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 811-4008

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

October 31

Date of reporting period:

July 31, 2005

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Aggressive International Fund

July 31, 2005

1.804818.101

IVF-QTLY-0905

Investments July 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.6%

Shares

Value

Australia - 0.5%

Computershare Ltd.

824,624

$ 3,845,575

Bermuda - 0.3%

GOME Electrical Appliances Holdings Ltd.

3,255,000

2,009,880

Brazil - 0.9%

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

563,300

6,787,765

Canada - 3.3%

Canadian Natural Resources Ltd.

301,100

12,542,247

EnCana Corp.

271,580

11,195,036

TOTAL CANADA

23,737,283

Cayman Islands - 0.8%

Foxconn International Holdings Ltd.

6,871,000

5,656,890

China - 1.8%

China Techfaith Wireless Communication Technology Ltd. sponsored ADR

217,000

4,053,560

Global Bio-Chem Technology Group Co. Ltd.

10,298,000

5,166,487

Weichai Power Co. Ltd. (H Shares)

1,523,000

3,673,491

TOTAL CHINA

12,893,538

Denmark - 1.3%

GN Store Nordic AS

870,400

9,690,760

Finland - 1.3%

Nokia Corp. sponsored ADR

584,100

9,316,395

France - 9.2%

Pernod-Ricard

48,800

8,171,377

Renault SA

150,900

13,832,249

Societe Generale Series A

90,299

9,881,250

Technip-Coflexip SA

163,600

8,751,864

Thomson SA

216,700

4,913,402

Total SA Series B

83,993

20,998,250

TOTAL FRANCE

66,548,392

Germany - 2.1%

Allianz AG (Reg.)

122,100

15,543,330

Hong Kong - 1.9%

Li & Fung Ltd.

2,942,000

6,225,674

Techtronic Industries Co. Ltd.

2,980,000

7,398,631

TOTAL HONG KONG

13,624,305

India - 4.9%

Bank of Baroda

698,162

4,228,991

Infrastructure Development Finance Co. Ltd. (a)

122,052

95,529

Satyam Computer Services Ltd.

770,552

9,255,848

State Bank of India

1,041,174

22,048,010

TOTAL INDIA

35,628,378

Ireland - 1.0%

Ryanair Holdings PLC sponsored ADR (a)

152,300

7,129,163

Shares

Value

Italy - 2.3%

ENI Spa

406,700

$ 11,501,476

Unicredito Italiano Spa

916,500

4,856,190

TOTAL ITALY

16,357,666

Japan - 15.0%

Advantest Corp.

99,600

7,971,898

Aiful Corp.

90,500

6,527,236

Canon, Inc.

188,000

9,243,960

Credit Saison Co. Ltd.

163,700

5,459,336

Hoya Corp.

150,000

18,489,040

Mitsui & Co. Ltd.

771,000

7,432,647

Nitto Denko Corp.

182,700

10,041,229

Sega Sammy Holdings, Inc.

160,400

9,914,003

Sumitomo Mitsui Financial Group, Inc.

2,577

16,982,143

Toyota Motor Corp.

237,300

9,000,789

Yahoo! Japan Corp.

3,323

7,151,639

TOTAL JAPAN

108,213,920

Korea (South) - 0.5%

Shinhan Financial Group Co. Ltd.

121,150

3,687,896

Mexico - 0.8%

Grupo Mexico SA de CV Series B

3,325,090

5,686,168

Netherlands - 7.2%

ASML Holding NV (NY Shares) (a)

1,675,900

29,495,839

ING Groep NV (Certificaten Van Aandelen)

362,200

10,952,928

QIAGEN NV (a)

873,040

11,593,971

TOTAL NETHERLANDS

52,042,738

Norway - 1.1%

DnB NOR ASA

739,200

7,745,025

Philippines - 1.4%

Philippine Long Distance Telephone Co.

358,900

10,385,762

Singapore - 0.5%

STATS ChipPAC Ltd. sponsored ADR (a)

488,000

3,342,800

South Africa - 2.2%

Edgars Consolidated Stores Ltd.

1,265,270

6,139,845

JD Group Ltd.

867,973

9,730,994

TOTAL SOUTH AFRICA

15,870,839

Spain - 1.1%

Telefonica SA

489,708

8,235,256

Switzerland - 11.1%

Credit Suisse Group (Reg.)

472,239

19,786,814

Novartis AG (Reg.)

148,050

7,211,516

Roche Holding AG (participation certificate)

100,075

13,607,932

The Swatch Group AG (Reg.)

500,631

14,784,438

UBS AG (Reg.)

301,320

24,696,187

TOTAL SWITZERLAND

80,086,887

Common Stocks - continued

Shares

Value

Taiwan - 7.1%

AU Optronics Corp. sponsored ADR

578,850

$ 9,180,561

Optimax Technology Corp.

