N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3855

Fidelity Advisor Series VIII
 (Exact name of registrant as specified in charter)

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

October 31

Date of reporting period:

July 31, 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

July 31, 2007

1.804845.103

ADIF-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.8%

Shares

Value (000s)

Australia - 3.7%

Aristocrat Leisure Ltd.

3,680,300

$ 42,809

Babcock & Brown Ltd.

1,988,900

47,778

BHP Billiton Ltd. sponsored ADR (d)

1,627,300

103,789

Computershare Ltd.

8,158,500

69,453

CSL Ltd.

2,049,300

155,334

Downer EDI Ltd.

8,086,100

48,303

National Australia Bank Ltd.

2,578,500

84,287

Rio Tinto Ltd. (d)

306,500

24,311

Woolworths Ltd.

740,300

17,216

TOTAL AUSTRALIA

593,280

Austria - 0.2%

voestalpine AG

337,300

28,583

Brazil - 0.2%

Medial Saude SA

1,952,000

31,805

Canada - 1.0%

Canadian Natural Resources Ltd.

885,900

60,801

EnCana Corp.

710,248

43,479

Open Text Corp. (a)

1,234,400

23,214

OZ Optics Ltd. unit (a)(g)

5,400

80

Talisman Energy, Inc.

441,000

8,066

Western Oil Sands, Inc. Class A (a)

817,500

28,601

TOTAL CANADA

164,241

Cayman Islands - 0.9%

GlobalSantaFe Corp.

536,000

38,437

Lee & Man Paper Manufacturing Ltd.

12,778,500

54,464

Semiconductor Manufacturing International Corp. (a)

166,854,000

21,509

Subsea 7, Inc. (a)

1,414,500

33,914

TOTAL CAYMAN ISLANDS

148,324

China - 0.1%

China Coal Energy Co. Ltd. (H Shares)

13,085,000

24,223

Denmark - 0.5%

William Demant Holding AS (a)

756,000

75,769

Finland - 2.5%

Cargotec Corp. (B Shares)

284,560

14,940

Metso Corp.

1,447,500

93,092

Neste Oil Oyj

1,027,800

37,129

Nokia Corp.

1,111,500

31,833

Common Stocks - continued

Shares

Value (000s)

Finland - continued

Nokia Corp. sponsored ADR

7,450,500

$ 213,382

Wartsila Corp. (B Shares)

271,700

19,184

TOTAL FINLAND

409,560

France - 9.8%

Alcatel-Lucent SA sponsored ADR

9,805,000

113,738

Alstom SA

913,000

167,157

Arkema sponsored ADR (a)

2,572

167

AXA SA sponsored ADR

1,771,400

69,368

BNP Paribas SA

793,500

88,741

Business Objects SA sponsored ADR (a)(d)

836,900

37,661

Carbone Lorraine

249,900

19,625

CNP Assurances

287,000

38,039

Gaz de France (d)

1,856,400

87,256

L'Air Liquide SA (a)

454,740

59,555

Lagardere S.C.A. (Reg.)

580,982

46,364

Neuf Cegetel

1,217,511

48,114

Orpea (a)

512,400

28,319

Pernod Ricard SA

134,540

28,509

Remy Cointreau SA

1,234,000

90,371

Renault SA

338,900

49,647

Sanofi-Aventis sponsored ADR

1,775,300

74,119

SCOR

219,488

5,661

Societe Generale Series A

421,755

73,385

Sodexho Alliance SA

561,200

37,444

Television Francaise 1 SA

2,122,800

71,747

Total SA:

Series B

353,100

27,757

sponsored ADR

2,452,000

192,752

Unibail-Rodamco

158,700

38,068

Vinci SA

225,112

16,350

Vivendi Universal SA

1,717,613

73,611

TOTAL FRANCE

1,583,525

Germany - 16.7%

Aareal Bank AG

1,197,059

57,133

Adidas-Salomon AG

587,000

36,000

Allianz AG sponsored ADR

17,988,870

381,364

Arcandor AG (a)(d)

3,409,900

105,124

Bayer AG

927,400

65,632

Bayer AG sponsored ADR

2,120,300

150,054

Bayerische Motoren Werke AG (BMW)

888,000

55,688

Common Stocks - continued

Shares

Value (000s)

Germany - continued

Bilfinger Berger AG

758,900

$ 65,629

Commerzbank AG

910,000

39,448

CompuGROUP Holding AG (a)

307,600

7,311

DaimlerChrysler AG (Reg.)

796,000

72,237

Deutsche Postbank AG

424,800

33,098

Deutz AG (a)

875,800

11,349

E.ON AG sponsored ADR

4,279,300

223,936

GFK AG

178,956

9,293

Heidelberger Druckmaschinen AG (d)

474,600

23,347

Henkel KGaA

1,954,653

96,368

Hypo Real Estate Holding AG

1,857,740

114,519

IWKA AG (a)(d)(e)

1,533,923

55,307

K&S AG

537,900

80,235

Lanxess AG

437,000

23,739

Linde AG

556,256

66,114

MAN AG

281,000

41,188

MLP AG

2,828,786

50,707

MTU Aero Engines Holding AG

252,651

17,407

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

1,415,500

245,676

Patrizia Immobilien AG

1,171,800

18,199

Q-Cells AG (a)(d)

176,600

15,635

RWE AG

434,600

46,463

SAP AG sponsored ADR

977,500

52,707

SGL Carbon AG (a)

1,316,087

68,379

Siemens AG:

(Reg.)

798,400

101,102

sponsored ADR

1,515,200

191,870

Wacker Chemie AG

277,100

68,440

Wacker Construction Equipment AG

65,300

2,279

Wincor Nixdorf AG

44,100

3,950

TOTAL GERMANY

2,696,927

Greece - 0.2%

Hellenic Exchanges Holding SA

1,070,800

30,154

Hong Kong - 0.6%

Hysan Development Co. Ltd.

3,453,000

8,898

New World Development Co. Ltd.

14,090,000

34,420

Sun Hung Kai Properties Ltd.

2,721,000

34,605

Wharf Holdings Ltd.

5,704,000

23,548

TOTAL HONG KONG

101,471

Common Stocks - continued

Shares

Value (000s)

Indonesia - 0.5%

PT Bank Mandiri Persero Tbk

75,233,500

$ 28,763

PT Bank Niaga Tbk

442,195,000

45,083

TOTAL INDONESIA

73,846

Ireland - 0.2%

Bank of Ireland

170,800

3,203

C&C Group PLC

970,768

7,970

Smurfit Kappa Group plc

793,400

18,619

TOTAL IRELAND

29,792

Israel - 0.6%

Bank Hapoalim BM (Reg.)

7,390,800

35,361

Mizrahi Tefahot Bank Ltd.

7,783,765

54,872

TOTAL ISRAEL

90,233

Italy - 1.5%

Banco Popolare SpA (a)

456,428

11,270

Fiat SpA

2,360,700

70,161

Milano Assicurazioni SpA

1,337,400

10,325

Pirelli & C. Real Estate SpA

767,900

40,496

Prysmian SpA

1,574,668

43,137

Unicredito Italiano SpA

7,319,600

62,829

TOTAL ITALY

238,218

Japan - 26.1%

Aeon Co. Ltd.

3,504,700

55,979

Aeon Mall Co. Ltd. (d)

1,695,800

50,725

Aioi Insurance Co. Ltd.

5,366,000

31,746

Aoyama Trading Co. Ltd.

1,633,400

47,018

Arealink Co. Ltd. (d)

47,735

24,514

Asics Corp.

3,382,000

46,151

Bank of Nagoya Ltd.

5,635,000

35,278

Bridgestone Corp.

2,209,400

46,626

Canon Fintech, Inc.

893,300

14,952

Canon, Inc. sponsored ADR

2,120,800

112,572

Chiba Bank Ltd.

5,205,000

43,806

Daiei, Inc. (a)(d)

2,113,050

19,113

Daiwa House Industry Co. Ltd.

2,166,000

28,407

Daiwa Securities Group, Inc.

13,438,000

142,564

DCM Japan Holdings Co. Ltd. (d)

3,112,820

27,377

E*TRADE Securities Co. Ltd. (d)

20,046

21,636

East Japan Railway Co.

1,589

11,786

Fuji Machine Manufacturing Co. Ltd.

1,206,200

27,668

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Fujitsu Ltd.

6,858,000

$ 45,266

Fukuoka Financial Group, Inc. (a)

8,009,000

51,449

Hokuhoku Financial Group, Inc.

9,817,000

31,173

Ibiden Co. Ltd.

483,700

35,463

Inpex Holdings, Inc.

4,830

48,735

Isetan Co. Ltd. (d)

1,706,400

27,224

Juroku Bank Ltd.

9,501,000

57,062

Kansai Paint Co. Ltd. Osaka

4,243,000

36,594

Konica Minolta Holdings, Inc.

2,798,000

41,368

Kubota Corp.

4,274,000

35,489

Marubeni Corp.

3,907,000

37,463

Marui Co. Ltd.

4,410,200

49,789

Matsui Securities Co. Ltd. (d)

5,270,500

43,625

Millea Holdings, Inc.

1,552,600

61,405

Misumi Group, Inc.

1,530,700

26,105

Mitsubishi Corp.

2,146,300

63,382

Mitsubishi Estate Co. Ltd.

1,766,000

44,927

Mitsui & Co. Ltd.

8,356,000

196,370

Mitsui Fudosan Co. Ltd.

2,189,000

57,154

Mizuho Financial Group, Inc.

5,201

36,631

Monex Beans Holdings, Inc. (d)

10,893

7,825

Murata Manufacturing Co. Ltd.

1,990,100

148,687

Namco Bandai Holdings, Inc.

1,242,400

19,467

Nidec Corp.

1,027,500

68,016

Nintendo Co. Ltd.

277,400

135,926

Nippon Chemi-con Corp.

3,839,900

40,595

Nippon Electric Glass Co. Ltd.

5,644,200

88,003

Nomura Holdings, Inc.

4,531,700

85,966

Nomura Holdings, Inc. sponsored ADR

4,015,900

76,182

NSK Ltd.

6,117,000

58,602

Okamura Corp.

3,221,000

28,001

Okinawa Cellular Telephone Co.

3,230

8,631

OMC Card, Inc. (d)

6,608,200

42,614

Omron Corp.

3,324,000

88,094

ORIX Corp.

668,500

160,451

Sekisui House Ltd.

4,321,000

53,616

Seven & I Holdings Co. Ltd.

943,500

26,496

SFCG Co. Ltd.

376,930

57,876

SMC Corp.

426,700

56,504

Sompo Japan Insurance, Inc.

9,988,000

115,969

Sony Corp. sponsored ADR

2,838,700

149,713

Sumitomo Corp.

7,643,000

148,022

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Sumitomo Electric Industries Ltd.

4,612,500

$ 75,222

Sumitomo Metal Industries Ltd.

4,987,000

28,718

Sumitomo Mitsui Financial Group, Inc.

1,265

11,432

Sumitomo Osaka Cement Co. Ltd.

8,325,000

21,175

Sumitomo Realty & Development Co. Ltd.

476,000

14,143

T&D Holdings, Inc.

608,500

39,794

Takeda Pharamaceutical Co. Ltd.

1,197,900

78,033

Tokai Carbon Co. Ltd. (d)

9,268,000

101,394

Tokuyama Corp.

4,418,000

64,165

Tokyo Tomin Bank Ltd.

1,958,400

67,915

Toyota Industries Corp.

224,500

10,171

Toyota Motor Corp.

1,744,200

105,201

Toyota Motor Corp. sponsored ADR

340,100

41,026

United Arrows Ltd.

724,800

11,274

Yamada Denki Co. Ltd.

161,460

16,043

Yamaguchi Financial Group, Inc.

3,169,000

39,826

TOTAL JAPAN

4,205,380

Korea (South) - 0.3%

Samsung Electronics Co. Ltd.

71,730

47,354

Luxembourg - 0.0%

Acergy SA

15,600

413

Malaysia - 0.9%

DiGi.com Bhd

5,697,700

35,791

Gamuda Bhd

26,296,000

59,374

IJM Corp. Bhd

1,893,000

4,767

Public Bank Bhd (For. Reg.)

8,688,500

26,409

Resorts World Bhd

9,528,500

11,474

YTL Corp. Bhd

6,796,800

14,953

TOTAL MALAYSIA

152,768

Mexico - 0.2%

Fomento Economico Mexicano SA de CV sponsored ADR

674,100

24,955

Netherlands - 4.7%

ABN-AMRO Holding NV sponsored ADR

331,300

15,869

Arcelor Mittal (NY Shares) Class A

1,730,800

105,613

De Telegraaf Holding NV (Certificaten Van Aandelen)

328,976

11,470

Heineken NV (Bearer)

2,658,700

168,296

Koninklijke KPN NV

3,104,900

48,561

Koninklijke Philips Electronics NV (NY Shares)

2,235,100

90,298

Reed Elsevier NV sponsored ADR

2,850,100

104,741

SBM Offshore NV

2,641,300

109,583

Common Stocks - continued

Shares

Value (000s)

Netherlands - continued

Unilever NV:

(Certificaten Van Aandelen)

1,102,700

$ 33,739

(NY Shares)

2,399,300

72,603

TOTAL NETHERLANDS

760,773

Norway - 1.1%

Aker ASA (A Shares)

260,520

17,342

Aker Kvaerner ASA

3,928,950

102,457

Hafslund ASA (B Shares)

1,249,863

33,451

Kongsberg Gruppen ASA

285,377

11,114

Odfjell Se (B Shares)

289,700

5,070

TOTAL NORWAY

169,434

Singapore - 0.3%

CapitaCommercial Trust (REIT)

1,258,000

2,207

City Developments Ltd.

1,636,000

16,403

DBS Group Holdings Ltd.

1,694,000

25,812

TOTAL SINGAPORE

44,422

South Africa - 0.3%

Barloworld Ltd.

1,794,100

31,720

Pretoria Portland Cement Co. Ltd.

3,328,952

19,774

TOTAL SOUTH AFRICA

51,494

Spain - 1.1%

Banco Santander Central Hispano SA sponsored ADR

2,609,800

48,542

Enagas SA

195,900

4,699

Telefonica SA sponsored ADR

1,714,600

120,416

TOTAL SPAIN

173,657

Sweden - 2.2%

Scania AB (B Shares)

2,704,000

65,412

SSAB Svenskt Stal AB:

rights 8/23/07 (a)

904,000

3,103

(A Shares)

904,000

33,205

Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR

6,686,100

250,127

TOTAL SWEDEN

351,847

Switzerland - 7.8%

ABB Ltd.:

(Reg.)

4,987,147

122,655

sponsored ADR

1,898,700

45,702

Julius Baer Holding AG (Bearer)

968,951

68,629

Common Stocks - continued

Shares

Value (000s)

Switzerland - continued

Nestle SA:

(Reg.)

424,214

$ 163,747

sponsored ADR

1,103,600

106,497

Phonak Holding AG

705,911

68,505

Roche Holding AG (participation certificate)

2,172,980

387,230

SGS Societe Generale de Surveillance Holding SA (Reg.)

98,154

119,272

Swiss Life Holding

209,248

52,160

Swisscom AG (Reg.)

111,987

38,354

Zurich Financial Services AG (Reg.)

310,744

91,555

TOTAL SWITZERLAND

1,264,306

Taiwan - 2.3%

Advanced Semiconductor Engineering, Inc. (a)

69,529,692

91,127

Compal Electronics, Inc.

23,809,000

27,249

Shin Kong Financial Holding Co. Ltd.

27,764,000

33,976

Siliconware Precision Industries Co. Ltd. sponsored ADR

5,842,841

56,325

Taiwan Mobile Co. Ltd.

33,879,000

40,272

Taiwan Semiconductor Manufacturing Co. Ltd.

14,013,708

27,763

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

3,084,141

31,304

Wistron Corp.

31,012,000

63,708

TOTAL TAIWAN

371,724

United Kingdom - 6.8%

Anglo American PLC ADR

1,771,042

54,888

Babcock International Group PLC

152,500

1,605

Burberry Group PLC

121,842

1,584

Cookson Group PLC

2,042,800

28,778

Dawnay Day Treveria PLC (e)

38,742,200

56,459

GlaxoSmithKline PLC

1,592,100

40,662

GlaxoSmithKline PLC sponsored ADR

483,000

24,672

Intertek Group PLC

1,513,300

30,449

NETeller PLC (a)

4,254,500

5,942

Next PLC

305,400

11,781

Rentokil Initial PLC

18,789,300

59,829

Rio Tinto PLC sponsored ADR

257,700

74,506

Royal Bank of Scotland Group PLC

4,173,400

50,231

Royal Dutch Shell PLC Class A sponsored ADR

868,600

67,395

Serco Group PLC

1,418,748

12,681

Tesco PLC

11,472,054

95,983

Unilever PLC sponsored ADR

1,509,260

47,074

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Vodafone Group PLC

8,708,600

$ 26,431

Vodafone Group PLC sponsored ADR

13,454,400

408,343

TOTAL UNITED KINGDOM

1,099,293

United States of America - 0.5%

Lululemon Athletica, Inc.

27,500

884

Microsoft Corp.

