA (SOUTH)			174,024
Luxembourg - 0.3%
SES SA (A Shares) FDR unit	1,845,168		44,707
Malaysia - 1.4%
DiGi.com Bhd	4,002,700		29,938
Gamuda Bhd	55,399,400		87,324
IJM Corp. Bhd	8,838,700		20,488
KNM Group Bhd	19,984,600		43,854
TOTAL MALAYSIA			181,604
Mexico - 0.6%
America Movil SAB de CV Series L sponsored ADR	1,262,700		75,648
Netherlands - 1.6%
CNH Global NV	483,300		23,904
Heineken NV (Bearer)	958,100		53,270
Koninklijke KPN NV	4,813,200		87,370
Koninklijke Philips Electronics NV	1,339,400		52,772
TOTAL NETHERLANDS			217,316
Norway - 1.4%
Aker Kvaerner ASA	1,487,135		27,993
Hafslund ASA (B Shares)	674,550		13,648
Petroleum Geo-Services ASA	1,889,000		40,595
Pronova BioPharma ASA	6,497,400		23,543
Renewable Energy Corp. AS (a)	1,148,900		30,035
StatoilHydro ASA	2,164,900		57,016
TOTAL NORWAY			192,830
Common Stocks - continued
	Shares		Value (000s)
Papua New Guinea - 0.4%
Lihir Gold Ltd. (a)	12,986,269		$ 43,316
New Britain Palm Oil Ltd.	679,450		5,979
TOTAL PAPUA NEW GUINEA			49,295
Russia - 0.0%
OAO Gazprom sponsored ADR	112,200		5,475
Singapore - 0.5%
Keppel Corp. Ltd.	2,418,000		19,317
Singapore Exchange Ltd.	5,967,000		40,426
Straits Asia Resources Ltd.	2,158,000		5,163
TOTAL SINGAPORE			64,906
South Africa - 0.2%
JSE Ltd.	2,428,500		22,657
Spain - 3.0%
Banco Santander SA	5,747,500		101,688
Compania de Distribucion Integral Logista SA	38,478		3,043
Grifols SA	1,966,700		48,056
Inditex SA	439,800		22,098
Telefonica SA	7,546,500		220,861
TOTAL SPAIN			395,746
Sweden - 1.1%
H&M Hennes & Mauritz AB (B Shares)	588,550		31,905
Modern Times Group MTG AB (B Shares)	1,087,900		65,994
Scania AB (B Shares)	2,478,500		51,425
TOTAL SWEDEN			149,324
Switzerland - 9.3%
ABB Ltd. sponsored ADR	4,794,400		119,860
Actelion Ltd. (Reg.) (a)	1,334,950		66,734
BB Biotech AG	354,261		26,902
Credit Suisse Group (Reg.)	1,135,271		64,449
EFG International	547,410		16,390
Julius Baer Holding AG	1,007,697		70,778
Lindt & Spruengli AG (participation certificate)	16,675		52,165
Nestle SA (Reg.)	452,626		203,591
Novartis AG (Reg.)	763,970		38,665
Roche Holding AG (participation certificate)	1,127,334		206,212
SGS Societe Generale de Surveillance Holding SA (Reg.)	25,313		33,013
Sonova Holding AG	783,960		70,075
Swiss Life Holding	99,416		24,141
Common Stocks - continued
	Shares		Value (000s)
Switzerland - continued
Syngenta AG (Switzerland)	378,879		$ 99,910
Tecan Group AG	212,300		10,645
The Swatch Group AG (Reg.)	931,687		48,862
UBS AG (NY Shares)	1,273,200		52,570
Zurich Financial Services AG (Reg.)	117,931		33,764
TOTAL SWITZERLAND			1,238,726
Taiwan - 0.6%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	10,203,668		54,771
Wistron Corp.	15,219,615		23,223
TOTAL TAIWAN			77,994
United Kingdom - 16.0%
Anglo American PLC (United Kingdom)	981,454		54,232
Autonomy Corp. PLC (a)	2,053,300		37,527
BAE Systems PLC	4,473,409		41,674
Barclays PLC	1,431,400		13,502
BG Group PLC	4,347,600		95,039
BG Group PLC sponsored ADR	207,400		22,669
BHP Billiton PLC	4,684,600		141,664
Blinkx PLC	2,595,500		1,050
BP PLC sponsored ADR (d)	857,200		54,647
British American Tobacco PLC	2,319,600		81,951
British American Tobacco PLC sponsored ADR	404,500		28,436
Capita Group PLC	2,212,793		29,007
Clipper Windpower PLC (a)	2,006,200		23,985
GlaxoSmithKline PLC sponsored ADR	991,900		46,996
HSBC Holdings PLC (Hong Kong) (Reg.)	1,498,444		22,531
Imperial Tobacco Group PLC	1,850,600		90,525
Informa PLC	3,117,000		24,357
International Power PLC	10,959,800		87,503
Misys PLC	7,892,600		27,536
National Grid PLC	3,497,200		54,062
Pearson PLC	2,583,700		35,763
Reckitt Benckiser Group PLC	2,043,100		107,020
Renovo Group PLC (a)(e)	10,125,200		27,249
Rio Tinto PLC sponsored ADR	343,000		139,584
Rolls-Royce Group PLC	4,253,343		40,159
Royal Bank of Scotland Group PLC	6,935,757		53,473
Royal Dutch Shell PLC Class B	7,221,659		249,689
Shire PLC	2,222,100		39,887
SSL International PLC	7,248,900		75,600
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Tesco PLC	11,600,812		$ 96,980
Vodafone Group PLC	69,326,235		241,255
Xstrata PLC	701,300		53,997
TOTAL UNITED KINGDOM			2,139,549
United States of America - 0.5%
Macquarie Infrastructure Co. LLC	131,000		4,331
ResMed, Inc. (a)(d)	726,500		33,840
Sunpower Corp. Class A (a)	373,000		25,771
TOTAL UNITED STATES OF AMERICA			63,942
TOTAL COMMON STOCKS (Cost $10,640,188)		12,438,402
Nonconvertible Preferred Stocks - 1.4%
Germany - 1.2%
Fresenius AG (non-vtg.)	1,229,200		96,027
Porsche Automobil Holding SE (d)	21,495		38,592
ProSiebenSat.1 Media AG	1,396,900		28,111
TOTAL GERMANY			162,730
Italy - 0.2%
Intesa Sanpaolo SpA	2,632,302		18,002
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $162,248)		180,732
Government Obligations - 0.0%
	Principal Amount (000s)
United States of America - 0.0%
U.S. Treasury Bills, yield at date of purchase 2.16% to 3.04% 3/6/08 to 4/17/08 (f) (Cost $3,187)	$ 3,200		3,190
Money Market Funds - 6.6%
	Shares		Value (000s)
Fidelity Cash Central Fund, 3.79% (b)	638,234,870		$ 638,235
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	242,889,900		242,890
TOTAL MONEY MARKET FUNDS (Cost $881,125)		881,125
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $11,686,748)		13,503,449
NET OTHER ASSETS - (1.3)%			(175,933)
NET ASSETS - 100%		$ 13,327,516

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
753 Nikkei 225 Index Contracts (Japan)	March 2008	$ 51,204	$ (9,378)

The face value of futures purchased as a percentage of net assets - 0.4%

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 or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $1,173,000.

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
Aisi Realty Public Ltd.	$ 8,752	$ -	$ -	$ -	$ 7,375
Renovo Group PLC	42,523	-	-	-	27,249
Total	$ 51,275	$ -	$ -	$ -	$ 34,624

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	$ 9,888
Fidelity Securities Lending Cash Central Fund	1,183
Total	$ 11,071

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $11,690,530,000. Net unrealized appreciation aggregated $1,812,919,000, of which $2,489,028,000 related to appreciated investment securities and $676,109,000 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 available 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Growth Fund

January 31, 2008

1.863101.100

IGF-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares		Value
Australia - 6.6%
ASX Ltd.	1,897		$ 80,455
Babcock & Brown Ltd.	5,335		85,866
Cochlear Ltd.	4,158		260,047
CSL Ltd.	12,773		391,231
Leighton Holdings Ltd.	1,942		86,194
QBE Insurance Group Ltd.	3,928		97,913
Woolworths Ltd.	8,186		211,391
WorleyParsons Ltd.	3,535		124,441
TOTAL AUSTRALIA			1,337,538
Belgium - 2.0%
Hansen Transmission International NV	12,100		57,749
InBev SA	4,200		346,671
TOTAL BELGIUM			404,420
Bermuda - 0.5%
Aquarius Platinum Ltd. (Australia)	3,401		39,247
Ports Design Ltd.	20,500		59,154
TOTAL BERMUDA			98,401
Brazil - 2.8%
B2W Companhia Global Do Varejo	1,600		57,669
Bolsa de Mercadorias & Futuros - BM&F SA	7,400		66,680
Bovespa Holding SA	4,000		58,738
Companhia Vale do Rio Doce sponsored ADR	1,700		50,966
MRV Engenharia e Participacoes SA	5,200		97,260
Petroleo Brasileiro SA - Petrobras sponsored ADR	1,250		138,925
Totvs SA	3,300		89,676
TOTAL BRAZIL			559,914
Canada - 3.0%
Goldcorp, Inc.	2,300		85,578
Harry Winston Diamond Corp.	3,100		76,453
Potash Corp. of Saskatchewan, Inc.	1,200		169,056
Research In Motion Ltd. (a)	2,900		272,252
TOTAL CANADA			603,339
Cayman Islands - 0.2%
Chaoda Modern Agriculture (Holdings) Ltd.	46,400		47,010
Common Stocks - continued
	Shares		Value
Denmark - 0.9%
Novo Nordisk AS Series B sponsored ADR	900		$ 56,475
Vestas Wind Systems AS (a)	1,260		122,399
TOTAL DENMARK			178,874
Egypt - 0.0%
Orascom Hotels & Development (OHD) (a)	2		28
Finland - 4.3%
Metso Corp.	3,600		169,385
Nokia Corp. sponsored ADR	15,000		554,250
Wartsila Corp. (B Shares)	2,320		149,256
TOTAL FINLAND			872,891
France - 7.0%
Alstom SA	1,055		213,080
Compagnie Generale de Geophysique SA (a)	398		93,117
Delachaux SA	900		69,154
Groupe Danone	2,695		218,969
L'Oreal SA	767		93,958
Laurent-Perrier Group	500		79,558
Meetic (a)	1,889		61,011
Remy Cointreau SA	1,726		104,117
SeLoger.com	867		44,124
Suez SA (France)	4,065		245,933
Veolia Environnement sponsored ADR	1,700		140,573
Vinci SA	897		61,335
TOTAL FRANCE			1,424,929
Germany - 9.5%
Bayer AG	4,000		328,000
Continental AG	1,000		103,848
Deutsche Boerse AG	1,400		245,009
E.ON AG	3,200		594,909
Linde AG	900		117,456
Siemens AG sponsored ADR	4,100		532,180
TOTAL GERMANY			1,921,402
Hong Kong - 0.7%
Hong Kong Exchanges & Clearing Ltd.	6,500		134,044
India - 1.5%
Bharti Airtel Ltd. (a)	8,845		193,394
Common Stocks - continued
	Shares		Value
India - continued
Reliance Industries Ltd.	1,400		$ 88,352
Suzlon Energy Ltd.	4,000		31,456
TOTAL INDIA			313,202
Israel - 0.7%
Partner Communications Co. Ltd. ADR	7,200		149,400
Italy - 1.1%
Fiat SpA	9,100		212,958
Japan - 9.2%
Canon, Inc. sponsored ADR	4,400		187,308
Japan Steel Works Ltd.	9,000		131,449
Japan Tobacco, Inc.	53		278,134
Mitsubishi Estate Co. Ltd.	9,000		238,691
Nintendo Co. Ltd.	1,000		494,000
Shiseido Co. Ltd.	4,000		92,120
Sony Financial Holdings, Inc.	21		80,382
Sumitomo Mitsui Financial Group, Inc.	8		63,049
Torishima Pump Manufacturing Co. Ltd.	13,500		203,014
USS Co. Ltd.	1,030		60,058
Xebio Co. Ltd.	1,900		43,153
TOTAL JAPAN			1,871,358
Korea (South) - 0.9%
NHN Corp. (a)	905		191,768
Luxembourg - 1.5%
ArcelorMittal SA (NY Reg.) Class A	4,500		298,755
Malaysia - 0.4%
Bandar Raya Developments BHD	52,900		40,875
Gamuda Bhd	25,100		39,564
TOTAL MALAYSIA			80,439
Mexico - 1.4%
America Movil SAB de CV Series L sponsored ADR	4,900		293,559
Netherlands - 1.4%
AmRest Holdings NV (a)	1,600		79,285
ASML Holding NV (NY Shares) (a)	5,500		146,245
Unilever NV (NY Shares)	2,000		65,040
TOTAL NETHERLANDS			290,570
Norway - 0.1%
Renewable Energy Corp. AS (a)	1,100		28,757
Common Stocks - continued
	Shares		Value
Papua New Guinea - 0.2%
Lihir Gold Ltd. (a)	9,338		$ 31,147
Philippines - 0.3%
Jollibee Food Corp.	43,800		53,124
Singapore - 0.8%
Singapore Exchange Ltd.	23,000		155,822
South Africa - 3.2%
African Rainbow Minerals Ltd.	9,939		202,161
Anglo Platinum Ltd.	354		51,376
JSE Ltd.	4,289		40,015
MTN Group Ltd.	15,100		241,016
Murray & Roberts Holdings Ltd.	4,232		49,116
Raubex Group Ltd.	10,621		54,582
TOTAL SOUTH AFRICA			638,266
Spain - 2.8%
Grifols SA	3,301		80,660
Inditex SA	2,200		110,543
Telefonica SA sponsored ADR	4,300		377,540
TOTAL SPAIN			568,743
Sweden - 1.2%
H&M Hennes & Mauritz AB (B Shares)	2,300		124,683
Swedish Match Co.	5,200		114,852
TOTAL SWEDEN			239,535
Switzerland - 11.0%
ABB Ltd. sponsored ADR	20,000		500,000
EFG International	1,950		58,384
Nestle SA (Reg.)	1,716		771,857
Roche Holding AG (participation certificate)	3,670		671,316
SGS Societe Generale de Surveillance Holding SA (Reg.)	47		61,296
Sonova Holding AG	904		80,805
The Swatch Group AG:
(Bearer)	264		71,270
(Reg.)	187		9,807
TOTAL SWITZERLAND			2,224,735
Turkey - 0.6%
Anadolu Efes Biracilik ve Malt Sanyii AS	4,800		47,515
Asya Katilim Bankasi AS (a)	8,500		71,084
TOTAL TURKEY			118,599
Common Stocks - continued
	Shares		Value
United Kingdom - 17.1%
Anglo American PLC ADR	6,300		$ 174,321
Autonomy Corp. PLC (a)	5,100		93,209
BAE Systems PLC	28,800		268,298
BG Group PLC	7,100		155,206
BHP Billiton PLC ADR	6,500		409,500
British American Tobacco PLC sponsored ADR	2,000		140,600
Datacash Group PLC	29,700		181,624
Expro International Group PLC	2,700		50,074
International Power PLC	19,700		157,284
Man Group plc	20,237		222,816
Meggitt PLC	7,100		40,623
Reckitt Benckiser Group PLC	4,200		220,002
Rio Tinto PLC sponsored ADR	1,150		467,993
Rolls-Royce Group PLC	10,500		99,137
Serco Group PLC	20,500		171,669
Tesco PLC	49,200		411,301
Xstrata PLC	2,600		200,187
TOTAL UNITED KINGDOM			3,463,844
United States of America - 4.5%
Allergan, Inc.	900		60,471
Berkshire Hathaway, Inc. Class B (a)	10		45,500
EnergySolutions, Inc.	1,600		36,000
FMC Technologies, Inc. (a)	2,000		96,320
Gilead Sciences, Inc. (a)	2,600		118,794
Juniper Networks, Inc. (a)	5,500		149,325
Merck & Co., Inc.	2,800		129,584
Pricesmart, Inc.	1,300		36,998
Valero Energy Corp.	2,120		125,483
Varian Semiconductor Equipment Associates, Inc. (a)	1,800		57,978
VMware, Inc. Class A	937		53,081
TOTAL UNITED STATES OF AMERICA			909,534
TOTAL COMMON STOCKS (Cost $21,534,749)		19,716,905
Cash Equivalents - 2.5%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 1.71%, dated 1/31/08 due 2/1/08 (Collateralized by U.S. Treasury Obligations) # (Cost $514,000)	$ 514,024		$ 514,000
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $22,048,749)			20,230,905
NET OTHER ASSETS - 0.1%			23,045
NET ASSETS - 100%		$ 20,253,950

Legend

(a) Non-income producing

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

Repurchase Agreement / Counterparty	Value
$514,000 due 2/01/08 at 1.71%
Banc of America Securities LLC	$ 22,158
Barclays Capital, Inc.	284,696
Goldman, Sachs & Co.	64,411
ING Financial Markets LLC	78,324
Lehman Brothers, Inc.	64,411
	$ 514,000

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $22,161,890. Net unrealized depreciation aggregated $1,930,985, of which $285,912 related to appreciated investment securities and $2,216,897 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor
International Growth Fund
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2008

1.863093.100

AIGF-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares		Value
Australia - 6.6%
ASX Ltd.	1,897		$ 80,455
Babcock & Brown Ltd.	5,335		85,866
Cochlear Ltd.	4,158		260,047
CSL Ltd.	12,773		391,231
Leighton Holdings Ltd.	1,942		86,194
QBE Insurance Group Ltd.	3,928		97,913
Woolworths Ltd.	8,186		211,391
WorleyParsons Ltd.	3,535		124,441
TOTAL AUSTRALIA			1,337,538
Belgium - 2.0%
Hansen Transmission International NV	12,100		57,749
InBev SA	4,200		346,671
TOTAL BELGIUM			404,420
Bermuda - 0.5%
Aquarius Platinum Ltd. (Australia)	3,401		39,247
Ports Design Ltd.	20,500		59,154
TOTAL BERMUDA			98,401
Brazil - 2.8%
B2W Companhia Global Do Varejo	1,600		57,669
Bolsa de Mercadorias & Futuros - BM&F SA	7,400		66,680
Bovespa Holding SA	4,000		58,738
Companhia Vale do Rio Doce sponsored ADR	1,700		50,966
MRV Engenharia e Participacoes SA	5,200		97,260
Petroleo Brasileiro SA - Petrobras sponsored ADR	1,250		138,925
Totvs SA	3,300		89,676
TOTAL BRAZIL			559,914
Canada - 3.0%
Goldcorp, Inc.	2,300		85,578
Harry Winston Diamond Corp.	3,100		76,453
Potash Corp. of Saskatchewan, Inc.	1,200		169,056
Research In Motion Ltd. (a)	2,900		272,252
TOTAL CANADA			603,339
Cayman Islands - 0.2%
Chaoda Modern Agriculture (Holdings) Ltd.	46,400		47,010
Common Stocks - continued
	Shares		Value
Denmark - 0.9%
Novo Nordisk AS Series B sponsored ADR	900		$ 56,475
Vestas Wind Systems AS (a)	1,260		122,399
TOTAL DENMARK			178,874
Egypt - 0.0%
Orascom Hotels & Development (OHD) (a)	2		28
Finland - 4.3%
Metso Corp.	3,600		169,385
Nokia Corp. sponsored ADR	15,000		554,250
Wartsila Corp. (B Shares)	2,320		149,256
TOTAL FINLAND			872,891
France - 7.0%
Alstom SA	1,055		213,080
Compagnie Generale de Geophysique SA (a)	398		93,117
Delachaux SA	900		69,154
Groupe Danone	2,695		218,969
L'Oreal SA	767		93,958
Laurent-Perrier Group	500		79,558
Meetic (a)	1,889		61,011
Remy Cointreau SA	1,726		104,117
SeLoger.com	867		44,124
Suez SA (France)	4,065		245,933
Veolia Environnement sponsored ADR	1,700		140,573
Vinci SA	897		61,335
TOTAL FRANCE			1,424,929
Germany - 9.5%
Bayer AG	4,000		328,000
Continental AG	1,000		103,848
Deutsche Boerse AG	1,400		245,009
E.ON AG	3,200		594,909
Linde AG	900		117,456
Siemens AG sponsored ADR	4,100		532,180
TOTAL GERMANY			1,921,402
Hong Kong - 0.7%
Hong Kong Exchanges & Clearing Ltd.	6,500		134,044
India - 1.5%
Bharti Airtel Ltd. (a)	8,845		193,394
Common Stocks - continued
	Shares		Value
India - continued
Reliance Industries Ltd.	1,400		$ 88,352
Suzlon Energy Ltd.	4,000		31,456
TOTAL INDIA			313,202
Israel - 0.7%
Partner Communications Co. Ltd. ADR	7,200		149,400
Italy - 1.1%
Fiat SpA	9,100		212,958
Japan - 9.2%
Canon, Inc. sponsored ADR	4,400		187,308
Japan Steel Works Ltd.	9,000		131,449
Japan Tobacco, Inc.	53		278,134
Mitsubishi Estate Co. Ltd.	9,000		238,691
Nintendo Co. Ltd.	1,000		494,000
Shiseido Co. Ltd.	4,000		92,120
Sony Financial Holdings, Inc.	21		80,382
Sumitomo Mitsui Financial Group, Inc.	8		63,049
Torishima Pump Manufacturing Co. Ltd.	13,500		203,014
USS Co. Ltd.	1,030		60,058
Xebio Co. Ltd.	1,900		43,153
TOTAL JAPAN			1,871,358
Korea (South) - 0.9%
NHN Corp. (a)	905		191,768
Luxembourg - 1.5%
ArcelorMittal SA (NY Reg.) Class A	4,500		298,755
Malaysia - 0.4%
Bandar Raya Developments BHD	52,900		40,875
Gamuda Bhd	25,100		39,564
TOTAL MALAYSIA			80,439
Mexico - 1.4%
America Movil SAB de CV Series L sponsored ADR	4,900		293,559
Netherlands - 1.4%
AmRest Holdings NV (a)	1,600		79,285
ASML Holding NV (NY Shares) (a)	5,500		146,245
Unilever NV (NY Shares)	2,000		65,040
TOTAL NETHERLANDS			290,570
Norway - 0.1%
Renewable Energy Corp. AS (a)	1,100		28,757
Common Stocks - continued
	Shares		Value
Papua New Guinea - 0.2%
Lihir Gold Ltd. (a)	9,338		$ 31,147
Philippines - 0.3%
Jollibee Food Corp.	43,800		53,124
Singapore - 0.8%
Singapore Exchange Ltd.	23,000		155,822
South Africa - 3.2%
African Rainbow Minerals Ltd.	9,939		202,161
Anglo Platinum Ltd.	354		51,376
JSE Ltd.	4,289		40,015
MTN Group Ltd.	15,100		241,016
Murray & Roberts Holdings Ltd.	4,232		49,116
Raubex Group Ltd.	10,621		54,582
TOTAL SOUTH AFRICA			638,266
Spain - 2.8%
Grifols SA	3,301		80,660
Inditex SA	2,200		110,543
Telefonica SA sponsored ADR	4,300		377,540
TOTAL SPAIN			568,743
Sweden - 1.2%
H&M Hennes & Mauritz AB (B Shares)	2,300		124,683
Swedish Match Co.	5,200		114,852
TOTAL SWEDEN			239,535
Switzerland - 11.0%
ABB Ltd. sponsored ADR	20,000		500,000
EFG International	1,950		58,384
Nestle SA (Reg.)	1,716		771,857
Roche Holding AG (participation certificate)	3,670		671,316
SGS Societe Generale de Surveillance Holding SA (Reg.)	47		61,296
Sonova Holding AG	904		80,805
The Swatch Group AG:
(Bearer)	264		71,270
(Reg.)	187		9,807
TOTAL SWITZERLAND			2,224,735
Turkey - 0.6%
Anadolu Efes Biracilik ve Malt Sanyii AS	4,800		47,515
Asya Katilim Bankasi AS (a)	8,500		71,084
TOTAL TURKEY			118,599
Common Stocks - continued
	Shares		Value
United Kingdom - 17.1%
Anglo American PLC ADR	6,300		$ 174,321
Autonomy Corp. PLC (a)	5,100		93,209
BAE Systems PLC	28,800		268,298
BG Group PLC	7,100		155,206
BHP Billiton PLC ADR	6,500		409,500
British American Tobacco PLC sponsored ADR	2,000		140,600
Datacash Group PLC	29,700		181,624
Expro International Group PLC	2,700		50,074
International Power PLC	19,700		157,284
Man Group plc	20,237		222,816
Meggitt PLC	7,100		40,623
Reckitt Benckiser Group PLC	4,200		220,002
Rio Tinto PLC sponsored ADR	1,150		467,993
Rolls-Royce Group PLC	10,500		99,137
Serco Group PLC	20,500		171,669
Tesco PLC	49,200		411,301
Xstrata PLC	2,600		200,187
TOTAL UNITED KINGDOM			3,463,844
United States of America - 4.5%
Allergan, Inc.	900		60,471
Berkshire Hathaway, Inc. Class B (a)	10		45,500
EnergySolutions, Inc.	1,600		36,000
FMC Technologies, Inc. (a)	2,000		96,320
Gilead Sciences, Inc. (a)	2,600		118,794
Juniper Networks, Inc. (a)	5,500		149,325
Merck & Co., Inc.	2,800		129,584
Pricesmart, Inc.	1,300		36,998
Valero Energy Corp.	2,120		125,483
Varian Semiconductor Equipment Associates, Inc. (a)	1,800		57,978
VMware, Inc. Class A	937		53,081
TOTAL UNITED STATES OF AMERICA			909,534
TOTAL COMMON STOCKS (Cost $21,534,749)		19,716,905
Cash Equivalents - 2.5%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 1.71%, dated 1/31/08 due 2/1/08 (Collateralized by U.S. Treasury Obligations) # (Cost $514,000)	$ 514,024		$ 514,000
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $22,048,749)			20,230,905
NET OTHER ASSETS - 0.1%			23,045
NET ASSETS - 100%		$ 20,253,950

Legend

(a) Non-income producing

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

Repurchase Agreement / Counterparty	Value
$514,000 due 2/01/08 at 1.71%
Banc of America Securities LLC	$ 22,158
Barclays Capital, Inc.	284,696
Goldman, Sachs & Co.	64,411
ING Financial Markets LLC	78,324
Lehman Brothers, Inc.	64,411
	$ 514,000

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $22,161,890. Net unrealized depreciation aggregated $1,930,985, of which $285,912 related to appreciated investment securities and $2,216,897 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Small Cap Fund