5,063,417

10,184,030

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

2,604,797

22,375,206

United Microelectronics Corp.

9,293,000

6,575,373

United Microelectronics Corp. sponsored ADR

770,800

2,967,580

TOTAL TAIWAN

51,282,750

United Kingdom - 9.1%

ARM Holdings PLC

1,623,400

3,395,316

BAE Systems PLC

2,728,000

14,767,357

BP PLC

1,138,700

12,502,926

British Airways PLC (a)

1,171,000

5,716,348

Carnival PLC

190,700

10,231,055

Prudential PLC

954,600

9,001,168

Reuters Group PLC

596,900

4,057,323

Royal Dutch Shell PLC Class A

202,600

6,207,664

TOTAL UNITED KINGDOM

65,879,157

United States of America - 1.9%

NTL, Inc. (a)

110,505

7,362,948

Telewest Global, Inc. (a)

293,600

6,559,024

TOTAL UNITED STATES OF AMERICA

13,921,972

TOTAL COMMON STOCKS

(Cost $578,922,330)

655,150,490

Money Market Funds - 7.8%

Fidelity Cash Central Fund, 3.31% (b)

42,723,246

42,723,246

Fidelity Securities Lending Cash Central Fund, 3.32% (b)(c)

13,393,350

13,393,350

TOTAL MONEY MARKET FUNDS

(Cost $56,116,596)

56,116,596

TOTAL INVESTMENT PORTFOLIO - 98.4%

(Cost $635,038,926)

711,267,086

NET OTHER ASSETS - 1.6%

11,842,640

NET ASSETS - 100%

$ 723,109,726

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 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.

Income Tax Information

At July 31, 2005, the aggregate cost of investment securities for income tax purposes was $636,003,244. Net unrealized appreciation aggregated $75,263,842, of which $88,762,219 related to appreciated investment securities and $13,498,377 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Canada Fund

July 31, 2005

1.804819.101

CAN-QTLY-0905

Investments July 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.4%

Shares

Value

CONSUMER DISCRETIONARY - 11.9%

Hotels, Restaurants & Leisure - 1.2%

Great Canadian Gaming Corp. (a)

900,000

$ 15,017,765

Leisure Equipment & Products - 0.1%

Mega Bloks, Inc. (a)

34,500

719,390

Mega Bloks, Inc. rights (a)(d)

48,100

874,117

1,593,507

Media - 8.5%

Aeroplan Income Fund

162,000

1,672,463

Aeroplan Income Fund (a)(c)

31,800

328,298

Alliance Atlantis Communications, Inc. Class B (non-vtg.) (a)

375,000

9,540,777

Astral Media, Inc. Class A (non-vtg.)

270,000

6,948,748

Chum Ltd. Class B (non-vtg.)

140,400

3,841,549

Corus Entertainment, Inc. Class B (non-vtg.)

220,000

5,599,053

Quebecor, Inc. Class B (sub. vtg.)

395,000

9,994,773

Rogers Communications, Inc. Class B (non-vtg.)

1,230,000

45,458,815

Thomson Corp.

140,000

4,897,456

Yellow Pages Income Fund

1,380,300

17,665,946

105,947,878

Multiline Retail - 0.8%

Canadian Tire Corp. Ltd. Class A (non-vtg.)

210,000

10,009,883

Specialty Retail - 0.7%

RONA, Inc. (a)

465,000

9,247,968

Textiles, Apparel & Luxury Goods - 0.6%

Gildan Activewear, Inc. Class A
(sub. vtg.) (a)

240,300

7,050,402

TOTAL CONSUMER DISCRETIONARY

148,867,403

CONSUMER STAPLES - 4.6%

Food & Staples Retailing - 4.6%

Alimentation Couche-Tard, Inc. Class B (sub. vtg.) (a)

970,000

16,795,851

Jean Coutu Group, Inc. Class A
(sub. vtg.)

724,500

10,828,889

Loblaw Companies Ltd.

220,000

12,340,916

Shoppers Drug Mart Corp.

540,000

18,083,064

58,048,720

ENERGY - 21.7%

Energy Equipment & Services - 3.1%

CCS Income Trust

350,000

9,147,711

CHC Helicopter Corp. Class A (sub. vtg.)

450,000

9,519,337

Pason Systems, Inc.

175,000

3,444,685

Precision Drilling Corp. (a)

400,000

16,929,799

39,041,532

Oil, Gas & Consumable Fuels - 18.6%

Cameco Corp.

405,000

19,016,989

Shares

Value

Canadian Natural Resources Ltd.

1,013,300

$ 42,208,764

EnCana Corp.