1,956,400

56,716

Oceaneering International, Inc. (a)

413,600

23,228

TOTAL UNITED STATES OF AMERICA

80,828

TOTAL COMMON STOCKS

(Cost $13,281,728)

15,118,599

Preferred Stocks - 0.4%

Convertible Preferred Stocks - 0.0%

Canada - 0.0%

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

8,500

0

Nonconvertible Preferred Stocks - 0.4%

Germany - 0.1%

Henkel KGaA

362,700

19,773

Italy - 0.3%

Buzzi Unicem SpA (Risp)

1,569,595

33,709

Fondiaria-Sai SpA (Risp)

321,300

11,299

TOTAL ITALY

45,008

TOTAL NONCONVERTIBLE PREFERRED STOCKS

64,781

Government Obligations - 0.1%

Principal Amount (000s)

United States of America - 0.1%

U.S. Treasury Bills, yield at date of purchase 4.74% to 4.81% 8/2/07 to 9/6/07 (f)
(Cost $10,468)

$ 10,500

10,467

Money Market Funds - 6.3%

Shares

Value (000s)

Fidelity Cash Central Fund, 5.38% (b)

651,227,324

$ 651,227

Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)

369,574,628

369,575

TOTAL MONEY MARKET FUNDS

(Cost $1,020,802)

1,020,802

Cash Equivalents - 0.4%

Maturity Amount (000s)

Investments in repurchase agreements in a joint trading account at 5.09%, dated 7/31/07 due 8/1/07 (Collateralized by U.S. Treasury Obligations) #
(Cost $64,545)

$ 64,554

64,545

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $14,436,396)

16,279,194

NET OTHER ASSETS - (1.0)%

(168,975)

NET ASSETS - 100%

$ 16,110,219

Futures Contracts

Expiration Date

Underlying Face Amount at Value (000s)

Unrealized Appreciation/
(Depreciation) (000s)

Purchased

Equity Index Contracts

2,455 Nikkei 225 Index Contracts (Japan)

Sept. 2007

$ 210,394

$ (10,937)

The face value of futures purchased as a percentage of net assets - 1.3%

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $10,318,000.

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

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

MetroPhotonics, Inc. Series 2

9/29/00

$ 85

OZ Optics Ltd. unit

8/18/00

$ 80

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

Repurchase Agreement / Counterparty

Value
(000s)

$64,545,000 due 8/01/07 at 5.09%

Banc of America Securities LLC

$ 11,588

Merrill Lynch Government Securities, Inc.

52,957

$ 64,545

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

$ 32,023

Fidelity Securities Lending Cash Central Fund

12,549

Total

$ 44,572

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

$ 19,267

$ -

$ 896

$ 56,459

IWKA AG

31,757

-

-

-

55,307

SGL Carbon AG

79,939

-

117,374

-

-

Total

$ 152,674

$ 19,267

$ 117,374

$ 896

$ 111,766

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $14,532,216,000. Net unrealized appreciation aggregated $1,746,978,000, of which $2,335,696,000 related to appreciated investment securities and $588,718,000 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

July 31, 2007

1.804857.103

AEA-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.5%

Shares

Value

Australia - 1.1%

Babcock & Brown Japan Property Trust

161,800

$ 247,491

Babcock & Brown Ltd.

50,409

1,210,930

Boral Ltd.

204,031

1,347,454

Thinksmart Ltd.

51,200

88,569

TOTAL AUSTRALIA

2,894,444

Bermuda - 2.1%

Peace Mark Holdings Ltd.

1,310,000

2,037,977

Ports Design Ltd.

414,000

990,699

Sinofert Holdings Ltd.

3,340,000

2,303,851

TOTAL BERMUDA

5,332,527

Cayman Islands - 4.9%

Belle International Holdings Ltd.

2,335,000

2,715,047

China High Speed Transmission Equipment Group Co. Ltd.

1,209,000

2,298,679

Computime Group Ltd.

3,000,000

790,031

Delta Networks, Inc.

118,000

73,428

Hutchison China Meditech Ltd.

3

10

Kingboard Chemical Holdings Ltd.

430,500

2,369,648

Lee & Man Paper Manufacturing Ltd.

500,000

2,131,077

New Oriental Education & Technology Group, Inc. sponsored ADR

32,200

1,666,994

Perfect World Co. Ltd. sponsored ADR Class B

1,600

38,560

Spreadtrum Communications, Inc. ADR (d)

52,800

749,760

TOTAL CAYMAN ISLANDS

12,833,234

China - 14.8%

China Construction Bank Corp. (H Shares)

3,000,000

2,224,591

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

1,006,392

2,458,692

China Life Insurance Co. Ltd. (H Shares)

500,000

2,156,000

China Merchants Bank Co. Ltd. (H Shares)

810,000

2,899,025

China Merchants Bank Co. Ltd. warrants (Goldman Sachs Warrant Program) 9/14/09 (a)

19,000

74,756

China Oilfield Services Ltd. (H Shares)

2,000,000

2,882,378

China Petroleum & Chemical Corp. (H Shares)

1,190,000

1,249,143

China Shenhua Energy Co. Ltd. (H Shares)

700,000

2,747,710

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

1,635,000

1,256,427

Mindray Medical International Ltd. sponsored ADR

29,400

911,400

Nine Dragons Paper (Holdings) Ltd.

700,000

2,054,604

PetroChina Co. Ltd. (H Shares)

3,328,000

4,900,813

Ping An Insurance (Group) Co. of China, Ltd. (H Shares)

350,000

2,988,349

Shanghai International Airport warrants:

(Citigroup Warrant Program) 1/15/10 (a)(e)

95,689

513,890

Common Stocks - continued

Shares

Value

China - continued

Shanghai International Airport warrants: - continued

(JPMorgan Warrant Program) 7/13/09 (a)(e)

19,000

$ 103,069

(UBS Warrant Programme) 1/15/10 (a)

270,254

1,466,038

Shanghai Pudong Development Bank Co. Ltd. warrants (UBS Warrant Programme) 1/15/10 (a)

232,045

1,232,734

Sina Corp. (a)

48,900

2,103,678

Tencent Holdings Ltd.

400,000

1,823,872

Yantai Changyu Pioneer Wine Co. (B Shares)

241,240

1,333,167

Zhejiang Expressway Co. Ltd. (H Shares)

1,000,000

1,133,437

TOTAL CHINA

38,513,773

Hong Kong - 11.9%

Bank of East Asia Ltd.

120,000

716,558

Cheung Kong Holdings Ltd.

290,000

4,069,363

China Mobile (Hong Kong) Ltd.

450,000

5,165,100

CNOOC Ltd.

1,238,500

1,468,861

Dynasty Fine Wines Group Ltd.

241,000

94,679

Esprit Holdings Ltd.

132,500

1,770,700

Fairwood Holdings Ltd. (e)

600,000

795,862

Fosun International

84,500

156,989

Hang Lung Properties Ltd.

900,000

3,310,506

Hang Seng Bank Ltd.

120,000

1,891,005

Hong Kong & Shanghai Hotels Ltd.

174,000

289,010

Hutchison Whampoa Ltd.

77,000

818,522

Kerry Properties Ltd.

130,000

936,806

Li & Fung Ltd.

1,110,000

3,846,139

Sun Hung Kai Properties Ltd.

350,000

4,451,168

Wing Hang Bank Ltd.

100,000

1,253,903

TOTAL HONG KONG

31,035,171

India - 7.0%

Bajaj Auto Ltd.

16,000

937,467

Bharti Airtel Ltd. (a)

75,000

1,689,142

Container Corp. of India Ltd.

10,000

545,994

Educomp Solutions Ltd.

38,160

2,418,636

Idea Cellular Ltd.

67,735

218,424

IL&FS Investsmart Ltd.

63,876

325,499

INFO Edge India Ltd.

37,102

793,460

IVRCL Infrastructures & Projects Ltd.

65,000

625,174

Kotak Mahindra Bank Ltd.

30,000

552,899

Max India Ltd. (a)

111,250

591,820

Punjab National Bank

46,984

715,586

Reliance Industries Ltd.

90,000

4,240,234

Common Stocks - continued

Shares

Value

India - continued

Royal Orchid Hotels Ltd.

132,311

$ 640,485

Sobha Developers Ltd.

47,447

1,053,538

State Bank of India

60,830

2,937,065

TOTAL INDIA

18,285,423

Indonesia - 1.4%

PT Bank Central Asia Tbk

500,000

341,649

PT Bank International Indonesia

15,353,000

318,051

PT Bank Niaga Tbk

9,648,000

983,637

PT Mitra Adiperkasa Tbk

2,913,500

255,959

PT Perusahaan Gas Negara Tbk Series B

1,800,000

1,805,859

TOTAL INDONESIA

3,705,155

Korea (South) - 21.3%

Daelim Industrial Co.

16,000

2,728,573

Dongbu Securities Co. Ltd.

41,200

1,031,424

Doosan Infracore Co. Ltd.

40,000

1,586,417

Hana Tour Service, Inc.

22,000

2,225,975

Hanwha Corp.

20,000

1,251,918

Hanwha Securities Co. Ltd.

80,000

1,842,397

Hyundai Mipo Dockyard Co. Ltd.

7,680

2,421,118

kiwoom.com Securities Co. Ltd.

10,000

902,892

Kookmin Bank

49,140

4,289,110

Korea Exchange Bank

70,000

1,086,055

Korean Reinsurance Co.

86,000

1,285,202

LG Household & Health Care Ltd.

17,000

2,253,363

LG.Philips LCD Co. Ltd. (a)

17,170

799,111

Meritz Securities Co. Ltd.

94,810

1,622,776

NHN Corp.

16,319

2,979,805

POSCO

10,240

5,921,496

Samsung Corp.

14,790

982,403

Samsung Electronics Co. Ltd.

10,317

6,810,951

Samsung Fire & Marine Insurance Co. Ltd.

10,000

2,052,711

Seoul Securities Co. Ltd.

303,300

1,039,773

Shinhan Financial Group Co. Ltd.

59,960

4,071,582

SK Securities Co. Ltd.

200,000

1,031,849

STX Pan Ocean Co. Ltd.

700,000

1,085,092

Taewoong Co. Ltd.

50,000

3,944,715

TSM Tech Co. Ltd.

15,300

395,750

TOTAL KOREA (SOUTH)

55,642,458

Malaysia - 4.1%

Bumiputra-Commerce Holdings BHD

800,000

2,732,668

Common Stocks - continued

Shares

Value

Malaysia - continued

Gamuda Bhd

100,000

$ 225,792

Hunza Properties Bhd

342,100

366,412

IOI Corp. BHD

710,500

1,090,071

LCL Corp. Bhd

251,500

411,340

Malayan Banking BHD

510,000

1,815,892

Resorts World Bhd

1,264,700

1,522,985

SP Setia Bhd

600,000

1,493,704

Zelan Bhd

600,000

981,329

TOTAL MALAYSIA

10,640,193

Papua New Guinea - 0.6%

Lihir Gold Ltd. (a)

550,000

1,434,168

Philippines - 0.4%

Philippine Long Distance Telephone Co.

18,580

1,062,007

Singapore - 5.1%

DBS Group Holdings Ltd.

77,000

1,173,285

F J Benjamin Holdings Ltd.

1,800,000

1,003,298

Keppel Corp. Ltd.

190,000

1,691,953

Parkway Holdings Ltd.

685,650

1,763,875

Petra Foods Ltd.

123,000

129,004

Raffles Medical Group Ltd.

75,000

77,672

SIA Engineering Co. Ltd.

261,000

829,829

Singapore Technologies Engineering Ltd.

700,000

1,708,443

United Overseas Bank Ltd.

205,000

3,042,546

Yangzijiang Shipbuilding Holdings Ltd.

1,501,000

1,930,706

TOTAL SINGAPORE

13,350,611

Taiwan - 16.4%

Advanced Semiconductor Engineering, Inc. (a)

1,450,000

1,900,393

Advantech Co. Ltd.

100,277

317,864

AU Optronics Corp.

875,500

1,494,346

Cathay Financial Holding Co. Ltd.

439,832

1,155,583

Chang Hwa Commercial Bank

1,300,000

838,032

China Steel Corp.

1,545,000

2,024,902

Chinatrust Financial Holding Co. Ltd.

1,920,319

1,521,787

Chinatrust Financial Holding Co. Ltd. warrants (UBS Warrant Programme):

8/8/07 (a)

254,240

200,036

11/2/07 (a)

672,000

531,387

Delta Electronics, Inc.

441,000

1,740,666

E-Life Mall Corp. Ltd.

258,030

559,174

EVA Airways Corp.

2,117,592

861,649

Common Stocks - continued

Shares

Value

Taiwan - continued

Far East Department Stores Co. Ltd.

1,200,000

$ 1,141,150

Formosa International Hotel Corp.

22,260

212,362

Formosa Plastics Corp.

750,000

1,851,626

Fuhwa Financial Holding Co. Ltd. (a)

3,702,054

2,431,627

Hung Poo Real Estate Development Co. Ltd.

600,000

746,137

Les Enphants Co. Ltd.

1,200,000

1,199,671

MediaTek, Inc.

206,850

3,738,671

Phoenix Precision Technology Corp.

1,406,938

1,805,361

Shin Kong Financial Holding Co. Ltd.

691,113

845,749

Shin Kong Financial Holding Co. Ltd. warrants (UBS Warrant Programme) 11/19/07 (a)

1,701,202

2,077,350

Siliconware Precision Industries Co. Ltd.

611,837

1,169,258

Sinopac Holdings Co.

3,400,000

1,730,623

Sinyi Realty, Inc.

359,800

1,326,947

Taiwan Cement Corp.

1,465,679

1,780,222

Taiwan Semiconductor Manufacturing Co. Ltd.

2,617,140

5,184,983

Tsann Kuen Enterprise Co. Ltd.

800,000

1,035,082

Wistron Corp.

445,644

915,493

Yageo Corp.

908,000

424,816

TOTAL TAIWAN

42,762,947

Thailand - 2.8%

ACL Bank PCL:

NVDR (a)

982,200

170,021

(For. Reg.) (a)

1,017,800

176,184

Bumrungrad Hospital PCL (For. Reg.)

768,700

1,086,120

Central Pattana PCL (For. Reg.)

2,000,000

2,012,132

Land & House PCL NVDR

1,539,200

337,034

LPN Development PCL unit

3,000,000

772,304

Minor International PCL:

(For. Reg.)

1,927,189

906,711

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

192,719

52,464

Robinson Department Store PCL (For. Reg.)

2,500,000

791,537

Siam Commercial Bank PCL (For. Reg.)

400,000

970,558

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

190,863

0

TOTAL THAILAND

7,275,065

United Kingdom - 0.6%

Standard Chartered PLC (United Kingdom)

50,915

1,677,614

TOTAL COMMON STOCKS

(Cost $169,176,686)

246,444,790

Investment Companies - 0.6%

Shares

Value

Hong Kong - 0.6%

iShares FTSE/Xinhua A50 China Tracker
(Cost $629,768)

65,000

$ 1,687,665

Money Market Funds - 5.6%

Fidelity Cash Central Fund, 5.38% (b)

14,122,171

14,122,171

Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)

358,150

358,150

TOTAL MONEY MARKET FUNDS

(Cost $14,480,321)

14,480,321

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $184,286,775)

262,612,776

NET OTHER ASSETS - (0.7)%

(1,891,830)

NET ASSETS - 100%

$ 260,720,946

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,412,821 or 0.5% of net assets.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 281,012

Fidelity Securities Lending Cash Central Fund

1,264

Total

$ 282,276

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $184,308,303. Net unrealized appreciation aggregated $78,304,473, of which $80,067,304 related to appreciated investment securities and $1,762,831 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2007

1.804858.103

FAEM-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%

Shares

Value

Argentina - 0.7%

Banco Macro SA sponsored ADR

23,600

$ 669,060

Banco Patagonia SA unit

15,000

389,927

Inversiones y Representaciones SA sponsored GDR (a)

57,200

1,049,620

Nortel Inversora SA (PN-B) sponsored ADR (a)

12,700

237,998

Pampa Holding SA (a)

161,800

143,112

TOTAL ARGENTINA

2,489,717

Austria - 0.7%

Raiffeisen International Bank Holding AG

6,900

1,058,972

voestalpine AG

15,700

1,330,448

TOTAL AUSTRIA

2,389,420

Bahamas (Nassau) - 0.1%

Ultrapetrol (Bahamas) Ltd.

12,600

296,100

Bahrain - 0.2%

Gulf Finance House BSC unit (a)

28,500

712,500

Bermuda - 1.9%

Aquarius Platinum Ltd. (Australia)

43,530

1,224,105

Central European Media Enterprises Ltd. Class A (a)

16,900

1,562,912

China Grand Forestry Resources Group Ltd. (a)

1,502,000

601,254

ChipMOS TECHNOLOGIES (Bermuda) Ltd. (a)

15,500

108,035

Credicorp Ltd. (NY Shares)

10,600

682,004

Dufry South America Ltd. unit

27,455

731,473

Katanga Mining Ltd. (a)

9,800

205,150

Ports Design Ltd.

76,000

181,867

Samling Global Ltd.

904,000

375,406

Sinofert Holdings Ltd.