January 31, 2008

1.813082.103

ISC-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.9%
	Shares		Value (000s)
Australia - 12.4%
ABB Grain Ltd.	178,216		$ 1,385
ABC Learning Centres Ltd. (e)	53,278		211
Allied Gold Ltd. (a)(f)	18,674,490		12,558
Allied Gold Ltd. (United Kingdom) (a)(f)	461,700		313
Ausenco Ltd.	599,002		6,144
Bradken Ltd.	382,388		2,177
Capital-XX Ltd. (a)	2,262,572		1,845
Centamin Egypt Ltd. (a)	2,384,795		3,082
Centennial Coal Co. Ltd. (e)	592,395		1,864
Coal of Africa Ltd. (a)	4,528,600		7,116
Dwyka Resources Ltd. (a)	5,235,220		3,168
Energy Resources of Australia Ltd.	41,799		706
European Gas Ltd. (a)	2,137,690		1,227
Hastie Group Ltd.	697,428		2,626
Incitec Pivot Ltd.	132,321		14,236
International Ferro Metals (a)	2,795,667		4,859
Investika Ltd. (United Kingdom) (a)	185,887		423
Investika Ltd. (a)	240,000		501
Jubilee Mines NL	221,647		4,484
MacArthur Coal Ltd. (e)	482,429		4,291
Macmahon Holdings Ltd.	2,119,018		2,565
Meo Australia Ltd. (a)	10,289,300		3,506
Metcash Ltd.	597,539		2,224
Monto Minerals Ltd. (a)	8,300,252		1,506
Monto Minerals Ltd. warrants 5/25/09 (a)	1,485,934		0
Mortgage Choice Ltd.	1,058,199		1,879
Mount Gibson Iron Ltd. (a)	3,744,982		8,764
Navitas Ltd.	490,152		897
Phosphagenics Ltd. (a)	9,040,000		1,783
Reverse Corp. Ltd.	446,400		1,413
Roc Oil Co. Ltd. (United Kingdom) (a)	731,319		1,431
Seek Ltd. (e)	1,552,902		8,689
Straits Resources Ltd.	329,044		1,888
Sylvania Resources Ltd. (a)(f)	8,185,947		21,066
Sylvania Resources Ltd. (United Kingdom) (a)(f)	3,389,885		8,726
Tanami Gold NL (a)	26,452,484		2,846
Tassal Group Ltd.	2,000,689		6,907
United Group Ltd.	142,801		1,937
WorleyParsons Ltd.	229,258		8,070
Wotif.com Holdings Ltd.	636,700		2,683
TOTAL AUSTRALIA			161,996
Common Stocks - continued
	Shares		Value (000s)
Bermuda - 1.3%
African Minerals Ltd. (a)	575,020		$ 1,388
Pacific Basin Shipping Ltd.	446,000		627
Peace Mark Holdings Ltd.	660,000		762
Petra Diamonds Ltd. (a)	1,212,621		3,194
Ports Design Ltd.	784,000		2,262
PureCircle Ltd.	500,000		1,705
Tanzanite One Ltd. (f)	5,808,701		5,292
Trefoil Ltd. (a)	385,100		1,444
Xceldiam Ltd. warrants 3/19/08 (a)	1,659,127		0
TOTAL BERMUDA			16,674
British Virgin Islands - 0.4%
Albidon Ltd. unit (a)	1,469,000		3,798
Kalahari Energy (g)	1,451,000		1,814
TOTAL BRITISH VIRGIN ISLANDS			5,612
Canada - 2.3%
AirSea Lines (g)	1,862,300		1,385
AirSea Lines warrants 8/4/11 (a)(g)	1,862,300		0
Artumas Group, Inc. (a)	220,000		1,015
Bankers Petroleum Ltd. (a)	2,779,970		2,493
Equinox Minerals Ltd. unit (a)	972,884		4,493
MagIndustries Corp. (a)	3,635,960		6,884
Rock Well Petroleum, Inc. (g)	770,400		3,463
Sino-Forest Corp. (a)	87,800		1,613
Starfield Resources, Inc. (a)	2,152,075		1,758
Stealth Ventures Ltd. warrants 3/12/08 (a)(g)	483,250		0
Visual Defence, Inc. (a)(f)	4,664,100		1,364
Western Canadian Coal Corp. (a)	2,754,418		5,078
Western Canadian Coal Corp. (United Kingdom) (a)	548,286		992
TOTAL CANADA			30,538
Cayman Islands - 0.9%
Ctrip.com International Ltd. sponsored ADR	35,200		1,607
International Consolidated Minerals, Inc. (a)	852,927		5,004
Lee & Man Paper Manufacturing Ltd.	661,600		1,476
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	16,900		957
New World Department Store China Ltd.	1,441,000		1,793
Pacific Online Ltd.	1,295,000		319
TCC International Holdings Ltd. (a)	676,000		492
TOTAL CAYMAN ISLANDS			11,648
Common Stocks - continued
	Shares		Value (000s)
China - 0.5%
Baidu.com, Inc. sponsored ADR (a)	4,600		$ 1,288
China Oilfield Services Ltd. (H Shares)	862,000		1,574
Sina Corp. (a)	63,000		2,501
Yantai Changyu Pioneer Wine Co. (B Shares)	118,810		842
TOTAL CHINA			6,205
Cyprus - 0.2%
Buried Hill Energy (Cyprus) PCL (g)	1,947,000		2,142
Denmark - 0.2%
DSV de Sammensluttede Vognmaend AS	131,440		2,541
Finland - 1.7%
Inion OY (a)	3,590,300		1,419
Nokian Tyres Ltd.	470,040		16,024
Rakentajain Konevuokraamo Oyj (B Shares)	79,960		1,898
Ramirent Oyj	74,140		1,158
Wartsila Corp. (B Shares)	34,680		2,231
TOTAL FINLAND			22,730
France - 3.0%
Carbone Lorraine	27,400		1,452
Electricite de France	90,900		9,482
Geodis SA (e)	26,350		3,304
Guerbet SA	8,400		1,303
ICADE	48,209		6,213
Laurent-Perrier Group	25,660		4,083
Societe Internationale de Plantations d'Heveas SA	2,580		1,451
Vilmorin & Cie	75,310		12,020
TOTAL FRANCE			39,308
Germany - 3.3%
E.ON AG	93,000		17,290
Fresenius Medical Care AG	130,010		6,690
Interhyp AG (e)	22,630		1,529
Kontron AG	154,620		2,728
MLP AG (e)	89,150		1,405
Praktiker Bau- und Heimwerkermaerkte Holding AG	63,860		1,364
SGL Carbon AG (a)	163,730		8,296
Vossloh AG	25,800		3,168
TOTAL GERMANY			42,470
Greece - 2.0%
Fourlis Holdings SA	110,000		3,758
Common Stocks - continued
	Shares		Value (000s)
Greece - continued
Hellenic Technodomiki Tev SA	193,260		$ 2,485
Sarantis SA (Reg.)	1,142,668		19,840
TOTAL GREECE			26,083
Hong Kong - 1.1%
Esprit Holdings Ltd.	332,300		4,296
Hang Lung Properties Ltd.	499,000		1,942
Li & Fung Ltd.	1,258,000		4,679
Midland Holdings Ltd.	2,000,000		2,934
TOTAL HONG KONG			13,851
India - 0.4%
Educomp Solutions Ltd.	18,712		1,603
Idea Cellular Ltd.	184,670		580
Indian Overseas Bank	168,182		711
INFO Edge India Ltd.	28,837		773
Sesa Goa Ltd.	7,375		601
Union Bank of India	136,979		702
United Spirits Ltd.	16,200		696
TOTAL INDIA			5,666
Indonesia - 0.3%
PT Bumi Resources Tbk	3,817,500		2,644
PT Tambang Batubbara Bukit Asam Tbk	892,500		1,101
TOTAL INDONESIA			3,745
Ireland - 0.4%
Adwalker PLC (a)	9,125,000		204
Kenmare Resources PLC (a)	2,640,000		2,200
Kenmare Resources PLC warrants 7/23/09 (a)	1,712,500		877
Petroceltic International PLC (a)	13,644,934		1,840
Vimio PLC (a)	867,300		132
TOTAL IRELAND			5,253
Israel - 1.0%
Israel Chemicals Ltd.	975,505		12,460
Italy - 3.3%
A2A SpA	1,480,160		5,952
Ansaldo STS SpA (a)	214,670		2,696
Banca Italease SpA (e)	527,130		5,831
ERG SpA (e)	784,520		12,712
Hera SpA (e)	1,617,160		6,759
Common Stocks - continued
	Shares		Value (000s)
Italy - continued
Seldovia Native Association, Inc. (SNAI) (a)(e)	1,291,190		$ 7,974
Teleunit SpA (a)(f)	12,719,158		814
TOTAL ITALY			42,738
Japan - 28.2%
ABC-Mart, Inc.	233,100		5,798
Access Co. Ltd.	625		735
Ahresty Corp.	93,500		1,319
Ai Holdings Corp.	234,000		1,532
Airport Facilities Co. Ltd.	93,800		617
AOC Holdings, Inc.	127,300		1,394
AOI Electronics Co. Ltd.	3,800		41
Apamanshop Holdings Co. Ltd. (e)	19,884		5,513
Atlus Co. Ltd. (a)	68,300		389
Atrium Co. Ltd.	64,400		1,229
Avex Group Holdings, Inc.	65,400		720
Bookoff Corp. (e)	108,800		611
C. Uyemura & Co. Ltd.	62,200		2,457
Chiba Bank Ltd.	177,000		1,310
Chugoku Marine Paints Ltd.	179,000		1,417
Citizen Holdings Co. Ltd.	142,800		1,311
CMIC Co. Ltd.	5,340		1,758
Create SD Co. Ltd.	57,800		1,435
Culture Convenience Club Co. Ltd. (e)	312,000		1,423
Dai-ichi Seiko Co. Ltd.	26,000		340
Daicel Chemical Industries Ltd.	292,000		1,634
Daido Steel Co. Ltd. (e)	269,000		1,784
Daihen Corp.	252,000		1,128
Daikin Industries Ltd.	60,300		2,705
Daikokutenbussan Co. Ltd.	16,200		88
Daiseki Co. Ltd. (e)	22,300		635
Daito Gyorui Co. Ltd.	381,000		591
Denyo Co. Ltd. (e)	72,900		686
EPS Co. Ltd. (e)	1,582		5,475
F&M Co. Ltd.	2,006		389
FamilyMart Co. Ltd.	106,000		3,150
FCM Co. Ltd.	24,200		742
Fuji Heavy Industries Ltd.	687,000		2,746
Fujitsu Component Ltd. (a)	650		801
Furuno Electric Co. Ltd.	125,400		1,533
Geo Co. Ltd. (e)	1,266		1,965
H-One Co. Ltd.	21,800		178
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Harakosan Co. Ltd. (e)	5,726		$ 6,731
Harmonic Drive Systems, Inc.	667		2,321
Hikari Tsushin, Inc. (e)	298,000		11,266
Hisaka Works Ltd. (e)	145,000		2,314
Hitachi Construction Machinery Co. Ltd.	71,600		1,660
Hitachi Metals Ltd.	60,000		789
Hokuto Corp. (e)	196,200		3,257
Hosiden Corp. (e)	103,800		1,597
Ibiden Co. Ltd.	30,200		1,903
Ichirokudo Co. Ltd. (a)	1,165		625
Ichiyoshi Securities Co. Ltd. (e)	141,400		1,366
IDU Co.	413		375
Inpex Holdings, Inc.	890		8,454
Intelligence Ltd. (e)	1,492		2,147
Itochu Corp.	557,000		5,097
Japan Aviation Electronics Industry Ltd.	100,000		1,219
Japan Steel Works Ltd.	157,000		2,293
Japan Vilene Co. Ltd. (e)	194,000		812
Jastec Co. Ltd.	534,500		3,901
Juki Corp.	500,000		2,408
Juroku Bank Ltd.	149,000		820
Kitagawa Seiki Co. Ltd.	42,600		196
Koha Co. Ltd.	7,200		54
Komori Corp.	154,000		3,259
Konica Minolta Holdings, Inc.	112,500		1,804
Kura Corp. Ltd.	5,100		11,895
Kuraray Co. Ltd.	150,500		1,793
LAC Holdings, Inc.	154,700		447
MCJ Co. Ltd. (a)(e)	3,338		1,570
Meiko Electronics Co. Ltd.	94,800		2,657
Message Co. Ltd.	971		1,790
Micronics Japan Co. Ltd.	134,100		4,919
Mitsui O.S.K. Lines Ltd.	333,000		4,052
Mitsumi Electric Co. Ltd.	31,900		879
Miyano Machinery, Inc.	429,000		1,110
Money Partners Co. Ltd.	11,228		9,556
Mori Seiki Co. Ltd.	102,000		1,806
NIC Corp.	101,600		841
Nidec Corp.	22,400		1,468
Nihon Dempa Kogyo Co. Ltd. (e)	382,800		13,104
Nihon Kohden Corp.	255,700		5,940
Nihon Nohyaku Co. Ltd. (e)	199,000		1,479
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Nihon Trim Co. Ltd. (e)	216,900		$ 4,875
Nihonwasou Holdings, Inc.	782		207
Nikon Corp.	348,000		9,491
Nippon Chemi-con Corp.	312,000		1,320
Nippon Commercial Investment Corp.	422		1,786
Nippon Denko Co. Ltd. (e)	203,000		1,504
Nippon Oil Corp.	256,000		1,736
Nippon Seiki Co. Ltd.	858,000		14,161
Nipro Corp.	266,000		5,329
Nissha Printing Co. Ltd.	112,800		3,766
Nissin Kogyo Co. Ltd.	807,400		13,288
NTN Corp.	260,000		1,880
Obara Corp.	50		1
Oiles Corp. (e)	93,040		1,855
Otsuka Corp.	21,300		1,651
Pigeon Corp. (e)	87,700		1,407
Produce Co. Ltd. (a)	1,532		4,711
Rinnai Corp. (e)	35,000		1,126
Rohto Pharmaceutical Co. Ltd.	534,000		6,499
Round One Corp. (e)	682		1,103
Ryobi Ltd.	301,000		1,325
Sammy NetWorks Co. Ltd.	1,015		1,040
Sansha Electric Manufacturing Co. Ltd.	56,000		465
Sanyo Denki Co. Ltd.	271,000		1,121
Sato Corp. (e)	220,300		3,338
Sawada Holdings Co. Ltd. (a)(e)	91,000		466
Sec Carbon Ltd.	132,000		1,037
Seria Co. Ltd.	482		340
Shibaura Electronics Co. Ltd. (e)	96,700		1,819
Shimachu Co. Ltd.	80,600		2,221
Shin Nippon Biomedical Laboratories Ltd. (e)	142,600		2,426
Shin-Kobe Electric Machinery Co. Ltd.	419,000		1,805
Shinohara Systems of Construction Co. Ltd.	1,206		646
SRI Sports Ltd.	1,727		2,388
Stanley Electric Co. Ltd.	300,300		6,058
Starbucks Coffee Japan Ltd. (e)	3,551		1,827
Start Today Co. Ltd.	243		784
Stella Chemifa Corp. (e)	31,900		897
Sumitomo Corp.	175,900		2,425
Sumitomo Heavy Industries Ltd.	216,000		1,790
Sumitomo Light Metal Industries Ltd. (e)	757,000		1,025
Sumitomo Metal Industries Ltd.	247,000		1,164
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Sun Frontier Fudousan Co. Ltd. (e)	886		$ 892
Sunx Ltd. (e)	284,400		1,621
Suruga Corp.	371,000		4,009
Sysmex Corp.	57,300		2,387
T&D Holdings, Inc.	18,300		984
Taiho Kogyo Co. Ltd.	96,100		1,277
Taiyo Kagaku Co. Ltd.	14,600		89
Takano Co. Ltd. (a)	109,200		1,088
Takara Holdings, Inc.	324,000		1,892
Takeei Corp. (e)	61,400		1,923
Takisawa Machine Tool Co. Ltd.	524,000		715
TMS Entertainment Ltd.	152,000		376
TOA Valve Holding, Inc. (e)	352		993
Tohcello Co. Ltd.	149,000		925
Toho Zinc Co. Ltd.	272,000		1,205
Tohoku Electric Power Co., Inc.	46,300		1,093
Tokai Carbon Co. Ltd. (e)	104,000		814
Tokai Rubber Industries Ltd.	83,700		1,389
Tokyo Gas Co. Ltd.	248,000		1,157
Tokyo Seimitsu Co. Ltd. (e)	165,100		3,315
TonenGeneral Sekiyu KK (e)	122,000		1,054
Toray Industries, Inc.	157,000		1,062
Toyo Suisan Kaisha Ltd.	104,000		1,976
Toyo Tire & Rubber Co. Ltd. (e)	484,000		1,630
Toyoda Gosei Co. Ltd.	58,000		1,893
Tsumura & Co.	271,400		5,807
Tyo, Inc. (e)	235,000		398
Ube Industries Ltd.	252,000		787
Ulvac, Inc. (e)	73,600		3,205
Unicom Group Holdings, Inc.	82,300		557
Usen Corp.	295,910		1,923
VarioSecure Networks, Inc. (e)	720		860
Wacom Co. Ltd. (e)	1,144		2,173
Works Applications Co. Ltd.	1,126		1,377
Xebio Co. Ltd.	129,100		2,932
Yachiyo Industry Co. Ltd.	119,200		1,289
Yamada Denki Co. Ltd.	54,740		5,838
Yonkyu Co. Ltd.	135,500		644
TOTAL JAPAN			367,205
Korea (South) - 1.0%
LG Household & Health Care Ltd.	16,766		2,984
Common Stocks - continued
	Shares		Value (000s)
Korea (South) - continued
MegaStudy Co. Ltd.	6,441		$ 2,021
NHN Corp. (a)	30,451		6,453
Taewoong Co. Ltd.	23,528		1,989
TOTAL KOREA (SOUTH)			13,447
Luxembourg - 0.3%
SES SA FDR (France) unit	142,650		3,477
Malaysia - 0.7%
Bursa Malaysia Bhd	160,900		646
Gamuda Bhd	1,698,500		2,677
KNM Group Bhd	1,555,100		3,413
Parkson Holdings Bhd	884,700		2,105
TOTAL MALAYSIA			8,841
Malta - 0.4%
Unibet Group plc unit	178,456		5,654
Netherlands - 0.3%
Engel East Europe NV	975,032		1,183
Koninklijke Boskalis Westminster NV (Certificaten Van Aandelen)	53,740		2,927
TOTAL NETHERLANDS			4,110
Norway - 1.2%
Norwegian Property ASA	451,590		4,573
Pertra AS (A Shares) (a)	175,642		1,771
Stepstone ASA (a)	3,057,910		9,466
TOTAL NORWAY			15,810
Papua New Guinea - 0.9%
Lihir Gold Ltd. (a)	1,900,789		6,340
Oil Search Ltd.	1,283,833		4,904
TOTAL PAPUA NEW GUINEA			11,244
Philippines - 0.1%
Alliance Global Group, Inc. (a)	5,259,000		560
Vista Land & Lifescapes, Inc.	8,022,000		913
TOTAL PHILIPPINES			1,473
Portugal - 0.2%
Banif SGPS SA	484,850		2,357
Russia - 1.0%
OAO Gazprom (Reg. S) unit	275,920		13,465
Common Stocks - continued
	Shares		Value (000s)
Singapore - 1.4%
Banyan Tree Holdings Ltd.	2,051,000		$ 2,055
Cosco Corp. Singapore Ltd.	1,155,000		3,627
Keppel Corp. Ltd.	136,000		1,086
Parkway Holdings Ltd.	1,648,300		4,153
Raffles Medical Group Ltd.	1,160,000		1,056
Skywest Airlines Ltd. (f)	14,719,299		4,595
Straits Asia Resources Ltd.	636,000		1,522
TOTAL SINGAPORE			18,094
South Africa - 0.3%
African Rainbow Minerals Ltd.	166,163		3,380
Spain - 1.9%
Grifols SA	877,748		21,448
Obrascon Huarte Lain SA	109,308		3,491
TOTAL SPAIN			24,939
Sweden - 1.4%
Hexagon AB (B Shares)	363,353		6,423
Meda AB (A Shares) (e)	324,460		3,528
Modern Times Group MTG AB (B Shares)	60,760		3,686
NeoNet AB	668,050		4,107
TOTAL SWEDEN			17,744
Switzerland - 1.1%
Actelion Ltd. (Reg.) (a)	82,940		4,146
Bucher Industries AG	15,811		3,555
Partners Group Holding	32,420		4,067
Vontobel Holdings AG	77,970		3,103
TOTAL SWITZERLAND			14,871
Taiwan - 0.1%
Sinyi Realty, Inc.	617,837		1,757
United Kingdom - 16.7%
Advanced Fluid Connections PLC (a)	7,009,687		0
ADVFN PLC (a)(f)	35,175,780		1,607
AeroBox PLC (a)	5,694,657		0
Afren PLC (a)	2,681,850		5,444
African Consolidated Resources PLC (a)	10,333,334		2,616
African Copper PLC (a)	1,677,884		1,870
Air Partner PLC	45,000		780
Anglo Asian Mining PLC (a)	3,657,000		769
Appian Technology PLC (a)	1,907,506		172
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Appian Technology PLC warrants 2/28/08 (a)(g)	479,045		$ 0
Ascent Resources PLC (a)	1,500,000		236
Baltic Oil Terminals PLC (a)	1,314,300		2,523
BioCare Solutions PLC (a)(f)	4,807,670		1,076
Blackstar Investors PLC (a)	1,826,860		4,050
Block Shield Corp. PLC (a)	1,653,400		1,914
Bovis Homes Group PLC	84,590		1,029
Cambrian Mining PLC	4,026,100		5,406
Celsis International PLC (a)	443,648		1,543
Central African Mining & Exploration Co. PLC (a)	9,125,633		7,568
Centurion Electronics PLC (a)(f)	748,299		13
Corac Group PLC (a)	4,279,104		5,501
Countermine PLC (a)(g)	4,939		738
Countermine PLC warrants 7/26/06 (a)(g)	4,939		0
CustomVis plc (a)(f)	8,417,536		753
Datacash Group PLC	1,585,580		9,696
Eclipse Energy Co. Ltd. (g)	102,000		1,521
Forum Energy PLC (a)	800,270		349
Gcm Resources PLC (a)	344,800		861
Gemfields Resources PLC (a)	3,909,100		2,612
Gyrus Group PLC (a)	365,900		4,584
Hardide Ltd. (a)	6,848,580		1,124
Healthcare Enterprise Group PLC (a)(f)	18,312,440		386
Healthcare Enterprise Group PLC warrants 6/30/08 (a)	1,851,769		9
Hot Tuna International PLC (a)	1,049,400		44
Hot Tuna International PLC warrants 2/25/08 (a)(g)	1,179,700		0
Hydrodec Group PLC (a)(f)	10,002,286		7,011
Ideal Shopping Direct PLC	661,592		2,548
IG Group Holdings plc	906,089		6,594
Impact Holdings PLC (a)(f)	10,414,000		595
Inmarsat PLC	582,630		5,698
Inova Holding PLC (a)	1,443,461		221
Intertek Group PLC	94,110		1,650
iomart Group PLC (a)	1,618,840		1,024
ITE Group PLC	1,591,430		4,489
ITM Power PLC (a)(e)	1,400,980		2,753
Jubilee Platinum PLC (a)	4,677,843		6,034
Keronite PLC (a)(g)	13,620,267		1,625
KimCor Diamonds PLC warrants 3/15/08 (a)	2,185,000		0
Lamprell plc	292,900		2,092
Landround plc warrants 12/11/09 (a)(g)	166,666		4
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a)	105,400		$ 43
Max Petroleum PLC (a)	11,694,820		13,012
Meldex International PLC (a)	4,394,616		5,802
MicroEmissive Displays (a)	2,821,600		2,441
Motivcom PLC (f)	1,813,800		3,236
NDS Group PLC sponsored ADR (a)	271,300		14,650
NETeller PLC (a)	2,073,590		2,696
Petrofac Ltd.	138,020		1,420
Proteome Sciences PLC (a)	1,322,532		1,272
Pureprofile Media PLC (g)	1,108,572		827
Pursuit Dynamics PLC (a)(e)	848,717		4,853
PV Crystalox Solar PLC	1,597,240		4,371
Rambler Metals & Mining PLC (a)	600,000		829
Regal Petroleum PLC	510,000		1,440
RGI International Ltd.	678,660		5,507
Sarantel Group PLC Class A (a)	3,285,900		452
SDL plc (a)	1,090,022		5,132
Serco Group PLC	226,230		1,894
Sinclair Pharma PLC (a)	1,128,371		1,167
SPI Lasers PLC (a)	3,461,200		2,654
Stem Cell Sciences PLC (a)	716,649		369
SubSea Resources PLC warrants 11/4/09 (a)	1,805,625		11
Target Resources PLC (a)	1,020,000		406
Target Resources PLC warrants 7/12/08 (a)	1,020,000		0
TMO Biotec (a)(g)	1,000,000		1,382
Toledo Mining Corp. PLC (a)	1,322,604		4,953
Triple Plate Junction PLC (a)	1,539,200		528
UK Coal PLC (a)	134,200		1,151
Ultra Electronics Holdings PLC	200,386		4,445
Unite Group PLC	256,110		1,701
Vectura Group PLC (a)	3,556,060		3,442
VT Group PLC	395,110		5,101
York Pharma PLC (a)	633,000		962
Zenergy Power PLC (a)	1,469,780		7,684
ZincOx Resources PLC (a)	600,700		2,916
TOTAL UNITED KINGDOM			217,881
United States of America - 3.0%
Cyberview Technology, Inc. (a)(f)	996,527		2,873
Frontera Resources Corp. (a)	1,157,200		2,324
Frontier Mining Ltd. (a)	6,771,600		1,018
Common Stocks - continued
	Shares		Value (000s)
United States of America - continued
Phorm, Inc. (a)(f)	664,000		$ 31,620
XL TechGroup, Inc. (a)	1,329,250		1,348
TOTAL UNITED STATES OF AMERICA			39,183
TOTAL COMMON STOCKS (Cost $1,125,812)		1,236,592

Convertible Bonds - 0.3%
		Principal Amount (000s) (d)
Canada - 0.3%
Western Canadian Coal Corp. 7.5% 3/24/11 (d) (Cost $4,061)	CAD	4,714	3,758

Money Market Funds - 10.8%
	Shares
Fidelity Cash Central Fund, 3.79% (b)	69,190,727		69,191
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	70,843,390		70,843
TOTAL MONEY MARKET FUNDS (Cost $140,034)		140,034
TOTAL INVESTMENT PORTFOLIO - 106.0% (Cost $1,269,907)			1,380,384
NET OTHER ASSETS - (6.0)%			(77,972)
NET ASSETS - 100%		$ 1,302,412

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) 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 $14,901,000 or 1.1% 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 8/4/11	8/4/06	$ 0
Appian Technology PLC warrants 2/28/08	2/18/05	$ 0
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
Security	Acquisition Date	Acquisition Cost (000s)
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
Stealth Ventures Ltd. warrants 3/12/08	9/21/06	$ 0
TMO Biotec	10/27/05	$ 535

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	$ 559
Fidelity Securities Lending Cash Central Fund	451
Total	$ 1,010

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 (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
ADVFN PLC	$ 2,066	$ -	$ -	$ -	$ 1,607
Allied Gold Ltd.	12,802	3,229	-	-	12,558
Allied Gold Ltd. (UK)	410	-	-	-	313
BioCare Solutions PLC	1,260	-	10	-	1,076
Centurion Electronics PLC	89	-	-	-	13
Corac Group PLC	5,414	-	374	-	-
CustomVis plc	591	-	-	-	753
Cyberview Technology, Inc.	3,802	-	-	-	2,873
Frontier Mining Ltd.	1,619	-	-	-	-
Healthcare Enterprise Group PLC	373	-	-	-	386
Hydrodec Group PLC	3,795	-	-	-	7,011
Impact Holdings PLC	650	-	-	-	595
Motivcom PLC	5,545	-	12	-	3,236
Phorm, Inc.	28,335	-	-	-	31,620
Skywest Airlines Ltd.	4,437	-	-	148	4,595
SPI Lasers PLC	3,778	-	-	-	-
Sylvania Resources Ltd.	25,111	-	2,063	-	21,066
Sylvania Resources Ltd. (United Kingdom)	13,425	-	3,707	-	8,726
Tanzanite One Ltd.	8,937	-	-	-	5,292
Teleunit SpA	1,025	-	-	-	814
Visual Defence, Inc.	1,503	-	-	-	1,364
Total	$ 124,967	$ 3,229	$ 6,166	$ 148	$ 103,898

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,273,500,000. Net unrealized appreciation aggregated $106,884,000, of which $316,998,000 related to appreciated investment securities and $210,114,000 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 available 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 LLC 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, 2008

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

1.813255.103

AISC-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.9%
	Shares		Value (000s)
Australia - 12.4%
ABB Grain Ltd.	178,216		$ 1,385
ABC Learning Centres Ltd. (e)	53,278		211
Allied Gold Ltd. (a)(f)	18,674,490		12,558
Allied Gold Ltd. (United Kingdom) (a)(f)	461,700		313
Ausenco Ltd.	599,002		6,144
Bradken Ltd.	382,388		2,177
Capital-XX Ltd. (a)	2,262,572		1,845
Centamin Egypt Ltd. (a)	2,384,795		3,082
Centennial Coal Co. Ltd. (e)	592,395		1,864
Coal of Africa Ltd. (a)	4,528,600		7,116
Dwyka Resources Ltd. (a)	5,235,220		3,168
Energy Resources of Australia Ltd.	41,799		706
European Gas Ltd. (a)	2,137,690		1,227
Hastie Group Ltd.	697,428		2,626
Incitec Pivot Ltd.	132,321		14,236
International Ferro Metals (a)	2,795,667		4,859
Investika Ltd. (United Kingdom) (a)	185,887		423
Investika Ltd. (a)	240,000		501
Jubilee Mines NL	221,647		4,484
MacArthur Coal Ltd. (e)	482,429		4,291
Macmahon Holdings Ltd.	2,119,018		2,565
Meo Australia Ltd. (a)	10,289,300		3,506
Metcash Ltd.	597,539		2,224
Monto Minerals Ltd. (a)	8,300,252		1,506
Monto Minerals Ltd. warrants 5/25/09 (a)	1,485,934		0
Mortgage Choice Ltd.	1,058,199		1,879
Mount Gibson Iron Ltd. (a)	3,744,982		8,764
Navitas Ltd.	490,152		897
Phosphagenics Ltd. (a)	9,040,000		1,783
Reverse Corp. Ltd.	446,400		1,413
Roc Oil Co. Ltd. (United Kingdom) (a)	731,319		1,431
Seek Ltd. (e)	1,552,902		8,689
Straits Resources Ltd.	329,044		1,888
Sylvania Resources Ltd. (a)(f)	8,185,947		21,066
Sylvania Resources Ltd. (United Kingdom) (a)(f)	3,389,885		8,726
Tanami Gold NL (a)	26,452,484		2,846
Tassal Group Ltd.	2,000,689		6,907
United Group Ltd.	142,801		1,937
WorleyParsons Ltd.	229,258		8,070
Wotif.com Holdings Ltd.	636,700		2,683
TOTAL AUSTRALIA			161,996
Common Stocks - continued
	Shares		Value (000s)
Bermuda - 1.3%
African Minerals Ltd. (a)	575,020		$ 1,388
Pacific Basin Shipping Ltd.	446,000		627
Peace Mark Holdings Ltd.	660,000		762
Petra Diamonds Ltd. (a)	1,212,621		3,194
Ports Design Ltd.	784,000		2,262
PureCircle Ltd.	500,000		1,705
Tanzanite One Ltd. (f)	5,808,701		5,292
Trefoil Ltd. (a)	385,100		1,444
Xceldiam Ltd. warrants 3/19/08 (a)	1,659,127		0
TOTAL BERMUDA			16,674
British Virgin Islands - 0.4%
Albidon Ltd. unit (a)	1,469,000		3,798
Kalahari Energy (g)	1,451,000		1,814
TOTAL BRITISH VIRGIN ISLANDS			5,612
Canada - 2.3%
AirSea Lines (g)	1,862,300		1,385
AirSea Lines warrants 8/4/11 (a)(g)	1,862,300		0
Artumas Group, Inc. (a)	220,000		1,015
Bankers Petroleum Ltd. (a)	2,779,970		2,493
Equinox Minerals Ltd. unit (a)	972,884		4,493
MagIndustries Corp. (a)	3,635,960		6,884
Rock Well Petroleum, Inc. (g)	770,400		3,463
Sino-Forest Corp. (a)	87,800		1,613
Starfield Resources, Inc. (a)	2,152,075		1,758
Stealth Ventures Ltd. warrants 3/12/08 (a)(g)	483,250		0
Visual Defence, Inc. (a)(f)	4,664,100		1,364
Western Canadian Coal Corp. (a)	2,754,418		5,078
Western Canadian Coal Corp. (United Kingdom) (a)	548,286		992
TOTAL CANADA			30,538
Cayman Islands - 0.9%
Ctrip.com International Ltd. sponsored ADR	35,200		1,607
International Consolidated Minerals, Inc. (a)	852,927		5,004
Lee & Man Paper Manufacturing Ltd.	661,600		1,476
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	16,900		957
New World Department Store China Ltd.	1,441,000		1,793
Pacific Online Ltd.	1,295,000		319
TCC International Holdings Ltd. (a)	676,000		492
TOTAL CAYMAN ISLANDS			11,648
Common Stocks - continued
	Shares		Value (000s)
China - 0.5%
Baidu.com, Inc. sponsored ADR (a)	4,600		$ 1,288
China Oilfield Services Ltd. (H Shares)	862,000		1,574
Sina Corp. (a)	63,000		2,501
Yantai Changyu Pioneer Wine Co. (B Shares)	118,810		842
TOTAL CHINA			6,205
Cyprus - 0.2%
Buried Hill Energy (Cyprus) PCL (g)	1,947,000		2,142
Denmark - 0.2%
DSV de Sammensluttede Vognmaend AS	131,440		2,541
Finland - 1.7%
Inion OY (a)	3,590,300		1,419
Nokian Tyres Ltd.	470,040		16,024
Rakentajain Konevuokraamo Oyj (B Shares)	79,960		1,898
Ramirent Oyj	74,140		1,158
Wartsila Corp. (B Shares)	34,680		2,231
TOTAL FINLAND			22,730
France - 3.0%
Carbone Lorraine	27,400		1,452
Electricite de France	90,900		9,482
Geodis SA (e)	26,350		3,304
Guerbet SA	8,400		1,303
ICADE	48,209		6,213
Laurent-Perrier Group	25,660		4,083
Societe Internationale de Plantations d'Heveas SA	2,580		1,451
Vilmorin & Cie	75,310		12,020
TOTAL FRANCE			39,308
Germany - 3.3%
E.ON AG	93,000		17,290
Fresenius Medical Care AG	130,010		6,690
Interhyp AG (e)	22,630		1,529
Kontron AG	154,620		2,728
MLP AG (e)	89,150		1,405
Praktiker Bau- und Heimwerkermaerkte Holding AG	63,860		1,364
SGL Carbon AG (a)	163,730		8,296
Vossloh AG	25,800		3,168
TOTAL GERMANY			42,470
Greece - 2.0%
Fourlis Holdings SA	110,000		3,758
Common Stocks - continued
	Shares		Value (000s)
Greece - continued
Hellenic Technodomiki Tev SA	193,260		$ 2,485
Sarantis SA (Reg.)	1,142,668		19,840
TOTAL GREECE			26,083
Hong Kong - 1.1%
Esprit Holdings Ltd.	332,300		4,296
Hang Lung Properties Ltd.	499,000		1,942
Li & Fung Ltd.	1,258,000		4,679
Midland Holdings Ltd.	2,000,000		2,934
TOTAL HONG KONG			13,851
India - 0.4%
Educomp Solutions Ltd.	18,712		1,603
Idea Cellular Ltd.	184,670		580
Indian Overseas Bank	168,182		711
INFO Edge India Ltd.	28,837		773
Sesa Goa Ltd.	7,375		601
Union Bank of India	136,979		702
United Spirits Ltd.	16,200		696
TOTAL INDIA			5,666
Indonesia - 0.3%
PT Bumi Resources Tbk	3,817,500		2,644
PT Tambang Batubbara Bukit Asam Tbk	892,500		1,101
TOTAL INDONESIA			3,745
Ireland - 0.4%
Adwalker PLC (a)	9,125,000		204
Kenmare Resources PLC (a)	2,640,000		2,200
Kenmare Resources PLC warrants 7/23/09 (a)	1,712,500		877
Petroceltic International PLC (a)	13,644,934		1,840
Vimio PLC (a)	867,300		132
TOTAL IRELAND			5,253
Israel - 1.0%
Israel Chemicals Ltd.	975,505		12,460
Italy - 3.3%
A2A SpA	1,480,160		5,952
Ansaldo STS SpA (a)	214,670		2,696
Banca Italease SpA (e)	527,130		5,831
ERG SpA (e)	784,520		12,712
Hera SpA (e)	1,617,160		6,759
Common Stocks - continued
	Shares		Value (000s)
Italy - continued
Seldovia Native Association, Inc. (SNAI) (a)(e)	1,291,190		$ 7,974
Teleunit SpA (a)(f)	12,719,158		814
TOTAL ITALY			42,738
Japan - 28.2%
ABC-Mart, Inc.	233,100		5,798
Access Co. Ltd.	625		735
Ahresty Corp.	93,500		1,319
Ai Holdings Corp.	234,000		1,532
Airport Facilities Co. Ltd.	93,800		617
AOC Holdings, Inc.	127,300		1,394
AOI Electronics Co. Ltd.	3,800		41
Apamanshop Holdings Co. Ltd. (e)	19,884		5,513
Atlus Co. Ltd. (a)	68,300		389
Atrium Co. Ltd.	64,400		1,229
Avex Group Holdings, Inc.	65,400		720
Bookoff Corp. (e)	108,800		611
C. Uyemura & Co. Ltd.	62,200		2,457
Chiba Bank Ltd.	177,000		1,310
Chugoku Marine Paints Ltd.	179,000		1,417
Citizen Holdings Co. Ltd.	142,800		1,311
CMIC Co. Ltd.	5,340		1,758
Create SD Co. Ltd.	57,800		1,435
Culture Convenience Club Co. Ltd. (e)	312,000		1,423
Dai-ichi Seiko Co. Ltd.	26,000		340
Daicel Chemical Industries Ltd.	292,000		1,634
Daido Steel Co. Ltd. (e)	269,000		1,784
Daihen Corp.	252,000		1,128
Daikin Industries Ltd.	60,300		2,705
Daikokutenbussan Co. Ltd.	16,200		88
Daiseki Co. Ltd. (e)	22,300		635
Daito Gyorui Co. Ltd.	381,000		591
Denyo Co. Ltd. (e)	72,900		686
EPS Co. Ltd. (e)	1,582		5,475
F&M Co. Ltd.	2,006		389
FamilyMart Co. Ltd.	106,000		3,150
FCM Co. Ltd.	24,200		742
Fuji Heavy Industries Ltd.	687,000		2,746
Fujitsu Component Ltd. (a)	650		801
Furuno Electric Co. Ltd.	125,400		1,533
Geo Co. Ltd. (e)	1,266		1,965
H-One Co. Ltd.	21,800		178
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Harakosan Co. Ltd. (e)	5,726		$ 6,731
Harmonic Drive Systems, Inc.	667		2,321
Hikari Tsushin, Inc. (e)	298,000		11,266
Hisaka Works Ltd. (e)	145,000		2,314
Hitachi Construction Machinery Co. Ltd.	71,600		1,660
Hitachi Metals Ltd.	60,000		789
Hokuto Corp. (e)	196,200		3,257
Hosiden Corp. (e)	103,800		1,597
Ibiden Co. Ltd.	30,200		1,903
Ichirokudo Co. Ltd. (a)	1,165		625
Ichiyoshi Securities Co. Ltd. (e)	141,400		1,366
IDU Co.	413		375
Inpex Holdings, Inc.	890		8,454
Intelligence Ltd. (e)	1,492		2,147
Itochu Corp.	557,000		5,097
Japan Aviation Electronics Industry Ltd.	100,000		1,219
Japan Steel Works Ltd.	157,000		2,293
Japan Vilene Co. Ltd. (e)	194,000		812
Jastec Co. Ltd.	534,500		3,901
Juki Corp.	500,000		2,408
Juroku Bank Ltd.	149,000		820
Kitagawa Seiki Co. Ltd.	42,600		196
Koha Co. Ltd.	7,200		54
Komori Corp.	154,000		3,259
Konica Minolta Holdings, Inc.	112,500		1,804
Kura Corp. Ltd.	5,100		11,895
Kuraray Co. Ltd.	150,500		1,793
LAC Holdings, Inc.	154,700		447
MCJ Co. Ltd. (a)(e)	3,338		1,570
Meiko Electronics Co. Ltd.	94,800		2,657
Message Co. Ltd.	971		1,790
Micronics Japan Co. Ltd.	134,100		4,919
Mitsui O.S.K. Lines Ltd.	333,000		4,052
Mitsumi Electric Co. Ltd.	31,900		879
Miyano Machinery, Inc.	429,000		1,110
Money Partners Co. Ltd.	11,228		9,556
Mori Seiki Co. Ltd.	102,000		1,806
NIC Corp.	101,600		841
Nidec Corp.	22,400		1,468
Nihon Dempa Kogyo Co. Ltd. (e)	382,800		13,104
Nihon Kohden Corp.	255,700		5,940
Nihon Nohyaku Co. Ltd. (e)	199,000		1,479
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Nihon Trim Co. Ltd. (e)	216,900		$ 4,875
Nihonwasou Holdings, Inc.	782		207
Nikon Corp.	348,000		9,491
Nippon Chemi-con Corp.	312,000		1,320
Nippon Commercial Investment Corp.	422		1,786
Nippon Denko Co. Ltd. (e)	203,000		1,504
Nippon Oil Corp.	256,000		1,736
Nippon Seiki Co. Ltd.	858,000		14,161
Nipro Corp.	266,000		5,329
Nissha Printing Co. Ltd.	112,800		3,766
Nissin Kogyo Co. Ltd.	807,400		13,288
NTN Corp.	260,000		1,880
Obara Corp.	50		1
Oiles Corp. (e)	93,040		1,855
Otsuka Corp.	21,300		1,651
Pigeon Corp. (e)	87,700		1,407
Produce Co. Ltd. (a)	1,532		4,711
Rinnai Corp. (e)	35,000		1,126
Rohto Pharmaceutical Co. Ltd.	534,000		6,499
Round One Corp. (e)	682		1,103
Ryobi Ltd.	301,000		1,325
Sammy NetWorks Co. Ltd.	1,015		1,040
Sansha Electric Manufacturing Co. Ltd.	56,000		465
Sanyo Denki Co. Ltd.	271,000		1,121
Sato Corp. (e)	220,300		3,338
Sawada Holdings Co. Ltd. (a)(e)	91,000		466
Sec Carbon Ltd.	132,000		1,037
Seria Co. Ltd.	482		340
Shibaura Electronics Co. Ltd. (e)	96,700		1,819
Shimachu Co. Ltd.	80,600		2,221
Shin Nippon Biomedical Laboratories Ltd. (e)	142,600		2,426
Shin-Kobe Electric Machinery Co. Ltd.	419,000		1,805
Shinohara Systems of Construction Co. Ltd.	1,206		646
SRI Sports Ltd.	1,727		2,388
Stanley Electric Co. Ltd.	300,300		6,058
Starbucks Coffee Japan Ltd. (e)	3,551		1,827
Start Today Co. Ltd.	243		784
Stella Chemifa Corp. (e)	31,900		897
Sumitomo Corp.	175,900		2,425
Sumitomo Heavy Industries Ltd.	216,000		1,790
Sumitomo Light Metal Industries Ltd. (e)	757,000		1,025
Sumitomo Metal Industries Ltd.	247,000		1,164
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Sun Frontier Fudousan Co. Ltd. (e)	886		$ 892
Sunx Ltd. (e)	284,400		1,621
Suruga Corp.	371,000		4,009
Sysmex Corp.	57,300		2,387
T&D Holdings, Inc.	18,300		984
Taiho Kogyo Co. Ltd.	96,100		1,277
Taiyo Kagaku Co. Ltd.	14,600		89
Takano Co. Ltd. (a)	109,200		1,088
Takara Holdings, Inc.	324,000		1,892
Takeei Corp. (e)	61,400		1,923
Takisawa Machine Tool Co. Ltd.	524,000		715
TMS Entertainment Ltd.	152,000		376
TOA Valve Holding, Inc. (e)	352		993
Tohcello Co. Ltd.	149,000		925
Toho Zinc Co. Ltd.	272,000		1,205
Tohoku Electric Power Co., Inc.	46,300		1,093
Tokai Carbon Co. Ltd. (e)	104,000		814
Tokai Rubber Industries Ltd.	83,700		1,389
Tokyo Gas Co. Ltd.	248,000		1,157
Tokyo Seimitsu Co. Ltd. (e)	165,100		3,315
TonenGeneral Sekiyu KK (e)	122,000		1,054
Toray Industries, Inc.	157,000		1,062
Toyo Suisan Kaisha Ltd.	104,000		1,976
Toyo Tire & Rubber Co. Ltd. (e)	484,000		1,630
Toyoda Gosei Co. Ltd.	58,000		1,893
Tsumura & Co.	271,400		5,807
Tyo, Inc. (e)	235,000		398
Ube Industries Ltd.	252,000		787
Ulvac, Inc. (e)	73,600		3,205
Unicom Group Holdings, Inc.	82,300		557
Usen Corp.	295,910		1,923
VarioSecure Networks, Inc. (e)	720		860
Wacom Co. Ltd. (e)	1,144		2,173
Works Applications Co. Ltd.	1,126		1,377
Xebio Co. Ltd.	129,100		2,932
Yachiyo Industry Co. Ltd.	119,200		1,289
Yamada Denki Co. Ltd.	54,740		5,838
Yonkyu Co. Ltd.	135,500		644
TOTAL JAPAN			367,205
Korea (South) - 1.0%
LG Household & Health Care Ltd.	16,766		2,984
Common Stocks - continued
	Shares		Value (000s)
Korea (South) - continued
MegaStudy Co. Ltd.	6,441		$ 2,021
NHN Corp. (a)	30,451		6,453
Taewoong Co. Ltd.	23,528		1,989
TOTAL KOREA (SOUTH)			13,447
Luxembourg - 0.3%
SES SA FDR (France) unit	142,650		3,477
Malaysia - 0.7%
Bursa Malaysia Bhd	160,900		646
Gamuda Bhd	1,698,500		2,677
KNM Group Bhd	1,555,100		3,413
Parkson Holdings Bhd	884,700		2,105
TOTAL MALAYSIA			8,841
Malta - 0.4%
Unibet Group plc unit	178,456		5,654
Netherlands - 0.3%
Engel East Europe NV	975,032		1,183
Koninklijke Boskalis Westminster NV (Certificaten Van Aandelen)	53,740		2,927
TOTAL NETHERLANDS			4,110
Norway - 1.2%
Norwegian Property ASA	451,590		4,573
Pertra AS (A Shares) (a)	175,642		1,771
Stepstone ASA (a)	3,057,910		9,466
TOTAL NORWAY			15,810
Papua New Guinea - 0.9%
Lihir Gold Ltd. (a)	1,900,789		6,340
Oil Search Ltd.	1,283,833		4,904
TOTAL PAPUA NEW GUINEA			11,244
Philippines - 0.1%
Alliance Global Group, Inc. (a)	5,259,000		560
Vista Land & Lifescapes, Inc.	8,022,000		913
TOTAL PHILIPPINES			1,473
Portugal - 0.2%
Banif SGPS SA	484,850		2,357
Russia - 1.0%
OAO Gazprom (Reg. S) unit	275,920		13,465
Common Stocks - continued
	Shares		Value (000s)
Singapore - 1.4%
Banyan Tree Holdings Ltd.	2,051,000		$ 2,055
Cosco Corp. Singapore Ltd.	1,155,000		3,627
Keppel Corp. Ltd.	136,000		1,086
Parkway Holdings Ltd.	1,648,300		4,153
Raffles Medical Group Ltd.	1,160,000		1,056
Skywest Airlines Ltd. (f)	14,719,299		4,595
Straits Asia Resources Ltd.	636,000		1,522
TOTAL SINGAPORE			18,094
South Africa - 0.3%
African Rainbow Minerals Ltd.	166,163		3,380
Spain - 1.9%
Grifols SA	877,748		21,448
Obrascon Huarte Lain SA	109,308		3,491
TOTAL SPAIN			24,939
Sweden - 1.4%
Hexagon AB (B Shares)	363,353		6,423
Meda AB (A Shares) (e)	324,460		3,528
Modern Times Group MTG AB (B Shares)	60,760		3,686
NeoNet AB	668,050		4,107
TOTAL SWEDEN			17,744
Switzerland - 1.1%
Actelion Ltd. (Reg.) (a)	82,940		4,146
Bucher Industries AG	15,811		3,555
Partners Group Holding	32,420		4,067
Vontobel Holdings AG	77,970		3,103
TOTAL SWITZERLAND			14,871
Taiwan - 0.1%
Sinyi Realty, Inc.	617,837		1,757
United Kingdom - 16.7%
Advanced Fluid Connections PLC (a)	7,009,687		0
ADVFN PLC (a)(f)	35,175,780		1,607
AeroBox PLC (a)	5,694,657		0
Afren PLC (a)	2,681,850		5,444
African Consolidated Resources PLC (a)	10,333,334		2,616
African Copper PLC (a)	1,677,884		1,870
Air Partner PLC	45,000		780
Anglo Asian Mining PLC (a)	3,657,000		769
Appian Technology PLC (a)	1,907,506		172
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
Appian Technology PLC warrants 2/28/08 (a)(g)	479,045		$ 0
Ascent Resources PLC (a)	1,500,000		236
Baltic Oil Terminals PLC (a)	1,314,300		2,523
BioCare Solutions PLC (a)(f)	4,807,670		1,076
Blackstar Investors PLC (a)	1,826,860		4,050
Block Shield Corp. PLC (a)	1,653,400		1,914
Bovis Homes Group PLC	84,590		1,029
Cambrian Mining PLC	4,026,100		5,406
Celsis International PLC (a)	443,648		1,543
Central African Mining & Exploration Co. PLC (a)	9,125,633		7,568
Centurion Electronics PLC (a)(f)	748,299		13
Corac Group PLC (a)	4,279,104		5,501
Countermine PLC (a)(g)	4,939		738
Countermine PLC warrants 7/26/06 (a)(g)	4,939		0
CustomVis plc (a)(f)	8,417,536		753
Datacash Group PLC	1,585,580		9,696
Eclipse Energy Co. Ltd. (g)	102,000		1,521
Forum Energy PLC (a)	800,270		349
Gcm Resources PLC (a)	344,800		861
Gemfields Resources PLC (a)	3,909,100		2,612
Gyrus Group PLC (a)	365,900		4,584
Hardide Ltd. (a)	6,848,580		1,124
Healthcare Enterprise Group PLC (a)(f)	18,312,440		386
Healthcare Enterprise Group PLC warrants 6/30/08 (a)	1,851,769		9
Hot Tuna International PLC (a)	1,049,400		44
Hot Tuna International PLC warrants 2/25/08 (a)(g)	1,179,700		0
Hydrodec Group PLC (a)(f)	10,002,286		7,011
Ideal Shopping Direct PLC	661,592		2,548
IG Group Holdings plc	906,089		6,594
Impact Holdings PLC (a)(f)	10,414,000		595
Inmarsat PLC	582,630		5,698
Inova Holding PLC (a)	1,443,461		221
Intertek Group PLC	94,110		1,650
iomart Group PLC (a)	1,618,840		1,024
ITE Group PLC	1,591,430		4,489
ITM Power PLC (a)(e)	1,400,980		2,753
Jubilee Platinum PLC (a)	4,677,843		6,034
Keronite PLC (a)(g)	13,620,267		1,625
KimCor Diamonds PLC warrants 3/15/08 (a)	2,185,000		0
Lamprell plc	292,900		2,092
Landround plc warrants 12/11/09 (a)(g)	166,666		4
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a)	105,400		$ 43
Max Petroleum PLC (a)	11,694,820		13,012
Meldex International PLC (a)	4,394,616		5,802
MicroEmissive Displays (a)	2,821,600		2,441
Motivcom PLC (f)	1,813,800		3,236
NDS Group PLC sponsored ADR (a)	271,300		14,650
NETeller PLC (a)	2,073,590		2,696
Petrofac Ltd.	138,020		1,420
Proteome Sciences PLC (a)	1,322,532		1,272
Pureprofile Media PLC (g)	1,108,572		827
Pursuit Dynamics PLC (a)(e)	848,717		4,853
PV Crystalox Solar PLC	1,597,240		4,371
Rambler Metals & Mining PLC (a)	600,000		829
Regal Petroleum PLC	510,000		1,440
RGI International Ltd.	678,660		5,507
Sarantel Group PLC Class A (a)	3,285,900		452
SDL plc (a)	1,090,022		5,132
Serco Group PLC	226,230		1,894
Sinclair Pharma PLC (a)	1,128,371		1,167
SPI Lasers PLC (a)	3,461,200		2,654
Stem Cell Sciences PLC (a)	716,649		369
SubSea Resources PLC warrants 11/4/09 (a)	1,805,625		11
Target Resources PLC (a)	1,020,000		406
Target Resources PLC warrants 7/12/08 (a)	1,020,000		0
TMO Biotec (a)(g)	1,000,000		1,382
Toledo Mining Corp. PLC (a)	1,322,604		4,953
Triple Plate Junction PLC (a)	1,539,200		528
UK Coal PLC (a)	134,200		1,151
Ultra Electronics Holdings PLC	200,386		4,445
Unite Group PLC	256,110		1,701
Vectura Group PLC (a)	3,556,060		3,442
VT Group PLC	395,110		5,101
York Pharma PLC (a)	633,000		962
Zenergy Power PLC (a)	1,469,780		7,684
ZincOx Resources PLC (a)	600,700		2,916
TOTAL UNITED KINGDOM			217,881
United States of America - 3.0%
Cyberview Technology, Inc. (a)(f)	996,527		2,873
Frontera Resources Corp. (a)	1,157,200		2,324
Frontier Mining Ltd. (a)	6,771,600		1,018
Common Stocks - continued
	Shares		Value (000s)
United States of America - continued
Phorm, Inc. (a)(f)	664,000		$ 31,620
XL TechGroup, Inc. (a)	1,329,250		1,348
TOTAL UNITED STATES OF AMERICA			39,183
TOTAL COMMON STOCKS (Cost $1,125,812)		1,236,592