1,500,532

61,854,735

First Calgary Petroleum Ltd. (a)

465,000

2,977,580

Husky Energy, Inc.

75,000

3,239,270

Imperial Oil Ltd.

295,200

25,183,681

OPTI Canada, Inc. (a)

200,000

4,835,219

Penn West Energy Trust

480,000

12,153,388

Petro-Canada

260,000

18,693,838

PetroKazakhstan, Inc. (c)

7,000

295,871

Quicksilver Resources, Inc. (a)

90,000

3,812,400

Talisman Energy, Inc.

595,000

26,091,845

TransCanada Corp.

445,000

12,208,560

232,572,140

TOTAL ENERGY

271,613,672

FINANCIALS - 29.3%

Capital Markets - 0.3%

Addenda Capital, Inc.

165,000

3,867,767

Commercial Banks - 17.4%

Bank of Montreal, Quebec

465,000

23,205,374

Bank of Nova Scotia

450,500

15,361,927

Canadian Imperial Bank of Commerce

840,000

54,893,127

National Bank of Canada

350,000

16,380,120

Royal Bank of Canada

775,300

49,012,309

Toronto-Dominion Bank

1,300,800

59,390,468

218,243,325

Diversified Financial Services - 3.2%

Brascan Corp. Class A (ltd. vtg.)

445,000

16,591,865

Power Corp. of Canada (sub. vtg.)

685,000

18,434,884

TSX Group, Inc.

160,000

4,897,946

39,924,695

Insurance - 8.4%

Industrial Alliance Life Insurance Co.

500,000

12,010,455

ING Canada, Inc.

945,000

27,438,845

ING Canada, Inc. (c)

31,000

900,110

Manulife Financial Corp.

890,000

44,669,008

Sun Life Financial, Inc.

550,601

19,814,171

104,832,589

TOTAL FINANCIALS

366,868,376

HEALTH CARE - 0.3%

Biotechnology - 0.3%

Angiotech Pharmaceuticals, Inc. (a)

264,500

3,581,827

INDUSTRIALS - 9.2%

Aerospace & Defense - 0.6%

CAE, Inc.

1,279,100

7,313,023

Airlines - 1.7%

ACE Aviation Holdings, Inc. Class A (a)

525,400

16,375,435

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Airlines - continued

Transat A.T., Inc. Class A (a)

145,900

$ 2,713,393

WestJet Airlines Ltd. (a)

207,500

2,220,158

21,308,986

Commercial Services & Supplies - 0.1%

Garda World Security Corp. (a)

150,000

1,362,356

Construction & Engineering - 1.3%

SNC-Lavalin Group, Inc.

282,000

16,203,455

Electrical Equipment - 0.1%

Hydrogenics Corp. (a)

250,000

890,268

Road & Rail - 4.7%

Canadian National Railway Co.

555,050

36,788,751

Canadian Pacific Railway Ltd.

385,000

14,936,497

Mullen Group Income Fund

90,000

1,709,070

TransForce Income Fund

335,000

4,706,171

58,140,489

Trading Companies & Distributors - 0.7%

Finning International, Inc.

290,700

9,017,671

Russel Metals, Inc. (c)

25,000

328,555

9,346,226

TOTAL INDUSTRIALS

114,564,803

INFORMATION TECHNOLOGY - 4.9%

Communications Equipment - 2.3%

Research In Motion Ltd. (a)

410,900

29,056,824

Internet Software & Services - 0.1%

Emergis, Inc.

650,000

1,698,861

IT Services - 0.8%

Affiliated Computer Services, Inc.
Class A (a)

22,000

1,099,340

CGI Group, Inc. Class A (sub. vtg.) (a)

1,500,000

9,004,778

10,104,118

Semiconductors & Semiconductor Equipment - 0.2%

Tundra Semiconductor Corp. Ltd. (a)

161,000

1,952,750

Tundra Semiconductor Corp. Ltd. (a)(c)

4,300

52,154

2,004,904

Software - 1.5%

Cognos, Inc. (a)

275,000

10,713,848

MacDonald Dettwiler & Associates Ltd. (a)

56,300

1,540,450

NAVTEQ Corp.

90,300

3,970,491

Workbrain Corp. (a)

156,100

2,071,814

18,296,603

TOTAL INFORMATION TECHNOLOGY

61,161,310

MATERIALS - 8.1%

Chemicals - 1.7%

Potash Corp. of Saskatchewan

200,000

21,283,130

Shares

Value

Metals & Mining - 6.1%

Aber Diamond Corp.

130,000

$ 4,034,794

Alcan, Inc.

480,000

16,230,653

Eldorado Gold Corp. (a)

1,952,000

5,277,184

Falconbridge Ltd.

