N-Q 1 main.htm

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 811-3855

Fidelity Advisor Series VIII
 (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:

July 31, 2006

Item 1. Schedule of Investments

Quarterly Holdings Report

for

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

July 31, 2006

1.804845.102

ADIF-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.2%

Shares

Value (000s)

Australia - 0.7%

Computershare Ltd.

6,939,400

$ 41,794

National Australia Bank Ltd.

847,800

23,199

Zinifex Ltd.

3,833,800

30,992

TOTAL AUSTRALIA

95,985

Austria - 0.1%

Oesterreichische Elektrizitaetswirtschafts AG (Verbund)

298,100

14,420

Belgium - 0.3%

KBC Groupe SA

312,600

34,060

Brazil - 0.8%

Banco Bradesco SA (PN) sponsored ADR (non-vtg.)

698,000

23,404

Banco Nossa Caixa SA

2,175,800

46,017

Uniao de Bancos Brasileiros SA (Unibanco) GDR

493,600

34,241

TOTAL BRAZIL

103,662

Canada - 2.4%

ACE Aviation Holdings, Inc. Class A (a)

1,219,800

30,980

Canadian Natural Resources Ltd.

1,493,900

79,342

Canadian Western Bank, Edmonton

685,300

27,543

EnCana Corp.

670,948

36,192

ITF Optical Technologies, Inc. Series A (a)(g)

1,792

0

OZ Optics Ltd. unit (a)(g)

5,400

80

Precision Drilling Trust (d)

1,162,000

40,161

Talisman Energy, Inc.

3,761,100

63,915

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

607,500

40,210

TOTAL CANADA

318,423

Cayman Islands - 0.3%

GlobalSantaFe Corp.

712,700

39,149

Suntech Power Holdings Co. Ltd. sponsored ADR

213,400

5,533

TOTAL CAYMAN ISLANDS

44,682

Finland - 2.2%

Fortum Oyj

2,751,400

74,578

Metso Corp.

1,480,100

53,372

Neste Oil Oyj

874,600

30,164

Nokia Corp.

784,400

15,570

Nokia Corp. sponsored ADR

6,399,900

127,038

TOTAL FINLAND

300,722

France - 12.6%

Accor SA

667,528

39,376

Common Stocks - continued

Shares

Value (000s)

France - continued

Alcatel SA sponsored ADR (a)(d)

4,125,100

$ 46,531

Altran Technologies SA (a)

3,158,419

37,480

Arkema sponsored ADR (a)

2,572

100

AXA SA

1,308,555

45,001

AXA SA sponsored ADR

5,226,900

179,753

BNP Paribas SA

1,276,946

124,290

Carrefour SA

1,183,200

73,770

Compagnie Generale de Geophysique SA sponsored ADR

2,871,200

99,631

L'Air Liquide SA

227,370

45,888

Lagardere S.C.A. (Reg.)

580,982

40,742

Neopost SA

274,629

29,905

Nexity

936,166

53,620

Orpea (a)

187,100

12,906

Pernod Ricard SA

170,700

35,541

Renault SA

1,418,400

154,999

Sanofi-Aventis sponsored ADR

1,313,800

62,261

Societe Generale Series A

895,100

133,544

Suez SA (France)

1,290,400

53,504

Television Francaise 1 SA

1,214,643

38,711

Total SA:

Series B

438,680

29,931

sponsored ADR

3,429,800

234,015

Vinci SA

781,306

79,391

Vivendi Universal SA sponsored ADR

1,445,200

48,790

TOTAL FRANCE

1,699,680

Germany - 12.7%

Aareal Bank AG (a)

1,197,059

46,300

Allianz AG sponsored ADR

16,117,870

253,534

Bayer AG

582,600

28,681

Bayer AG sponsored ADR

1,845,100

90,834

Bilfinger Berger AG

1,193,600

62,343

Deutsche Postbank AG

598,400

43,760

Deutz AG (a)

1,730,100

14,586

E.ON AG sponsored ADR

3,192,800

128,255

GFK AG

405,656

14,250

Heidelberger Druckmaschinen AG

2,913,500

120,169

Hochtief AG

1,841,211

97,320

Hypo Real Estate Holding AG

1,175,040

65,351

Infineon Technologies AG sponsored ADR (a)

5,433,000

58,459

Interhyp AG

59,687

5,321

IWKA AG (a)(e)

1,601,623

38,687

Common Stocks - continued

Shares

Value (000s)

Germany - continued

KarstadtQuelle AG (a)(d)

948,200

$ 22,310

Linde AG

452,056

38,197

MAN AG

1,074,543

77,674

MTU Aero Engines Holding AG

925,851

32,925

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

971,100

133,756

Patrizia Immobilien AG

776,300

19,307

Pfleiderer AG

1,468,250

34,696

Q-Cells AG (d)

315,700

22,607

RWE AG

400,661

35,195

SAP AG sponsored ADR

752,400

34,332

SGL Carbon AG (a)(e)

3,649,687

67,225

Siemens AG:

(Reg.)

217,000

17,518

sponsored ADR

638,200

51,522

United Internet AG

1,729,232

22,309

Wacker Chemie AG

225,300

23,455

Wincor Nixdorf AG

128,400

16,939

TOTAL GERMANY

1,717,817

Greece - 0.3%

Greek Organization of Football Prognostics SA

1,258,460

45,685

Hong Kong - 0.4%

Cheung Kong Holdings Ltd.

705,000

7,640

Esprit Holdings Ltd.

2,045,500

15,558

Regal Hotel International Holdings Ltd.

92,404,000

7,016

Wharf Holdings Ltd.

6,561,000

24,361

TOTAL HONG KONG

54,575

India - 0.3%

Satyam Computer Services Ltd.

2,096,988

34,019

Ireland - 0.7%

AgCert International (a)

2,201,800

7,095

Allied Irish Banks PLC

2,042,500

49,061

C&C Group PLC

4,051,968

42,441

TOTAL IRELAND

98,597

Israel - 0.6%

Bank Hapoalim BM (Reg.)

7,109,600

31,792

Mizrahi Tefahot Bank Ltd. (a)

4,981,827

29,208

Common Stocks - continued

Shares

Value (000s)

Israel - continued

Teva Pharmaceutical Industries Ltd.

107,400

$ 3,556

Teva Pharmaceutical Industries Ltd. sponsored ADR

565,700

18,713

TOTAL ISRAEL

83,269

Italy - 3.1%

Banca Intesa Spa

10,887,854

62,974

Banche Popolari Unite SCpA

1,954,400

52,575

Banco Popolare di Verona e Novara

1,084,944

30,905

ENI Spa sponsored ADR

764,200

46,907

FASTWEB Spa

126,600

4,898

Fiat Spa (a)(d)

1,606,000

22,728

Lottomatica Spa

691,000

25,676

Mediobanca Spa

1,873,800

38,066

Milano Assicurazioni Spa

2,353,700

16,118

Pirelli & C. Real Estate Spa

532,100

29,872

Unicredito Italiano Spa

11,890,300

91,508

TOTAL ITALY

422,227

Japan - 22.0%

Aeon Mall Co. Ltd. (d)

278,600

12,247

Alpen Co. Ltd.

492,900

15,520

Aoyama Trading Co. Ltd.

1,193,900

37,176

Asahi Breweries Ltd.

2,195,900

32,062

Bank of Fukuoka Ltd.

1,869,000

13,922

Bank of Nagoya Ltd.

2,275,000

15,458

Canon Fintech, Inc.

478,800

8,686

Canon, Inc. sponsored ADR

1,688,400

121,700

Credit Saison Co. Ltd.

1,623,800

70,391

Daiei, Inc. (a)(d)

1,426,150

26,247

Daihatsu Motor Co. Ltd.

3,237,000

30,041

Daiwa House Industry Co. Ltd.

2,584,000

42,101

Daiwa Securities Group, Inc.

8,281,000

92,525

East Japan Railway Co.

6,136

45,652

Fujitsu Ltd.

6,159,000

47,757

Hokuhoku Financial Group, Inc.

3,394,000

12,818

Isetan Co. Ltd.

1,172,800

18,423

JFE Holdings, Inc.

952,900

38,066

JSR Corp.

2,008,200

47,293

Juroku Bank Ltd.

6,285,000

37,661

Kahma Co. Ltd. (d)

519,100

12,066

Kansai Paint Co. Ltd. Osaka

1,965,000

14,997

Kayaba Industry Co. Ltd.

1,071,000

3,886

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Matsushita Electric Industrial Co. Ltd.

1,471,000

$ 30,509

Mazda Motor Corp.

6,513,000

42,379

Millea Holdings, Inc.

1,767

34,215

Mitsubishi Estate Co. Ltd.

3,528,000

73,083

Mitsui & Co. Ltd.

1,630,000

24,837

Mitsui Fudosan Co. Ltd.

3,348,000

71,107

Mitsui Trust Holdings, Inc.

933,000

10,254

Mizuho Financial Group, Inc.

6,906

58,007

Monex Beans Holdings, Inc. (d)

10,893

9,026

Murata Manufacturing Co. Ltd.

522,100

34,518

Nidec Corp.

645,300

45,815

Nikko Cordial Corp.

13,178,500

157,130

Nintendo Co. Ltd.

76,800

14,342

Nippon Chemi-con Corp.

3,839,900

25,823

Nippon Electric Glass Co. Ltd.

2,782,800

62,137

Nishi-Nippon City Bank Ltd.

5,432,000

24,021

Nitto Denko Corp.

917,900

66,691

Nomura Holdings, Inc.

2,694,100

48,009

Nomura Holdings, Inc. sponsored ADR

2,646,000

47,152

NSK Ltd.

4,104,000

31,465

NTT DoCoMo, Inc.

44,581

64,821

NTT Urban Development Co.

4,507

33,965

Okamura Corp. (d)

2,757,000

25,971

OMC Card, Inc.

4,342,400

41,170

Omron Corp.

2,394,500

60,254

ORIX Corp.

402,060

105,381

SBI E*TRADE Securities Co. Ltd.

12,327

16,450

Sekisui House Ltd.

3,692,000

52,297

Seven & I Holdings Co. Ltd.

1,403,300

48,959

SFCG Co. Ltd.

174,490

30,530

SHIMIZU Corp.

6,208,000

33,138

Sompo Japan Insurance, Inc.

6,722,000

90,819

Sony Corp.

95,200

4,378

Sony Corp. sponsored ADR

1,398,400

64,312

Sumco Corp. (d)

340,500

19,780

Sumitomo Corp.

2,635,000

37,324

Sumitomo Electric Industries Ltd.

4,612,500

60,467

Sumitomo Metal Industries Ltd.

5,696,000

22,754

Sumitomo Mitsui Financial Group, Inc.

13,804

146,889

Sumitomo Osaka Cement Co. Ltd.

8,325,000

24,906

T&D Holdings, Inc.

229,550

18,240

Taiheiyo Cement Corp.

4,508,000

16,947

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Taisei Corp.

2,925,000

$ 9,797

Tokai Carbon Co. Ltd. (d)

2,842,000

15,840

Tokuyama Corp.

3,054,000

40,569

Tokyo Electron Ltd.

487,600

31,004

Tokyo Star Bank Ltd. (d)

2,137

7,307

Tokyo Tomin Bank Ltd.

1,038,500

45,833

Toyota Industries Corp.

583,700

23,623

Toyota Motor Corp.

607,000

31,934

Toyota Motor Corp. sponsored ADR

333,900

35,133

TOTAL JAPAN

2,968,007

Korea (South) - 0.9%

Daegu Bank Co. Ltd.

3,384,267

61,120

Kookmin Bank sponsored ADR

691,410

59,627

TOTAL KOREA (SOUTH)

120,747

Luxembourg - 0.0%

SES Global unit

457,337

6,192

Mexico - 0.2%

Fomento Economico Mexicano SA de CV sponsored ADR

310,400

27,253

Netherlands - 3.3%

ABN-AMRO Holding NV

611,800

16,965

ASM International NV (NASDAQ) (a)(d)

1,093,334

16,990

De Telegraaf Holding NV (Certificaten Van Aandelen)

897,476

24,395

ING Groep NV sponsored ADR

3,257,600

131,933

Koninklijke Numico NV

431,286

20,692

Koninklijke Philips Electronics NV (NY Shares)

3,678,700

121,140

Reed Elsevier NV sponsored ADR

1,932,300

57,254

Rodamco Europe NV

487,400

51,612

TOTAL NETHERLANDS

440,981

Netherlands Antilles - 0.6%

Schlumberger Ltd. (NY Shares)

1,108,800

74,123

Norway - 3.0%

Aker Kvaerner ASA

337,140

33,962

DnB NOR ASA

3,750,280

47,528

Fred Olsen Energy ASA (a)(d)

1,325,000

60,925

Odfjell ASA:

(A Shares)

38,500

594

(B Shares)

1,131,250

16,634

Petrojarl ASA

320,400

2,041

Common Stocks - continued

Shares

Value (000s)

Norway - continued

Petroleum Geo-Services ASA (a)

645,300

$ 34,914

ProSafe ASA

702,050

41,635

Renewable Energy Corp. AS

1,159,800

15,594

Statoil ASA sponsored ADR

3,061,100

91,496

TANDBERG ASA

4,519,000

42,219

TGS Nopec Geophysical Co. ASA (a)

1,064,400

18,851

TOTAL NORWAY

406,393

Singapore - 0.3%

STATS ChipPAC Ltd. sponsored ADR (a)

6,499,000

36,719

South Africa - 1.4%

Absa Group Ltd.

2,306,200

34,032

FirstRand Ltd.

20,690,300

51,432

JD Group Ltd.

780,200

7,159

Lewis Group Ltd.

3,172,067

22,144

Massmart Holdings Ltd.

4,012,176

27,432

Nedbank Group Ltd.

3,022,405

47,859

TOTAL SOUTH AFRICA

190,058

Spain - 1.7%

Antena 3 Television SA

586,588

12,760

Banco Bilbao Vizcaya Argentaria SA sponsored ADR

3,671,100

78,305

Banco Santander Central Hispano SA

635,700

9,630

Banco Santander Central Hispano SA sponsored ADR

2,722,100

40,968

Bolsas Y Mercados Espanoles

239,100

8,622

Gestevision Telecinco SA

959,100

23,326

Inditex SA

520,500

22,612

Telefonica SA sponsored ADR

614,080

31,115

TOTAL SPAIN

227,338

Sweden - 2.0%

Atlas Copco AB (B Shares)

2,094,500

49,694

Boliden AB

2,492,100

44,259

Securitas AB (B Shares)

2,720,800

50,775

TELE2 AB (B Shares)

3,008,950

29,433

Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR

3,006,700

94,651

TOTAL SWEDEN

268,812

Switzerland - 9.1%

ABB Ltd. (Reg.)

4,936,203

63,776

Actelion Ltd. (Reg.) (a)

143,036

18,027

Baloise Holdings AG (Reg.)

451,870

35,984

Common Stocks - continued

Shares

Value (000s)

Switzerland - continued

Credit Suisse Group sponsored ADR

1,427,300

$ 79,786

Nestle SA (Reg.)

636,515

208,568

Novartis AG sponsored ADR

3,360,132

188,907

Roche Holding AG (participation certificate)

1,507,309

268,230

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

57,531

53,106

Straumann Holding AG

14,537

3,697

Swiss Life Holding

296,511

68,487

Swiss Reinsurance Co. (Reg.)

561,583

40,385

Syngenta AG sponsored ADR

2,712,900

77,996

UBS AG (NY Shares)

622,794

33,880

Zurich Financial Services AG

371,466

83,385

TOTAL SWITZERLAND

1,224,214

Taiwan - 1.6%

Advanced Semiconductor Engineering, Inc.

72,198,692

63,278

ASE Test Ltd. (a)

4,176,700

32,912

ASE Test Ltd. unit (a)

1,000,000

99

AU Optronics Corp.