Convertible Bonds - 0.3%
		Principal Amount (000s) (d)
Canada - 0.3%
Western Canadian Coal Corp. 7.5% 3/24/11 (d) (Cost $4,061)	CAD	4,714	3,758

Money Market Funds - 10.8%
	Shares
Fidelity Cash Central Fund, 3.79% (b)	69,190,727		69,191
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	70,843,390		70,843
TOTAL MONEY MARKET FUNDS (Cost $140,034)		140,034
TOTAL INVESTMENT PORTFOLIO - 106.0% (Cost $1,269,907)			1,380,384
NET OTHER ASSETS - (6.0)%			(77,972)
NET ASSETS - 100%		$ 1,302,412

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) 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 $14,901,000 or 1.1% 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 8/4/11	8/4/06	$ 0
Appian Technology PLC warrants 2/28/08	2/18/05	$ 0
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
Security	Acquisition Date	Acquisition Cost (000s)
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
Stealth Ventures Ltd. warrants 3/12/08	9/21/06	$ 0
TMO Biotec	10/27/05	$ 535

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	$ 559
Fidelity Securities Lending Cash Central Fund	451
Total	$ 1,010

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 (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
ADVFN PLC	$ 2,066	$ -	$ -	$ -	$ 1,607
Allied Gold Ltd.	12,802	3,229	-	-	12,558
Allied Gold Ltd. (UK)	410	-	-	-	313
BioCare Solutions PLC	1,260	-	10	-	1,076
Centurion Electronics PLC	89	-	-	-	13
Corac Group PLC	5,414	-	374	-	-
CustomVis plc	591	-	-	-	753
Cyberview Technology, Inc.	3,802	-	-	-	2,873
Frontier Mining Ltd.	1,619	-	-	-	-
Healthcare Enterprise Group PLC	373	-	-	-	386
Hydrodec Group PLC	3,795	-	-	-	7,011
Impact Holdings PLC	650	-	-	-	595
Motivcom PLC	5,545	-	12	-	3,236
Phorm, Inc.	28,335	-	-	-	31,620
Skywest Airlines Ltd.	4,437	-	-	148	4,595
SPI Lasers PLC	3,778	-	-	-	-
Sylvania Resources Ltd.	25,111	-	2,063	-	21,066
Sylvania Resources Ltd. (United Kingdom)	13,425	-	3,707	-	8,726
Tanzanite One Ltd.	8,937	-	-	-	5,292
Teleunit SpA	1,025	-	-	-	814
Visual Defence, Inc.	1,503	-	-	-	1,364
Total	$ 124,967	$ 3,229	$ 6,166	$ 148	$ 103,898

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,273,500,000. Net unrealized appreciation aggregated $106,884,000, of which $316,998,000 related to appreciated investment securities and $210,114,000 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 available 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Small Cap
Opportunities Fund

Janaury 31, 2008

1.827842.102

ILS-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
Australia - 2.9%
Bradken Ltd.	500,000		$ 2,846,864
Downer EDI Ltd.	4,397,343		21,094,395
Silex Systems Ltd. (a)	950,000		3,500,970
United Group Ltd.	199,999		2,713,249
TOTAL AUSTRALIA			30,155,478
Austria - 0.4%
Andritz AG	74,896		3,738,893
Belgium - 0.6%
Umicore SA	28,300		6,466,229
Bermuda - 1.0%
China Grand Forestry Resources Group Ltd. (a)	20,000,000		2,821,435
China LotSynergy Holdings Ltd. (a)	52,568,000		3,202,303
Sinofert Holdings Ltd.	5,836,000		4,632,904
TOTAL BERMUDA			10,656,642
Brazil - 2.3%
Cosan SA Industria e Comercio	1,070,000		16,722,172
Sao Martinho SA	440,100		6,827,930
TOTAL BRAZIL			23,550,102
Cayman Islands - 6.3%
CNinsure, Inc. ADR	465,900		5,003,766
Himax Technologies, Inc. sponsored ADR	7,953,009		39,208,334
LDK Solar Co. Ltd. Sponsored ADR (d)	458,300		16,155,075
Subsea 7, Inc. (a)(d)	296,500		5,646,324
TOTAL CAYMAN ISLANDS			66,013,499
China - 4.7%
China Oilfield Services Ltd. (H Shares)	5,100,000		9,313,814
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)(d)	1,829,041		7,517,359
First Tractor Co. Ltd. (H Shares) (a)	16,940,000		8,298,970
Global Bio-Chem Technology Group Co. Ltd.	50,703,300		16,256,372
Shanda Interactive Entertainment Ltd. sponsored ADR (a)	280,000		7,697,200
TOTAL CHINA			49,083,715
Finland - 1.9%
KCI Konecranes Oyj	300,000		9,188,039
Outotec Oyj	225,406		10,946,612
TOTAL FINLAND			20,134,651
Common Stocks - continued
	Shares		Value
France - 1.6%
Nexans SA	98,374		$ 10,872,947
Ubisoft Entertainment SA (a)	58,569		5,324,099
TOTAL FRANCE			16,197,046
Germany - 8.1%
Demag Cranes AG	143,000		5,800,438
Deutz AG (a)(d)	475,482		4,376,411
GEA Group AG (a)	884,800		27,345,609
Kontron AG	170,319		3,005,004
MTU Aero Engines Holding AG	290,554		15,577,816
Q-Cells AG (a)(d)	116,285		10,942,204
SGL Carbon AG (a)	344,708		17,466,395
TOTAL GERMANY			84,513,877
Greece - 0.6%
Hellenic Technodomiki Tev SA	500,000		6,427,928
Hong Kong - 1.1%
BYD Electronic International Co. Ltd.	4,529,000		5,982,558
China State Construction International Holdings Ltd.	3,500,000		5,368,422
TOTAL HONG KONG			11,350,980
Italy - 0.8%
Impregilo SpA (a)	1,500,000		8,174,996
Japan - 29.3%
Acca Networks Co. Ltd. (d)	2,361		3,241,851
Access Co. Ltd. (a)(d)	2,000		6,696,135
Air Water, Inc.	824,000		8,067,187
Asics Corp.	954,000		12,381,455
Atrium Co. Ltd. (d)	162,200		3,096,643
Capcom Co. Ltd. (d)	168,900		4,098,204
CyberAgent, Inc. (d)	7,535		5,995,119
Elpida Memory, Inc. (a)(d)	426,300		15,114,747
Funai Electric Co. Ltd.	217,200		8,068,655
Hikari Tsushin, Inc. (d)	240,100		9,077,420
Ichiyoshi Securities Co. Ltd. (d)	882,400		8,522,758
JAFCO Co. Ltd.	187,400		6,697,264
Japan Steel Works Ltd.	609,000		8,894,734
JGC Corp.	699,000		11,616,036
Kenedix, Inc. (d)	4,100		4,742,782
KK daVinci Advisors (a)	8,292		6,706,593
Kurita Water Industries Ltd.	243,800		7,864,517
Leopalace21 Corp.	226,200		5,477,899
Common Stocks - continued
	Shares		Value
Japan - continued
Miraial Co. Ltd.	91,200		$ 2,217,173
Mitsumi Electric Co. Ltd.	220,400		6,073,282
Nabtesco Corp.	157,000		1,904,731
Namco Bandai Holdings, Inc.	710,000		9,869,087
Nidec Sankyo Corp. (d)	1,233,000		9,914,559
Nintendo Co. Ltd.	19,800		9,781,200
Nippon Carbon Co. Ltd. (d)	1,207,000		4,597,339
Organo Corp. (d)	406,000		3,302,831
Osaka Titanium Technolo Co. Ltd. (d)	89,800		5,649,977
Pal Co. Ltd. (d)	281,000		4,606,254
Rakuten, Inc.	18,728		8,013,957
Risa Partners, Inc. (d)	1,146		2,101,665
SBI E*TRADE Securities Co. Ltd.	9,989		7,966,399
SBI Holdings, Inc.	28,255		6,523,655
Sojitz Corp.	3,484,700		11,896,418
Sparx Group Co. Ltd. (d)	18,756		6,879,376
Sugi Pharmacy Co. Ltd. (d)	337,500		9,141,353
Sumco Corp.	362,100		7,917,639
Sumco Techxiv Corp.	205,800		5,070,968
Toho Titanium Co. Ltd. (d)	189,100		4,330,467
Tokai Carbon Co. Ltd.	951,000		7,441,287
Tokuyama Corp. (d)	783,000		5,589,176
Tokyo Tatemono Co. Ltd.	613,000		5,159,739
Toshiba Machine Co. Ltd.	1,670,000		12,313,365
Wacom Co. Ltd. (d)	2,200		4,179,442
Zenrin Co. Ltd. (d)	185,200		5,921,941
TOTAL JAPAN			304,723,279
Korea (South) - 1.1%
CJ CheilJedang Corp. (a)	37,000		11,289,925
Netherlands - 6.8%
Advanced Metallurgical Group NV	146,000		8,173,049
Gemalto NV (a)	595,300		15,916,062
Koninklijke Wessanen NV (d)	1,017,015		15,119,943
Nutreco Holding NV	219,700		14,166,993
QIAGEN NV (a)(d)	845,000		17,238,000
TOTAL NETHERLANDS			70,614,047
Norway - 5.6%
Aker Yards AS	306,000		2,754,334
Cermaq ASA	444,480		4,560,709
Marine Harvest ASA (a)(d)	36,207,000		19,502,944
Common Stocks - continued
	Shares		Value
Norway - continued
Norwegian Property ASA	400,400		$ 4,054,564
Petroleum Geo-Services ASA	403,100		8,662,619
Pronova BioPharma ASA	1,000,000		3,623,389
ProSafe ASA	332,000		4,791,866
Renewable Energy Corp. AS (a)	385,000		10,064,956
TOTAL NORWAY			58,015,381
Papua New Guinea - 6.9%
Lihir Gold Ltd. (a)	14,300,867		47,701,083
Lihir Gold Ltd. sponsored ADR	720,000		23,688,000
TOTAL PAPUA NEW GUINEA			71,389,083
Portugal - 0.7%
Banif SGPS SA	1,610,654		7,828,719
Sweden - 0.4%
Bergman & Beving AB (B Shares)	200,000		4,346,156
Switzerland - 1.5%
BB Biotech AG	200,000		15,187,650
Taiwan - 2.1%
HannStar Display Corp. (a)	58,942,292		22,141,531
United Kingdom - 6.9%
ARM Holdings PLC sponsored ADR	1,877,100		13,289,868
Autonomy Corp. PLC (a)	558,400		10,205,446
Invensys PLC (a)	3,400,000		15,418,372
Max Petroleum PLC (a)	4,500,000		5,006,923
Premier Foods PLC	1,490,000		3,987,535
Renovo Group PLC (a)	8,702,203		23,419,215
TOTAL UNITED KINGDOM			71,327,359
United States of America - 5.6%
AGCO Corp. (a)	92,700		5,582,394
Chiquita Brands International, Inc. (a)	1,087,400		20,312,632
Titanium Metals Corp. (d)	1,478,354		32,139,416
TOTAL UNITED STATES OF AMERICA			58,034,442
TOTAL COMMON STOCKS (Cost $1,028,305,693)		1,031,361,608
Money Market Funds - 13.9%
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c) (Cost $143,982,890)	143,983,890		143,982,890
Cash Equivalents - 0.2%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 1.69%, dated 1/31/08 due 2/1/08 (Collateralized by U.S. Government Treasury Obligations) # (Cost $2,454,000)	$ 2,454,115		$ 2,454,000
TOTAL INVESTMENT PORTFOLIO - 113.3% (Cost $1,174,742,583)		1,177,798,498
NET OTHER ASSETS - (13.3)%		(138,436,517)
NET ASSETS - 100%		$ 1,039,361,981

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.

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

Repurchase Agreement / Counterparty	Value
$2,454,000 due 2/01/08 at 1.69%
Banc of America Securities LLC	$ 535,730
Barclays Capital, Inc.	772,636
ING Financial Markets LLC	1,145,634
	$ 2,454,000

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
First Tractor Co. Ltd. (H Shares)	$ 11,999,397	$ -	$ 1,176,334	$ -	$ -

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	$ 193,431
Fidelity Securities Lending Cash Central Fund	1,023,036
Total	$ 1,216,467

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,176,967,194. Net unrealized appreciation aggregated $831,304, of which $144,614,312 related to appreciated investment securities and $143,783,008 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 LLC 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, 2008

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

1.829636.102

AILS-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
Australia - 2.9%
Bradken Ltd.	500,000		$ 2,846,864
Downer EDI Ltd.	4,397,343		21,094,395
Silex Systems Ltd. (a)	950,000		3,500,970
United Group Ltd.	199,999		2,713,249
TOTAL AUSTRALIA			30,155,478
Austria - 0.4%
Andritz AG	74,896		3,738,893
Belgium - 0.6%
Umicore SA	28,300		6,466,229
Bermuda - 1.0%
China Grand Forestry Resources Group Ltd. (a)	20,000,000		2,821,435
China LotSynergy Holdings Ltd. (a)	52,568,000		3,202,303
Sinofert Holdings Ltd.	5,836,000		4,632,904
TOTAL BERMUDA			10,656,642
Brazil - 2.3%
Cosan SA Industria e Comercio	1,070,000		16,722,172
Sao Martinho SA	440,100		6,827,930
TOTAL BRAZIL			23,550,102
Cayman Islands - 6.3%
CNinsure, Inc. ADR	465,900		5,003,766
Himax Technologies, Inc. sponsored ADR	7,953,009		39,208,334
LDK Solar Co. Ltd. Sponsored ADR (d)	458,300		16,155,075
Subsea 7, Inc. (a)(d)	296,500		5,646,324
TOTAL CAYMAN ISLANDS			66,013,499
China - 4.7%
China Oilfield Services Ltd. (H Shares)	5,100,000		9,313,814
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)(d)	1,829,041		7,517,359
First Tractor Co. Ltd. (H Shares) (a)	16,940,000		8,298,970
Global Bio-Chem Technology Group Co. Ltd.	50,703,300		16,256,372
Shanda Interactive Entertainment Ltd. sponsored ADR (a)	280,000		7,697,200
TOTAL CHINA			49,083,715
Finland - 1.9%
KCI Konecranes Oyj	300,000		9,188,039
Outotec Oyj	225,406		10,946,612
TOTAL FINLAND			20,134,651
Common Stocks - continued
	Shares		Value
France - 1.6%
Nexans SA	98,374		$ 10,872,947
Ubisoft Entertainment SA (a)	58,569		5,324,099
TOTAL FRANCE			16,197,046
Germany - 8.1%
Demag Cranes AG	143,000		5,800,438
Deutz AG (a)(d)	475,482		4,376,411
GEA Group AG (a)	884,800		27,345,609
Kontron AG	170,319		3,005,004
MTU Aero Engines Holding AG	290,554		15,577,816
Q-Cells AG (a)(d)	116,285		10,942,204
SGL Carbon AG (a)	344,708		17,466,395
TOTAL GERMANY			84,513,877
Greece - 0.6%
Hellenic Technodomiki Tev SA	500,000		6,427,928
Hong Kong - 1.1%
BYD Electronic International Co. Ltd.	4,529,000		5,982,558
China State Construction International Holdings Ltd.	3,500,000		5,368,422
TOTAL HONG KONG			11,350,980
Italy - 0.8%
Impregilo SpA (a)	1,500,000		8,174,996
Japan - 29.3%
Acca Networks Co. Ltd. (d)	2,361		3,241,851
Access Co. Ltd. (a)(d)	2,000		6,696,135
Air Water, Inc.	824,000		8,067,187
Asics Corp.	954,000		12,381,455
Atrium Co. Ltd. (d)	162,200		3,096,643
Capcom Co. Ltd. (d)	168,900		4,098,204
CyberAgent, Inc. (d)	7,535		5,995,119
Elpida Memory, Inc. (a)(d)	426,300		15,114,747
Funai Electric Co. Ltd.	217,200		8,068,655
Hikari Tsushin, Inc. (d)	240,100		9,077,420
Ichiyoshi Securities Co. Ltd. (d)	882,400		8,522,758
JAFCO Co. Ltd.	187,400		6,697,264
Japan Steel Works Ltd.	609,000		8,894,734
JGC Corp.	699,000		11,616,036
Kenedix, Inc. (d)	4,100		4,742,782
KK daVinci Advisors (a)	8,292		6,706,593
Kurita Water Industries Ltd.	243,800		7,864,517
Leopalace21 Corp.	226,200		5,477,899
Common Stocks - continued
	Shares		Value
Japan - continued
Miraial Co. Ltd.	91,200		$ 2,217,173
Mitsumi Electric Co. Ltd.	220,400		6,073,282
Nabtesco Corp.	157,000		1,904,731
Namco Bandai Holdings, Inc.	710,000		9,869,087
Nidec Sankyo Corp. (d)	1,233,000		9,914,559
Nintendo Co. Ltd.	19,800		9,781,200
Nippon Carbon Co. Ltd. (d)	1,207,000		4,597,339
Organo Corp. (d)	406,000		3,302,831
Osaka Titanium Technolo Co. Ltd. (d)	89,800		5,649,977
Pal Co. Ltd. (d)	281,000		4,606,254
Rakuten, Inc.	18,728		8,013,957
Risa Partners, Inc. (d)	1,146		2,101,665
SBI E*TRADE Securities Co. Ltd.	9,989		7,966,399
SBI Holdings, Inc.	28,255		6,523,655
Sojitz Corp.	3,484,700		11,896,418
Sparx Group Co. Ltd. (d)	18,756		6,879,376
Sugi Pharmacy Co. Ltd. (d)	337,500		9,141,353
Sumco Corp.	362,100		7,917,639
Sumco Techxiv Corp.	205,800		5,070,968
Toho Titanium Co. Ltd. (d)	189,100		4,330,467
Tokai Carbon Co. Ltd.	951,000		7,441,287
Tokuyama Corp. (d)	783,000		5,589,176
Tokyo Tatemono Co. Ltd.	613,000		5,159,739
Toshiba Machine Co. Ltd.	1,670,000		12,313,365
Wacom Co. Ltd. (d)	2,200		4,179,442
Zenrin Co. Ltd. (d)	185,200		5,921,941
TOTAL JAPAN			304,723,279
Korea (South) - 1.1%
CJ CheilJedang Corp. (a)	37,000		11,289,925
Netherlands - 6.8%
Advanced Metallurgical Group NV	146,000		8,173,049
Gemalto NV (a)	595,300		15,916,062
Koninklijke Wessanen NV (d)	1,017,015		15,119,943
Nutreco Holding NV	219,700		14,166,993
QIAGEN NV (a)(d)	845,000		17,238,000
TOTAL NETHERLANDS			70,614,047
Norway - 5.6%
Aker Yards AS	306,000		2,754,334
Cermaq ASA	444,480		4,560,709
Marine Harvest ASA (a)(d)	36,207,000		19,502,944
Common Stocks - continued
	Shares		Value
Norway - continued
Norwegian Property ASA	400,400		$ 4,054,564
Petroleum Geo-Services ASA	403,100		8,662,619
Pronova BioPharma ASA	1,000,000		3,623,389
ProSafe ASA	332,000		4,791,866
Renewable Energy Corp. AS (a)	385,000		10,064,956
TOTAL NORWAY			58,015,381
Papua New Guinea - 6.9%
Lihir Gold Ltd. (a)	14,300,867		47,701,083
Lihir Gold Ltd. sponsored ADR	720,000		23,688,000
TOTAL PAPUA NEW GUINEA			71,389,083
Portugal - 0.7%
Banif SGPS SA	1,610,654		7,828,719
Sweden - 0.4%
Bergman & Beving AB (B Shares)	200,000		4,346,156
Switzerland - 1.5%
BB Biotech AG	200,000		15,187,650
Taiwan - 2.1%
HannStar Display Corp. (a)	58,942,292		22,141,531
United Kingdom - 6.9%
ARM Holdings PLC sponsored ADR	1,877,100		13,289,868
Autonomy Corp. PLC (a)	558,400		10,205,446
Invensys PLC (a)	3,400,000		15,418,372
Max Petroleum PLC (a)	4,500,000		5,006,923
Premier Foods PLC	1,490,000		3,987,535
Renovo Group PLC (a)	8,702,203		23,419,215
TOTAL UNITED KINGDOM			71,327,359
United States of America - 5.6%
AGCO Corp. (a)	92,700		5,582,394
Chiquita Brands International, Inc. (a)	1,087,400		20,312,632
Titanium Metals Corp. (d)	1,478,354		32,139,416
TOTAL UNITED STATES OF AMERICA			58,034,442
TOTAL COMMON STOCKS (Cost $1,028,305,693)		1,031,361,608
Money Market Funds - 13.9%
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c) (Cost $143,982,890)	143,983,890		143,982,890
Cash Equivalents - 0.2%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 1.69%, dated 1/31/08 due 2/1/08 (Collateralized by U.S. Government Treasury Obligations) # (Cost $2,454,000)	$ 2,454,115		$ 2,454,000
TOTAL INVESTMENT PORTFOLIO - 113.3% (Cost $1,174,742,583)		1,177,798,498
NET OTHER ASSETS - (13.3)%		(138,436,517)
NET ASSETS - 100%		$ 1,039,361,981

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.