350,708

7,232,717

Gabriel Resources Ltd. (a)

1,000,000

1,380,324

Gabriel Resources Ltd. (a)(c)

60,000

82,819

Goldcorp, Inc.

1,190,975

19,357,539

IPSCO, Inc.

30,000

1,615,714

Kinross Gold Corp. (a)

345,000

1,904,847

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

487,500

18,642,341

75,758,932

Paper & Forest Products - 0.3%

Canfor Corp. (a)

185,000

2,160,738

Cascades, Inc.

185,000

1,736,146

3,896,884

TOTAL MATERIALS

100,938,946

TELECOMMUNICATION SERVICES - 4.5%

Diversified Telecommunication Services - 4.5%

BCE, Inc.

885,000

21,431,984

TELUS Corp. (non-vtg.)

1,000,000

34,940,989

56,372,973

UTILITIES - 0.9%

Electric Utilities - 0.9%

Fortis, Inc.

170,000

11,439,784

TOTAL COMMON STOCKS

(Cost $958,323,156)

1,193,457,814

Government Obligations - 2.7%

Principal Amount

Canadian Government Treasury Bills 2.4295%
to 2.4518% 8/11/05 to 9/22/05
(Cost $32,674,244)

CAD

40,800,000

33,238,773

Money Market Funds - 2.6%

Fidelity Cash Central Fund, 3.31% (b)
(Cost $32,696,444)

$ 32,696,444

32,696,444

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $1,023,693,844)

1,259,393,031

NET OTHER ASSETS - (0.7)%

(8,589,322)

NET ASSETS - 100%

$ 1,250,803,709

Currency Abbreviation

CAD

-

Canadian dollar

Legend

(a) Non-income producing

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $1,987,807 or 0.2% of net assets.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $874,117 or 0.1% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

Mega Bloks, Inc. rights

6/29/05

$ 871,129

Income Tax Information

At July 31, 2005, the aggregate cost of investment securities for income tax purposes was $1,026,277,179. Net unrealized appreciation aggregated $233,115,852, of which $249,580,804 related to appreciated investment securities and $16,464,952 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® China Region Fund

July 31, 2005

1.804836.101

HKC-QTLY-0905

Investments July 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.6%

Shares

Value

CONSUMER DISCRETIONARY - 14.5%

Auto Components - 0.8%

Tong Yang Industry Co. Ltd.

2,382,736

$ 3,327,008

Automobiles - 1.7%

Hyundai Motor Co.

78,270

5,438,288

Kia Motors Corp.

79,470

1,219,271

6,657,559

Distributors - 3.2%

Integrated Distribution Services Group Ltd. (IDS)

494,000

384,468

Li & Fung Ltd.

5,974,000

12,641,800

13,026,268

Hotels, Restaurants & Leisure - 3.5%

Cafe de Coral Holdings Ltd.

4,136,000

4,708,706

Hong Kong & Shanghai Hotels Ltd.

2,575,996

3,015,535

Mandarin Oriental International Ltd.

1,235,000

1,216,475

Regal Hotel International Holdings Ltd.

1,930,000

196,138

Shangri-La Asia Ltd.

2,832,000

4,991,047

14,127,901

Household Durables - 0.7%

Basso Industry Corp. Ltd.

429,420

1,003,821

Merry Electronics Co. Ltd.

371,988

948,937

Skyworth Digital Holdings Ltd.

4,622,275

689,750

2,642,508

Leisure Equipment & Products - 0.9%

Asia Optical Co., Inc.

460,790

3,282,062

Li Ning Co. Ltd.

1,192,000

506,020

3,788,082

Media - 0.4%

Hong Kong Economic Time Holdings Ltd.

206,000

45,050

Television Broadcasts Ltd.

232,000

1,395,235

1,440,285

Specialty Retail - 2.8%

Esprit Holdings Ltd.

1,454,000

10,848,513

GOME Electrical Appliances Holdings Ltd.

745,000

460,019

11,308,532

Textiles, Apparel & Luxury Goods - 0.5%

Yue Yuen Industrial Holdings Ltd.

592,000

1,869,610

TOTAL CONSUMER DISCRETIONARY

58,187,753

CONSUMER STAPLES - 2.8%

Beverages - 0.2%

Dynasty Fine Wines Group Ltd.

2,366,000

875,045

Food & Staples Retailing - 2.5%

Convenience Retail Asia Ltd.

962,200

328,011

Dairy Farm International Holdings Ltd.

3,180,600

9,509,994

9,838,005

Shares

Value

Food Products - 0.1%

China Mengniu Dairy Co. Ltd.

520,000

$ 391,324

TOTAL CONSUMER STAPLES

11,104,374

ENERGY - 5.7%

Oil, Gas & Consumable Fuels - 5.7%

China Petroleum & Chemical Corp.
(H Shares)

3,708,000

1,609,643

China Shenhua Energy Co. Ltd.
(H Shares)

1,709,500

1,814,266

CNOOC Ltd.