7,651,000

11,016

AU Optronics Corp. sponsored ADR (d)

2,800,300

41,276

Nan Ya Printed Circuit Board Corp.

4,163,000

26,824

ProMOS Technologies, Inc.

57,137,000

21,723

Yuanta Core Pacific Securities Co. Ltd.

20,195,000

12,859

TOTAL TAIWAN

209,987

Thailand - 0.5%

Bangkok Bank Ltd. PCL (For. Reg.)

9,393,800

26,301

Krung Thai Bank Public Co. Ltd.

146,251,100

42,106

TOTAL THAILAND

68,407

Turkey - 0.6%

Akbank T. A. S.

2,192,414

10,540

Tupras-Turkiye Petrol Rafinerileri AS

510,000

9,620

Turkiye Garanti Bankasi AS

21,026,000

60,371

TOTAL TURKEY

80,531

United Kingdom - 9.0%

Babcock International Group PLC

1,532,900

9,750

BAE Systems PLC

11,746,980

78,395

BP PLC sponsored ADR

3,434,100

249,041

Cookson Group PLC

4,619,700

46,515

Dawnay Day Treveria PLC (e)

26,423,300

39,912

GlaxoSmithKline PLC sponsored ADR

2,771,100

153,325

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

HSBC Holdings PLC:

(Hong Kong) (Reg.)

4,748,000

$ 86,376

sponsored ADR (d)

1,332,400

121,195

Informa PLC

2,231,800

18,177

Intertek Group PLC

736,354

9,003

NETeller PLC (a)

3,341,600

23,721

Rentokil Initial PLC

16,875,400

51,621

Rolls-Royce Group PLC

9,095,406

74,886

Serco Group PLC

9,076,548

55,868

Tesco PLC

7,616,254

51,148

Unilever PLC sponsored ADR

1,488,560

35,562

Vedanta Resources PLC

2,224,800

54,860

Vodafone Group PLC sponsored ADR

2,154,337

46,706

TOTAL UNITED KINGDOM

1,206,061

United States of America - 1.5%

Halliburton Co.

2,300

77

Synthes, Inc.

1,171,036

135,121

Transocean, Inc. (a)

644,700

49,790

Weatherford International Ltd. (a)

351,452

16,462

TOTAL UNITED STATES OF AMERICA

201,450

TOTAL COMMON STOCKS

(Cost $11,198,892)

12,825,096

Preferred Stocks - 0.4%

Convertible Preferred Stocks - 0.0%

Canada - 0.0%

MetroPhotonics, Inc. Series 2 (a)(g)

8,500

0

Nonconvertible Preferred Stocks - 0.4%

Germany - 0.2%

ProSiebenSat.1 Media AG (d)

1,055,300

26,987

Italy - 0.2%

Banca Intesa Spa (Risp)

2,755,200

14,806

Unicredito Italiano Spa (Risp)

1,329,088

10,261

TOTAL ITALY

25,067

TOTAL NONCONVERTIBLE PREFERRED STOCKS

52,054

Government Obligations - 0.1%

Principal Amount (000s)

Value (000s)

United States of America - 0.1%

U.S. Treasury Bills, yield at date of purchase 4.72% to 5.04% 8/17/06 to 10/19/06 (f)
(Cost $20,324)

$ 20,500

$ 20,328

Money Market Funds - 6.5%

Shares

Fidelity Cash Central Fund, 5.3% (b)

619,540,166

619,540

Fidelity Securities Lending Cash Central Fund, 5.32% (b)(c)

255,970,713

255,971

TOTAL MONEY MARKET FUNDS

(Cost $875,511)

875,511

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $12,137,478)

13,772,989

NET OTHER ASSETS - (2.2)%

(299,455)

NET ASSETS - 100%

$ 13,473,534

Futures Contracts

Expiration Date

Underlying Face Amount at Value (000s)

Unrealized Appreciation/
(Depreciation) (000s)

Purchased

Equity Index Contracts

384 DAX 100 Index Futures (Germany)

Sept. 2006

$ 67,171

$ 926

3,842 Nikkei 225 Index Futures Contracts (Japan)

Sept. 2006

302,107

0

TOTAL EQUITY INDEX CONTRACTS

$ 369,278

$ 926

The face value of futures purchased as a percentage of net assets - 2.7%

Legend

(a) Non-income producing

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

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

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

(e) 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 $20,328,000.

(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 $80,000 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

ITF Optical Technologies, Inc. Series A

10/11/00

$ 90

MetroPhotonics, Inc. Series 2

9/29/00

$ 85

OZ Optics Ltd. unit

8/18/00

$ 80

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

Dawnay Day Treveria PLC

$ -

$ 35,891

$ -

$ -

$ 39,912

IWKA AG

21,465

15,693

-

-

38,687

SGL Carbon AG

6,175

55,345

-

-

67,225

Total

$ 27,640

$ 106,929

$ -

$ -

$ 145,824

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 14,900

Fidelity Securities Lending Cash Central Fund

11,964

Total

$ 26,864

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $12,191,470,000. Net unrealized appreciation aggregated $1,581,519,000, of which $1,997,202,000 related to appreciated investment securities and $415,683,000 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. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor
Emerging Asia Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

1.804857.102

AEA-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.8%

Shares

Value

Australia - 0.8%

Biota Holdings Ltd. (a)

600,000

$ 586,181

Dyno Nobel Ltd.

220,700

410,941

TOTAL AUSTRALIA

997,122

Bermuda - 1.3%

Ports Design Ltd.

414,000

628,718

Sinochem Hong Kong Holding Ltd.

2,740,000

1,015,585

TOTAL BERMUDA

1,644,303

Cayman Islands - 0.7%

Himax Technologies, Inc. sponsored ADR

62,800

406,316

Hutchison China Meditech Ltd.

3

10

Xinyi Glass Holdings Co. Ltd.

1,294,000

446,316

TOTAL CAYMAN ISLANDS

852,642

China - 13.3%

Air China Ltd. (H Shares)

2,200,000

846,579

Anhui Conch Cement Co. Ltd. (H Shares)

296,000

497,136

BYD Co. Ltd. (H Shares)

250,000

601,665

China Cosco Holdings Co. Ltd. (H Shares)

1,300,000

629,078

China International Marine Containers Co. Ltd. (B Shares)

638,660

807,973

China Life Insurance Co. Ltd. (H Shares)

600,000

1,011,570

China Oilfield Services Ltd. (H Shares)

3,000,000

1,629,323

China Petroleum & Chemical Corp. (H Shares)

2,700,000

1,553,039

China Shenhua Energy Co. Ltd. (H Shares)

700,000

1,259,443

Chongqing Changan Automobile Co. Ltd. (B Shares)

900,000

418,141

CSG Holding Co. Ltd. (B Shares)

693,100

421,920

Dalian Port (PDA) Co. Ltd. (H Shares)

835,000

379,345

Dazhong Transport Group Co. Ltd. (B Shares)

1,300,000

820,300

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

1,452,000

558,742

Lianhua Supermarket Holdings Co. (H Shares)

509,000

556,814

PetroChina Co. Ltd. (H Shares)

1,228,000

1,404,831

Shanghai Forte Land Co. Ltd. (H Shares)

1,700,000

560,096

Shanghai Pudong Development Bank Co., Ltd. warrants (UBS Warrant Programme) 1/17/07 (a)

210,950

287,479

Shenzhou International Group Holdings Ltd.

1,868,000

764,500

Weichai Power Co. Ltd. (H Shares)

343,000

814,890

Weifu High-Technology Co. Ltd. (B Shares)

600,000

481,847

Yantai Changyu Pioneer Wine Co. (B Shares)

136,240

360,847

TOTAL CHINA

16,665,558

Hong Kong - 12.3%

Automated Systems Holdings Ltd.

600,000

149,805

Common Stocks - continued

Shares

Value

Hong Kong - continued

Bank of East Asia Ltd.

310,000

$ 1,280,679

Cheung Kong Holdings Ltd.

50,000

541,821

China Everbright Ltd. (a)

2,000,000

1,220,062

China Mobile (Hong Kong) Ltd.

350,000

2,263,100

China Overseas Land & Investment Ltd.

1,200,000

702,694

China Unicom Ltd.

600,000

544,800

CNOOC Ltd.

838,500

719,936

Dynasty Fine Wines Group Ltd.

1,346,000

488,503

Esprit Holdings Ltd.

199,500

1,517,413

Hang Seng Bank Ltd.

30,000

383,393

Henderson Investment Ltd.

121,000

211,163

Hong Kong & China Gas Co. Ltd.

319,000

721,744

Hong Kong & Shanghai Hotels Ltd.

174,000

207,812

Hutchison Whampoa Ltd.

77,000

702,604

Li & Fung Ltd.

800,000

1,676,169

Vtech Holdings Ltd.

207,000

1,157,533

Wing Hang Bank Ltd.

100,000

916,977

TOTAL HONG KONG

15,406,208

India - 4.1%

Aditya Birla Nuvo Ltd.

20,000

311,677

Bank of Baroda

82,710

415,507

Bharti Airtel Ltd. (a)

50,000

457,194

Cipla Ltd.

125,000

634,409

Educomp Solutions Ltd.

108,160

887,145

IL&FS Investsmart Ltd.

63,876

203,922

IVRCL Infrastructures & Projects Ltd.

65,000

264,753

Max India Ltd. (a)

22,250

318,438

Punjab National Bank

26,984

234,268

Royal Orchid Hotels Ltd.

132,311

399,067

State Bank of India

45,830

935,661

Zen Technologies Ltd.

30,000

44,645

TOTAL INDIA

5,106,686

Indonesia - 3.0%

PT Astra International Tbk

700,000

740,907

PT Bakrie Sumatera Plantation Tbk

9,000,000

1,061,746

PT Bank Central Asia Tbk

900,000

414,279

PT Mitra Adiperkasa Tbk

2,913,500

266,617

PT Panin Life Tbk

27,000,000

386,992

PT Panin Life Tbk rights 12/31/99 (a)

18,654,500

52,789

Common Stocks - continued

Shares

Value

Indonesia - continued

PT Semen Gresik Tbk

159,500

$ 447,551

PT Telkomunikasi Indonesia Tbk Series B

513,500

421,785

TOTAL INDONESIA

3,792,666

Korea (South) - 21.8%

CDNetworks Co. Ltd.

9,355

351,614

Doosan Heavy Industries & Construction Co. Ltd.

7,110

266,490

G2R, Inc.

50,000

730,252

GwangJu Shinsegae Co. Ltd.

5,000

617,704

Hyundai Engineering & Construction Co. Ltd. (a)

13,000

645,134

Hyundai Mipo Dockyard Co. Ltd.

5,680

534,015

Kookmin Bank

37,140

3,242,921

Korean Reinsurance Co.

86,000

990,420

LG Electronics, Inc.

1,650

96,739

LG Household & Health Care Ltd.

10,000

771,607

LG Telecom Ltd. (a)

80,000

866,880

LG.Philips LCD Co. Ltd. (a)

17,170

604,900

NHN Corp. (a)

14,319

1,592,083

Orion Corp.

2,000

502,539

POSCO

7,840

1,912,495

S.M. Entertainment Co. Ltd.

55,635

444,428

Samsung Corp.

52,790

1,478,441

Samsung Electronics Co. Ltd.

10,497

6,681,856

Shinhan Financial Group Co. Ltd.

23,960

1,178,998

SK Corp.

10,000

700,414

SK Telecom Co. Ltd.

3,000

623,462

Taewoong Co. Ltd.

50,000

1,154,269

TSM Tech Co. Ltd.

7,354

130,888

Unison Co. Ltd.

120,000

804,062

YBM Sisa.com, Inc.

22,000

467,571

TOTAL KOREA (SOUTH)

27,390,182

Malaysia - 3.6%

AMMB Holdings BHD

540,000

373,534

Bumiputra-Commerce Holdings BHD

500,000

840,738

IOI Corp. BHD

412,100

1,836,563

Malakoff BHD

340,000

897,061

POS Malaysia & Services Holding BHD

500,000

609,706

TOTAL MALAYSIA

4,557,602

Philippines - 1.6%

Banco de Oro Universal Bank

300,000

195,240

Manila Water Co., Inc.

3,500,000

584,750

Common Stocks - continued

Shares

Value

Philippines - continued

Philippine Long Distance Telephone Co.

18,580

$ 747,170

San Miguel Corp. Class B

314,000

457,504

TOTAL PHILIPPINES

1,984,664

Singapore - 5.2%

Chartered Semiconductor Manufacturing Ltd. (a)

300,000

205,213

DBS Group Holdings Ltd.

52,000

596,130

GES International Ltd.

1,200,000

919,657

HTL International Holdings Ltd.

323,750

239,914

Keppel Corp. Ltd.

55,000

532,983

Parkway Holdings Ltd.

653,000

1,058,796

Petra Foods Ltd.

223,000

190,677

SembCorp Industries Ltd.

300,000

646,040

SembCorp Marine Ltd.

250,000

528,866

SIA Engineering Co. Ltd.

261,000

595,117

Singapore Post Ltd.

1,100,000

752,446

United Overseas Bank Ltd.

28,000

276,657

TOTAL SINGAPORE

6,542,496

Taiwan - 19.3%

Acer, Inc.

113,520

158,601

Advantech Co. Ltd.

98,312

300,226

AU Optronics Corp.

850,000

1,223,890

Cathay Financial Holding Co. Ltd.

419,000

895,682

Chang Hwa Commercial Bank

1,300,000

833,690

Chi Mei Optoelectronics Corp.

400,000

455,628

China Steel Corp.

1,345,500

1,080,640

Chinatrust Financial Holding Co. Ltd.

1,000,285

778,943

Chinatrust Financial Holding Co. Ltd.:

warrants (UBS Warrant Programme) 10/27/06 (a)

600,000

467,240

warrants (UBS Warrant Programme) 8/9/08 (a)

227,000

176,772

Delta Electronics, Inc.

420,000

1,132,535

EVA Airways Corp.

2,117,592

827,740

Formosa International Hotel Corp.

400,000

1,012,643

High Tech Computer Corp.

27,600

613,596

Hotai Motor Co. Ltd.

250,000

507,696

Hung Poo Real Estate Development Co. Ltd.

600,000

591,828

MediaTek, Inc.

130,000

1,185,030

Mega Financial Holding Co. Ltd.

800,000

535,027

MJC Probe, Inc.

260,000

662,982

Novatek Microelectronics Corp.

306,826

1,508,550

Polaris Securities Co. Ltd.

1,000,000

441,275

Common Stocks - continued

Shares

Value

Taiwan - continued

Powerchip Semiconductor Corp.

475,931

$ 312,481

Shin Kong Financial Holding Co. warrants (UBS Warrant Programme) 11/23/06 (a)

1,600,000

1,663,740

Shin Kong Financial Holding Co. Ltd.

650,000

675,884

Sinyi Realty, Inc.

359,800

846,045

Taiwan Cement Corp.

1,035,000

763,307

Taiwan Secom Co.

400,000

701,154

Taiwan Semiconductor Manufacturing Co. Ltd.

904,122

1,513,036

Wistron Corp.

845,644

885,775

Yageo Corp. (a)

908,000

307,787

Yuanta Core Pacific Securities Co. Ltd.

1,892,294

1,204,860

TOTAL TAIWAN

24,264,283

Thailand - 6.1%

ACL Bank PCL:

NVDR (a)

982,200

92,876

(For. Reg.) (a)

1,017,800

96,242

Bangkok Bank Ltd. PCL (For. Reg.)

59,400

166,307

Bumrungrad Hospital PCL (For. Reg.)

768,700

720,783

Central Pattana PCL (For. Reg.)

2,000,000

1,003,698

Glow Energy PCL (For. Reg.)

800,000

633,914

Home Product Center PCL (For. Reg.)

1,491,100

313,107

Krung Thai Bank Public Co. Ltd.

526,100

151,466

Land & House PCL NVDR

2,239,200

411,052

Minor International PCL:

(For. Reg.)

1,927,189

514,121

(For. Reg.) warrants 3/29/08 (a)

192,719

27,233

PTT Exploration & Production PCL (For. Reg.)

250,000

772,583

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

2,223,900

675,511

Thai Beverage PCL

1,195,000

211,926

Thai Oil PCL (For. Reg.)

500,000

851,823

Total Access Communication PCL (a)

150,000

585,000

True Corp. PCL (a)

2,000,000

475,436

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

190,863

0

TOTAL THAILAND

7,703,078

United Kingdom - 0.7%

HSBC Holdings PLC (Hong Kong) (Reg.)

46,176

840,034

TOTAL COMMON STOCKS

(Cost $101,312,209)

117,747,524

Nonconvertible Preferred Stocks - 2.4%

Shares

Value

Korea (South) - 2.4%

Hyundai Motor Co. Series 2

32,970

$ 1,584,383

Samsung Electronics Co. Ltd.

2,900

1,379,940

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $2,060,277)

2,964,323

Investment Companies - 0.3%

Hong Kong - 0.3%

iShares FTSE/Xinhua A50 China Tracker
(Cost $407,060)

50,000

369,043

Money Market Funds - 2.8%

Fidelity Cash Central Fund, 5.3% (b)
(Cost $3,506,131)

3,506,131

3,506,131

TOTAL INVESTMENT PORTFOLIO - 99.3%

(Cost $107,285,677)

124,587,021

NET OTHER ASSETS - 0.7%

898,870

NET ASSETS - 100%

$ 125,485,891

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 171,365

Fidelity Securities Lending Cash Central Fund

20,848

Total

$ 192,213

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $107,313,881. Net unrealized appreciation aggregated $17,273,140, of which $22,477,734 related to appreciated investment securities and $5,204,594 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 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 ® Advisor
Emerging Markets Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

1.804858.102

FAEM-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%

Shares

Value

Argentina - 0.4%

Banco Macro Bansud SA sponsored ADR

5,100

$ 103,020

Inversiones y Representaciones SA sponsored GDR (a)

41,400

479,826

TOTAL ARGENTINA

582,846

Austria - 0.7%

C.A.T. oil AG Bearer

9,600

193,135

Raiffeisen International Bank Holding AG

4,900

420,856

voestalpine AG

3,400

502,310

TOTAL AUSTRIA

1,116,301

Bermuda - 1.1%

Aquarius Platinum Ltd. (Australia)

37,400

623,879

Central European Media Enterprises Ltd. Class A (a)

8,000

486,720

Credicorp Ltd. (NY Shares)

9,300

286,347

Emperor International Holding Ltd.

292,000

61,255

Katanga Mining Ltd. (a)

28,400

138,035

Sinochem Hong Kong Holding Ltd.

195,200

72,351

TOTAL BERMUDA

1,668,587

Brazil - 12.5%

Banco Bradesco SA:

(PN)

36,900

1,237,635

(PN) sponsored ADR (non-vtg.)

14,400

482,832

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

15,970

490,481

Banco Nossa Caixa SA

23,300

492,782

Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.) (d)

15,500

675,955

Companhia Vale do Rio Doce:

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

133,800

2,662,620

sponsored ADR

9,800

227,360

CSU Cardsystem SA sponsored ADR (e)

3,000

47,876

Cyrela Brazil Realty SA

44,200

601,526

Diagnosticos Da America SA (a)

4,100

69,276

Itausa Investimentos Itau SA (PN)

63,700

263,586

Klabin SA (PN) (non-vtg.)

114,200

253,078

Localiza Rent a Car SA

29,600

605,609

Lojas Renner SA

13,900

792,779

NET Servicos de Communicacao SA sponsored ADR (d)

92,800

519,680

Petroleo Brasileiro SA Petrobras:

(PN) (non-vtg.)

202,300

4,180,867

(PN) sponsored ADR (non-vtg.)

9,800

811,832

sponsored ADR

5,900

542,092

Submarino SA

21,000

394,897

Common Stocks - continued

Shares

Value

Brazil - continued

TAM SA:

(PN) (ltd.-vtg.)

19,500

$ 527,172

(PN) sponsored ADR (ltd. vtg.)

8,800

237,160

Uniao de Bancos Brasileiros SA (Unibanco):

unit

56,200

390,170

GDR

13,600

943,432

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

22,900

789,655

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

31,600

492,644

TOTAL BRAZIL

18,732,996

British Virgin Islands - 0.2%

Equator Exploration Ltd. (a)

94,700

274,202

Titanium Resources Group Ltd.

22,300

26,244

TOTAL BRITISH VIRGIN ISLANDS

300,446

Canada - 0.9%

Addax Petroleum Corp.

4,400

113,150

AUR Resources, Inc.

9,500

164,966

Falcon Oil & Gas Ltd. (a)

153,300

495,827

First Quantum Minerals Ltd.

4,400

200,520

SXR Uranium One, Inc. (a)

46,418

346,094

TOTAL CANADA

1,320,557

Cayman Islands - 1.4%

AAC Acoustic Technology Holdings, Inc.

74,000

71,428

Agile Property Holdings Ltd.

492,000

289,371

Foxconn International Holdings Ltd. (a)

309,900

720,299

Lee & Man Paper Manufacturing Ltd.

190,000

290,498

Primeline Energy Holdings, Inc. (a)(f)

26,000

40,323

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

13,000

8,199

Samson Holding Ltd.

207,900

90,972

SinoCom Software Group Ltd.

680,000

198,659

Xinao Gas Holdings Ltd.

335,600

319,615

TOTAL CAYMAN ISLANDS

2,029,364

China - 1.9%

Bank of China Ltd. (H Shares)

351,000

154,944

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

323,100

201,259

China Gas Holdings Ltd. (a)

562,000

90,411

China Petroleum & Chemical Corp. (H Shares)

1,754,100

1,008,958

China Shenhua Energy Co. Ltd. (H Shares)

397,700

715,544

Common Stocks - continued

Shares

Value

China - continued

China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)

8,400

$ 85,344

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

514,500

121,174

Li Ning Co. Ltd.

214,000

212,896

Xiamen International Port Co. Ltd. (H Shares)

334,600

67,608

Yantai Changyu Pioneer Wine Co. (B Shares)

54,990

145,647

TOTAL CHINA

2,803,785

Cyprus - 0.0%

XXI Century Investments Public Ltd.

5,800

60,674

Czech Republic - 0.9%

Ceske Energeticke Zavody AS

38,100

1,391,538

Egypt - 1.4%

Commercial International Bank Ltd. sponsored GDR

36,400

396,760

Eastern Tobacco Co.

4,100

205,605

Misr International Bank SAE GDR (a)

1,550

3,975

Orascom Construction Industries SAE:

GDR

6,520

508,560

GDR (e)

424

33,072

Orascom Hotels & Development (OHD)

48,554

278,393

Orascom Telecom SAE GDR

13,015

622,117

TOTAL EGYPT

2,048,482

Hong Kong - 2.7%

Chaoda Modern Agriculture (Holdings) Ltd.

1,113,500

601,884

China Mobile (Hong Kong) Ltd.

311,200

2,012,219

CNOOC Ltd.

879,800

755,397

CNOOC Ltd. sponsored ADR

4,700

403,542

Kerry Properties Ltd.

65,500

215,802

TOTAL HONG KONG

3,988,844

Hungary - 1.6%

MOL Magyar Olay-es Gazipari RT Series A (For. Reg.)

15,124

1,676,899

Richter Gedeon Ltd.

3,300

697,750

TOTAL HUNGARY

2,374,649

India - 3.2%

Apollo Hospitals Enterprise Ltd.

6,000

51,632

Bharat Forge Ltd.

31,880

206,294

Bharti Airtel Ltd. (a)

65,775

601,438

Crompton Greaves Ltd.

8,330

178,979

Federal Bank Ltd.

14,399

54,205

Common Stocks - continued

Shares

Value

India - continued

Federal Bank Ltd.: - continued

GDR

11,701

$ 43,989

GDR (e)

9,000

33,835

Gujarat Ambuja Cement Ltd.

103,259

232,055

HCL Technologies Ltd.

20,200

225,827

Indian Overseas Bank

113,800

222,485

Jaiprakash Associates Ltd.

41,633

329,707

Larsen & Toubro Ltd.

13,724

652,126

Nagarjuna Construction Co. Ltd.

33,894

187,146

Rolta India Ltd.

45,181

159,202

Rolta India Ltd. sponsored GDR (e)

8,800

39,160

Sakthi Sugars Ltd. (a)

15,100

48,840

Satyam Computer Services Ltd.

21,752

352,874

Sintex Industries Ltd.

30,858

90,616

State Bank of India

13,249

270,490

Suzlon Energy Ltd.

6,983

162,719

UTI Bank Ltd.

17,200

110,098

Wipro Ltd.

43,400

458,080

TOTAL INDIA

4,711,797

Indonesia - 1.6%

PT Aneka Tambang Tbk

853,000

489,043

PT Bakrie & Brothers Tbk (a)

14,804,500

277,483

PT Bank Rakyat Indonesia Tbk

809,500

381,546

PT Medco Energi International Tbk

932,500

390,685

PT Perusahaan Gas Negara Tbk Series B

674,200

877,132

TOTAL INDONESIA

2,415,889

Israel - 2.1%

Bank Hapoalim BM (Reg.)

165,728

741,097

Israel Chemicals Ltd.

133,700

632,883

Ituran Location & Control Ltd.

8,800

126,984

Orckit Communications Ltd. (a)

29,000

223,300

Ormat Industries Ltd.

29,900

308,327

Orpak Systems Ltd.

19,400

55,266

RADWARE Ltd. (a)

19,500

234,195

Teva Pharmaceutical Industries Ltd. sponsored ADR

25,900

856,772

TOTAL ISRAEL

3,178,824

Kazakhstan - 0.1%

Kazkommertsbank JSC sponsored GDR (a)

700

127,863

Common Stocks - continued

Shares

Value

Korea (South) - 18.5%

Daegu Bank Co. Ltd.

43,220

$ 780,553

Daewoo Shipbuilding & Marine Engineering Co. Ltd.

15,410

485,621

Hanjin Heavy Industries & Construction Co. Ltd.

13,600

384,442

Hynix Semiconductor, Inc. (a)

21,620

735,644

Hyundai Department Store Co. Ltd.

10,440

758,557

Hyundai Engineering & Construction Co. Ltd. (a)

11,600

575,658

Hyundai Mipo Dockyard Co. Ltd.

7,770

730,509

Hyundai Motor Co.

19,500

1,492,383

Hyunjin Materials Co. Ltd.

4,200

75,632

Industrial Bank of Korea

23,920

428,239

Kookmin Bank

33,600

2,933,822

Korea Zinc Co. Ltd.

6,770

600,344

Korean Air Lines Co. Ltd.

8,540

283,877

Kyeryong Construction Industrial Co. Ltd.

12,570

423,760

LG Chemical Ltd.

5,900

211,564

LG Engineering & Construction Co. Ltd.

11,910

798,032

Macquarie Korea Infrastructure Fund:

GDR (e)

25,000

168,000

GDR

39,700

266,784

MegaStudy Co. Ltd.

5,979

569,011

NHN Corp. (a)

8,142

905,282

POSCO

6,910

1,685,631

Samsung Electronics Co. Ltd.

11,652

7,417,070

Samsung Heavy Industries Ltd.

41,690

1,025,719

Shinhan Financial Group Co. Ltd.

30,930

1,521,970

SK Corp.

17,500

1,225,724

Taewoong Co. Ltd.

16,300

376,292

Woong Jin.Com Co. Ltd.

13,400

245,511

Woongjin Coway Co. Ltd.

18,950

424,572

Woori Finance Holdings Co. Ltd.

8,610

175,779

TOTAL KOREA (SOUTH)

27,705,982

Lebanon - 0.1%

Solidere GDR (a)

12,800

212,480

Luxembourg - 1.4%

Evraz Group SA:

GDR (e)

2,800

67,200

GDR

16,600

398,400

Orco Property Group

3,900

428,423

Tenaris SA sponsored ADR

30,200

1,175,384

TOTAL LUXEMBOURG

2,069,407

Common Stocks - continued

Shares

Value

Malaysia - 0.5%

Genting BHD

26,700

$ 182,502

Lion Diversified Holdings BHD

191,700

220,134

Steppe Cement Ltd. (a)

40,000

143,093

UMW Holdings BHD

71,200

145,028

TOTAL MALAYSIA

690,757

Mexico - 7.2%

America Movil SA de CV Series L sponsored ADR

110,400

3,950,112

Cemex SA de CV sponsored ADR

72,752

2,060,337

Corporacion Geo SA de CV Series B (a)

60,600

239,558

Fomento Economico Mexicano SA de CV sponsored ADR

9,100

798,980

Gruma SA de CV Series B

69,100

207,975

Grupo Famsa SA de CV Series A

32,100

76,758

Grupo Mexico SA de CV Series B

345,392

1,117,065

Urbi, Desarrollos Urbanos, SA de CV (a)

301,000

781,265

Wal-Mart de Mexico SA de CV Series V

484,804

1,500,721

TOTAL MEXICO

10,732,771

Oman - 0.2%

BankMuscat SAOG sponsored:

GDR (e)

6,875

66,206

GDR

19,500

187,785

TOTAL OMAN

253,991

Panama - 0.1%

Copa Holdings SA Class A

8,400

191,520

Philippines - 0.5%

Philippine Long Distance Telephone Co.

19,790

795,829

Poland - 0.2%

Globe Trade Centre SA (a)

3,400

320,479

Romania - 0.2%

Banca Transilvania SA (a)

223,135

86,848

SNP Petrom SA

766,500

151,930

TOTAL ROMANIA

238,778

Russia - 12.1%

AO Tatneft sponsored ADR

3,250

329,875

Cherkizovo Group OJSC:

GDR (a)

10,600

131,228

GDR (a)(e)

10,600

131,228

Concern Kalina OJSC

300

10,746

Irkut Corp.

74,400

77,376

Common Stocks - continued

Shares

Value

Russia - continued

JSC MMC 'Norilsk Nickel' sponsored ADR

16,200

$ 2,235,600

Lukoil Oil Co. sponsored ADR

45,538

3,984,575

Novatek JSC:

GDR

8,900

416,520

GDR (e)

9,700

453,960

Novolipetsk Iron & Steel Corp.

92,700

185,400

Novolipetsk Iron & Steel Corp. sponsored GDR

11,600

254,388

OAO Gazprom sponsored ADR

112,685

4,705,162

Polyus Gold OJSC sponsored ADR (a)

3,198

145,189

RBC Information Systems Jsc (a)

16,300

133,660

Sberbank (Savings Bank of the Russian Federation)

119

218,504

Sberbank (Savings Bank of the Russian Federation) GDR

4,300

915,048

Seventh Continent (a)

4,100

90,200

Sistema JSFC sponsored:

GDR (e)

23,800

524,790

GDR

9,400

207,270

Surgutneftegaz JSC sponsored ADR

17,800

1,869,000

Vimpel Communications sponsored ADR (a)

16,300

785,660

VSMPO-Avisma Corp.

1,000

218,000

TOTAL RUSSIA

18,023,379

Singapore - 0.3%

Keppel Corp. Ltd.

26,600

257,770

Raffles Education Corp. Ltd.

115,800

176,027

TOTAL SINGAPORE

433,797

South Africa - 8.5%

Absa Group Ltd.

39,556

583,712

African Bank Investments Ltd.

165,447

589,402

Aspen Pharmacare Holdings Ltd.

126,222

640,612

Aveng Ltd.