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

Repurchase Agreement / Counterparty	Value
$2,454,000 due 2/01/08 at 1.69%
Banc of America Securities LLC	$ 535,730
Barclays Capital, Inc.	772,636
ING Financial Markets LLC	1,145,634
	$ 2,454,000

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
First Tractor Co. Ltd. (H Shares)	$ 11,999,397	$ -	$ 1,176,334	$ -	$ -

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	$ 193,431
Fidelity Securities Lending Cash Central Fund	1,023,036
Total	$ 1,216,467

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,176,967,194. Net unrealized appreciation aggregated $831,304, of which $144,614,312 related to appreciated investment securities and $143,783,008 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International
Value Fund

January 31, 2008

1.844602.101

FIV-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
Australia - 2.3%
AMP Ltd.	362,775		$ 2,732,370
Macquarie Airports unit	360,311		1,250,292
Macquarie Group Ltd.	25,619		1,493,133
Macquarie Infrastructure Group unit	597,721		1,629,277
TOTAL AUSTRALIA			7,105,072
Brazil - 2.8%
Petroleo Brasileiro SA - Petrobras sponsored ADR	52,600		5,845,964
TAM SA (PN) sponsored ADR (ltd. vtg.)	47,200		1,019,520
TIM Participacoes SA sponsored ADR (non-vtg.)	29,000		1,107,510
Uniao de Bancos Brasileiros SA (Unibanco) GDR	5,400		706,320
TOTAL BRAZIL			8,679,314
Canada - 2.0%
BCE, Inc.	36,800		1,280,143
EnCana Corp.	43,400		2,862,484
Finning International, Inc.	200		5,247
First Quantum Minerals Ltd.	18,100		1,356,125
RONA, Inc. (a)	43,400		697,566
TOTAL CANADA			6,201,565
Cayman Islands - 1.0%
Chaoda Modern Agriculture (Holdings) Ltd.	1,198,800		1,214,566
Subsea 7, Inc. (a)(d)	103,000		1,961,455
TOTAL CAYMAN ISLANDS			3,176,021
France - 9.0%
Accor SA	18,100		1,388,512
Alcatel-Lucent SA	140,700		890,631
AXA SA sponsored ADR	193,800		6,651,216
BNP Paribas SA	27,700		2,748,143
Compagnie de St. Gobain	11,300		884,401
Gaz de France	32,900		1,784,297
Renault SA	8,400		958,908
Societe Generale Series A	17,235		2,165,295
Suez SA (France)	12,700		768,350
Total SA:
Series B	33,300		2,423,574
sponsored ADR	54,000		3,930,120
Unibail-Rodamco	11,872		2,817,703
Vallourec SA	4,200		844,304
TOTAL FRANCE			28,255,454
Common Stocks - continued
	Shares		Value
Germany - 10.5%
Allianz AG sponsored ADR	390,900		$ 6,973,656
DaimlerChrysler AG	89,400		6,993,762
E.ON AG	30,600		5,688,818
GFK AG (d)	32,200		1,180,976
Heidelberger Druckmaschinen AG	200		5,427
Lanxess AG	48,100		1,674,614
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (d)	30,900		5,552,568
RWE AG (d)	41,100		5,046,125
TOTAL GERMANY			33,115,946
Greece - 0.2%
Alpha Bank AE	21,900		725,858
Hong Kong - 1.5%
Swire Pacific Ltd. (A Shares)	352,800		4,796,029
India - 0.7%
Satyam Computer Services Ltd.	84,356		843,345
Satyam Computer Services Ltd. sponsored ADR	18,300		445,605
Suzlon Energy Ltd.	110,341		867,727
TOTAL INDIA			2,156,677
Ireland - 1.3%
Bank of Ireland	113,471		1,665,187
C&C Group PLC	92,800		622,638
CRH PLC sponsored ADR (d)	45,800		1,771,544
TOTAL IRELAND			4,059,369
Italy - 2.8%
Fiat SpA	51,700		1,209,883
Finmeccanica SpA	61,500		1,838,504
UniCredit SpA	786,200		5,806,357
TOTAL ITALY			8,854,744
Japan - 19.6%
Aeon Co. Ltd.	196,100		2,373,561
Canon, Inc.	69,050		2,939,459
Denso Corp.	61,800		2,231,844
East Japan Railway Co.	257		2,124,546
Ibiden Co. Ltd.	18,200		1,146,807
Japan Tobacco, Inc.	139		729,446
JGC Corp.	63,000		1,046,939
JSR Corp.	41,000		954,340
Konica Minolta Holdings, Inc.	143,000		2,293,003
Common Stocks - continued
	Shares		Value
Japan - continued
Kubota Corp.	294,000		$ 2,115,207
Leopalace21 Corp.	50,200		1,215,696
Misawa Homes Co. Ltd. (a)(d)	105,500		673,700
Mitsubishi Estate Co. Ltd.	48,000		1,273,018
Mitsui & Co. Ltd.	375,000		7,494,358
ORIX Corp.	31,850		5,406,682
Osaka Gas Co. Ltd.	1,009,000		3,862,156
Shin-Etsu Chemical Co. Ltd.	11,800		620,352
Sumitomo Metal Industries Ltd.	269,000		1,267,460
Sumitomo Mitsui Financial Group, Inc.	109		859,043
Sumitomo Realty & Development Co. Ltd.	30,000		737,797
Sumitomo Trust & Banking Co. Ltd.	197,000		1,248,735
Takeda Pharmaceutical Co. Ltd.	88,600		5,374,495
Tokuyama Corp.	240,000		1,713,157
Tokyo Tatemono Co. Ltd.	79,000		664,958
Toyota Motor Corp.	154,800		8,401,770
Toyota Motor Corp. sponsored ADR	10,600		1,150,630
Xebio Co. Ltd.	47,600		1,081,106
Yamada Denki Co. Ltd.	7,470		796,669
TOTAL JAPAN			61,796,934
Kazakhstan - 0.6%
JSC Halyk Bank of Kazakhstan unit	104,300		1,747,025
Korea (South) - 0.4%
Kookmin Bank sponsored ADR	9,600		638,400
Samsung Electronics Co. Ltd. GDR	2,234		703,710
TOTAL KOREA (SOUTH)			1,342,110
Mexico - 0.5%
America Movil SAB de CV Series L sponsored ADR	27,000		1,617,570
Netherlands - 1.0%
Heineken NV (Bearer)	12,600		700,560
ING Groep NV sponsored ADR	75,900		2,472,063
TOTAL NETHERLANDS			3,172,623
Norway - 4.7%
Aker Kvaerner ASA	79,400		1,494,577
DnB Nor ASA	114,200		1,492,945
Fred Olsen Energy ASA (d)	45,000		2,240,692
Orkla ASA (A Shares)	264,950		3,508,361
Common Stocks - continued
	Shares		Value
Norway - continued
Petroleum Geo-Services ASA	194,150		$ 4,172,284
StatoilHydro ASA sponsored ADR	76,600		2,012,282
TOTAL NORWAY			14,921,141
Philippines - 0.4%
Philippine Long Distance Telephone Co. sponsored ADR	17,900		1,346,975
Russia - 1.0%
OAO Gazprom sponsored ADR	61,000		2,976,800
Singapore - 0.7%
DBS Group Holdings Ltd.	175,000		2,146,436
South Africa - 1.2%
Impala Platinum Holdings Ltd.	102,600		3,899,419
Spain - 4.5%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)	148,300		3,123,198
Banco Santander SA	296,600		5,247,638
Banco Santander SA sponsored ADR	84,500		1,479,595
Gestevision Telecinco SA	75,200		1,623,015
Telefonica SA sponsored ADR	31,500		2,765,700
TOTAL SPAIN			14,239,146
Sweden - 2.0%
Atlas Copco AB (A Shares)	52,800		744,480
Svenska Cellulosa AB (SCA) (B Shares)	184,600		2,966,921
Telefonaktiebolaget LM Ericsson (B Shares)	1,189,000		2,701,408
TOTAL SWEDEN			6,412,809
Switzerland - 7.3%
Compagnie Financiere Richemont unit	27,737		1,586,562
Credit Suisse Group sponsored ADR	54,200		3,076,934
Nestle SA (Reg.)	3,756		1,689,449
Roche Holding AG (participation certificate)	46,726		8,547,123
Swiss Life Holding	7,868		1,910,595
Swiss Reinsurance Co. (Reg.)	21,658		1,627,130
UBS AG (NY Shares)	48,300		1,994,307
Zurich Financial Services AG (Reg.)	8,943		2,560,425
TOTAL SWITZERLAND			22,992,525
Taiwan - 0.5%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	125,000		670,969
Common Stocks - continued
	Shares		Value
Taiwan - continued
Novatek Microelectronics Corp.	182,898		$ 634,806
Siliconware Precision Industries Co. Ltd.	226,000		352,991
TOTAL TAIWAN			1,658,766
Turkey - 0.3%
Turkiye Garanti Bankasi AS	143,000		903,017
United Kingdom - 17.3%
3i Group plc	123,110		2,305,836
Aegis Group PLC	883,100		1,982,265
Anglo American PLC (United Kingdom)	30,600		1,690,873
BAE Systems PLC	246,100		2,292,646
Barclays PLC	539,400		5,087,891
BHP Billiton PLC	56,600		1,711,604
BP PLC	172,000		1,827,500
British American Tobacco PLC	35,500		1,254,215
HBOS plc	240,800		3,355,409
HSBC Holdings PLC (United Kingdom) (Reg.)	67,105		1,008,991
Informa PLC	200,800		1,569,106
Land Securities Group PLC	39,200		1,249,948
Misys PLC	266,300		929,083
National Grid PLC	385,200		5,954,638
Prudential PLC	141,728		1,816,956
Rolls-Royce Group PLC	282,019		2,662,726
Royal Bank of Scotland Group PLC	672,000		5,180,912
Royal Dutch Shell PLC Class A sponsored ADR	102,200		7,298,102
Tesco PLC	115,100		962,210
Vodafone Group PLC sponsored ADR	109,112		3,797,098
Yell Group PLC	88,900		592,879
TOTAL UNITED KINGDOM			54,530,888
United States of America - 1.8%
Transocean, Inc. (a)	44,739		5,485,001
TOTAL COMMON STOCKS (Cost $320,765,389)		308,315,234
Nonconvertible Preferred Stocks - 0.5%
Germany - 0.5%
ProSiebenSat.1 Media AG (Cost $1,940,772)	73,000		1,469,044
Money Market Funds - 6.0%
	Shares		Value
Fidelity Cash Central Fund, 3.79% (b)	4,054,569		$ 4,054,569
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	14,710,190		14,710,190
TOTAL MONEY MARKET FUNDS (Cost $18,764,759)		18,764,759
TOTAL INVESTMENT PORTFOLIO - 104.4% (Cost $341,470,920)		328,549,037
NET OTHER ASSETS - (4.4)%		(13,790,072)
NET ASSETS - 100%		$ 314,758,965

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	$ 30,830
Fidelity Securities Lending Cash Central Fund	48,592
Total	$ 79,422

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $341,589,837. Net unrealized depreciation aggregated $13,040,800, of which $24,021,745 related to appreciated investment securities and $37,062,545 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 LLC 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, 2008

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

1.844600.101

AFIV-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
Australia - 2.3%
AMP Ltd.	362,775		$ 2,732,370
Macquarie Airports unit	360,311		1,250,292
Macquarie Group Ltd.	25,619		1,493,133
Macquarie Infrastructure Group unit	597,721		1,629,277
TOTAL AUSTRALIA			7,105,072
Brazil - 2.8%
Petroleo Brasileiro SA - Petrobras sponsored ADR	52,600		5,845,964
TAM SA (PN) sponsored ADR (ltd. vtg.)	47,200		1,019,520
TIM Participacoes SA sponsored ADR (non-vtg.)	29,000		1,107,510
Uniao de Bancos Brasileiros SA (Unibanco) GDR	5,400		706,320
TOTAL BRAZIL			8,679,314
Canada - 2.0%
BCE, Inc.	36,800		1,280,143
EnCana Corp.	43,400		2,862,484
Finning International, Inc.	200		5,247
First Quantum Minerals Ltd.	18,100		1,356,125
RONA, Inc. (a)	43,400		697,566
TOTAL CANADA			6,201,565
Cayman Islands - 1.0%
Chaoda Modern Agriculture (Holdings) Ltd.	1,198,800		1,214,566
Subsea 7, Inc. (a)(d)	103,000		1,961,455
TOTAL CAYMAN ISLANDS			3,176,021
France - 9.0%
Accor SA	18,100		1,388,512
Alcatel-Lucent SA	140,700		890,631
AXA SA sponsored ADR	193,800		6,651,216
BNP Paribas SA	27,700		2,748,143
Compagnie de St. Gobain	11,300		884,401
Gaz de France	32,900		1,784,297
Renault SA	8,400		958,908
Societe Generale Series A	17,235		2,165,295
Suez SA (France)	12,700		768,350
Total SA:
Series B	33,300		2,423,574
sponsored ADR	54,000		3,930,120
Unibail-Rodamco	11,872		2,817,703
Vallourec SA	4,200		844,304
TOTAL FRANCE			28,255,454
Common Stocks - continued
	Shares		Value
Germany - 10.5%
Allianz AG sponsored ADR	390,900		$ 6,973,656
DaimlerChrysler AG	89,400		6,993,762
E.ON AG	30,600		5,688,818
GFK AG (d)	32,200		1,180,976
Heidelberger Druckmaschinen AG	200		5,427
Lanxess AG	48,100		1,674,614
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (d)	30,900		5,552,568
RWE AG (d)	41,100		5,046,125
TOTAL GERMANY			33,115,946
Greece - 0.2%
Alpha Bank AE	21,900		725,858
Hong Kong - 1.5%
Swire Pacific Ltd. (A Shares)	352,800		4,796,029
India - 0.7%
Satyam Computer Services Ltd.	84,356		843,345
Satyam Computer Services Ltd. sponsored ADR	18,300		445,605
Suzlon Energy Ltd.	110,341		867,727
TOTAL INDIA			2,156,677
Ireland - 1.3%
Bank of Ireland	113,471		1,665,187
C&C Group PLC	92,800		622,638
CRH PLC sponsored ADR (d)	45,800		1,771,544
TOTAL IRELAND			4,059,369
Italy - 2.8%
Fiat SpA	51,700		1,209,883
Finmeccanica SpA	61,500		1,838,504
UniCredit SpA	786,200		5,806,357
TOTAL ITALY			8,854,744
Japan - 19.6%
Aeon Co. Ltd.	196,100		2,373,561
Canon, Inc.	69,050		2,939,459
Denso Corp.	61,800		2,231,844
East Japan Railway Co.	257		2,124,546
Ibiden Co. Ltd.	18,200		1,146,807
Japan Tobacco, Inc.	139		729,446
JGC Corp.	63,000		1,046,939
JSR Corp.	41,000		954,340
Konica Minolta Holdings, Inc.	143,000		2,293,003
Common Stocks - continued
	Shares		Value
Japan - continued
Kubota Corp.	294,000		$ 2,115,207
Leopalace21 Corp.	50,200		1,215,696
Misawa Homes Co. Ltd. (a)(d)	105,500		673,700
Mitsubishi Estate Co. Ltd.	48,000		1,273,018
Mitsui & Co. Ltd.	375,000		7,494,358
ORIX Corp.	31,850		5,406,682
Osaka Gas Co. Ltd.	1,009,000		3,862,156
Shin-Etsu Chemical Co. Ltd.	11,800		620,352
Sumitomo Metal Industries Ltd.	269,000		1,267,460
Sumitomo Mitsui Financial Group, Inc.	109		859,043
Sumitomo Realty & Development Co. Ltd.	30,000		737,797
Sumitomo Trust & Banking Co. Ltd.	197,000		1,248,735
Takeda Pharmaceutical Co. Ltd.	88,600		5,374,495
Tokuyama Corp.	240,000		1,713,157
Tokyo Tatemono Co. Ltd.	79,000		664,958
Toyota Motor Corp.	154,800		8,401,770
Toyota Motor Corp. sponsored ADR	10,600		1,150,630
Xebio Co. Ltd.	47,600		1,081,106
Yamada Denki Co. Ltd.	7,470		796,669
TOTAL JAPAN			61,796,934
Kazakhstan - 0.6%
JSC Halyk Bank of Kazakhstan unit	104,300		1,747,025
Korea (South) - 0.4%
Kookmin Bank sponsored ADR	9,600		638,400
Samsung Electronics Co. Ltd. GDR	2,234		703,710
TOTAL KOREA (SOUTH)			1,342,110
Mexico - 0.5%
America Movil SAB de CV Series L sponsored ADR	27,000		1,617,570
Netherlands - 1.0%
Heineken NV (Bearer)	12,600		700,560
ING Groep NV sponsored ADR	75,900		2,472,063
TOTAL NETHERLANDS			3,172,623
Norway - 4.7%
Aker Kvaerner ASA	79,400		1,494,577
DnB Nor ASA	114,200		1,492,945
Fred Olsen Energy ASA (d)	45,000		2,240,692
Orkla ASA (A Shares)	264,950		3,508,361
Common Stocks - continued
	Shares		Value
Norway - continued
Petroleum Geo-Services ASA	194,150		$ 4,172,284
StatoilHydro ASA sponsored ADR	76,600		2,012,282
TOTAL NORWAY			14,921,141
Philippines - 0.4%
Philippine Long Distance Telephone Co. sponsored ADR	17,900		1,346,975
Russia - 1.0%
OAO Gazprom sponsored ADR	61,000		2,976,800
Singapore - 0.7%
DBS Group Holdings Ltd.	175,000		2,146,436
South Africa - 1.2%
Impala Platinum Holdings Ltd.	102,600		3,899,419
Spain - 4.5%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)	148,300		3,123,198
Banco Santander SA	296,600		5,247,638
Banco Santander SA sponsored ADR	84,500		1,479,595
Gestevision Telecinco SA	75,200		1,623,015
Telefonica SA sponsored ADR	31,500		2,765,700
TOTAL SPAIN			14,239,146
Sweden - 2.0%
Atlas Copco AB (A Shares)	52,800		744,480
Svenska Cellulosa AB (SCA) (B Shares)	184,600		2,966,921
Telefonaktiebolaget LM Ericsson (B Shares)	1,189,000		2,701,408
TOTAL SWEDEN			6,412,809
Switzerland - 7.3%
Compagnie Financiere Richemont unit	27,737		1,586,562
Credit Suisse Group sponsored ADR	54,200		3,076,934
Nestle SA (Reg.)	3,756		1,689,449
Roche Holding AG (participation certificate)	46,726		8,547,123
Swiss Life Holding	7,868		1,910,595
Swiss Reinsurance Co. (Reg.)	21,658		1,627,130
UBS AG (NY Shares)	48,300		1,994,307
Zurich Financial Services AG (Reg.)	8,943		2,560,425
TOTAL SWITZERLAND			22,992,525
Taiwan - 0.5%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	125,000		670,969
Common Stocks - continued
	Shares		Value
Taiwan - continued
Novatek Microelectronics Corp.	182,898		$ 634,806
Siliconware Precision Industries Co. Ltd.	226,000		352,991
TOTAL TAIWAN			1,658,766
Turkey - 0.3%
Turkiye Garanti Bankasi AS	143,000		903,017
United Kingdom - 17.3%
3i Group plc	123,110		2,305,836
Aegis Group PLC	883,100		1,982,265
Anglo American PLC (United Kingdom)	30,600		1,690,873
BAE Systems PLC	246,100		2,292,646
Barclays PLC	539,400		5,087,891
BHP Billiton PLC	56,600		1,711,604
BP PLC	172,000		1,827,500
British American Tobacco PLC	35,500		1,254,215
HBOS plc	240,800		3,355,409
HSBC Holdings PLC (United Kingdom) (Reg.)	67,105		1,008,991
Informa PLC	200,800		1,569,106
Land Securities Group PLC	39,200		1,249,948
Misys PLC	266,300		929,083
National Grid PLC	385,200		5,954,638
Prudential PLC	141,728		1,816,956
Rolls-Royce Group PLC	282,019		2,662,726
Royal Bank of Scotland Group PLC	672,000		5,180,912
Royal Dutch Shell PLC Class A sponsored ADR	102,200		7,298,102
Tesco PLC	115,100		962,210
Vodafone Group PLC sponsored ADR	109,112		3,797,098
Yell Group PLC	88,900		592,879
TOTAL UNITED KINGDOM			54,530,888
United States of America - 1.8%
Transocean, Inc. (a)	44,739		5,485,001
TOTAL COMMON STOCKS (Cost $320,765,389)		308,315,234
Nonconvertible Preferred Stocks - 0.5%
Germany - 0.5%
ProSiebenSat.1 Media AG (Cost $1,940,772)	73,000		1,469,044
Money Market Funds - 6.0%
	Shares		Value
Fidelity Cash Central Fund, 3.79% (b)	4,054,569		$ 4,054,569
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	14,710,190		14,710,190
TOTAL MONEY MARKET FUNDS (Cost $18,764,759)		18,764,759
TOTAL INVESTMENT PORTFOLIO - 104.4% (Cost $341,470,920)		328,549,037
NET OTHER ASSETS - (4.4)%		(13,790,072)
NET ASSETS - 100%		$ 314,758,965

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	$ 30,830
Fidelity Securities Lending Cash Central Fund	48,592
Total	$ 79,422

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $341,589,837. Net unrealized depreciation aggregated $13,040,800, of which $24,021,745 related to appreciated investment securities and $37,062,545 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Japan Fund

January 31, 2008

1.813056.103

JPN-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
CONSUMER DISCRETIONARY - 21.3%
Auto Components - 3.2%
Denso Corp.	655,700		$ 23,679,941
NHK Spring Co. Ltd.	428,000		3,618,659
Stanley Electric Co. Ltd.	1,139,400		22,985,170
			50,283,770
Automobiles - 14.7%
Honda Motor Co. Ltd.	1,654,800		52,192,395
Isuzu Motors Ltd.	1,784,000		7,516,524
Toyota Motor Corp.	2,954,900		160,377,202
Yamaha Motor Co. Ltd.	549,900		12,463,642
			232,549,763
Household Durables - 1.1%
Casio Computer Co. Ltd.	595,200		6,269,388
Haseko Corp. (a)	6,700,500		11,342,895
			17,612,283
Media - 0.8%
Fuji Television Network, Inc.	8,026		12,680,975
Multiline Retail - 1.1%
Marui Group Co. Ltd. (d)	724,000		6,359,598
Mitsukoshi Ltd.	1,066,000		4,200,640
Takashimaya Co. Ltd. (d)	616,000		6,557,999
			17,118,237
Specialty Retail - 0.4%
Yamada Denki Co. Ltd.	57,920		6,177,117
TOTAL CONSUMER DISCRETIONARY			336,422,145
CONSUMER STAPLES - 0.5%
Food & Staples Retailing - 0.5%
Aeon Co. Ltd.	590,600		7,148,521
FINANCIALS - 22.6%
Capital Markets - 3.6%
Daiwa Securities Group, Inc.	1,297,000		11,441,607
Matsui Securities Co. Ltd. (d)	2,098,100		14,502,996
Nomura Holdings, Inc.	2,136,900		31,284,218
			57,228,821
Commercial Banks - 11.9%
Chiba Bank Ltd.	471,000		3,486,100
Mitsubishi UFJ Financial Group, Inc.	5,222,300		51,596,327
Mizuho Financial Group, Inc.	11,060		51,799,871
Sumitomo Mitsui Financial Group, Inc.	7,692		60,621,615
Sumitomo Trust & Banking Co. Ltd.	3,127,000		19,821,293
			187,325,206
Consumer Finance - 0.9%
Credit Saison Co. Ltd.	496,000		14,274,053
Insurance - 1.8%
T&D Holdings, Inc.	537,550		28,917,391
Real Estate Management & Development - 4.4%
Leopalace21 Corp.	1,086,300		26,306,994
	Shares		Value
Mitsubishi Estate Co. Ltd.	887,000		$ 23,524,312
Mitsui Fudosan Co. Ltd.	321,000		7,335,936
Tokyo Tatemono Co. Ltd.	616,000		5,184,990
Tokyu Land Corp.	755,000		6,070,959
			68,423,191
TOTAL FINANCIALS			356,168,662
HEALTH CARE - 2.0%
Pharmaceuticals - 2.0%
Astellas Pharma, Inc.	144,900		6,282,225
Daiichi Sankyo Co. Ltd.	305,000		9,150,287
Takeda Pharmaceutical Co. Ltd.	258,800		15,698,863
			31,131,375
INDUSTRIALS - 22.2%
Building Products - 1.3%
Asahi Glass Co. Ltd.	1,660,000		20,669,991
Commercial Services & Supplies - 0.6%
Dai Nippon Printing Co. Ltd.	673,000		9,747,203
Construction & Engineering - 0.9%
JGC Corp.	883,000		14,673,762
Electrical Equipment - 4.2%
Mitsubishi Electric Corp.	3,458,000		31,480,713
Sumitomo Electric Industries Ltd.	2,397,100		34,988,238
			66,468,951
Machinery - 7.6%
Fanuc Ltd.	109,800		9,686,110
Kubota Corp.	3,231,000		23,245,699
Nabtesco Corp.	462,000		5,605,004
NGK Insulators Ltd.	609,000		15,693,220
NSK Ltd.	1,882,000		16,372,144
OSG Corp.	143,800		1,445,709
SMC Corp.	29,000		3,251,011
THK Co. Ltd.	1,509,500		29,954,342
Toshiba Machine Co. Ltd. (d)	1,851,000		13,647,927
			118,901,166
Road & Rail - 0.5%
East Japan Railway Co.	944		7,803,781
Trading Companies & Distributors - 6.2%
Mitsubishi Corp.	1,347,500		35,230,417
Mitsui & Co. Ltd.	1,674,000		33,454,812
Sumitomo Corp.	2,044,200		28,183,931
			96,869,160
Transportation Infrastructure - 0.9%
The Sumitomo Warehouse Co. Ltd. (d)	2,768,000		14,578,013
TOTAL INDUSTRIALS			349,712,027
INFORMATION TECHNOLOGY - 19.5%
Electronic Equipment & Instruments - 8.4%
Dainippon Screen Manufacturing Co. Ltd.	4,787,000		23,860,718
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
Fujifilm Holdings Corp.	158,700		$ 6,230,562
Kyocera Corp.	87,300		7,005,825
Nidec Sankyo Corp. (d)	1,421,000		11,426,268
Nippon Electric Glass Co. Ltd.	3,192,000		47,761,424
Omron Corp.	286,400		5,912,236
Yaskawa Electric Corp.	2,336,000		24,539,755
Yokogawa Electric Corp.	682,600		6,605,807
			133,342,595
Office Electronics - 6.7%
Canon, Inc. (d)	1,755,600		74,735,896
Konica Minolta Holdings, Inc.	1,914,000		30,690,964
			105,426,860
Semiconductors & Semiconductor Equipment - 3.4%
Advantest Corp. (d)	638,400		14,019,224
Rohm Co. Ltd.	194,600		14,330,086
Tokyo Electron Ltd.	417,700		24,984,220
			53,333,530
Software - 1.0%
Nintendo Co. Ltd.	31,400		15,511,601
TOTAL INFORMATION TECHNOLOGY			307,614,586
MATERIALS - 7.1%
Chemicals - 2.8%
JSR Corp.	690,300		16,067,832
Mitsubishi Rayon Co. Ltd.	1,377,000		5,503,856
Nitto Denko Corp.	329,500		16,082,997
Shin-Etsu Chemical Co. Ltd.	110,000		5,782,940
Sumitomo Bakelite Co. Ltd.	289,000		1,524,772
			44,962,397
Metals & Mining - 4.3%
Hitachi Metals Ltd. (d)	2,009,000		26,413,826
Nippon Steel Corp.	2,166,000		12,996,408
Sumitomo Metal Industries Ltd.	6,001,000		28,275,192
			67,685,426
TOTAL MATERIALS			112,647,823
	Shares		Value
TELECOMMUNICATION SERVICES - 1.6%
Wireless Telecommunication Services - 1.6%
KDDI Corp.	1,377		$ 9,298,279
NTT DoCoMo, Inc.	10,453		16,557,553
			25,855,832
TOTAL COMMON STOCKS (Cost $1,648,923,261)		1,526,700,971
Money Market Funds - 8.6%
Fidelity Cash Central Fund, 3.79% (b)	43,208,004		43,208,004
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	91,495,732		91,495,732
TOTAL MONEY MARKET FUNDS (Cost $134,703,736)		134,703,736

TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $1,783,626,997) 1,661,404,707

NET OTHER ASSETS - (5.4)%		(84,842,247)
NET ASSETS - 100%	$ 1,576,562,460

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	$ 386,138
Fidelity Securities Lending Cash Central Fund	111,293
Total	$ 497,431

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,798,039,616. Net unrealized depreciation aggregated $136,634,909, of which $67,146,745 related to appreciated investment securities and $203,781,654 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Japan Smaller Companies Fund

January 31, 2008

1.813017.103

JSC-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares		Value
CONSUMER DISCRETIONARY - 22.5%
Auto Components - 6.4%
F-Tech, Inc.	321,800		$ 5,750,212
H-One Co. Ltd.	326,700		2,666,939
Nippon Seiki Co. Ltd.	796,000		13,138,155
Nissin Kogyo Co. Ltd.	123,300		2,029,296
Toyota Boshoku Corp. (a)	444,800		13,469,915
TS tech Co. Ltd.	85,500		3,192,279
			40,246,796
Automobiles - 0.7%
Isuzu Motors Ltd.	500,000		2,106,649
Yachiyo Industry Co. Ltd.	190,600		2,061,413
			4,168,062
Diversified Consumer Services - 0.3%
Best Bridal, Inc.	1,558		2,197,875
Hotels, Restaurants & Leisure - 1.6%
Accordia Golf Co. Ltd. (a)	1,204		1,143,647
Kappa Create Co. Ltd. (d)	380,800		8,989,072
			10,132,719
Household Durables - 1.8%
Juki Corp.	809,000		3,895,495
Rinnai Corp. (d)	100,000		3,216,402
Token Corp. (d)	117,080		4,096,094
			11,207,991
Internet & Catalog Retail - 0.4%
ASKUL Corp. (d)	82,100		1,822,214
Start Today Co. Ltd.	250		806,452
			2,628,666
Leisure Equipment & Products - 3.0%
Namco Bandai Holdings, Inc.	353,100		4,908,133
Nikon Corp.	482,000		13,145,867
Noritsu Koki Co. Ltd. (d)	46,600		859,863
Tamron Co. Ltd.	10,400		202,464
			19,116,327
Media - 0.8%
Asia Media Co. Ltd. (d)	448,000		1,681,106
cyber communications, Inc. (d)	1,500		970,563
Tohokushinsha Film Corp.	152,300		1,718,800
Tyo, Inc.	374,000		633,123
			5,003,592
Multiline Retail - 0.3%
Don Quijote Co. Ltd.	118,500		2,101,862
Specialty Retail - 6.1%
Alpen Co. Ltd.	46,800		609,593
Culture Convenience Club Co. Ltd. (d)	856,500		3,906,729
Fast Retailing Co. Ltd.	55,100		4,078,219
I.K Co. Ltd.	38		32,879
K'S Denki Corp.	385,200		8,748,783
	Shares		Value
Village Vanguard Co. Ltd.	210		$ 1,086,241
Yamada Denki Co. Ltd.	185,060		19,736,478
			38,198,922
Textiles, Apparel & Luxury Goods - 1.1%
Sanyo Shokai Ltd. (d)	371,000		2,285,385
Seiren Co. Ltd.	620,000		4,553,936
			6,839,321
TOTAL CONSUMER DISCRETIONARY			141,842,133
CONSUMER STAPLES - 4.6%
Beverages - 1.2%
Ito En Ltd. (d)	210,900		4,542,096
Kirin Holdings Co. Ltd.	202,000		3,239,067
			7,781,163
Food & Staples Retailing - 1.2%
Create SD Co. Ltd.	83,700		2,078,134
Daikokutenbussan Co. Ltd.	100,000		545,472
Valor Co. Ltd.	502,600		4,939,500
			7,563,106
Food Products - 2.0%
Ajinomoto Co., Inc.	118,000		1,255,130
Frente Co. Ltd.	179,300		2,647,428
Hokuto Corp. (d)	134,500		2,232,601
Nippon Meat Packers, Inc.	278,000		3,132,174
Toyo Suisan Kaisha Ltd.	164,000		3,115,584
			12,382,917
Personal Products - 0.2%
Kobayashi Pharmaceutical Co. Ltd.	32,700		1,282,413
TOTAL CONSUMER STAPLES			29,009,599
ENERGY - 1.6%
Oil, Gas & Consumable Fuels - 1.6%
AOC Holdings, Inc.	414,000		4,532,080
Inpex Holdings, Inc.	580		5,509,264
			10,041,344
FINANCIALS - 7.0%
Capital Markets - 0.4%
Risa Partners, Inc. (d)	1,446		2,651,839
Commercial Banks - 5.0%
Bank of Yokohama Ltd.	1,447,000		9,376,310
Chiba Bank Ltd.	1,316,000		9,740,356
The Keiyo Bank Ltd.	1,188,000		7,709,208
Tokyo Tomin Bank Ltd. (d)	157,800		4,385,395
			31,211,269
Consumer Finance - 0.5%
Aeon Credit Service Co. Ltd.	217,300		3,241,210
Insurance - 0.5%
Sony Financial Holdings, Inc.	858		3,284,172
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Management & Development - 0.6%
Daiwasystem Co. Ltd.	9,400		$ 120,053
Mitsui Fudosan Co. Ltd.	93,000		2,125,365
Suruga Corp.	147,900		1,598,205
			3,843,623
TOTAL FINANCIALS			44,232,113
HEALTH CARE - 12.3%
Health Care Equipment & Supplies - 6.1%
Hogy Medical Co. (d)	304,000		14,123,578
Nakanishi, Inc.	23,200		2,476,441
Nipro Corp.	261,000		5,228,346
Sysmex Corp.	287,600		11,982,207
Terumo Corp.	88,100		4,797,320
			38,607,892
Life Sciences Tools & Services - 0.7%
Shin Nippon Biomedical Laboratories Ltd. (d)	264,900		4,506,763
Pharmaceuticals - 5.5%
Fuji Pharma Co. Ltd.	156,700		3,934,816
JCR Pharmaceuticals Co. Ltd.	316,000		1,717,747
Kissei Pharmaceutical Co. Ltd.	198,000		4,245,651
Mitsubishi Tanabe Pharma Corp.	698,000		8,435,343
Nichi-iko Pharmaceutical Co. Ltd. (d)	325,700		8,760,482
Sawai Pharmaceutical Co. Ltd. (d)	96,300		4,283,824
Towa Pharmaceutical Co. Ltd.	67,500		3,072,510
			34,450,373
TOTAL HEALTH CARE			77,565,028
INDUSTRIALS - 24.6%
Air Freight & Logistics - 0.3%
Kintetsu World Express, Inc.	63,600		1,812,358
Building Products - 3.2%
Comany, Inc.	221,400		3,283,625
Daikin Industries Ltd.	376,000		16,867,489
			20,151,114
Commercial Services & Supplies - 2.0%
Asahi Pretec Corp.	128,600		3,144,550
Benefit One, Inc.	300		330,104
Nissha Printing Co. Ltd. (d)	264,300		8,824,086
			12,298,740
Electrical Equipment - 0.9%
Daihen Corp.	198,000		886,373
FCM Co. Ltd.	7,900		242,208
Sec Carbon Ltd.	30,000		235,587
	Shares		Value
Sumitomo Electric Industries Ltd.	254,460		$ 3,714,116
Terasaki Electric Co. Ltd.	88,000		735,747
			5,814,031
Machinery - 9.0%
China Boqi Environmental Solutions Technology (Holding) Co. Ltd. (d)	2,196		2,375,059
Harmonic Drive Systems, Inc.	387		1,346,657
Hitachi Construction Machinery Co. Ltd.	491,200		11,387,267
Japan Steel Works Ltd.	305,000		4,454,670
Nabtesco Corp.	277,000		3,360,576
NGK Insulators Ltd.	388,000		9,998,308
Obara Corp.	75		1,241
Produce Co. Ltd. (a)(d)	954		2,933,866
Shima Seiki Manufacturing Ltd. (d)	314,600		12,988,753
Taiho Kogyo Co. Ltd.	446,900		5,938,773
TCM Corp.	821,000		2,107,900
			56,893,070
Marine - 2.2%
Kawasaki Kisen Kaisha Ltd.	748,000		7,224,641
Mitsui O.S.K. Lines Ltd.	550,000		6,693,314
			13,917,955
Road & Rail - 0.6%
Hamakyorex Co. Ltd.	172,600		3,238,381
Sankyu, Inc.	72,000		365,654
			3,604,035
Trading Companies & Distributors - 6.4%
Itochu Corp.	1,525,000		13,954,905
JFE Shoji Holdings, Inc.	613,000		3,810,712
Marubeni Corp.	2,212,000		15,144,701
Mitsui Matsushima Co. Ltd. (d)	466,000		1,078,115
Sojitz Corp.	1,814,700		6,195,205
			40,183,638
TOTAL INDUSTRIALS			154,674,941
INFORMATION TECHNOLOGY - 16.3%
Communications Equipment - 0.1%
Mitsui Knowledge Industry Co. Ltd. (d)	1,394		260,892
Electronic Equipment & Instruments - 9.5%
Ferrotec Corp.	22,100		195,373
Furuno Electric Co. Ltd.	120,500		1,473,244
Hamamatsu Photonics KK	365,600		12,618,754
Ibiden Co. Ltd.	145,300		9,155,554
Meiko Electronics Co. Ltd. (d)	353,100		9,895,966
Nagano Keiki Co. Ltd.	82		726
Nihon Dempa Kogyo Co. Ltd. (d)	27,400		937,986
Nippon Electric Glass Co. Ltd.	937,000		14,020,193
Shibaura Electronics Co. Ltd.	57,000		1,072,134
Shizuki Electric Co., Inc.	5,000		17,446
Star Micronics Co. Ltd.	298,700		4,916,063
Sunx Ltd. (d)	953,100		5,431,944
			59,735,383
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 1.3%
Yahoo! Japan Corp.	21,801		$ 8,365,286
IT Services - 1.4%
Otsuka Corp. (d)	112,000		8,679,395
Semiconductors & Semiconductor Equipment - 2.0%
Micronics Japan Co. Ltd. (d)	281,000		10,306,593
United Technology Holdings Co. Ltd.	1,293		2,541,494
			12,848,087
Software - 2.0%
AQ Interactive, Inc. (d)	670		1,348,444
Atlus Co. Ltd. (a)	92,200		524,603
Celsys, Inc.	679		753,522
Hudson Soft Co. Ltd. (a)	52,700		785,569
Ubiquitous Corp.	3		9,057
Works Applications Co. Ltd.	7,700		9,414,089
			12,835,284
TOTAL INFORMATION TECHNOLOGY			102,724,327
MATERIALS - 6.8%
Chemicals - 4.7%
Adeka Corp.	165,100		1,549,608
C. Uyemura & Co. Ltd.	324,600		12,821,594
Nifco, Inc.	106,600		2,371,005
Sumitomo Chemical Co. Ltd.	338,000		2,393,624
Taiyo Kagaku Co. Ltd.	230,400		1,401,945
Tohcello Co. Ltd. (d)	693,500		4,304,618
Tokai Carbon Co. Ltd. (d)	659,000		5,156,475
			29,998,869
Metals & Mining - 2.1%
Hitachi Metals Ltd.	625,000		8,217,343
Toyo Kohan Co. Ltd. (d)	778,000		3,007,223
Yamato Kogyo Co. Ltd.	51,900		1,937,769
			13,162,335
TOTAL MATERIALS			43,161,204
	Shares		Value
UTILITIES - 1.2%
Electric Utilities - 1.2%
Chubu Electric Power Co., Inc.	143,100		$ 3,620,230
Kansai Electric Power Co., Inc.	155,000		3,877,551
			7,497,781
TOTAL COMMON STOCKS (Cost $571,983,163)		610,748,470
Money Market Funds - 8.7%
Fidelity Cash Central Fund, 3.79% (b)	14,346,983		14,346,983
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	40,356,268		40,356,268
TOTAL MONEY MARKET FUNDS (Cost $54,703,251)		54,703,251