5,045,500

3,522,264

Formosa Petrochemical Corp.

708,158

1,290,994

PetroChina Co. Ltd. (H Shares)

14,308,000

12,767,028

S-Oil Corp.

14,940

1,141,707

Yanzhou Coal Mining Co. Ltd. (H Shares)

1,191,600

973,379

23,119,281

FINANCIALS - 34.1%

Commercial Banks - 18.9%

BOC Hong Kong Holdings Ltd.

2,710,000

5,473,269

Chinatrust Financial Holding Co. Ltd.

6,201,332

6,567,146

Hang Seng Bank Ltd.

441,300

6,102,674

HSBC Holdings PLC (Hong Kong) (Reg.)

2,364,852

38,305,873

Mega Financial Holding Co. Ltd.

1,479,000

995,436

Standard Chartered PLC:

(Hong Kong)

395,370

7,893,566

(United Kingdom)

201,111

3,923,435

Taishin Financial Holdings Co. Ltd.

2,191,087

1,567,518

Wing Hang Bank Ltd.

271,500

1,940,134

Wing Lung Bank Ltd.

378,000

3,068,308

75,837,359

Diversified Financial Services - 3.5%

First Pacific Co. Ltd. (a)

14,488,000

5,218,483

Guoco Group Ltd.

86,366

899,924

Jardine Matheson Holdings Ltd.

439,600

8,044,680

14,163,087

Insurance - 1.7%

AXA Asia Pacific Holdings Ltd.

451,550

1,528,051

Cathay Financial Holding Co. Ltd.

595,000

1,189,253

China Life Insurance Co. Ltd. (H Shares) (a)

5,732,000

4,239,863

6,957,167

Real Estate - 10.0%

Cheung Kong Holdings Ltd.

1,787,000

19,275,490

Fortune (REIT)

1,179,000

1,008,587

Henderson Land Development Co. Ltd.

355,000

1,794,728

Hong Kong Land Holdings Ltd.

593,000

1,933,180

Hysan Development Co. Ltd.

1,362,000

3,206,314

Shun Tak Holdings Ltd.

1,397,000

1,248,990

Sun Hung Kai Properties Ltd.

874,021

9,011,627

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate - continued

Swire Pacific Ltd. (A Shares)

52,000

$ 497,016

Wharf Holdings Ltd.

556,685

2,091,078

40,067,010

TOTAL FINANCIALS

137,024,623

INDUSTRIALS - 7.7%

Electrical Equipment - 0.3%

Cheng Uei Precision Industries Co. Ltd.

409,100

1,234,874

Industrial Conglomerates - 3.9%

Hutchison Whampoa Ltd.

1,624,500

15,871,768

Machinery - 0.9%

Daewoo Shipbuilding & Marine Engineering Co. Ltd.

27,560

522,490

Kinik Co.

491,000

1,448,196

Weichai Power Co. Ltd. (H Shares)

653,000

1,575,042

3,545,728

Transportation Infrastructure - 2.6%

Cosco Pacific Ltd.

2,560,000

5,038,592

Hopewell Holdings Ltd.

1,123,000

2,910,936

Jiangsu Expressway Co. Ltd. (H Shares)

4,364,000

2,315,722

10,265,250

TOTAL INDUSTRIALS

30,917,620

INFORMATION TECHNOLOGY - 20.2%

Communications Equipment - 0.7%

Foxconn International Holdings Ltd.

2,358,000

1,941,340

ZTE Corp. (H Shares)

376,600

1,080,346

3,021,686

Computers & Peripherals - 4.0%

Acer, Inc.

1,820,000

3,466,395

ASUSTeK Computer, Inc.

2,577,410

7,165,313

High Tech Computer Corp.

378,200

5,476,602

16,108,310

Electronic Equipment & Instruments - 5.9%

AU Optronics Corp.

3,154,733

4,924,630

Hon Hai Precision Industries Co. Ltd.

2,039,655

11,455,860

Kingboard Chemical Holdings Ltd.

2,522,800

7,204,662

23,585,152

Semiconductors & Semiconductor Equipment - 9.6%

Advanced Semiconductor Engineering, Inc.

4,253,000

3,336,210

Siliconware Precision Industries Co. Ltd.

3,840,218

3,952,280

Solomon Systech Ltd.

14,048,000

4,472,677

Sunplus Technology Co. Ltd.

500

671

Shares

Value

Taiwan Semiconductor Manufacturing Co. Ltd.

10,074,714

$ 16,817,533

Topco Scientific Co. Ltd.

207,000

640,420

United Microelectronics Corp.