1,572,100

1,084,396

TOTAL BERMUDA

6,756,602

Brazil - 13.3%

Acucar Guarani SA

42,500

296,611

All America Latina Logistica SA unit

97,600

1,336,419

Banco Bradesco SA:

(PN)

119,400

3,115,857

(PN) sponsored ADR

28,800

749,952

Banco Daycoval SA (PN)

44,500

434,325

Banco do Brasil SA

64,500

1,016,691

Banco Indusval SA (e)

18,432

171,192

Bematech Industria e Comercio de Equipamentos Eletronicos SA

43,700

410,282

Brascan Residential Properties SA

24,800

187,560

Companhia Brasileira (a)(e)

722

410,010

Common Stocks - continued

Shares

Value

Brazil - continued

Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR

12,200

$ 453,596

Companhia de Concessoes Rodoviarias

53,100

954,233

Companhia de Saneamento de Minas Gerais

56,400

868,061

Companhia de Saneamento de Minas Gerais rights 8/28/07 (a)

552

0

Companhia Vale do Rio Doce (PN-A) sponsored ADR

214,700

9,088,251

CSU Cardsystem SA sponsored ADR (a)(e)

3,000

46,285

Cyrela Brazil Realty SA

103,800

1,226,847

Duratex SA (PN)

16,900

495,107

Estacio Participacoes SA unit

10,600

123,766

Eternit SA

104,160

561,100

JBS SA

103,900

456,582

JBS SA (receipts)

27,796

122,148

Localiza Rent a Car SA

114,600

1,176,897

Lojas Americanas SA (PN)

14,011,200

1,254,777

Lojas Renner SA

39,000

730,655

LPS Brasil Consultoria de Imoveis SA

16,000

246,258

Medial Saude SA

28,300

461,103

MRV Engenharia e Participacoes SA

18,900

309,951

Multiplan Empreendimentos Imobiliarios SA

25,000

325,735

Net Servicos de Comunicacao SA sponsored ADR

94,766

1,525,733

Obrascon Huarte Lain Brasil SA

30,900

560,864

Petroleo Brasileiro SA Petrobras:

(PN) (non-vtg.)

274,100

7,702,789

(PN) sponsored ADR (non-vtg.)

19,600

1,094,660

sponsored ADR

11,800

765,820

Submarino SA

24,400

1,028,343

TAM SA:

(PN) (ltd.-vtg.)

15,100

408,715

(PN) sponsored ADR (ltd. vtg.)

2,800

75,880

Tegma Gestao Logistica

31,400

519,945

Uniao de Bancos Brasileiros SA (Unibanco):

unit

103,500

1,204,625

GDR

19,600

2,286,144

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

39,400

2,425,645

Weg SA

30,900

345,374

TOTAL BRAZIL

46,974,788

British Virgin Islands - 0.1%

Titanium Resources Group Ltd. (a)

153,700

238,853

Common Stocks - continued

Shares

Value

Bulgaria - 0.0%

Chimimport AD

4,000

$ 40,437

Kaolin AD

3,000

30,894

MonBat AD

4,000

50,035

TOTAL BULGARIA

121,366

Canada - 1.5%

Addax Petroleum, Inc.

7,900

305,424

Addax Petroleum, Inc. (a)(e)

4,700

181,708

AUR Resources, Inc.

18,300

698,066

Eastern Platinum Ltd. (a)

260,000

616,668

First Quantum Minerals Ltd.

10,700

1,002,592

Frontera Copper Corp. (a)

111,100

729,071

JumpTV, Inc.

41,900

147,300

Rio Narcea Gold Mines Ltd. (a)

91,100

468,012

Uranium One, Inc. (a)

43,300

502,129

Uranium One, Inc. (South Africa) (a)

49,418

585,142

TOTAL CANADA

5,236,112

Cayman Islands - 1.5%

AAC Acoustic Technology Holdings, Inc. (a)

216,000

255,793

Agile Property Holdings Ltd.

983,000

1,716,362

Belle International Holdings Ltd.

289,000

336,038

China High Speed Transmission Equipment Group Co. Ltd.

13,000

24,717

Integra Group unit

32,000

572,800

KWG Property Holding Ltd.

48,500

66,929

Lee & Man Paper Manufacturing Ltd.

404,200

1,722,763

NagaCorp Ltd.

524,000

171,508

Neo-Neon Holdings Ltd.

87,500

178,776

Perfect World Co. Ltd. sponsored ADR Class B

2,100

50,610

SinoCom Software Group Ltd.

726,000

137,791

Stella International Holdings Ltd.

16,500

31,414

Vinda International Holdings Ltd.

124,000

105,681

TOTAL CAYMAN ISLANDS

5,371,182

Chile - 0.1%

Lan Airlines SA sponsored ADR

5,700

456,399

China - 4.5%

Anhui Conch Cement Co. Ltd. (H Shares)

94,000

597,863

Bank of China (H Shares)

685,000

360,132

China Coal Energy Co. Ltd. (H Shares)

913,300

1,690,683

China Construction Bank Corp. (H Shares)

3,604,000

2,672,475

China Gas Holdings Ltd.

1,314,000

481,283

Common Stocks - continued

Shares

Value

China - continued

China Hongxing Sports Ltd.

330,000

$ 173,054

China Molybdenum Co. Ltd. (H Shares)

83,000

177,959

China Petroleum & Chemical Corp. (H Shares)

2,379,100

2,497,341

China Shenhua Energy Co. Ltd. (H Shares)

311,500

1,222,731

Digital China Holdings Ltd. (H Shares)

274,000

130,391

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

514,500

279,467

Guangzhou R&F Properties Co. Ltd. (H Shares)

358,800

1,303,395

Home Inns & Hotels Management, Inc. ADR (d)

500

15,190

Parkson Retail Group Ltd.

64,500

482,131

Ping An Insurance (Group) Co. of China, Ltd. (H Shares)

322,000

2,749,281

Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)

222,000

551,332

Shenzhen Expressway Co. Ltd. (H Shares)

206,000

191,804

Yantai Changyu Pioneer Wine Co. (B Shares)

54,990

303,892

TOTAL CHINA

15,880,404

Colombia - 0.4%

Almacenes Exito SA unit (e)

22,100

176,249

BanColombia SA sponsored ADR

31,600

1,124,644

TOTAL COLOMBIA

1,300,893

Cyprus - 0.5%

Mirland Development Corp. PLC

52,900

584,588

Urals Energy Public Co. Ltd. (a)

47,700

327,030

XXI Century Investments Public Ltd. (a)

30,500

763,629

TOTAL CYPRUS

1,675,247

Czech Republic - 0.6%

Ceske Energeticke Zavody AS

37,900

1,987,301

Egypt - 1.3%

Commercial International Bank Ltd. sponsored GDR

77,700

924,630

Eastern Tobacco Co.

8,000

566,397

Egyptian Co. for Mobile Services (MobiNil)

5,081

166,376

Orascom Construction Industries SAE:

GDR

10,444

1,483,048

GDR (e)

400

56,800

Orascom Hotels & Development (OHD) (a)

96,336

1,127,948

Orascom Telecom Holding SAE GDR

6,228

418,522

TOTAL EGYPT

4,743,721

Estonia - 0.0%

Olympic Entertainment Group AS

18,200

151,914

Common Stocks - continued

Shares

Value

Georgia - 0.2%

Bank of Georgia:

ADR (a)

5,000

$ 204,500

unit (a)

14,800

605,320

TOTAL GEORGIA

809,820

Germany - 0.1%

Praktiker Bau- und Heimwerkermaerkte Holding AG

7,100

310,695

Hong Kong - 3.5%

Chaoda Modern Agriculture (Holdings) Ltd.

1,757,500

1,307,941

China Mobile (Hong Kong) Ltd.

633,700

7,273,609

China Overseas Land & Investment Ltd.

176,000

372,780

China Resources Power Holdings Co. Ltd.

529,700

1,352,081

China Seven Star Shopping Ltd. (a)

890,000

91,006

Fosun International

116,500

216,441

Kerry Properties Ltd.

134,000

965,631

REXCAPITAL Financial Holdings Ltd. (a)

5,220,000

783,990

TOTAL HONG KONG

12,363,479

Hungary - 0.6%

OTP Bank Ltd. unit

18,300

2,054,175

India - 6.0%

Bharat Forge Ltd.

47,239

335,927

Bharat Heavy Electricals Ltd.

21,418

920,883

Bharti Airtel Ltd. (a)

91,875

2,069,199

Federal Bank Ltd.

14,399

127,545

Federal Bank Ltd.:

GDR

11,701

103,006

GDR (a)(e)

9,000

79,228

HCL Technologies Ltd.

126,630

987,613

Hindustan Zinc Ltd.

8,048

150,847

Indiabulls Real Estate Ltd. sponsored GDR (a)

51,448

675,512

Indian Overseas Bank

162,522

532,912

IVRCL Infrastructures & Projects Ltd.

69,051

664,137

Jaiprakash Associates Ltd.

37,384

779,213

Jindal Saw Ltd.

10,307

176,699

Kalpataru Power Transmission Ltd.

4,803

176,853

LANCO Infratech Ltd.

30,948

184,464

Larsen & Toubro Ltd.

24,681

1,601,471

Lloyd Electric & Engineering Ltd.

38,727

197,875

Nagarjuna Construction Co. Ltd.

103,382

493,373

Pantaloon Retail India Ltd.

35,450

522,174

Parsvnath Developers Ltd.

692

6,162

Common Stocks - continued

Shares

Value

India - continued

Punjab National Bank

32,069

$ 488,424

Reliance Industries Ltd.

96,800

4,560,607

Rolta India Ltd.

112,081

1,380,724

Rolta India Ltd. sponsored GDR (e)

8,800

106,744

Satyam Computer Services Ltd.

44,254

529,088

Sintex Industries Ltd.

55,441

392,322

Sobha Developers Ltd.

7,184

159,517

State Bank of India

27,749

1,339,810

Steel Authority of India Ltd.

185,179

692,751

United Phosphorous Ltd.

23,000

176,320

Wipro Ltd.

40,483

500,976

TOTAL INDIA

21,112,376

Indonesia - 2.6%

PT Astra Agro Lestari Tbk

315,000

524,431

PT Bakrie & Brothers Tbk (a)

22,837,500

755,471

PT Bank Mandiri Persero Tbk

2,747,500

1,050,428

PT Bank Niaga Tbk

4,860,500

495,540

PT Bank Rakyat Indonesia Tbk

984,500

672,707

PT Bumi Resources Tbk

5,789,000

1,695,262

PT Indocement Tunggal Prakarsa Tbk

355,000

250,271

PT International Nickel Indonesia Tbk

145,000

899,567

PT Medco Energi International Tbk

1,756,000

814,198

PT Perusahaan Gas Negara Tbk Series B

1,025,500

1,028,838

PT Perusahaan Perkebunan London Sumatra Indonesia Tbk

1,479,000

1,058,721

TOTAL INDONESIA

9,245,434

Ireland - 0.1%

Dragon Oil plc (a)

75,515

344,002

Israel - 1.3%

Bank Hapoalim BM (Reg.)

256,728

1,228,293

First International Bank of Israel (a)

71,193

157,671

Israel Chemicals Ltd.

198,900

1,641,199

Oil Refineries Ltd.

501,700

398,201

Ormat Industries Ltd.

41,500

519,403

Orpak Systems Ltd.

19,400

74,286

Queenco Leisure International Ltd. GDR (a)

12,300

230,581

RADWARE Ltd. (a)

19,500

278,070

Saifun Semiconductors Ltd. (a)

14,150

168,951

TOTAL ISRAEL

4,696,655

Common Stocks - continued

Shares

Value

Kazakhstan - 0.3%

Alliance Bank JSC GDR (a)(e)

10,900

$ 141,700

JSC Halyk Bank of Kazakhstan GDR (e)

19,900

427,850

Kazkommertsbank JSC:

ADR (a)

18,404

331,456

unit (a)

10,500

189,105

TOTAL KAZAKHSTAN

1,090,111

Korea (South) - 16.1%

Asia Cement Co. Ltd.

5,000

418,820

CJ Corp.

5,395

741,908

Daewoo Shipbuilding & Marine Engineering Co. Ltd.

47,000

3,057,710

Doosan Co. Ltd. (a)

7,131

1,189,799

GS Engineering & Construction Corp.

14,410

2,139,152

Hanil Cement Co. Ltd.

1,520

175,930

Hanjin Heavy Industries & Construction Co. Ltd.

25,040

2,120,337

Hite Brewery Co. Ltd.

6,273

824,743

Hyundai Engineering & Construction Co. Ltd. (a)

19,600

1,698,767

Hyundai Mipo Dockyard Co. Ltd.

5,551

1,749,952

Hyundai Steel Co.

10,730

772,233

Industrial Bank of Korea

48,130

1,101,498

Korean Air Lines Co. Ltd.

7,700

616,692

Kyeryong Construction Industrial Co. Ltd.

17,170

1,125,712

LG Fashion Corp.

4,690

159,669

LG Household & Health Care Ltd.

9,040

1,198,259

LG Petrochemical Co. Ltd.

11,390

538,726

Macquarie Korea Infrastructure Fund GDR

83,400

683,880

MegaStudy Co. Ltd.

7,904

1,645,181

Nexen Tire Corp.

3,000

173,680

NHN Corp.

11,980

2,187,516

ON*Media Corp.

11,880

107,193

Osstem Implant Co. Ltd.

8,700

361,037

POSCO

9,900

5,724,884

Samsung Corp.

23,000

1,527,740

Samsung Electronics Co. Ltd.

15,241

10,061,623

Samsung Fire & Marine Insurance Co. Ltd.

5,770

1,184,414

Samsung Heavy Industries Ltd.

59,390

3,228,242

Samwhan Corp.

10,000

376,741

Shinhan Financial Group Co. Ltd.

51,900

3,524,268

SK Chemicals Co. Ltd.

6,013

550,490

SK Energy Co. Ltd.

15,904

2,716,266

SK Holdings Co. Ltd.

6,496

1,220,027

Common Stocks - continued

Shares

Value

Korea (South) - continued

Taewoong Co. Ltd.

12,228

$ 964,719

Woori Investment & Securities Co. Ltd.

30,650

998,090

TOTAL KOREA (SOUTH)

56,865,898

Lebanon - 0.1%

Solidere GDR

14,600

244,550

Luxembourg - 0.7%

Evraz Group SA:

GDR (e)

2,800

136,360

GDR

32,600

1,587,620

Tenaris SA sponsored ADR

12,200

587,674

TOTAL LUXEMBOURG

2,311,654

Malaysia - 1.2%

DiGi.com Bhd

70,600

443,485

Gamuda Bhd

151,800

342,753

Genting Bhd

314,000

722,623

IJM Corp. Bhd

160,000

402,953

KNM Group Bhd

153,000

230,308

Lion Diversified Holdings Bhd

148,300

397,098

Steppe Cement Ltd. (a)

114,600

832,254

UEM World BHD

288,500

360,782

Zelan Bhd

204,000

333,652

TOTAL MALAYSIA

4,065,908

Mauritius - 0.1%

Golden Agri-Resources Ltd.

202,000

330,449

Mexico - 4.8%

Alsea SAB de CV

283,800

483,746

America Movil SAB de CV Series L sponsored ADR

134,300

8,041,884

Banco Compartamos SA de CV

105,600

585,764

Cemex SA de CV sponsored ADR

20,152

651,716

Fomento Economico Mexicano SA de CV sponsored ADR

51,600

1,910,232

Grupo Aeroportuario Norte Sab de CV ADR

19,800

528,660

Grupo Famsa SA de CV Series A

105,900

495,630

Grupo Financiero Banorte SA de CV Series O

254,300

1,149,415

Grupo Mexico SA de CV Series B

186,393

1,311,582

Urbi, Desarrollos Urbanos, SA de CV (a)

357,000

1,508,941

Wal-Mart de Mexico SA de CV Series V

95,948

348,846

TOTAL MEXICO

17,016,416

Common Stocks - continued

Shares

Value

Netherlands - 0.4%

A&D Pharma Holdings NV (Reg. S) unit

4,200

$ 86,781

AmRest Holdings NV (a)

6,500

278,506

Kardan NV (d)

8,500

127,708

Plaza Centers NV

46,400

178,853

X5 Retail Group NV unit (a)

21,600

669,816

TOTAL NETHERLANDS

1,341,664

Nigeria - 0.1%

Guaranty Trust Bank PLC sponsored GDR

31,600

344,440

Oman - 0.3%

BankMuscat SAOG sponsored:

GDR (e)

7,562

106,624

GDR

61,270

863,907

TOTAL OMAN

970,531

Pakistan - 0.1%

MCB Bank Ltd. (a)

22,195

119,300

MCB Bank Ltd.

5,000

106,500

MCB Bank Ltd. unit (e)

11,385

242,501

TOTAL PAKISTAN

468,301

Panama - 0.3%

Copa Holdings SA Class A

13,600

746,776

Intergroup Financial Services Corp. (e)

16,076

281,330

TOTAL PANAMA

1,028,106

Philippines - 1.0%

Alliance Global Group, Inc. (a)

1,523,000

194,568

Ayala Corp.

31,080

362,828

GMA Networks, Inc. unit

569,000

134,730

International Container Terminal Services, Inc.

383,000

265,738

Megaworld Corp.

5,711,000

484,303

PNOC Energy Development Corp.

3,911,000

551,330

Robinsons Land Corp.

1,238,000

511,289

SM Investments Corp.

95,094

853,542

TOTAL PHILIPPINES

3,358,328

Poland - 0.3%

Bank Handlowy w Warszawie SA

12,500

509,440

Globe Trade Centre SA (a)

35,200

494,487

Vistula & Wolczanka SA (a)

2,544

142,126

TOTAL POLAND

1,146,053

Common Stocks - continued

Shares

Value

Romania - 0.0%

Banca Transilvania SA (a)

346,580

$ 140,380

Russia - 10.1%

Gazprom OAO sponsored ADR

281,370

12,169,249

JSC Chelyabinsk Zinc Plant

1,600

238,400

JSC MMC 'Norilsk Nickel' sponsored ADR

18,500

4,366,000

Lukoil Oil Co. sponsored ADR

24,863

2,084,763

Magnitogorsk Iron & Steel Works (a)

310,300

341,330

Mobile TeleSystems OJSC sponsored ADR

45,800

2,928,910

Novolipetsk Iron & Steel Corp.