TOTAL INVESTMENT PORTFOLIO - 105.6% (Cost $626,686,414) 665,451,721

NET OTHER ASSETS - (5.6)%		(35,543,227)
NET ASSETS - 100%	$ 629,908,494

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	$ 241,350
Fidelity Securities Lending Cash Central Fund	313,416
Total	$ 554,766

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $627,721,796. Net unrealized appreciation aggregated $37,729,925, of which $101,019,325 related to appreciated investment securities and $63,289,400 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, 2008

1.813035.103

LAF-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.7%
	Shares		Value
Argentina - 0.4%
Banco Patagonia SA unit	411,100		$ 8,203,303
Grupo Clarin SA GDR (a)(f)	800,100		12,001,500
TOTAL ARGENTINA			20,204,803
Bermuda - 1.4%
Credicorp Ltd. (NY Shares)	497,200		35,609,464
Dufry South America Ltd. unit	1,634,795		32,863,190
Laep Investments Ltd. unit	1,596,826		5,219,869
TOTAL BERMUDA			73,692,523
Brazil - 64.0%
Acucar Guarani SA	1,897,700		11,662,386
AES Tiete SA (PN) (non-vtg.)	566,000,000		19,177,715
All America Latina Logistica SA unit	3,605,700		39,234,280
Amil Participacoes SA	1,042,800		8,329,358
B2W Companhia Global Do Varejo	866,100		31,217,021
Banco ABC Brasil SA	2,247,224		12,520,065
Banco Bradesco SA:
rights 3/17/08 (a)	32,875		78,496
(PN)	2,143,808		56,562,893
(PN) sponsored ADR	5,083,800		137,872,656
Banco Daycoval SA (PN)	1,974,000		12,905,628
Banco do Brasil SA	6,916,800		115,332,430
Banco do Estado do Rio Grande do Sul SA (f)	2,281,569		12,711,413
Banco Indusval SA	560,088		6,240,890
Banco Itau Holding Financeira SA sponsored ADR (non-vtg.)	1,929,300		44,914,104
Bolsa de Mercadorias & Futuros - BM&F SA	411,500		3,707,945
Bovespa Holding SA	134,000		1,967,720
Brasil Telecom Participacoes SA sponsored ADR (e)	893,400		62,377,188
Brasil Telecom SA (PN)	806,400		8,068,584
Companhia Brasileira de Desenvolvimento Imobiliario Turistico	27,000		13,039,511
Companhia de Bebidas das Americas (AmBev):
(PN) sponsored ADR (e)	1,582,326		112,471,732
sponsored ADR	66,745		4,271,680
Companhia de Saneamento de Minas Gerais	1,365,100		18,470,370
Companhia Providencia Industria e Comercio	2,096,500		9,058,215
Companhia Siderurgica Nacional SA (CSN) sponsored ADR (e)	909,800		87,968,562
Companhia Vale do Rio Doce:
(PN-A) sponsored ADR	15,822,100		411,849,263
sponsored ADR	8,980,400		269,232,392
Construtora Tenda SA	2,664,200		13,858,687
Duratex SA (PN)	2,099,400		43,563,445
Eletropaulo Metropolitana SA (PN-B)	309,690,000		24,208,286
	Shares		Value
Equatorial Energia SA unit	671,900		$ 6,589,127
Gafisa SA (a)	855,600		14,446,458
Gafisa SA ADR (a)(e)	190,500		6,635,115
GVT Holding SA	3,007,400		62,746,777
Localiza Rent a Car SA	1,302,499		11,743,965
MPX Mineracao e Energia SA	14,200		6,458,215
MRV Engenharia e Participacoes SA	1,149,600		21,501,899
Multiplan Empreendimentos Imobiliarios SA	1,382,200		14,694,224
Net Servicos de Comunicacao SA:
sponsored ADR	167,000		1,963,920
(PN) (a)	2,828,800		32,404,957
Petroleo Brasileiro SA - Petrobras:
(ON)	191,100		10,429,562
(PN) (non-vtg.)	3,218,980		146,674,956
(PN) sponsored ADR (non-vtg.)	4,543,800		423,981,978
sponsored ADR (e)	4,041,160		449,134,522
Profarma Distribuidora de Produtos Farmaceuticos SA (a)	1,029,000		17,549,744
Rossi Residencial SA	494,800		10,672,377
Sao Carlos Empreen E Part SA (a)	1,017,600		8,781,790
Satipel Industrial SA	1,187,200		6,479,318
TAM SA:
(PN) (ltd.-vtg.)	970,700		20,506,658
(PN) sponsored ADR (ltd. vtg.) (e)	398,700		8,611,920
Tegma Gestao Logistica	2,105,300		20,945,281
Tele Norte Leste Participacoes SA	513,000		19,542,996
Tele Norte Leste Participacoes SA sponsored ADR (non-vtg.)	608,400		15,818,400
Terna Participacoes SA unit	1,433,600		23,309,244
TIM Participacoes SA	1,633,200		6,202,260
TIM Participacoes SA sponsored ADR (non-vtg.) (e)	809,900		30,930,081
Totvs SA	1,258,300		34,193,712
Tractebel Energia SA	1,764,500		20,263,161
Uniao de Bancos Brasileiros SA (Unibanco):
unit	422,800		5,434,626
GDR	1,274,700		166,730,760
Usinas Siderurgicas de Minas Gerais SA - Usiminas	250,450		12,105,321
Vivo Participacoes SA:
(PN)	542,100		3,115,765
(PN) sponsored ADR	5,020,500		29,470,335
Votorantim Celulose e Papel SA:
(PN) (non-vtg.)	96,565		2,824,485
sponsored ADR (non-vtg.) (e)	2,311,850		68,315,168
TOTAL BRAZIL			3,334,081,992
Chile - 2.5%
CAP SA	2,596,375		69,333,586
Inversiones Aguas Metropolitanas SA ADR (f)	1,123,722		27,086,380
Common Stocks - continued
	Shares		Value
Chile - continued
Lan Airlines SA sponsored ADR (e)	2,120,300		$ 27,394,276
Vina Concha y Toro SA sponsored ADR	210,150		7,775,550
TOTAL CHILE			131,589,792
Colombia - 0.4%
Almacenes Exito SA unit (f)	2,805,000		21,128,308
Luxembourg - 0.9%
Tenaris SA sponsored ADR	443,400		17,731,566
Ternium SA sponsored ADR	839,800		29,359,408
TOTAL LUXEMBOURG			47,090,974
Mexico - 21.6%
Alsea SAB de CV	18,422,300		23,631,857
America Movil SAB de CV Series L sponsored ADR	7,845,600		470,029,897
Axtel SAB de CV unit (a)	10,404,633		24,752,802
Banco Compartamos SA de CV	5,065,200		22,009,389
Cemex SA de CV sponsored ADR	2,843,918		77,098,617
Corporacion Geo SA de CV Series B (a)	13,337,500		42,963,797
Desarrolladora Homex Sab de CV (a)	1,009,500		9,310,931
Desarrolladora Homex Sab de CV sponsored ADR (a)(e)	303,200		16,654,776
Empresas ICA Sociedad Controladora SA de CV (a)	1,070,600		6,950,792
Fomento Economico Mexicano SA de CV sponsored ADR	1,546,695		55,943,958
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR	699,500		29,987,565
Grupo Aeroportuario Norte Sab de CV ADR	607,600		14,308,980
Grupo Famsa SA de CV Series A (a)	828,000		2,803,332
Grupo Mexico SA de CV Series B	6,453,520		37,840,227
Grupo Televisa SA de CV	1,507,400		6,743,485
Grupo Televisa SA de CV (CPO) sponsored ADR	5,562,600		123,990,354
Industrias Penoles SA de CV	1,996,960		46,104,546
Maxcom Telecomunicaciones SA de CV ADR	373,300		4,662,517
Megacable Holdings SAB de CV unit	2,289,300		6,659,859
Urbi, Desarrollos Urbanos, SA de CV (a)	12,137,600		42,853,754
Wal-Mart de Mexico SA de CV Series V	16,935,016		60,730,206
TOTAL MEXICO			1,126,031,641
Panama - 0.8%
Copa Holdings SA Class A	518,800		20,248,764
Intergroup Financial Services Corp.	855,006		14,107,599
Intergroup Financial Services Corp. (f)	249,320		4,113,780
TOTAL PANAMA			38,470,143
	Shares		Value
United States of America - 0.7%
Freeport-McMoRan Copper & Gold, Inc. Class B	162,100		$ 14,431,763
NII Holdings, Inc. (a)	546,500		23,313,690
TOTAL UNITED STATES OF AMERICA			37,745,453
TOTAL COMMON STOCKS (Cost $2,744,895,179)		4,830,035,629
Nonconvertible Preferred Stocks - 4.5%
Brazil - 4.5%
Banco Itau Holding Financeira SA (non-vtg.)	3,433,080		77,190,628
Brasil Telecom Participacoes SA (PN)	379,300		5,261,467
Companhia Vale do Rio Doce (PN-A)	1,465,200		37,058,981
Empresa Nacional de Comercio Redito e Participacoes SA (PN) (a)	11,465		240,967
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)	2,447,200		114,499,466
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $65,507,018)		234,251,509

Convertible Bonds - 0.0%
		Principal Amount (d)
Brazil - 0.0%
Companhia de Saneamento de Minas Gerais 2.3% 6/1/13 (g) (Cost $958,433)	BRL	15,278	826,871

Money Market Funds - 4.5%
	Shares
Fidelity Cash Central Fund, 3.79% (b)	99,315,024		99,315,024
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	135,463,275		135,463,275
TOTAL MONEY MARKET FUNDS (Cost $234,778,299)		234,778,299
Cash Equivalents - 0.2%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 1.69%, dated 1/31/08 due 2/1/08 (Collateralized by U.S. Treasury Obligations) # (Cost $8,516,000)	$ 8,516,400		$ 8,516,000

TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $3,054,654,929) 5,308,408,308

NET OTHER ASSETS - (1.9)%		(100,156,937)
NET ASSETS - 100%	$ 5,208,251,371

Currency Abbreviation
BRL	-	Brazilian real

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) 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 $77,041,381 or 1.5% 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 $826,871 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Companhia de Saneamento de Minas Gerais 2.3% 6/1/13	8/20/07	$ 958,433

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

Repurchase Agreement / Counterparty	Value
$8,516,000 due 2/01/08 at 1.69%
Banc of America Securities LLC	$ 1,859,119
Barclays Capital, Inc.	2,681,244
ING Financial Markets LLC	3,975,637
	$ 8,516,000

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	$ 768,687
Fidelity Securities Lending Cash Central Fund	304,630
Total	$ 1,073,317

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $3,079,387,614. Net unrealized appreciation aggregated $2,229,020,694, of which $2,358,811,347 related to appreciated investment securities and $129,790,653 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 available 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Nordic Fund

January 31, 2008

1.813058.103

NOR-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares		Value
Denmark - 10.5%
Coloplast AS Series B	66,950		$ 5,537,771
FLS Industries	89,800		8,024,953
Novo Nordisk AS Series B	575,790		36,332,642
Novozymes AS Series B	49,900		3,885,541
Rockwool International AS Series B	37,090		6,682,197
Vestas Wind Systems AS (a)	198,200		19,253,617
TOTAL DENMARK			79,716,721
Finland - 22.4%
Fortum Oyj	444,000		18,002,698
Neste Oil Oyj	255,200		8,195,934
Nokia Corp.	2,997,850		110,770,555
Nokian Tyres Ltd.	997,610		34,009,839
TOTAL FINLAND			170,979,026
Iceland - 0.1%
Ossur hf (a)	689,370		1,012,388
Norway - 17.9%
Blom ASA (a)(d)	499,000		5,301,876
Norsk Hydro ASA	1,008,470		11,849,522
Northern Logistic Property ASA	303,200		2,240,203
Norwegian Air Shuttle AS (a)(d)	798,921		20,895,079
Orkla ASA (A Shares)	1,069,650		14,163,875
Pronova BioPharma ASA	1,100,000		3,985,728
StatoilHydro ASA	853,346		22,474,373
Telenor ASA	1,551,000		31,640,400
Yara International ASA	481,600		23,423,492
TOTAL NORWAY			135,974,548
Sweden - 46.0%
AB Volvo (B Shares)	572,500		7,757,375
ABB Ltd. (Sweden)	1,034,500		25,915,430
Alfa Laval AB	78,800		4,253,587
Assa Abloy AB (B Shares)	1,038,402		18,171,730
Elekta AB (B Shares)	1,984,500		32,572,487
H&M Hennes & Mauritz AB (B Shares)	354,690		19,227,746
Hexagon AB (B Shares)	1,160,975		20,523,627
Intrum Justitia AB	108,600		1,739,022
Investment AB Kinnevik	1,268,600		25,274,268
Modern Times Group MTG AB (B Shares)	328,100		19,903,246
	Shares		Value
NeoNet AB	2,008,000		$ 12,345,873
Nordea Bank AB	2,474,500		33,778,643
Ratos AB (B Shares) (d)	76,200		1,963,927
RNB Retail & Brands AB (d)	1,204,250		6,200,106
Sandvik AB	824,700		11,954,837
Scania AB (B Shares)	1,159,900		24,065,915
Skanska AB (B Shares)	353,400		6,081,191
Svenska Handelsbanken AB (A Shares)	660,300		18,625,806
TELE2 AB (B Shares)	1,086,000		22,266,401
TeliaSonera AB	4,310,000		38,304,602
TOTAL SWEDEN			350,925,819
TOTAL COMMON STOCKS (Cost $634,950,107)		738,608,502
Money Market Funds - 4.2%
Fidelity Cash Central Fund, 3.79% (b)	26,837,851		26,837,851
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	5,311,591		5,311,591
TOTAL MONEY MARKET FUNDS (Cost $32,149,442)		32,149,442

TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $667,099,549) 770,757,944

NET OTHER ASSETS - (1.1)%		(8,363,201)
NET ASSETS - 100%	$ 762,394,743

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	$ 129,635
Fidelity Securities Lending Cash Central Fund	29,106
Total	$ 158,741

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $667,188,794. Net unrealized appreciation aggregated $103,569,150, of which $149,822,210 related to appreciated investment securities and $46,253,060 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Overseas Fund

January 31, 2008

1.813070.103

OVE-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value
Australia - 4.8%
Babcock & Brown Ltd. (d)	3,147,553		$ 50,659,448
Computershare Ltd.	10,269,163		72,926,132
CSL Ltd.	3,693,900		113,142,546
Macquarie Group Ltd. (d)	2,646,504		154,244,207
TOTAL AUSTRALIA			390,972,333
Austria - 0.9%
Raiffeisen International Bank Holding AG	601,307		76,815,277
Brazil - 4.0%
Bolsa de Mercadorias & Futuros - BM&F SA	6,266,200		56,463,485
Bovespa Holding SA	4,273,000		62,746,782
Petroleo Brasileiro SA - Petrobras sponsored ADR	438,300		48,712,662
Vivo Participacoes SA (PN) sponsored ADR (d)	27,861,100		163,544,657
TOTAL BRAZIL			331,467,586
Canada - 0.8%
Harry Winston Diamond Corp.	2,810,900		69,323,676
Cayman Islands - 0.8%
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	1,243,908		68,079,085
China - 0.5%
Global Bio-Chem Technology Group Co. Ltd.	114,978,000		36,863,975
Denmark - 0.5%
Vestas Wind Systems AS (a)	437,100		42,460,927
Finland - 0.8%
Neste Oil Oyj	1,926,322		61,865,235
France - 17.3%
Alcatel-Lucent SA sponsored ADR	4,290,000		27,155,700
Alstom SA	610,400		123,283,528
AXA SA	1,082,360		37,146,595
Cap Gemini SA	1,394,000		75,966,666
Electricite de France	849,500		88,614,035
Pernod Ricard SA	4,477,484		476,410,227
Pinault Printemps-Redoute SA	465,800		65,568,327
Remy Cointreau SA	390,000		23,525,765
Sodexho Alliance SA ADR (d)	2,068,800		112,439,280
Veolia Environnement	4,364,637		359,070,077
Vinci SA	403,900		27,617,732
TOTAL FRANCE			1,416,797,932
Germany - 12.6%
Adidas-Salomon AG	1,221,000		77,889,938
DaimlerChrysler AG	1,931,300		151,085,599
Deutsche Boerse AG	919,800		160,970,942
E.ON AG	561,391		104,367,690
Hochtief AG	2,660,900		267,979,846
K&S AG (d)	186,100		47,084,721
	Shares		Value
Linde AG	1,186,500		$ 154,845,808
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	383,376		68,890,652
TOTAL GERMANY			1,033,115,196
Hong Kong - 7.2%
China Unicom Ltd. sponsored ADR (d)	23,821,100		564,798,280
Shanghai Industrial Holdings Ltd. (H Shares)	7,377,000		27,388,973
TOTAL HONG KONG			592,187,253
India - 3.4%
Allahabad Bank	10,885,323		31,399,224
Bank of Baroda	5,270,852		55,525,925
Gammon India Ltd.	2,169,930		31,060,161
Satyam Computer Services Ltd.	8,459,009		84,568,553
State Bank of India	1,153,012		70,508,218
State Bank of India rights 4/4/08 (a)	230,602		3,389,462
TOTAL INDIA			276,451,543
Indonesia - 1.9%
PT Indosat Tbk sponsored ADR (d)	3,911,216		151,989,854
Italy - 4.3%
Ansaldo STS SpA (a)	3,210,607		40,324,266
ENI SpA	4,872,600		157,214,439
Impregilo SpA (a)(d)(e)	20,959,400		114,228,675
UniCredit SpA	5,958,900		44,008,521
TOTAL ITALY			355,775,901
Japan - 6.8%
Citizen Holdings Co. Ltd. (d)	14,450,900		132,644,400
Kubota Corp.	11,540,000		83,025,491
Kurita Water Industries Ltd.	1,025,900		33,093,550
Mitsubishi Estate Co. Ltd.	2,734,000		72,508,985
Nintendo Co. Ltd.	79,900		39,470,602
Nomura Holdings, Inc.	4,262,300		62,400,075
NTT DoCoMo, Inc.	71,352		113,021,574
Tokuyama Corp.	3,158,000		22,542,294
TOTAL JAPAN			558,706,971
Korea (South) - 0.4%
SK Telecom Co. Ltd. sponsored ADR	1,472,400		36,559,692
Luxembourg - 1.3%
Acergy SA sponsored ADR	2,406,300		43,818,723
ArcelorMittal SA (NY Reg.) Class A	1,004,400		66,682,116
TOTAL LUXEMBOURG			110,500,839
Netherlands - 0.6%
Fugro NV (Certificaten Van Aandelen) unit	732,100		50,187,925
Netherlands Antilles - 0.5%
Schlumberger Ltd. (NY Shares)	514,400		38,816,624
Common Stocks - continued
	Shares		Value
Norway - 3.4%
Aker Kvaerner ASA (e)	14,622,900		$ 275,252,464
South Africa - 0.8%
Impala Platinum Holdings Ltd.	1,645,990		62,557,553
Spain - 2.0%
Banco Bilbao Vizcaya Argentaria SA	2,047,800		43,126,668
Telefonica SA sponsored ADR	1,331,300		116,888,140
TOTAL SPAIN			160,014,808
Switzerland - 4.7%
Actelion Ltd. (Reg.) (a)(d)	2,132,655		106,610,451
Compagnie Financiere Richemont unit	1,352,375		77,356,127
EFG International	914,005		27,365,837
Roche Holding AG (participation certificate)	651,987		119,261,462
Syngenta AG (Switzerland)	199,331		52,563,585
TOTAL SWITZERLAND			383,157,462
Turkey - 0.9%
Yapi ve Kredi Bankasi AS	28,950,532		76,585,441
United Kingdom - 9.3%
3i Group plc	7,573,830		141,856,984
HSBC Holdings PLC sponsored ADR	585,000		43,980,300
Land Securities Group PLC	2,133,900		68,042,460
Rolls-Royce Group PLC	8,525,136		80,491,385
Shire PLC	2,739,400		49,172,230
Smith & Nephew PLC	6,051,300		81,511,011
Standard Chartered PLC (United Kingdom)	1,709,100		57,313,419
The Weir Group PLC	6,101,909		90,672,526
Vodafone Group PLC sponsored ADR	2,682,900		93,364,920
Xstrata PLC	775,400		59,701,937
TOTAL UNITED KINGDOM			766,107,172
United States of America - 4.6%
AES Corp. (a)	13,227,900		252,388,332
	Shares		Value
Freeport-McMoRan Copper & Gold, Inc. Class B	760,800		$ 67,734,024
Starwood Hotels & Resorts Worldwide, Inc.	748,500		33,869,625
Titanium Metals Corp.	1,138,400		24,748,816
TOTAL UNITED STATES OF AMERICA			378,740,797
TOTAL COMMON STOCKS (Cost $7,120,616,437)		7,801,353,521
Money Market Funds - 8.4%
Fidelity Cash Central Fund, 3.79% (b)	400,769,045		400,769,045
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	286,764,489		286,764,489
TOTAL MONEY MARKET FUNDS (Cost $687,533,534)		687,533,534

TOTAL INVESTMENT PORTFOLIO - 103.5% (Cost $7,808,149,971) 8,488,887,055

NET OTHER ASSETS - (3.5)%		(286,003,918)
NET ASSETS - 100%	$ 8,202,883,137

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

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
Aker Kvaerner ASA	$ 509,546,689	$ -	$ -	$ -	$ 275,252,464
Impregilo SpA	135,232,253	27,776,940	-	-	114,228,675
Total	$ 644,778,942	$ 27,776,940	$ -	$ -	$ 389,481,139

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	$ 3,787,092
Fidelity Securities Lending Cash Central Fund	541,244
Total	$ 4,328,336

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $7,809,882,076. Net unrealized appreciation aggregated $679,004,979, of which $1,328,304,563 related to appreciated investment securities and $649,299,584 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Pacific Basin Fund

January 31, 2008

1.813019.103

PAF-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
Australia - 13.5%
Ausenco Ltd.	557,502		$ 5,718,675
Austal Ltd.	1,064,945		2,005,254
Australian Agricultural Co. Ltd.	723,627		1,959,497
Babcock & Brown Ltd.	315,844		5,083,467
Billabong International Ltd. (d)	271,443		2,884,164
Bradken Ltd.	312,341		1,778,385
Cochlear Ltd.	90,585		5,665,307
Commonwealth Bank of Australia	207,602		9,195,629
CSL Ltd.	296,674		9,086,995
Goodman Group unit	834,369		3,276,840
Gunns Ltd.	1,832,474		5,274,312
HFA Holdings Ltd.	2,286,245		2,480,453
Incitec Pivot Ltd.	124,889		13,436,687
Iress Market Technology Ltd.	608,632		3,416,269
Macquarie Airports unit	1,729,528		6,001,524
Macquarie Group Ltd.	93,432		5,445,427
Macquarie Infrastructure Group unit	1,250,875		3,409,655
QBE Insurance Group Ltd.	246,479		6,143,950
Reverse Corp. Ltd.	533,839		1,689,694
Rio Tinto Ltd.	90,218		9,949,958
Seek Ltd. (d)	804,568		4,501,635
Sunland Group Ltd.	1,031,338		3,107,157
United Group Ltd.	612,476		8,309,042
WildHorse Energy Ltd. (a)(d)	1,077,652		850,323
WorleyParsons Ltd.	220,227		7,752,536
Wotif.com Holdings Ltd.	859,373		3,621,617
TOTAL AUSTRALIA			132,044,452
Bermuda - 3.7%
Asia Media Co. Ltd.	547,500		2,054,477
DVN Holdings Ltd. (a)	10,409,000		961,145
Huabao International Holdings Ltd.	4,475,000		4,063,251
Mingyuan Medicare Development Co. Ltd. (d)	23,450,000		3,638,946
Noble Group Ltd.	5,027,000		6,208,363
NWS Holdings Ltd.	961,000		2,699,075
Paradise Entertainment Ltd. (a)	89,432,000		1,055,184
Peace Mark Holdings Ltd.	5,643,750		6,514,149
Ports Design Ltd.	1,077,500		3,109,189
Sinofert Holdings Ltd. (d)	5,452,600		4,328,543
TPV Technology Ltd.	3,212,000		2,034,932
TOTAL BERMUDA			36,667,254
Cayman Islands - 4.7%
Chaoda Modern Agriculture (Holdings) Ltd.	3,483,025		3,528,833
China Boqi Environmental Solutions Technology (Holding) Co. Ltd. (d)	1,117		1,208,079
China Medical Technologies, Inc. sponsored ADR (d)	63,800		3,041,346
Ctrip.com International Ltd. sponsored ADR	120,310		5,493,355
Hembly International Holdings Ltd.	5,484,000		2,602,235
	Shares		Value
Kingboard Chemical Holdings Ltd.	808,900		$ 3,340,397
Kingdee International Software Group Co. Ltd.	3,884,232		2,640,149
Lee & Man Paper Manufacturing Ltd.	1,128,000		2,517,131
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	101,800		5,766,970
Perfect World Co. Ltd. sponsored ADR Class B	80,826		1,806,461
Regent Pacific Group Ltd. (a)	25,537,000		2,423,533
SinoCom Software Group Ltd.	18,138,000		3,210,080
Wuxi Pharmatech Cayman, Inc. Sponsored ADR (d)	186,200		4,690,378
Xinao Gas Holdings Ltd.	1,904,000		3,662,736
TOTAL CAYMAN ISLANDS			45,931,683
China - 4.7%
51job, Inc. sponsored ADR (a)	165,800		2,947,924
AMVIG Holdings Ltd.	3,812,000		4,536,786
Anhui Conch Cement Co. Ltd. (H Shares)	204,000		1,090,972
Baidu.com, Inc. sponsored ADR (a)	13,096		3,666,225
BYD Co. Ltd. (H Shares)	453,000		2,498,124
China Coal Energy Co. Ltd. (H Shares)	804,000		1,843,618
China Oilfield Services Ltd. (H Shares)	1,616,000		2,951,201
China Shenhua Energy Co. Ltd. (H Shares)	816,500		4,188,549
Focus Media Holding Ltd. ADR (a)	49,700		2,388,085
Jiangsu Expressway Co. Ltd. (H Shares)	4,840,013		4,475,373
Li Ning Co. Ltd.	1,707,000		4,761,460
Minth Group Ltd.	1,784,000		2,001,937
Royale Furniture Holdings Ltd.	8,165,308		1,476,519
Sina Corp. (a)	73,749		2,927,835
Yantai Changyu Pioneer Wine Co. (B Shares)	571,000		4,048,103
TOTAL CHINA			45,802,711
Hong Kong - 8.8%
Bank of East Asia Ltd.	687,028		3,890,026
BYD Electronic International Co. Ltd.	81,833		108,097
Cafe de Coral Holdings Ltd.	1,308,789		2,641,933
China Insurance International Holdings Co. Ltd. (a)	1,530,000		3,112,017
China Overseas Land & Investment Ltd. warrants 8/27/08 (a)	110,145		33,761
China State Construction International Holdings Ltd.	9,228,688		14,155,283
China Unicom Ltd.	4,906,000		11,632,126
Esprit Holdings Ltd.	487,500		6,302,060
Far East Consortium International Ltd.	7,143,648		3,481,377
Golden Meditech Co. Ltd.	7,376,000		2,989,203
Hang Lung Properties Ltd.	2,165,000		8,426,825
Hong Kong Exchanges & Clearing Ltd.	111,000		2,289,056
IPE Group Ltd.	18,870,000		2,299,021
Li & Fung Ltd.	768,539		2,858,323
PYI Corp. Ltd.	9,494,539		3,202,411
REXCAPITAL Financial Holdings Ltd. (a)	31,061,967		3,983,606
Common Stocks - continued
	Shares		Value
Hong Kong - continued
Sun Hung Kai Properties Ltd.	395,000		$ 7,725,282
Tian An China Investments Co. Ltd.	2,491,800		2,556,528
Tian An China Investments Co. Ltd. warrants 1/2/10 (a)	396,800		45,800
Tingyi (Cayman Island) Holding Corp.	3,522,742		4,942,487
TOTAL HONG KONG			86,675,222
India - 4.6%
Alembic Ltd.	342,050		553,828
Educomp Solutions Ltd.	95,215		8,159,208
Financial Technologi India Ltd.	100,689		5,470,735
Geodesic Information Systems Ltd.	667,958		3,283,673
INFO Edge India Ltd.	115,509		3,097,783
NIIT Ltd.	751,992		2,363,376
Pantaloon Retail India Ltd.	400,119		6,502,869
Reliance Industries Ltd.	48,126		3,037,157
Shopper's Stop Ltd.	125,024		1,304,667
State Bank of India	74,596		4,561,645
State Bank of India rights 4/4/08 (a)	14,919		219,284
Suzlon Energy Ltd.	378,120		2,973,556
United Spirits Ltd.	77,271		3,319,427
TOTAL INDIA			44,847,208
Indonesia - 2.1%
PT Astra International Tbk	2,206,500		6,507,258
PT Bank Niaga Tbk	25,637,000		1,969,941
PT Bumi Resources Tbk	4,656,500		3,225,278
PT Perusahaan Gas Negara Tbk Series B	5,531,848		8,022,369
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk (a)	491,500		643,630
TOTAL INDONESIA			20,368,476
Japan - 24.7%
ABC-Mart, Inc.	131,800		3,278,576
Aeon Fantasy Co. Ltd. (d)	113,500		1,937,388
Aeon Mall Co. Ltd. (d)	118,500		3,031,318
ARDEPRO CO., Ltd. (d)	15,624		2,547,919
ARRK Corp. (d)	199,500		671,692
Aruze Corp.	51,200		1,651,613
Asics Corp.	233,000		3,023,982
Avex Group Holdings, Inc.	37,300		410,781
Bridgestone Corp.	164,500		2,786,274
Canon Marketing Japan, Inc.	144,200		2,331,231
Canon, Inc.	107,200		4,563,504
Chofu Seisakusho Co. Ltd.	106,400		1,839,210
Citizen Holdings Co. Ltd.	269,900		2,477,404
Denso Corp.	153,100		5,529,051
Digital Garage, Inc. (a)(d)	4,454		7,707,477
eAccess Ltd. (d)	3,893		2,343,196
Fujitsu Business Systems Ltd.	154,300		1,623,829
Fujitsu Ltd.	932,000		6,047,964
Funai Electric Co. Ltd.	86,200		3,202,201
Furuno Electric Co. Ltd.	210,800		2,577,260
	Shares		Value
H.I.S. Co. Ltd.	213,800		$ 3,747,985
Hamakyorex Co. Ltd.	188,600		3,538,578
Hikari Tsushin, Inc.	98,400		3,720,192
Inpex Holdings, Inc.	503		4,777,862
Internet Initiative Japan, Inc.	1,034		3,763,360
ISE Chemical Corp. (d)	391,000		2,482,131
Kakaku.com, Inc. (d)	900		4,105,145
Kato Works Co. Ltd.	621,000		2,207,637
Kenedix Realty Investment Corp.	398		2,563,999
Konica Minolta Holdings, Inc.	268,500		4,305,394
Kubota Corp.	594,000		4,273,582
Kyoritsu Maintenance Co. Ltd. (d)	137,500		2,592,754
Leopalace21 Corp.	172,500		4,177,443
Marubeni Corp.	759,000		5,196,577
Matsumotokiyoshi Holdings Co. Ltd.	191,500		4,619,557
Misawa Homes Co. Ltd. (a)(d)	243,300		1,553,660
Mitsubishi Electric Corp.	619,000		5,635,211
Mitsui & Co. Ltd.	511,000		10,212,311
Namco Bandai Holdings, Inc.	235,400		3,272,089
NGK Insulators Ltd.	147,000		3,788,019
Nikon Corp.	194,000		5,291,075
Nippon Electric Glass Co. Ltd.	238,000		3,561,159
Nippon Parkerizing Co. Ltd.	197,000		2,964,356
Nippon Seiki Co. Ltd.	162,000		2,673,846
Nitta Corp.	233,800		4,045,820
Nittoku Engineering Co. Ltd.	309,800		2,223,055
ORIX Corp.	22,480		3,816,082
Rakuten, Inc.	4,700		2,011,192
Renown, Inc. (a)(d)	599,700		2,972,274
Round One Corp.	1,763		2,851,839
Sankyo Seiko Co. Ltd.	425,800		1,253,413
SFCG Co. Ltd.	20,530		3,056,427
Shimachu Co. Ltd.	72,900		2,008,812
Stanley Electric Co. Ltd.	137,800		2,779,846
Sumitomo Electric Industries Ltd.	217,700		3,177,564
Sumitomo Mitsui Financial Group, Inc.	1,630		12,846,234
Takasago Thermal Engineering Co. Ltd.	301,000		2,544,898
Take & Give Needs Co. Ltd. (d)	11,579		1,661,766
Tamron Co. Ltd.	115,300		2,244,625
The Sumitomo Warehouse Co. Ltd. (d)	401,000		2,111,916
Tohcello Co. Ltd.	330,000		2,048,340
Torishima Pump Manufacturing Co. Ltd. (d)	560,900		8,434,865
Toyoda Gosei Co. Ltd.	96,700		3,155,732
Toyota Motor Corp.	293,000		15,902,570
Toyota Tsusho Corp.	81,400		1,906,198
Urban Corp.	173,400		1,606,311
Valor Co. Ltd.	185,100		1,819,143
Yahoo! Japan Corp.	2,687		1,031,032
TOTAL JAPAN			242,115,746
Korea (South) - 8.3%
CDNetworks Co. Ltd. (a)	120,643		1,917,301
Cheil Industries, Inc.	59,473		2,350,312
Common Stocks - continued
	Shares		Value
Korea (South) - continued
CJ CheilJedang Corp. (a)	18,044		$ 5,505,822
Doosan Heavy Industries & Construction Co. Ltd.	40,649		3,966,490
Duzon Digital Ware Co. Ltd.	111,625		1,229,962
eSang Networks Co. Ltd.	55,990		1,687,678
Hana Tour Service, Inc.	39,061		2,851,409
Hyundai Engineering & Construction Co. Ltd. (a)	59,003		4,344,660
Hyunjin Materials Co. Ltd.	64,892		1,911,317
Infopia Co. Ltd.	20,408		918,938
Kyeryong Construction Industrial Co. Ltd.	67,780		2,786,315
LG Household & Health Care Ltd.	26,086		4,643,160
Mobilians Co. Ltd.	144,281		839,225
NHN Corp. (a)	46,450		9,842,662
Nice e-Banking Services	41,196		2,693,004
S.M. Entertainment Co. Ltd. (a)	336,955		694,366
Samsung Fire & Marine Insurance Co. Ltd.	28,064		5,575,036
SFA Engineering Corp.	125,300		7,566,984
Shinhan Financial Group Co. Ltd.	84,401		4,567,780
SK Chemicals Co. Ltd.	13,368		684,086
SK Communications Co. Ltd. (a)	82,684		2,181,311
TK Corp.	160,853		3,578,865
TSM Tech Co. Ltd.	90,018		1,111,097
Woongjin Coway Co. Ltd.	108,280		3,613,730
YBM Sisa.com, Inc.	138,305		1,912,253
Yuhan Corp.	13,974		2,805,607
TOTAL KOREA (SOUTH)			81,779,370
Malaysia - 4.7%
Gamuda Bhd	6,421,942		10,122,672
IJM Corp. Bhd	1,169,700		2,711,405
JobStreet Corp. Bhd	5,545,550		2,879,470
KNM Group Bhd	2,198,700		4,824,840
MMC Corp. Bhd	4,331,354		5,461,884
Muhibbah Engineering (M) Bhd	4,668,000		4,761,057
Parkson Holdings Bhd	1,850,513		4,403,941
Public Bank BHD (For. Reg.)	1,197,800		4,220,343
Resorts World Bhd	3,449,700		4,158,192
Scomi Group Bhd	5,130,800		2,045,660
TOTAL MALAYSIA			45,589,464
Papua New Guinea - 1.1%
Lihir Gold Ltd. (a)	1,592,440		5,311,644
Oil Search Ltd.	1,394,295		5,325,829
TOTAL PAPUA NEW GUINEA			10,637,473
Philippines - 1.4%
Alliance Global Group, Inc. (a)	84,773,542		9,022,926
DMCI Holdings, Inc.	24,124,500		4,956,271
TOTAL PHILIPPINES			13,979,197
	Shares		Value
Singapore - 8.4%
Asia Environment Holdings Ltd.	4,980,000		$ 1,686,944
China Petrotech Holdings Ltd. (a)	8,933,000		2,080,374
Cosco Corp. Singapore Ltd.	1,439,000		4,519,090
CSE Global Ltd.	7,209,500		4,782,590
Ezra Holdings Ltd.	2,932,000		4,759,068
Gallant Venture Ltd. (a)	3,052,000		1,766,154
GigaMedia Ltd. (a)	78,700		1,373,315
Goodpack Ltd.	12,414,000		14,192,435
Goodpack Ltd. warrants 7/16/09 (a)	1,143,125		217,815
Hyflux Water Trust	1,516,000		781,002
Indofood Agri Resources Ltd.	986,000		1,509,965
Keppel Corp. Ltd.	1,781,000		14,227,890
KS Energy Services Ltd.	1,016,000		1,455,526
Olam International Ltd.	4,438,000		8,111,800
Parkway Holdings Ltd.	3,582,000		9,024,517
Pertama Holdings Ltd.	10,644,000		3,755,822
Raffles Education Corp. Ltd.	2,016,000		3,343,402
SembCorp Marine Ltd.	1,128,000		2,467,749
Tat Hong Holdings Ltd.	1,257,000		2,448,356
TOTAL SINGAPORE			82,503,814
Taiwan - 4.3%
Advanced Semiconductor Engineering, Inc.	2,925,000		2,492,100
Apex Biotechnology Corp.	440,000		691,409
D-Link Corp.	1,486,160		2,174,488
E-Life Mall Corp. Ltd.	1,598,050		2,818,274
Everlight Electronics Co. Ltd.	575,760		1,667,406
Foxconn Technology Co. Ltd.	518,000		2,970,763
Gemtek Technology Corp.	651,510		986,118
Hon Hai Precision Industry Co. Ltd. (Foxconn)	1,697,462		9,111,553
Johnson Health Tech Co. Ltd.	479,600		762,397
MediaTek, Inc.	513,642		5,116,715
Taiwan Fertilizer Co. Ltd.	1,281,000		4,156,160
Tsann Kuen Enterprise Co. Ltd. (a)	2,432,000		3,050,799
Wistron Corp.	2,262,881		3,452,824
Yulon Motor Co. Ltd.	2,238,000		2,551,621
TOTAL TAIWAN			42,002,627
Thailand - 3.4%
Bumrungrad Hospital PCL (For. Reg.)	4,920,300		5,474,448
Central Pattana PCL (For. Reg.)	2,958,071		2,059,813
Italian-Thai Development PCL (a)	9,381,900		2,286,536
Minor International PCL (For. Reg.)	12,251,586		5,675,122
Siam Commercial Bank PCL (For. Reg.)	2,275,952		5,236,826
Thai Stanley Electric PCL	618,166		2,660,151
Thai Stanley Electric PCL unit	37,624		161,750
Ticon Industrial Connection PCL (For. Reg.)	7,222,400		4,154,575
Total Access Communication PCL (a)	2,788,180		3,373,698
Common Stocks - continued
	Shares		Value
Thailand - continued
True Corp. PCL:
(For. Reg.) (a)	16,816,100		$ 2,698,315
(For. Reg.) rights 4/30/08 (a)	206,113		0
TOTAL THAILAND			33,781,234
Vietnam - 0.2%
Luks Group (Vietnam Holdings) Co. Ltd.	2,080,000		2,176,712
TOTAL COMMON STOCKS (Cost $840,768,840)		966,902,643
Money Market Funds - 4.4%
Fidelity Cash Central Fund, 3.79% (b)	10,761,576		10,761,576
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	32,208,933		32,208,933
TOTAL MONEY MARKET FUNDS (Cost $42,970,509)		42,970,509

TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $883,739,349) 1,009,873,152

NET OTHER ASSETS - (3.0)%	(29,453,457)
NET ASSETS - 100%	$ 980,419,695

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	$ 115,703
Fidelity Securities Lending Cash Central Fund	217,156
Total	$ 332,859

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $884,638,902. Net unrealized appreciation aggregated $125,234,250, of which $225,700,258 related to appreciated investment securities and $100,466,008 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Southeast Asia Fund

January 31, 2008

1.813038.103

SEA-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares		Value
Australia - 0.4%
WorleyParsons Ltd.	457,344		$ 16,099,642
Bermuda - 0.7%
Noble Group Ltd.	4,200,000		5,187,015
Pacific Basin Shipping Ltd.	8,400,000		11,806,937
Ports Design Ltd.	4,197,000		12,110,690
TOTAL BERMUDA			29,104,642
Cayman Islands - 1.8%
Belle International Holdings Ltd.	25,180,000		29,321,688
China Infrastructure Machinery Holdings Ltd.	15,538,000		22,278,417
Enviro Energy International Holdings Ltd. (a)	19,520,000		1,952,638
Mindray Medical International Ltd. sponsored ADR	270,000		9,207,000
Tianjin Port Development Holdings Ltd.	16,160,000		7,626,698
Wuxi Pharmatech Cayman, Inc. Sponsored ADR (d)	181,451		4,570,751
TOTAL CAYMAN ISLANDS			74,957,192
China - 22.2%
Angang Steel Co. Ltd. (H Shares)	8,479,200		15,050,065
Anhui Conch Cement Co. Ltd. (H Shares)	3,200,000		17,113,287
Anhui Expressway Co. Ltd. (H Shares)	1,480,000		1,267,902
Baidu.com, Inc. sponsored ADR (a)	85,000		23,795,750
BYD Co. Ltd. (H Shares)	4,386,500		24,189,895
China Coal Energy Co. Ltd. (H Shares)	5,160,000		11,832,176
China Communications Construction Co. Ltd. (H Shares)	6,920,000		16,347,190
China Construction Bank Corp. (H Shares)	34,500,000		23,848,181
China Cosco Holdings Co. Ltd. (H Shares)	19,382,500		43,898,319
China Eastern Airlines Corp. Ltd. (a)	2,400,000		1,575,900
China Life Insurance Co. Ltd. (H Shares)	16,402,000		60,960,767
China Mengniu Dairy Co. Ltd.	9,089,000		23,429,313
China Merchants Bank Co. Ltd. (H Shares)	11,136,500		38,704,852
China Merchants Bank Co. Ltd. warrants (UBS Warrant Programme) 3/12/10 (a)	2,128,300		9,636,645
China Molybdenum Co. Ltd. (H Shares)	9,500,000		10,234,115
China Oilfield Services Ltd. (H Shares)	21,280,000		38,862,346
China Petroleum & Chemical Corp. (H Shares)	16,200,000		17,434,440
China Shenhua Energy Co. Ltd. (H Shares)	7,100,000		36,422,164
China Shipping Container Lines Co. Ltd. (H Shares)	35,664,100		13,447,018
China Shipping Development Co. Ltd. (H Shares)	8,040,000		20,436,527
China Vanke Co. Ltd. (B Shares)	375,000		762,268
Citic Securities Co. Ltd. warrants:
(Goldman Sachs International Warrant Program) 9/7/10 (a)	440,000		4,173,206
(UBS Warrant Programme) 9/7/10 (a)	2,838,000		26,917,179
	Shares		Value
Dongfang Electric Corp. Ltd.	2,280,000		$ 13,450,551
Dongfeng Motor Group Co. Ltd. (H Shares)	23,100,000		15,138,411
Focus Media Holding Ltd. ADR (a)(d)	950,000		45,647,500
Guangzhou Shipyard International Co. Ltd. (a)	1,800,000		6,244,349
Harbin Power Equipment Co. Ltd. (H Shares)	13,112,000		29,595,727
Huadian Power International Corp. Ltd. (H shares)	14,082,000		4,713,595
Huaneng Power International, Inc. (H Shares)	20,000,000		16,500,000
Industrial & Commercial Bank of China	63,900,000		37,942,789
Inner Mongolia Baotou Steel Union Co. Ltd. warrants (UBS Warrant Programme) 10/24/08 (a)	2,128,532		12,156,774
Jingwei Textile Machinery Co. Ltd. (H Shares)	7,000,000		2,675,234
Li Ning Co. Ltd.	13,286,000		37,059,616
Nine Dragons Paper (Holdings) Ltd.	11,920,000		19,261,682
PetroChina Co. Ltd. (H Shares)	50,878,000		72,363,779
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	1,720,000		11,955,703
Pingdingshan Tianan Coal Mining Co. Ltd. warrants (UBS Warrant Programme) 3/16/10 (a)	3,309,251		22,273,008
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	10,000,000		16,877,312
Shanghai Electric (Group) Corp. (H Shares)	19,600,000		15,031,581
Tencent Holdings Ltd.	3,660,000		21,615,143
Tsingtao Brewery Co. Ltd. (H Shares)	2,480,000		8,555,618
Weichai Power Co. Ltd. (H Shares)	3,080,000		15,405,036
Xinjiang Xinxin Mining Industry Co. Ltd. Class H	17,169,000		11,009,368
Yantai Changyu Pioneer Wine Co. (B Shares)	2,171,100		15,392,007
Zhejiang Glass Co. Ltd. Class H (a)	3,537,000		2,027,636
TOTAL CHINA			933,231,924
Hong Kong - 17.2%
Asia Financial Holdings Ltd.	5,040,000		2,682,415
ASM Pacific Technology Ltd.	504,400		2,920,655
Bank of East Asia Ltd.	3,660,000		20,723,313
BYD Electronic International Co. Ltd.	7,687,000		10,154,102
Cheung Kong Holdings Ltd.	3,385,000		54,568,417
China Mobile (Hong Kong) Ltd.	15,018,800		227,084,260
China Travel International Investment HK Ltd.	53,000,000		28,207,940
CLP Holdings Ltd.	1,020,500		8,075,057
CNOOC Ltd.	39,840,000		58,058,832
Cosco International Holdings Ltd.	9,100,000		6,990,619
Cosco Pacific Ltd.	7,916,000		15,816,873
Dynasty Fine Wines Group Ltd.	126,000		32,157
Esprit Holdings Ltd.	4,686,700		60,586,392
Hong Kong Aircraft & Engineering Co.	820,000		18,382,420
Common Stocks - continued
	Shares		Value
Hong Kong - continued
Hong Kong Electric Holdings Ltd.	360,500		$ 2,055,060
Hong Kong Exchanges & Clearing Ltd.	3,096,000		63,846,103
Hong Kong Land Holdings Ltd.	5,560,000		26,132,000
Li & Fung Ltd.	9,680,000		36,001,513
New World Development Co. Ltd.	1,514,122		4,582,688
Orient Overseas International Ltd.	788,500		4,752,772
PYI Corp. Ltd.	9,514,713		3,209,215
Sinotruk Hong Kong Ltd.	542,000		556,079
Sun Hung Kai Properties Ltd.	1,784,000		34,890,894
Swire Pacific Ltd. (A Shares)	2,644,000		35,943,033
TOTAL HONG KONG			726,252,809
Indonesia - 5.7%
Ciputra Surya Tbk PT (a)	11,333,000		1,018,007
PT Apexindo Pratama Duta Tbk	19,544,500		4,018,887
PT Astra International Tbk	9,300,000		27,426,921
PT Bakrie Sumatera Plantations Tbk	57,000,000		15,576,283
PT Bakrie Sumatera Plantations Tbk warrants 9/10/10 (a)	5,937,500		893,194
PT Bank Mandiri Persero Tbk	20,000,000		7,196,962
PT Bank Rakyat Indonesia Tbk	11,300,000		8,560,598
PT Bumi Resources Tbk	49,400,000		34,216,416
PT Hexindo Adiperkasa Tbk	22,500,000		1,948,050
PT Indo Tambangraya Megah Nbk	2,000,500		6,127,066
PT Indofood Sukses Makmur Tbk	50,500,000		15,439,649
PT International Nickel Indonesia Tbk	25,500,000		21,939,913
PT Jakarta International Hotel & Development Tbk (a)	52,000,000		6,077,916
PT Medco Energi International Tbk	11,600,000		5,084,411
PT Perusahaan Gas Negara Tbk Series B	25,899,500		37,559,843
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk (a)	13,270,500		17,378,018
PT Tambang Batubbara Bukit Asam Tbk	19,000,000		23,441,535
PT Tambank Timah	2,000,000		6,233,760
TOTAL INDONESIA			240,137,429
Korea (South) - 25.2%
Amorepacific Corp.	32,000		21,020,282
Cheil Industries, Inc.	99,970		3,950,712
Daelim Industrial Co.	207,500		28,359,899
Dongbu Insurance Co. Ltd.	60,000		2,396,566
Dongbu Securities Co. Ltd.	1,069,210		10,523,873
Dongkuk Steel Mill Co. Ltd.	531,268		21,389,179
Doosan Construction & Engineering Co. Ltd. (a)	410,000		4,952,056
Doosan Heavy Industries & Construction Co. Ltd.	255,864		24,966,961
Eugene Investment & Sec Co. Ltd.	5,917,099		9,466,352
GS Engineering & Construction Corp.	215,000		25,740,310
Hanla Level Co. Ltd.	130,000		1,179,000
Hyundai Department Store Co. Ltd.	362,185		34,535,825
Hyundai Engineering & Construction Co. Ltd. (a)	204,962		15,092,286
Hyundai Heavy Industries Co. Ltd.	163,760		54,132,650
	Shares		Value
Hyundai Industrial Development & Construction Co.	273,000		$ 19,176,663
Hyundai Mipo Dockyard Co. Ltd.	117,000		21,755,038
Hyundai Securities Co. Ltd.	1,144,317		19,458,898
Hyundai Steel Co.	338,000		22,954,698
Kolon Industries, Inc. (a)	131,440		3,021,928
Kookmin Bank	728,500		47,853,985
Korea Exchange Bank	1,260,000		18,222,169
Korea Gas Corp.	155,402		12,677,809
Korea Investment Holdings Co. Ltd.	598,120		31,146,461
Korea Iron & Steel Co. Ltd.	98,937		7,316,629
Kumho Industrial Co. Ltd. rights 2/22/08 (a)	32,495		0
Kyobo Securities Co. Ltd.	630,000		12,081,364
Lotte Shopping Co. Ltd.	6,632		2,315,244
Meritz Fire & Marine Insurance Co. Ltd.	1,219,173		12,103,244
Meritz Securities Co. Ltd.	1,267,726		11,551,030
Mirae Asset Securities Co. Ltd.	159,111		19,723,452
NHN Corp. (a)	228,478		48,414,031
POSCO	206,831		111,539,906
Pulmuone Co. Ltd.	55,431		2,871,828
Samsung Electronics Co. Ltd.	182,335		114,943,355
Samsung Engineering Co. Ltd.	410,000		39,182,059
Samsung Fire & Marine Insurance Co. Ltd.	242,000		48,074,359
Shinhan Financial Group Co. Ltd.	1,235,320		66,855,494
Shinheung Securities Co. Ltd.	370,000		10,074,690
Shinsegae Co. Ltd.	68,332		44,234,610
SK Energy Co. Ltd.	150,270		18,070,285
SK Securities Co. Ltd.	3,500,000		11,662,336
STX Engine Co. Ltd.	396,000		19,152,825
STX Pan Ocean Co. Ltd.	3,650,000		6,285,109
TOTAL KOREA (SOUTH)			1,060,425,450
Malaysia - 4.9%
Bursa Malaysia Bhd	4,050,000		16,272,601
DiGi.com Bhd	5,050,000		37,771,596
DNP Holdings Bhd	3,696,800		2,045,208
IOI Corp. Bhd	3,750,000		8,229,022
Kuala Lumpur Kepong Bhd	4,450,000		24,068,923
Lingkaran Transportation Kota Holdings Bhd	282,100		306,905
MMC Corp. Bhd	5,400,000		6,809,458
Public Bank BHD	2,100,000		7,399,166
Public Bank BHD (For. Reg.)	5,590,625		19,698,076
Sime Darby Bhd (a)	17,453,428		63,653,361
Telekom Malaysia Bhd	6,250,000		21,828,156
TOTAL MALAYSIA			208,082,472
Philippines - 0.2%
Philippine Long Distance Telephone Co.	140,280		10,434,193
Singapore - 8.1%
Banyan Tree Holdings Ltd.	9,500,000		9,520,113
CDL Hospitality Trusts unit	7,000,000		10,324,629
Common Stocks - continued
	Shares		Value
Singapore - continued
Cosco Corp. Singapore Ltd.	30,800,000		$ 96,725,476
DBS Group Holdings Ltd.	1,100,000		13,491,884
Hyflux Water Trust	2,879,000		1,483,183
Keppel Corp. Ltd.	7,220,000		57,678,476
Pan-United Corp. Ltd.	8,888,000		4,265,236
Parkway Holdings Ltd.	8,065,000		20,319,019
Raffles Medical Group Ltd.	5,213,600		4,746,326
Rotary Engineering Ltd.	3,000,000		1,799,577
SIA Engineering Co. Ltd.	453,000		1,144,488
Singapore Exchange Ltd.	9,440,000		63,954,834
Straits Asia Resources Ltd.	8,323,000		19,911,764
Yangzijiang Shipbuilding Holdings Ltd.	40,100,000		35,657,022
TOTAL SINGAPORE			341,022,027
Taiwan - 10.2%
Acer, Inc.	6,600,000		10,352,506
Advanced Semiconductor Engineering, Inc.	8,987,065		7,656,979
Ambassador Hotel	11,555,000		14,315,770
China Steel Corp.	31,100,000		43,989,481
Chong Hong Construction Co. Ltd.	2,930,550		7,227,378
Far East Department Stores Co. Ltd.	13,250,000		18,644,027
Formosa Plastics Corp.	18,400,000		42,182,522
Fuhwa Financial Holding Co. Ltd. (a)	17,896,500		13,711,444
Goldsun Development & Construction Co. Ltd.	9,500,000		4,757,182
Hon Hai Precision Industry Co. Ltd. (Foxconn)	7,791,030		41,820,307
Huaku Construction Co. Ltd.	4,250,000		11,064,633
Hung Poo Real Estate Development Co. Ltd.	3,432,750		4,185,322
KEE TAI Properties Co. Ltd.	3,226,450		1,678,920
Kindom Construction Co. Ltd.	6,500,000		2,850,405
Largan Precision Co. Ltd.	1,605,000		14,812,373
Nan Ya Plastics Corp.	13,250,000		26,584,233
Siliconware Precision Industries Co. Ltd.	4,707,151		7,352,133
Synnex Technology International Corp.	2,000,000		4,102,599
Ta Chong Bank (a)	41,800,000		12,579,636
Tainan Spinning Co. Ltd.	12,000,000		5,882,889
Taiwan Fertilizer Co. Ltd.	13,550,000		43,962,505
Taiwan Semiconductor Manufacturing Co. Ltd.	48,153,104		90,217,680
TOTAL TAIWAN			429,930,924
	Shares		Value
Thailand - 0.7%
Banpu PCL unit	800,000		$ 10,463,215
PTT Exploration & Production PCL (For. Reg.)	2,350,000		10,458,674
Siam Commercial Bank PCL (For. Reg.)	3,700,000		8,513,473
True Corp. PCL (For. Reg.) (a)	100		16
TOTAL THAILAND			29,435,378
TOTAL COMMON STOCKS (Cost $3,418,514,097)		4,099,114,082
Money Market Funds - 3.5%
Fidelity Cash Central Fund, 3.79% (b)	103,813,260		103,813,260
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	42,442,150		42,442,150
TOTAL MONEY MARKET FUNDS (Cost $146,255,410)		146,255,410

TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $3,564,769,507) 4,245,369,492

NET OTHER ASSETS - (0.8)%		(35,505,706)
NET ASSETS - 100%	$ 4,209,863,786

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	$ 643,614
Fidelity Securities Lending Cash Central Fund	51,483
Total	$ 695,097

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $3,569,607,332. Net unrealized appreciation aggregated $675,762,160, of which $1,069,134,719 related to appreciated investment securities and $393,372,559 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Total International
Equity Fund