13,034,000

9,222,363

38,442,154

TOTAL INFORMATION TECHNOLOGY

81,157,302

MATERIALS - 1.4%

Chemicals - 0.9%

Formosa Chemicals & Fibre Corp.

2,249,500

3,536,239

Metals & Mining - 0.5%

China Steel Corp.

2,404,442

2,014,390

TOTAL MATERIALS

5,550,629

TELECOMMUNICATION SERVICES - 3.1%

Diversified Telecommunication Services - 1.3%

China Telecom Corp. Ltd. (H Shares)

7,576,000

2,912,972

PCCW Ltd.

3,537,400

2,389,028

5,302,000

Wireless Telecommunication Services - 1.8%

China Mobile (Hong Kong) Ltd.

290,000

1,169,860

Far EasTone Telecommunications Co. Ltd.

4,863,685

5,982,317

7,152,177

TOTAL TELECOMMUNICATION SERVICES

12,454,177

UTILITIES - 5.1%

Electric Utilities - 1.4%

Cheung Kong Infrastructure Holdings Ltd.

1,792,000

5,601,729

Gas Utilities - 3.7%

Hong Kong & China Gas Co. Ltd.

7,137,400

14,874,174

TOTAL UTILITIES

20,475,903

TOTAL COMMON STOCKS

(Cost $306,396,529)

379,991,662

Money Market Funds - 4.3%

Shares

Value

Fidelity Cash Central Fund, 3.31% (b)
(Cost $17,231,004)

17,231,004

$ 17,231,004

TOTAL INVESTMENT PORTFOLIO - 98.9%

(Cost $323,627,533)

397,222,666

NET OTHER ASSETS - 1.1%

4,419,865

NET ASSETS - 100%

$ 401,642,531

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 listing of the fund's holdings as of its most recent quarter end is available upon request.

Income Tax Information

At July 31, 2005, the aggregate cost of investment securities for income tax purposes was $324,219,682. Net unrealized appreciation aggregated $73,002,984, of which $77,579,681 related to appreciated investment securities and $4,576,697 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Diversified International Fund

July 31, 2005

1.804871.101

DIF-QTLY-0905

Investments July 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%

Shares

Value

Australia - 2.6%

AMP Ltd.

1,000,000

$ 5,132,799

Australia & New Zealand Banking Group Ltd.

4,500,000

73,108,319

Australian Gas Light Co.

2,118,164

22,962,923

BHP Billiton Ltd. sponsored ADR

2,300,000

68,126,000

Brambles Industries Ltd.

14,100,000

88,704,306

Computershare Ltd.

13,640,808

63,612,926

CSL Ltd.

6,500,000

171,638,376

Macquarie Bank Ltd.

2,000,000

95,388,300

Macquarie Capital Alliance Group (a)

12,499,900

19,872,404

QBE Insurance Group Ltd.

8,271,356

106,012,783

TOTAL AUSTRALIA

714,559,136

Austria - 0.5%

Bank Austria Creditanstalt AG

600,000

63,619,875

OMV AG

1,500,000

69,840,000

TOTAL AUSTRIA

133,459,875

Belgium - 0.4%

KBC Groupe SA

750,000

59,791,406

RHJ International

1,300,000

31,525,000

Umicore SA

350,000

30,979,375

TOTAL BELGIUM

122,295,781

Bermuda - 0.2%

ChipMOS TECHNOLOGIES Bermuda Ltd. (a)

1,000,000

6,960,000

Clear Media Ltd. (a)(d)

27,321,500

24,426,833

GOME Electrical Appliances Holdings Ltd.

27,990,000

17,283,112

Peace Mark Holdings Ltd.

31,040,000

7,946,074

TOTAL BERMUDA

56,616,019

Brazil - 0.2%

Companhia Vale do Rio Doce sponsored ADR

700,000

22,792,000

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

2,350,000

28,317,500

TOTAL BRAZIL

51,109,500

Canada - 6.1%

ACE Aviation Holdings, Inc. Class A (a)

1,000,000

31,167,558

Astral Media, Inc. Class A (non-vtg.)

1,000,000

25,736,105

Brascan Corp. Class A (ltd. vtg.)

1,952,100

72,784,224

Canadian National Railway Co.

900,000

59,652,060

Canadian Natural Resources Ltd.

2,600,000

108,302,364

Canadian Western Bank, Edmonton

400,000

10,150,692

EnCana Corp.

7,100,000

292,675,297

Fording Canadian Coal Trust

400,000

40,766,121

Goldcorp, Inc.

3,000,000

48,760,567

ITF Optical Technologies, Inc. Series A (f)

39,827

0

Jean Coutu Group, Inc. Class A
(sub. vtg.)

4,350,000

65,018,173

Loblaw Companies Ltd.

500,000

28,047,535

Shares

Value

Meridian Gold, Inc. (a)

525,000

$ 9,412,137

Metro, Inc. Class A (sub. vtg.)

700,000

17,717,973

National Bank of Canada

2,020,400

94,555,413

OZ Optics Ltd. unit (a)(f)

102,000

1,504,500

Petro-Canada

1,450,000

104,254,094

Power Corp. of Canada (sub. vtg.)

3,500,000

94,192,837

Precision Drilling Corp. (a)

3,350,000

141,787,071

Research In Motion Ltd. (a)

600,000

42,429,044

Rogers Communications, Inc. Class B (non-vtg.)

1,500,000

55,437,579

Sun Life Financial, Inc.

2,664,205

95,875,258

Talisman Energy, Inc.

3,200,000

140,325,887

TELUS Corp. (non-vtg.)

1,000,000

34,940,989

TimberWest Forest Corp.

4,696,400

61,718,525

TOTAL CANADA

1,677,212,003

Cayman Islands - 0.4%

Apex Silver Mines Ltd. (a)(d)

2,675,000

37,129,000

Focus Media Holding Ltd. ADR

180,500

3,480,040

Hutchison Telecommunications International Ltd. sponsored ADR

3,500,000

59,640,000

TOTAL CAYMAN ISLANDS

100,249,040

China - 0.5%

Beijing Media Corp. Ltd. (H Shares)

2,499,600

5,369,883

BYD Co. Ltd. (H Shares) (d)

10,000,000

20,582,484

Global Bio-Chem Technology Group Co. Ltd.

96,171,600

48,249,105

Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)

2,433,450

22,539

People's Food Holdings Ltd.

38,570,000

21,437,434

Shanghai Zhenhua Port Machinery Co. Ltd. (B Shares)

7,500,000

4,747,500

Sinopec Zhenhai Refining & Chemical Co. Ltd. (H Shares)

34,932,000

37,297,468

Weichai Power Co. Ltd. (H Shares)

4,356,000

10,506,715

Xinao Gas Holdings Ltd.

2,000,000

1,582,278

TOTAL CHINA

149,795,406

Denmark - 1.8%

Coloplast AS Series B

933,000

54,819,911

Danske Bank AS

4,256,750

132,839,659

GN Store Nordic AS

3,000,000

33,401,057

Novo Nordisk AS Series B

1,500,000

77,529,460

Novozymes AS Series B

1,793,280

91,522,133

TDC AS

1,762,177

79,194,139

Vestas Wind Systems AS (a)

1,500,000

27,549,777

TOTAL DENMARK

496,856,136

Finland - 1.1%

Metso Corp.

2,000,000

48,136,250

Neste Oil Oyj

761,300

21,166,138

Nokia Corp. sponsored ADR

14,000,000

223,300,000

TOTAL FINLAND

292,602,388

Common Stocks - continued

Shares

Value

France - 9.6%

AXA SA sponsored ADR

3,300,000

$ 90,090,000

BNP Paribas SA

2,200,000

159,116,375

CNP Assurances

1,045,307

70,342,628

Dassault Aviation SA

36,265

24,492,021

Essilor International SA

1,000,000

72,689,375

Financiere Marc de Lacharriere SA (Fimalac)

1,000,000

55,981,125

Gaz de France

205,105

6,734,520

Hermes International SA

40,000

8,283,800

Ipsos SA (d)

473,328

52,168,437

JC Decaux SA (a)

1,000,000

23,328,500

L'Air Liquide SA

200,000

35,526,250

L'Oreal SA

2,000,000

157,867,500

Lagardere S.C.A. (Reg.)

2,300,000

166,070,063

Neopost SA

1,589,657

147,836,114

Pernod-Ricard

900,000

150,701,625

Renault SA

850,000

77,915,250

Sanofi-Aventis sponsored ADR

9,000,000

389,700,000

Thomson SA

3,000,000

68,021,250

Total SA sponsored ADR

4,000,000

500,000,000

Veolia Environnement

2,400,000

93,149,100

Vinci SA

2,100,000

170,089,500

Vivendi Universal SA sponsored ADR

3,400,000

108,052,000

TOTAL FRANCE

2,628,155,433

Germany - 6.3%

Adidas-Salomon AG

425,000

76,987,688

Allianz AG sponsored ADR

14,000,000

178,220,000

BASF AG

500,000

35,400,000

Bayer AG

4,400,000

156,992,000

Bayerische Hypo-und Vereinsbank AG (a)