92,988

289,107

Bidvest Group Ltd.

40,400

581,222

Ellerine Holdings Ltd.

39,217

372,560

FirstRand Ltd.

420,973

1,046,464

Gold Fields Ltd.

64,600

1,346,910

Impala Platinum Holdings Ltd.

8,008

1,475,407

Lewis Group Ltd.

58,822

410,638

MTN Group Ltd.

223,800

1,710,536

Naspers Ltd. Class N sponsored ADR

37,906

667,525

Sasol Ltd.

58,570

2,107,201

Common Stocks - continued

Shares

Value

South Africa - continued

Steinhoff International Holdings Ltd.

92,600

$ 283,902

Truworths International Ltd.

167,800

543,441

TOTAL SOUTH AFRICA

12,648,639

Taiwan - 6.3%

Advanced Semiconductor Engineering, Inc.

986,000

864,173

Chipbond Technology Corp.

337,710

372,300

Delta Electronics, Inc.

347,550

937,173

Foxconn Technology Co. Ltd.

98,000

707,781

High Tech Computer Corp.

32,640

725,643

Hon Hai Precision Industry Co. Ltd. (Foxconn)

339,010

2,008,427

MediaTek, Inc.

16,900

154,054

Motech Industries, Inc.

9,185

200,552

Phoenix Precision Technology Corp.

320,451

419,818

Powertech Technology, Inc.

63,250

166,498

Siliconware Precision Industries Co. Ltd.

653,000

777,713

Taiwan Semiconductor Manufacturing Co. Ltd.

1,132,509

1,895,239

TSRC Corp.

324,825

198,887

TOTAL TAIWAN

9,428,258

Thailand - 2.2%

Bangchak Petroleum PCL warrants 5/14/11 (a)

17,000

1,895

Bangkok Dusit Medical Service PCL (For. Reg.)

200,000

162,441

Bumrungrad Hospital PCL (For. Reg.)

80,600

75,576

Charoen Pokphand Foods PCL (For. Reg.)

3,474,200

490,940

Minor International PCL (For. Reg.)

1,546,004

412,431

PTT PCL (For. Reg.)

115,200

718,098

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

369,500

112,236

Siam Commercial Bank PCL (For. Reg.)

613,000

930,996

Thai Oil PCL (For. Reg.)

192,700

328,292

TOTAL THAILAND

3,232,905

Turkey - 3.0%

Acibadem Saglik Hizmetleri AS

32,400

326,683

Akbank T. A. S.

111,221

534,716

Anadolu Efes Biracilk Ve Malt Sanyii AS

13,100

349,893

Aygaz AS

28,160

64,684

Bank Asya

28,000

64,690

Denizbank AS (a)

22,600

217,308

Dogan Yayin Holding AS (a)

104,112

351,767

Dogus Otomotiv Servis ve Ticaret AS

37,300

144,458

Enka Insaat ve Sanayi AS

98,627

763,938

Finansbank AS

154,099

596,804

Common Stocks - continued

Shares

Value

Turkey - continued

Petrol Ofisi AS

108,900

$ 414,483

Turk Traktor ve Ziraat Makinalari AS

23,600

196,982

Turkiye Garanti Bankasi AS

181,800

521,995

TOTAL TURKEY

4,548,401

Ukraine - 0.2%

Stirol sponsored ADR (a)

7,800

118,564

Ukrnafta Open JSC sponsored ADR

385

138,190

TOTAL UKRAINE

256,754

United Arab Emirates - 0.2%

Investcom LLC GDR

15,200

288,800

United Kingdom - 1.2%

Aricom PLC (a)

110,500

101,146

Imperial Energy PLC (a)

16,100

255,643

Kazakhmys PLC

16,300

380,920

Sibir Energy PLC (a)

47,100

404,072

Vedanta Resources PLC

20,100

495,631

Victoria Oil & Gas PLC (a)

87,300

132,095

TOTAL UNITED KINGDOM

1,769,507

United States of America - 1.7%

CTC Media, Inc. (f)

3,196

54,450

CTC Media, Inc.

45,300

857,529

Freeport-McMoRan Copper & Gold, Inc. Class B

5,300

289,168

NII Holdings, Inc. (a)

11,000

580,580

Shin Kong Financial Holding Co. warrants (Merrill Lynch Warrant Program) 5/10/07 (a)(e)

765,000

795,476

TOTAL UNITED STATES OF AMERICA

2,577,203

TOTAL COMMON STOCKS

(Cost $133,363,520)

145,273,079

Nonconvertible Preferred Stocks - 0.1%

Korea (South) - 0.1%

Samsung Electronics Co. Ltd.
(Cost $121,831)

320

152,269

Money Market Funds - 2.8%

Shares

Value

Fidelity Cash Central Fund, 5.3% (b)

3,650,213

$ 3,650,213

Fidelity Securities Lending Cash Central Fund, 5.33% (b)(c)

577,925

577,925

TOTAL MONEY MARKET FUNDS

(Cost $4,228,138)

4,228,138

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $137,713,489)

149,653,486

NET OTHER ASSETS - (0.2)%

(255,557)

NET ASSETS - 100%

$ 149,397,929

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 period end, the value of these securities amounted to $2,360,803 or 1.6% 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 $102,972 or 0.1% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

CTC Media, Inc.

1/26/05

$ 11,998

Primeline Energy Holdings, Inc.

3/23/06

$ 25,263

Primeline Energy Holdings, Inc. warrants 4/4/08

3/23/06

$ 8,210

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 149,728

Fidelity Securities Lending Cash Central Fund

130

Total

$ 149,858

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $137,952,957. Net unrealized appreciation aggregated $11,700,529, of which $19,786,403 related to appreciated investment securities and $8,085,874 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 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 ® Advisor Europe Capital
Appreciation Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

1.804846.102

AEUR-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 87.2%

Shares

Value

Argentina - 1.1%

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

38,900

$ 600,616

Austria - 2.8%

Flughafen Wien AG

19,823

1,514,190

Bermuda - 1.1%

SeaDrill Ltd. (a)

46,000

599,786

Canada - 3.1%

European Goldfields Ltd. (a)

241,400

714,643

First Quantum Minerals Ltd.

5,800

264,321

MagIndustries Corp. (a)

99,600

118,823

New Flyer Industries, Inc. / New Flyer Canada

72,600

577,413

TOTAL CANADA

1,675,200

France - 13.5%

Compagnie Generale de Geophysique SA (a)

3,500

604,889

Eutelsat Communications

69,736

1,077,835

Icade SA

38,600

1,784,373

Pernod Ricard SA

5,525

1,150,349

Renault SA

14,300

1,562,665

Technip-Coflexip SA

19,400

1,041,776

TOTAL FRANCE

7,221,887

Germany - 14.8%

Bayer AG

25,700

1,265,211

E.ON AG

13,800

1,663,038

Infineon Technologies AG (a)

129,900

1,397,724

Lanxess AG (a)

37,500

1,403,967

Premiere AG (a)(d)

106,500

1,319,566

SAP AG

4,900

894,348

TOTAL GERMANY

7,943,854

Hong Kong - 0.3%

Chaoda Modern Agriculture (Holdings) Ltd.

324,000

175,133

Luxembourg - 3.3%

SES Global unit

131,400

1,779,144

Netherlands - 9.6%

EADS NV

20,000

576,085

ING Groep NV (Certificaten Van Aandelen)

32,230

1,305,315

Nutreco Holding NV

19,300

1,200,101

Reed Elsevier NV

99,400

1,476,645

Tele Atlas NV (a)

37,922

620,997

TOTAL NETHERLANDS

5,179,143

Common Stocks - continued

Shares

Value

Norway - 5.2%

Fred Olsen Energy ASA (a)

17,500

$ 804,670

Petrojarl ASA

14,700

93,626

Petroleum Geo-Services ASA (a)

14,700

795,343

TANDBERG ASA

13,100

122,386

TGS Nopec Geophysical Co. ASA (a)

55,400

981,136

TOTAL NORWAY

2,797,161

Philippines - 0.8%

DMCI Holdings, Inc.

559,000

47,239

Semirara Mining Corp.

731,000

383,429

TOTAL PHILIPPINES

430,668

Spain - 2.1%

Banco Bilbao Vizcaya Argentaria SA

53,300

1,136,889

Sweden - 2.6%

Assa Abloy AB (B Shares)

78,600

1,292,315

Micronic Laser Systems AB (a)

11,900

119,292

TOTAL SWEDEN

1,411,607

Switzerland - 10.4%

Actelion Ltd. (Reg.) (a)

9,063

1,142,219

Credit Suisse Group (Reg.)

15,082

843,084

Novartis AG sponsored ADR

23,700

1,332,414

Roche Holding AG (participation certificate)

4,632

824,286

Swissfirst AG

1,041

88,819

Syngenta AG (Switzerland)

9,246

1,329,113

TOTAL SWITZERLAND

5,559,935

United Kingdom - 11.7%

Amlin PLC

22,770

105,913

Benfield Group PLC

256,500

1,727,353

Chaucer Holdings PLC

494,083

609,161

GlaxoSmithKline PLC

46,200

1,278,123

NETeller PLC (a)

57,367

407,225

Peter Hambro Mining PLC (a)

23,221

564,348

Standard Chartered PLC (United Kingdom)

258

6,526

Tesco PLC

238,200

1,599,665

TOTAL UNITED KINGDOM

6,298,314

Common Stocks - continued

Shares

Value

United States of America - 4.8%

NTL, Inc.

57,650

$ 1,317,303

Synthes, Inc.

10,800

1,246,171

TOTAL UNITED STATES OF AMERICA

2,563,474

TOTAL COMMON STOCKS

(Cost $44,915,166)

46,887,001

Nonconvertible Preferred Stocks - 3.0%

Italy - 3.0%

Istituto Finanziario Industriale Spa (IFI) (a)
(Cost $1,365,346)

68,800

1,581,782

Money Market Funds - 9.2%

Fidelity Cash Central Fund, 5.3% (b)

3,934,642

3,934,642

Fidelity Securities Lending Cash Central Fund, 5.32% (b)(c)

1,029,420

1,029,420

TOTAL MONEY MARKET FUNDS

(Cost $4,964,062)

4,964,062

TOTAL INVESTMENT PORTFOLIO - 99.4%

(Cost $51,244,574)

53,432,845

NET OTHER ASSETS - 0.6%

323,058

NET ASSETS - 100%

$ 53,755,903

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 the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 133,953

Fidelity Securities Lending Cash Central Fund

13,854

Total

$ 147,807

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $51,652,927. Net unrealized appreciation aggregated $1,779,918, of which $4,315,018 related to appreciated investment securities and $2,535,100 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 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 ® Advisor Global
Equity Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

1.804860.102

AGLO-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.9%

Shares

Value

Austria - 0.7%

OMV AG

6,300

$ 386,432

Canada - 3.5%

Canadian Natural Resources Ltd.

13,200

701,060

Potash Corp. of Saskatchewan, Inc.

12,865

1,215,743

TOTAL CANADA

1,916,803

Cayman Islands - 1.8%

GlobalSantaFe Corp.

10,100

554,793

Seagate Technology

18,920

438,944

TOTAL CAYMAN ISLANDS

993,737

Finland - 3.8%

Metso Corp.

26,300

948,367

Nokia Corp.

57,050

1,132,443

TOTAL FINLAND

2,080,810

France - 5.1%

Accor SA

6,000

353,928

Neopost SA

2,900

315,793

Nexity

5,700

326,475

Pernod Ricard SA

2,100

437,237

Schneider Electric SA

2,700

277,632

Societe Generale Series A

3,200

477,422

Total SA Series B

8,900

607,247

TOTAL FRANCE

2,795,734

Germany - 8.1%

Allianz AG (Reg.)

5,100

802,230

Deutsche Postbank AG

5,000

365,641

E.ON AG sponsored ADR

19,300

775,281

Heidelberger Druckmaschinen AG

13,500

556,816

MTU Aero Engines Holding AG

17,500

622,325

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

5,100

702,457

Pfleiderer AG

8,925

210,906

Techem AG

8,800

404,664

TOTAL GERMANY

4,440,320

Hong Kong - 0.4%

Techtronic Industries Co. Ltd.

154,000

207,313

India - 1.1%

Infosys Technologies Ltd.

17,386

618,998

Common Stocks - continued

Shares

Value

Italy - 2.6%

Fiat Spa (a)

44,200

$ 625,508

Unicredito Italiano Spa

102,100

785,765

TOTAL ITALY

1,411,273

Japan - 12.3%

Aeon Co. Ltd.

14,000

326,646

Daiwa Securities Group, Inc.

43,600

487,149

Fanuc Ltd.

5,500

458,613

Hoya Corp.

22,100

772,970

Murata Manufacturing Co. Ltd.

4,000

264,457

Nikko Cordial Corp.

36,500

435,198

Nintendo Co. Ltd.

3,100

578,901

Nitto Denko Corp.

3,800

276,092

ORIX Corp.

2,540

665,739

Sumitomo Electric Industries Ltd.

33,900

444,411

Sumitomo Mitsui Financial Group, Inc.

87

925,774

T&D Holdings, Inc.

7,050

560,188

Yahoo! Japan Corp.

1,428

604,082

TOTAL JAPAN

6,800,220

Korea (South) - 3.3%

Daegu Bank Co. Ltd.

25,300

456,918

Kookmin Bank sponsored ADR

4,800

413,952

Samsung Electronics Co. Ltd.

1,490

948,458

TOTAL KOREA (SOUTH)

1,819,328

Netherlands - 1.5%

Chicago Bridge & Iron Co. NV (NY Shares)

5,000

121,300

Koninklijke Numico NV

15,000

719,659

TOTAL NETHERLANDS

840,959

Netherlands Antilles - 1.8%

Schlumberger Ltd. (NY Shares)

14,500

969,325

Norway - 0.6%

Norsk Hydro ASA

12,000

346,800

Spain - 0.8%

Inditex SA

9,700

421,394

Sweden - 0.8%

Atlas Copco AB (A Shares)

16,900

420,900

Common Stocks - continued

Shares

Value

Switzerland - 4.6%

Roche Holding AG (participation certificate)

10,112

$ 1,799,478

UBS AG (Reg.)

13,526

735,814

TOTAL SWITZERLAND

2,535,292

Taiwan - 1.2%

Advanced Semiconductor Engineering, Inc.

790,000

692,390

United Kingdom - 1.8%

Benfield Group PLC

44,600

300,351

Reckitt Benckiser PLC

18,000

722,263

TOTAL UNITED KINGDOM

1,022,614

United States of America - 37.1%

American International Group, Inc.

31,320

1,900,183

AT&T, Inc.

24,300

728,757

Baxter International, Inc.

40,600

1,705,200

Best Buy Co., Inc.

10,100

457,934

Cephalon, Inc. (a)

6,300

414,162

Eastman Kodak Co.

25,700

571,825

Electronic Arts, Inc. (a)

15,800

744,338

Fannie Mae

8,700

416,817

First Data Corp.

10,900

445,265

Fluor Corp.

1,300

114,179

Genentech, Inc. (a)

18,840

1,522,649

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

3,200

1,237,120

Halliburton Co.

24,000

800,640

Harman International Industries, Inc.

14,300

1,146,860

Honeywell International, Inc.

44,500

1,722,150

KLA-Tencor Corp.

20,640

870,802

National Oilwell Varco, Inc. (a)

12,170

815,877

NIKE, Inc. Class B

7,900

624,100

Peabody Energy Corp.

15,700

783,430

Sprint Nextel Corp.

70,175

1,389,465

Synthes, Inc.

8,123

937,282

UAL Corp. (a)

11,811

308,740

UnitedHealth Group, Inc.