January 31, 2008

1.863104.100

TIE-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
Argentina - 0.1%
Banco Macro SA sponsored ADR	1,300		$ 30,823
Inversiones y Representaciones SA sponsored GDR (a)	1,000		12,890
TOTAL ARGENTINA			43,713
Australia - 3.9%
AMP Ltd.	32,085		241,660
ASX Ltd.	2,257		95,723
Babcock & Brown Ltd.	6,257		100,706
Bradken Ltd.	16,409		93,428
Cochlear Ltd.	4,918		307,578
CSL Ltd.	15,106		462,690
Downer EDI Ltd.	13,634		65,403
Leighton Holdings Ltd.	2,311		102,572
Macquarie Airports unit	31,867		110,580
Macquarie Group Ltd.	2,220		129,387
Macquarie Infrastructure Group unit	52,864		144,098
QBE Insurance Group Ltd.	4,674		116,508
Silex Systems Ltd. (a)	10,000		36,852
Woolworths Ltd.	9,681		249,998
WorleyParsons Ltd.	4,148		146,020
TOTAL AUSTRALIA			2,403,203
Austria - 0.0%
Raiffeisen International Bank Holding AG	200		25,549
Belgium - 0.8%
Hansen Transmission International NV	13,400		63,953
InBev SA	5,000		412,704
TOTAL BELGIUM			476,657
Bermuda - 0.4%
Aquarius Platinum Ltd. (Australia)	6,107		70,474
China LotSynergy Holdings Ltd. (a)	536,000		32,652
China Solar Energy Holding Ltd. (a)	110,000		5,643
ChipMOS TECHNOLOGIES (Bermuda) Ltd. (a)	4,800		16,992
Global Digital Creations Holdings Ltd. (a)	52,000		8,469
Pacific Basin Shipping Ltd.	6,000		8,434
Ports Design Ltd.	24,500		70,696
Samling Global Ltd.	34,000		4,971
TOTAL BERMUDA			218,331
Brazil - 3.3%
B2W Companhia Global Do Varejo	1,900		68,482
Common Stocks - continued
	Shares		Value
Brazil - continued
Banco Bradesco SA:
rights 3/17/08 (a)	30		$ 72
(PN)	2,900		76,514
Bolsa de Mercadorias & Futuros - BM&F SA	8,800		79,295
Bovespa Holding SA	5,000		73,422
Companhia Vale do Rio Doce sponsored ADR	7,900		236,842
Medial Saude SA (a)	700		8,039
MRV Engenharia e Participacoes SA	6,000		112,223
Petroleo Brasileiro SA - Petrobras:
(PN) sponsored ADR (non-vtg.)	1,500		139,965
sponsored ADR	7,400		822,436
TAM SA (PN) sponsored ADR (ltd. vtg.)	4,100		88,560
TIM Participacoes SA sponsored ADR (non-vtg.)	2,600		99,294
Totvs SA	4,000		108,698
Uniao de Bancos Brasileiros SA (Unibanco) GDR	1,000		130,800
TOTAL BRAZIL			2,044,642
Canada - 2.1%
Addax Petroleum, Inc.	400		16,115
Aurelian Resources, Inc. (a)	1,000		7,972
BCE, Inc.	3,200		111,317
Eastern Platinum Ltd. (a)	4,300		13,411
EnCana Corp.	3,800		250,632
First Quantum Minerals Ltd.	1,800		134,863
Goldcorp, Inc.	2,700		100,461
Harry Winston Diamond Corp.	3,600		88,785
Potash Corp. of Saskatchewan, Inc.	1,400		197,232
Research In Motion Ltd. (a)	3,400		319,192
RONA, Inc. (a)	3,700		59,470
Sino-Forest Corp. (a)	500		9,187
SouthGobi Energy Resources Ltd. (a)	800		7,525
TOTAL CANADA			1,316,162
Cayman Islands - 1.7%
AAC Acoustic Technology Holdings, Inc. (a)	10,000		9,349
AirMedia Group, Inc. ADR	100		2,289
Chaoda Modern Agriculture (Holdings) Ltd.	202,575		205,239
CNinsure, Inc. ADR	9,300		99,882
Foxconn International Holdings Ltd. (a)	18,000		29,687
Hidili Industry International Development Ltd.	9,000		12,396
Himax Technologies, Inc. sponsored ADR	79,300		390,949
LDK Solar Co. Ltd. Sponsored ADR	2,300		81,075
Common Stocks - continued
	Shares		Value
Cayman Islands - continued
Lee & Man Paper Manufacturing Ltd.	2,000		$ 4,463
SinoCom Software Group Ltd.	120,000		21,238
Subsea 7, Inc. (a)	9,000		171,389
TOTAL CAYMAN ISLANDS			1,027,956
China - 1.2%
Anhui Conch Cement Co. Ltd. (H Shares)	4,000		21,392
China Coal Energy Co. Ltd. (H Shares)	11,000		25,224
China Communications Construction Co. Ltd. (H Shares)	22,000		51,971
China Construction Bank Corp. (H Shares)	96,000		66,360
China Nepstar Chain Drugstore Ltd. ADR	100		1,211
China Oilfield Services Ltd. (H Shares)	10,000		18,262
China Petroleum & Chemical Corp. sponsored ADR (H Shares)	110		11,838
China Shenhua Energy Co. Ltd. (H Shares)	2,500		12,825
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)	4,000		16,440
First Tractor Co. Ltd. (H Shares) (a)	134,000		65,647
Global Bio-Chem Technology Group Co. Ltd.	450,000		144,278
Golden Eagle Retail Group Ltd. (H Shares) (a)	34,000		35,101
Guangzhou R&F Properties Co. Ltd. (H Shares)	2,800		7,290
Industrial & Commercial Bank of China	109,000		64,722
Shanda Interactive Entertainment Ltd. sponsored ADR (a)	6,300		173,187
TOTAL CHINA			715,748
Cyprus - 0.1%
Mirland Development Corp. PLC	4,000		39,650
XXI Century Investments Public Ltd. (a)	1,500		35,158
TOTAL CYPRUS			74,808
Czech Republic - 0.0%
Ceske Energeticke Zavody AS	200		13,493
Denmark - 0.4%
Novo Nordisk AS Series B sponsored ADR	1,100		69,025
Vestas Wind Systems AS (a)	1,560		151,542
TOTAL DENMARK			220,567
Egypt - 0.1%
Eastern Tobacco Co.	400		32,388
Orascom Hotels & Development (OHD) (a)	3,078		42,646
TOTAL EGYPT			75,034
Finland - 1.7%
Metso Corp.	4,300		202,322
Common Stocks - continued
	Shares		Value
Finland - continued
Nokia Corp. sponsored ADR	17,700		$ 654,015
Wartsila Corp. (B Shares)	2,700		173,703
TOTAL FINLAND			1,030,040
France - 7.0%
Accor SA	1,600		122,741
Alcatel-Lucent SA	12,200		77,226
Alstom SA	1,294		261,351
AXA SA sponsored ADR	17,100		586,872
BNP Paribas SA	2,400		238,106
Compagnie de St. Gobain	1,000		78,266
Compagnie Generale de Geophysique SA (a)	491		114,875
Delachaux SA	1,100		84,521
Gaz de France	2,900		157,279
Groupe Danone	3,236		262,925
L'Oreal SA	918		112,455
Laurent-Perrier Group	600		95,469
Meetic (a)	2,258		72,929
Remy Cointreau SA	2,029		122,394
Renault SA	700		79,909
SeLoger.com	1,018		51,809
Societe Generale Series A	2,400		301,521
Suez SA (France)	5,866		354,893
Total SA:
Series B	2,900		211,062
sponsored ADR	4,800		349,344
Unibail-Rodamco	1,100		261,074
Vallourec SA	400		80,410
Veolia Environnement sponsored ADR	2,000		165,380
Vinci SA	1,164		79,592
TOTAL FRANCE			4,322,403
Georgia - 0.1%
Bank of Georgia unit (a)	1,300		35,750
Germany - 8.9%
Allianz AG sponsored ADR	34,600		617,264
Bayer AG	4,700		385,400
Continental AG	1,200		124,618
DaimlerChrysler AG	7,900		618,017
Deutsche Boerse AG	1,700		297,511
E.ON AG	6,500		1,208,409
GEA Group AG (a)	2,600		80,356
Common Stocks - continued
	Shares		Value
Germany - continued
GFK AG	2,800		$ 102,694
Lanxess AG	4,300		149,705
Linde AG	1,100		143,557
MTU Aero Engines Holding AG	2,200		117,951
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	2,700		485,176
RWE AG	3,600		441,996
SGL Carbon AG (a)	1,000		50,670
Siemens AG sponsored ADR	4,800		623,040
TOTAL GERMANY			5,446,364
Greece - 0.1%
Alpha Bank AE	2,700		89,489
Hong Kong - 1.5%
BYD Electronic International Co. Ltd.	50,000		66,047
China Mobile (Hong Kong) Ltd.	6,000		90,720
China Mobile (Hong Kong) Ltd. sponsored ADR	900		68,040
CNOOC Ltd. sponsored ADR	460		67,036
CNPC (Hong Kong) Ltd.	30,000		14,005
Hong Kong Exchanges & Clearing Ltd.	7,500		154,666
REXCAPITAL Financial Holdings Ltd. (a)	275,000		35,268
Shanghai Industrial Holdings Ltd. (H Shares)	5,000		18,564
Sinotrans Shipping Ltd.	17,000		10,291
Swire Pacific Ltd. (A Shares)	31,000		421,420
TOTAL HONG KONG			946,057
India - 2.0%
Axis Bank Ltd. GDR (Reg. S)	2,700		77,490
Bank of India	3,500		31,440
Bharat Heavy Electricals Ltd.	149		7,815
Bharti Airtel Ltd. (a)	12,122		265,045
Cairn India Ltd.	1,986		9,836
Cambridge Solutions Ltd. (a)	6,751		10,269
Edelweiss Capital Ltd.	1,300		34,803
GAIL India Ltd.	894		9,271
Housing Development Finance Corp. Ltd.	948		68,520
Indian Overseas Bank	10,949		46,262
Infosys Technologies Ltd.	1,579		60,260
Kalpataru Power Transmission Ltd.	397		13,691
Pantaloon Retail India Ltd.	2,632		42,776
Reliance Industries Ltd.	2,670		168,500
Reliance Industries Ltd. GDR (b)	260		31,980
Satyam Computer Services Ltd.	7,311		73,091
Common Stocks - continued
	Shares		Value
India - continued
Satyam Computer Services Ltd. sponsored ADR	1,600		$ 38,960
Sintex Industries Ltd.	3,895		47,983
Steel Authority of India Ltd.	3,345		18,292
Subex Ltd.	952		7,608
Suzlon Energy Ltd.	14,199		111,662
Union Bank of India	8,423		43,173
TOTAL INDIA			1,218,727
Indonesia - 0.3%
PT Astra Agro Lestari Tbk	9,500		31,050
PT Astra International Tbk	15,500		45,712
PT Bumi Resources Tbk	75,000		51,948
PT International Nickel Indonesia Tbk	15,000		12,906
PT Perusahaan Gas Negara Tbk Series B	26,500		38,431
TOTAL INDONESIA			180,047
Ireland - 0.7%
Bank of Ireland	10,000		146,750
C&C Group PLC	8,200		55,018
CRH PLC sponsored ADR	4,400		170,192
Dragon Oil plc (a)	3,500		27,025
TOTAL IRELAND			398,985
Israel - 0.7%
Cellcom Israel Ltd.	500		15,415
ECtel Ltd. (a)	7,200		20,016
Israel Chemicals Ltd.	3,500		44,704
Leadcom Integrated Solutions	15,800		14,984
Makhteshim-Agan Industries (a)	1,400		10,943
Orckit Communications Ltd. (a)	4,400		33,000
Ormat Industries Ltd.	1,400		18,518
Partner Communications Co. Ltd. ADR	9,100		188,825
RADWARE Ltd. (a)	3,900		54,561
Retalix Ltd. (a)	1,500		23,595
TOTAL ISRAEL			424,561
Italy - 1.8%
Fiat SpA	15,400		360,391
Finmeccanica SpA	5,400		161,430
Impregilo SpA (a)	10,600		57,770
Unicredit SpA	69,500		513,281
TOTAL ITALY			1,092,872
Common Stocks - continued
	Shares		Value
Japan - 14.0%
Aeon Co. Ltd.	17,300		$ 209,396
Canon, Inc.	6,100		259,677
Canon, Inc. sponsored ADR	5,200		221,364
Denso Corp.	5,500		198,627
East Japan Railway Co.	29		239,735
Elpida Memory, Inc. (a)	2,200		78,002
Ibiden Co. Ltd.	1,600		100,818
Ichiyoshi Securities Co. Ltd.	7,600		73,405
Japan Steel Works Ltd.	11,000		160,660
Japan Tobacco, Inc.	80		419,825
JGC Corp.	6,000		99,708
JSR Corp.	3,600		83,796
Konica Minolta Holdings, Inc.	12,500		200,437
Kubota Corp.	26,000		187,059
Leopalace21 Corp.	4,500		108,977
Misawa Homes Co. Ltd. (a)	9,300		59,388
Mitsubishi Estate Co. Ltd.	15,000		397,818
Mitsui & Co. Ltd.	33,000		659,503
Mitsui Fudosan Co. Ltd.	1,000		22,853
Nintendo Co. Ltd.	1,200		592,800
ORIX Corp.	2,820		478,708
Osaka Gas Co. Ltd.	112,000		428,703
Rakuten, Inc.	169		72,317
SBI E*TRADE Securities Co. Ltd.	78		62,206
SBI Holdings, Inc.	265		61,185
Shin-Etsu Chemical Co. Ltd.	1,000		52,572
Shiseido Co. Ltd.	5,000		115,150
Sojitz Corp.	18,300		62,474
Sony Financial Holdings, Inc.	25		95,693
Sparx Group Co. Ltd.	130		47,682
Sugi Pharmacy Co. Ltd.	1,000		27,085
Sumco Techxiv Corp.	2,100		51,745
Sumitomo Metal Industries Ltd.	24,000		113,082
Sumitomo Mitsui Financial Group, Inc.	19		149,741
Sumitomo Realty & Development Co. Ltd.	3,000		73,780
Sumitomo Trust & Banking Co. Ltd.	17,000		107,759
Takeda Pharmaceutical Co. Ltd.	7,800		473,150
Tokai Carbon Co. Ltd.	5,000		39,123
Tokuyama Corp.	21,000		149,901
Tokyo Tatemono Co. Ltd.	7,000		58,920
Torishima Pump Manufacturing Co. Ltd.	16,000		240,609
Toshiba Machine Co. Ltd.	9,000		66,359
Common Stocks - continued
	Shares		Value
Japan - continued
Toyota Motor Corp.	13,700		$ 743,568
Toyota Motor Corp. sponsored ADR	1,300		141,115
USS Co. Ltd.	1,170		68,222
Xebio Co. Ltd.	6,300		143,088
Yamada Denki Co. Ltd.	910		97,051
TOTAL JAPAN			8,594,836
Kazakhstan - 0.3%
JSC Halyk Bank of Kazakhstan unit	11,000		184,250
Korea (South) - 1.6%
Celrun Co. Ltd. (a)	1,520		7,730
Core Logic, Inc.	983		9,103
Daegu Bank Co. Ltd.	1,870		27,143
Daelim Industrial Co.	130		17,768
Daewoo Shipbuilding & Marine Engineering Co. Ltd.	220		6,853
Doosan Co. Ltd. (a)	80		10,934
GS Engineering & Construction Corp.	140		16,761
GS Holdings Corp.	270		11,442
Hanjin Heavy Industries & Consolidated Co. Ltd. (a)	193		8,445
Hynix Semiconductor, Inc. (a)	860		23,690
Hyundai Heavy Industries Co. Ltd.	69		22,809
Hyundai Steel Co.	270		18,337
Hyunjin Materials Co. Ltd.	248		7,305
Jinsung T.E.C. Co. Ltd.	1,024		9,168
Kookmin Bank sponsored ADR	900		59,850
KT&G Corp.	410		35,186
Kyeryong Construction Industrial Co. Ltd.	440		18,088
LG Chemical Ltd.	130		10,716
LG Electronics, Inc.	90		8,582
NHN Corp. (a)	1,087		230,333
POSCO sponsored ADR	700		94,892
Pusan Bank	2,300		31,191
Samsung Electronics Co. Ltd.	310		195,423
Samsung Electronics Co. Ltd. GDR	277		87,255
SK Energy Co. Ltd.	200		24,050
TK Corp.	447		9,945
TOTAL KOREA (SOUTH)			1,002,999
Luxembourg - 0.6%
ArcelorMittal SA (NY Reg.) Class A	5,300		351,867
Evraz Group SA GDR	300		21,810
TOTAL LUXEMBOURG			373,677
Common Stocks - continued
	Shares		Value
Malaysia - 0.2%
Bandar Raya Developments BHD	59,000		$ 45,588
Gamuda Bhd	36,500		57,534
Public Bank BHD	11,400		40,167
TOTAL MALAYSIA			143,289
Mauritius - 0.1%
Golden Agri-Resources Ltd.	26,000		35,046
Mexico - 1.1%
America Movil SAB de CV Series L sponsored ADR	10,900		653,019
Industrias Penoles SA de CV	700		16,161
Megacable Holdings SAB de CV unit	2,200		6,400
TOTAL MEXICO			675,580
Netherlands - 1.6%
Advanced Metallurgical Group NV	1,000		55,980
AmRest Holdings NV (a)	1,900		94,151
ASML Holding NV (NY Shares) (a)	6,500		172,835
Gemalto NV (a)	4,900		131,007
Heineken NV (Bearer)	1,100		61,160
ING Groep NV sponsored ADR	8,900		289,873
Koninklijke Wessanen NV	4,800		71,362
Unilever NV (NY Shares)	2,300		74,796
TOTAL NETHERLANDS			951,164
Norway - 2.4%
Aker Kvaerner ASA	6,900		129,881
DnB Nor ASA	10,000		130,731
Fred Olsen Energy ASA	4,000		199,173
Lighthouse Caledonia ASA	629		483
Marine Harvest ASA (a)	74,000		39,860
Orkla ASA (A Shares)	23,400		309,853
Petroleum Geo-Services ASA	16,000		343,840
Pronova BioPharma ASA	39,400		142,762
Renewable Energy Corp. AS (a)	1,400		36,600
StatoilHydro ASA sponsored ADR	5,500		144,485
TOTAL NORWAY			1,477,668
Papua New Guinea - 0.1%
Lihir Gold Ltd. (a)	10,662		35,564
Philippines - 0.4%
Alliance Global Group, Inc. (a)	249,000		26,502
Jollibee Food Corp.	63,000		76,411
Common Stocks - continued
	Shares		Value
Philippines - continued
Megaworld Corp.	442,000		$ 30,087
Philippine Long Distance Telephone Co. sponsored ADR	1,600		120,400
TOTAL PHILIPPINES			253,400
Russia - 1.6%
JSC MMC 'Norilsk Nickel' sponsored ADR	260		63,440
Lukoil Oil Co. sponsored ADR	900		62,685
Mechel Steel Group OAO sponsored ADR	300		27,936
Mobile TeleSystems OJSC sponsored ADR	400		33,268
OAO Gazprom sponsored ADR	11,180		545,584
OAO Raspadskaya (a)	3,800		24,130
OAO TatNeft unit	200		20,000
OAO TMK unit	300		10,800
OJSC Rosneft unit	1,900		13,471
Sberbank (Savings Bank of the Russian Federation) GDR	190		88,240
Uralkali JSC (a)	3,300		22,770
Vimpel Communications sponsored ADR	1,400		48,216
TOTAL RUSSIA			960,540
Singapore - 0.7%
DBS Group Holdings Ltd.	15,000		183,980
Ezra Holdings Ltd.	7,000		11,362
Keppel Corp. Ltd.	2,000		15,977
Singapore Exchange Ltd.	27,000		182,922
Straits Asia Resources Ltd.	14,000		33,493
TOTAL SINGAPORE			427,734
South Africa - 2.4%
African Bank Investments Ltd.	8,200		30,905
African Rainbow Minerals Ltd.	11,663		237,228
Anglo Platinum Ltd.	394		57,181
Bidvest Group Ltd.	1,300		18,035
Discovery Holdings Ltd.	700		2,250
FirstRand Ltd.	19,400		44,051
Impala Platinum Holdings Ltd.	10,600		402,864
JSE Ltd.	4,710		43,942
Lewis Group Ltd.	5,800		32,205
MTN Group Ltd.	23,403		373,543
Murray & Roberts Holdings Ltd.	7,269		84,363
Nedbank Group Ltd.	2,100		31,185
Common Stocks - continued
	Shares		Value
South Africa - continued
Raubex Group Ltd.	12,681		$ 65,169
Truworths International Ltd.	6,900		24,488
TOTAL SOUTH AFRICA			1,447,409
Spain - 3.1%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR	13,100		275,886
Banco Santander SA	26,200		463,547
Banco Santander SA sponsored ADR	7,500		131,325
Gestevision Telecinco SA	6,700		144,604
Grifols SA	3,747		91,558
Inditex SA	2,600		130,641
Telefonica SA sponsored ADR	7,900		693,620
TOTAL SPAIN			1,931,181
Sweden - 1.4%
Atlas Copco AB (A Shares)	4,600		64,860
H&M Hennes & Mauritz AB (B Shares)	2,700		146,367
Svenska Cellulosa AB (SCA) (B Shares)	16,400		263,583
Swedish Match Co.	6,200		136,939
Telefonaktiebolaget LM Ericsson (B Shares)	105,000		238,560
TOTAL SWEDEN			850,309
Switzerland - 7.7%
ABB Ltd. sponsored ADR	23,700		592,500
Compagnie Financiere Richemont unit	2,453		140,312
Credit Suisse Group sponsored ADR	4,800		272,496
EFG International	2,290		68,564
Nestle SA (Reg.)	2,355		1,059,279
Roche Holding AG (participation certificate)	8,624		1,577,498
SGS Societe Generale de Surveillance Holding SA (Reg.)	62		80,859
Sonova Holding AG	1,050		93,856
Swiss Life Holding	696		169,010
Swiss Reinsurance Co. (Reg.)	1,856		139,438
The Swatch Group AG:
(Bearer)	326		88,008
(Reg.)	213		11,171
UBS AG (NY Shares)	4,200		173,418
Zurich Financial Services AG (Reg.)	791		226,467
TOTAL SWITZERLAND			4,692,876
Taiwan - 0.9%
AU Optronics Corp. sponsored ADR	1,800		29,862
China Steel Corp.	32,000		45,262
Common Stocks - continued
	Shares		Value
Taiwan - continued
Chipbond Technology Corp.	7,000		$ 5,864
Everlight Electronics Co. Ltd.	8,000		23,168
Formosa Plastics Corp.	8,000		18,340
HannStar Display Corp. (a)	200,000		75,130
High Tech Computer Corp.	1,000		18,852
Hon Hai Precision Industry Co. Ltd. (Foxconn)	25,000		134,194
Innolux Display Corp.	16,000		34,343
MediaTek, Inc.	2,000		19,923
Novatek Microelectronics Corp.	28,000		97,183
Powerchip Semiconductor Corp.	41,000		16,949
Siliconware Precision Industries Co. Ltd.	30,000		46,857
Taiwan Cement Corp.	7,000		9,097
TOTAL TAIWAN			575,024
Thailand - 0.1%
PTT Public Co. Ltd. (For. Reg.)	3,900		38,492
Siam Commercial Bank PCL (For. Reg.)	16,000		36,815
TOTAL THAILAND			75,307
Turkey - 0.6%
Anadolu Efes Biracilik ve Malt Sanyii AS	8,100		80,181
Asya Katilim Bankasi AS (a)	16,100		134,642
Enka Insaat ve Sanayi AS	1,100		15,488
Tupras-Turkiye Petrol Rafinerileri AS	1,000		25,174
Turkiye Garanti Bankasi AS	20,200		127,559
TOTAL TURKEY			383,044
United Arab Emirates - 0.0%
DP World Ltd.	6,947		6,739
United Kingdom - 15.0%
3i Group plc	10,900		204,156
Aegis Group PLC	78,100		175,308
Anglo American PLC:
ADR	7,300		201,991
(United Kingdom)	2,700		149,195
Autonomy Corp. PLC (a)	6,000		109,657
BAE Systems PLC	55,900		520,760
Barclays PLC	47,700		449,930
BG Group PLC	8,500		185,810
BHP Billiton PLC	5,000		151,202
BHP Billiton PLC ADR	7,800		491,400
BP PLC	15,200		161,500
Common Stocks - continued
	Shares		Value
United Kingdom - continued
British American Tobacco PLC	3,100		$ 109,523
British American Tobacco PLC sponsored ADR	2,400		168,720
Datacash Group PLC	28,600		174,897
Expro International Group PLC	3,100		57,492
HBOS plc	21,300		296,803
HSBC Holdings PLC (United Kingdom) (Reg.)	5,763		86,652
Imperial Energy PLC (a)	400		11,605
Informa PLC	17,800		139,094
International Power PLC	23,300		186,027
Land Securities Group PLC	5,000		159,432
Man Group plc	23,975		263,973
Max Petroleum PLC (a)	76,100		84,673
Meggitt PLC	8,200		46,917
Misys PLC	22,900		79,895
National Grid PLC	34,100		527,137
Prudential PLC	12,600		161,532
Reckitt Benckiser Group PLC	5,000		261,907
Renovo Group PLC (a)	53,700		144,516
Rio Tinto PLC sponsored ADR	1,390		565,661
Rolls-Royce Group PLC	37,100		350,285
Royal Bank of Scotland Group PLC	59,400		457,956
Royal Dutch Shell PLC Class A sponsored ADR	9,000		642,690
Serco Group PLC	24,200		202,653
Sibir Energy PLC	1,400		14,114
Tesco PLC	68,200		570,136
Vedanta Resources PLC	300		10,893
Vodafone Group PLC sponsored ADR	9,700		337,560
Xstrata PLC	3,100		238,685
Yell Group PLC	9,000		60,022
TOTAL UNITED KINGDOM			9,212,359
United States of America - 3.0%
Allergan, Inc.	1,200		80,628
Berkshire Hathaway, Inc. Class B (a)	20		91,000
Cypress Semiconductor Corp. (a)	11,000		233,750
EnergySolutions, Inc.	2,100		47,250
FMC Technologies, Inc. (a)	2,400		115,584
Freeport-McMoRan Copper & Gold, Inc. Class B	200		17,806
Gilead Sciences, Inc. (a)	3,000		137,070
Juniper Networks, Inc. (a)	6,500		176,475
Merck & Co., Inc.	3,300		152,724
Pricesmart, Inc.	1,500		42,690
Common Stocks - continued
	Shares		Value
United States of America - continued
Transocean, Inc. (a)	3,920		$ 480,592
Valero Energy Corp.	2,500		147,975
Varian Semiconductor Equipment Associates, Inc. (a)	2,200		70,862
VMware, Inc. Class A	1,000		56,650
TOTAL UNITED STATES OF AMERICA			1,851,056
Vietnam - 0.0%
Luks Group (Vietnam Holdings) Co. Ltd.	26,000		27,209
TOTAL COMMON STOCKS (Cost $65,968,843)		60,009,418
Nonconvertible Preferred Stocks - 0.2%
Germany - 0.2%
ProSiebenSat.1 Media AG (Cost $151,021)	6,400		128,793
Cash Equivalents - 2.8%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 1.7058% and 1.7063%, dated 1/31/08 due 2/1/08:
(Collateralized by U.S. Treasury Obligations) #	$ 265,013		265,000
(Collateralized by U.S. Treasury Obligations) #	1,461,069		1,461,000
TOTAL CASH EQUIVALENTS (Cost $1,726,000)		1,726,000
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $67,845,864)		61,864,211
NET OTHER ASSETS - (0.8)%			(505,976)
NET ASSETS - 100%		$ 61,358,235

Legend

(a) Non-income producing

(b) 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 $31,980 or 0.1% of net assets.

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

Repurchase Agreement / Counterparty	Value
$265,000 due 2/01/08 at 1.7058%
Banc of America Securities LLC	$ 11,424
Barclays Capital, Inc.	146,779
Goldman, Sachs & Co.	33,208
ING Financial Markets LLC	40,381
Lehman Brothers, Inc.	33,208
	$ 265,000
$1,461,000 due 2/01/08 at 1.7063%
Banc of America Securities LLC	$ 62,984
Barclays Capital, Inc.	809,223
Goldman, Sachs & Co.	183,082
ING Financial Markets LLC	222,629
Lehman Brothers, Inc.	183,082
	$ 1,461,000

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $68,030,096. Net unrealized depreciation aggregated $6,165,885, of which $1,018,938 related to appreciated investment securities and $7,184,823 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor
Total International Equity Fund
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2008

1.863098.100

ATIE-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
Argentina - 0.1%
Banco Macro SA sponsored ADR	1,300		$ 30,823
Inversiones y Representaciones SA sponsored GDR (a)	1,000		12,890
TOTAL ARGENTINA			43,713
Australia - 3.9%
AMP Ltd.	32,085		241,660
ASX Ltd.	2,257		95,723
Babcock & Brown Ltd.	6,257		100,706
Bradken Ltd.	16,409		93,428
Cochlear Ltd.	4,918		307,578
CSL Ltd.	15,106		462,690
Downer EDI Ltd.	13,634		65,403
Leighton Holdings Ltd.	2,311		102,572
Macquarie Airports unit	31,867		110,580
Macquarie Group Ltd.	2,220		129,387
Macquarie Infrastructure Group unit	52,864		144,098
QBE Insurance Group Ltd.	4,674		116,508
Silex Systems Ltd. (a)	10,000		36,852
Woolworths Ltd.	9,681		249,998
WorleyParsons Ltd.	4,148		146,020
TOTAL AUSTRALIA			2,403,203
Austria - 0.0%
Raiffeisen International Bank Holding AG	200		25,549
Belgium - 0.8%
Hansen Transmission International NV	13,400		63,953
InBev SA	5,000		412,704
TOTAL BELGIUM			476,657
Bermuda - 0.4%
Aquarius Platinum Ltd. (Australia)	6,107		70,474
China LotSynergy Holdings Ltd. (a)	536,000		32,652
China Solar Energy Holding Ltd. (a)	110,000		5,643
ChipMOS TECHNOLOGIES (Bermuda) Ltd. (a)	4,800		16,992
Global Digital Creations Holdings Ltd. (a)	52,000		8,469
Pacific Basin Shipping Ltd.	6,000		8,434
Ports Design Ltd.	24,500		70,696
Samling Global Ltd.	34,000		4,971
TOTAL BERMUDA			218,331
Brazil - 3.3%
B2W Companhia Global Do Varejo	1,900		68,482
Common Stocks - continued
	Shares		Value
Brazil - continued
Banco Bradesco SA:
rights 3/17/08 (a)	30		$ 72
(PN)	2,900		76,514
Bolsa de Mercadorias & Futuros - BM&F SA	8,800		79,295
Bovespa Holding SA	5,000		73,422
Companhia Vale do Rio Doce sponsored ADR	7,900		236,842
Medial Saude SA (a)	700		8,039
MRV Engenharia e Participacoes SA	6,000		112,223
Petroleo Brasileiro SA - Petrobras:
(PN) sponsored ADR (non-vtg.)	1,500		139,965
sponsored ADR	7,400		822,436
TAM SA (PN) sponsored ADR (ltd. vtg.)	4,100		88,560
TIM Participacoes SA sponsored ADR (non-vtg.)	2,600		99,294
Totvs SA	4,000		108,698
Uniao de Bancos Brasileiros SA (Unibanco) GDR	1,000		130,800
TOTAL BRAZIL			2,044,642
Canada - 2.1%
Addax Petroleum, Inc.	400		16,115
Aurelian Resources, Inc. (a)	1,000		7,972
BCE, Inc.	3,200		111,317
Eastern Platinum Ltd. (a)	4,300		13,411
EnCana Corp.	3,800		250,632
First Quantum Minerals Ltd.	1,800		134,863
Goldcorp, Inc.	2,700		100,461
Harry Winston Diamond Corp.	3,600		88,785
Potash Corp. of Saskatchewan, Inc.	1,400		197,232
Research In Motion Ltd. (a)	3,400		319,192
RONA, Inc. (a)	3,700		59,470
Sino-Forest Corp. (a)	500		9,187
SouthGobi Energy Resources Ltd. (a)	800		7,525
TOTAL CANADA			1,316,162
Cayman Islands - 1.7%
AAC Acoustic Technology Holdings, Inc. (a)	10,000		9,349
AirMedia Group, Inc. ADR	100		2,289
Chaoda Modern Agriculture (Holdings) Ltd.	202,575		205,239
CNinsure, Inc. ADR	9,300		99,882
Foxconn International Holdings Ltd. (a)	18,000		29,687
Hidili Industry International Development Ltd.	9,000		12,396
Himax Technologies, Inc. sponsored ADR	79,300		390,949
LDK Solar Co. Ltd. Sponsored ADR	2,300		81,075
Common Stocks - continued
	Shares		Value
Cayman Islands - continued
Lee & Man Paper Manufacturing Ltd.	2,000		$ 4,463
SinoCom Software Group Ltd.	120,000		21,238
Subsea 7, Inc. (a)	9,000		171,389
TOTAL CAYMAN ISLANDS			1,027,956
China - 1.2%
Anhui Conch Cement Co. Ltd. (H Shares)	4,000		21,392
China Coal Energy Co. Ltd. (H Shares)	11,000		25,224
China Communications Construction Co. Ltd. (H Shares)	22,000		51,971
China Construction Bank Corp. (H Shares)	96,000		66,360
China Nepstar Chain Drugstore Ltd. ADR	100		1,211
China Oilfield Services Ltd. (H Shares)	10,000		18,262
China Petroleum & Chemical Corp. sponsored ADR (H Shares)	110		11,838
China Shenhua Energy Co. Ltd. (H Shares)	2,500		12,825
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)	4,000		16,440
First Tractor Co. Ltd. (H Shares) (a)	134,000		65,647
Global Bio-Chem Technology Group Co. Ltd.	450,000		144,278
Golden Eagle Retail Group Ltd. (H Shares) (a)	34,000		35,101
Guangzhou R&F Properties Co. Ltd. (H Shares)	2,800		7,290
Industrial & Commercial Bank of China	109,000		64,722
Shanda Interactive Entertainment Ltd. sponsored ADR (a)	6,300		173,187
TOTAL CHINA			715,748
Cyprus - 0.1%
Mirland Development Corp. PLC	4,000		39,650
XXI Century Investments Public Ltd. (a)	1,500		35,158
TOTAL CYPRUS			74,808
Czech Republic - 0.0%
Ceske Energeticke Zavody AS	200		13,493
Denmark - 0.4%
Novo Nordisk AS Series B sponsored ADR	1,100		69,025
Vestas Wind Systems AS (a)	1,560		151,542
TOTAL DENMARK			220,567
Egypt - 0.1%
Eastern Tobacco Co.	400		32,388
Orascom Hotels & Development (OHD) (a)	3,078		42,646
TOTAL EGYPT			75,034
Finland - 1.7%
Metso Corp.	4,300		202,322
Common Stocks - continued
	Shares		Value
Finland - continued
Nokia Corp. sponsored ADR	17,700		$ 654,015
Wartsila Corp. (B Shares)	2,700		173,703
TOTAL FINLAND			1,030,040
France - 7.0%
Accor SA	1,600		122,741
Alcatel-Lucent SA	12,200		77,226
Alstom SA	1,294		261,351
AXA SA sponsored ADR	17,100		586,872
BNP Paribas SA	2,400		238,106
Compagnie de St. Gobain	1,000		78,266
Compagnie Generale de Geophysique SA (a)	491		114,875
Delachaux SA	1,100		84,521
Gaz de France	2,900		157,279
Groupe Danone	3,236		262,925
L'Oreal SA	918		112,455
Laurent-Perrier Group	600		95,469
Meetic (a)	2,258		72,929
Remy Cointreau SA	2,029		122,394
Renault SA	700		79,909
SeLoger.com	1,018		51,809
Societe Generale Series A	2,400		301,521
Suez SA (France)	5,866		354,893
Total SA:
Series B	2,900		211,062
sponsored ADR	4,800		349,344
Unibail-Rodamco	1,100		261,074
Vallourec SA	400		80,410
Veolia Environnement sponsored ADR	2,000		165,380
Vinci SA	1,164		79,592
TOTAL FRANCE			4,322,403
Georgia - 0.1%
Bank of Georgia unit (a)	1,300		35,750
Germany - 8.9%
Allianz AG sponsored ADR	34,600		617,264
Bayer AG	4,700		385,400
Continental AG	1,200		124,618
DaimlerChrysler AG	7,900		618,017
Deutsche Boerse AG	1,700		297,511
E.ON AG	6,500		1,208,409
GEA Group AG (a)	2,600		80,356
Common Stocks - continued
	Shares		Value
Germany - continued
GFK AG	2,800		$ 102,694
Lanxess AG	4,300		149,705
Linde AG	1,100		143,557
MTU Aero Engines Holding AG	2,200		117,951
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	2,700		485,176
RWE AG	3,600		441,996
SGL Carbon AG (a)	1,000		50,670
Siemens AG sponsored ADR	4,800		623,040
TOTAL GERMANY			5,446,364
Greece - 0.1%
Alpha Bank AE	2,700		89,489
Hong Kong - 1.5%
BYD Electronic International Co. Ltd.	50,000		66,047
China Mobile (Hong Kong) Ltd.	6,000		90,720
China Mobile (Hong Kong) Ltd. sponsored ADR	900		68,040
CNOOC Ltd. sponsored ADR	460		67,036
CNPC (Hong Kong) Ltd.	30,000		14,005
Hong Kong Exchanges & Clearing Ltd.	7,500		154,666
REXCAPITAL Financial Holdings Ltd. (a)	275,000		35,268
Shanghai Industrial Holdings Ltd. (H Shares)	5,000		18,564
Sinotrans Shipping Ltd.	17,000		10,291
Swire Pacific Ltd. (A Shares)	31,000		421,420
TOTAL HONG KONG			946,057
India - 2.0%
Axis Bank Ltd. GDR (Reg. S)	2,700		77,490
Bank of India	3,500		31,440
Bharat Heavy Electricals Ltd.	149		7,815
Bharti Airtel Ltd. (a)	12,122		265,045
Cairn India Ltd.	1,986		9,836
Cambridge Solutions Ltd. (a)	6,751		10,269
Edelweiss Capital Ltd.	1,300		34,803
GAIL India Ltd.	894		9,271
Housing Development Finance Corp. Ltd.	948		68,520
Indian Overseas Bank	10,949		46,262
Infosys Technologies Ltd.	1,579		60,260
Kalpataru Power Transmission Ltd.	397		13,691
Pantaloon Retail India Ltd.	2,632		42,776
Reliance Industries Ltd.	2,670		168,500
Reliance Industries Ltd. GDR (b)	260		31,980
Satyam Computer Services Ltd.	7,311		73,091
Common Stocks - continued
	Shares		Value
India - continued
Satyam Computer Services Ltd. sponsored ADR	1,600		$ 38,960
Sintex Industries Ltd.	3,895		47,983
Steel Authority of India Ltd.	3,345		18,292
Subex Ltd.	952		7,608
Suzlon Energy Ltd.	14,199		111,662
Union Bank of India	8,423		43,173
TOTAL INDIA			1,218,727
Indonesia - 0.3%
PT Astra Agro Lestari Tbk	9,500		31,050
PT Astra International Tbk	15,500		45,712
PT Bumi Resources Tbk	75,000		51,948
PT International Nickel Indonesia Tbk	15,000		12,906
PT Perusahaan Gas Negara Tbk Series B	26,500		38,431
TOTAL INDONESIA			180,047
Ireland - 0.7%
Bank of Ireland	10,000		146,750
C&C Group PLC	8,200		55,018
CRH PLC sponsored ADR	4,400		170,192
Dragon Oil plc (a)	3,500		27,025
TOTAL IRELAND			398,985
Israel - 0.7%
Cellcom Israel Ltd.	500		15,415
ECtel Ltd. (a)	7,200		20,016
Israel Chemicals Ltd.	3,500		44,704
Leadcom Integrated Solutions	15,800		14,984
Makhteshim-Agan Industries (a)	1,400		10,943
Orckit Communications Ltd. (a)	4,400		33,000
Ormat Industries Ltd.	1,400		18,518
Partner Communications Co. Ltd. ADR	9,100		188,825
RADWARE Ltd. (a)	3,900		54,561
Retalix Ltd. (a)	1,500		23,595
TOTAL ISRAEL			424,561
Italy - 1.8%
Fiat SpA	15,400		360,391
Finmeccanica SpA	5,400		161,430
Impregilo SpA (a)	10,600		57,770
Unicredit SpA	69,500		513,281
TOTAL ITALY			1,092,872
Common Stocks - continued
	Shares		Value
Japan - 14.0%
Aeon Co. Ltd.	17,300		$ 209,396
Canon, Inc.	6,100		259,677
Canon, Inc. sponsored ADR	5,200		221,364
Denso Corp.	5,500		198,627
East Japan Railway Co.	29		239,735
Elpida Memory, Inc. (a)	2,200		78,002
Ibiden Co. Ltd.	1,600		100,818
Ichiyoshi Securities Co. Ltd.	7,600		73,405
Japan Steel Works Ltd.	11,000		160,660
Japan Tobacco, Inc.	80		419,825
JGC Corp.	6,000		99,708
JSR Corp.	3,600		83,796
Konica Minolta Holdings, Inc.	12,500		200,437
Kubota Corp.	26,000		187,059
Leopalace21 Corp.	4,500		108,977
Misawa Homes Co. Ltd. (a)	9,300		59,388
Mitsubishi Estate Co. Ltd.	15,000		397,818
Mitsui & Co. Ltd.	33,000		659,503
Mitsui Fudosan Co. Ltd.	1,000		22,853
Nintendo Co. Ltd.	1,200		592,800
ORIX Corp.	2,820		478,708
Osaka Gas Co. Ltd.	112,000		428,703
Rakuten, Inc.	169		72,317
SBI E*TRADE Securities Co. Ltd.	78		62,206
SBI Holdings, Inc.	265		61,185
Shin-Etsu Chemical Co. Ltd.	1,000		52,572
Shiseido Co. Ltd.	5,000		115,150
Sojitz Corp.	18,300		62,474
Sony Financial Holdings, Inc.	25		95,693
Sparx Group Co. Ltd.	130		47,682
Sugi Pharmacy Co. Ltd.	1,000		27,085
Sumco Techxiv Corp.	2,100		51,745
Sumitomo Metal Industries Ltd.	24,000		113,082
Sumitomo Mitsui Financial Group, Inc.	19		149,741
Sumitomo Realty & Development Co. Ltd.	3,000		73,780
Sumitomo Trust & Banking Co. Ltd.	17,000		107,759
Takeda Pharmaceutical Co. Ltd.	7,800		473,150
Tokai Carbon Co. Ltd.	5,000		39,123
Tokuyama Corp.	21,000		149,901
Tokyo Tatemono Co. Ltd.	7,000		58,920
Torishima Pump Manufacturing Co. Ltd.	16,000		240,609
Toshiba Machine Co. Ltd.	9,000		66,359
Common Stocks - continued
	Shares		Value
Japan - continued
Toyota Motor Corp.	13,700		$ 743,568
Toyota Motor Corp. sponsored ADR	1,300		141,115
USS Co. Ltd.	1,170		68,222
Xebio Co. Ltd.	6,300		143,088
Yamada Denki Co. Ltd.	910		97,051
TOTAL JAPAN			8,594,836
Kazakhstan - 0.3%
JSC Halyk Bank of Kazakhstan unit	11,000		184,250
Korea (South) - 1.6%
Celrun Co. Ltd. (a)	1,520		7,730
Core Logic, Inc.	983		9,103
Daegu Bank Co. Ltd.	1,870		27,143
Daelim Industrial Co.	130		17,768
Daewoo Shipbuilding & Marine Engineering Co. Ltd.	220		6,853
Doosan Co. Ltd. (a)	80		10,934
GS Engineering & Construction Corp.	140		16,761
GS Holdings Corp.	270		11,442
Hanjin Heavy Industries & Consolidated Co. Ltd. (a)	193		8,445
Hynix Semiconductor, Inc. (a)	860		23,690
Hyundai Heavy Industries Co. Ltd.	69		22,809
Hyundai Steel Co.	270		18,337
Hyunjin Materials Co. Ltd.	248		7,305
Jinsung T.E.C. Co. Ltd.	1,024		9,168
Kookmin Bank sponsored ADR	900		59,850
KT&G Corp.	410		35,186
Kyeryong Construction Industrial Co. Ltd.	440		18,088
LG Chemical Ltd.	130		10,716
LG Electronics, Inc.	90		8,582
NHN Corp. (a)	1,087		230,333
POSCO sponsored ADR	700		94,892
Pusan Bank	2,300		31,191
Samsung Electronics Co. Ltd.	310		195,423
Samsung Electronics Co. Ltd. GDR	277		87,255
SK Energy Co. Ltd.	200		24,050
TK Corp.	447		9,945
TOTAL KOREA (SOUTH)			1,002,999
Luxembourg - 0.6%
ArcelorMittal SA (NY Reg.) Class A	5,300		351,867
Evraz Group SA GDR	300		21,810
TOTAL LUXEMBOURG			373,677
Common Stocks - continued
	Shares		Value
Malaysia - 0.2%
Bandar Raya Developments BHD	59,000		$ 45,588
Gamuda Bhd	36,500		57,534
Public Bank BHD	11,400		40,167
TOTAL MALAYSIA			143,289
Mauritius - 0.1%
Golden Agri-Resources Ltd.	26,000		35,046
Mexico - 1.1%
America Movil SAB de CV Series L sponsored ADR	10,900		653,019
Industrias Penoles SA de CV	700		16,161
Megacable Holdings SAB de CV unit	2,200		6,400
TOTAL MEXICO			675,580
Netherlands - 1.6%
Advanced Metallurgical Group NV	1,000		55,980
AmRest Holdings NV (a)	1,900		94,151
ASML Holding NV (NY Shares) (a)	6,500		172,835
Gemalto NV (a)	4,900		131,007
Heineken NV (Bearer)	1,100		61,160
ING Groep NV sponsored ADR	8,900		289,873
Koninklijke Wessanen NV	4,800		71,362
Unilever NV (NY Shares)	2,300		74,796
TOTAL NETHERLANDS			951,164
Norway - 2.4%
Aker Kvaerner ASA	6,900		129,881
DnB Nor ASA	10,000		130,731
Fred Olsen Energy ASA	4,000		199,173
Lighthouse Caledonia ASA	629		483
Marine Harvest ASA (a)	74,000		39,860
Orkla ASA (A Shares)	23,400		309,853
Petroleum Geo-Services ASA	16,000		343,840
Pronova BioPharma ASA	39,400		142,762
Renewable Energy Corp. AS (a)	1,400		36,600
StatoilHydro ASA sponsored ADR	5,500		144,485
TOTAL NORWAY			1,477,668
Papua New Guinea - 0.1%
Lihir Gold Ltd. (a)	10,662		35,564
Philippines - 0.4%
Alliance Global Group, Inc. (a)	249,000		26,502
Jollibee Food Corp.	63,000		76,411
Common Stocks - continued
	Shares		Value
Philippines - continued
Megaworld Corp.	442,000		$ 30,087
Philippine Long Distance Telephone Co. sponsored ADR	1,600		120,400
TOTAL PHILIPPINES			253,400
Russia - 1.6%
JSC MMC 'Norilsk Nickel' sponsored ADR	260		63,440
Lukoil Oil Co. sponsored ADR	900		62,685
Mechel Steel Group OAO sponsored ADR	300		27,936
Mobile TeleSystems OJSC sponsored ADR	400		33,268
OAO Gazprom sponsored ADR	11,180		545,584
OAO Raspadskaya (a)	3,800		24,130
OAO TatNeft unit	200		20,000
OAO TMK unit	300		10,800
OJSC Rosneft unit	1,900		13,471
Sberbank (Savings Bank of the Russian Federation) GDR	190		88,240
Uralkali JSC (a)	3,300		22,770
Vimpel Communications sponsored ADR	1,400		48,216
TOTAL RUSSIA			960,540
Singapore - 0.7%
DBS Group Holdings Ltd.	15,000		183,980
Ezra Holdings Ltd.	7,000		11,362
Keppel Corp. Ltd.	2,000		15,977
Singapore Exchange Ltd.	27,000		182,922
Straits Asia Resources Ltd.	14,000		33,493
TOTAL SINGAPORE			427,734
South Africa - 2.4%
African Bank Investments Ltd.	8,200		30,905
African Rainbow Minerals Ltd.	11,663		237,228
Anglo Platinum Ltd.	394		57,181
Bidvest Group Ltd.	1,300		18,035
Discovery Holdings Ltd.	700		2,250
FirstRand Ltd.	19,400		44,051
Impala Platinum Holdings Ltd.	10,600		402,864
JSE Ltd.	4,710		43,942
Lewis Group Ltd.	5,800		32,205
MTN Group Ltd.	23,403		373,543
Murray & Roberts Holdings Ltd.	7,269		84,363
Nedbank Group Ltd.	2,100		31,185
Common Stocks - continued
	Shares		Value
South Africa - continued
Raubex Group Ltd.	12,681		$ 65,169
Truworths International Ltd.	6,900		24,488
TOTAL SOUTH AFRICA			1,447,409
Spain - 3.1%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR	13,100		275,886
Banco Santander SA	26,200		463,547
Banco Santander SA sponsored ADR	7,500		131,325
Gestevision Telecinco SA	6,700		144,604
Grifols SA	3,747		91,558
Inditex SA	2,600		130,641
Telefonica SA sponsored ADR	7,900		693,620
TOTAL SPAIN			1,931,181
Sweden - 1.4%
Atlas Copco AB (A Shares)	4,600		64,860
H&M Hennes & Mauritz AB (B Shares)	2,700		146,367
Svenska Cellulosa AB (SCA) (B Shares)	16,400		263,583
Swedish Match Co.	6,200		136,939
Telefonaktiebolaget LM Ericsson (B Shares)	105,000		238,560
TOTAL SWEDEN			850,309
Switzerland - 7.7%
ABB Ltd. sponsored ADR	23,700		592,500
Compagnie Financiere Richemont unit	2,453		140,312
Credit Suisse Group sponsored ADR	4,800		272,496
EFG International	2,290		68,564
Nestle SA (Reg.)	2,355		1,059,279
Roche Holding AG (participation certificate)	8,624		1,577,498
SGS Societe Generale de Surveillance Holding SA (Reg.)	62		80,859
Sonova Holding AG	1,050		93,856
Swiss Life Holding	696		169,010
Swiss Reinsurance Co. (Reg.)	1,856		139,438
The Swatch Group AG:
(Bearer)	326		88,008
(Reg.)	213		11,171
UBS AG (NY Shares)	4,200		173,418
Zurich Financial Services AG (Reg.)	791		226,467
TOTAL SWITZERLAND			4,692,876
Taiwan - 0.9%
AU Optronics Corp. sponsored ADR	1,800		29,862
China Steel Corp.	32,000		45,262
Common Stocks - continued
	Shares		Value
Taiwan - continued
Chipbond Technology Corp.	7,000		$ 5,864
Everlight Electronics Co. Ltd.	8,000		23,168
Formosa Plastics Corp.	8,000		18,340
HannStar Display Corp. (a)	200,000		75,130
High Tech Computer Corp.	1,000		18,852
Hon Hai Precision Industry Co. Ltd. (Foxconn)	25,000		134,194
Innolux Display Corp.	16,000		34,343
MediaTek, Inc.	2,000		19,923
Novatek Microelectronics Corp.	28,000		97,183
Powerchip Semiconductor Corp.	41,000		16,949
Siliconware Precision Industries Co. Ltd.	30,000		46,857
Taiwan Cement Corp.	7,000		9,097
TOTAL TAIWAN			575,024
Thailand - 0.1%
PTT Public Co. Ltd. (For. Reg.)	3,900		38,492
Siam Commercial Bank PCL (For. Reg.)	16,000		36,815
TOTAL THAILAND			75,307
Turkey - 0.6%
Anadolu Efes Biracilik ve Malt Sanyii AS	8,100		80,181
Asya Katilim Bankasi AS (a)	16,100		134,642
Enka Insaat ve Sanayi AS	1,100		15,488
Tupras-Turkiye Petrol Rafinerileri AS	1,000		25,174
Turkiye Garanti Bankasi AS	20,200		127,559
TOTAL TURKEY			383,044
United Arab Emirates - 0.0%
DP World Ltd.	6,947		6,739
United Kingdom - 15.0%
3i Group plc	10,900		204,156
Aegis Group PLC	78,100		175,308
Anglo American PLC:
ADR	7,300		201,991
(United Kingdom)	2,700		149,195
Autonomy Corp. PLC (a)	6,000		109,657
BAE Systems PLC	55,900		520,760
Barclays PLC	47,700		449,930
BG Group PLC	8,500		185,810
BHP Billiton PLC	5,000		151,202
BHP Billiton PLC ADR	7,800		491,400
BP PLC	15,200		161,500
Common Stocks - continued
	Shares		Value
United Kingdom - continued
British American Tobacco PLC	3,100		$ 109,523
British American Tobacco PLC sponsored ADR	2,400		168,720
Datacash Group PLC	28,600		174,897
Expro International Group PLC	3,100		57,492
HBOS plc	21,300		296,803
HSBC Holdings PLC (United Kingdom) (Reg.)	5,763		86,652
Imperial Energy PLC (a)	400		11,605
Informa PLC	17,800		139,094
International Power PLC	23,300		186,027
Land Securities Group PLC	5,000		159,432
Man Group plc	23,975		263,973
Max Petroleum PLC (a)	76,100		84,673
Meggitt PLC	8,200		46,917
Misys PLC	22,900		79,895
National Grid PLC	34,100		527,137
Prudential PLC	12,600		161,532
Reckitt Benckiser Group PLC	5,000		261,907
Renovo Group PLC (a)	53,700		144,516
Rio Tinto PLC sponsored ADR	1,390		565,661
Rolls-Royce Group PLC	37,100		350,285
Royal Bank of Scotland Group PLC	59,400		457,956
Royal Dutch Shell PLC Class A sponsored ADR	9,000		642,690
Serco Group PLC	24,200		202,653
Sibir Energy PLC	1,400		14,114
Tesco PLC	68,200		570,136
Vedanta Resources PLC	300		10,893
Vodafone Group PLC sponsored ADR	9,700		337,560
Xstrata PLC	3,100		238,685
Yell Group PLC	9,000		60,022
TOTAL UNITED KINGDOM			9,212,359
United States of America - 3.0%
Allergan, Inc.	1,200		80,628
Berkshire Hathaway, Inc. Class B (a)	20		91,000
Cypress Semiconductor Corp. (a)	11,000		233,750
EnergySolutions, Inc.	2,100		47,250
FMC Technologies, Inc. (a)	2,400		115,584
Freeport-McMoRan Copper & Gold, Inc. Class B	200		17,806
Gilead Sciences, Inc. (a)	3,000		137,070
Juniper Networks, Inc. (a)	6,500		176,475
Merck & Co., Inc.	3,300		152,724
Pricesmart, Inc.	1,500		42,690
Common Stocks - continued
	Shares		Value
United States of America - continued
Transocean, Inc. (a)	3,920		$ 480,592
Valero Energy Corp.	2,500		147,975
Varian Semiconductor Equipment Associates, Inc. (a)	2,200		70,862
VMware, Inc. Class A	1,000		56,650
TOTAL UNITED STATES OF AMERICA			1,851,056
Vietnam - 0.0%
Luks Group (Vietnam Holdings) Co. Ltd.	26,000		27,209
TOTAL COMMON STOCKS (Cost $65,968,843)		60,009,418
Nonconvertible Preferred Stocks - 0.2%
Germany - 0.2%
ProSiebenSat.1 Media AG (Cost $151,021)	6,400		128,793
Cash Equivalents - 2.8%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 1.7058% and 1.7063%, dated 1/31/08 due 2/1/08:
(Collateralized by U.S. Treasury Obligations) #	$ 265,013		265,000
(Collateralized by U.S. Treasury Obligations) #	1,461,069		1,461,000
TOTAL CASH EQUIVALENTS (Cost $1,726,000)		1,726,000
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $67,845,864)		61,864,211
NET OTHER ASSETS - (0.8)%			(505,976)
NET ASSETS - 100%		$ 61,358,235