92,700

289,688

Novolipetsk Iron & Steel Corp. sponsored GDR (e)

38,000

1,197,380

OAO TatNeft unit

9,950

997,488

OAO TMK (a)

87,500

879,375

OAO TMK unit

13,000

521,300

OJSC Rosneft

20,000

166,800

OJSC Rosneft unit (a)

18,700

156,706

Open Investments (a)

1,500

447,000

Pharmacy Chain 36.6 Jsc (a)

2,000

166,000

Sberbank (Savings Bank of the Russian Federation) (a)

461,000

1,913,150

Sberbank (Savings Bank of the Russian Federation) GDR

6,500

2,970,688

Sistema-Hals JSC

1,500

376,800

Sistema-Hals JSC unit (a)

10,000

125,600

Surgutneftegaz JSC sponsored ADR

11,537

790,285

Uralkali JSC (a)

86,600

252,006

Vimpel Communications sponsored ADR (a)

16,000

1,694,400

VSMPO-Avisma Corp. (a)

1,000

300,000

Wimm-Bill-Dann Foods OJSC sponsored ADR

4,800

451,200

TOTAL RUSSIA

35,824,518

Singapore - 0.5%

Keppel Corp. Ltd.

77,200

687,467

Olam International Ltd.

223,000

441,293

Sino-Environment Technology Group Ltd. (a)

93,000

177,902

Yangzijiang Shipbuilding Holdings Ltd.

314,000

403,892

TOTAL SINGAPORE

1,710,554

South Africa - 6.8%

African Bank Investments Ltd.

182,947

846,338

African Rainbow Minerals Ltd. (a)

25,286

455,855

Anglo Platinum Ltd.

14,000

1,933,233

Bidvest Group Ltd.

74,200

1,510,859

FirstRand Ltd.

679,473

2,201,284

Foschini Ltd.

55,300

467,596

Common Stocks - continued

Shares

Value

South Africa - continued

Growthpoint Properties Ltd.

61,800

$ 136,038

Illovo Sugar Ltd.

110,157

344,866

Impala Platinum Holdings Ltd.

86,064

2,525,987

Imperial Holdings Ltd.

55,000

1,076,171

Investec Ltd.

56,435

703,170

Lewis Group Ltd.

102,122

880,633

Mr. Price Group Ltd.

83,400

324,042

MTN Group Ltd.

237,000

3,357,086

Murray & Roberts Holdings Ltd.

163,461

1,745,412

Naspers Ltd. Class N sponsored ADR

58,406

1,445,549

Nedbank Group Ltd.

69,474

1,305,004

Network Healthcare Holdings Ltd.

321,100

560,971

PSG Group Ltd.

61,500

239,382

Raubex Group Ltd.

130,370

516,560

Truworths International Ltd.

199,000

1,016,555

Wesizwe Platinum Ltd. (a)

146,710

180,440

Wilson Bayly Holmes-Ovcon Ltd.

10,700

153,284

TOTAL SOUTH AFRICA

23,926,315

Taiwan - 6.6%

AU Optronics Corp.

103,000

175,805

AU Optronics Corp. sponsored ADR

23,000

389,160

China Steel Corp.

524,920

687,969

Chung Hwa Pulp Corp.

1,463,000

829,400

Delta Electronics, Inc.

480,427

1,896,288

Everlight Electronics Co. Ltd.

43,000

198,558

Feng Tay Enterprise Co. Ltd.

291,840

248,619

Formosa Chemicals & Fibre Corp.

532,000

1,238,831

Foxconn Technology Co. Ltd.

91,700

1,028,547

Gemtek Technology Corp.

128,000

353,854

Greatek Electronics, Inc.

298,000

505,916

High Tech Computer Corp.

50,640

927,631

Hon Hai Precision Industry Co. Ltd. (Foxconn)

662,012

5,488,350

InnoLux Display Corp.

229,000

1,036,499

MediaTek, Inc.

137,550

2,486,121

Shin Kong Financial Holding Co. Ltd.

1,526,000

1,867,442

Siliconware Precision Industries Co. Ltd.

1,161,267

2,219,252

Taiwan Cement Corp.

478,740

581,480

Taiwan Semiconductor Manufacturing Co. Ltd.

667,220

1,321,872

TOTAL TAIWAN

23,481,594

Common Stocks - continued

Shares

Value

Thailand - 0.9%

Minor International PCL (For. Reg.)

1,332,204

$ 626,780

PTT Public Co. Ltd. (For. Reg.)

210,400

1,954,893

Robinson Department Store PCL (For. Reg.)

197,600

62,563

Total Access Communication PCL (a)

123,000

166,050

Total Access Communication PCL unit (a)

262,200

353,014

TOTAL THAILAND

3,163,300

Turkey - 3.2%

Aksigorta AS

51,648

365,956

Anadolu Efes Biracilk Ve Malt Sanyii AS

32,771

1,326,864

Asya Katilim Bankasi AS

215,000

1,489,917

Atakule Gayrimenkul Yatirim Ortakligi AS

109,000

151,919

Bagfas Bandirma Gubre Fabrikalari AS

14,609

591,504

Dogan Yayin Holding AS (a)

40,112

178,026

Dogus Otomotiv Servis ve Ticaret AS

61,700

345,900

Enka Insaat ve Sanayi AS

173,940

2,194,057

Tofas Turk Otomobil Fabrikasi AS

129,000

627,774

Tupras-Turkiye Petrol Rafinerileri AS

67,200

1,674,375

Turk Hava Yollari AO (a)

24,000

181,266

Turkiye Garanti Bankasi AS

319,375

2,238,087

TOTAL TURKEY

11,365,645

Ukraine - 0.1%

Stirol sponsored ADR (a)

7,800

133,414

Ukrnafta Open JSC sponsored ADR (a)

385

222,195

TOTAL UKRAINE

355,609

United Kingdom - 0.7%

Aricom plc (a)

239,300

252,779

Aricom plc warrants 6/5/10 (a)(f)

12,700

4,267

GOL Linhas Aereas Inteligentes SA warrants (Deutsche Bank Warrant Program) 9/6/07 (a)(e)

4,414

109,997

Hirco PLC

21,000

172,344

Imperial Energy PLC (a)

32,500

623,894

Kazakhstan Kagazy PLC GDR (e)

52,500

283,500

Sibir Energy PLC

113,955

1,118,088

TOTAL UNITED KINGDOM

2,564,869

United States of America - 1.0%

Central European Distribution Corp. (a)(d)

14,500

596,965

CTC Media, Inc.

64,096

1,565,865

Common Stocks - continued

Shares

Value

United States of America - continued

NII Holdings, Inc. (a)

11,200

$ 941,024

Pricesmart, Inc.

13,570

306,818

TOTAL UNITED STATES OF AMERICA

3,410,672

Vietnam - 0.1%

Luks Group (Vietnam Holdings) Co. Ltd.

290,000

398,898

TOTAL COMMON STOCKS

(Cost $245,998,273)

344,643,918

Nonconvertible Preferred Stocks - 0.4%

Brazil - 0.1%

Brasil Telecom Participacoes SA (PN)

10,600

139,293

Itausa-Investimentos Itau S.A. (PN)

27,282

171,436

TOTAL BRAZIL

310,729

Korea (South) - 0.0%

Samsung Electronics Co. Ltd.

320

158,500

Russia - 0.2%

Transneft (a)

300

555,000

South Africa - 0.1%

Allied Electronics Corp. Ltd.

45,500

292,459

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $1,244,847)

1,316,688

Investment Companies - 0.4%

Romania - 0.4%

SIF 1 Banat-Crisana Arad Fund

190,100

333,523

SIF 3 Transilvania Brasov Fund

583,700

680,191

SIF 4 Muntenia Bucuresti Fund

164,900

192,159

SIF 5 Oltenia Craiova Fund

72,400

139,255

TOTAL INVESTMENT COMPANIES

(Cost $949,813)

1,345,128

Money Market Funds - 2.1%

Shares

Value

Fidelity Cash Central Fund, 5.38% (b)

6,896,824

$ 6,896,824

Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)

650,410

650,410

TOTAL MONEY MARKET FUNDS

(Cost $7,547,234)

7,547,234

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $255,740,167)

354,852,968

NET OTHER ASSETS - (0.5)%

(1,749,247)

NET ASSETS - 100%

$ 353,103,721

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,155,458 or 1.2% 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 $4,267 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

Aricom plc warrants 6/5/10

5/11/07

$ 0

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

$ 256,620

Fidelity Securities Lending Cash Central Fund

16,984

Total

$ 273,604

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $255,975,514. Net unrealized appreciation aggregated $98,877,454, of which $103,326,190 related to appreciated investment securities and $4,448,736 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2007

1.804846.103

AEUR-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.0%

Shares

Value

Argentina - 0.5%

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

22,900

$ 454,336

Australia - 1.1%

CSL Ltd.

12,800

970,224

Austria - 0.7%

voestalpine AG

7,500

635,564

Belgium - 0.8%

InBev SA

9,500

771,770

Bermuda - 1.7%

Aquarius Platinum Ltd. (United Kingdom)

22,600

671,658

SeaDrill Ltd. (a)

41,800

851,590

TOTAL BERMUDA

1,523,248

Cyprus - 1.2%

Bank of Cyprus Public Co. Ltd.

59,400

1,046,886

Finland - 2.1%

Metso Corp.

13,100

842,493

Nokia Corp. sponsored ADR

36,700

1,051,088

TOTAL FINLAND

1,893,581

France - 15.4%

Alcatel-Lucent SA sponsored ADR

54,400

631,040

Alstom SA

4,800

878,809

AXA SA

31,300

1,225,713

Bouygues SA

8,000

647,394

Business Objects SA (a)

12,400

558,002

Cap Gemini SA

10,600

706,370

Eutelsat Communications

19,136

434,667

Groupe Danone

16,200

1,158,240

Icade SA

7,900

535,309

Louis Vuitton Moet Hennessy (LVMH)

7,900

894,633

Pinault Printemps-Redoute SA

4,000

703,496

Remy Cointreau SA

6,700

490,668

Societe Generale Series A

7,200

1,252,800

Suez SA (France)

16,100

858,526

Total SA sponsored ADR

14,800

1,163,428

Veolia Environnement

11,250

838,816

Vinci SA

11,500

835,268

TOTAL FRANCE

13,813,179

Germany - 17.4%

Adidas-Salomon AG

12,200

748,219

Common Stocks - continued

Shares

Value

Germany - continued

Allianz AG (Reg.)

6,000

$ 1,272,005

Arcandor AG (a)

24,000

739,894

Bayer AG

15,134

1,071,037

Continental AG

4,900

710,788

DaimlerChrysler AG

7,700

698,775

E.ON AG

11,100

1,742,596

Hochtief AG

6,700

682,187

Lanxess AG

14,200

771,394

Linde AG

5,800

689,358

MAN AG

7,800

1,143,306

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

6,400

1,110,794

RWE AG

10,000

1,069,092

Siemens AG (Reg.)

12,900

1,633,533

SolarWorld AG

16,000

778,974

Wacker Chemie AG

3,100

765,660

TOTAL GERMANY

15,627,612

Greece - 1.8%

Bank of Piraeus

25,575

923,883

Cosmote Mobile Telecommunications SA

23,900

723,403

TOTAL GREECE

1,647,286

Ireland - 1.8%

Anglo Irish Bank Corp. PLC

19,600

367,429

CRH PLC

15,000

674,254

Smurfit Kappa Group plc

23,400

549,133

TOTAL IRELAND

1,590,816

Italy - 4.1%

Buzzi Unicem SpA

18,600

576,981

IFIL Finanziaria di Partecipazioni SpA

8,264

88,350

Intesa Sanpaolo SpA

166,700

1,273,961

Prysmian SpA

2,000

54,789

Unicredito Italiano SpA

136,700

1,173,386

Valentino Fashion Group SpA

10,600

503,887

TOTAL ITALY

3,671,354

Luxembourg - 1.0%

Acergy SA

32,800

869,200

Netherlands - 4.1%

Arcelor Mittal Class A

20,500

1,282,780

Koninklijke Ahold NV (a)

48,700

616,544

Common Stocks - continued

Shares

Value

Netherlands - continued

Nutreco Holding NV

9,217

$ 690,511

SBM Offshore NV

19,400

804,874

TomTom Group BV (a)

4,200

274,423

TOTAL NETHERLANDS

3,669,132

Norway - 2.4%

Marine Harvest ASA (a)

638,000

806,694

Petroleum Geo-Services ASA

28,200

678,197

Telenor ASA

37,400

687,519

TOTAL NORWAY

2,172,410

Spain - 2.0%

Banco Santander Central Hispano SA

50,900

969,514

Compania de Distribucion Integral Logista SA

800

62,397

Inditex SA

12,400

752,850

TOTAL SPAIN

1,784,761

Sweden - 3.0%

Atlas Copco AB (A Shares)

40,400

713,060

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

14,800

859,916

Investor AB (B Shares)

27,100

711,877

SSAB Svenskt Stal AB:

rights 8/23/07 (a)

11,000

32,446

(B Shares)

11,000

382,823

TOTAL SWEDEN

2,700,122

Switzerland - 13.5%

ABB Ltd. (Reg.)

53,522

1,316,334

Actelion Ltd. (Reg.) (a)

15,735

847,320

Credit Suisse Group (Reg.)

12,877

831,082

Julius Baer Holding AG (Bearer)

9,120

645,953

Lindt & Spruengli AG

20

585,185

Nestle SA (Reg.)

4,620

1,783,324

Pargesa Holding SA

4,225

465,928

Phonak Holding AG

7,470

724,929

Roche Holding AG (participation certificate)

13,680

2,437,807

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

530

644,028

Swiss Life Holding

3,449

859,738

UBS AG (Reg.)

18,351

1,010,590

TOTAL SWITZERLAND

12,152,218

Common Stocks - continued

Shares

Value

United Kingdom - 19.4%

3i Group plc

25,075

$ 549,105

Barclays PLC

43,900

614,489

BG Group PLC

79,300

1,301,607

BP PLC

82,500

954,247

Burberry Group PLC

57,000

741,055

GlaxoSmithKline PLC

39,800

1,016,489

Gyrus Group PLC (a)

70,100

614,817

HSBC Holdings PLC sponsored ADR

9,900

922,284

Man Group plc

63,300

730,378

Next PLC

15,400

594,075

Reckitt Benckiser PLC

22,900

1,233,685

Royal Dutch Shell PLC Class A (United Kingdom)

86,900

3,408,767

Scottish & Southern Energy PLC

30,400

894,824

Tesco PLC

60,200

503,673

Vodafone Group PLC

243,200

738,110

Vodafone Group PLC sponsored ADR

41,550

1,261,043

Xstrata PLC

19,900

1,292,787

TOTAL UNITED KINGDOM

17,371,435

United States of America - 1.0%

General Motors Corp.

12,000

388,800

Virgin Media, Inc.

20,535

510,089

TOTAL UNITED STATES OF AMERICA

898,889

TOTAL COMMON STOCKS

(Cost $83,156,111)

85,264,023

Nonconvertible Preferred Stocks - 1.1%

Germany - 0.4%

Porsche AG

200

366,264

Italy - 0.7%

Istituto Finanziario Industriale SpA (IFI) (a)

15,800

602,980

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $656,698)

969,244

Money Market Funds - 4.8%

Shares

Value

Fidelity Cash Central Fund, 5.38% (b)
(Cost $4,294,284)

4,294,284

$ 4,294,284

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $88,107,093)

90,527,551

NET OTHER ASSETS - (0.9)%

(804,987)

NET ASSETS - 100%

$ 89,722,564

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 169,683

Fidelity Securities Lending Cash Central Fund

63,983

Total

$ 233,666

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $88,139,257. Net unrealized appreciation aggregated $2,388,294, of which $6,167,716 related to appreciated investment securities and $3,779,422 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2007

1.804860.103

AGLO-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 88.2%

Shares

Value

Argentina - 1.3%

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

15,900

$ 315,456

Inversiones y Representaciones SA sponsored GDR (a)

5,900

108,265

Pampa Holding SA (a)

232,738

205,857

TOTAL ARGENTINA

629,578

Bermuda - 1.1%

Covidien Ltd. (a)

4,225

173,014

Tyco Electronics Ltd. (a)

4,225

151,340

Tyco International Ltd.

4,225

199,800

TOTAL BERMUDA

524,154

Canada - 10.6%

Abitibi-Consolidated, Inc.

190,400

453,376

Absolut Resources Corp. (a)

58,000

34,255

Aquiline Resources, Inc. (a)

35,100

335,633

Aquiline Resources, Inc. (a)(c)

22,100

211,325

Canadian Natural Resources Ltd.

9,600

658,869

Canfor Corp. (a)

15,300

185,315

Catalyst Paper Corp. (a)

262,100

764,161

European Goldfields Ltd. (a)

20,000

107,622

Guyana Goldfields, Inc. (a)

11,600

118,534

IAMGOLD Corp.

63,700

525,509

Meridian Gold, Inc. (a)

4,300

121,389

NuVista Energy Ltd. (a)

11,100

133,404

ProEx Energy Ltd. (a)

17,300

223,974

Saskatchewan Wheat Pool, Inc. (a)(c)

59,200

629,905

Suncor Energy, Inc.

2,700

244,131

Trican Well Service Ltd.

18,900

356,313

TOTAL CANADA

5,103,715

Cayman Islands - 1.7%

ACE Ltd.

8,400

484,848

GlobalSantaFe Corp.

4,400

315,524

TOTAL CAYMAN ISLANDS

800,372

Czech Republic - 1.0%

Philip Morris CR AS

970

476,763

France - 1.4%

Sanofi-Aventis sponsored ADR

15,700

655,475

Common Stocks - continued

Shares

Value

Germany - 1.9%

E.ON AG

3,800

$ 596,564

Lanxess AG

5,700

309,644

TOTAL GERMANY

906,208

Hong Kong - 2.5%

Hutchison Whampoa Ltd.

114,000

1,211,838

India - 0.6%

Reliance Industries Ltd.

5,637

265,580

Japan - 10.7%

Aioi Insurance Co. Ltd.

56,000

331,308

Canon, Inc.

3,300

175,164

Kose Corp.

23,500

653,075

Kubota Corp.

68,600

569,624

Kubota Corp. sponsored ADR

3,100

129,332

Millea Holdings, Inc.

10,712

423,660

Mitsui Sumitomo Insurance Co. Ltd.

26,000

300,082

Nissin Healthcare Food Service Co.

8,100

114,006

SFCG Co. Ltd.

2,220

340,869

Shinsei Bank Ltd.

137,000

511,769

Takeda Pharamaceutical Co. Ltd.

14,800

964,091

Takefuji Corp.

15,900

495,000

Tokyo Steel Manufacturing Co. Ltd.

7,100

116,037

TOTAL JAPAN

5,124,017

Korea (South) - 0.3%

Samwhan Corp.

3,800

143,162

Luxembourg - 0.1%

SES SA (A Shares) FDR

2,534

53,398

Netherlands - 1.8%

Koninklijke Philips Electronics NV

11,500

464,602

Nutreco Holding NV

5,300

397,061

TOTAL NETHERLANDS

861,663

Netherlands Antilles - 2.1%

Schlumberger Ltd. (NY Shares)

10,800

1,022,976

Philippines - 0.7%

DMCI Holdings, Inc.

636,000

126,079

Semirara Mining Corp.

269,500

207,764

TOTAL PHILIPPINES

333,843

South Africa - 2.2%

Gold Fields Ltd. sponsored ADR

62,700

1,035,804

Common Stocks - continued

Shares

Value

Switzerland - 1.1%

Actelion Ltd. (Reg.) (a)

9,960

$ 536,340

Taiwan - 0.8%

Taiwan Mobile Co. Ltd.

323,000

383,950

United Kingdom - 1.0%

Benfield Group PLC

72,600

488,158

United States of America - 45.3%

AllianceBernstein Holding LP

5,200

436,384

American Express Co.

8,000

468,320

Apple, Inc. (a)

5,900

777,384

Bank of America Corp.

13,600

644,912

Becton, Dickinson & Co.

4,100

313,076

Bowater, Inc.

23,500

461,070

Chesapeake Energy Corp.

12,300

418,692

Cogent Communications Group, Inc. (a)

16,219

465,161

Countrywide Financial Corp.

22,000

619,740

Crown Castle International Corp. (a)

9,400

340,750

Deere & Co.

1,600

192,672

Discovery Holding Co. Class A (a)

19,300

457,796

Equinix, Inc. (a)

7,500

651,825

Fluor Corp.

7,000

808,570

Genentech, Inc. (a)

7,340

545,949

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

2,800

1,427,997

Hewlett-Packard Co.

21,600

994,248

Hibbett Sports, Inc. (a)

15,500

397,265

KLA-Tencor Corp.

13,440

763,258

Landstar System, Inc.

10,300

468,238

Lululemon Athletica, Inc.

100

3,214

Microchip Technology, Inc.

10,800

392,148

Monsanto Co.

3,600

232,020

Noble Energy, Inc.

14,600

892,644

Norfolk Southern Corp.

6,500

349,570

NRG Energy, Inc. (a)

22,200

855,810

Sears Holdings Corp. (a)

6,000

820,740

Synthes, Inc.

5,737

674,211

The Chubb Corp.

16,700

841,847

The Walt Disney Co.

21,500

709,500

The Western Union Co.

24,400

486,780

UnitedHealth Group, Inc.

5,920

286,706

Valero Energy Corp.

14,700

985,047

VCA Antech, Inc. (a)

13,400

527,156

Virgin Media, Inc.

29,700

737,748

Common Stocks - continued

Shares

Value

United States of America - continued

Wells Fargo & Co.

24,100

$ 813,857

Williams Partners LP

10,400

502,632

TOTAL UNITED STATES OF AMERICA

21,764,937

TOTAL COMMON STOCKS

(Cost $38,696,132)

42,321,931

Nonconvertible Preferred Stocks - 0.9%

Italy - 0.9%

Istituto Finanziario Industriale SpA (IFI) (a)
(Cost $444,351)

11,400

435,061

Convertible Bonds - 1.0%

Principal Amount (d)

United States of America - 1.0%

Amgen, Inc. 0.375% 2/1/13
(Cost $520,369)

$ 540,000

475,875

Government Obligations - 2.1%

Finland - 1.1%

Finnish Government 0.3% 10/18/07

JPY

62,200,000

524,000

Hong Kong - 0.5%

Hong Kong Government Special Administrative Region 3.8% 8/1/07

HKD

2,000,000

255,529

Switzerland - 0.5%

Switzerland Confederation 4.25% 1/8/08

CHF

312,000

261,379

TOTAL GOVERNMENT OBLIGATIONS

(Cost $1,033,724)

1,040,908

Money Market Funds - 6.8%

Shares

Fidelity Cash Central Fund, 5.38% (b)
(Cost $3,252,620)

3,252,620

3,252,620

Cash Equivalents - 0.1%

Maturity Amount

Value

Investments in repurchase agreements in a joint trading account at 5.1%, dated 7/31/07 due 8/1/07 (Collateralized by U.S. Treasury Obligations) #
(Cost $36,000)

$ 36,005

$ 36,000

TOTAL INVESTMENT PORTFOLIO - 99.1%

(Cost $43,983,196)

47,562,395

NET OTHER ASSETS - 0.9%

429,622

NET ASSETS - 100%

$ 47,992,017

Forward Foreign Currency Contracts

Settlement Dates

Value

Unrealized Appreciation/
(Depreciation)

Contracts to Buy

115,272 AUD

August 2007

$ 98,178

$ (1,822)

119,919 CHF

August 2007

99,944

(56)

362,070 EUR

August 2007

495,750

(4,250)

196,659 GBP

August 2007

399,396

(604)

48,602,400 JPY

August 2007

411,249

11,249

$ 1,504,517

$ 4,517

(Payable Amount $1,500,000)

The value of contracts to buy as a percentage of net assets - 3.1%

Currency Abbreviations

AUD

-

Australian dollar

CHF

-

Swiss franc

EUR

-

European Monetary Unit

GBP

-

British pound

HKD

-

Hong Kong dollar

JPY

-

Japanese yen

Legend

(a) Non-income producing

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

(c) 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 $841,230 or 1.8% of net assets.

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

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

Repurchase Agreement / Counterparty

Value

$36,000 due 8/01/07 at 5.10%

BNP Paribas Securities Corp.

$ 6,611

J.P. Morgan Securities, Inc.

3,869

Merrill Lynch Government Securities, Inc.

24,195

Morgan Stanley & Co., Inc.

1,325

$ 36,000

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 94,165

Fidelity Securities Lending Cash Central Fund

12,830

Total

$ 106,995

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $44,113,797. Net unrealized appreciation aggregated $3,448,598, of which $5,074,550 related to appreciated investment securities and $1,625,952 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2007

1.804862.103

AICAP-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 82.3%

Shares

Value

Argentina - 2.4%

Cresud S.A.C.I.F. y A. sponsored ADR (d)

280,638

$ 5,567,858

Inversiones y Representaciones SA sponsored GDR (a)

99,300

1,822,155

Pampa Holding SA (a)

3,671,020

3,247,017

TOTAL ARGENTINA

10,637,030

Canada - 20.2%

Abitibi-Consolidated, Inc.

3,291,500

7,837,639

Absolut Resources Corp. (a)

995,000

587,654

Aquiline Resources, Inc. (a)

589,300

5,635,005

Aquiline Resources, Inc. (a)(e)

354,100

3,385,975

Canadian Natural Resources Ltd.

157,900

10,837,029

Canfor Corp. (a)

282,600

3,422,886

Catalyst Paper Corp. (a)

4,828,000

14,076,198

European Goldfields Ltd. (a)

357,100

1,921,584

Guyana Goldfields, Inc. (a)

204,900

2,093,756

IAMGOLD Corp.

1,051,900

8,677,904

Meridian Gold, Inc. (a)

72,700

2,052,322

NuVista Energy Ltd. (a)

182,200

2,189,748

ProEx Energy Ltd. (a)

286,500

3,709,164

Saskatchewan Wheat Pool, Inc. (a)

8,400

89,378

Saskatchewan Wheat Pool, Inc. (a)(e)

1,091,100

11,609,623

Suncor Energy, Inc.

49,600

4,484,785

Trican Well Service Ltd.

347,800

6,556,912

TOTAL CANADA

89,167,562

Cayman Islands - 1.3%

GlobalSantaFe Corp.

81,600

5,851,536

Czech Republic - 2.1%

Philip Morris CR AS

18,675

9,178,921

France - 2.5%

Sanofi-Aventis sponsored ADR

259,000

10,813,250

Germany - 3.5%

E.ON AG

65,300

10,251,487

Lanxess AG

96,800

5,258,514

TOTAL GERMANY

15,510,001

Hong Kong - 4.7%

Hutchison Whampoa Ltd.

1,942,000

20,643,765

India - 1.0%

Reliance Industries Ltd.

95,621

4,505,060

Common Stocks - continued

Shares

Value

Japan - 19.8%

Aioi Insurance Co. Ltd.

946,000

$ 5,596,730

Canon, Inc.

56,200

2,983,096

Kose Corp. (d)

397,800

11,055,026

Kubota Corp.

1,172,000

9,731,766

Kubota Corp. sponsored ADR

50,500

2,106,860

Millea Holdings, Inc.

182,568

7,220,563

Mitsui Sumitomo Insurance Co. Ltd. (d)

443,000

5,112,930

Nissin Healthcare Food Service Co.

148,400

2,088,702

SFCG Co. Ltd.

37,640

5,779,426

Shinsei Bank Ltd.

2,322,000

8,673,918

Takeda Pharamaceutical Co. Ltd.

251,700

16,396,067

Takefuji Corp.

269,700

8,396,322

Tokyo Steel Manufacturing Co. Ltd.

120,200

1,964,454

TOTAL JAPAN

87,105,860

Korea (South) - 0.5%

Samwhan Corp.

64,470

2,428,850

Luxembourg - 0.2%

SES SA (A Shares) FDR

46,905

988,410

Netherlands - 3.4%

Koninklijke Philips Electronics NV

195,700

7,906,311

Nutreco Holding NV

97,200

7,281,948

TOTAL NETHERLANDS

15,188,259

Philippines - 1.2%

DMCI Holdings, Inc.

10,782,000

2,137,401

Semirara Mining Corp.

4,114,800

3,172,203

TOTAL PHILIPPINES

5,309,604

South Africa - 4.5%

Gold Fields Ltd.

113,200

1,870,064

Gold Fields Ltd. sponsored ADR

1,097,500

18,130,700

TOTAL SOUTH AFRICA

20,000,764

Switzerland - 2.3%

Actelion Ltd. (Reg.) (a)

184,310

9,924,975

Taiwan - 1.5%

Taiwan Mobile Co. Ltd.

5,487,000

6,522,387

United Kingdom - 2.0%

Benfield Group PLC

1,300,100

8,741,787

United States of America - 9.2%

Bowater, Inc. (d)

387,500

7,602,750

Common Stocks - continued

Shares

Value

United States of America - continued

Deere & Co.

27,100

$ 3,263,382

Monsanto Co.

59,100

3,808,995

Synthes, Inc.

97,318

11,436,789

Virgin Media, Inc.

574,115

14,261,017

TOTAL UNITED STATES OF AMERICA

40,372,933

TOTAL COMMON STOCKS

(Cost $338,289,482)

362,890,954

Nonconvertible Preferred Stocks - 1.6%

Italy - 1.6%

Istituto Finanziario Industriale SpA (IFI) (a)
(Cost $7,010,136)

179,700

6,857,942

Government Obligations - 4.2%

Principal
Amount

Finland - 2.1%

Finnish Government 0.3% 10/18/07

JPY

1,109,600,000

9,347,747

Hong Kong - 1.0%

Hong Kong Government Special Administrative Region 3.8% 8/1/07

HKD

35,500,000

4,535,644

Switzerland - 1.1%

Switzerland Confederation 4.25% 1/8/08

CHF

5,573,000

4,668,796

TOTAL GOVERNMENT OBLIGATIONS

(Cost $18,425,745)

18,552,187

Money Market Funds - 12.5%

Shares

Fidelity Cash Central Fund, 5.38% (b)

37,905,967

37,905,967

Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)

17,268,405

17,268,405

TOTAL MONEY MARKET FUNDS

(Cost $55,174,372)

55,174,372

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $418,899,735)

443,475,455

NET OTHER ASSETS - (0.6)%

(2,563,440)

NET ASSETS - 100%

$ 440,912,015

Forward Foreign Currency Contracts

Settlement Dates

Value

Unrealized Appreciation/
(Depreciation)

Contracts to Buy

2,190,176 AUD

August 2007

$ 1,865,376

$ (34,624)

2,278,461 CHF

August 2007

1,898,941

(1,059)

7,603,461 EUR

August 2007

10,410,748

(89,252)

3,392,364 GBP

August 2007

6,889,586

(10,414)

777,638,400 JPY

August 2007

6,579,980

179,980

$ 27,644,631

$ 44,630

(Payable Amount $27,600,000)

The value of contracts to buy as a percentage of net assets - 6.3%

Currency Abbreviations

AUD

-

Australian dollar

CHF

-

Swiss franc

EUR

-

European Monetary Unit

GBP

-

British pound

HKD

-

Hong Kong dollar

JPY

-

Japanese yen

Legend

(a) Non-income producing

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

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

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

(e) 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 $14,995,598 or 3.4% of net assets.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 1,218,908

Fidelity Securities Lending Cash Central Fund

399,683

Total

$ 1,618,591

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $420,584,513. Net unrealized depreciation aggregated $22,890,942, of which $37,678,520 related to appreciated investment securities and $14,787,578 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2007

1.804864.103

AJAF-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%

Shares

Value

CONSUMER DISCRETIONARY - 25.1%

Auto Components - 5.0%

Denso Corp.

34,400

$ 1,295,807

Nippon Seiki Co. Ltd.

20,000

548,388

Stanley Electric Co. Ltd.

110,100

2,606,736

Toyoda Gosei Co. Ltd.

34,400

1,092,039

5,542,970

Automobiles - 3.8%

Toyota Motor Corp.

70,800

4,270,302

Distributors - 1.7%

ABC-Mart, Inc.

22,100

549,341

Canon Marketing Japan, Inc.

27,300

494,049

Sankyo Seiko Co. Ltd.

207,500

933,386

1,976,776

Hotels, Restaurants & Leisure - 2.7%

Aeon Fantasy Co. Ltd.

49,320

1,011,184

H.I.S. Co. Ltd.

25,600

658,256

Kyoritsu Maintenance Co. Ltd.

26,160

588,891

USJ Co. Ltd.

1,164

774,264

3,032,595

Household Durables - 2.1%

Casio Computer Co. Ltd.

57,400

874,810

Chofu Seisakusho Co. Ltd.

48,000

877,125

Misawa Homes Holdings, Inc. (a)

50,500

610,520

2,362,455

Internet & Catalog Retail - 0.3%

Rakuten, Inc.

990

302,938

Leisure Equipment & Products - 3.4%

Aruze Corp.

29,800

942,258

Fujifilm Holdings Corp.

31,300

1,356,855

Namco Bandai Holdings, Inc.

75,700

1,186,140

Tamron Co. Ltd.

12,400

376,725

3,861,978

Multiline Retail - 0.3%

Daiei, Inc. (a)

33,200

300,307

Specialty Retail - 4.4%

DCM Japan Holdings Co. Ltd.

25,580

224,970

Duskin Co. Ltd.

33,500

566,317

Fujitsu Business Systems Ltd.

37,400

627,825

Hikari Tsushin, Inc.

15,000

596,350

Shimachu Co. Ltd.

27,400

778,040

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Workman Co. Ltd.

19,000

$ 804,050

Xebio Co. Ltd.

12,000

338,741

Yamada Denki Co. Ltd.

10,520

1,045,309

4,981,602

Textiles, Apparel & Luxury Goods - 1.4%

Asics Corp.

73,000

996,172

Renown, Inc. (a)

59,600

508,389

1,504,561

TOTAL CONSUMER DISCRETIONARY

28,136,484

CONSUMER STAPLES - 3.3%

Food & Staples Retailing - 1.4%

Daikokutenbussan Co. Ltd.

56,300

560,714

Itochushokuhin Co. Ltd.

11,800

381,078

Valor Co. Ltd.

57,900

724,451

1,666,243

Food Products - 0.3%

Toyo Suisan Kaisha Ltd.

22,000

363,476

Household Products - 1.0%

Uni-Charm Corp.

19,700

1,072,339

Personal Products - 0.6%

Kobayashi Pharmaceutical Co. Ltd.

18,900

654,154

TOTAL CONSUMER STAPLES

3,756,212

ENERGY - 2.2%

Energy Equipment & Services - 0.8%

Shinko Plantech Co. Ltd.

68,500

871,386

Oil, Gas & Consumable Fuels - 1.4%

AOC Holdings, Inc.

48,800

804,016

Japan Petroleum Exploration Co. Ltd. (d)

12,200

825,740

1,629,756

TOTAL ENERGY

2,501,142

FINANCIALS - 16.3%

Capital Markets - 2.9%

JAFCO Co. Ltd.

6,300

286,772

Japan Asia Investment Co. Ltd.

132,000

866,980

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

Matsui Securities Co. Ltd.

68,800

$ 569,470

Nomura Holdings, Inc.

53,000

1,005,410

Risa Partners, Inc. (d)

182

427,422

3,156,054

Commercial Banks - 6.1%

Mizuho Financial Group, Inc.

614

4,324,466

The Tokushima Bank Ltd.

96,000

667,585

Tokyo Tomin Bank Ltd.

29,200

1,012,627

Yamaguchi Financial Group, Inc.

63,000

791,750

6,796,428

Consumer Finance - 0.5%

SFCG Co. Ltd.

3,870

594,218

Insurance - 1.4%

T&D Holdings, Inc.

23,750

1,553,183

Real Estate Investment Trusts - 0.5%

Kenedix Realty Investment Corp.

80

576,620

Real Estate Management & Development - 4.0%

Aeon Mall Co. Ltd.

30,600

915,303

Keihanshin Real Estate Co. Ltd.

18,000

110,240

KK daVinci Advisors (a)

482

392,224

Leopalace21 Corp.

30,600

967,369

Sankei Building Co. Ltd.

52,600

505,183

Shoei Co.

27,060

511,413

Suncity Co. Ltd.

1,188

693,227

Yasuragi Co. Ltd.

66,100

408,633

4,503,592

Thrifts & Mortgage Finance - 0.9%

Atrium Co. Ltd.

33,100

1,007,223

TOTAL FINANCIALS

18,187,318

HEALTH CARE - 3.4%

Pharmaceuticals - 3.4%

Chugai Pharmaceutical Co. Ltd.

29,400

507,252

Daiichi Sankyo Co. Ltd.

38,600

1,066,554

Takeda Pharamaceutical Co. Ltd.

34,200

2,227,833

3,801,639

Common Stocks - continued

Shares

Value

INDUSTRIALS - 21.6%

Commercial Services & Supplies - 0.5%

ARRK Corp.

58,000

$ 513,357

Construction & Engineering - 0.7%

Asunaro Aoki Construction Co. Ltd.

82,500

540,147

Kandenko Co. Ltd.

43,000

252,835

792,982

Machinery - 10.3%

Aida Engineering Ltd.

125,000

921,420

Fuji Machine Manufacturing Co. Ltd.

57,700

1,323,548

Kato Works Co. Ltd.

134,000

864,642

Kubota Corp.

97,000

805,445

Miyachi Corp.

40,800

694,316

Nabtesco Corp.

70,000

1,046,921

Nitta Corp.

41,300

912,918

Nittoku Engineering Co. Ltd.

89,200

608,717

NSK Ltd.

52,000

498,173

Sasakura Engineering Co. Ltd.

79,000

1,001,900

Torishima Pump Manufacturing Co. Ltd.

225,900

3,068,954

11,746,954

Marine - 1.8%

Iino Kaiun Kaisha Ltd.

86,300

1,108,356

Kawasaki Kisen Kaisha Ltd.

65,000

889,698

1,998,054

Road & Rail - 1.8%

Hamakyorex Co. Ltd.

86,600

1,993,738

Trading Companies & Distributors - 5.3%

Misumi Group, Inc.

68,200

1,163,097

Mitsui & Co. Ltd.

95,000

2,232,551

Sojitz Corp.

272,900

1,362,646

Sumitomo Corp.

65,800

1,274,345

6,032,639

Transportation Infrastructure - 1.2%

Japan Airport Terminal Co. Ltd. (d)

37,100

648,004

The Sumitomo Warehouse Co. Ltd.

115,000

708,648

1,356,652

TOTAL INDUSTRIALS

24,434,376

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - 14.7%

Computers & Peripherals - 1.1%

Fujitsu Ltd.

180,000

$ 1,188,083

Electronic Equipment & Instruments - 4.3%

Ibiden Co. Ltd.

12,900

945,768

Murata Manufacturing Co. Ltd.

13,200

986,214

Nippon Electric Glass Co. Ltd.

56,500

880,930

Omron Corp.

19,900

527,397

Optoelectronics Co. Ltd.

22,900

197,188

Origin Electric Co. Ltd.

104,000

615,723

Seikoh Giken Co. Ltd.

9,200

173,013

Shizuki Electric Co., Inc.

117,000

451,948

4,778,181

Internet Software & Services - 0.9%

eAccess Ltd. (d)

1,297

704,434

Telewave, Inc. (d)

1,010

314,811

1,019,245

Office Electronics - 3.4%

Canon, Inc.

41,400

2,197,512

Konica Minolta Holdings, Inc.

104,000

1,537,620

3,735,132

Semiconductors & Semiconductor Equipment - 1.1%

Axell Corp.

165

428,003

Micronics Japan Co. Ltd.

12,000

416,222

UMC Japan (a)

2,660

367,722

1,211,947

Software - 3.9%

Atlus Co. Ltd. (a)

148,600

752,192

Intelligent Wave, Inc.

1,199

490,453

Nintendo Co. Ltd.

6,300

3,087,000

4,329,645

TOTAL INFORMATION TECHNOLOGY

16,262,233

MATERIALS - 12.6%

Chemicals - 9.4%

Adeka Corp.

64,200

650,868

C. Uyemura & Co. Ltd.

10,600

648,917

ISE Chemical Corp.

71,000

926,172

JSR Corp.

48,200

1,209,116

Kuraray Co. Ltd.

78,000

896,819

Common Stocks - continued

Shares

Value

MATERIALS - continued

Chemicals - continued

Lintec Corp.

35,700

$ 703,062

Nippon Parkerizing Co. Ltd.

40,000

693,247

Shin-Etsu Chemical Co. Ltd.

15,700

1,159,279

The Nippon Synthetic Chemical Industry Co. Ltd.

227,000

1,137,920

Tohcello Co. Ltd.

86,000

875,753

Tokai Carbon Co. Ltd.

157,000

1,717,618

10,618,771

Metals & Mining - 3.2%

Hitachi Metals Ltd.

77,000

931,713

Sumitomo Metal Industries Ltd.

477,000

2,746,832

3,678,545

TOTAL MATERIALS

14,297,316

TELECOMMUNICATION SERVICES - 0.6%

Wireless Telecommunication Services - 0.6%

NTT DoCoMo, Inc.

493

680,833

TOTAL COMMON STOCKS

(Cost $111,753,921)

112,057,553

Money Market Funds - 2.0%

Fidelity Cash Central Fund, 5.38% (b)

703,379

703,379

Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)

1,525,850

1,525,850

TOTAL MONEY MARKET FUNDS

(Cost $2,229,229)

2,229,229

TOTAL INVESTMENT PORTFOLIO - 101.8%

(Cost $113,983,150)

114,286,782

NET OTHER ASSETS - (1.8)%

(2,065,356)

NET ASSETS - 100%

$ 112,221,426

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 13,883

Fidelity Securities Lending Cash Central Fund

67,876

Total

$ 81,759

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $114,190,285. Net unrealized appreciation aggregated $96,497, of which $12,317,232 related to appreciated investment securities and $12,220,735 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2007

1.804850.103

AKOR-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%

Shares

Value

CONSUMER DISCRETIONARY - 7.3%

Auto Components - 1.1%

Hyundai Mobis

7,640

$ 823,130

Automobiles - 0.5%

Hyundai Motor Co.

3,880

340,422

Hotels, Restaurants & Leisure - 1.2%

Hana Tour Service, Inc.

8,183

827,961

Household Durables - 4.5%

LG Electronics, Inc.

16,150

1,354,438

Woongjin Coway Co. Ltd.

56,240

1,822,346

3,176,784

TOTAL CONSUMER DISCRETIONARY

5,168,297

CONSUMER STAPLES - 5.3%

Food & Staples Retailing - 2.8%

Shinsegae Co. Ltd.

2,977

1,943,528

Household Products - 2.5%

LG Household & Health Care Ltd.

13,290

1,761,600

TOTAL CONSUMER STAPLES

3,705,128

ENERGY - 1.9%

Oil, Gas & Consumable Fuels - 1.9%

SK Energy Co. Ltd.

8,008

1,367,697

FINANCIALS - 17.4%

Capital Markets - 2.6%

Daewoo Securities Co. Ltd.

24,580

890,722

Korea Investment Holdings Co. Ltd.

13,310

907,469

1,798,191

Commercial Banks - 11.9%

Industrial Bank of Korea

41,210

943,127

Kookmin Bank

37,090

3,237,344

Shinhan Financial Group Co. Ltd.

34,442

2,338,783

Woori Finance Holdings Co. Ltd.

70,300

1,810,301

8,329,555

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - 2.9%

Meritz Fire & Marine Insurance Co. Ltd.

71,400

$ 773,558

Meritz Fire & Marine Insurance Co. Ltd. rights 8/21/07 (a)

27,380

123,906

Samsung Fire & Marine Insurance Co. Ltd.

5,750

1,180,309

2,077,773

TOTAL FINANCIALS

12,205,519

INDUSTRIALS - 36.5%

Construction & Engineering - 9.0%

Doosan Heavy Industries & Construction Co. Ltd.

18,340

1,920,439

GS Engineering & Construction Corp.

9,470

1,405,813

Hyundai Engineering & Construction Co. Ltd. (a)

13,086

1,134,187

Samsung Engineering Co. Ltd.

15,980

1,874,530

6,334,969

Industrial Conglomerates - 5.7%

LG Corp.

15,850

899,060

Samsung Techwin Co. Ltd.

40,600

2,506,681

SK Holdings Co. Ltd.

3,271

614,333

4,020,074

Machinery - 20.4%

Daewoo Shipbuilding & Marine Engineering Co. Ltd.

38,270

2,489,757

Doosan Infracore Co. Ltd.

92,190

3,656,295

Hyundai Heavy Industries Co. Ltd.

4,910

1,894,338

Hyundai Mipo Dockyard Co. Ltd.

10,670

3,363,715

Taewoong Co. Ltd.

36,782

2,901,890

14,305,995

Trading Companies & Distributors - 1.4%

Samsung Corp.

14,440

959,155

TOTAL INDUSTRIALS

25,620,193

INFORMATION TECHNOLOGY - 21.3%

Electronic Equipment & Instruments - 3.9%

LG.Philips LCD Co. Ltd. (a)

44,880

2,088,766

SFA Engineering Corp.

12,266

642,696

2,731,462

Internet Software & Services - 4.1%

NHN Corp.

15,808

2,886,498

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - 13.3%

Hynix Semiconductor, Inc. (a)

17,430

$ 702,308

PSK, Inc.

47,854

854,429

Samsung Electronics Co. Ltd.

10,432

6,886,877

Simm Tech Co. Ltd.

60,678

876,236

9,319,850

TOTAL INFORMATION TECHNOLOGY

14,937,810

MATERIALS - 6.3%

Metals & Mining - 6.3%

POSCO

7,670

4,435,339

TELECOMMUNICATION SERVICES - 1.8%

Diversified Telecommunication Services - 1.8%

LG Dacom Corp.

44,180

1,262,632

TOTAL COMMON STOCKS

(Cost $35,334,716)

68,702,615

Nonconvertible Preferred Stocks - 1.0%

MATERIALS - 1.0%

Chemicals - 1.0%

LG Chemical Ltd.

13,420

710,389

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $725,395)

710,389

Money Market Funds - 1.1%

Fidelity Cash Central Fund, 5.38% (b)
(Cost $755,902)

755,902

755,902

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $36,816,013)

70,168,906

NET OTHER ASSETS - 0.1%

48,671

NET ASSETS - 100%

$ 70,217,577

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 46,006

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $36,874,609. Net unrealized appreciation aggregated $33,294,297, of which $33,468,113 related to appreciated investment securities and $173,816 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2007

1.804865.103

ALAF-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%

Shares

Value

Argentina - 0.1%

Banco Patagonia SA unit

10,500

$ 272,949

Bahamas (Nassau) - 0.1%

Ultrapetrol (Bahamas) Ltd.

12,600

296,100

Bermuda - 1.2%

Credicorp Ltd. (NY Shares)

15,600

1,003,704

Dufry South America Ltd. unit

65,667

1,749,540

TOTAL BERMUDA

2,753,244

Brazil - 59.3%

Acucar Guarani SA

63,800

445,266

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

21,636,300

798,184

All America Latina Logistica SA unit

149,500

2,047,076

Banco ABC Brasil SA unit

8,644

416,097

Banco Bradesco SA:

(PN)

153,656

4,009,800

(PN) sponsored ADR

280,800

7,312,032

Banco Daycoval SA (PN)

64,800

632,455

Banco do Estado do Rio Grande do Sul SA unit

24,082

467,785

Banco Indusval SA (e)

25,160

233,680

Banco Itau Holding Financeira SA:

(PN) (non-vtg.)

130,690

5,965,740

sponsored ADR (non-vtg.)

97,900

4,477,946

Brasil Telecom Participacoes SA sponsored ADR

34,340

2,271,591

Companhia Brasileira (a)(e)

778

441,811

Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR

25,600

951,808

Companhia de Bebidas das Americas (AmBev):

(PN) sponsored ADR

77,900

5,336,150

sponsored ADR

3,260

228,363

Companhia de Saneamento de Minas Gerais

70,200

1,080,459

Companhia de Saneamento de Minas Gerais rights 8/28/07 (a)

687

0

Companhia Providencia Industria e Comercio

69,200

550,530

Companhia Siderurgica Nacional SA (CSN) sponsored ADR (d)

24,400

1,406,904

Companhia Vale do Rio Doce:

(PN-A)

41,800

1,758,120

(PN-A) sponsored ADR

376,500

15,937,245

sponsored ADR

243,200

11,919,232

Duratex SA (PN)

99,000

2,900,329

Eletropaulo Metropolitana SA (PN-B)

16,880,000

1,100,936

Gafisa SA (a)

81,600

1,294,894

Common Stocks - continued

Shares

Value

Brazil - continued

Gafisa SA ADR (a)

8,000

$ 251,600

Gol Linhas Aereas Inteligentes SA sponsored ADR (d)

13,200

328,944

GVT Holding SA

102,400

1,980,393

Inpar SA

58,000

640,272

JBS SA

212,000

931,621

JBS SA (receipts)

56,716

249,235

Klabin Segall SA

42,100

453,577

Localiza Rent a Car SA

145,000

1,489,094

Lojas Renner SA

30,700

575,157

LPS Brasil Consultoria de Imoveis SA

22,300

343,223

Medial Saude SA

95,300

1,552,760

MRV Engenharia e Participacoes SA

21,600

354,230

Multiplan Empreendimentos Imobiliarios SA

66,000

859,941

Petroleo Brasileiro SA Petrobras:

(ON)

8,300

269,854

(PN) (non-vtg.)

150,800

4,237,799

(PN) sponsored ADR (non-vtg.)

205,600

11,482,760

sponsored ADR

184,100

11,948,090

Profarma Distribuidora de Produtos Farmaceuticos SA

36,000

683,049

Redecard SA

13,100

223,246

Sao Carlos Empreen E Part SA

47,500

557,133

Submarino SA

54,100

2,280,056

TAM SA:

(PN) (ltd.-vtg.)

54,700

1,480,575

(PN) sponsored ADR (ltd. vtg.)

25,000

677,500

Tegma Gestao Logistica

89,200

1,477,041

Terna Participacoes SA unit

56,000

876,467

TIM Participacoes SA

83,300

287,363

TIM Participacoes SA sponsored ADR (non-vtg.)

16,100

556,577

Totvs SA

49,900

1,549,278

Tractebel Energia SA

84,000

1,013,332

Uniao de Bancos Brasileiros SA (Unibanco):

unit

16,600

193,206

GDR

58,200

6,788,448

Usinas Siderurgicas de Minas Gerais SA

12,000

853,349

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

76,800

4,728,160

Votorantim Celulose e Papel SA:

(PN) (non-vtg.)

3,980

95,054

sponsored ADR (non-vtg.)

126,750

3,012,848

TOTAL BRAZIL

139,265,665

Common Stocks - continued

Shares

Value

Chile - 5.6%

CAP SA

169,216

$ 4,114,005

Empresa Nacional de Electricidad SA sponsored ADR

18,900

828,765

Enersis SA sponsored ADR

33,025

585,203

Inversiones Aguas Metropolitanas SA ADR (e)

65,400

1,572,710

Lan Airlines SA sponsored ADR

58,200

4,660,074

Masisa SA

3,017,104

827,238

Vina Concha y Toro SA sponsored ADR

9,385

455,173

TOTAL CHILE

13,043,168

Colombia - 1.2%

Almacenes Exito SA unit (e)

132,400

1,055,897

BanColombia SA sponsored ADR

50,600

1,800,854

TOTAL COLOMBIA

2,856,751

Luxembourg - 0.9%

Tenaris SA sponsored ADR

22,600

1,088,642

Ternium SA sponsored ADR

36,100

1,114,407

TOTAL LUXEMBOURG

2,203,049

Mexico - 26.7%

Alsea SAB de CV

810,500

1,381,522

America Movil SAB de CV Series L sponsored ADR

423,200

25,341,210

Axtel SAB de CV unit (a)

281,078

2,047,973

Banco Compartamos SA de CV

236,600

1,312,422

Cemex SA de CV sponsored ADR

258,267

8,352,355

Corporacion Geo SA de CV Series B (a)

513,100

2,813,465

Fomento Economico Mexicano SA de CV sponsored ADR

138,963

5,144,410

Grupo Aeroportuario del Pacifico SA de CV sponsored ADR

30,600

1,487,772

Grupo Aeroportuario Norte Sab de CV ADR

3,900

104,130

Grupo Televisa SA de CV

65,900

333,385

Grupo Televisa SA de CV (CPO) sponsored ADR

214,756

5,422,589

Industrias Penoles SA de CV

103,300

1,354,822

Telefonos de Mexico SA de CV Series L sponsored ADR

71,102

2,429,555

Urbi, Desarrollos Urbanos, SA de CV (a)

463,500

1,959,087

Wal-Mart de Mexico SA de CV Series V

899,569

3,270,639

TOTAL MEXICO

62,755,336

Panama - 0.9%

Copa Holdings SA Class A

23,500

1,290,385

Intergroup Financial Services Corp.

41,129

719,758

Intergroup Financial Services Corp. (e)

11,123

194,653

TOTAL PANAMA

2,204,796

Common Stocks - continued

Shares

Value

United Kingdom - 1.2%

GOL Linhas Aereas Inteligentes SA warrants (Deutsche Bank Warrant Program) 9/6/07 (a)(e)

84,957

$ 2,117,128

SABMiller PLC

22,400

579,258

TOTAL UNITED KINGDOM

2,696,386

United States of America - 0.9%

Pricesmart, Inc.

9,079

205,276

Southern Copper Corp. (d)

17,200

1,938,612

TOTAL UNITED STATES OF AMERICA

2,143,888

TOTAL COMMON STOCKS

(Cost $146,115,379)

230,491,332

Nonconvertible Preferred Stocks - 0.3%

Brazil - 0.3%

Brasil Telecom Participacoes SA (PN)

17,000

223,395

Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN)

15,610,000

596,414

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $801,870)

819,809

Money Market Funds - 2.5%

Fidelity Cash Central Fund, 5.38% (b)

3,075,715

3,075,715

Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)

2,737,775

2,737,775

TOTAL MONEY MARKET FUNDS

(Cost $5,813,490)

5,813,490

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $152,730,739)

237,124,631

NET OTHER ASSETS - (0.9)%

(2,081,400)

NET ASSETS - 100%

$ 235,043,231

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,615,879 or 2.4% 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

$ 188,543

Fidelity Securities Lending Cash Central Fund

17,087

Total

$ 205,630

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $153,349,763. Net unrealized appreciation aggregated $83,774,868, of which $86,299,225 related to appreciated investment securities and $2,524,357 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2007

1.804851.103

OS-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%

Shares

Value (000s)

Argentina - 0.3%

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

199,700

$ 3,962

Australia - 6.4%

AMP Ltd.

332,700

2,852

Australian Wealth Management Ltd.

953,300

2,145

Babcock & Brown Japan Property Trust

1,065,300

1,629

Babcock & Brown Ltd.

76,700

1,842

Babcock & Brown Wind Partners

1,798,000

2,949

BHP Billiton Ltd.

321,400

10,249

Charter Hall Group unit

912,600

2,209

Commonwealth Bank of Australia

162,800

7,527

Computershare Ltd.

655,500

5,580

CSL Ltd.

210,400

15,948

Gunns Ltd.

587,200

1,696

JB Hi-Fi Ltd.

265,500

2,670

Macquarie Bank Ltd.

81,200

5,709

McGuigan Simeon Wines Ltd. (a)

614,691

1,063

National Australia Bank Ltd.

318,700

10,418

Rio Tinto Ltd. (d)

30,300

2,403

Seek Ltd.

226,300

1,626

Silex Systems Ltd. (a)

195,200

1,738

Westfield Group:

unit

250,700

4,070

unit New

21,800

344

WorleyParsons Ltd.

88,222

2,549

TOTAL AUSTRALIA

87,216

Austria - 0.1%

Palfinger AG

29,600

1,580

Belgium - 0.8%

Hamon & Compagnie International SA (a)(d)

53,700

3,178

InBev SA

76,100

6,182

KBC Groupe SA

10,100

1,328

TOTAL BELGIUM

10,688

Bermuda - 0.2%

Aquarius Platinum Ltd. (United Kingdom)

66,800

1,985

Brazil - 0.2%

Vivo Participacoes SA (PN) sponsored ADR (d)

723,700

3,249

British Virgin Islands - 0.1%

Indochina Capital Vietnam Holdings Ltd.

103,200

947

Common Stocks - continued

Shares

Value (000s)

Canada - 0.3%

Cameco Corp.

113,500

$ 4,607

Czech Republic - 0.4%

Ceske Energeticke Zavody AS

97,100

5,091

Denmark - 1.6%

Novo Nordisk AS Series B

49,900

5,276

Novozymes AS Series B

55,800

6,649

Vestas Wind Systems AS (a)

138,400

9,366

TOTAL DENMARK

21,291

Finland - 1.1%

Fortum Oyj

81,000

2,637

Neste Oil Oyj

75,300

2,720

Nokia Corp.

272,450

7,803

UPM-Kymmene Corp. sponsored ADR (d)

92,800

2,058

TOTAL FINLAND

15,218

France - 13.8%

Alstom SA

173,600

31,789

AXA SA

144,873

5,673

BNP Paribas SA

67,281

7,524

Bouygues SA

66,300

5,365

Cap Gemini SA

123,500

8,230

Carrefour SA

111,200

7,966

CNP Assurances

37,200

4,930

Electricite de France

72,000

7,371

Gaz de France

52,700

2,477

Groupe Danone

71,300

5,098

L'Air Liquide SA

57,480

7,528

L'Oreal SA

64,734

7,483

Michelin SA (Compagnie Generale des Etablissements)
Series B

34,600

4,632

Neopost SA

18,900

2,766

Pinault Printemps-Redoute SA

31,300

5,505

Remy Cointreau SA

44,200

3,237

Renault SA

31,300

4,585

Societe Generale Series A

51,470

8,956

Sodexho Alliance SA

51,900

3,463

Suez SA (France)

132,000

7,039

Total SA:

Series B

122,888

9,660

sponsored ADR

50,800

3,993

Veolia Environnement

208,475

15,544

Common Stocks - continued

Shares

Value (000s)

France - continued

Vinci SA

138,000

$ 10,023

Vivendi Universal SA

166,500

7,136

TOTAL FRANCE

187,973

Germany - 11.7%

Aareal Bank AG

63,730

3,042

Allianz AG (Reg.)

37,800

8,014

BASF AG

12,900

1,670

Bayer AG

110,700

7,834

Bayerische Motoren Werke AG (BMW)

69,600

4,365

Beiersdorf AG

114,700

8,052

Commerzbank AG

170,800

7,404

DaimlerChrysler AG

56,100

5,091

DaimlerChrysler AG (Reg.)

59,300

5,381

Deutsche Boerse AG

53,000

6,199

E.ON AG

109,879

17,250

ESCADA AG (a)(d)

103,388

4,279

GFK AG

62,893

3,266

Henkel KGaA

107,811

5,315

Hochtief AG

14,000

1,425

IVG Immobilien AG

25,700

947

Lanxess AG

91,100

4,949

MAN AG

24,200

3,547

Metro AG

71,100

5,572

MLP AG (d)

376,600

6,751

MPC Muenchmeyer Petersen Capital AG

22,800

2,181

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

15,700

2,725

Q-Cells AG

34,000

3,010

SAP AG sponsored ADR

75,800

4,087

SGL Carbon AG (a)

198,600

10,319

Siemens AG sponsored ADR

166,800

21,122

Wincor Nixdorf AG

58,200

5,213

TOTAL GERMANY

159,010

Hong Kong - 0.6%

China Overseas Land & Investment Ltd.

1,300,000

2,753

China Unicom Ltd.

2,564,000

4,538

Dynasty Fine Wines Group Ltd.

738,000

290

TOTAL HONG KONG

7,581

Common Stocks - continued

Shares

Value (000s)

India - 0.1%

IVRCL Infrastructures & Projects Ltd.

130,000

$ 1,250

Power Finance Corp. Ltd.

4,320

20

TOTAL INDIA

1,270

Ireland - 0.6%

Allied Irish Banks PLC

164,900

4,306

Irish Life & Permanent PLC

151,800

3,687

TOTAL IRELAND

7,993

Italy - 3.5%

Alleanza Assicurazioni SpA (d)

370,800

4,709

Antichi Pellettieri SpA

92,300

1,345

Assicurazioni Generali SpA

145,750

5,782

Azimut Holdings SpA

156,200

2,628

Edison SpA

902,200

2,855

ENI SpA

268,391

9,362

Intesa Sanpaolo SpA

574,600

4,391

Lottomatica SpA

56,000

2,091

MARR SpA

122,400

1,340

Unicredito Italiano SpA

1,062,400

9,119

Unione di Banche Italiane Scpa

181,200

4,505

TOTAL ITALY

48,127

Japan - 17.3%

Canon, Inc.

207,100

10,993

Chugai Pharmaceutical Co. Ltd.

132,700

2,290

Daiwa Securities Group, Inc.

367,700

3,901

Fujifilm Holdings Corp.

112,000

4,855

Ibiden Co. Ltd.

64,900

4,758

Japan Steel Works Ltd.

274,000

4,361

Japan Tobacco, Inc.

766

3,893

KDDI Corp.

478

3,171

Kinden Corp.

253,000

2,247

Konica Minolta Holdings, Inc.

276,000

4,081

Matsui Securities Co. Ltd. (d)

251,700

2,083

Millea Holdings, Inc.

127,720

5,051

Mitsubishi Corp.

98,100

2,897

Mitsubishi Estate Co. Ltd.

329,000

8,370

Mitsubishi UFJ Financial Group, Inc.

438

4,660

Mitsui & Co. Ltd.

145,000

3,408

Mitsui Fudosan Co. Ltd.

183,000

4,778

Mizuho Financial Group, Inc.

1,920

13,523

Murata Manufacturing Co. Ltd.

68,200

5,095

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Nafco Co. Ltd.

61,100

$ 1,770

Namco Bandai Holdings, Inc.

128,500

2,013

NGK Insulators Ltd.

101,000

3,087

Nidec Corp.

56,900

3,767

Nintendo Co. Ltd.

25,800

12,642

Nippon Steel Corp.

494,000

3,716

Nomura Holdings, Inc.

359,400

6,818

NSK Ltd.

570,000

5,461

NTT DoCoMo, Inc.

4,521

6,244

Organo Corp. (d)

116,000

2,486

ORIX Corp.

26,340

6,322

Point, Inc.

45,360

2,234

SHIMIZU Corp.

367,000

2,187

Sompo Japan Insurance, Inc.

198,700

2,307

Sony Corp.

37,700

1,988

Sony Corp. sponsored ADR

53,200

2,806

Stanley Electric Co. Ltd.

129,100

3,057

Sumco Corp.

78,400

4,025

Sumitomo Forestry Co. Ltd.

216,000

1,988

Sumitomo Metal Industries Ltd.

688,000

3,962

Sumitomo Mitsui Financial Group, Inc.

632

5,712

Sumitomo Trust & Banking Co. Ltd.

582,400

4,917

T&D Holdings, Inc.

141,600

9,260

Takeda Pharamaceutical Co. Ltd.

114,000

7,426

Tokuyama Corp.

206,000

2,992

Toyota Motor Corp.

383,100

23,107

USS Co. Ltd.

48,180

3,218

Yahoo! Japan Corp.

6,614

2,051

Yamaguchi Financial Group, Inc.

139,000

1,747

Yamaha Motor Co. Ltd.

59,600

1,677

TOTAL JAPAN

235,402

Korea (South) - 0.4%

Doosan Heavy Industries & Construction Co. Ltd.

24,480

2,563

Samsung Fire & Marine Insurance Co. Ltd.

14,080

2,890

TOTAL KOREA (SOUTH)

5,453

Luxembourg - 0.3%

SES SA (A Shares) FDR

213,304

4,495

Common Stocks - continued

Shares

Value (000s)

Malaysia - 0.6%

DiGi.com Bhd

455,900

$ 2,864

Gamuda Bhd

2,283,200

5,155

TOTAL MALAYSIA

8,019

Netherlands - 4.4%

ABN-AMRO Holding NV

210,610

10,488

Arcelor Mittal (NY Shares) Class A

26,600

1,623

Arcelor Mittal Class A

77,500

4,850

Heineken NV (Bearer)

71,300

4,513

ING Groep NV (Certificaten Van Aandelen)

31,546

1,331

Koninklijke Ahold NV sponsored ADR (a)

602,200

7,624

Koninklijke Philips Electronics NV (NY Shares)

256,500

10,363

SBM Offshore NV

192,900

8,003

TNT NV

78,100

3,373

Unilever NV (NY Shares)

265,500

8,034

TOTAL NETHERLANDS

60,202

Norway - 1.2%

Acta Holding ASA

553,400

2,544

Aker Kvaerner ASA

274,950

7,170

Marine Harvest ASA (a)

2,316,000

2,928

Statoil ASA

119,200

3,558

TOTAL NORWAY

16,200

Panama - 0.6%

McDermott International, Inc. (a)

96,100

7,971

Portugal - 0.2%

Energias de Portugal SA

513,200

2,928

South Africa - 0.6%

Growthpoint Properties Ltd.

1,360,400

2,995

Impala Platinum Holdings Ltd.

74,900

2,198

JSE Ltd.

303,700

3,077

Mondi Ltd. unit (a)

12,490

108

TOTAL SOUTH AFRICA

8,378

Spain - 1.3%

Banco Santander Central Hispano SA sponsored ADR

328,100

6,103

Telefonica SA

495,148

11,591

TOTAL SPAIN

17,694

Sweden - 1.7%

Scania AB (B Shares)

232,600

5,627

Common Stocks - continued

Shares

Value (000s)

Sweden - continued

Skandinaviska Enskilda Banken AB (A Shares)

133,000

$ 4,619

Svenska Cellulosa AB (SCA) (B Shares)

193,200

3,448

Swedish Match Co.

335,600

6,599

Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR

87,600

3,277

TOTAL SWEDEN

23,570

Switzerland - 6.5%

ABB Ltd.:

(Reg.)

838,180

20,614

sponsored ADR

460,900

11,094

Actelion Ltd. (Reg.) (a)

38,305

2,063

Compagnie Financiere Richemont unit

105,445

6,696

Credit Suisse Group (Reg.)

19,410

1,253

EFG International

65,970

3,113

Nestle SA (Reg.)

28,324

10,933

Phonak Holding AG

31,501

3,057

Roche Holding AG (participation certificate)

95,220

16,968

Schindler Holding AG (Reg.)

38,456

2,484

SGS Societe Generale de Surveillance Holding SA (Reg.)

6,141

7,462

UBS AG (Reg.)

46,146

2,541

TOTAL SWITZERLAND

88,278

Taiwan - 0.2%

PixArt Imaging, Inc.

159,000

2,035

Thailand - 0.2%

Bangkok Bank Ltd. PCL (For. Reg.)

281,900

1,068

Krung Thai Bank Public Co. Ltd.

2,697,800

950

Siam Commercial Bank PCL (For. Reg.)

473,200

1,148

TOTAL THAILAND

3,166

United Kingdom - 18.7%

Aegis Group PLC

1,016,600

2,643

Alfred McAlpine Group PLC

188,000

1,737

Anglo American PLC:

ADR

73,346

2,273

(United Kingdom)

113,659

6,705

AstraZeneca PLC (United Kingdom)

90,600

4,696

Barclays PLC

295,600

4,138

Benfield Group PLC

372,100

2,502

BG Group PLC

600,500

9,856

BHP Billiton PLC

278,202

8,325

BP PLC

1,607,708

18,596

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

BP PLC sponsored ADR

19,700

$ 1,367

British Land Co. PLC

99,700

2,517

BT Group PLC

103,000

655

BT Group PLC sponsored ADR

36,900

2,346

Burberry Group PLC

251,500

3,270

Cadbury Schweppes PLC sponsored ADR

77,400

3,849

Climate Exchange PLC (a)

42,200

1,554

Clipper Windpower PLC (a)

98,600

1,430

Diageo PLC

462,200

9,438

GlaxoSmithKline PLC

185,800

4,745

Gyrus Group PLC (a)

567,200

4,975

HBOS plc

190,500

3,752

HSBC Holdings PLC:

(Hong Kong) (Reg.)

150,400

2,802

(United Kingdom) (Reg.)

110,667

2,062

sponsored ADR

88,700

8,263

Imperial Tobacco Group PLC sponsored ADR

4,300

377

Informa PLC

217,500

2,344

InterContinental Hotel Group PLC

137,473

3,167

International Power PLC

865,000

7,270

Intertek Group PLC

103,800

2,089

Investec PLC

354,700

4,464

Jardine Lloyd Thompson Group PLC

675,900

5,801

M&C Saatchi

500,100

1,676

Man Group plc

1,345,782

15,528

Mondi PLC (a)

31,225

274

Prudential PLC

615,300

8,543

Reed Elsevier PLC

958,800

11,930

Reuters Group PLC

563,300

7,041

Rio Tinto PLC (Reg.)