15,820

756,671

TOTAL UNITED STATES OF AMERICA

20,414,446

TOTAL COMMON STOCKS

(Cost $49,891,729)

51,135,088

Money Market Funds - 3.2%

Shares

Value

Fidelity Cash Central Fund, 5.3% (b)
(Cost $1,747,681)

1,747,681

$ 1,747,681

TOTAL INVESTMENT PORTFOLIO - 96.1%

(Cost $51,639,410)

52,882,769

NET OTHER ASSETS - 3.9%

2,173,874

NET ASSETS - 100%

$ 55,056,643

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 100,153

Fidelity Securities Lending Cash Central Fund

2,637

Total

$ 102,790

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $51,724,116. Net unrealized appreciation aggregated $1,158,653, of which $3,577,768 related to appreciated investment securities and $2,419,115 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 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 ® Advisor International
Capital Appreciation Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

1.804862.102

AICAP-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.0%

Shares

Value

Australia - 1.0%

BHP Billiton Ltd. sponsored ADR (d)

106,700

$ 4,502,740

Austria - 1.5%

OMV AG (d)

116,300

7,133,650

Canada - 4.1%

Canadian Natural Resources Ltd.

192,300

10,213,176

Talisman Energy, Inc.

514,400

8,741,527

TOTAL CANADA

18,954,703

Finland - 0.6%

Metso Corp. sponsored ADR

76,900

2,782,242

France - 17.6%

Accor SA

48,200

2,843,223

AXA SA

260,666

8,964,305

BNP Paribas SA

91,600

8,915,801

Compagnie Generale de Geophysique SA (a)

38,100

6,584,650

Neopost SA

67,473

7,347,411

Nexity

72,600

4,158,265

Pernod Ricard SA

47,271

9,842,203

Renault SA

48,904

5,344,097

Sanofi-Aventis sponsored ADR

132,800

6,293,392

Schneider Electric SA

50,700

5,213,312

Societe Generale Series A

70,100

10,458,533

Total SA Series B

93,528

6,381,415

TOTAL FRANCE

82,346,607

Germany - 10.5%

Allianz AG (Reg.)

49,600

7,802,080

Deutsche Postbank AG

58,200

4,256,066

E.ON AG

106,100

12,786,111

Heidelberger Druckmaschinen AG

179,900

7,420,089

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

61,500

8,470,804

Pfleiderer AG

213,650

5,048,758

Techem AG

68,700

3,159,142

TOTAL GERMANY

48,943,050

Hong Kong - 0.4%

Techtronic Industries Co. Ltd.

1,281,000

1,724,464

India - 1.4%

Infosys Technologies Ltd.

189,694

6,753,718

Italy - 4.4%

Banca Intesa Spa

802,400

4,640,954

Common Stocks - continued

Shares

Value

Italy - continued

Fiat Spa (a)(d)

590,600

$ 8,358,030

Unicredito Italiano Spa

996,800

7,671,406

TOTAL ITALY

20,670,390

Japan - 19.9%

Aeon Co. Ltd.

329,300

7,683,188

Credit Saison Co. Ltd.

128,400

5,566,053

Daiwa Securities Group, Inc.

336,000

3,754,174

Fanuc Ltd.

53,200

4,436,040

Hoya Corp.

157,400

5,505,225

Mitsui Fudosan Co. Ltd.

221,000

4,693,720

Nikko Cordial Corp.

572,000

6,820,096

Nintendo Co. Ltd.

33,700

6,293,214

Nitto Denko Corp.

115,200

8,369,961

ORIX Corp.

35,940

9,419,948

Shin-Etsu Chemical Co. Ltd.

100,900

5,843,663

Sony Corp. (d)

98,600

4,534,614

Sumitomo Electric Industries Ltd.

381,300

4,998,638

Sumitomo Mitsui Financial Group, Inc.

1,062

11,300,829

T&D Holdings, Inc.

46,400

3,686,908

TOTAL JAPAN

92,906,271

Korea (South) - 4.6%

Daegu Bank Co. Ltd.

193,820

3,500,387

Kookmin Bank sponsored ADR

54,200

4,674,208

Samsung Electronics Co. Ltd.

17,030

10,840,434

Shinsegae Co. Ltd.

4,819

2,381,373

TOTAL KOREA (SOUTH)

21,396,402

Netherlands - 4.6%

ING Groep NV (Certificaten Van Aandelen)

206,500

8,363,251

Koninklijke Numico NV

140,900

6,759,997

Koninklijke Philips Electronics NV (NY Shares)

190,500

6,273,165

TOTAL NETHERLANDS

21,396,413

Norway - 1.9%

Norsk Hydro ASA

238,360

6,888,604

Renewable Energy Corp. AS

157,000

2,110,866

TOTAL NORWAY

8,999,470

South Africa - 0.5%

Nedbank Group Ltd.

134,100

2,123,433

Common Stocks - continued

Shares

Value

Spain - 0.4%

Inditex SA

44,300

$ 1,924,510

Sweden - 1.2%

Atlas Copco AB (A Shares)

223,100

5,556,373

Switzerland - 10.5%

Novartis AG (Reg.)

190,635

10,717,499

Roche Holding AG (participation certificate)

102,654

18,267,765

Syngenta AG sponsored ADR

246,500

7,086,875

UBS AG (NY Shares)

240,900

13,104,960

TOTAL SWITZERLAND

49,177,099

Taiwan - 1.3%

Advanced Semiconductor Engineering, Inc.

7,079,000

6,204,339

Turkey - 0.8%

Finansbank AS

930,263

3,602,781

United Kingdom - 3.0%

Benfield Group PLC

415,900

2,800,804

HSBC Holdings PLC (Hong Kong) (Reg.)

272,800

4,962,778

Reckitt Benckiser PLC

150,200

6,026,882

TOTAL UNITED KINGDOM

13,790,464

United States of America - 4.8%

Halliburton Co.

219,900

7,335,864

NTL, Inc.

240,550

5,496,568

Synthes, Inc.

84,940

9,800,902

TOTAL UNITED STATES OF AMERICA

22,633,334

TOTAL COMMON STOCKS

(Cost $398,580,859)

443,522,453

Money Market Funds - 8.1%

Shares

Value

Fidelity Cash Central Fund, 5.3% (b)

25,133,671

$ 25,133,671

Fidelity Securities Lending Cash Central Fund, 5.32% (b)(c)

12,620,700

12,620,700

TOTAL MONEY MARKET FUNDS

(Cost $37,754,371)

37,754,371

TOTAL INVESTMENT PORTFOLIO - 103.1%

(Cost $436,335,230)

481,276,824

NET OTHER ASSETS - (3.1)%

(14,645,187)

NET ASSETS - 100%

$ 466,631,637

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 the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 622,897

Fidelity Securities Lending Cash Central Fund

554,472

Total

$ 1,177,369

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $436,758,134. Net unrealized appreciation aggregated $44,518,690, of which $56,329,551 related to appreciated investment securities and $11,810,861 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 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 ® Advisor Japan Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

1.804864.102

AJAF-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%

Shares

Value

CONSUMER DISCRETIONARY - 23.4%

Auto Components - 3.5%

Musashi Seimitsu Industry Co. Ltd.

37,500

$ 806,258

Nippon Seiki Co. Ltd.

11,000

218,753

Stanley Electric Co. Ltd.

187,700

3,986,476

Toyoda Gosei Co. Ltd.

27,600

577,758

5,589,245

Automobiles - 5.3%

Nissan Motor Co. Ltd.

234,100

2,522,428

Toyota Motor Corp.

102,700

5,403,047

Yachiyo Industry Co. Ltd.

22,000

514,261

8,439,736

Distributors - 0.6%

Ohashi Technica, Inc.

89,600

938,592

Diversified Consumer Services - 0.4%

Take & Give Needs Co. Ltd.

545

556,171

Hotels, Restaurants & Leisure - 1.8%

Aeon Fantasy Co. Ltd.

41,100

1,530,720

Kyoritsu Maintenance Co. Ltd.

17,900

538,639

St. Marc Holdings Co. Ltd.

13,100

851,243

2,920,602

Household Durables - 3.7%

Daiwa House Industry Co. Ltd.

78,000

1,270,859

Haseko Corp. (a)

21,000

71,435

Joint Corp.

29,100

791,906

Matsushita Electric Industrial Co. Ltd.

39,000

808,860

Sony Corp.

24,200

1,112,958

Token Corp.

27,800

1,951,941

6,007,959

Internet & Catalog Retail - 0.4%

Rakuten, Inc.

1,351

642,211

Leisure Equipment & Products - 0.4%

Aruze Corp.

37,200

694,357

Media - 2.3%

Bandai Visual Co. Ltd.

205

729,525

cyber communications, Inc. (d)

120

202,006

CyberAgent, Inc. (d)

278

327,344

Fuji Television Network, Inc.

404

842,181

Opt, Inc. (a)

186

588,905

Oricon, Inc.

179

131,147

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Media - continued

S.M. Entertainment Co. Ltd.

65,925

$ 526,627

Usen Corp. (d)

28,360

281,992

3,629,727

Multiline Retail - 0.4%

Daiei, Inc. (a)

33,200

611,007

Specialty Retail - 4.0%

Alpen Co. Ltd.

24,500

771,435

EDION Corp.

60,000

1,125,164

Fujitsu Business Systems Ltd.

49,600

783,909

Jeans Mate Corp.

78,900

891,195

Kahma Co. Ltd. (d)

25,400

590,414

Mac House Co. Ltd.

16,300

349,032

Tsutsumi Jewelry Co. Ltd.

18,100

664,640

Workman Co. Ltd.

29,700

1,049,150

6,224,939

Textiles, Apparel & Luxury Goods - 0.6%

Asics Corp.

100,000

988,225

TOTAL CONSUMER DISCRETIONARY

37,242,771

CONSUMER STAPLES - 8.9%

Beverages - 1.4%

Oenon Holdings, Inc.

335,000

1,291,496

Takara Holdings, Inc. (d)

158,000

884,745

2,176,241

Food & Staples Retailing - 3.7%

Aeon Co. Ltd.

35,800

835,281

Create SD Co. Ltd.

800

12,246

Daikokutenbussan Co. Ltd.

47,200

1,053,921

Itochushokuhin Co. Ltd.

26,800

986,446

Kura Corp. Ltd.

150

408,199

UNY Co. Ltd.

52,000

747,004

Valor Co. Ltd.

94,600

1,679,119

5,722,216

Food Products - 0.9%

Mitsui Sugar Co. Ltd.

151,000

501,797

Nissin Food Products Co. Ltd.

25,600

937,811

1,439,608

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Household Products - 0.5%

Uni-Charm Corp.

15,600

$ 864,021

Personal Products - 1.2%

Kobayashi Pharmaceutical Co. Ltd.

16,900

697,226

Mandom Corp. (d)

52,400

1,288,862

1,986,088

Tobacco - 1.2%

Japan Tobacco, Inc.

495

1,895,377

TOTAL CONSUMER STAPLES

14,083,551

ENERGY - 1.4%

Oil, Gas & Consumable Fuels - 1.4%

AOC Holdings, Inc.

40,200

785,416

Inpex Holdings, Inc.

149

1,403,576

2,188,992

FINANCIALS - 22.8%

Capital Markets - 1.0%

Daiwa Securities Group, Inc.

87,000

972,063

Japan Asia Investment Co. Ltd.

106,000

612,979

1,585,042

Commercial Banks - 9.6%

Kansai Urban Banking Corp.

182,000

717,523

Mizuho Financial Group, Inc.

706

5,930,031

Sumitomo Mitsui Financial Group, Inc.

632

6,725,160

The Keiyo Bank Ltd.

96,000

543,428

Tokyo Tomin Bank Ltd.

32,100

1,416,712

15,332,854

Consumer Finance - 3.8%

Aiful Corp.

18,800

737,898

Credit Saison Co. Ltd.

25,600

1,109,743

ORIX Corp.

10,020

2,626,263

SFCG Co. Ltd.

3,870

677,123

Takefuji Corp.

17,890

876,945

6,027,972

Insurance - 2.7%

Sompo Japan Insurance, Inc.

145,000

1,959,049

T&D Holdings, Inc.

29,350

2,332,128

4,291,177

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - 1.2%

Japan Excellent, Inc.

101

$ 519,756

Japan Logistics Fund, Inc.

193

1,427,510

1,947,266

Real Estate Management & Development - 4.5%

Aeon Mall Co. Ltd.

16,100

707,754

Keihanshin Real Estate Co. Ltd.

118,000

793,528

Leopalace21 Corp.

38,900

1,360,567

Mitsubishi Estate Co. Ltd.

79,000

1,636,502

NTT Urban Development Co.

106

798,814

Tachihi Enterprise Co. Ltd.

15,100

632,185

Urban Corp.

68,600

762,887

Yasuragi Co. Ltd.

25,700

407,972

7,100,209

TOTAL FINANCIALS

36,284,520

HEALTH CARE - 4.5%

Health Care Equipment & Supplies - 2.1%

Hogy Medical Co.

15,700

713,450

Miraca Holdings, Inc.

37,700

1,025,940

Sysmex Corp.

15,200

697,357

Terumo Corp.

25,700

928,024

3,364,771

Life Sciences Tools & Services - 0.3%

Shin Nippon Biomedical Laboratories Ltd.

40,000

470,999

Pharmaceuticals - 2.1%

Daiichi Sankyo Co. Ltd.

53,700

1,475,403

Takeda Pharamaceutical Co. Ltd.

29,000

1,871,784

3,347,187

TOTAL HEALTH CARE

7,182,957

INDUSTRIALS - 12.2%

Commercial Services & Supplies - 1.1%

ARRK Corp.

59,000

1,168,164

The Goodwill Group, Inc. (d)

1,053

643,832

1,811,996

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Construction & Engineering - 1.2%

Commuture Corp.

117,000

$ 1,117,444

Toenec Corp.

190,000

793,807

1,911,251

Electrical Equipment - 1.8%

Fujikura Ltd.

95,000

1,184,082

Furukawa Electric Co. Ltd.

80,000

517,052

Sumitomo Electric Industries Ltd.

98,400

1,289,971

2,991,105

Machinery - 2.3%

Aida Engineering Ltd.

125,000

840,602

Kato Works Co. Ltd.

41,000

160,925

Nabtesco Corp.

60,000

686,611

Nittoku Engineering Co. Ltd.

51,000

393,676

Organo Corp.

92,000

772,752

Sasakura Engineering Co. Ltd.

79,000

916,441

3,771,007

Marine - 1.1%

Iino Kaiun Kaisha Ltd.

147,000

1,123,175

Kawasaki Kisen Kaisha Ltd. (d)

116,000

672,830

1,796,005

Road & Rail - 2.2%

East Japan Railway Co.

200

1,488,007

Hamakyorex Co. Ltd.

68,700

2,031,339

3,519,346

Trading Companies & Distributors - 2.0%

Mitsui & Co. Ltd.

127,000

1,935,185

Sumitomo Corp.

91,000

1,289,001

3,224,186

Transportation Infrastructure - 0.5%

The Sumitomo Warehouse Co. Ltd.

115,000

768,338

TOTAL INDUSTRIALS

19,793,234

INFORMATION TECHNOLOGY - 18.7%

Computers & Peripherals - 0.7%

Fujitsu Ltd.

137,000

1,062,303

Electronic Equipment & Instruments - 8.6%

Hamamatsu Photonics KK (d)

27,400

929,664

Horiba Ltd.

32,000

965,722

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - continued

Meiko Electronics Co. Ltd.

17,400

$ 787,667

Nidec Corp.

12,300

873,284

Nidec Sankyo Corp.

57,000

670,676

Nippon Electric Glass Co. Ltd.

139,000

3,103,707

Omron Corp.

59,400

1,494,714

Optoelectronics Co. Ltd.

20,000

348,888

Osaki Electric Co. Ltd.

86,000

857,375

Seikoh Giken Co. Ltd.

5,200

161,012

SFA Engineering Corp.

16,000

531,016

Shizuki Electric Co., Inc.

80,000

348,888

Sunx Ltd.

46,500

1,050,458

Yaskawa Electric Corp.

68,000

787,056

Yokogawa Electric Corp.

53,700

715,219

13,625,346

Internet Software & Services - 2.2%

Access Co. Ltd. (a)(d)

304

1,752,673

Dip Corp.

118

101,996

eAccess Ltd. (d)

1,297

806,595

Telewave, Inc.

316

851,670

3,512,934

IT Services - 0.2%

Saison Information Systems Co. Ltd.

26,700

321,611

Office Electronics - 2.9%

Canon Fintech, Inc.

28,100

509,795

Canon, Inc.

61,200

2,940,864

Konica Minolta Holdings, Inc.

103,000

1,312,543

4,763,202

Semiconductors & Semiconductor Equipment - 0.7%

Axell Corp.

132

483,559

Phoenix PDE Co. Ltd.

151,880

659,898

1,143,457

Software - 3.4%

Nintendo Co. Ltd.

24,000

4,481,814

Trend Micro, Inc.

29,000

951,068

5,432,882

TOTAL INFORMATION TECHNOLOGY

29,861,735

Common Stocks - continued

Shares

Value

MATERIALS - 7.3%

Chemicals - 6.9%

Ise Chemical Corp.

127,000

$ 1,406,803

JSR Corp.

51,400

1,210,467

Kuraray Co. Ltd.

74,500

821,352

Lintec Corp.

55,100

1,379,302

Nippon Soda Co. Ltd.

140,000

619,102

Nissan Chemical Industries Co. Ltd.

60,000

755,691

Nitto Denko Corp.

14,300

1,038,980

Showa Denko KK

204,000

832,726

The Nippon Synthetic Chemical Industry Co. Ltd.

168,000

578,805

Tohcello Co. Ltd.

86,000

1,049,403

Tokai Carbon Co. Ltd.

69,000

384,570

Ube Industries Ltd.

274,000

700,236

10,777,437

Metals & Mining - 0.4%

Hitachi Metals Ltd.

52,000

484,850

Sanyo Special Steel Co. Ltd.

28,000

219,799

704,649

TOTAL MATERIALS

11,482,086

TELECOMMUNICATION SERVICES - 0.7%

Wireless Telecommunication Services - 0.7%

NTT DoCoMo, Inc.

787

1,144,298

TOTAL COMMON STOCKS

(Cost $154,605,890)

159,264,144

Money Market Funds - 4.3%

Fidelity Cash Central Fund, 5.3% (b)

582,962

582,962

Fidelity Securities Lending Cash Central Fund, 5.32% (b)(c)

6,241,388

6,241,388

TOTAL MONEY MARKET FUNDS

(Cost $6,824,350)

6,824,350

TOTAL INVESTMENT PORTFOLIO - 104.2%

(Cost $161,430,240)

166,088,494

NET OTHER ASSETS - (4.2)%

(6,681,520)

NET ASSETS - 100%

$ 159,406,974

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 the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 75,838

Fidelity Securities Lending Cash Central Fund

167,782

Total

$ 243,620

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $161,586,403. Net unrealized appreciation aggregated $4,502,091, of which $18,654,023 related to appreciated investment securities and $14,151,932 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 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 ® Advisor Korea Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

1.804850.102

AKOR-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%

Shares

Value

CONSUMER DISCRETIONARY - 7.6%

Automobiles - 2.6%

Hyundai Motor Co.

21,100

$ 1,614,835

Diversified Consumer Services - 1.0%

YBM Sisa.com, Inc.

30,142

640,614

Household Durables - 2.5%

LG Electronics, Inc.

21,440

1,257,017

Woongjin Coway Co. Ltd.

14,470

324,198

1,581,215

Multiline Retail - 0.7%

Hyundai Department Store Co. Ltd.

5,748

417,642

Textiles, Apparel & Luxury Goods - 0.8%

Cheil Industries, Inc.

12,950

475,889

TOTAL CONSUMER DISCRETIONARY

4,730,195

CONSUMER STAPLES - 4.6%

Food & Staples Retailing - 2.7%

Shinsegae Co. Ltd.

3,346

1,653,470

Household Products - 1.9%

LG Household & Health Care Ltd.

15,310

1,181,330

TOTAL CONSUMER STAPLES

2,834,800

ENERGY - 4.2%

Oil, Gas & Consumable Fuels - 4.2%

SK Corp.

37,500

2,626,551

FINANCIALS - 21.9%

Commercial Banks - 16.6%

Industrial Bank of Korea

39,550

708,062

Kookmin Bank

49,390

4,312,544

Shinhan Financial Group Co. Ltd.

41,382

2,036,281

Woori Finance Holdings Co. Ltd.

158,500

3,235,879

10,292,766

Diversified Financial Services - 1.2%

Macquarie Korea Infrastructure Fund

115,400

785,322

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - 4.1%

Korean Reinsurance Co.

103,437

$ 1,191,234

Samsung Fire & Marine Insurance Co. Ltd.

9,940

1,342,470

2,533,704

TOTAL FINANCIALS

13,611,792

HEALTH CARE - 0.5%

Pharmaceuticals - 0.5%

Hanmi Pharm Co. Ltd.

2,901

291,269

INDUSTRIALS - 26.0%

Airlines - 0.5%

Korean Air Lines Co. Ltd.

9,610

319,445

Construction & Engineering - 10.2%

Doosan Heavy Industries & Construction Co. Ltd.

29,260

1,096,695

Hyundai Engineering & Construction Co. Ltd. (a)

23,960

1,189,032

Kyeryong Construction Industrial Co. Ltd.

41,690

1,405,453

Samsung Engineering Co. Ltd.

43,560

2,013,479

Shinsegae Engineering & Construction Co. Ltd.

15,350

613,904

6,318,563

Electrical Equipment - 1.0%

LS Industrial Systems Ltd.

18,350

630,142

Industrial Conglomerates - 3.8%

Orion Corp.

6,550

1,645,815

Samsung Techwin Co. Ltd.

21,320

708,695

2,354,510

Machinery - 10.0%

Doosan Infracore Co. Ltd.

75,070

1,230,012

Hyundai Heavy Industries Co. Ltd.

8,220

972,476

Hyundai Mipo Dockyard Co. Ltd.

23,240

2,184,947

Taewoong Co. Ltd.

77,296

1,784,408

6,171,843

Trading Companies & Distributors - 0.5%

Daewoo International Corp.

8,300

339,334

TOTAL INDUSTRIALS

16,133,837

INFORMATION TECHNOLOGY - 21.5%

Electronic Equipment & Instruments - 6.1%

LG.Philips LCD Co. Ltd. (a)

57,980

2,042,639

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - continued

Samsung Electro-Mechanics Co. Ltd. (a)

13,320

$ 474,145

SFA Engineering Corp.

37,450

1,242,910

3,759,694

Internet Software & Services - 2.5%

NHN Corp. (a)

14,061

1,563,397

Semiconductors & Semiconductor Equipment - 12.9%

Hynix Semiconductor, Inc. (a)

40,590

1,381,118

Samsung Electronics Co. Ltd.

10,404

6,622,655

8,003,773

TOTAL INFORMATION TECHNOLOGY

13,326,864

MATERIALS - 3.4%

Metals & Mining - 3.4%

POSCO

8,530

2,080,815

TELECOMMUNICATION SERVICES - 6.6%

Diversified Telecommunication Services - 0.9%

Dacom Corp.

29,650

568,073

Wireless Telecommunication Services - 5.7%

LG Telecom Ltd. (a)

173,121

1,875,938

SK Telecom Co. Ltd.

8,030

1,668,801

3,544,739

TOTAL TELECOMMUNICATION SERVICES

4,112,812

UTILITIES - 1.0%

Electric Utilities - 1.0%

Korea Electric Power Corp.

15,810

592,575

TOTAL COMMON STOCKS

(Cost $50,834,100)

60,341,510

Money Market Funds - 2.7%

Shares

Value

Fidelity Cash Central Fund, 5.3% (b)
(Cost $1,695,875)

1,695,875

$ 1,695,875

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $52,529,975)

62,037,385

NET OTHER ASSETS - 0.0%

(10,211)

NET ASSETS - 100%

$ 62,027,174

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 41,594

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $52,844,158. Net unrealized appreciation aggregated $9,193,227, of which $11,253,186 related to appreciated investment securities and $2,059,959 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 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 ® Advisor
Latin America Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

1.804865.102

ALAF-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%

Shares

Value

Brazil - 55.8%

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

16,700,000

$ 417,692

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

26,004

1,299,680

Arcelor Brasil SA

3,784

60,579

Banco Bradesco SA:

(PN)

56,128

1,882,546

(PN) sponsored ADR (non-vtg.)

117,300

3,933,069

Banco Itau Holding Financeira SA:

(PN) (non-vtg.)

106,890

3,282,874

sponsored ADR (non-vtg.)

71,700

2,212,662

Banco Nossa Caixa SA

33,200

702,161

Companhia de Bebidas das Americas (AmBev):

(PN) sponsored ADR

37,600

1,513,400

sponsored ADR

2,860

101,244

Companhia de Saneamento de Minas Minas Gerais

39,000

310,386

Companhia Siderurgica Nacional SA (CSN) sponsored ADR

57,200

1,849,276

Companhia Vale do Rio Doce:

(PN-A)

17,700

353,593

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

153,400

3,052,660

sponsored ADR

161,900

3,756,080

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

181,397

374,470

Cosan SA Industria E Comercio

10,300

666,777

CSU Cardsystem SA sponsored ADR (c)

2,667

42,562

Diagnosticos Da America SA (a)

29,000

490,000

Duratex SA (PN)

75,900

750,276

Embraer - Empresa Brasileira de Aeronautica SA
sponsored ADR

25,600

883,968

Embratel Participacoes SA sponsored ADR

63,700

986,713

Energias do Brasil SA

25,600

290,604

Gafisa SA (a)

52,400

530,264

Gerdau SA

10,700

136,665

Gerdau SA sponsored ADR

60,252

938,124

Klabin SA (PN) (non-vtg.)

204,900

454,077

Lojas Renner SA

16,600

946,772

Natura Cosmeticos SA

41,100

459,186

Perdigao SA (ON)

34,400

419,917

Petroleo Brasileiro SA Petrobras:

(ON)

8,300

190,614

(PN) (non-vtg.)

113,600

2,347,733

(PN) sponsored ADR (non-vtg.)

64,200

5,318,328

sponsored ADR

62,900

5,779,252

Submarino SA

54,300

1,021,090

Common Stocks - continued

Shares

Value

Brazil - continued

TAM SA:

(PN) (ltd.-vtg.)

83,300

$ 2,251,972

(PN) sponsored ADR (ltd. vtg.)

22,200

598,290

Totvs SA

37,600

549,738

Tractebel Energia SA

69,300

544,841

Uniao de Bancos Brasileiros SA (Unibanco):

unit

16,600

115,246

GDR

69,400

4,814,278

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

61,900

2,134,483

Vivo Participacoes SA (PN) sponsored ADR

149,700

377,244

Votorantim Celulose e Papel SA:

(PN) (non-vtg.)

3,980

61,484

sponsored ADR (non-vtg.)

144,950

2,259,771

TOTAL BRAZIL

61,462,641

Canada - 0.8%

Gerdau AmeriSteel Corp.

91,000

895,042

Cayman Islands - 0.7%

Apex Silver Mines Ltd. (a)

50,900

743,649

Chile - 6.0%

Compania Acero del Pacifico SA

134,761

1,719,557

Compania de Telecomunicaciones de Chile SA sponsored ADR

32,200

217,350

Compania Sudamericana de Vapores

214,848

246,335

Empresa Nacional de Electricidad SA sponsored ADR

29,800

826,652

Enersis SA sponsored ADR

56,925

672,854

Inversiones Aguas Metropolitanas SA ADR (c)

49,600

1,064,102

Lan Airlines SA sponsored ADR

53,100

1,691,766

Vina Concha y Toro SA sponsored ADR

6,385

172,587

TOTAL CHILE

6,611,203

Mexico - 32.0%

Alsea SA de CV

115,300

455,583

America Movil SA de CV Series L sponsored ADR

305,700

10,937,945

AXTEL SA de CV unit

92,953

190,808

Cemex SA de CV sponsored ADR

224,834

6,367,299

Corporacion Geo SA de CV Series B (a)

315,400

1,246,810

Fomento Economico Mexicano SA de CV sponsored ADR

37,421

3,285,564

Gruma SA de CV Series B

151,700

456,581

Grupo Aeroportuario del Pacifico SA de CV sponsored ADR

45,300

1,355,829

Grupo Mexico SA de CV Series B

451,564

1,460,446

Grupo Televisa SA de CV

62,800

232,270

Common Stocks - continued

Shares

Value

Mexico - continued

Grupo Televisa SA de CV (CPO) sponsored ADR

146,556

$ 2,714,217

Industrias Penoles SA de CV

92,500

741,367

Sare Holding SA de CV Series B (a)

306,600

311,327

Telefonos de Mexico SA de CV Series L sponsored ADR

45,902

1,075,943

Urbi, Desarrollos Urbanos, SA de CV (a)

329,400

854,980

Wal-Mart de Mexico SA de CV Series V

1,154,490

3,573,747

TOTAL MEXICO

35,260,716

Panama - 0.4%

Copa Holdings SA Class A

20,200

460,560

TOTAL COMMON STOCKS

(Cost $80,831,334)

105,433,811

Money Market Funds - 3.5%

Fidelity Cash Central Fund, 5.3% (b)
(Cost $3,917,338)

3,917,338

3,917,338

TOTAL INVESTMENT PORTFOLIO - 99.2%

(Cost $84,748,672)

109,351,149

NET OTHER ASSETS - 0.8%

838,939

NET ASSETS - 100%

$ 110,190,088

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) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $1,106,664 or 1.0% of net assets.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 127,022

Fidelity Securities Lending Cash Central Fund

29,634

Total

$ 156,656

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $86,009,989. Net unrealized appreciation aggregated $23,341,160, of which $27,259,163 related to appreciated investment securities and $3,918,003 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 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 ® Advisor Overseas Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

1.804851.102

OS-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.7%

Shares

Value (000s)

Australia - 2.8%

Aristocrat Leisure Ltd. (d)

389,500

$ 3,599

BHP Billiton Ltd.

265,500

5,602

Computershare Ltd.

691,500

4,165

Macquarie Bank Ltd.

64,200

3,043

National Australia Bank Ltd.

398,200

10,896

Rio Tinto Ltd.

30,300

1,726

Silex Systems Ltd. (a)

460,500

1,362

TOTAL AUSTRALIA

30,393

Austria - 0.5%

OMV AG

85,800

5,263

Belgium - 0.6%

InBev SA

76,100

3,995

KBC Groupe SA

20,500

2,234

TOTAL BELGIUM

6,229

Brazil - 0.2%

Lojas Renner SA

32,600

1,859

Canada - 0.4%

Cameco Corp.

73,700

2,937

Talisman Energy, Inc.

106,800

1,815

TOTAL CANADA

4,752

China - 0.1%

Global Bio-Chem Technology Group Co. Ltd.

3,106,000

1,043

Denmark - 0.3%

Novozymes AS Series B

41,900

2,783

Finland - 1.3%

Neste Oil Oyj

106,200

3,663

Nokia Corp.

554,500

11,007

TOTAL FINLAND

14,670

France - 13.0%

Alcatel SA sponsored ADR (a)

17,200

194

Alstom SA (a)

97,300

8,445

Arkema (a)

4,949

192

AXA SA

144,873

4,982

BNP Paribas SA

74,581

7,259

Cap Gemini SA

130,400

7,006

Carrefour SA

224,300

13,985

Clarins SA

20,200

1,445

Common Stocks - continued

Shares

Value (000s)

France - continued

CNP Assurances

40,600

$ 3,866

Electricite de France

30,900

1,592

Financiere Marc de Lacharriere SA (Fimalac) (d)

41,600

3,119

Groupe Danone

47,300

6,253

Ingenico SA

272,400

6,138

L'Air Liquide SA

41,040

8,283

L'Oreal SA

67,134

6,727

Louis Vuitton Moet Hennessy (LVMH)

38,000

3,818

Neopost SA

33,600

3,659

Publicis Groupe SA

71,700

2,687

Remy Cointreau SA (d)

38,900

1,950

Renault SA

54,200

5,923

Sanofi-Aventis sponsored ADR

218,000

10,331

Societe Generale Series A

7,400

1,104

Suez SA (France)

146,700

6,083

Total SA Series B

183,788

12,540

Vallourec SA (d)

9,240

2,009

Veolia Environnement

99,100

5,382

Vinci SA

31,900

3,241

Vivendi Universal SA sponsored ADR

81,300

2,745

TOTAL FRANCE

140,958

Germany - 10.5%

Aareal Bank AG (a)

63,730

2,465

ADVA AG Optical Networking (a)

262,969

2,214

Allianz AG (Reg.)

53,000

8,337

Bayer AG

172,500

8,492

Bayerische Motoren Werke AG (BMW)

38,000

1,961

Beiersdorf AG

101,500

5,347

Commerzbank AG

119,900

4,203

Deutsche Postbank AG (d)

43,300

3,166

Deutz AG (a)

393,500

3,317

E.ON AG

123,179

14,844

ESCADA AG (a)

139,388

3,899

GFK AG

62,893

2,209

Heidelberger Druckmaschinen AG

143,000

5,898

Hugo Boss AG

90,300

3,816

Hypo Real Estate Holding AG

72,500

4,032

Merck KGaA

12,100

1,104

Metro AG

67,700

3,861

MPC Muenchmeyer Petersen Capital AG

19,200

1,391

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

15,700

2,162

Common Stocks - continued

Shares

Value (000s)

Germany - continued

Q-Cells AG

17,000

$ 1,217

RWE AG

87,000

7,642

SAP AG sponsored ADR

46,700

2,131

SGL Carbon AG (a)

241,400

4,446

Siemens AG sponsored ADR

105,200

8,493

Techem AG

25,600

1,177

Thielert AG

51,300

1,592

Wincor Nixdorf AG

37,000

4,881

TOTAL GERMANY

114,297

Hong Kong - 0.1%

Dynasty Fine Wines Group Ltd.

4,444,000

1,613

India - 0.3%

Infosys Technologies Ltd.

49,860

1,775

Satyam Computer Services Ltd.

94,449

1,532

TOTAL INDIA

3,307

Ireland - 1.4%

Allied Irish Banks PLC

336,600

8,085

Irish Life & Permanent PLC

259,600

5,985

Kerry Group PLC Class A

72,600

1,465

TOTAL IRELAND

15,535

Israel - 0.9%

Bank Hapoalim BM (Reg.)

886,297

3,963

ECI Telecom Ltd. (a)

450,200

3,016

ECtel Ltd. (a)

8,628

37

Mizrahi Tefahot Bank Ltd. (a)

238,100

1,396

Vizrt Ltd. (a)

110,900

1,240

TOTAL ISRAEL

9,652

Italy - 3.6%

Azimut Holdings Spa

211,200

2,153

Banca Intesa Spa

910,100

5,264

Banche Popolari Unite SCpA

181,200

4,874

ENI Spa

354,691

10,885

FASTWEB Spa

45,600

1,764

Lottomatica Spa

56,000

2,081

Common Stocks - continued

Shares

Value (000s)

Italy - continued

Pirelli & C. Real Estate Spa

31,800

$ 1,785

Unicredito Italiano Spa

1,296,600

9,979

TOTAL ITALY

38,785

Japan - 17.4%

Aeon Co. Ltd.

331,200

7,728

Aeon Fantasy Co. Ltd.

34,800

1,296

Aiful Corp.

16,800

659

Credit Saison Co. Ltd.

120,200

5,211

Daiichi Sankyo Co. Ltd.

108,200

2,973

Daiki Co. Ltd.

68,700

715

Daiwa Securities Group, Inc.

378,700

4,231

Fuji Television Network, Inc.

1,430

2,981

Fujitsu Ltd.

642,000

4,978

Homac Corp.

65,700

966

Honeys Co. Ltd. (d)

37,200

1,927

Hoya Corp.

73,000

2,553

JAFCO Co. Ltd. (d)

50,000

2,682

Kahma Co. Ltd. (d)

40,400

939

KOEI Co. Ltd. (d)

95,000

1,621

Konami Corp.

70,400

1,713

Kose Corp.

105,800

3,562

Marui Co. Ltd.

113,900

1,620

Matsushita Electric Industrial Co. Ltd.

112,000

2,323

Matsushita Electric Industrial Co. Ltd. ADR

42,100

873

Millea Holdings, Inc.

210

4,066

Mitsubishi Estate Co. Ltd.

260,000

5,386

Mitsubishi UFJ Financial Group, Inc.

612

8,537

Mitsui Fudosan Co. Ltd.

56,000

1,189

Mitsui Trust Holdings, Inc.

700

8

Mizuho Financial Group, Inc.

1,527

12,826

Nafco Co. Ltd.

66,400

1,940

Nintendo Co. Ltd.

55,800

10,420

Nishimatsuya Chain Co. Ltd.

90,000

1,715

Nissan Motor Co. Ltd. (d)

306,100

3,298

Nitto Denko Corp.

72,700

5,282

NSK Ltd.

457,000

3,504

OMC Card, Inc. (d)

137,400

1,303

Organo Corp.

116,000

974

ORIX Corp.

22,020

5,771

Point, Inc. (d)

35,500

1,790

Rakuten, Inc.

3,712

1,765

Common Stocks - continued

Shares

Value (000s)

Japan - continued

SBI E*TRADE Securities Co. Ltd. (d)

902

$ 1,204

Sompo Japan Insurance, Inc.

184,700

2,495

Sony Corp. sponsored ADR

70,700

3,251

St. Marc Holdings Co. Ltd.

20,000

1,300

Stanley Electric Co. Ltd.

129,100

2,742

Sumitomo Mitsui Financial Group, Inc.

956

10,173

Sumitomo Trust & Banking Co. Ltd.

475,400

5,046

T&D Holdings, Inc.

125,050

9,936

Takashimaya Co. Ltd.

321,000

3,867

Tokuyama Corp.

174,000

2,311

Toyota Motor Corp.

321,700

16,925

USS Co. Ltd.

64,480

4,286

Xebio Co. Ltd.

64,500

2,053

Yamada Denki Co. Ltd.

16,700

1,624

TOTAL JAPAN

188,538

Korea (South) - 0.2%

Samsung Electronics Co. Ltd.

3,221

2,050

Luxembourg - 0.3%

Gemplus International SA

418,100

748

SES Global unit

213,304

2,888

TOTAL LUXEMBOURG

3,636

Netherlands - 3.1%

ABN-AMRO Holding NV (d)

255,500

7,085

Heineken NV (Bearer)

69,700

3,277

ING Groep NV (Certificaten Van Aandelen)

122,346

4,955

Koninklijke KPN NV

364,200

4,136

Koninklijke Numico NV

92,600

4,443

Koninklijke Philips Electronics NV (NY Shares)

139,700

4,600

Royal DSM NV

118,400

4,628

TOTAL NETHERLANDS

33,124

Norway - 1.5%

Acta Holding ASA

259,900

950

DnB NOR ASA

567,700

7,195

Statoil ASA

162,000

4,804

TANDBERG ASA

310,800

2,904

TOTAL NORWAY

15,853

Singapore - 0.0%

Singapore Exchange Ltd.

106,000

248

Common Stocks - continued

Shares

Value (000s)

South Africa - 0.5%

Nedbank Group Ltd.

222,090

$ 3,517

Sasol Ltd. sponsored ADR

44,100

1,616

TOTAL SOUTH AFRICA

5,133

Spain - 2.1%

Banco Bilbao Vizcaya Argentaria SA

402,300

8,581

Banco Pastor SA

152,800

1,995

Banco Santander Central Hispano SA sponsored ADR

234,100

3,523

Gestevision Telecinco SA

1,700

41

Telefonica SA

528,948

8,934

TOTAL SPAIN

23,074

Sweden - 0.7%

Gant Co. AB

1,800

46

Modern Times Group AB (MTG) (B Shares)

83,150

4,124

Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR

96,800

3,047

TOTAL SWEDEN

7,217

Switzerland - 8.4%

ABB Ltd. (Reg.)

623,021

8,049

Compagnie Financiere Richemont unit

81,071

3,656

Credit Suisse Group (Reg.)

48,117

2,690

Nestle SA (Reg.)

36,489

11,956

Nobel Biocare Holding AG (Switzerland)

18,458

4,372

Novartis AG (Reg.)

329,931

18,549

Roche Holding AG (participation certificate)

111,745

19,886

Schindler Holding AG (Reg.)

45,214

2,447

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

6,384

5,893

Swiss Reinsurance Co. (Reg.)

37,535

2,699

UBS AG (Reg.)

205,494

11,179

TOTAL SWITZERLAND

91,376

Thailand - 0.3%

Bangkok Bank Ltd. PCL (For. Reg.)

1,323,600

3,706

United Kingdom - 21.8%

Amvescap PLC

318,500

3,088

Anglo American PLC (United Kingdom)

124,900

5,215

AstraZeneca PLC (United Kingdom)

181,500

11,077

BAE Systems PLC

781,000

5,212

Barclays PLC

255,100

3,017

Benfield Group PLC

673,500

4,536

BG Group PLC

646,400

8,694

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

BHP Billiton PLC

365,602

$ 6,925

BP PLC

2,436,708

29,461

British Land Co. PLC

210,300

5,370

Cable & Wireless PLC

1,068,000

2,294

Corin Group PLC

84,400

359

Diageo PLC

467,400

8,217

Eircom Group PLC

660,800

1,844

Gallaher Group PLC

162,900

2,700

GlaxoSmithKline PLC

635,100

17,570

GlaxoSmithKline PLC sponsored ADR

7,500

415

Gyrus Group PLC (a)

425,700

2,672

HBOS PLC

124,600

2,268

HSBC Holdings PLC:

(Hong Kong) (Reg.)

362,800

6,600

(United Kingdom) (Reg.)

845,867

15,388

Informa PLC

345,800

2,816

Jardine Lloyd Thompson Group PLC

283,500

1,957

Ladbrokes PLC

223,476

1,612

Lloyds TSB Group PLC

117,100

1,179

M&C Saatchi

591,000

1,154

Man Group PLC

160,497

7,357

Marks & Spencer Group PLC

446,600

4,976

Mothercare PLC

305,693

1,930

New Star Asset Management Ltd.

211,800

1,412

Prudential PLC

765,600

8,045

Reckitt Benckiser PLC

32,000

1,284

Reed Elsevier PLC

893,600

8,914

Reuters Group PLC

1,355,200

9,949

Reuters Group PLC sponsored ADR

12,800

563

Rio Tinto PLC (Reg.)

97,018

5,067

Royal Bank of Scotland Group PLC

168,900

5,496

Royal Dutch Shell PLC:

Class A sponsored ADR

169,100

11,972

Class B

99,000

3,656

Tesco PLC

157,600

1,058

Vodafone Group PLC

3,444,769

7,468

WPP Group PLC

365,700

4,328

Xstrata PLC

37,700

1,618

TOTAL UNITED KINGDOM

236,733

United States of America - 1.4%

Estee Lauder Companies, Inc. Class A

146,300

5,460

Common Stocks - continued

Shares

Value (000s)

United States of America - continued

Hexcel Corp. (a)

149,400

$ 2,147

NTL, Inc.

142,200

3,249

Synthes, Inc.

34,040

3,928

TOTAL UNITED STATES OF AMERICA

14,784

TOTAL COMMON STOCKS

(Cost $907,676)

1,016,611

Money Market Funds - 12.5%

Fidelity Cash Central Fund, 5.3% (b)

105,166,019

105,166

Fidelity Securities Lending Cash Central Fund, 5.32% (b)(c)

30,742,604

30,743

TOTAL MONEY MARKET FUNDS

(Cost $135,909)

135,909

TOTAL INVESTMENT PORTFOLIO - 106.2%

(Cost $1,043,585)

1,152,520

NET OTHER ASSETS - (6.2)%

(67,733)

NET ASSETS - 100%

$ 1,084,787

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 the affiliated Central funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 1,266

Fidelity Securities Lending Cash Central Fund

907

Total

$ 2,173

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,046,096,000. Net unrealized appreciation aggregated $106,424,000, of which $140,498,000 related to appreciated investment securities and $34,074,000 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. Investments in open-end mutual 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 ® Advisor Value Leaders Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

1.804852.102

AVLF-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%

Shares

Value

CONSUMER DISCRETIONARY - 9.3%

Auto Components - 0.1%

Tenneco, Inc. (a)

1,400

$ 32,522

Automobiles - 0.4%

General Motors Corp. (d)

4,600

148,258

Hyundai Motor Co.

480

36,736

Renault SA

200

21,855

206,849

Diversified Consumer Services - 0.3%

Apollo Group, Inc. Class A (a)

1,600

75,712

Service Corp. International (SCI)

7,600

57,076

132,788

Hotels, Restaurants & Leisure - 0.6%

Gaylord Entertainment Co. (a)

2,000

76,440

McDonald's Corp.

6,700

237,113

313,553

Household Durables - 0.7%

Sony Corp. sponsored ADR

5,800

266,742

Whirlpool Corp.

1,100

84,909

351,651

Internet & Catalog Retail - 0.2%

Coldwater Creek, Inc. (a)

3,650

72,745

Expedia, Inc. (a)

1,650

22,110

94,855

Leisure Equipment & Products - 0.9%

Eastman Kodak Co.

18,500

411,625

Media - 2.7%

CBS Corp. Class B

1,967

53,955

Clear Channel Communications, Inc.

3,920

113,484

Clear Channel Outdoor Holding, Inc. Class A

2,100

43,092

Comcast Corp. Class A (a)

7,200

247,536

Lamar Advertising Co. Class A (a)

1,164

57,083

Live Nation, Inc. (a)

2,100

44,016

News Corp. Class A

8,376

161,154

Sun TV Ltd.

16

399

The Walt Disney Co.

13,400

397,846

Univision Communications, Inc. Class A (a)

3,400

113,560

Viacom, Inc. Class B (non-vtg.) (a)

1,567

54,610

1,286,735

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Multiline Retail - 1.3%

99 Cents Only Stores (a)

3,900

$ 40,365

Family Dollar Stores, Inc.

3,200

72,704

Federated Department Stores, Inc.

6,600

231,726

Kohl's Corp. (a)

3,200

181,216

Lotte Shopping Co. Ltd. GDR (e)

3,000

51,481

Saks, Inc.

3,900

62,946

640,438

Specialty Retail - 1.8%

Best Buy Co., Inc.

5,050

228,967

Casual Male Retail Group, Inc. (a)

2,500

27,875

Circuit City Stores, Inc.

2,400

58,800

Eddie Bauer Holdings, Inc. (a)

1,400

18,200

Gymboree Corp. (a)

2,000

67,040

Home Depot, Inc.

7,350

255,119

OfficeMax, Inc.

600

24,666

Staples, Inc.

4,600

99,452

TJX Companies, Inc.

2,700

65,799

845,918

Textiles, Apparel & Luxury Goods - 0.3%

Deckers Outdoor Corp. (a)

2,450

104,468

VF Corp.