Legend

(a) Non-income producing

(b) 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 $31,980 or 0.1% of net assets.

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

Repurchase Agreement / Counterparty	Value
$265,000 due 2/01/08 at 1.7058%
Banc of America Securities LLC	$ 11,424
Barclays Capital, Inc.	146,779
Goldman, Sachs & Co.	33,208
ING Financial Markets LLC	40,381
Lehman Brothers, Inc.	33,208
	$ 265,000
$1,461,000 due 2/01/08 at 1.7063%
Banc of America Securities LLC	$ 62,984
Barclays Capital, Inc.	809,223
Goldman, Sachs & Co.	183,082
ING Financial Markets LLC	222,629
Lehman Brothers, Inc.	183,082
	$ 1,461,000

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $68,030,096. Net unrealized depreciation aggregated $6,165,885, of which $1,018,938 related to appreciated investment securities and $7,184,823 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Worldwide Fund

January 31, 2008

1.813085.103

WLD-QTLY-0308

Investments January 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
Australia - 4.9%
ABB Grain Ltd.	148,926		$ 1,157,744
AMP Ltd.	179,060		1,348,655
AXA Asia Pacific Holdings Ltd.	239,300		1,272,390
Babcock & Brown Japan Property Trust	926,600		1,013,620
Babcock & Brown Ltd.	252,971		4,071,535
Babcock & Brown Wind Partners	918,400		1,132,290
Brambles Ltd.	234,168		2,240,345
Cochlear Ltd.	75,479		4,720,558
Commonwealth Bank of Australia	160,800		7,122,557
Computershare Ltd.	414,665		2,944,730
CSL Ltd.	802,416		24,577,652
Goodman Group unit	306,073		1,202,049
Macquarie Group Ltd.	37,034		2,158,425
Mortgage Choice Ltd.	186,300		330,751
Newcrest Mining Ltd.	217,816		6,821,994
QBE Insurance Group Ltd.	125,680		3,132,809
Seek Ltd.	183,924		1,029,072
United Group Ltd.	33,427		453,481
Woolworths Ltd.	171,349		4,424,834
WorleyParsons Ltd.	110,562		3,892,056
TOTAL AUSTRALIA			75,047,547
Austria - 0.1%
Strabag SE	14,200		829,807
Belgium - 0.1%
Hansen Transmission International NV	373,400		1,782,104
Bermuda - 0.8%
Aquarius Platinum Ltd. (United Kingdom)	281,400		3,402,540
Covidien Ltd.	125,000		5,578,750
Ports Design Ltd.	286,500		826,713
Sinofert Holdings Ltd.	2,433,100		1,931,515
TOTAL BERMUDA			11,739,518
Brazil - 0.7%
Bolsa de Mercadorias & Futuros - BM&F SA	239,400		2,157,186
Bovespa Holding SA	176,100		2,585,937
Petroleo Brasileiro SA - Petrobras sponsored ADR	22,300		2,478,422
Uniao de Bancos Brasileiros SA (Unibanco) GDR	21,200		2,772,960
TOTAL BRAZIL			9,994,505
Canada - 1.4%
Barrick Gold Corp.	19,200		991,233
Canadian National Railway Co.	55,000		2,784,664
Goldcorp, Inc.	25,600		952,523
Niko Resources Ltd.	32,300		2,739,328
Open Text Corp. (a)	55,200		1,713,397
Petrobank Energy & Resources Ltd. (a)	6,300		316,585
Potash Corp. of Saskatchewan, Inc.	38,700		5,452,056
Research In Motion Ltd. (a)	25,000		2,347,000
	Shares		Value
Suncor Energy, Inc.	24,100		$ 2,266,992
Talisman Energy, Inc.	113,600		1,795,323
TOTAL CANADA			21,359,101
Cayman Islands - 0.3%
Chaoda Modern Agriculture (Holdings) Ltd.	767,475		777,569
Lee & Man Paper Manufacturing Ltd.	585,100		1,305,650
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	46,300		2,533,999
TOTAL CAYMAN ISLANDS			4,617,218
China - 0.1%
Jiangsu Expressway Co. Ltd. (H Shares)	849,700		785,685
Nine Dragons Paper (Holdings) Ltd.	654,000		1,056,807
TOTAL CHINA			1,842,492
Cyprus - 0.1%
Aisi Realty Public Ltd.	583,060		429,005
Marfin Popular Bank Public Co.	163,149		1,654,753
TOTAL CYPRUS			2,083,758
Czech Republic - 0.2%
Ceske Energeticke Zavody AS	35,200		2,374,683
Denmark - 0.4%
Novo Nordisk AS Series B	27,400		1,728,954
Vestas Wind Systems AS (a)	42,800		4,157,693
TOTAL DENMARK			5,886,647
Finland - 0.8%
Nokia Corp. sponsored ADR	322,400		11,912,680
France - 4.6%
Alstom SA	30,400		6,139,940
AXA SA	101,700		3,490,344
BNP Paribas SA	26,382		2,617,383
Cap Gemini SA	39,000		2,125,323
CNP Assurances	13,200		1,614,438
Electricite de France	56,500		5,893,694
Eutelsat Communications	118,600		3,149,874
Gaz de France	57,700		3,129,299
Groupe Danone	30,400		2,470,000
ICADE	3,350		431,762
L'Oreal SA	19,000		2,327,500
Neuf Cegetel	43,900		2,283,578
Orpea (a)	34,000		1,952,015
Remy Cointreau SA	18,300		1,103,901
Renault SA	35,200		4,018,282
Sechilienne-Sidec	10,900		664,939
Societe Generale Series A	11,585		1,455,465
Suez SA (France)	74,400		4,501,200
Total SA Series B	143,696		10,458,195
Veolia Environnement	76,962		6,331,512
Vivendi	89,616		3,611,735
TOTAL FRANCE			69,770,379
Common Stocks - continued
	Shares		Value
Germany - 6.5%
Allianz AG (Reg.)	38,700		$ 6,904,080
Bayer AG	137,300		11,258,600
Bayer AG sponsored ADR	84,500		6,929,000
CompuGROUP Holding AG (a)	33,200		626,124
Continental AG	14,400		1,495,412
DaimlerChrysler AG (Reg.)	43,700		3,418,651
Deutsche Boerse AG	46,400		8,120,300
E.ON AG	85,700		15,932,409
Fresenius Medical Care AG	62,600		3,221,315
GEA Group AG (a)	99,700		3,081,326
Gerresheimer AG	52,000		2,664,920
Hochtief AG	18,500		1,863,139
K&S AG	10,800		2,732,482
Linde AG	32,214		4,204,132
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	28,700		5,157,239
Q-Cells AG (a)	9,200		865,703
RWE AG	32,400		3,977,967
SGL Carbon AG (a)	40,100		2,031,872
Siemens AG (Reg.) (d)	80,700		10,474,860
SolarWorld AG	51,000		2,261,507
Wincor Nixdorf AG	14,900		1,156,021
TOTAL GERMANY			98,377,059
Greece - 0.5%
Marfin Financial Group Holdings SA	84,400		610,690
National Bank of Greece SA	34,500		2,108,991
Public Power Corp. of Greece	108,200		5,074,797
TOTAL GREECE			7,794,478
Hong Kong - 0.8%
China Mobile (Hong Kong) Ltd.	96,500		1,459,080
Esprit Holdings Ltd.	498,300		6,441,675
Li & Fung Ltd.	716,100		2,663,294
Sun Hung Kai Properties Ltd.	109,000		2,131,787
TOTAL HONG KONG			12,695,836
India - 0.7%
Bharti Airtel Ltd. (a)	119,022		2,602,394
Infosys Technologies Ltd.	62,311		2,377,986
Reliance Industries Ltd.	68,179		4,302,671
Satyam Computer Services Ltd.	197,732		1,976,817
TOTAL INDIA			11,259,868
Indonesia - 0.4%
PT Bumi Resources Tbk	6,036,000		4,180,775
PT Perusahaan Gas Negara Tbk Series B	1,023,000		1,483,570
TOTAL INDONESIA			5,664,345
	Shares		Value
Ireland - 0.2%
C&C Group PLC	215,700		$ 1,447,231
Paddy Power PLC (Ireland)	39,800		1,133,198
TOTAL IRELAND			2,580,429
Israel - 0.2%
Israel Chemicals Ltd.	256,100		3,271,038
Nice Systems Ltd. sponsored ADR (a)	18,300		560,163
TOTAL ISRAEL			3,831,201
Italy - 1.3%
A2A SpA	454,300		1,826,706
Edison SpA	596,100		1,549,555
ENI SpA	149,651		4,828,490
Fiat SpA	162,200		3,795,803
Finmeccanica SpA	74,600		2,230,121
Prysmian SpA	63,500		1,275,821
Unicredit SpA	640,400		4,729,574
TOTAL ITALY			20,236,070
Japan - 7.3%
Aeon Mall Co. Ltd.	47,700		1,220,201
Asahi Glass Co. Ltd.	191,000		2,378,294
Asics Corp.	254,000		3,296,530
Canon Marketing Japan, Inc.	140,600		2,273,031
Canon, Inc.	155,850		6,634,535
Chiba Bank Ltd.	132,000		976,996
East Japan Railway Co.	235		1,942,679
Fujifilm Holdings Corp.	95,400		3,745,404
Ibiden Co. Ltd.	36,400		2,293,614
Japan Tobacco, Inc.	982		5,153,353
Keyence Corp.	5,000		1,064,140
Konica Minolta Holdings, Inc.	182,500		2,926,385
Kubota Corp.	369,000		2,654,801
Leopalace21 Corp.	19,800		479,498
Matsui Securities Co. Ltd.	145,100		1,002,995
Mitsubishi Corp.	169,000		4,418,509
Mitsubishi Estate Co. Ltd.	127,600		3,384,106
Mitsui & Co. Ltd.	226,000		4,516,599
Mitsui Fudosan Co. Ltd.	147,000		3,359,447
Murata Manufacturing Co. Ltd.	3,600		178,087
Namco Bandai Holdings, Inc.	112,500		1,563,764
NGK Insulators Ltd.	178,100		4,589,429
Nintendo Co. Ltd.	17,900		8,842,600
Nippon Building Fund, Inc.	157		1,816,139
Nippon Electric Glass Co. Ltd.	55,000		822,957
Nomura Holdings, Inc.	183,100		2,680,584
NSK Ltd.	227,000		1,974,749
ORIX Corp.	16,630		2,823,018
Sony Corp. sponsored ADR	50,800		2,412,492
Sony Financial Holdings, Inc.	130		497,602
Sumitomo Corp.	118,700		1,636,549
Sumitomo Electric Industries Ltd.	113,900		1,662,492
Sumitomo Mitsui Financial Group, Inc.	942		7,424,020
Common Stocks - continued
	Shares		Value
Japan - continued
Sumitomo Trust & Banking Co. Ltd.	149,200		$ 945,743
Takeda Pharmaceutical Co. Ltd.	124,900		7,576,460
Tokuyama Corp.	202,300		1,444,049
Toyota Motor Corp.	168,700		9,156,193
TOTAL JAPAN			111,768,044
Korea (South) - 0.7%
Korean Reinsurance Co.	56,950		654,667
LG Household & Health Care Ltd.	10,890		1,938,358
NHN Corp. (a)	17,982		3,810,350
Samsung Fire & Marine Insurance Co. Ltd.	13,640		2,709,646
Shinhan Financial Group Co. Ltd.	23,166		1,253,743
TOTAL KOREA (SOUTH)			10,366,764
Luxembourg - 0.2%
SES SA (A Shares) FDR unit	115,254		2,792,520
Malaysia - 0.7%
DiGi.com Bhd	246,300		1,842,207
Gamuda Bhd	3,356,600		5,290,885
IJM Corp. Bhd	533,300		1,236,208
KNM Group Bhd	1,210,800		2,656,987
TOTAL MALAYSIA			11,026,287
Mexico - 2.1%
America Movil SAB de CV Series L sponsored ADR	528,900		31,686,399
Netherlands - 1.6%
CNH Global NV	29,300		1,449,178
Heineken NV (Bearer)	58,000		3,224,800
Koninklijke KPN NV	290,600		5,275,014
Koninklijke Philips Electronics NV	81,200		3,199,280
Unilever NV (NY Shares)	340,000		11,056,800
TOTAL NETHERLANDS			24,205,072
Norway - 0.8%
Aker Kvaerner ASA	97,050		1,826,809
Hafslund ASA (B Shares)	42,200		853,791
Petroleum Geo-Services ASA	119,800		2,574,502
Pronova BioPharma ASA	407,100		1,475,082
Renewable Energy Corp. AS (a)	72,200		1,887,506
StatoilHydro ASA	131,200		3,455,384
TOTAL NORWAY			12,073,074
Papua New Guinea - 0.2%
Lihir Gold Ltd. (a)	900,121		3,002,388
New Britain Palm Oil Ltd.	77,900		685,485
TOTAL PAPUA NEW GUINEA			3,687,873
Russia - 0.0%
OAO Gazprom sponsored ADR	12,800		624,640
Singapore - 0.3%
Keppel Corp. Ltd.	140,000		1,118,419
	Shares		Value
Singapore Exchange Ltd.	367,000		$ 2,486,380
Straits Asia Resources Ltd.	248,000		593,310
TOTAL SINGAPORE			4,198,109
South Africa - 0.1%
JSE Ltd.	158,000		1,474,075
Spain - 1.6%
Banco Santander SA	353,600		6,256,119
Compania de Distribucion Integral Logista SA	2,400		189,784
Grifols SA	118,000		2,883,322
Inditex SA	28,700		1,442,078
Telefonica SA	463,600		13,568,027
TOTAL SPAIN			24,339,330
Sweden - 0.6%
H&M Hennes & Mauritz AB (B Shares)	35,950		1,948,850
Modern Times Group MTG AB (B Shares)	68,500		4,155,356
Scania AB (B Shares)	150,200		3,116,390
TOTAL SWEDEN			9,220,596
Switzerland - 5.1%
ABB Ltd.:
(Reg.)	14,171		354,404
sponsored ADR	280,800		7,020,000
Actelion Ltd. (Reg.) (a)	102,960		5,146,923
BB Biotech AG	21,794		1,654,998
Credit Suisse Group (Reg.)	68,662		3,897,942
EFG International	31,770		951,212
Julius Baer Holding AG	61,054		4,288,303
Lindt & Spruengli AG (participation certificate)	1,255		3,926,070
Nestle SA (Reg.)	27,794		12,501,741
Novartis AG sponsored ADR	46,200		2,338,182
Roche Holding AG (participation certificate)	69,308		12,677,819
SGS Societe Generale de Surveillance Holding SA (Reg.)	1,632		2,128,414
Sonova Holding AG	47,435		4,240,042
Swiss Life Holding	6,116		1,485,155
Syngenta AG (Switzerland)	21,861		5,764,746
Tecan Group AG	18,800		942,682
The Swatch Group AG (Reg.)	56,453		2,960,663
UBS AG (NY Shares)	76,990		3,178,917
Zurich Financial Services AG (Reg.)	7,145		2,045,649
TOTAL SWITZERLAND			77,503,862
Taiwan - 0.3%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	617,536		3,314,779
Wistron Corp.	936,550		1,429,038
TOTAL TAIWAN			4,743,817
United Kingdom - 8.7%
Anglo American PLC (United Kingdom)	59,485		3,286,980
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Autonomy Corp. PLC (a)	124,400		$ 2,273,563
BAE Systems PLC	271,000		2,524,612
Barclays PLC	86,100		812,138
BG Group PLC	319,300		6,979,898
BG Group PLC sponsored ADR	12,700		1,388,110
BHP Billiton PLC	288,200		8,715,269
Blinkx PLC	169,700		68,648
BP PLC	314,375		3,340,234
BP PLC sponsored ADR	5,800		369,750
British American Tobacco PLC	194,300		6,864,619
Capita Group PLC	155,519		2,038,668
Clipper Windpower PLC (a)	128,900		1,541,045
GlaxoSmithKline PLC sponsored ADR	60,100		2,847,538
HSBC Holdings PLC (Hong Kong) (Reg.)	92,038		1,383,883
Imperial Tobacco Group PLC	112,000		5,478,629
Informa PLC	184,600		1,442,515
International Power PLC	664,000		5,301,362
Misys PLC	480,200		1,675,349
National Grid PLC	211,900		3,275,669
Pearson PLC	156,500		2,166,262
Reckitt Benckiser Group PLC	125,700		6,584,333
Renovo Group PLC (a)	764,000		2,056,063
Rio Tinto PLC sponsored ADR	20,800		8,464,560
Rolls-Royce Group PLC	257,701		2,433,124
Royal Bank of Scotland Group PLC	420,274		3,240,183
Royal Dutch Shell PLC Class B	440,900		15,244,118
Shire PLC	134,600		2,416,070
SSL International PLC	439,200		4,580,495
Tesco PLC	712,343		5,955,024
Vodafone Group PLC	3,536,400		12,306,672
Vodafone Group PLC sponsored ADR	71,412		2,485,138
Xstrata PLC	42,500		3,272,288
TOTAL UNITED KINGDOM			132,812,809
United States of America - 42.5%
Albemarle Corp.	469,000		17,005,940
Altria Group, Inc.	85,000		6,444,700
American Capital Strategies Ltd. (d)	90,000		3,165,300
American International Group, Inc.	327,800		18,081,448
Amphenol Corp. Class A	139,600		5,575,624
Amylin Pharmaceuticals, Inc. (a)	109,086		3,234,400
Apple, Inc. (a)	53,900		7,295,904
Applied Materials, Inc.	250,000		4,480,000
AT&T, Inc.	90,615		3,487,771
Avnet, Inc. (a)	65,000		2,314,650
Bank of America Corp.	425,600		18,875,360
Bank of New York Mellon Corp.	365,000		17,019,950
BB&T Corp.	35,000		1,269,800
Burlington Northern Santa Fe Corp.	125,000		10,815,000
Cabot Oil & Gas Corp.	131,500		5,087,735
Capital One Financial Corp.	75,000		4,110,750
CB Richard Ellis Group, Inc. Class A (a)	91,102		1,768,290
	Shares		Value
Cisco Systems, Inc. (a)	621,700		$ 15,231,650
Citigroup, Inc.	309,500		8,734,090
Cohen & Steers, Inc. (d)	35,000		997,150
CVS Caremark Corp.	135,000		5,274,450
D.R. Horton, Inc.	750,000		12,937,500
Drew Industries, Inc. (a)	80,000		2,167,200
Eaton Corp.	348,500		28,841,860
Eaton Vance Corp. (non-vtg.)	135,000		5,031,450
Fannie Mae	95,000		3,216,700
First Horizon National Corp.	50,000		1,083,500
First Marblehead Corp.	65,000		1,068,600
General Growth Properties, Inc.	215,000		7,851,800
Gilead Sciences, Inc. (a)	313,700		14,332,953
Google, Inc. Class A (sub. vtg.) (a)	27,500		15,518,250
Harley-Davidson, Inc.	175,000		7,101,500
Hess Corp.	40,000		3,633,200
Hewlett-Packard Co.	124,700		5,455,625
IndyMac Bancorp, Inc.	235,000		1,919,950
J.B. Hunt Transport Services, Inc. (d)	265,000		8,241,500
Johnson Controls, Inc.	213,400		7,547,958
Lehman Brothers Holdings, Inc.	206,700		13,263,939
Macquarie Infrastructure Co. LLC	8,300		274,398
Marshall & Ilsley Corp. (d)	100,000		2,790,000
Masco Corp.	202,400		4,641,032
McGraw-Hill Companies, Inc.	85,000		3,634,600
Medco Health Solutions, Inc. (a)	170,000		8,513,600
Merrill Lynch & Co., Inc.	31,900		1,799,160
Microsoft Corp.	835,000		27,221,000
Norfolk Southern Corp.	480,000		26,107,200
NRG Energy, Inc. (a)	453,500		17,500,565
Omniture, Inc. (a)	406,722		10,054,168
Oracle Corp. (a)	633,800		13,024,590
PACCAR, Inc.	55,000		2,580,600
Polo Ralph Lauren Corp. Class A	345,000		20,903,550
Popular, Inc. (d)	150,000		2,028,000
PPL Corp.	328,100		16,050,652
Pulte Homes, Inc.	59,000		964,060
Quicksilver Resources, Inc. (a)	111,900		6,359,277
Range Resources Corp.	353,000		18,433,660
ResMed, Inc. (a)	43,700		2,035,546
Ryder System, Inc.	100,000		5,206,000
SLM Corp.	457,400		9,948,450
Southwestern Energy Co. (a)	599,500		33,518,045
State Street Corp.	228,900		18,797,268
Sunpower Corp. Class A (a)	21,500		1,485,435
Synovus Financial Corp.	155,000		2,047,550
T. Rowe Price Group, Inc. (d)	545,000		27,571,550
The Coca-Cola Co.	45,000		2,662,650
Thor Industries, Inc.	55,000		1,942,600
Transocean, Inc. (a)	10,000		1,226,000
Under Armour, Inc. Class A (sub. vtg.) (a)	125,000		5,031,250
Union Pacific Corp.	64,300		8,039,429
URS Corp. (a)	162,472		7,132,521
Wachovia Corp.	100,000		3,893,000
Common Stocks - continued
	Shares		Value
United States of America - continued
Wal-Mart Stores, Inc.	315,000		$ 16,027,200
Whirlpool Corp.	70,000		5,957,700
Wilmington Trust Corp., Delaware	141,500		4,934,105
Zions Bancorp	125,000		6,842,500
TOTAL UNITED STATES OF AMERICA			646,662,358
TOTAL COMMON STOCKS (Cost $1,340,102,015)		1,490,865,354
Preferred Stocks - 1.0%
Convertible Preferred Stocks - 0.3%
United States of America - 0.3%
Bank of America Corp. Series L, 7.25%	3,500		3,893,225
Nonconvertible Preferred Stocks - 0.7%
Germany - 0.6%
Fresenius AG (non-vtg.)	76,000		5,937,236
Porsche Automobil Holding SE	1,371		2,461,508
ProSiebenSat.1 Media AG	87,700		1,764,865
TOTAL GERMANY			10,163,609
Italy - 0.1%
Intesa Sanpaolo SpA	159,300		1,089,417
TOTAL NONCONVERTIBLE PREFERRED STOCKS			11,253,026
TOTAL PREFERRED STOCKS (Cost $13,978,758)		15,146,251
Money Market Funds - 2.3%
	Shares		Value
Fidelity Cash Central Fund, 3.79% (b)	16,008,141		$ 16,008,141
Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)	19,403,125		19,403,125
TOTAL MONEY MARKET FUNDS (Cost $35,411,266)		35,411,266

TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $1,389,492,039) 1,541,422,871

NET OTHER ASSETS - (1.2)%		(19,020,968)
NET ASSETS - 100%	$ 1,522,401,903

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	$ 898,692
Fidelity Securities Lending Cash Central Fund	85,425
Total	$ 984,117

Income Tax Information

At January 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,394,163,730. Net unrealized appreciation aggregated $147,259,141, of which $217,506,094 related to appreciated investment securities and $70,246,953 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 LLC 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 31, 2008

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 31, 2008

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer
Date:	March 31, 2008

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 31, 2008

/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 31, 2008

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer