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:	January 31, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

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

January 31, 2007

1.813040.102

ADIF-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.0%
	Shares		Value (000s)
Australia - 1.4%
Aristocrat Leisure Ltd.	2,491,000		$ 31,161
Computershare Ltd.	8,158,500		58,029
CSL Ltd.	797,100		42,974
National Australia Bank Ltd.	2,578,500		80,991
TOTAL AUSTRALIA			213,155
Belgium - 0.2%
KBC Groupe SA	205,000		25,850
Brazil - 0.5%
Banco Nossa Caixa SA	2,613,800		59,375
Medial Saude SA	1,952,000		22,056
Uniao de Bancos Brasileiros SA (Unibanco) GDR	15,900		1,508
TOTAL BRAZIL			82,939
Canada - 0.7%
Canadian Natural Resources Ltd.	582,300		29,120
Canadian Western Bank, Edmonton	1,333,500		28,492
EnCana Corp.	500,648		24,020
OZ Optics Ltd. unit (h)	5,400		80
Talisman Energy, Inc.	1,069,700		18,847
TOTAL CANADA			100,559
Cayman Islands - 0.3%
Melco PBL Entertainment (Macau) Ltd. sponsored ADR	399,700		7,730
Semiconductor Manufacturing International Corp. (a)	263,091,000		41,785
TOTAL CAYMAN ISLANDS			49,515
Finland - 2.2%
Fortum Oyj	428,800		11,803
Neste Oil Oyj	2,048,300		62,390
Nokia Corp.	784,400		17,335
Nokia Corp. sponsored ADR	10,745,200		237,469
TOTAL FINLAND			328,997
France - 8.7%
Alcatel-Lucent SA sponsored ADR	7,622,400		99,091
Arkema sponsored ADR (a)	2,572		129
AXA SA	1,308,555		55,574
AXA SA sponsored ADR	6,538,300		277,682
BNP Paribas SA	967,400		107,867
Carrefour SA	571,900		32,946
CNP Assurances	246,900		28,270
Common Stocks - continued
	Shares		Value (000s)
France - continued
Compagnie Generale de Geophysique SA sponsored ADR (a)(d)	504,200		$ 20,022
Gaz de France (d)	1,856,400		79,821
L'Air Liquide SA	227,370		52,956
Lagardere S.C.A. (Reg.)	580,982		45,736
Neuf Cegetel (a)	1,217,511		44,194
Nexity	100,707		8,427
Orpea (a)	256,200		22,640
Pernod Ricard SA	56,440		11,556
Peugeot Citroen SA	428,606		28,183
Renault SA	187,900		23,253
Societe Generale Series A	269,355		47,569
Sodexho Alliance SA (d)	257,700		17,986
Television Francaise 1 SA	1,389,100		47,054
Total SA:
Series B	845,500		57,536
sponsored ADR	965,200		65,682
Unibail (Reg.)	105,400		26,582
Vinci SA	476,106		65,404
Vivendi Universal SA	1,445,200		59,484
TOTAL FRANCE			1,325,644
Germany - 13.5%
Aareal Bank AG (a)	1,197,059		56,822
Allianz AG sponsored ADR	16,117,870		324,455
Bayer AG	447,500		26,483
Bayer AG sponsored ADR	282,400		16,712
Beiersdorf AG	121,000		8,130
Commerzbank AG	1,240,200		52,420
Deutsche Postbank AG	598,400		51,475
Deutz AG (a)	1,730,100		26,721
E.ON AG sponsored ADR	3,618,800		164,257
GFK AG	178,956		8,453
Heidelberger Druckmaschinen AG	1,666,448		70,285
Hochtief AG	1,841,211		150,272
Hypo Real Estate Holding AG	1,468,740		96,805
Interhyp AG (a)	59,687		6,167
IWKA AG (a)(e)	1,533,923		43,963
KarstadtQuelle AG (a)(d)	2,910,900		93,824
Linde AG	314,156		33,649
MTU Aero Engines Holding AG	1,007,951		53,586
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	1,029,600		162,373
Common Stocks - continued
	Shares		Value (000s)
Germany - continued
Patrizia Immobilien AG	1,171,800		$ 32,836
Pfleiderer AG	1,468,250		46,903
Q-Cells AG (d)	932,400		48,245
RWE AG	463,961		48,376
SAP AG sponsored ADR	1,050,900		48,699
SGL Carbon AG (a)(e)	3,649,687		91,664
Siemens AG:
(Reg.) (d)	741,500		82,106
sponsored ADR	1,316,600		145,787
Wacker Chemie AG	277,100		44,567
Wincor Nixdorf AG	128,400		20,375
TOTAL GERMANY			2,056,410
Greece - 0.0%
Hellenic Exchanges Holding SA	348,800		8,056
Ireland - 0.4%
AgCert International (a)	6,054,843		11,837
Bank of Ireland	1,769,500		39,588
C&C Group PLC	918,568		13,624
TOTAL IRELAND			65,049
Israel - 0.5%
Bank Hapoalim BM (Reg.)	7,390,800		34,283
Mizrahi Tefahot Bank Ltd.	5,458,365		37,298
TOTAL ISRAEL			71,581
Italy - 2.7%
Banca Popolare Italiana-Bpl (a)	1,354,300		21,047
Banche Popolari Unite SCpA	2,795,400		79,134
Banco Popolare di Verona e Novara (d)	2,447,179		76,900
Buzzi Unicem Spa	579,600		16,430
ENI Spa sponsored ADR	282,000		18,181
Fiat Spa (a)(d)	1,606,000		34,870
Intesa Sanpaolo Spa	6,038,954		45,580
Lottomatica Spa	68,600		2,797
Mediobanca Spa	789,600		18,010
Milano Assicurazioni Spa	2,772,024		22,093
Pirelli & C. Real Estate Spa	532,100		38,733
Unicredito Italiano Spa	3,751,800		34,718
TOTAL ITALY			408,493
Common Stocks - continued
	Shares		Value (000s)
Japan - 27.6%
Aeon Co. Ltd.	3,036,800		$ 66,053
Aeon Mall Co. Ltd. (d)	660,600		37,167
Alpen Co. Ltd.	470,700		11,701
Aoyama Trading Co. Ltd.	1,633,400		49,942
Arealink Co. Ltd.	15,249		9,439
Bank of Fukuoka Ltd.	1,869,000		14,867
Bank of Nagoya Ltd.	5,162,000		31,866
Canon Fintech, Inc.	893,300		17,506
Canon, Inc. sponsored ADR	2,532,600		133,747
Chiba Bank Ltd.	3,216,000		28,966
Credit Saison Co. Ltd.	2,419,300		86,801
Daiei, Inc. (a)(d)	1,506,900		21,551
Daiichi Sankyo Co. Ltd.	697,600		19,422
Daiwa House Industry Co. Ltd.	2,166,000		36,613
Daiwa Securities Group, Inc.	19,859,000		242,879
DCM Japan Holdings Co. Ltd. (a)(d)	2,268,320		21,088
E*TRADE Securities Co. Ltd.	25,843		37,260
East Japan Railway Co.	6,136		42,556
Fujitsu Ltd.	6,858,000		51,427
Hokuhoku Financial Group, Inc.	6,024,000		22,861
Honda Motor Co. Ltd.	994,900		39,129
Isetan Co. Ltd. (a)	1,172,800		22,060
JSR Corp.	3,930,600		93,473
Juroku Bank Ltd.	7,308,000		41,238
Kansai Paint Co. Ltd. Osaka (a)	1,965,000		17,064
Kubota Corp.	2,835,000		29,857
Marui Co. Ltd.	3,753,600		46,218
Matsui Securities Co. Ltd.	906,500		8,030
Millea Holdings, Inc.	883,500		31,552
Mitsubishi Estate Co. Ltd.	4,286,000		122,523
Mitsui & Co. Ltd.	7,184,000		114,768
Mitsui Fudosan Co. Ltd.	3,348,000		86,831
Mitsui Sumitomo Insurance Co. Ltd.	3,269,000		39,060
Mizuho Financial Group, Inc.	15,344		110,613
Monex Beans Holdings, Inc. (d)	10,893		9,838
Murata Manufacturing Co. Ltd. (a)	1,772,800		125,448
Nidec Corp.	1,027,500		72,624
Nikko Cordial Corp.	1,481,200		12,911
Nintendo Co. Ltd.	210,900		62,212
Nippon Chemi-con Corp.	3,839,900		33,758
Nippon Electric Glass Co. Ltd.	3,762,800		89,795
Nishi-Nippon City Bank Ltd.	4,155,000		17,524
Common Stocks - continued
	Shares		Value (000s)
Japan - continued
Nitto Denko Corp.	30,800		$ 1,508
Nomura Holdings, Inc.	8,082,900		164,810
Nomura Holdings, Inc. sponsored ADR	4,015,900		81,884
NSK Ltd.	4,104,000		37,577
NTT DoCoMo, Inc. (a)	23,276		35,333
NTT Urban Development Co.	22,535		45,188
Okamura Corp.	3,221,000		32,428
OMC Card, Inc. (d)	6,608,200		47,364
Omron Corp.	3,324,000		89,514
ORIX Corp.	668,500		191,657
Sekisui House Ltd.	4,321,000		60,580
Seven & I Holdings Co. Ltd.	187,700		5,646
SFCG Co. Ltd.	376,930		59,998
Sompo Japan Insurance, Inc.	8,540,000		108,409
Sony Corp.	371,800		17,225
Sony Corp. sponsored ADR	2,077,400		96,246
Sumco Corp.	365,000		13,186
Sumitomo Corp.	7,190,200		111,530
Sumitomo Electric Industries Ltd.	4,612,500		70,629
Sumitomo Metal Industries Ltd.	7,994,000		33,914
Sumitomo Mitsui Financial Group, Inc.	10,162		103,569
Sumitomo Osaka Cement Co. Ltd.	8,325,000		30,628
T&D Holdings, Inc.	608,500		40,992
Taiheiyo Cement Corp.	794,000		3,592
Tokai Carbon Co. Ltd. (d)	9,268,000		70,114
Tokuyama Corp.	7,404,000		118,712
Tokyo Electron Ltd.	20,000		1,414
Tokyo Star Bank Ltd.	167		495
Tokyo Tomin Bank Ltd.	1,681,900		65,361
Toyota Industries Corp.	224,500		10,510
Toyota Motor Corp.	2,547,600		167,861
Toyota Motor Corp. sponsored ADR	585,200		77,118
Yamaguchi Financial Group, Inc. (a)	576,000		6,987
TOTAL JAPAN			4,212,217
Kazakhstan - 0.0%
JSC Halyk Bank of Kazakhstan GDR (a)(f)	255,100		6,020
Korea (South) - 0.4%
Kookmin Bank sponsored ADR	691,410		54,988
Luxembourg - 0.0%
SES SA FDR	457,337		7,838
Common Stocks - continued
	Shares		Value (000s)
Malaysia - 0.5%
Gamuda BHD	8,725,300		$ 17,697
IJM Corp. BHD	8,469,600		19,719
Public Bank BHD	8,688,500		21,966
Resorts World BHD	4,121,500		18,367
TOTAL MALAYSIA			77,749
Mexico - 0.2%
Fomento Economico Mexicano SA de CV sponsored ADR	310,400		37,270
Netherlands - 4.8%
ABN-AMRO Holding NV	1,629,300		52,366
ASM International NV (NASDAQ) (a)(d)	1,848,134		42,858
De Telegraaf Holding NV (Certificaten Van Aandelen)	897,476		23,956
Heineken NV (Bearer)	2,143,400		108,587
ING Groep NV sponsored ADR	4,097,000		180,514
Koninklijke Numico NV	431,286		22,878
Koninklijke Philips Electronics NV (NY Shares)	3,678,700		144,021
Reed Elsevier NV sponsored ADR	1,932,300		67,978
Rodamco Europe NV	214,500		28,991
Unilever NV:
(Certificaten Van Aandelen)	1,247,800		33,209
(NY Shares)	846,300		22,588
TOTAL NETHERLANDS			727,946
Netherlands Antilles - 0.1%
Schlumberger Ltd. (NY Shares)	295,600		18,768
Norway - 2.0%
Aker Kvaerner ASA	638,650		72,152
DnB Nor ASA	7,461,280		112,034
Hafslund ASA (B Shares)	300,525		6,622
Norsk Hydro ASA sponsored ADR	112,900		3,647
Odfjell ASA (B Shares)	820,200		14,261
Petroleum Geo-Services ASA (a)	911,100		21,280
Renewable Energy Corp. AS	1,952,900		46,630
Statoil ASA sponsored ADR	1,324,600		35,579
TOTAL NORWAY			312,205
Singapore - 0.9%
City Developments Ltd.	5,092,000		46,422
STATS ChipPAC Ltd. (a)	25,831,000		21,699
STATS ChipPAC Ltd. sponsored ADR (a)	7,951,600		66,475
TOTAL SINGAPORE			134,596
Common Stocks - continued
	Shares		Value (000s)
South Africa - 0.9%
Absa Group Ltd.	1,250,300		$ 22,930
African Rainbow Minerals Ltd. (a)	931,200		11,744
Barloworld Ltd.	1,278,000		32,914
Massmart Holdings Ltd.	1,391,976		14,627
Nedbank Group Ltd.	3,022,405		57,753
TOTAL SOUTH AFRICA			139,968
Spain - 3.4%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR	3,583,000		89,862
Banco Santander Central Hispano SA	8,366,590		159,098
Banco Santander Central Hispano SA sponsored ADR	3,413,300		64,409
Bolsas Y Mercados Espanoles	791,294		35,045
Grupo Ferrovial SA	441,400		44,154
Inditex SA	1,352,900		76,651
Telefonica SA sponsored ADR	653,400		43,085
TOTAL SPAIN			512,304
Sweden - 1.8%
Atlas Copco AB (B Shares)	1,710,500		56,360
Scania AB (B Shares)	443,900		31,808
Securitas Systems AB (a)	3,137,000		12,097
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	4,466,500		177,722
TOTAL SWEDEN			277,987
Switzerland - 10.7%
ABB Ltd. (Reg.)	422,058		7,466
Baloise Holdings AG (Reg.)	451,870		45,741
Converium Holding AG	2,362,050		34,374
Credit Suisse Group sponsored ADR	3,697,100		262,790
Nestle SA:
(Reg.)	563,574		206,738
sponsored ADR	1,259,600		116,387
Novartis AG sponsored ADR	1,936,232		111,701
Roche Holding AG (participation certificate)	1,689,543		317,464
Societe Generale de Surveillance Holding SA (SGS) (Reg.)	89,972		98,671
Swiss Life Holding	152,517		38,382
Swiss Reinsurance Co. (Reg.)	177,678		14,771
Syngenta AG sponsored ADR	408,800		15,154
UBS AG (NY Shares)	2,972,194		187,278
Zurich Financial Services AG (Reg.)	648,346		174,369
TOTAL SWITZERLAND			1,631,286
Common Stocks - continued
	Shares		Value (000s)
Taiwan - 1.6%
Advanced Semiconductor Engineering, Inc. (a)	72,198,692		$ 82,335
ASE Test Ltd. (a)	4,176,700		45,985
ASE Test Ltd. unit (a)	1,000,000		145
ProMOS Technologies, Inc. (a)	57,137,000		22,038
Siliconware Precision Industries Co. Ltd. sponsored ADR (d)	5,729,800		50,250
Taiwan Semiconductor Manufacturing Co. Ltd.	8,740,000		17,890
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	3,068,800		33,481
TOTAL TAIWAN			252,124
Thailand - 0.0%
Krung Thai Bank Public Co. Ltd.	4,330,800		1,508
Turkey - 0.1%
Tupras-Turkiye Petrol Rafinerileri AS	510,000		9,065
United Kingdom - 7.6%
AstraZeneca PLC (United Kingdom)	944,400		52,839
Babcock International Group PLC	1,532,900		12,371
BHP Billiton PLC	1,726,000		32,148
BP PLC sponsored ADR	33,200		2,109
Burberry Group PLC	1,816,042		23,496
Cookson Group PLC	4,619,700		54,006
Dawnay Day Treveria PLC	26,423,300		48,042
GlaxoSmithKline PLC sponsored ADR	3,141,200		170,033
HBOS plc	3,405,600		74,339
Intertek Group PLC	1,513,300		25,496
NETeller PLC (a)	3,341,600		8,666
Old Mutual plc	3,164,400		10,678
Rentokil Initial PLC	18,789,300		59,527
Rolls-Royce Group PLC	9,165,385		84,276
Serco Group PLC	9,076,548		73,918
Tesco PLC	2,669,354		21,922
Unilever PLC sponsored ADR	3,568,160		97,446
Vedanta Resources PLC	531,700		12,055
Vodafone Group PLC sponsored ADR	9,941,600		292,184
TOTAL UNITED KINGDOM			1,155,551
Common Stocks - continued
	Shares		Value (000s)
United States of America - 0.3%
Synthes, Inc.	314,336		$ 39,502
Transocean, Inc. (a)	161,300		12,480
TOTAL UNITED STATES OF AMERICA			51,982
TOTAL COMMON STOCKS (Cost $11,919,326)		14,357,620
Preferred Stocks - 0.2%

Convertible Preferred Stocks - 0.0%
Canada - 0.0%
MetroPhotonics, Inc. Series 2 (h)	8,500		0
Nonconvertible Preferred Stocks - 0.2%
Italy - 0.2%
Buzzi Unicem Spa (Risp)	1,763,100		35,618
TOTAL PREFERRED STOCKS (Cost $29,658)		35,618

Government Obligations - 0.2%
	Principal Amount (000s)
United States of America - 0.2%
U.S. Treasury Bills, yield at date of purchase 4.92% to 5.03% 2/8/07 to 4/5/07 (g) (Cost $22,461)	$ 22,585		22,463
Money Market Funds - 7.7%
	Shares
Fidelity Cash Central Fund, 5.35% (b)	827,683,371		827,683
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	349,097,984		349,098
TOTAL MONEY MARKET FUNDS (Cost $1,176,781)		1,176,781
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $13,148,226)			15,592,482
NET OTHER ASSETS - (2.1)%			(313,268)
NET ASSETS - 100%		$ 15,279,214

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
5,626 Nikkei 225 Index Contracts (Japan)	March 2007	$ 490,306	$ 29,847

The face value of futures purchased as a percentage of net assets - 3.2%

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.

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,020,000 or 0.0% of net assets.

(g) 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 $22,463,000.

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $80,000 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
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	$ 40,978	$ -	$ -	$ -	$ -
IWKA AG	31,757	-	-	-	43,963
SGL Carbon AG	79,939	-	-	-	91,664
Total	$ 152,674	$ -	$ -	$ -	$ 135,627

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 10,123
Fidelity Securities Lending Cash Central Fund	2,486
Total	$ 12,609

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $13,247,422,000. Net unrealized appreciation aggregated $2,345,060,000, of which $2,628,485,000 related to appreciated investment securities and $283,425,000 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, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

January 31, 2007

1.813062.102

AEA-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.2%
	Shares		Value
Australia - 1.0%
Babcock & Brown Japan Property Trust	161,800		$ 260,070
Babcock & Brown Ltd.	50,000		1,009,450
Dominos Pizza Australia New Zealand Ltd.	57,300		164,181
Dyno Nobel Ltd.	220,700		413,010
TOTAL AUSTRALIA			1,846,711
Bermuda - 2.5%
COFCO International Ltd.	1,000,000		1,050,272
Peace Mark Holdings Ltd.	1,310,000		1,097,329
Ports Design Ltd.	414,000		1,137,406
Sinofert Holdings Ltd.	2,740,000		1,277,438
TOTAL BERMUDA			4,562,445
Cayman Islands - 1.6%
Computime Group Ltd.	3,000,000		914,505
Himax Technologies, Inc. sponsored ADR	62,800		320,908
Hutchison China Meditech Ltd.	3		11
Kingboard Chemical Holdings Ltd.	430,500		1,772,728
Wuyi International Pharmaceutical Co. Ltd. (a)	20,000		4,611
TOTAL CAYMAN ISLANDS			3,012,763
China - 17.6%
Beijing Capital International Airport Co. Ltd. (H Shares)	1,300,000		1,205,508
China Communications Construction Co. Ltd. (H Shares)	810,000		922,305
China Construction Bank Corp. (H Shares)	4,500,000		2,651,297
China International Marine Containers Co. Ltd. (B Shares)	1,038,660		2,161,796
China Life Insurance Co. Ltd. (H Shares)	500,000		1,472,667
China Merchants Bank Co. Ltd. (H Shares) (a)	1,000,000		2,156,900
China Merchants Bank Co. Ltd. warrants (Goldman Sachs Warrant Program) 9/14/09 (a)	19,000		41,969
China Oilfield Services Ltd. (H Shares)	3,000,000		2,048,031
China Petroleum & Chemical Corp. (H Shares)	1,190,000		995,435
China Shenhua Energy Co. Ltd. (H Shares)	700,000		1,712,456
China Vanke Co. Ltd. (B Shares)	500,000		894,012
Dalian Port (PDA) Co. Ltd. (H Shares)	1,135,000		582,946
Dazhong Transport Group Co. Ltd. (B Shares)	1,755,000		1,318,005
Dongfang Electrical Machinery Co. Ltd. (H Shares)	500,000		1,332,053
Industrial & Commercial Bank of China	1,180,000		684,649
PetroChina Co. Ltd. (H Shares)	3,328,000		4,104,422
Shanghai Electric (Group) Corp. (H Shares)	3,000,000		1,456,292
Shanghai International Airport warrants:
(Citigroup Warrant Program) 1/20/10 (c)	9,819		32,002
(JPMorgan Warrant Program) 7/13/09 (a)(c)	19,000		62,544
Common Stocks - continued
	Shares		Value
China - continued
Shanghai International Airport warrants: - continued
(UBS Warrant Programme) 1/15/10 (a)	6,885		$ 22,666
Shanghai Pudong Development Bank Co. Ltd. warrants (UBS Warrant Programme) 1/15/10 (a)	232,045		746,004
Shenzhou International Group Holdings Ltd.	644,000		230,133
Sina Corp. (a)	48,900		1,749,153
Tencent Holdings Ltd.	400,000		1,554,915
Weichai Power Co. Ltd. (H Shares)	272,000		1,151,406
Weifu High-Technology Co. Ltd. (B Shares)	299,700		342,021
Yantai Changyu Pioneer Wine Co. (B Shares)	136,240		647,391
TOTAL CHINA			32,278,978
Hong Kong - 16.6%
Bank of East Asia Ltd.	410,000		2,355,235
BOC Hong Kong Holdings Ltd.	600,000		1,567,723
Cheung Kong Holdings Ltd.	230,000		3,028,370
China Everbright Ltd. (a)	600,000		575,600
China Mobile (Hong Kong) Ltd.	450,000		4,153,500
China Unicom Ltd.	600,000		813,600
CNOOC Ltd.	1,238,500		1,062,261
Dynasty Fine Wines Group Ltd.	1,346,000		584,430
Esprit Holdings Ltd.	132,500		1,343,244
Hang Lung Properties Ltd.	900,000		2,455,331
Hang Seng Bank Ltd.	100,000		1,389,689
Henderson Land Development Co. Ltd.	130,000		750,945
Hong Kong & Shanghai Hotels Ltd.	174,000		305,322
Hutchison Whampoa Ltd.	77,000		765,315
Li & Fung Ltd.	910,000		2,838,104
Sun Hung Kai Properties Ltd.	350,000		4,236,311
Vtech Holdings Ltd.	157,000		968,242
Wing Hang Bank Ltd.	100,000		1,261,607
TOTAL HONG KONG			30,454,829
India - 4.3%
Aditya Birla Nuvo Ltd.	22,352		639,273
Bharti Airtel Ltd. (a)	75,000		1,240,137
Cipla Ltd.	125,000		698,446
Educomp Solutions Ltd.	38,160		857,042
IL&FS Investsmart Ltd.	63,876		296,629
INFO Edge India Ltd.	454		7,169
IVRCL Infrastructures & Projects Ltd.	65,000		600,159
Max India Ltd. (a)	22,250		525,030
Punjab National Bank	26,984		339,951
Common Stocks - continued
	Shares		Value
India - continued
Royal Orchid Hotels Ltd.	132,311		$ 654,051
Sobha Developers Ltd. (a)	2,447		54,527
State Bank of India	60,830		1,909,562
TOTAL INDIA			7,821,976
Indonesia - 4.7%
PT Astra International Tbk	900,000		1,468,920
PT Bank Central Asia Tbk	900,000		504,478
PT Bank International Indonesia	15,353,000		379,669
PT Bank Niaga Tbk	9,648,000		954,353
PT Mitra Adiperkasa Tbk	2,913,500		281,791
PT Panin Life Tbk (a)	45,654,500		888,150
PT Panin Life Tbk warrants 7/10/09 (a)	6,218,166		47,156
PT Perusahaan Gas Negara Tbk Series B	1,800,000		1,859,643
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk	800,000		466,010
PT Telkomunikasi Indonesia Tbk Series B	1,713,500		1,779,694
TOTAL INDONESIA			8,629,864
Korea (South) - 15.6%
CDNetworks Co. Ltd. (a)	9,355		302,658
Dongbu Securities Co. Ltd.	40,000		611,605
G2R, Inc.	50,000		703,394
GwangJu Shinsegae Co. Ltd.	5,000		761,848
Hyundai Mipo Dockyard Co. Ltd.	5,680		711,203
Kookmin Bank	37,140		2,958,748
Korean Reinsurance Co.	86,000		1,129,946
LG Dacom Corp.	55,000		1,240,350
LG Household & Health Care Ltd.	12,000		1,446,628
LG.Philips LCD Co. Ltd. (a)	17,170		481,984
Meritz Securities Co. Ltd.	94,810		747,569
NHN Corp.	16,319		2,160,862
POSCO	6,840		2,404,162
Samsung Corp.	26,790		865,300
Samsung Electronics Co. Ltd.	10,317		6,388,865
Seoul Securities Co. Ltd.	514,280		755,045
Shinhan Financial Group Co. Ltd.	23,960		1,249,529
SK Corp.	10,000		767,283
SK Securities Co. Ltd.	400,000		517,014
Taewoong Co. Ltd.	50,000		1,534,769
TSM Tech Co. Ltd.	30,300		502,460
YBM Sisa.com, Inc.	22,000		411,551
TOTAL KOREA (SOUTH)			28,652,773
Common Stocks - continued
	Shares		Value
Malaysia - 2.5%
Bumiputra-Commerce Holdings BHD	600,000		$ 1,576,918
Gamuda BHD	153,200		310,733
IOI Corp. BHD	312,100		1,640,520
SP Setia BHD	600,000		1,028,425
TOTAL MALAYSIA			4,556,596
Philippines - 0.9%
Manila Water Co., Inc.	3,500,000		652,330
Philippine Long Distance Telephone Co.	18,580		1,000,827
TOTAL PHILIPPINES			1,653,157
Singapore - 6.4%
DBS Group Holdings Ltd.	52,000		744,961
F J Benjamin Holdings Ltd.	1,500,000		698,401
GigaMedia Ltd. (a)	68,000		807,160
Keppel Corp. Ltd.	95,000		1,107,349
Osim International Ltd.	1,019,000		869,267
Parkway Holdings Ltd.	685,650		1,446,623
Petra Foods Ltd.	223,000		249,770
SembCorp Marine Ltd.	530,000		1,166,542
SIA Engineering Co. Ltd.	261,000		788,617
Singapore Technologies Engineering Ltd.	600,000		1,304,985
United Overseas Bank Ltd.	175,000		2,153,811
Yanlord Land Group Ltd.	247,000		371,550
TOTAL SINGAPORE			11,709,036
Taiwan - 15.0%
Advantech Co. Ltd.	100,277		316,725
AU Optronics Corp.	875,500		1,161,945
Cathay Financial Holding Co. Ltd.	439,832		975,119
Chang Hwa Commercial Bank (a)	1,300,000		894,251
Chinatrust Financial Holding Co. Ltd.	1,920,319		1,615,478
Chinatrust Financial Holding Co. Ltd.:
warrants (UBS Warrant Programme) 2/8/07 (a)	254,240		213,738
warrants (UBS Warrant Programme) 4/30/07 (a)	672,000		564,946
Delta Electronics, Inc.	420,000		1,371,215
EVA Airways Corp.	2,117,592		919,658
Formosa International Hotel Corp.	22,261		244,864
Formosa Plastics Corp.	600,000		1,009,506
High Tech Computer Corp.	55,600		823,185
Hung Poo Real Estate Development Co. Ltd.	600,000		557,597
MediaTek, Inc.	197,000		2,147,873
Mega Financial Holding Co. Ltd.	800,000		535,731
Common Stocks - continued
	Shares		Value
Taiwan - continued
PixArt Imaging, Inc.	30,000		$ 420,931
Shin Kong Financial Holding Co. Ltd.	691,113		692,645
Shin Kong Financial Holding Co. Ltd. warrants (UBS Warrant Programme) 5/18/07 (a)	1,701,202		1,703,835
Siliconware Precision Industries Co. Ltd.	93,000		154,214
Sinyi Realty, Inc.	359,800		927,719
Taiwan Cement Corp.	1,451,168		1,242,838
Taiwan Secom Co.	404,000		693,230
Taiwan Semiconductor Manufacturing Co. Ltd.	2,404,122		4,921,123
Wistron Corp.	845,644		1,214,777
Yageo Corp. (a)	908,000		386,066
Yuanta Core Pacific Securities Co. Ltd.	2,292,294		1,733,475
TOTAL TAIWAN			27,442,684
Thailand - 2.7%
ACL Bank PCL:
NVDR (a)	982,200		117,581
(For. Reg.) (a)	1,017,800		121,843
Bumrungrad Hospital PCL (For. Reg.)	768,700		796,351
Central Pattana PCL (For. Reg.)	2,000,000		1,237,410
Home Product Center PCL (For. Reg.)	2,982,200		467,712
Land & House PCL NVDR	2,239,200		396,290
Minor International PCL:
(For. Reg.)	1,927,189		598,954
(For. Reg.) warrants 3/29/08	192,719		26,620
Robinson Department Store PCL (For. Reg.) (a)	2,500,000		791,367
Total Access Communication PCL (a)	121,000		503,360
True Corp. PCL (For. Reg.) rights 4/30/08 (a)	190,863		0
TOTAL THAILAND			5,057,488
United Kingdom - 0.8%
Standard Chartered PLC (United Kingdom)	50,000		1,434,267
TOTAL COMMON STOCKS (Cost $130,690,918)		169,113,567
Investment Companies - 0.7%

Hong Kong - 0.7%
iShares FTSE/Xinhua A50 China Tracker (Cost $1,045,947)	90,000		1,306,052
Money Market Funds - 5.7%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b) (Cost $10,425,728)	10,425,728		$ 10,425,728
TOTAL INVESTMENT PORTFOLIO - 98.6% (Cost $142,162,593)		180,845,347
NET OTHER ASSETS - 1.4%			2,623,470
NET ASSETS - 100%		$ 183,468,817

Legend

(a) Non-income producing

(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 end of the period, the value of these securities amounted to $94,546 or 0.1% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 109,878

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $142,188,270. Net unrealized appreciation aggregated $38,657,077, of which $41,860,496 related to appreciated investment securities and $3,203,419 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

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

January 31, 2007

1.813064.102

FAEM-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
Argentina - 0.8%
Banco Macro SA sponsored ADR	20,400		$ 673,200
Inversiones y Representaciones SA sponsored GDR (a)	53,400		954,258
Nortel Inversora SA (PN-B) sponsored ADR (a)	17,900		281,388
TOTAL ARGENTINA			1,908,846
Austria - 0.9%
C.A.T. oil AG Bearer	7,900		195,839
CA Immo International AG	5,000		108,830
Raiffeisen International Bank Holding AG	6,200		946,501
voestalpine AG	12,700		734,933
TOTAL AUSTRIA			1,986,103
Bermuda - 1.5%
Aquarius Platinum Ltd. (Australia)	56,000		1,437,146
Central European Media Enterprises Ltd. Class A (a)	14,100		1,223,739
ChipMOS TECHNOLOGIES Bermuda Ltd. (a)	15,500		112,220
Credicorp Ltd. (NY Shares)	5,300		223,766
Dufry South America Ltd. unit (a)	23,455		374,344
Emperor International Holding Ltd.	292,000		69,190
Sinofert Holdings Ltd.	195,200		91,006
TOTAL BERMUDA			3,531,411
Brazil - 12.7%
All America Latina Logistica SA unit	61,400		667,464
Banco Bradesco SA:
(PN)	54,700		2,222,457
(PN) sponsored ADR (non-vtg.)	14,400		585,216
Banco Itau Holding Financeira SA (PN) (non-vtg.)	15,970		592,470
Banco Nossa Caixa SA	26,000		590,617
Brascan Residential Properties SA	24,800		192,651
Companhia de Concessoes Rodoviarias	8,900		116,276
Companhia de Saneamento de Minas Gerais	56,400		631,697
Companhia Vale do Rio Doce (PN-A) sponsored ADR (non-vtg.)	143,200		4,114,136
CSU Cardsystem SA sponsored ADR (e)	3,000		51,863
Cyrela Brazil Realty SA	103,800		969,559
Duratex SA (PN)	5,200		98,465
Eternit SA	49,600		350,274
Localiza Rent a Car SA	38,200		1,160,001
Lojas Americanas SA	11,031,200		646,640
Lojas Renner SA	84,100		1,179,906
LPS Brasil Consultoria de Imoveis SA	16,000		181,540
Medial Saude SA	28,300		319,766
Common Stocks - continued
	Shares		Value
Brazil - continued
Net Servicos de Communicacao SA sponsored ADR (d)	64,666		$ 785,045
Obrascon Huarte Lain Brasil SA (a)	15,900		240,665
Petroleo Brasileiro SA Petrobras:
(PN) (non-vtg.)	247,900		5,448,069
(PN) sponsored ADR (non-vtg.)	9,800		869,260
sponsored ADR	5,900		579,852
Submarino SA	26,600		807,123
TAM SA:
(PN) (ltd.-vtg.)	22,600		732,568
(PN) sponsored ADR (ltd. vtg.)	8,800		287,144
Uniao de Bancos Brasileiros SA (Unibanco):
unit	75,500		705,219
GDR	16,600		1,574,178
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A) (non-vtg.)	29,500		1,111,779
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	56,500		1,019,825
Weg SA (PN)	14,300		105,699
TOTAL BRAZIL			28,937,424
British Virgin Islands - 0.0%
Equator Exploration Ltd. (a)	63,600		56,231
Titanium Resources Group Ltd. (a)	22,300		26,946
TOTAL BRITISH VIRGIN ISLANDS			83,177
Canada - 0.8%
Addax Petroleum, Inc.	4,400		121,163
Addax Petroleum, Inc. (a)(e)	4,700		129,424
AUR Resources, Inc.	18,300		353,215
First Quantum Minerals Ltd.	7,100		376,663
Frontera Copper Corp. (a)	71,900		274,987
SXR Uranium One, Inc. (a)	4,300		56,537
SXR Uranium One, Inc. (South Africa) (a)	46,418		603,588
TOTAL CANADA			1,915,577
Cayman Islands - 1.7%
AAC Acoustic Technology Holdings, Inc. (a)	216,000		202,513
Agile Property Holdings Ltd.	712,000		581,820
Foxconn International Holdings Ltd. (a)	305,400		913,364
Gems TV Holdings Ltd.	122,000		98,512
Lee & Man Paper Manufacturing Ltd.	404,200		957,759
Shui On Land Ltd.	247,500		208,588
Common Stocks - continued
	Shares		Value
Cayman Islands - continued
SinoCom Software Group Ltd.	726,000		$ 162,728
Trina Solar Ltd. ADR	28,700		842,919
TOTAL CAYMAN ISLANDS			3,968,203
China - 3.2%
China Coal Energy Co. Ltd. (H Shares)	295,300		223,532
China Gas Holdings Ltd.	562,000		112,292
China Petroleum & Chemical Corp. (H Shares)	2,609,100		2,182,512
China Shenhua Energy Co. Ltd. (H Shares)	508,500		1,243,977
China Telecom Corp. Ltd. (H Shares)	1,142,000		553,299
First Tractor Co. Ltd. (H Shares) (a)	514,500		211,533
Guangzhou R&F Properties Co. Ltd. (H Shares)	200,000		386,295
Home Inns & Hotels Management, Inc. ADR	200		8,948
Industrial & Commercial Bank of China	846,000		490,859
Maanshan Iron & Steel Co. Ltd. (H Shares)	192,000		122,467
Parkson Retail Group Ltd.	64,500		363,084
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	179,500		866,750
Shandong Weigao Group Medical Polymer Co. Ltd.	116,000		150,952
Yantai Changyu Pioneer Wine Co. (B Shares)	54,990		261,304
TOTAL CHINA			7,177,804
Colombia - 0.3%
BanColombia SA Sponsored ADR	19,400		577,150
Cyprus - 0.5%
Bank of Cyprus Public Co. Ltd.	7,300		111,129
Mirland Development Corp. PLC	36,200		391,182
Urals Energy Public Co. Ltd. (a)	29,600		210,818
XXI Century Investments Public Ltd. (a)	30,500		464,418
TOTAL CYPRUS			1,177,547
Czech Republic - 0.8%
Ceske Energeticke Zavody AS	41,600		1,774,047
Egypt - 1.6%
Commercial International Bank Ltd. sponsored GDR	59,700		555,210
Eastern Tobacco Co.	8,000		449,359
Orascom Construction Industries SAE:
GDR	6,544		595,504
GDR (e)	400		36,400
Orascom Hotels & Development (OHD) (a)	77,336		537,022
Orascom Telecom Holding SAE GDR	20,670		1,426,230
TOTAL EGYPT			3,599,725
Common Stocks - continued
	Shares		Value
Estonia - 0.0%
Tallinna Vesi AS	900		$ 21,595
Finland - 0.1%
YIT-Yhtyma OY	7,100		189,795
Georgia - 0.2%
Bank of Georgia:
ADR (a)	5,000		130,000
unit (a)	12,300		319,800
TOTAL GEORGIA			449,800
Hong Kong - 4.2%
Chaoda Modern Agriculture (Holdings) Ltd.	1,113,500		787,258
China Grand Frstry Resources Group Ltd. (a)	764,000		117,426
China Mobile (Hong Kong) Ltd.	522,200		4,819,906
China Resources Power Holdings Co. Ltd.	529,700		830,423
CNOOC Ltd.	1,279,800		1,097,684
CNOOC Ltd. sponsored ADR	4,700		403,119
Hopson Development Holdings Ltd.	298,100		710,171
Kerry Properties Ltd.	134,000		628,165
REXCAPITAL Financial Holdings Ltd. (a)	3,075,000		204,803
TOTAL HONG KONG			9,598,955
Hungary - 0.4%
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)	4,324		445,744
Richter Gedeon Ltd.	2,400		482,142
TOTAL HUNGARY			927,886
India - 4.5%
Bharat Forge Ltd.	47,239		358,472
Bharat Heavy Electricals Ltd.	10,709		612,986
Bharti Airtel Ltd. (a)	91,875		1,519,168
Federal Bank Ltd.	14,399		81,484
Federal Bank Ltd.:
GDR	11,701		67,866
GDR (a)(e)	9,000		52,200
Gujarat Ambuja Cement Ltd.	103,259		321,630
HCL Technologies Ltd.	39,963		587,931
Indian Overseas Bank	155,500		423,427
INFO Edge India Ltd.	307		4,848
Jaiprakash Associates Ltd.	39,794		630,944
Larsen & Toubro Ltd.	16,710		602,364
Nagarjuna Construction Co. Ltd.	67,788		322,639
Pantaloon Retail India Ltd.	45,454		502,562
Common Stocks - continued
	Shares		Value
India - continued
Parsvnath Developers Ltd.	692		$ 6,236
Rolta India Ltd.	101,081		738,387
Rolta India Ltd. sponsored GDR (e)	8,800		64,680
Satyam Computer Services Ltd.	74,658		800,185
Sintex Industries Ltd.	30,858		149,425
State Bank of India	27,749		871,091
Suzlon Energy Ltd.	12,383		320,994
UTI Bank Ltd.	33,200		402,648
Wipro Ltd.	59,867		832,882
TOTAL INDIA			10,275,049
Indonesia - 2.0%
PT Aneka Tambang Tbk	853,000		731,262
PT Bakrie & Brothers Tbk (a)	22,837,500		431,724
PT Bank Mandiri Persero Tbk	1,823,500		516,074
PT Bank Niaga Tbk	4,860,500		480,787
PT Bank Rakyat Indonesia Tbk	984,500		573,483
PT Medco Energi International Tbk	1,326,000		499,153
PT Perusahaan Gas Negara Tbk Series B	956,700		988,400
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk	474,500		276,402
TOTAL INDONESIA			4,497,285
Ireland - 0.1%
Dragon Oil plc (a)	52,700		186,376
Israel - 1.6%
Africa Israel Investments Ltd.	2,600		205,979
Bank Hapoalim BM (Reg.)	256,728		1,190,854
Israel Chemicals Ltd.	166,500		1,027,285
Ituran Location & Control Ltd.	8,800		129,360
Orckit Communications Ltd. (a)	30,500		299,053
Ormat Industries Ltd.	29,900		359,253
Orpak Systems Ltd.	19,400		70,134
RADWARE Ltd. (a)	19,500		252,525
TOTAL ISRAEL			3,534,443
Kazakhstan - 0.5%
JSC Halyk Bank of Kazakhstan GDR (a)(e)	19,900		469,640
Kazkommertsbank JSC:
ADR (a)	16,100		359,030
unit (a)	12,804		285,529
TOTAL KAZAKHSTAN			1,114,199
Common Stocks - continued
	Shares		Value
Korea (South) - 13.8%
Celrun Co. Ltd. (a)	38,560		$ 267,176
Daegu Bank Co. Ltd.	43,220		715,943
Daewoo Shipbuilding & Marine Engineering Co. Ltd.	30,710		894,806
Hanjin Heavy Industries & Construction Co. Ltd.	25,040		772,933
Hite Brewery Co. Ltd.	2,500		314,737
Honam Petrochemical Corp.	8,200		663,082
Hynix Semiconductor, Inc. (a)	18,820		630,750
Hyundai Department Store Co. Ltd.	7,263		577,865
Hyundai Engineering & Construction Co. Ltd. (a)	11,600		598,416
Hyundai Mipo Dockyard Co. Ltd.	2,141		268,079
Hyundai Motor Co.	2,900		207,529
Industrial Bank of Korea	44,850		831,155
Kookmin Bank	2,690		214,298
Korea Zinc Co. Ltd.	4,530		403,153
Korean Air Lines Co. Ltd.	16,361		587,772
Kyeryong Construction Industrial Co. Ltd.	17,170		690,466
LG Engineering & Construction Co. Ltd.	14,410		1,199,897
LG Household & Health Care Ltd.	8,540		1,029,517
Macquarie Korea Infrastructure Fund GDR	83,400		600,480
MegaStudy Co. Ltd.	5,699		788,115
NHN Corp.	10,858		1,437,750
ON*Media Corp.	11,880		95,393
POSCO	7,480		2,629,113
Samsung Electronics Co. Ltd.	13,952		8,639,846
Samsung Heavy Industries Ltd.	49,590		1,099,163
Shinhan Financial Group Co. Ltd.	34,100		1,778,336
SK Corp.	23,320		1,789,303
Taewoong Co. Ltd.	14,182		435,322
Woong Jin.Com Co. Ltd.	20,170		344,423
Woori Finance Holdings Co. Ltd.	34,530		810,926
YBM Sisa.com, Inc.	6,731		125,916
TOTAL KOREA (SOUTH)			31,441,660
Lebanon - 0.1%
Solidere GDR	14,600		244,550
Luxembourg - 0.9%
Evraz Group SA:
GDR (e)	2,800		77,868
GDR	16,600		461,646
Tenaris SA sponsored ADR (d)	31,700		1,504,799
TOTAL LUXEMBOURG			2,044,313
Common Stocks - continued
	Shares		Value
Malaysia - 0.5%
Genting BHD	59,400		$ 644,822
Lion Diversified Holdings BHD	191,700		336,796
Steppe Cement Ltd. (a)	40,000		191,760
TOTAL MALAYSIA			1,173,378
Mexico - 6.8%
America Movil SA de CV Series L sponsored ADR	146,300		6,489,868
Cemex SA de CV sponsored ADR	53,352		1,887,594
Fomento Economico Mexicano SA de CV sponsored ADR	15,500		1,861,085
Grupo Aeroportuario Norte Sab de CV ADR	19,700		477,922
Grupo Famsa SA de CV Series A	99,800		452,839
Grupo Financiero Banorte SA de CV Series O	58,000		230,704
Grupo Mexico SA de CV Series B	182,716		750,693
Urbi, Desarrollos Urbanos, SA de CV (a)	369,500		1,316,291
Wal-Mart de Mexico SA de CV Series V	469,604		2,083,867
TOTAL MEXICO			15,550,863
Netherlands - 0.3%
Plaza Centers NV	46,400		182,329
X5 Retail Group NV unit (a)	16,700		455,075
TOTAL NETHERLANDS			637,404
Oman - 0.4%
BankMuscat SAOG sponsored:
GDR (e)	6,875		88,344
GDR	55,700		715,745
TOTAL OMAN			804,089
Pakistan - 0.3%
MCB Bank Ltd. (a)	19,300		94,696
MCB Bank Ltd. unit (e)	9,900		190,080
Oil & Gas Development Co. Ltd.:
ADR (a)(e)	8,700		175,131
unit (a)(e)	14,200		285,846
TOTAL PAKISTAN			745,753
Panama - 0.3%
Copa Holdings SA Class A	12,500		700,625
Philippines - 0.8%
Ayala Corp.	25,900		334,194
Jollibee Food Corp.	110,900		96,534
Philippine Long Distance Telephone Co.	16,530		890,402
PNOC Energy Development Corp. (a)	652,000		64,766
Common Stocks - continued
	Shares		Value
Philippines - continued
Robinsons Land Corp.	688,000		$ 228,981
SM Investments Corp.	36,040		273,114
TOTAL PHILIPPINES			1,887,991
Poland - 0.3%
Globe Trade Centre SA (a)	35,200		587,597
Romania - 0.1%
Banca Transilvania SA	223,169		91,389
SNP Petrom SA	766,500		177,478
TOTAL ROMANIA			268,867
Russia - 12.3%
Aeroflot - Russian Airlines (Reg. S) GDR	600		169,207
JSC Chelyabinsk Zinc Plant (a)	1,600		248,000
JSC MMC 'Norilsk Nickel' sponsored ADR	16,400		2,771,600
Lukoil Oil Co. sponsored ADR	53,238		4,317,602
Mobile TeleSystems OJSC sponsored ADR	21,300		1,153,608
Novatek JSC:
GDR	10,900		588,600
GDR (e)	9,700		523,800
Novolipetsk Iron & Steel Corp.	92,700		227,115
Novolipetsk Iron & Steel Corp. sponsored GDR (e)	38,000		937,080
OAO Gazprom sponsored ADR	189,585		8,199,551
OAO TatNeft unit	9,950		861,670
OAO TMK (a)	80,500		700,350
OAO TMK unit	13,000		456,300
Pharmacy Chain 36.6 Jsc (a)	2,000		119,000
RBC Information Systems Jsc (a)	16,300		187,450
Sberbank (Savings Bank of the Russian Federation)	419		1,382,700
Sberbank (Savings Bank of the Russian Federation) GDR	4,300		1,462,750
Sistema JSFC sponsored:
GDR (e)	16,500		499,950
GDR	9,400		284,820
Sistema-Hals JSC	1,500		382,500
Vimpel Communications sponsored ADR (a)	26,500		2,263,895
VSMPO-Avisma Corp.	1,000		295,000
TOTAL RUSSIA			28,032,548
Singapore - 0.4%
Keppel Corp. Ltd.	38,600		449,933
Common Stocks - continued
	Shares		Value
Singapore - continued
Olam International Ltd.	151,000		$ 193,710
Sino-Environment Technology Group Ltd.	93,000		190,161
TOTAL SINGAPORE			833,804
South Africa - 8.5%
African Bank Investments Ltd.	152,747		613,357
Aveng Ltd.	137,888		737,936
Bidvest Group Ltd.	67,600		1,263,639
Ellerine Holdings Ltd.	39,217		411,664
FirstRand Ltd.	572,673		1,823,799
Gold Fields Ltd.	23,700		400,293
Illovo Sugar Ltd.	44,000		114,295
Impala Platinum Holdings Ltd.	96,364		2,769,364
JD Group Ltd.	57,100		691,810
Lewis Group Ltd.	73,722		643,102
MTN Group Ltd.	258,100		3,098,487
Naspers Ltd. Class N sponsored ADR	37,906		947,650
Nedbank Group Ltd.	41,600		794,904
Network Healthcare Holdings Ltd.	192,100		388,349
Sasol Ltd.	82,470		2,802,861
Steinhoff International Holdings Ltd.	182,900		630,602
Telkom SA Ltd.	10,500		234,106
Truworths International Ltd.	195,300		929,987
TOTAL SOUTH AFRICA			19,296,205
Taiwan - 6.7%
Advanced Semiconductor Engineering, Inc. (a)	572,000		652,310
Chipbond Technology Corp.	154,671		157,832
Delta Electronics, Inc.	360,550		1,177,123
Foxconn Technology Co. Ltd.	58,700		700,613
High Tech Computer Corp.	45,640		675,722
Hon Hai Precision Industry Co. Ltd. (Foxconn)	533,012		3,642,230
Inotera Memories, Inc. (a)	181,000		199,816
Motech Industries, Inc.	15,444		221,386
Phoenix Precision Technology Corp.	405,451		415,585
Powertech Technology, Inc.	178,250		741,648
Shin Kong Financial Holding Co. Ltd.	813,000		814,802
Siliconware Precision Industries Co. Ltd.	994,800		1,649,591
Taiwan Chi Cheng Enterprise Co. Ltd.	96,000		368,816
Taiwan Semiconductor Manufacturing Co. Ltd.	1,819,509		3,724,448
TOTAL TAIWAN			15,141,922
Common Stocks - continued
	Shares		Value
Thailand - 1.3%
Bangkok Dusit Medical Service PCL (For. Reg.)	200,000		$ 200,000
Bumrungrad Hospital PCL (For. Reg.)	236,100		244,593
Charoen Pokphand Foods PCL (For. Reg.)	3,359,400		446,631
Minor International PCL (For. Reg.)	1,692,104		525,891
Padaeng Industry PCL unit (a)	143,800		142,765
PTT Public Co. Ltd. (For. Reg.)	109,100		624,774
Robinson Department Store PCL (For. Reg.) (a)	491,300		155,519
Thai Oil PCL (For. Reg.)	357,900		592,209
TOTAL THAILAND			2,932,382
Turkey - 2.7%
Acibadem Saglik Hizmetleri AS	50,900		528,361
Anadolu Efes Biracilk Ve Malt Sanyii AS	20,800		680,270
Asya Katilim Bankasi AS	165,000		762,531
Dogan Yayin Holding AS (a)	122,112		429,758
Dogus Otomotiv Servis ve Ticaret AS	78,700		400,075
Enka Insaat ve Sanayi AS	126,627		1,341,445
Tupras-Turkiye Petrol Rafinerileri AS	44,200		785,638
Turkiye Garanti Bankasi AS	319,375		1,203,475
TOTAL TURKEY			6,131,553
Ukraine - 0.1%
Stirol sponsored ADR (a)	7,800		111,827
Ukrnafta Open JSC sponsored ADR	385		152,544
TOTAL UKRAINE			264,371
United Kingdom - 0.8%
Aricom PLC (a)	110,500		119,408
Hirco PLC (a)	21,000		172,466
Imperial Energy PLC (a)	24,500		348,267
Peter Hambro Mining PLC (a)	11,800		260,821
Sibir Energy PLC (a)	85,355		692,606
Unitech Corporate Parks PLC (a)	107,000		187,103
Victoria Oil & Gas PLC (a)	52,800		54,463
TOTAL UNITED KINGDOM			1,835,134
United States of America - 1.2%
Central European Distribution Corp. (a)	9,100		268,359
CTC Media, Inc. (f)	3,196		68,746
Common Stocks - continued
	Shares		Value
United States of America - continued
CTC Media, Inc.	63,900		$ 1,374,489
NII Holdings, Inc. (a)	15,000		1,107,000
TOTAL UNITED STATES OF AMERICA			2,818,594
TOTAL COMMON STOCKS (Cost $177,483,293)		220,806,000
Nonconvertible Preferred Stocks - 0.1%

Korea (South) - 0.1%
Samsung Electronics Co. Ltd. (Cost $121,831)	320		151,104
Investment Companies - 0.3%

Romania - 0.3%
SIF 1 Banat-Crisana Arad Fund	87,000		110,877
SIF 3 Transilvania Brasov Fund	208,500		248,167
SIF 4 Muntenia Bucuresti Fund	164,900		117,385
SIF 5 Oltenia Craiova Fund	72,400		98,089
TOTAL INVESTMENT COMPANIES (Cost $548,577)		574,518
Money Market Funds - 3.6%

Fidelity Cash Central Fund, 5.35% (b)	7,674,533		7,674,533
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	635,900		635,900
TOTAL MONEY MARKET FUNDS (Cost $8,310,433)		8,310,433
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $186,464,134)		229,842,055
NET OTHER ASSETS - (1.0)%		(2,311,845)
NET ASSETS - 100%		$ 227,530,210

Legend

(a) Non-income producing

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,582,306 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 $68,746 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
CTC Media, Inc.	1/26/05	$ 11,998

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 98,884
Fidelity Securities Lending Cash Central Fund	5,001
Total	$ 103,885

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $186,596,486. Net unrealized appreciation aggregated $43,245,569, of which $48,019,944 related to appreciated investment securities and $4,774,375 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Europe Capital
Appreciation Fund
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2007

1.813041.102

AEUR-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 79.9%
	Shares		Value
Argentina - 0.7%
Cresud S.A.C.I.F. y A. sponsored ADR	31,700		$ 588,986
Austria - 2.2%
Flughafen Wien AG	17,523		1,747,153
Bermuda - 0.8%
SeaDrill Ltd. (a)	40,500		666,860
Canada - 1.4%
European Goldfields Ltd. (a)	139,700		624,530
MagIndustries Corp. (a)	35,100		32,815
New Flyer Industries, Inc.	59,100		444,531
TOTAL CANADA			1,101,876
Finland - 1.0%
UPM-Kymmene Corp.	30,901		789,830
France - 11.4%
BIC SA	23,070		1,557,537
Compagnie Generale de Geophysique SA (a)	3,500		694,751
Eutelsat Communications	65,336		1,311,397
Icade SA	34,000		2,169,165
Renault SA	13,950		1,726,355
Sanofi-Aventis sponsored ADR	35,809		1,578,461
TOTAL FRANCE			9,037,666
Germany - 9.3%
E.ON AG	12,100		1,647,657
KarstadtQuelle AG (a)(d)	65,474		2,110,348
Lanxess AG (a)	38,600		1,995,267
RWE AG	15,200		1,584,874
TOTAL GERMANY			7,338,146
Italy - 2.1%
Intesa Sanpaolo Spa	220,100		1,661,249
Luxembourg - 4.3%
Acergy SA (a)	63,200		1,225,464
SES Global SA FDR (France) unit	124,100		2,159,306
TOTAL LUXEMBOURG			3,384,770
Netherlands - 8.9%
Koninklijke Philips Electronics NV	59,600		2,333,340
Koninklijke Wessanen NV	18,597		256,927
Nutreco Holding NV	24,817		1,709,446
Common Stocks - continued
	Shares		Value
Netherlands - continued
Reed Elsevier NV	97,600		$ 1,709,662
Tele Atlas NV (a)	51,222		1,058,149
TOTAL NETHERLANDS			7,067,524
Norway - 2.7%
Fred Olsen Energy ASA (a)	14,000		621,449
Petroleum Geo-Services ASA (a)	33,900		791,783
TGS Nopec Geophysical Co. ASA (a)	36,600		746,340
TOTAL NORWAY			2,159,572
Sweden - 5.5%
Assa Abloy AB (B Shares)	59,800		1,307,856
Atlas Copco AB (A Shares)	42,500		1,452,338
Investor AB (B Shares)	67,600		1,634,072
TOTAL SWEDEN			4,394,266
Switzerland - 12.5%
Actelion Ltd. (Reg.) (a)	11,977		2,912,997
Bellevue Group AG	4,220		300,617
Bucher Industries AG	10,322		1,236,565
Nestle SA (Reg.)	6,418		2,354,342
Pargesa Holding SA	14,491		1,569,397
Syngenta AG (Switzerland)	8,252		1,529,508
TOTAL SWITZERLAND			9,903,426
Turkey - 0.7%
Selcuk Ecza Deposu Tic AS	138,072		564,461
United Kingdom - 11.5%
Benfield Group PLC	283,500		1,921,673
GlaxoSmithKline PLC	60,300		1,632,020
Pearson PLC	101,543		1,600,043
Peter Hambro Mining PLC (a)	89,565		1,979,694
Tesco PLC	245,600		2,017,028
TOTAL UNITED KINGDOM			9,150,458
United States of America - 4.9%
NTL, Inc.	67,850		1,848,913
Synthes, Inc.	16,251		2,042,236
TOTAL UNITED STATES OF AMERICA			3,891,149
TOTAL COMMON STOCKS (Cost $52,888,256)		63,447,392
Nonconvertible Preferred Stocks - 2.5%
	Shares		Value
Italy - 2.5%
Istituto Finanziario Industriale Spa (IFI) (a) (Cost $1,185,767)	60,700		$ 1,976,251

Government Obligations - 8.9%
		Principal Amount
Austria - 1.5%
Austrian Republic 5.625% 7/15/07	EUR	900,000		1,181,226
Finland - 1.5%
Finnish Government 5% 7/4/07	EUR	900,000		1,178,059
France - 2.9%
French Government 2.25% 3/12/07	EUR	1,800,000		2,343,168
Germany - 1.5%
German Federal Republic 6% 7/4/07	EUR	900,000		1,182,986
Netherlands - 1.5%
Dutch Government 3% 7/15/07	EUR	900,000		1,167,807
TOTAL GOVERNMENT OBLIGATIONS (Cost $6,875,819)			7,053,246

Money Market Funds - 10.8%
	Shares
Fidelity Cash Central Fund, 5.35% (b)	6,827,122		6,827,122
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	1,726,020		1,726,020
TOTAL MONEY MARKET FUNDS (Cost $8,553,142)		8,553,142
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $69,502,984)		81,030,031
NET OTHER ASSETS - (2.1)%			(1,653,609)
NET ASSETS - 100%		$ 79,376,422

Currency Abbreviation

EUR - European Monetary Unit

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 56,368
Fidelity Securities Lending Cash Central Fund	28,970
Total	$ 85,338

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $69,675,217. Net unrealized appreciation aggregated $11,354,814, of which $11,865,164 related to appreciated investment securities and $510,350 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Global Capital
Appreciation Fund
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2007

1.813039.102

AGLO-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
Argentina - 2.3%
Cresud S.A.C.I.F. y A. sponsored ADR	28,000		$ 520,240
Inversiones y Representaciones SA sponsored GDR (a)	28,300		505,721
Pampa Holding SA (a)	164,900		126,973
Pampa Holding SA rights 2/9/07 (a)	164,900		2,122
TOTAL ARGENTINA			1,155,056
Austria - 0.7%
Flughafen Wien AG	3,450		343,987
Canada - 8.0%
Abitibi-Consolidated, Inc.	278,900		907,859
Aquiline Resources, Inc. (a)	9,200		58,644
Aquiline Resources, Inc. (a)(d)	22,100		126,785
Canadian Natural Resources Ltd.	17,600		880,150
Catalyst Paper Corp. (a)	133,400		443,306
NuVista Energy Ltd. (a)	19,000		212,834
ProEx Energy Ltd. (a)	22,200		260,943
Saskatchewan Wheat Pool, Inc. (a)	41,500		301,568
Saskatchewan Wheat Pool, Inc. subscription receipt 2/15/07 (a)(c)	35,400		243,702
Suncor Energy, Inc.	8,300		615,128
TOTAL CANADA			4,050,919
Cayman Islands - 3.4%
ACE Ltd.	8,400		485,352
GlobalSantaFe Corp.	13,400		777,334
Seagate Technology	17,420		471,908
TOTAL CAYMAN ISLANDS			1,734,594
Czech Republic - 0.9%
Philip Morris CR AS	870		447,193
France - 5.0%
Compagnie Generale de Geophysique SA (a)	2,000		397,000
Icade SA	7,000		446,593
Pernod Ricard SA	3,480		712,552
Renault SA	7,900		977,649
TOTAL FRANCE			2,533,794
Germany - 4.2%
E.ON AG	5,100		694,467
KarstadtQuelle AG (a)	17,500		564,057
Lanxess AG (a)	16,100		832,223
TOTAL GERMANY			2,090,747
Common Stocks - continued
	Shares		Value
Italy - 1.7%
Fiat Spa (a)	38,600		$ 838,103
Japan - 1.3%
Canon, Inc.	12,300		649,563
Luxembourg - 2.0%
SES SA FDR	59,259		1,015,643
Netherlands - 6.1%
CNH Global NV	23,000		779,930
Koninklijke Philips Electronics NV	21,000		822,150
Nutreco Holding NV	9,800		675,044
Reed Elsevier NV	45,400		795,273
TOTAL NETHERLANDS			3,072,397
Netherlands Antilles - 1.4%
Schlumberger Ltd. (NY Shares)	10,900		692,041
Philippines - 0.5%
DMCI Holdings, Inc.	906,000		133,604
Semirara Mining Corp.	353,000		130,138
TOTAL PHILIPPINES			263,742
South Africa - 1.8%
Gold Fields Ltd. sponsored ADR	55,100		930,639
Sweden - 0.6%
Atlas Copco AB (A Shares)	9,400		321,223
Switzerland - 2.7%
Actelion Ltd. (Reg.) (a)	2,863		696,328
Bucher Industries AG	560		67,087
Syngenta AG sponsored ADR	15,900		589,413
TOTAL SWITZERLAND			1,352,828
Turkey - 0.0%
Selcuk Ecza Deposu Tic AS	3,000		12,264
United Kingdom - 5.0%
Benfield Group PLC	132,100		895,425
Pearson PLC	50,300		792,592
Tesco PLC	100,400		824,551
TOTAL UNITED KINGDOM			2,512,568
United States of America - 51.5%
American Express Co.	8,200		477,404
Apollo Group, Inc. Class A (non-vtg.) (a)	11,500		499,100
Apple, Inc. (a)	6,000		514,380
Common Stocks - continued
	Shares		Value
United States of America - continued
Bank of America Corp.	15,300		$ 804,474
Best Buy Co., Inc.	16,900		851,760
Cogent Communications Group, Inc. (a)	13,700		287,700
Countrywide Financial Corp.	14,600		634,808
Crown Castle International Corp. (a)	10,900		383,244
Deere & Co.	10,000		1,002,800
Equinix, Inc. (a)	7,500		630,525
Fluor Corp.	7,000		578,200
Genentech, Inc. (a)	7,340		641,296
Google, Inc. Class A (sub. vtg.) (a)	2,800		1,403,640
Hewlett-Packard Co.	21,600		934,848
Hibbett Sporting Goods, Inc. (a)	11,600		372,476
Johnson & Johnson	11,900		794,920
KLA-Tencor Corp.	14,440		710,881
Landstar System, Inc.	10,600		448,274
Legg Mason, Inc.	4,700		492,795
McGraw-Hill Companies, Inc.	7,800		523,224
Merck & Co., Inc.	19,300		863,675
Microchip Technology, Inc.	10,100		351,076
Monsanto Co.	13,100		721,679
Newmont Mining Corp.	16,700		753,170
Noble Energy, Inc.	14,900		795,809
NTL, Inc.	28,600		779,350
Opsware, Inc. (a)	34,200		273,600
Praxair, Inc.	11,500		725,190
Sears Holdings Corp. (a)	5,500		971,575
Synthes, Inc.	7,686		965,887
The Chubb Corp.	17,400		905,496
The Walt Disney Co.	22,900		805,393
The Western Union Co.	25,500		569,670
TXU Corp.	7,200		389,376
Tyco International Ltd.	16,600		529,208
UnitedHealth Group, Inc.	7,620		398,221
Valero Energy Corp.	13,200		716,496
Volterra Semiconductor Corp. (a)	2,307		30,406
Vornado Realty Trust	4,100		501,635
Wells Fargo & Co.	25,000		898,000
TOTAL UNITED STATES OF AMERICA			25,931,661
TOTAL COMMON STOCKS (Cost $44,513,382)		49,948,962
Money Market Funds - 0.7%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b) (Cost $362,174)	362,174		$ 362,174
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $44,875,556)			50,311,136
NET OTHER ASSETS - 0.2%			87,523
NET ASSETS - 100%		$ 50,398,659

Legend

(a) Non-income producing

(d) 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 $126,785 or 0.3% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aquiline Resources, Inc.	10/31/06	$ 91,538

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 22,926
Fidelity Securities Lending Cash Central Fund	12,542
Total	$ 35,468

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $44,936,137. Net unrealized appreciation aggregated $5,374,999, of which $5,798,940 related to appreciated investment securities and $423,941 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor International
Capital Appreciation Fund
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2007

1.813045.102

AICAP-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
Argentina - 4.2%
Cresud S.A.C.I.F. y A. sponsored ADR	444,500		$ 8,258,810
Inversiones y Representaciones SA sponsored GDR (a)(d)	489,400		8,745,578
Pampa Holding SA (a)	2,630,300		2,025,331
Pampa Holding SA rights 2/9/07 (a)	2,630,300		33,852
TOTAL ARGENTINA			19,063,571
Austria - 1.3%
Flughafen Wien AG	58,215		5,804,401
Canada - 15.0%
Abitibi-Consolidated, Inc.	4,696,100		15,286,472
Aquiline Resources, Inc. (a)	275,700		1,757,394
Aquiline Resources, Inc. (a)(f)	354,100		2,031,425
Canadian Natural Resources Ltd.	292,600		14,632,487
Catalyst Paper Corp. (a)	2,265,100		7,527,232
NuVista Energy Ltd. (a)	315,400		3,533,038
ProEx Energy Ltd. (a)	369,200		4,339,653
Saskatchewan Wheat Pool, Inc. (a)	657,400		4,777,129
Saskatchewan Wheat Pool, Inc. subscription receipt 2/15/07 (a)(e)	603,100		4,151,887
Suncor Energy, Inc.	137,900		10,220,024
TOTAL CANADA			68,256,741
Cayman Islands - 2.7%
GlobalSantaFe Corp.	212,600		12,332,926
Czech Republic - 1.6%
Philip Morris CR AS	13,875		7,131,949
France - 10.0%
Compagnie Generale de Geophysique SA (a)	35,700		7,086,457
Icade SA	150,700		9,614,507
Pernod Ricard SA	61,405		12,573,060
Renault SA	131,407		16,262,021
TOTAL FRANCE			45,536,045
Germany - 8.0%
E.ON AG	90,300		12,296,151
KarstadtQuelle AG (a)(d)	296,300		9,550,296
Lanxess AG (a)	282,900		14,623,345
TOTAL GERMANY			36,469,792
Italy - 3.2%
Fiat Spa (a)(d)	680,800		14,781,875
Japan - 2.3%
Canon, Inc.	201,700		10,651,777
Common Stocks - continued
	Shares		Value
Luxembourg - 3.8%
SES Global SA FDR unit	995,613		$ 17,063,859
Netherlands - 11.7%
CNH Global NV	393,000		13,326,630
Koninklijke Philips Electronics NV	349,100		13,667,265
Nutreco Holding NV	172,000		11,847,712
Reed Elsevier NV (d)	813,600		14,251,851
TOTAL NETHERLANDS			53,093,458
Philippines - 0.9%
DMCI Holdings, Inc.	13,864,000		2,044,461
Semirara Mining Corp.	5,645,000		2,081,106
TOTAL PHILIPPINES			4,125,567
South Africa - 4.0%
Gold Fields Ltd.	170,100		2,872,989
Gold Fields Ltd. sponsored ADR	902,400		15,241,536
TOTAL SOUTH AFRICA			18,114,525
Sweden - 1.2%
Atlas Copco AB (A Shares)	165,000		5,638,489
Switzerland - 3.8%
Actelion Ltd. (Reg.) (a)	25,188		6,126,127
Bucher Industries AG	10,280		1,231,534
Syngenta AG sponsored ADR	264,900		9,819,843
TOTAL SWITZERLAND			17,177,504
Turkey - 0.0%
Selcuk Ecza Deposu Tic AS	49,000		200,320
United Kingdom - 9.2%
Benfield Group PLC	1,984,700		13,453,066
Pearson PLC	886,600		13,970,418
Tesco PLC	1,766,000		14,503,549
TOTAL UNITED KINGDOM			41,927,033
United States of America - 15.6%
Deere & Co.	166,900		16,736,732
Monsanto Co.	217,700		11,993,093
Newmont Mining Corp.	277,600		12,519,760
Common Stocks - continued
	Shares		Value
United States of America - continued
NTL, Inc.	475,050		$ 12,945,113
Synthes, Inc.	135,484		17,026,050
TOTAL UNITED STATES OF AMERICA			71,220,748
TOTAL COMMON STOCKS (Cost $384,612,931)		448,590,580
Money Market Funds - 7.5%

Fidelity Cash Central Fund, 5.35% (b)	6,371,592		6,371,592
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	27,761,766		27,761,766
TOTAL MONEY MARKET FUNDS (Cost $34,133,358)		34,133,358
TOTAL INVESTMENT PORTFOLIO - 106.0% (Cost $418,746,289)		482,723,938
NET OTHER ASSETS - (6.0)%		(27,178,789)
NET ASSETS - 100%		$ 455,545,149

Legend

(a) Non-income producing

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

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aquiline Resources, Inc.	10/31/06	$ 1,466,677

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 211,769
Fidelity Securities Lending Cash Central Fund	203,066
Total	$ 414,835

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $419,006,815. Net unrealized appreciation aggregated $63,717,123, of which $66,557,019 related to appreciated investment securities and $2,839,896 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Japan Fund
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2007

1.813049.102

AJAF-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
CONSUMER DISCRETIONARY - 24.1%
Auto Components - 4.1%
Bridgestone Corp.	48,600		$ 1,055,077
Denso Corp.	47,400		1,900,949
Musashi Seimitsu Industry Co. Ltd.	49,300		1,352,140
NHK Spring Co. Ltd.	110,000		1,153,002
			5,461,168
Automobiles - 5.3%
Toyota Motor Corp.	98,800		6,509,928
Yachiyo Industry Co. Ltd.	22,000		537,764
			7,047,692
Distributors - 0.3%
Sankyo Seiko Co. Ltd.	90,500		415,437
Diversified Consumer Services - 0.3%
Take & Give Needs Co. Ltd.	545		368,497
Hotels, Restaurants & Leisure - 2.0%
Aeon Fantasy Co. Ltd.	41,100		1,467,796
Kyoritsu Maintenance Co. Ltd. (a)	26,160		603,684
St. Marc Holdings Co. Ltd.	8,000		467,995
			2,539,475
Household Durables - 5.3%
Casio Computer Co. Ltd.	55,700		1,151,523
Chofu Seisakusho Co. Ltd.	48,000		988,358
Daiwa House Industry Co. Ltd.	78,000		1,318,474
Misawa Homes Holdings, Inc. (a)	50,500		1,249,057
Sony Corp.	32,600		1,510,358
Token Corp.	13,100		860,778
			7,078,548
Internet & Catalog Retail - 0.5%
Rakuten, Inc.	1,288		678,765
Leisure Equipment & Products - 2.2%
Aruze Corp.	37,200		1,211,385
Fujifilm Holdings Corp.	41,700		1,720,728
			2,932,113
Media - 0.2%
CyberAgent, Inc. (a)(d)	278		320,189
Multiline Retail - 0.4%
Daiei, Inc. (a)(d)	33,200		474,816
Specialty Retail - 2.8%
Alpen Co. Ltd.	23,100		574,222
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
DCM Japan Holdings Co. Ltd. (a)(d)	55,880		$ 519,512
EDION Corp.	60,000		844,181
Fujitsu Business Systems Ltd.	38,300		560,132
Workman Co. Ltd.	26,800		1,376,807
			3,874,854
Textiles, Apparel & Luxury Goods - 0.7%
Asics Corp.	81,000		933,596
TOTAL CONSUMER DISCRETIONARY			32,125,150
CONSUMER STAPLES - 8.4%
Beverages - 0.6%
Takara Holdings, Inc. (d)	122,000		787,488
Food & Staples Retailing - 4.2%
Aeon Co. Ltd.	35,800		778,680
Create SD Co. Ltd.	33,900		609,546
Daikokutenbussan Co. Ltd.	56,300		898,953
Itochushokuhin Co. Ltd. (a)	18,000		587,646
Kura Corp. Ltd.	204		461,466
UNY Co. Ltd.	68,000		886,871
Valor Co. Ltd.	89,400		1,126,713
			5,349,875
Food Products - 0.9%
Mitsui Sugar Co. Ltd.	151,000		504,230
Nissin Food Products Co. Ltd.	18,500		672,950
			1,177,180
Household Products - 0.9%
Uni-Charm Corp.	21,600		1,166,939
Personal Products - 1.8%
Kobayashi Pharmaceutical Co. Ltd.	21,500		823,052
Mandom Corp.	62,700		1,579,384
			2,402,436
TOTAL CONSUMER STAPLES			10,883,918
ENERGY - 2.6%
Energy Equipment & Services - 1.0%
Shinko Plantech Co. Ltd.	137,000		1,292,978
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - 1.6%
AOC Holdings, Inc.	59,300		$ 953,242
Japan Petroleum Exploration Co. Ltd.	21,100		1,220,351
			2,173,593
TOTAL ENERGY			3,466,571
FINANCIALS - 23.6%
Capital Markets - 3.0%
Daiwa Securities Group, Inc.	112,000		1,369,781
E*TRADE Securities Co. Ltd.	796		1,147,649
Japan Asia Investment Co. Ltd.	106,000		713,196
Risa Partners, Inc.	150		742,014
			3,972,640
Commercial Banks - 8.0%
Chiba Bank Ltd.	95,000		855,657
Kansai Urban Banking Corp.	17,000		74,094
Mizuho Financial Group, Inc.	602		4,339,727
Sumitomo Mitsui Financial Group, Inc.	370		3,770,974
The Tokushima Bank Ltd.	63,000		400,389
Tokyo Tomin Bank Ltd.	32,100		1,247,454
			10,688,295
Consumer Finance - 1.7%
ORIX Corp.	5,600		1,605,502
SFCG Co. Ltd.	3,870		616,006
			2,221,508
Insurance - 2.6%
Aioi Insurance Co. Ltd.	215,000		1,494,676
T&D Holdings, Inc.	29,350		1,977,176
			3,471,852
Real Estate Investment Trusts - 1.5%
Japan Excellent, Inc.	101		719,725
Japan Logistics Fund, Inc.	125		1,191,117
Orix Jreit, Inc.	17		132,552
			2,043,394
Real Estate Management & Development - 6.1%
Aeon Mall Co. Ltd.	16,100		905,821
Keihanshin Real Estate Co. Ltd.	118,000		805,668
Leopalace21 Corp.	38,900		1,237,735
Mitsubishi Estate Co. Ltd.	79,000		2,258,359
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Management & Development - continued
NTT Urban Development Co.	530		$ 1,062,767
Sankei Building Co. Ltd.	48,600		440,152
Shoei Co.	36,400		1,001,351
Yasuragi Co. Ltd.	31,300		348,830
			8,060,683
Thrifts & Mortgage Finance - 0.7%
Atrium Co. Ltd.	28,900		926,735
TOTAL FINANCIALS			31,385,107
HEALTH CARE - 0.9%
Health Care Equipment & Supplies - 0.4%
Sysmex Corp.	15,200		576,841
Pharmaceuticals - 0.5%
Daiichi Sankyo Co. Ltd.	24,400		679,322
TOTAL HEALTH CARE			1,256,163
INDUSTRIALS - 15.3%
Commercial Services & Supplies - 0.6%
ARRK Corp.	58,000		834,304
Construction & Engineering - 1.4%
Commuture Corp.	139,000		1,051,556
Toenec Corp.	190,000		779,301
			1,830,857
Electrical Equipment - 1.0%
Sumitomo Electric Industries Ltd.	89,500		1,370,477
Machinery - 9.0%
Aida Engineering Ltd.	125,000		848,283
Fanuc Ltd.	17,300		1,598,335
Fuji Machine Manufacturing Co. Ltd.	45,900		886,166
Kato Works Co. Ltd.	291,000		1,388,872
Miyachi Corp.	66,100		1,251,510
Nabtesco Corp.	70,000		889,754
Nittoku Engineering Co. Ltd.	76,700		596,771
Organo Corp.	51,000		569,226
Sasakura Engineering Co. Ltd.	79,000		805,154
THK Co. Ltd.	25,900		626,656
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Torishima Pump Manufacturing Co. Ltd.	131,300		$ 1,115,155
Tsubakimoto Chain Co.	223,000		1,480,076
			12,055,958
Marine - 0.7%
Iino Kaiun Kaisha Ltd.	86,300		916,739
Road & Rail - 1.9%
Hamakyorex Co. Ltd.	86,600		2,554,551
Transportation Infrastructure - 0.7%
The Sumitomo Warehouse Co. Ltd.	115,000		901,438
TOTAL INDUSTRIALS			20,464,324
INFORMATION TECHNOLOGY - 14.2%
Electronic Equipment & Instruments - 6.4%
Nidec Corp.	12,300		869,362
Nidec Sankyo Corp.	67,000		511,861
Nippon Electric Glass Co. Ltd.	77,000		1,837,511
Optoelectronics Co. Ltd.	42,900		831,802
Origin Electric Co. Ltd.	161,000		1,073,912
Seikoh Giken Co. Ltd.	11,800		304,081
SFA Engineering Corp.	16,000		461,525
Shizuki Electric Co., Inc.	127,000		498,803
Sunx Ltd.	93,000		961,710
V Technology Co. Ltd. (d)	68		299,192
Yokogawa Electric Corp.	53,700		875,236
			8,524,995
Internet Software & Services - 1.0%
eAccess Ltd. (d)	1,297		810,323
Telewave, Inc. (d)	1,010		477,864
			1,288,187
IT Services - 0.7%
Saison Information Systems Co. Ltd.	45,600		487,040
TIS, Inc.	18,000		393,007
			880,047
Office Electronics - 3.8%
Canon, Inc.	68,800		3,633,328
Konica Minolta Holdings, Inc.	103,000		1,404,798
			5,038,126
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 0.4%
Axell Corp.	165		$ 475,784
Software - 1.9%
Atlus Co. Ltd. (a)	23,200		129,567
Nintendo Co. Ltd.	7,900		2,330,364
			2,459,931
TOTAL INFORMATION TECHNOLOGY			18,667,070
MATERIALS - 10.5%
Chemicals - 7.2%
C. Uyemura & Co. Ltd.	10,600		688,603
Ise Chemical Corp. (a)	127,000		1,149,140
JSR Corp.	51,400		1,222,339
Kuraray Co. Ltd.	90,000		1,084,310
Lintec Corp.	41,100		767,954
Nippon Parkerizing Co. Ltd.	64,000		1,124,249
The Nippon Synthetic Chemical Industry Co. Ltd.	188,000		778,887
Tohcello Co. Ltd.	86,000		983,386
Tokai Carbon Co. Ltd.	128,000		968,339
Ube Industries Ltd.	274,000		874,094
			9,641,301
Metals & Mining - 3.3%
Hitachi Metals Ltd.	109,000		1,253,611
Nippon Denko Co. Ltd. (d)	153,000		607,259
Sanyo Special Steel Co. Ltd.	78,000		516,402
Sumitomo Metal Industries Ltd.	465,000		1,972,739
			4,350,011
TOTAL MATERIALS			13,991,312
TOTAL COMMON STOCKS (Cost $129,879,134)		132,239,615
Money Market Funds - 2.7%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b)	81,766		$ 81,766
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	3,417,329		3,417,329
TOTAL MONEY MARKET FUNDS (Cost $3,499,095)		3,499,095
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $133,378,229)		135,738,710
NET OTHER ASSETS - (2.3)%		(3,006,219)
NET ASSETS - 100%		$ 132,732,491

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 7,751
Fidelity Securities Lending Cash Central Fund	33,598
Total	$ 41,349

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $133,489,286. Net unrealized appreciation aggregated $2,249,424, of which $13,599,924 related to appreciated investment securities and $11,350,500 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Korea Fund
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2007

1.813048.102

AKOR-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
CONSUMER DISCRETIONARY - 7.5%
Auto Components - 2.1%
Hyundai Mobis	8,980		$ 732,681
INZI Controls Co. Ltd.	70,820		443,800
			1,176,481
Automobiles - 0.7%
Hyundai Motor Co.	5,380		385,002
Diversified Consumer Services - 1.7%
YBM Sisa.com, Inc.	52,613		984,224
Household Durables - 3.0%
LG Electronics, Inc.	5,790		322,637
Woongjin Coway Co. Ltd.	51,630		1,351,596
			1,674,233
TOTAL CONSUMER DISCRETIONARY			4,219,940
CONSUMER STAPLES - 8.1%
Beverages - 1.3%
Lotte Chilsung Beverage Co. Ltd.	510		741,481
Food & Staples Retailing - 3.5%
Shinsegae Co. Ltd.	3,346		1,945,179
Household Products - 3.3%
LG Household & Health Care Ltd.	15,310		1,845,656
TOTAL CONSUMER STAPLES			4,532,316
ENERGY - 3.6%
Oil, Gas & Consumable Fuels - 3.6%
SK Corp.	26,270		2,015,652
FINANCIALS - 18.1%
Capital Markets - 1.8%
Daewoo Securities Co. Ltd.	24,580		403,772
Korea Investment Holdings Co. Ltd.	13,310		578,204
			981,976
Commercial Banks - 14.5%
Industrial Bank of Korea	81,570		1,511,647
Kookmin Bank	41,060		3,271,034
Shinhan Financial Group Co. Ltd.	18,832		982,101
Woori Finance Holdings Co. Ltd.	99,750		2,342,597
			8,107,379
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - 1.8%
Samsung Fire & Marine Insurance Co. Ltd.	6,110		$ 1,029,648
TOTAL FINANCIALS			10,119,003
HEALTH CARE - 0.7%
Pharmaceuticals - 0.7%
Hanmi Pharm Co. Ltd.	3,046		395,430
INDUSTRIALS - 24.8%
Construction & Engineering - 6.8%
Doosan Heavy Industries & Construction Co. Ltd.	9,590		456,939
Hyundai Engineering & Construction Co. Ltd. (a)	23,960		1,236,038
Kyeryong Construction Industrial Co. Ltd.	29,340		1,179,865
Samsung Engineering Co. Ltd.	20,730		943,677
			3,816,519
Electrical Equipment - 1.1%
LS Industrial Systems Ltd.	18,350		595,557
Industrial Conglomerates - 3.5%
Orion Corp.	2,280		601,227
Samsung Techwin Co. Ltd.	45,270		1,378,431
			1,979,658
Machinery - 12.6%
Daewoo Shipbuilding & Marine Engineering Co. Ltd.	38,270		1,115,084
Doosan Infracore Co. Ltd.	92,190		1,892,262
Hyundai Heavy Industries Co. Ltd.	4,910		709,580
Hyundai Mipo Dockyard Co. Ltd.	13,370		1,674,083
Taewoong Co. Ltd.	54,025		1,658,318
			7,049,327
Trading Companies & Distributors - 0.8%
Daewoo International Corp.	11,570		433,433
TOTAL INDUSTRIALS			13,874,494
INFORMATION TECHNOLOGY - 24.5%
Electronic Equipment & Instruments - 3.4%
LG.Philips LCD Co. Ltd. (a)	19,210		539,250
Samsung Electro-Mechanics Co. Ltd.	21,690		796,516
SFA Engineering Corp.	19,034		549,041
			1,884,807
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 4.3%
NHN Corp.	18,079		$ 2,393,911
Semiconductors & Semiconductor Equipment - 16.8%
Hynix Semiconductor, Inc. (a)	69,840		2,340,680
PSK, Inc.	31,903		590,791
Samsung Electronics Co. Ltd.	9,524		5,897,787
Simm Tech Co. Ltd.	60,678		573,580
			9,402,838
TOTAL INFORMATION TECHNOLOGY			13,681,556
MATERIALS - 6.2%
Chemicals - 0.8%
LG Petrochemical Co. Ltd.	13,820		434,815
Metals & Mining - 5.4%
POSCO	8,650		3,040,351
TOTAL MATERIALS			3,475,166
TELECOMMUNICATION SERVICES - 4.9%
Diversified Telecommunication Services - 1.2%
LG Dacom Corp.	29,650		668,661
Wireless Telecommunication Services - 3.7%
LG Telecom Ltd. (a)	132,002		1,372,303
SK Telecom Co. Ltd.	3,170		676,557
			2,048,860
TOTAL TELECOMMUNICATION SERVICES			2,717,521
UTILITIES - 0.9%
Electric Utilities - 0.9%
Korea Electric Power Corp.	11,370		517,355
TOTAL COMMON STOCKS (Cost $43,722,643)		55,548,433
Money Market Funds - 0.5%
	Shares		Value
Fidelity Cash Central Fund, 5.35% (b) (Cost $304,539)	304,539		$ 304,539
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $44,027,182)			55,852,972
NET OTHER ASSETS - 0.2%			97,157
NET ASSETS - 100%		$ 55,950,129

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 25,342

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $44,085,779. Net unrealized appreciation aggregated $11,767,193, of which $13,470,206 related to appreciated investment securities and $1,703,013 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor
Latin America Fund
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2007

1.813051.102

ALAF-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%
	Shares		Value
Bermuda - 0.3%
Dufry South America Ltd. unit (a)	27,082		$ 432,231
Brazil - 58.7%
AES Tiete SA (PN) (non-vtg.)	20,236,300		611,171
Aracruz Celulose SA (PN-B) sponsored ADR (non-vtg.)	48,904		2,708,793
Banco Bradesco SA:
(PN)	64,728		2,629,894
(PN) sponsored ADR (non-vtg.)	125,600		5,104,384
Banco Itau Holding Financeira SA:
(PN) (non-vtg.)	119,490		4,432,952
sponsored ADR (non-vtg.)	98,700		3,648,939
Banco Nossa Caixa SA	38,600		876,839
Brascan Residential Properties SA	81,200		630,776
Centrais Electricas Brasileiras SA (Electrobras) (PN-B)	14,300,000		321,944
Companhia de Bebidas das Americas (AmBev):
(PN) sponsored ADR	41,400		2,141,622
sponsored ADR	2,860		131,131
Companhia de Saneamento de Minas Gerais	59,400		665,298
Companhia Siderurgica Nacional SA (CSN) sponsored ADR	34,400		1,112,840
Companhia Vale do Rio Doce:
(PN-A)	23,900		670,962
(PN-A) sponsored ADR (non-vtg.)	204,500		5,875,285
sponsored ADR	128,800		4,370,184
Cosan SA Industria E Comercio (a)	26,400		501,514
Diagnosticos da America SA (a)	31,000		620,423
Duratex SA (PN)	105,900		2,005,272
Eletropaulo Metropolitana SA (PN-B) (a)	12,460,000		610,080
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR	47,500		1,926,125
Gafisa SA (a)	55,800		803,879
Gol Linhas Aereas Inteligentes SA sponsored ADR	35,400		1,065,894
Localiza Rent a Car SA	43,200		1,311,834
Lojas Americanas SA	3,200,000		187,581
Lojas Renner SA	89,100		1,250,055
LPS Brasil Consultoria de Imoveis SA	12,000		136,155
Medial Saude SA	82,900		936,701
Natura Cosmeticos SA	48,800		659,841
Petroleo Brasileiro SA Petrobras:
(ON)	8,300		203,158
(PN) (non-vtg.)	136,700		3,004,240
(PN) sponsored ADR (non-vtg.)	93,100		8,257,970
sponsored ADR	89,000		8,746,920
Profarma Distribuidora de Produtos Farmaceuticos SA	22,000		372,873
Common Stocks - continued
	Shares		Value
Brazil - continued
Sao Carlos Empreen E Part SA	44,800		$ 379,230
Submarino SA	85,000		2,579,153
TAM SA:
(PN) (ltd.-vtg.)	119,400		3,870,290
(PN) sponsored ADR (ltd. vtg.)	66,300		2,163,369
Terna Participacoes SA unit	43,800		489,748
TIM Participacoes SA	78,300,000		263,574
TIM Participacoes SA sponsored ADR (non-vtg.)	15,500		518,165
Totvs SA	41,000		945,835
Tractebel Energia SA	79,900		685,755
Uniao de Bancos Brasileiros SA (Unibanco):
unit	16,600		155,055
GDR	77,500		7,349,325
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A) (non-vtg.)	61,400		2,314,009
Vivo Participacoes SA:
(PN)	103,000		392,302
(PN) sponsored ADR	543,300		2,069,973
Votorantim Celulose e Papel SA:
(PN) (non-vtg.)	3,980		71,859
sponsored ADR (non-vtg.)	218,750		3,948,438
TOTAL BRAZIL			96,729,609
Canada - 0.2%
Eldorado Gold Corp. (a)	72,000		411,219
Cayman Islands - 0.2%
Apex Silver Mines Ltd. (a)	28,400		393,908
Chile - 6.6%
Compania Acero del Pacifico SA	170,797		2,492,129
Empresa Nacional de Electricidad SA sponsored ADR	38,200		1,482,160
Enersis SA sponsored ADR	72,225		1,138,266
Inversiones Aguas Metropolitanas SA ADR (c)	66,700		1,518,972
Lan Airlines SA sponsored ADR	58,900		3,656,512
Masisa SA	1,448,319		334,933
Vina Concha y Toro SA sponsored ADR	9,385		337,860
TOTAL CHILE			10,960,832
Mexico - 29.9%
Alsea SAB de CV	121,600		734,974
America Movil SA de CV Series L sponsored ADR	382,600		16,972,135
AXTEL SAB de CV unit (a)	283,518		973,664
Cemex SA de CV sponsored ADR	181,034		6,404,983
Common Stocks - continued
	Shares		Value
Mexico - continued
Corporacion Geo SA de CV Series B (a)	355,800		$ 1,887,003
Fomento Economico Mexicano SA de CV sponsored ADR	44,421		5,333,629
Gruma SA de CV Series B	56,200		170,021
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR	55,700		2,253,622
Grupo Modelo SA de CV Series C	39,600		215,527
Grupo Televisa SA de CV	62,800		370,844
Grupo Televisa SA de CV (CPO) sponsored ADR	179,956		5,301,504
Industrias Penoles SA de CV	107,000		1,016,719
Telefonos de Mexico SA de CV Series L sponsored ADR	31,102		954,831
Urbi, Desarrollos Urbanos, SA de CV (a)	374,800		1,335,171
Wal-Mart de Mexico SA de CV Series V	1,202,090		5,334,271
TOTAL MEXICO			49,258,898
Panama - 0.2%
Copa Holdings SA Class A	6,500		364,325
United States of America - 0.6%
Newmont Mining Corp.	22,000		992,200
TOTAL COMMON STOCKS (Cost $109,192,611)		159,543,222
Money Market Funds - 2.7%

Fidelity Cash Central Fund, 5.35% (b) (Cost $4,416,663)	4,416,663		4,416,663
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $113,609,274)			163,959,885
NET OTHER ASSETS - 0.6%			961,485
NET ASSETS - 100%		$ 164,921,370

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 58,117
Fidelity Securities Lending Cash Central Fund	2,702
Total	$ 60,819

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $114,399,017. Net unrealized appreciation aggregated $49,560,868, of which $50,261,239 related to appreciated investment securities and $700,371 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Overseas Fund
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2007

1.813050.102

OS-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value (000s)
Australia - 5.1%
Aristocrat Leisure Ltd.	389,500		$ 4,872
Australian Wealth Management Ltd.	890,800		1,930
Babcock & Brown Japan Property Trust	1,065,300		1,712
BHP Billiton Ltd.	205,400		4,210
Computershare Ltd.	691,500		4,918
CSL Ltd.	175,100		9,440
Energy Resources of Australia Ltd.	87,300		1,409
JB Hi-Fi Ltd.	265,500		1,371
Macquarie Bank Ltd.	64,200		4,037
McGuigan Simeon Wines Ltd.	614,691		1,737
National Australia Bank Ltd.	458,600		14,405
Rio Tinto Ltd.	30,300		1,802
Seek Ltd.	291,100		1,420
Silex Systems Ltd. (a)	460,500		2,464
Westfield Group unit	310,300		5,376
WorleyParsons Ltd.	79,400		1,326
TOTAL AUSTRALIA			62,429
Austria - 0.4%
Oesterreichische Elektrizitaetswirtschafts AG (Verbund)	44,500		2,152
OMV AG	61,700		3,303
TOTAL AUSTRIA			5,455
Belgium - 0.6%
InBev SA	76,100		4,897
KBC Groupe SA	20,500		2,585
TOTAL BELGIUM			7,482
Bermuda - 0.2%
Aquarius Platinum Ltd. (United Kingdom)	75,600		1,974
Clear Media Ltd. (a)	92,000		113
Dufry South America Ltd. unit (a)	11,552		184
TOTAL BERMUDA			2,271
Brazil - 0.2%
Vivo Participacoes SA (PN) sponsored ADR	723,700		2,757
Canada - 0.6%
Cameco Corp.	172,200		6,560
Talisman Energy, Inc.	77,500		1,365
TOTAL CANADA			7,925
Common Stocks - continued
	Shares		Value (000s)
Cayman Islands - 0.4%
Foxconn International Holdings Ltd. (a)	1,383,000		$ 4,136
Melco PBL Entertainment (Macau) Ltd. sponsored ADR	14,500		280
TOTAL CAYMAN ISLANDS			4,416
China - 0.1%
China Coal Energy Co. Ltd. (H Shares)	198,000		150
China Merchants Bank Co. Ltd. (H Shares) (a)	81,000		175
Global Bio-Chem Technology Group Co. Ltd.	1,940,000		562
TOTAL CHINA			887
Czech Republic - 0.5%
Ceske Energeticke Zavody AS	135,600		5,783
Denmark - 0.9%
Novozymes AS Series B	48,400		4,179
Vestas Wind Systems AS (a)	141,600		6,250
TOTAL DENMARK			10,429
Finland - 1.1%
Fortum Oyj	81,000		2,230
Neste Oil Oyj	107,000		3,259
Nokia Corp.	272,450		6,021
UPM-Kymmene Corp. sponsored ADR	92,800		2,372
TOTAL FINLAND			13,882
France - 12.2%
Aeroports de Paris (a)	29,600		2,484
Air France KLM (Reg.)	71,300		3,208
Alstom SA (a)	101,200		12,359
AXA SA	144,873		6,153
BNP Paribas SA	79,481		8,862
Cap Gemini SA	123,500		7,839
Carrefour SA	42,400		2,443
CNP Assurances	40,600		4,649
Electricite de France	66,600		4,640
Financiere Marc de Lacharriere SA (Fimalac) (d)	41,600		3,904
Gaz de France	52,700		2,266
Groupe Danone	47,300		7,287
L'Air Liquide SA	28,740		6,694
L'Oreal SA	68,434		7,234
Michelin SA (Compagnie Generale des Etablissements) Series B	33,300		3,047
Neopost SA	27,800		3,576
Common Stocks - continued
	Shares		Value (000s)
France - continued
Peugeot Citroen SA	55,000		$ 3,616
Pinault Printemps-Redoute SA	28,600		4,220
Publicis Groupe SA	71,700		3,079
Remy Cointreau SA	44,200		2,875
Sanofi-Aventis sponsored ADR	93,000		4,099
Societe Generale Series A	30,570		5,399
Sodexho Alliance SA (d)	26,700		1,864
Suez SA (France)	49,100		2,407
Total SA Series B	101,488		6,906
Veolia Environnement	168,900		11,832
Vinci SA	64,400		8,847
Vivendi Universal SA	166,500		6,853
TOTAL FRANCE			148,642
Germany - 10.7%
Aareal Bank AG (a)	63,730		3,025
Allianz AG (Reg.)	53,000		10,669
BASF AG	12,900		1,248
Bayer AG	45,800		2,710
Beiersdorf AG	114,700		7,706
Commerzbank AG	103,200		4,362
Deutsche Postbank AG	35,800		3,080
Deutz AG (a)(d)	393,500		6,077
E.ON AG	119,079		16,215
ESCADA AG (a)	95,388		4,196
GFK AG	62,893		2,971
Hugo Boss AG	90,300		5,084
KarstadtQuelle AG (a)(d)	156,400		5,041
Lanxess AG (a)	91,100		4,709
Merck KGaA	12,100		1,411
Metro AG	74,800		5,119
MLP AG	162,000		3,621
MPC Muenchmeyer Petersen Capital AG	22,800		2,012
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	22,700		3,580
Puma AG	13,300		4,831
Q-Cells AG	34,000		1,759
RWE AG	23,000		2,398
SAP AG sponsored ADR	34,300		1,589
SGL Carbon AG (a)	241,400		6,063
Common Stocks - continued
	Shares		Value (000s)
Germany - continued
Siemens AG sponsored ADR (d)	137,600		$ 15,236
Wincor Nixdorf AG	37,000		5,871
TOTAL GERMANY			130,583
Greece - 0.9%
Alpha Bank AE	188,200		6,054
Bank of Piraeus	137,925		4,947
TOTAL GREECE			11,001
Hong Kong - 0.5%
China Overseas Land & Investment Ltd.	1,584,000		1,751
China Unicom Ltd.	1,960,000		2,658
Dynasty Fine Wines Group Ltd.	4,444,000		1,930
TOTAL HONG KONG			6,339
India - 0.4%
Infosys Technologies Ltd. sponsored ADR	46,600		2,703
Satyam Computer Services Ltd. sponsored ADR	85,100		1,981
TOTAL INDIA			4,684
Ireland - 1.2%
Allied Irish Banks PLC	261,000		7,578
Irish Life & Permanent PLC	263,500		7,075
TOTAL IRELAND			14,653
Israel - 0.7%
ECI Telecom Ltd. (a)	576,100		4,908
Mizrahi Tefahot Bank Ltd.	238,100		1,627
Vizrt Ltd. (a)	110,900		1,717
TOTAL ISRAEL			8,252
Italy - 3.5%
Azimut Holdings Spa	211,200		2,953
Banche Popolari Unite SCpA	181,200		5,130
ENI Spa (d)	300,991		9,702
Intesa Sanpaolo Spa	910,100		6,869
Lottomatica Spa	56,000		2,283
MARR Spa	122,400		1,155
Pirelli & C. Real Estate Spa	31,800		2,315
Unicredito Italiano Spa	1,296,600		11,998
TOTAL ITALY			42,405
Common Stocks - continued
	Shares		Value (000s)
Japan - 16.6%
Aeon Fantasy Co. Ltd.	34,800		$ 1,243
Canon, Inc.	183,200		9,675
Capcom Co. Ltd. (a)	97,800		1,848
Daiwa Securities Group, Inc.	800,700		9,793
Fujitsu Ltd.	684,000		5,129
Hoya Corp.	82,400		2,991
Japan Tobacco, Inc.	704		3,383
KDDI Corp.	324		2,293
Leopalace21 Corp.	42,500		1,352
Millea Holdings, Inc.	111,000		3,964
Mitsubishi Estate Co. Ltd.	422,000		12,064
Mitsubishi UFJ Financial Group, Inc.	438		5,322
Mitsui Fudosan Co. Ltd.	160,000		4,150
Mizuho Financial Group, Inc.	1,736		12,515
Murata Manufacturing Co. Ltd. (a)	60,300		4,267
Nafco Co. Ltd.	66,400		1,761
New City Residence Investment Corp.	269		1,320
Nidec Corp.	56,900		4,022
Nintendo Co. Ltd.	64,300		18,967
NSK Ltd.	703,000		6,437
NTT DoCoMo, Inc. (a)	1,943		2,949
Organo Corp.	116,000		1,295
ORIX Corp.	30,060		8,618
Point, Inc. (d)	35,500		2,133
Sankei Building Co. Ltd.	8,100		73
Sompo Japan Insurance, Inc.	198,700		2,522
Sony Corp. sponsored ADR	70,700		3,276
St. Marc Holdings Co. Ltd.	5,200		304
Stanley Electric Co. Ltd.	129,100		2,664
Sumco Corp.	85,500		3,089
Sumitomo Forestry Co. Ltd.	216,000		2,398
Sumitomo Mitsui Financial Group, Inc.	1,047		10,671
Sumitomo Trust & Banking Co. Ltd.	585,400		6,262
T&D Holdings, Inc.	125,050		8,424
Tokuyama Corp.	174,000		2,790
Toyota Motor Corp.	386,300		25,454
USS Co. Ltd.	69,900		4,599
Xebio Co. Ltd.	12,700		383
Yamaguchi Financial Group, Inc. (a)	44,000		534
Yamaha Motor Co. Ltd.	59,600		1,847
TOTAL JAPAN			202,781
Common Stocks - continued
	Shares		Value (000s)
Kazakhstan - 0.0%
JSC Halyk Bank of Kazakhstan GDR (a)(e)	20,500		$ 484
Luxembourg - 0.3%
SES Global SA FDR unit	213,304		3,656
Malaysia - 0.2%
Gamuda BHD	1,422,300		2,885
Netherlands - 2.8%
ABN-AMRO Holding NV	82,100		2,639
Arcelor Mittal	26,600		1,265
Arcelor Mittal	40,200		1,868
Heineken NV (Bearer)	74,500		3,774
IHC Caland NV	185,400		6,534
ING Groep NV (Certificaten Van Aandelen)	83,246		3,668
Koninklijke Numico NV	95,800		5,082
Koninklijke Philips Electronics NV (NY Shares)	230,200		9,012
TOTAL NETHERLANDS			33,842
Norway - 2.2%
Acta Holding ASA	459,400		2,555
Aker Kvaerner ASA	58,200		6,575
DnB Nor ASA	257,100		3,860
PAN Fish ASA (a)	2,575,000		2,756
Schibsted ASA (B Shares)	93,900		3,912
Statoil ASA	98,400		2,625
Telenor ASA sponsored ADR	73,000		4,479
TOTAL NORWAY			26,762
Oman - 0.1%
BankMuscat SAOG sponsored GDR	103,600		1,331
Singapore - 0.2%
Singapore Exchange Ltd.	457,000		2,009
South Africa - 0.8%
African Bank Investments Ltd.	430,000		1,727
Growthpoint Properties Ltd.	1,360,400		2,581
Impala Platinum Holdings Ltd.	66,900		1,923
JSE Ltd.	303,700		2,166
Sasol Ltd. sponsored ADR	44,100		1,502
TOTAL SOUTH AFRICA			9,899
Spain - 3.4%
Altadis SA (Spain)	93,700		5,030
Banco Bilbao Vizcaya Argentaria SA	504,100		12,643
Common Stocks - continued
	Shares		Value (000s)
Spain - continued
Banco Pastor SA	152,800		$ 3,184
Banco Santander Central Hispano SA sponsored ADR	498,600		9,409
Gestevision Telecinco SA	1,700		46
Telefonica SA	528,948		11,626
TOTAL SPAIN			41,938
Sweden - 1.2%
Modern Times Group AB (MTG) (B Shares)	83,150		5,258
Scania AB (B Shares)	81,100		5,811
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	87,600		3,486
TOTAL SWEDEN			14,555
Switzerland - 8.3%
ABB Ltd.:
(Reg.)	806,920		14,273
sponsored ADR	116,300		2,071
Compagnie Financiere Richemont unit	108,914		6,077
Credit Suisse Group (Reg.)	48,117		3,420
EFG International (a)	65,970		2,294
Nestle SA (Reg.)	29,861		10,954
Nobel Biocare Holding AG (Switzerland)	20,488		6,783
Novartis AG (Reg.)	123,477		7,123
Roche Holding AG (participation certificate)	95,220		17,892
Schindler Holding AG (Reg.)	45,214		2,908
Societe Generale de Surveillance Holding SA (SGS) (Reg.)	6,384		7,001
Sulzer AG (Reg.)	3,135		4,439
Swisscom AG (Reg.)	7,916		2,956
UBS AG (Reg.)	205,494		12,948
TOTAL SWITZERLAND			101,139
Taiwan - 0.2%
Shin Kong Financial Holding Co. Ltd.	1,835,000		1,839
United Kingdom - 19.7%
Aegis Group PLC	1,016,600		2,816
Amvescap PLC	318,500		3,798
Anglo American PLC (United Kingdom)	124,900		5,801
AstraZeneca PLC (United Kingdom)	123,700		6,921
BAE Systems PLC	853,500		7,005
Barclays PLC	295,600		4,359
Benfield Group PLC	463,100		3,139
BG Group PLC	600,500		7,887
BHP Billiton PLC	278,202		5,182
Common Stocks - continued
	Shares		Value (000s)
United Kingdom - continued
BlueBay Asset Management	161,200		$ 1,235
BP PLC	1,542,008		16,322
British Land Co. PLC	95,500		2,944
BT Group PLC	103,000		629
BT Group PLC sponsored ADR (d)	40,300		2,460
Burberry Group PLC	251,500		3,254
Cable & Wireless PLC	1,068,000		3,515
Clipper Windpower PLC (a)	104,800		1,197
Diageo PLC	470,900		9,268
GlaxoSmithKline PLC	452,600		12,250
Gyrus Group PLC (a)	425,700		3,410
HBOS plc	190,500		4,158
HSBC Holdings PLC (United Kingdom) (Reg.)	305,667		5,614
Imperial Tobacco Group PLC sponsored ADR	4,300		350
Informa PLC	345,800		3,795
International Power PLC	601,800		4,260
Intertek Group PLC	71,600		1,206
Jardine Lloyd Thompson Group PLC	687,500		5,329
Lloyds TSB Group PLC	8,700		99
M&C Saatchi	591,000		1,806
Man Group plc	1,021,982		10,737
Mothercare PLC	343,093		2,444
Prudential PLC	633,600		8,540
Reed Elsevier PLC	973,100		11,108
Reuters Group PLC	1,511,600		12,815
Rio Tinto PLC (Reg.)	52,918		2,860
Royal Bank of Scotland Group PLC	184,800		7,425
Royal Dutch Shell PLC:
Class A sponsored ADR	120,000		8,190
Class B	65,800		2,228
Taylor Nelson Sofres PLC	1,330,900		5,812
Tesco PLC	1,778,500		14,606
The Weir Group PLC	391,500		4,392
Vodafone Group PLC	5,652,669		16,613
Xstrata PLC	50,266		2,343
TOTAL UNITED KINGDOM			240,122
Common Stocks - continued
	Shares		Value (000s)
United States of America - 0.8%
Estee Lauder Companies, Inc. Class A	153,800		$ 7,306
Merck & Co., Inc.	41,300		1,848
TOTAL UNITED STATES OF AMERICA			9,154
TOTAL COMMON STOCKS (Cost $956,860)		1,182,671
Nonconvertible Preferred Stocks - 0.3%

Germany - 0.3%
Porsche AG (non-vtg.) (Cost $2,858)	2,549		3,220
Money Market Funds - 5.6%

Fidelity Cash Central Fund, 5.35% (b)	39,565,158		39,565
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	29,337,470		29,337
TOTAL MONEY MARKET FUNDS (Cost $68,902)		68,902
TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $1,028,620)			1,254,793
NET OTHER ASSETS - (2.9)%			(35,890)
NET ASSETS - 100%		$ 1,218,903

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 568
Fidelity Securities Lending Cash Central Fund	98
Total	$ 666

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,034,414,000. Net unrealized appreciation aggregated $220,379,000, of which $233,919,000 related to appreciated investment securities and $13,540,000 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, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Value Leaders Fund
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2007

1.813052.102

AVLF-QTLY-0307

Investments January 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
CONSUMER DISCRETIONARY - 7.8%
Automobiles - 0.2%
Renault SA	1,500		$ 185,630
Diversified Consumer Services - 0.8%
Apollo Group, Inc. Class A (non-vtg.) (a)	16,300		707,420
Hotels, Restaurants & Leisure - 0.4%
McDonald's Corp.	8,800		390,280
Household Durables - 1.5%
Bassett Furniture Industries, Inc.	900		14,256
D.R. Horton, Inc.	7,200		209,232
KB Home	6,200		336,164
M.D.C. Holdings, Inc. (d)	8,100		471,987
Sony Corp. sponsored ADR	5,500		254,815
			1,286,454
Leisure Equipment & Products - 0.6%
Brunswick Corp.	5,400		184,194
Eastman Kodak Co.	12,300		318,078
			502,272
Media - 1.4%
Comcast Corp. Class A (a)	8,700		385,584
Live Nation, Inc. (a)	2,100		51,828
Time Warner, Inc.	38,200		835,434
			1,272,846
Multiline Retail - 1.3%
Federated Department Stores, Inc.	13,300		551,817
Saks, Inc.	8,400		157,584
Sears Holdings Corp. (a)	2,100		370,965
Tuesday Morning Corp.	5,600		93,296
			1,173,662
Specialty Retail - 1.6%
Best Buy Co., Inc.	4,250		214,200
Home Depot, Inc.	8,450		344,253
OfficeMax, Inc.	3,500		169,015
Staples, Inc.	7,600		195,472
TJX Companies, Inc.	4,700		138,979
Williams-Sonoma, Inc.	8,900		311,500
			1,373,419
TOTAL CONSUMER DISCRETIONARY			6,891,983
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 7.3%
Beverages - 1.0%
Diageo PLC sponsored ADR	5,000		$ 393,650
PepsiAmericas, Inc.	7,300		160,965
The Coca-Cola Co.	6,900		330,372
			884,987
Food & Staples Retailing - 1.6%
Kroger Co.	18,900		483,840
Rite Aid Corp.	44,000		271,040
Wal-Mart Stores, Inc.	13,400		639,046
			1,393,926
Food Products - 1.6%
Cermaq ASA	13,600		220,119
Chiquita Brands International, Inc.	8,700		138,069
Nestle SA (Reg.)	1,685		618,116
PAN Fish ASA (a)	225,000		240,856
Tyson Foods, Inc. Class A	12,100		214,775
			1,431,935
Household Products - 0.7%
Colgate-Palmolive Co.	8,800		601,040
Personal Products - 0.8%
Avon Products, Inc.	21,200		729,068
Tobacco - 1.6%
Altria Group, Inc.	10,130		885,261
British American Tobacco PLC sponsored ADR	8,700		532,005
			1,417,266
TOTAL CONSUMER STAPLES			6,458,222
ENERGY - 15.4%
Energy Equipment & Services - 5.9%
Baker Hughes, Inc.	11,000		759,330
GlobalSantaFe Corp.	15,250		884,653
Nabors Industries Ltd. (a)	11,400		345,192
National Oilwell Varco, Inc. (a)	18,682		1,132,876
Noble Corp.	5,500		412,225
Pride International, Inc. (a)	7,300		210,313
Smith International, Inc.	22,600		896,768
Transocean, Inc. (a)	7,100		549,327
			5,190,684
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - 9.5%
Apache Corp.	2,900		$ 211,613
Chesapeake Energy Corp.	9,400		278,334
ConocoPhillips	23,500		1,560,635
CONSOL Energy, Inc.	11,100		382,173
EOG Resources, Inc.	11,200		774,256
Exxon Mobil Corp.	21,470		1,590,927
Noble Energy, Inc.	7,400		395,234
OAO Gazprom sponsored ADR	3,800		164,350
Occidental Petroleum Corp.	12,400		574,864
Quicksilver Resources, Inc. (a)	10,050		398,583
SK Corp.	2,220		170,337
Spectra Energy Corp.	8,800		229,856
Ultra Petroleum Corp. (a)	16,000		835,200
Uramin, Inc. (a)	46,300		166,471
Valero Energy Corp.	12,300		667,644
			8,400,477
TOTAL ENERGY			13,591,161
FINANCIALS - 32.0%
Capital Markets - 4.2%
Charles Schwab Corp.	9,400		177,848
E*TRADE Financial Corp.	8,600		209,668
Investors Financial Services Corp.	11,900		556,563
KKR Private Equity Investors, LP	18,283		429,651
KKR Private Equity Investors, LP Restricted Depositary Units (e)	1,300		30,550
Merrill Lynch & Co., Inc.	8,900		832,684
Morgan Stanley	9,250		765,808
Nomura Holdings, Inc.	10,000		203,900
State Street Corp.	4,000		284,200
UBS AG (NY Shares)	3,700		233,137
			3,724,009
Commercial Banks - 6.5%
Banco Bilbao Vizcaya Argentaria SA	12,700		318,516
Bank Hapoalim BM (Reg.)	30,800		142,868
Colonial Bancgroup, Inc.	8,900		218,406
Commerce Bancorp, Inc., New Jersey	8,700		293,886
East West Bancorp, Inc.	4,800		184,320
HSBC Holdings PLC sponsored ADR (d)	5,700		523,431
Kookmin Bank sponsored ADR	2,500		198,825
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
Mizuho Financial Group, Inc.	26		$ 187,430
U.S. Bancorp, Delaware	31,900		1,135,640
Unicredito Italiano Spa	36,300		335,912
Wachovia Corp.	38,954		2,200,901
			5,740,135
Diversified Financial Services - 6.4%
Bank of America Corp.	62,692		3,296,345
JPMorgan Chase & Co.	46,140		2,349,910
			5,646,255
Insurance - 9.6%
ACE Ltd.	15,500		895,590
AFLAC, Inc.	7,300		347,553
American International Group, Inc.	42,990		2,942,666
Axis Capital Holdings Ltd.	8,700		286,665
Everest Re Group Ltd.	5,000		468,000
Hartford Financial Services Group, Inc.	8,850		839,954
IPC Holdings Ltd.	16,700		491,815
Max Re Capital Ltd.	16,500		396,000
Montpelier Re Holdings Ltd.	14,800		257,964
Platinum Underwriters Holdings Ltd.	17,200		513,420
The Chubb Corp.	6,300		327,852
The St. Paul Travelers Companies, Inc.	14,000		711,900
			8,479,379
Real Estate Investment Trusts - 1.8%
Annaly Capital Management, Inc.	12,500		172,250
Equity Residential (SBI)	12,100		680,988
General Growth Properties, Inc.	12,450		765,924
			1,619,162
Real Estate Management & Development - 0.4%
Mitsubishi Estate Co. Ltd.	14,000		400,215
Thrifts & Mortgage Finance - 3.1%
Countrywide Financial Corp.	11,500		500,020
Fannie Mae	22,160		1,252,705
Hudson City Bancorp, Inc.	10,800		148,716
IndyMac Bancorp, Inc.	6,800		264,452
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - continued
Radian Group, Inc.	5,800		$ 349,276
Washington Mutual, Inc.	5,400		240,786
			2,755,955
TOTAL FINANCIALS			28,365,110
HEALTH CARE - 7.4%
Biotechnology - 0.7%
Amgen, Inc. (a)	3,400		239,258
Biogen Idec, Inc. (a)	2,400		116,016
Cephalon, Inc. (a)	3,200		231,712
			586,986
Health Care Equipment & Supplies - 0.9%
Baxter International, Inc.	8,140		404,232
Becton, Dickinson & Co.	3,500		269,290
Inverness Medical Innovations, Inc. (a)	3,200		131,904
			805,426
Health Care Providers & Services - 0.7%
Brookdale Senior Living, Inc.	7,400		355,200
UnitedHealth Group, Inc.	5,450		284,817
			640,017
Life Sciences Tools & Services - 0.3%
Thermo Fisher Scientific, Inc. (a)	6,150		294,278
Pharmaceuticals - 4.8%
Bristol-Myers Squibb Co.	11,400		328,206
Johnson & Johnson	6,100		407,480
Merck & Co., Inc.	30,800		1,378,300
Pfizer, Inc.	68,200		1,789,568
Wyeth	6,850		338,459
			4,242,013
TOTAL HEALTH CARE			6,568,720
INDUSTRIALS - 10.6%
Aerospace & Defense - 2.9%
General Dynamics Corp.	9,700		758,055
Hexcel Corp. (a)	9,300		178,932
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Aerospace & Defense - continued
Honeywell International, Inc.	31,740		$ 1,450,201
Raytheon Co.	2,900		150,510
			2,537,698
Air Freight & Logistics - 0.5%
United Parcel Service, Inc. Class B	5,900		426,452
Airlines - 0.2%
AirTran Holdings, Inc. (a)	19,300		213,651
Building Products - 0.3%
Masco Corp.	8,950		286,311
Commercial Services & Supplies - 0.7%
Allied Waste Industries, Inc.	16,800		214,872
Cintas Corp.	5,600		230,440
The Brink's Co.	3,050		189,558
			634,870
Construction & Engineering - 0.5%
Chicago Bridge & Iron Co. NV (NY Shares)	3,200		95,104
Fluor Corp.	3,750		309,750
			404,854
Electrical Equipment - 0.3%
SolarWorld AG	3,500		271,788
Industrial Conglomerates - 4.1%
General Electric Co.	79,980		2,883,279
Textron, Inc.	1,500		139,755
Tyco International Ltd.	17,600		561,088
			3,584,122
Machinery - 0.9%
Deere & Co.	1,750		175,490
Dover Corp.	7,000		347,200
Oshkosh Truck Co.	5,200		274,560
			797,250
Road & Rail - 0.2%
CSX Corp.	5,300		194,987
TOTAL INDUSTRIALS			9,351,983
INFORMATION TECHNOLOGY - 6.7%
Communications Equipment - 1.3%
Comverse Technology, Inc. (a)	11,000		212,850
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Harris Corp.	7,800		$ 396,396
Motorola, Inc.	26,000		516,100
			1,125,346
Computers & Peripherals - 2.1%
Dell, Inc. (a)	6,000		145,500
Hewlett-Packard Co.	19,550		846,124
International Business Machines Corp.	7,300		723,795
Seagate Technology	5,600		151,704
			1,867,123
Electronic Equipment & Instruments - 0.7%
Agilent Technologies, Inc. (a)	6,700		214,400
Flextronics International Ltd. (a)	22,500		261,675
Motech Industries, Inc.	13,000		186,352
			662,427
IT Services - 0.5%
First Data Corp.	7,100		176,506
Infosys Technologies Ltd. sponsored ADR	2,100		121,800
The Western Union Co.	6,500		145,210
			443,516
Office Electronics - 0.2%
Zebra Technologies Corp. Class A (a)	3,900		135,213
Semiconductors & Semiconductor Equipment - 1.5%
Analog Devices, Inc.	4,900		160,475
Applied Materials, Inc.	10,800		191,484
Intel Corp.	13,800		289,248
Marvell Technology Group Ltd. (a)	10,800		197,532
National Semiconductor Corp.	9,900		228,987
ON Semiconductor Corp. (a)	4,500		37,620
Spansion, Inc. Class A (a)	12,100		155,243
Volterra Semiconductor Corp. (a)	2,600		34,268
			1,294,857
Software - 0.4%
Electronic Arts, Inc. (a)	2,700		135,000
Symantec Corp. (a)	13,200		233,772
			368,772
TOTAL INFORMATION TECHNOLOGY			5,897,254
Common Stocks - continued
	Shares		Value
MATERIALS - 2.8%
Chemicals - 0.2%
Chemtura Corp.	18,400		$ 211,968
Containers & Packaging - 0.3%
Smurfit-Stone Container Corp. (a)	20,327		219,532
Metals & Mining - 2.1%
Alcoa, Inc.	6,300		203,490
Arcelor Mittal	4,400		209,308
Carpenter Technology Corp.	2,500		292,750
Freeport-McMoRan Copper & Gold, Inc. Class B	7,300		419,823
Newmont Mining Corp.	10,750		484,825
Reliance Steel & Aluminum Co.	6,400		266,496
			1,876,692
Paper & Forest Products - 0.2%
Weyerhaeuser Co.	2,400		180,000
TOTAL MATERIALS			2,488,192
TELECOMMUNICATION SERVICES - 5.7%
Diversified Telecommunication Services - 5.4%
AT&T, Inc.	101,737		3,828,359
Verizon Communications, Inc.	24,650		949,518
			4,777,877
Wireless Telecommunication Services - 0.3%
American Tower Corp. Class A (a)	7,400		294,742
TOTAL TELECOMMUNICATION SERVICES			5,072,619
UTILITIES - 4.0%
Electric Utilities - 1.6%
DPL, Inc.	2,300		65,964
Duke Energy Corp.	18,100		356,389
E.ON AG sponsored ADR	6,600		299,574
Entergy Corp.	6,400		594,240
FPL Group, Inc.	2,200		124,630
			1,440,797
Independent Power Producers & Energy Traders - 1.4%
AES Corp. (a)	18,800		390,852
Constellation Energy Group, Inc.	8,700		631,185
NRG Energy, Inc.	3,500		209,755
			1,231,792
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - 1.0%
CMS Energy Corp. (a)	12,500		$ 208,625
Public Service Enterprise Group, Inc.	10,400		697,112
			905,737
TOTAL UTILITIES			3,578,326
TOTAL COMMON STOCKS (Cost $78,938,709)		88,263,570
Money Market Funds - 2.3%

Fidelity Cash Central Fund, 5.35% (b)	1,154,268		1,154,268
Fidelity Securities Lending Cash Central Fund, 5.34% (b)(c)	861,400		861,400
TOTAL MONEY MARKET FUNDS (Cost $2,015,668)		2,015,668
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $80,954,377)		90,279,238
NET OTHER ASSETS - (2.0)%		(1,752,741)
NET ASSETS - 100%		$ 88,526,497

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 18,347
Fidelity Securities Lending Cash Central Fund	319
Total	$ 18,666

Income Tax Information

At January 31, 2007, the aggregate cost of investment securities for income tax purposes was $81,098,988. Net unrealized appreciation aggregated $9,180,250, of which $10,048,405 related to appreciated investment securities and $868,155 related to depreciated investment securities.

Investment Valuation

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

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:	March 22, 2007

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

By:	/s/ Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	March 22, 2007

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer

Date:	March 22, 2007