700

47,474

151,942

TOTAL CONSUMER DISCRETIONARY

4,468,876

CONSUMER STAPLES - 6.4%

Beverages - 0.6%

Diageo PLC sponsored ADR

1,000

70,320

The Coca-Cola Co.

5,300

235,850

306,170

Food & Staples Retailing - 1.8%

Carrefour SA

600

37,408

CVS Corp.

4,050

132,516

Kroger Co.

18,800

431,084

Safeway, Inc.

4,350

122,148

Wal-Mart Stores, Inc.

3,600

160,200

883,356

Food Products - 0.5%

McCormick & Co., Inc. (non-vtg.)

3,100

108,686

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food Products - continued

Nestle SA (Reg.)

249

$ 81,590

Tyson Foods, Inc. Class A

3,100

43,865

234,141

Household Products - 1.4%

Colgate-Palmolive Co.

11,500

682,180

Personal Products - 1.0%

Alberto-Culver Co.

1,000

48,740

Avon Products, Inc.

15,400

446,446

495,186

Tobacco - 1.1%

Altria Group, Inc.

6,330

506,210

TOTAL CONSUMER STAPLES

3,107,243

ENERGY - 12.0%

Energy Equipment & Services - 4.7%

FMC Technologies, Inc. (a)

3,500

220,570

GlobalSantaFe Corp.

2,650

145,565

Halliburton Co.

14,200

473,712

National Oilwell Varco, Inc. (a)

8,482

568,633

Noble Corp.

1,300

93,275

Pride International, Inc. (a)

7,100

212,077

Schlumberger Ltd. (NY Shares)

4,100

274,085

Smith International, Inc.

6,400

285,248

2,273,165

Oil, Gas & Consumable Fuels - 7.3%

Anadarko Petroleum Corp.

3,600

164,664

Chevron Corp.

6,250

411,125

ConocoPhillips

2,000

137,280

CONSOL Energy, Inc.

2,400

98,784

El Paso Corp.

11,000

176,000

EOG Resources, Inc.

1,700

126,055

Exxon Mobil Corp.

19,170

1,298,576

Hess Corp.

1,550

81,995

Hugoton Royalty Trust

196

6,096

Massey Energy Co.

2,600

69,472

Occidental Petroleum Corp.

1,650

177,788

OMI Corp.

3,700

81,622

Quicksilver Resources, Inc. (a)

7,050

249,288

Ultra Petroleum Corp. (a)

1,200

70,272

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Valero Energy Corp.

3,900

$ 262,977

XTO Energy, Inc.

2,300

108,077

3,520,071

TOTAL ENERGY

5,793,236

FINANCIALS - 24.0%

Capital Markets - 3.3%

Bear Stearns Companies, Inc.

500

70,935

Charles Schwab Corp.

5,600

88,928

Investors Financial Services Corp.

2,000

89,640

KKR Private Equity Investors, L.P. Restricted Depositary Units (f)

1,300

30,550

Lehman Brothers Holdings, Inc.

2,600

168,870

Merrill Lynch & Co., Inc.

1,150

83,743

Morgan Stanley

7,650

508,725

Nomura Holdings, Inc.

7,900

140,778

State Street Corp.

3,800

228,228

TradeStation Group, Inc. (a)

3,700

54,094

UBS AG (NY Shares)

2,600

141,440

1,605,931

Commercial Banks - 2.1%

Bank of China Ltd. (H Shares)

36,000

15,892

Kookmin Bank sponsored ADR

1,400

120,736

Mizuho Financial Group, Inc.

11

92,394

Standard Chartered PLC (United Kingdom)

1,900

48,057

UCBH Holdings, Inc.

5,400

90,072

Wachovia Corp.

7,009

375,893

Wells Fargo & Co.

3,800

274,892

1,017,936

Consumer Finance - 0.3%

Capital One Financial Corp.

1,900

146,965

Diversified Financial Services - 6.6%

Bank of America Corp.

21,192

1,092,024

Citigroup, Inc.

17,000

821,270

JPMorgan Chase & Co.

28,240

1,288,309

3,201,603

Insurance - 8.1%

ACE Ltd.

9,900

510,147

Allied World Assurance Holdings Ltd.

300

10,470

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

American International Group, Inc.

27,590

$ 1,673,885

Aspen Insurance Holdings Ltd.

3,300

77,880

Endurance Specialty Holdings Ltd.

1,200

36,432

Hartford Financial Services Group, Inc.

6,150

521,766

Hilb Rogal & Hobbs Co.

1,700

68,850

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

500

68,868

Navigators Group, Inc. (a)

500

21,255

PartnerRe Ltd.

4,750

295,118

Platinum Underwriters Holdings Ltd.

3,600

101,844

Scottish Re Group Ltd.

2,900

11,571

Swiss Reinsurance Co. (Reg.)

906

65,153

W.R. Berkley Corp.

8,475

305,100

XL Capital Ltd. Class A

2,400

152,880

3,921,219

Real Estate Investment Trusts - 1.5%

Annaly Mortgage Management, Inc.

2,900

37,149

Equity Lifestyle Properties, Inc.

1,000

42,970

Equity Office Properties Trust

2,600

98,566

Equity Residential (SBI)

9,300

432,543

General Growth Properties, Inc.

2,650

120,946

732,174

Thrifts & Mortgage Finance - 2.1%

Doral Financial Corp.

8,500

43,520

Fannie Mae

12,860

616,123

Freddie Mac

2,550

147,543

Golden West Financial Corp., Delaware

1,090

80,289

Hudson City Bancorp, Inc.

6,800

88,196

W Holding Co., Inc.

1,836

9,676

985,347

TOTAL FINANCIALS

11,611,175

HEALTH CARE - 11.9%

Biotechnology - 1.6%

Alkermes, Inc. (a)

700

12,012

Alnylam Pharmaceuticals, Inc. (a)

7,300

93,221

Amgen, Inc. (a)

400

27,896

Biogen Idec, Inc. (a)

2,600

109,512

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Biotechnology - continued

Cephalon, Inc. (a)

7,500

$ 493,050

ONYX Pharmaceuticals, Inc. (a)

1,000

15,710

751,401

Health Care Equipment & Supplies - 2.0%

Baxter International, Inc.

15,840

665,280

C.R. Bard, Inc.

1,300

92,261

Cooper Companies, Inc.

600

26,520

Hologic, Inc. (a)

500

22,455

Inverness Medical Innovations, Inc. (a)

2,900

86,246

Thermogenesis Corp. (a)

5,000

18,900

Varian Medical Systems, Inc. (a)

1,000

45,320

956,982

Health Care Providers & Services - 0.2%

Brookdale Senior Living, Inc.

1,100

51,150

Chemed Corp.

1,100

40,458

91,608

Health Care Technology - 0.3%

Emdeon Corp. (a)

3,900

46,917

IMS Health, Inc.

1,400

38,416

WebMD Health Corp. Class A

1,150

48,887

134,220

Life Sciences Tools & Services - 1.6%

Dionex Corp. (a)

1,200

66,420

Illumina, Inc. (a)

1,200

45,876

PerkinElmer, Inc.

2,550

45,977

Thermo Electron Corp. (a)

8,150

301,632

Varian, Inc. (a)

2,300

103,454

Waters Corp. (a)

5,750

233,910

797,269

Pharmaceuticals - 6.2%

Allergan, Inc.

500

53,925

Bristol-Myers Squibb Co.

9,600

230,112

Johnson & Johnson

3,500

218,925

Merck & Co., Inc.

19,700

793,319

Pfizer, Inc.

46,200

1,200,738

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Schering-Plough Corp.

15,490

$ 316,616

Wyeth

4,250

205,998

3,019,633

TOTAL HEALTH CARE

5,751,113

INDUSTRIALS - 14.5%

Aerospace & Defense - 6.0%

EADS NV

2,000

57,608

General Dynamics Corp.

2,400

160,848

Goodrich Corp.

3,600

145,332

Hexcel Corp. (a)

11,700

168,129

Honeywell International, Inc.

50,040

1,936,537

L-3 Communications Holdings, Inc.

1,000

73,650

Raytheon Co.

3,700

166,759

Rockwell Collins, Inc.

1,400

74,718

United Technologies Corp.

1,500

93,285

2,876,866

Air Freight & Logistics - 0.1%

EGL, Inc. (a)

1,060

46,545

Airlines - 0.7%

ACE Aviation Holdings, Inc. Class A (a)

2,000

50,795

AirTran Holdings, Inc. (a)

5,900

73,986

JetBlue Airways Corp. (a)

4,000

42,760

Southwest Airlines Co.

5,500

98,945

UAL Corp. (a)

1,800

47,052

313,538

Building Products - 0.5%

Masco Corp.

8,750

233,888

Commercial Services & Supplies - 0.6%

Allied Waste Industries, Inc.

2,300

23,368

Cintas Corp.

1,300

45,890

Robert Half International, Inc.

2,750

88,990

The Brink's Co.

2,650

145,989

304,237

Construction & Engineering - 0.9%

Chicago Bridge & Iron Co. NV (NY Shares)

2,800

67,928

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Construction & Engineering - continued

Fluor Corp.

2,750

$ 241,533

Jacobs Engineering Group, Inc. (a)

1,650

136,934

446,395

Electrical Equipment - 0.2%

ABB Ltd. sponsored ADR

7,500

96,975

Industrial Conglomerates - 4.9%

General Electric Co.

54,980

1,797,296

Smiths Group PLC

5,400

90,939

Textron, Inc.

1,500

134,865

Tyco International Ltd.

12,500

326,125

2,349,225

Machinery - 0.4%

Atlas Copco AB (A Shares)

800

19,924

Deere & Co.

1,750

126,998

Flowserve Corp. (a)

1,200

62,160

209,082

Trading Companies & Distributors - 0.1%

Interline Brands, Inc. (a)

2,900

63,220

Transportation Infrastructure - 0.1%

Grupo Aeroportuario del Pacifico SA de CV sponsored ADR

1,400

41,902

TOTAL INDUSTRIALS

6,981,873

INFORMATION TECHNOLOGY - 6.6%

Communications Equipment - 1.2%

Alcatel SA sponsored ADR (a)

6,600

74,448

Comverse Technology, Inc. (a)

1,450

28,101

Dycom Industries, Inc. (a)

4,200

75,558

Lucent Technologies, Inc. (a)

23,900

50,907

MasTec, Inc. (a)

4,300

56,201

Motorola, Inc.

2,000

45,520

Nokia Corp. sponsored ADR

8,350

165,748

Nortel Networks Corp.

36,600

71,736

568,219

Computers & Peripherals - 1.3%

Dell, Inc. (a)

6,300

136,584

Hewlett-Packard Co.

9,350

298,359

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

Imation Corp.

2,200

$ 89,584

Seagate Technology

5,100

118,320

642,847

Electronic Equipment & Instruments - 1.0%

Agilent Technologies, Inc. (a)

4,400

125,136

Jabil Circuit, Inc.

2,000

46,200

Molex, Inc.

2,500

79,300

Symbol Technologies, Inc.

13,700

151,385

Vishay Intertechnology, Inc. (a)

5,800

81,374

483,395

Internet Software & Services - 0.5%

eBay, Inc. (a)

1,750

42,123

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

550

212,630

254,753

IT Services - 0.7%

First Data Corp.

3,100

126,635

Infosys Technologies Ltd. sponsored ADR

2,300

94,507

Mastercard, Inc. Class A

1,000

45,870

Paychex, Inc.

1,600

54,688

Satyam Computer Services Ltd. sponsored ADR

500

17,625

339,325

Office Electronics - 0.1%

Zebra Technologies Corp. Class A (a)

2,200

68,970

Semiconductors & Semiconductor Equipment - 1.0%

Applied Materials, Inc.

2,900

45,646

Freescale Semiconductor, Inc. Class A (a)

4,100

117,383

Intel Corp.

3,900

70,200

Marvell Technology Group Ltd. (a)

3,200

59,360

Micron Technology, Inc. (a)

4,550

70,935

Samsung Electronics Co. Ltd.

73

46,468

Teradyne, Inc. (a)

3,900

51,246

461,238

Software - 0.8%

BEA Systems, Inc. (a)

5,969

70,076

Electronic Arts, Inc. (a)

1,000

47,110

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

NAVTEQ Corp. (a)

1,150

$ 32,407

Symantec Corp. (a)

12,800

222,336

371,929

TOTAL INFORMATION TECHNOLOGY

3,190,676

MATERIALS - 5.2%

Chemicals - 2.2%

Ashland, Inc.

900

59,859

Chemtura Corp.

6,200

53,382

Cytec Industries, Inc.

2,100

112,161

E.I. du Pont de Nemours & Co.

3,000

118,980

Ecolab, Inc.

5,050

217,504

Georgia Gulf Corp.

2,100

53,466

Lyondell Chemical Co.

3,080

68,592

NOVA Chemicals Corp.

2,700

79,645

Praxair, Inc.

3,900

213,876

Rohm & Haas Co.

1,500

69,180

1,046,645

Containers & Packaging - 0.5%

Ball Corp.

1,000

38,300

Owens-Illinois, Inc.

3,512

53,137

Packaging Corp. of America

2,900

66,497

Smurfit-Stone Container Corp.

10,727

108,557

266,491

Metals & Mining - 2.5%

Alcoa, Inc.

6,000

179,700

Aleris International, Inc. (a)

1,500

61,410

Allegheny Technologies, Inc.

1,000

63,890

Freeport-McMoRan Copper & Gold, Inc. Class B

3,200

174,592

Mittal Steel Co. NV Class A (NY Shares)

4,100

140,261

Newmont Mining Corp.

8,250

422,648

Oregon Steel Mills, Inc. (a)

3,100

143,344

1,185,845

TOTAL MATERIALS

2,498,981

TELECOMMUNICATION SERVICES - 5.0%

Diversified Telecommunication Services - 4.0%

AT&T, Inc.

44,550

1,336,055

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

Covad Communications Group, Inc. (a)

21,100

$ 33,760

TELUS Corp.

2,000

86,426

Verizon Communications, Inc.

14,450

488,699

1,944,940

Wireless Telecommunication Services - 1.0%

American Tower Corp. Class A (a)

6,000

202,800

Sprint Nextel Corp.

12,976

256,925

459,725

TOTAL TELECOMMUNICATION SERVICES

2,404,665

UTILITIES - 1.7%

Electric Utilities - 1.0%

Exelon Corp.

5,500

318,450

PPL Corp.

5,100

173,502

491,952

Independent Power Producers & Energy Traders - 0.4%

AES Corp. (a)

3,000

59,580

Mirant Corp. (a)

5,400

143,478

203,058

Multi-Utilities - 0.3%

CMS Energy Corp. (a)

10,800

151,308

TOTAL UTILITIES

846,318

TOTAL COMMON STOCKS

(Cost $41,641,537)

46,654,156

Money Market Funds - 3.9%

Shares

Value

Fidelity Cash Central Fund, 5.3% (b)

1,701,334

$ 1,701,334

Fidelity Securities Lending Cash Central Fund, 5.32% (b)(c)

151,800

151,800

TOTAL MONEY MARKET FUNDS

(Cost $1,853,134)

1,853,134

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $43,494,671)

48,507,290

NET OTHER ASSETS - (0.5)%

(219,119)

NET ASSETS - 100%

$ 48,288,171

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 period end, the value of these securities amounted to $51,481 or 0.1% 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 $30,550 or 0.1% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

KKR Private Equity Investors, L.P. Restricted Depositary Units

5/3/06

$ 32,500

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 23,594

Fidelity Securities Lending Cash Central Fund

2,349

Total

$ 25,943

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $43,639,973. Net unrealized appreciation aggregated $4,867,317, of which $6,360,533 related to appreciated investment securities and $1,493,216 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 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

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series VIII'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 Advisor Series VIII

By:

/s/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

October 9, 2006

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:

October 9, 2006

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

October 9, 2006