71,618

5,177

Royal Bank of Scotland Group PLC

554,400

6,673

Royal Dutch Shell PLC:

Class A sponsored ADR

159,600

12,383

Class A (United Kingdom)

161,100

6,319

Class B

65,800

2,608

RPS Group PLC

410,600

2,913

Speymill Group plc (a)

309,000

574

SSL International PLC

158,300

1,499

Taylor Nelson Sofres PLC

1,509,300

6,898

Tesco PLC

496,000

4,150

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Vodafone Group PLC

5,724,169

$ 17,373

Xstrata PLC

50,266

3,265

TOTAL UNITED KINGDOM

254,832

United States of America - 1.1%

ADA-ES, Inc. (a)

71,200

906

American Superconductor Corp. (a)(d)

70,000

1,336

Calgon Carbon Corp. (a)(d)

501,600

5,518

Fluor Corp.

20,900

2,414

Fuel Tech, Inc. (a)(d)

144,700

4,047

Hypercom Corp. (a)

258,800

1,330

TOTAL UNITED STATES OF AMERICA

15,551

TOTAL COMMON STOCKS

(Cost $1,057,643)

1,321,962

Nonconvertible Preferred Stocks - 0.4%

Germany - 0.4%

Porsche AG
(Cost $2,858)

2,549

4,668

Money Market Funds - 3.0%

Fidelity Cash Central Fund, 5.38% (b)

25,850,467

25,850

Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)

15,457,244

15,457

TOTAL MONEY MARKET FUNDS

(Cost $41,307)

41,307

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $1,101,808)

1,367,937

NET OTHER ASSETS - (0.5)%

(6,162)

NET ASSETS - 100%

$ 1,361,775

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 1,106

Fidelity Securities Lending Cash Central Fund

1,025

Total

$ 2,131

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,107,253,000. Net unrealized appreciation aggregated $260,684,000, of which $288,597,000 related to appreciated investment securities and $27,913,000 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.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2007

1.804852.103

AVLF-QTLY-0907

Investments July 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%

Shares

Value

CONSUMER DISCRETIONARY - 7.8%

Automobiles - 0.6%

General Motors Corp.

13,100

$ 424,440

Renault SA

2,500

366,239

790,679

Diversified Consumer Services - 0.2%

H&R Block, Inc.

13,300

265,335

Hotels, Restaurants & Leisure - 0.3%

McDonald's Corp.

8,800

421,256

Household Durables - 2.1%

Bassett Furniture Industries, Inc.

7,339

95,921

Beazer Homes USA, Inc.

11,000

153,890

D.R. Horton, Inc.

18,500

301,920

KB Home (d)

32,000

1,017,920

M.D.C. Holdings, Inc. (d)

9,500

437,000

Standard Pacific Corp. (d)

23,500

348,035

Whirlpool Corp.

2,900

296,119

2,650,805

Leisure Equipment & Products - 0.4%

Brunswick Corp.

8,700

243,252

Eastman Kodak Co.

12,700

320,675

563,927

Media - 2.0%

Comcast Corp. Class A (special) (non-vtg.)

12,400

324,508

Getty Images, Inc. (a)

6,100

274,073

Live Nation, Inc. (a)

2,100

41,706

News Corp. Class A

22,500

475,200

Regal Entertainment Group Class A

15,600

333,684

Time Warner, Inc.

60,200

1,159,452

2,608,623

Multiline Retail - 0.6%

Retail Ventures, Inc. (a)

11,800

153,636

Sears Holdings Corp. (a)

4,300

588,197

Tuesday Morning Corp.

5,600

65,296

807,129

Specialty Retail - 1.3%

Christopher & Banks Corp.

11,600

173,072

Home Depot, Inc.

9,150

340,106

PETsMART, Inc.

7,700

248,941

Staples, Inc.

12,100

278,542

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

TJX Companies, Inc.

11,700

$ 324,675

Williams-Sonoma, Inc.

10,500

323,295

1,688,631

Textiles, Apparel & Luxury Goods - 0.3%

Liz Claiborne, Inc.

9,700

340,858

TOTAL CONSUMER DISCRETIONARY

10,137,243

CONSUMER STAPLES - 7.3%

Food & Staples Retailing - 0.9%

Rite Aid Corp. (a)

58,200

320,682

Wal-Mart Stores, Inc.

10,000

459,500

Winn-Dixie Stores, Inc. (a)

12,400

331,204

1,111,386

Food Products - 2.2%

Cermaq ASA

16,200

301,554

Chiquita Brands International, Inc. (d)

16,300

286,228

Marine Harvest ASA (a)(d)

387,000

489,327

Nestle SA (Reg.)

3,202

1,235,975

Ralcorp Holdings, Inc. (a)

4,200

218,232

Tyson Foods, Inc. Class A

14,000

298,200

2,829,516

Household Products - 2.3%

Central Garden & Pet Co. Class A (non-vtg.) (a)

21,500

263,160

Procter & Gamble Co.

44,100

2,728,026

2,991,186

Tobacco - 1.9%

Altria Group, Inc.

16,600

1,103,402

British American Tobacco PLC sponsored ADR

21,700

1,412,453

2,515,855

TOTAL CONSUMER STAPLES

9,447,943

ENERGY - 15.9%

Energy Equipment & Services - 3.3%

Hanover Compressor Co. (a)

10,100

240,683

National Oilwell Varco, Inc. (a)

14,182

1,703,400

Common Stocks - continued

Shares

Value

ENERGY - continued

Energy Equipment & Services - continued

Smith International, Inc.

25,300

$ 1,553,673

Transocean, Inc. (a)

6,900

741,405

4,239,161

Oil, Gas & Consumable Fuels - 12.6%

Chesapeake Energy Corp.

11,000

374,440

ConocoPhillips

67,700

5,472,868

CONSOL Energy, Inc.

13,700

570,605

EnCana Corp.

6,300

385,666

EOG Resources, Inc.

16,700

1,170,670

EXCO Resources, Inc. (a)

15,600

272,376

Exxon Mobil Corp.

38,570

3,283,464

Occidental Petroleum Corp.

24,800

1,406,656

Quicksilver Resources, Inc. (a)

10,050

423,306

Suncor Energy, Inc.

5,700

515,389

Ultra Petroleum Corp. (a)

18,100

1,000,749

Uranium One, Inc. (a)

14,700

170,469

Valero Energy Corp.

20,700

1,387,107

16,433,765

TOTAL ENERGY

20,672,926

FINANCIALS - 31.3%

Capital Markets - 4.5%

Ares Capital Corp.

15,100

235,409

Bear Stearns Companies, Inc.

4,400

533,368

Charles Schwab Corp.

11,600

233,508

Julius Baer Holding AG (Bearer)

5,046

357,399

KKR Private Equity Investors, LP

20,683

421,933

KKR Private Equity Investors, LP Restricted Depositary Units (e)

1,300

26,520

Lehman Brothers Holdings, Inc.

7,900

489,800

Merrill Lynch & Co., Inc.

10,600

786,520

Morgan Stanley

15,950

1,018,727

Nomura Holdings, Inc.

10,000

189,700

State Street Corp.

17,846

1,196,217

T. Rowe Price Group, Inc.

6,600

344,058

5,833,159

Commercial Banks - 2.6%

Associated Banc-Corp.

8,705

250,182

Commerce Bancorp, Inc.

13,100

438,195

HSBC Holdings PLC sponsored ADR

5,900

549,644

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - continued

Mizuho Financial Group, Inc.

32

$ 225,380

Siam City Bank PCL NVDR

427,100

247,704

Unicredito Italiano SpA

38,000

326,179

Wachovia Corp.

27,954

1,319,708

3,356,992

Consumer Finance - 0.2%

Discover Financial Services (a)

9,875

227,619

Diversified Financial Services - 11.4%

Bank of America Corp.

124,192

5,889,185

Citigroup, Inc.

117,700

5,481,289

JPMorgan Chase & Co.

77,940

3,430,139

14,800,613

Insurance - 8.1%

ACE Ltd.

20,300

1,171,716

AFLAC, Inc.

6,900

359,628

American International Group, Inc.

71,090

4,562,556

Argonaut Group, Inc.

11,400

313,842

Assurant, Inc.

6,800

344,896

Everest Re Group Ltd.

4,100

402,825

Hartford Financial Services Group, Inc.

9,750

895,733

IPC Holdings Ltd.

25,300

627,693

Max Capital Group Ltd.

16,500

430,815

Montpelier Re Holdings Ltd.

22,300

353,455

Platinum Underwriters Holdings Ltd.

17,900

594,280

Principal Financial Group, Inc.

7,300

411,647

10,469,086

Real Estate Investment Trusts - 1.2%

Alexandria Real Estate Equities, Inc.

3,900

335,907

Annaly Capital Management, Inc.

21,800

315,010

Developers Diversified Realty Corp.

4,400

211,200

Duke Realty LP

5,500

179,795

General Growth Properties, Inc.

5,150

247,097

Home Properties, Inc.

4,900

226,870

1,515,879

Real Estate Management & Development - 0.1%

CB Richard Ellis Group, Inc. Class A (a)

5,600

195,552

Thrifts & Mortgage Finance - 3.2%

BankUnited Financial Corp. Class A

16,800

282,912

Countrywide Financial Corp.

23,900

673,263

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Thrifts & Mortgage Finance - continued

Fannie Mae

25,160

$ 1,505,574

FirstFed Financial Corp., Delaware (a)

4,500

203,400

Hudson City Bancorp, Inc.

24,200

295,724

New York Community Bancorp, Inc. (d)

20,000

324,600

People's United Financial, Inc.

17,700

285,324

Radian Group, Inc.

9,491

319,942

Washington Federal, Inc.

14,764

332,633

4,223,372

TOTAL FINANCIALS

40,622,272

HEALTH CARE - 6.0%

Biotechnology - 1.4%

Amgen, Inc. (a)

25,100

1,348,874

Biogen Idec, Inc. (a)

4,700

265,738

Cephalon, Inc. (a)

3,500

262,990

1,877,602

Health Care Equipment & Supplies - 0.9%

Becton, Dickinson & Co.

5,900

450,524

C.R. Bard, Inc.

4,300

337,421

Covidien Ltd. (a)

10,575

433,046

1,220,991

Health Care Providers & Services - 0.3%

Brookdale Senior Living, Inc.

9,200

368,092

Life Sciences Tools & Services - 0.2%

Thermo Fisher Scientific, Inc. (a)

5,550

289,766

Pharmaceuticals - 3.2%

Endo Pharmaceuticals Holdings, Inc. (a)

9,200

312,892

Johnson & Johnson

19,300

1,167,650

Merck & Co., Inc.

40,900

2,030,685

MGI Pharma, Inc. (a)

13,600

340,408

Wyeth

5,350

259,582

4,111,217

TOTAL HEALTH CARE

7,867,668

INDUSTRIALS - 10.3%

Aerospace & Defense - 3.2%

General Dynamics Corp.

15,900

1,249,104

Honeywell International, Inc.

19,140

1,100,741

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Aerospace & Defense - continued

Raytheon Co.

7,700

$ 426,272

United Technologies Corp.

19,500

1,422,915

4,199,032

Air Freight & Logistics - 0.4%

United Parcel Service, Inc. Class B

7,000

530,040

Airlines - 0.3%

Delta Air Lines, Inc. (a)

10,400

185,328

US Airways Group, Inc. (a)

4,500

139,545

324,873

Building Products - 0.2%

Masco Corp.

8,150

221,762

Commercial Services & Supplies - 0.8%

Allied Waste Industries, Inc. (a)

34,500

444,015

Robert Half International, Inc.

8,200

278,718

The Brink's Co.

5,950

363,843

1,086,576

Construction & Engineering - 0.4%

Fluor Corp.

4,763

550,174

Electrical Equipment - 0.2%

SolarWorld AG

6,400

311,590

Industrial Conglomerates - 3.9%

General Electric Co.

106,280

4,119,413

Siemens AG sponsored ADR

4,600

582,498

Tyco International Ltd.

7,975

377,138

5,079,049

Machinery - 0.6%

Bucyrus International, Inc. Class A

5,600

355,936

Oshkosh Truck Co.

6,500

372,125

728,061

Road & Rail - 0.3%

Ryder System, Inc.

6,200

337,094

TOTAL INDUSTRIALS

13,368,251

INFORMATION TECHNOLOGY - 6.7%

Communications Equipment - 0.9%

Alcatel-Lucent SA sponsored ADR

19,600

227,360

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

Comverse Technology, Inc. (a)

11,600

$ 223,532

Motorola, Inc.

45,100

766,249

1,217,141

Computers & Peripherals - 2.8%

Hewlett-Packard Co.

33,950

1,562,719

International Business Machines Corp.

7,900

874,135

NCR Corp. (a)

6,900

360,318

Seagate Technology

13,900

326,789

Sun Microsystems, Inc. (a)

99,500

507,450

3,631,411

Electronic Equipment & Instruments - 1.1%

Agilent Technologies, Inc. (a)

9,600

366,240

Amphenol Corp. Class A

1,600

54,816

Flextronics International Ltd. (a)

26,400

294,888

Motech Industries, Inc.

22,000

274,925

Tyco Electronics Ltd. (a)

10,575

378,797

1,369,666

Internet Software & Services - 0.2%

VeriSign, Inc. (a)

8,800

261,272

IT Services - 0.5%

Infosys Technologies Ltd. sponsored ADR

2,100

104,160

The Western Union Co.

15,100

301,245

Unisys Corp. (a)

35,798

289,606

695,011

Semiconductors & Semiconductor Equipment - 1.2%

Advanced Micro Devices, Inc. (a)

22,300

301,942

Analog Devices, Inc.

6,200

219,790

Applied Materials, Inc.

13,200

290,928

Intel Corp.

21,100

498,382

ON Semiconductor Corp. (a)

4,500

53,190

Volterra Semiconductor Corp. (a)

10,400

119,496

1,483,728

TOTAL INFORMATION TECHNOLOGY

8,658,229

MATERIALS - 2.8%

Chemicals - 0.9%

Agrium, Inc.

11,200

470,910

Chemtura Corp.

18,400

191,912

Common Stocks - continued

Shares

Value

MATERIALS - continued

Chemicals - continued

Dyno Nobel Ltd.

110,200

$ 201,900

Ecolab, Inc.

7,200

303,192

1,167,914

Metals & Mining - 1.9%

Alcoa, Inc.

12,800

488,960

Arcelor Mittal (NY Shares) Class A

6,700

408,834

Carpenter Technology Corp.

2,800

332,332

Freeport-McMoRan Copper & Gold, Inc. Class B

6,800

639,064

Meridian Gold, Inc. (a)

13,300

375,459

Reliance Steel & Aluminum Co.

5,000

262,700

2,507,349

TOTAL MATERIALS

3,675,263

TELECOMMUNICATION SERVICES - 6.9%

Diversified Telecommunication Services - 6.5%

AT&T, Inc.

164,637

6,447,180

Cincinnati Bell, Inc.

58,300

300,828

Verizon Communications, Inc.

39,750

1,694,145

8,442,153

Wireless Telecommunication Services - 0.4%

American Tower Corp. Class A (a)

6,600

274,956

Sprint Nextel Corp.

13,700

281,261

556,217

TOTAL TELECOMMUNICATION SERVICES

8,998,370

UTILITIES - 4.6%

Electric Utilities - 1.8%

E.ON AG sponsored ADR

6,000

313,980

Entergy Corp.

9,200

919,632

PPL Corp.

14,600

688,244

Reliant Energy, Inc. (a)

18,700

480,216

2,402,072

Independent Power Producers & Energy Traders - 1.6%

AES Corp. (a)

19,300

379,245

Constellation Energy Group, Inc.

13,800

1,156,440

NRG Energy, Inc. (a)

12,700

489,585

2,025,270

Common Stocks - continued

Shares

Value

UTILITIES - continued

Multi-Utilities - 1.2%

CMS Energy Corp.

11,600

$ 187,456

Public Service Enterprise Group, Inc.

12,100

1,042,415

Sempra Energy

6,400

337,408

1,567,279

TOTAL UTILITIES

5,994,621

TOTAL COMMON STOCKS

(Cost $123,104,444)

129,442,786

Money Market Funds - 3.0%

Fidelity Cash Central Fund, 5.38% (b)

1,945,662

1,945,662

Fidelity Securities Lending Cash Central Fund, 5.39% (b)(c)

1,953,600

1,953,600

TOTAL MONEY MARKET FUNDS

(Cost $3,899,262)

3,899,262

TOTAL INVESTMENT PORTFOLIO - 102.6%

(Cost $127,003,706)

133,342,048

NET OTHER ASSETS - (2.6)%

(3,433,737)

NET ASSETS - 100%

$ 129,908,311

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $26,520 or 0.0% of net assets.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 51,171

Fidelity Securities Lending Cash Central Fund

1,703

Total

$ 52,874

Income Tax Information

At July 31, 2007, the aggregate cost of investment securities for income tax purposes was $127,116,142. Net unrealized appreciation aggregated $6,225,906, of which $13,052,075 related to appreciated investment securities and $6,826,169 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Advisor Series VIII

By:

/s/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

September 28, 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:

September 28, 2007

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

September 28, 2007