2,500,000

65,778,125

Bijou Brigitte Modische Accessoires AG

50,000

10,315,344

Celesio AG

911,290

73,224,316

Continental AG

1,000,000

77,600,000

Deutsche Boerse AG

800,804

70,337,418

Deutsche Post AG

3,000,000

74,423,250

Deutsche Telekom AG sponsored ADR

4,000,000

79,120,000

E.ON AG

250,000

23,100,000

E.ON AG sponsored ADR

5,000,000

154,000,000

GFK AG

1,500,000

59,127,563

Hypo Real Estate Holding AG

1,100,000

44,680,625

K&S AG

923,484

57,945,735

Linde AG

700,000

49,252,963

Merck KGaA

500,000

44,523,000

Metro AG

1,162,357

58,460,164

MTU Aero Engines Holding AG

1,250,000

39,254,688

Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)

100,000

11,643,638

Premiere AG

1,000,000

34,204,625

RWE AG

1,500,000

100,504,125

Shares

Value

SAP AG sponsored ADR

2,900,000

$ 124,178,000

SolarWorld AG

400,000

38,960,050

TOTAL GERMANY

1,738,233,317

Greece - 0.2%

Greek Organization of Football Prognostics SA

1,836,590

59,769,067

Hong Kong - 1.4%

Aeon Credit Service (Asia) Co. Ltd.

6,902,000

4,572,566

China Netcom Group Corp. Hong Kong Ltd. sponsored ADR

350,000

10,769,500

Cosco Pacific Ltd.

20,000,000

39,364,001

Li & Fung Ltd.

5,000,000

10,580,683

Melco International Development Ltd.

40,000,000

45,538,747

NWS Holdings Ltd.

1,000,000

1,550,118

Shun Tak Holdings Ltd.

34,550,000

30,889,485

Techtronic Industries Co. Ltd.

40,000,000

99,310,487

Television Broadcasts Ltd.

6,648,000

39,980,704

Wharf Holdings Ltd.

10,000,000

37,563,034

Yue Yuen Industrial Holdings Ltd.

22,354,447

70,598,137

TOTAL HONG KONG

390,717,462

India - 2.5%

ABB Ltd. India

537,182

18,053,841

Bajaj Auto Ltd.

1,100,000

36,694,521

Bharat Forge Ltd.

1,250,000

8,982,217

Bharti Televentures Ltd. (a)

256,836

1,720,163

HDFC Bank Ltd. sponsored ADR

475,000

24,130,000

Housing Development Finance Corp. Ltd.

4,929,483

105,057,905

Infosys Technologies Ltd.

2,489,416

129,998,061

Larsen & Toubro Ltd.

600,000

17,513,812

Ranbaxy Laboratories Ltd.

1,742,330

18,813,073

Reliance Industries Ltd.

3,973,571

64,337,274

Satyam Computer Services Ltd.

8,500,000

102,101,750

State Bank of India

7,179,405

152,031,835

TOTAL INDIA

679,434,452

Ireland - 2.0%

Allied Irish Banks PLC

6,816,503

147,611,372

C&C Group PLC

4,119,600

20,079,960

CRH PLC

4,289,383

121,440,475

DEPFA BANK PLC

3,144,493

50,708,880

IAWS Group PLC (Ireland)

3,916,027

57,073,156

Independent News & Media PLC (Ireland)

17,804,402

54,833,107

Ryanair Holdings PLC sponsored ADR (a)

2,200,000

102,982,000

TOTAL IRELAND

554,728,950

Italy - 2.0%

Autostrade Spa

1,100,000

27,742,000

Banca Intesa Spa

27,000,000

131,277,375

Banco Popolare di Verona e Novara

980,782

17,527,592

ENI Spa sponsored ADR

1,500,000

212,100,000

Mediaset Spa

5,000,000

60,867,500

Common Stocks - continued

Shares

Value

Italy - continued

Telecom Italia Spa sponsored ADR

1,500,000

$ 48,945,000

Unicredito Italiano Spa

8,000,000

42,389,000

TOTAL ITALY

540,848,467

Japan - 11.6%

Asahi Glass Co. Ltd.

4,679,000

45,190,041

Canon, Inc. sponsored ADR

3,000,000

147,510,000

Chugai Pharmaceutical Co. Ltd.

472,300

7,993,125

Credit Saison Co. Ltd.

1,800,000

60,029,350

Daiwa Securities Group, Inc.

9,455,000

55,496,467

East Japan Railway Co.

18,530

90,965,008

Fanuc Ltd.

677,600

48,208,459

Hirose Electric Co. Ltd.

300,000

31,161,902

Honda Motor Co. Ltd.

2,254,700

116,207,242

Hoya Corp.

1,400,000

172,564,371

Ibiden Co. Ltd.

1,000,000

26,857,576

Keyence Corp.

350,000

83,978,837

Kose Corp.

330,000

11,474,944

Kuraray Co. Ltd.

3,000,000

26,893,149

Kuraya Sanseido, Inc.

2,000,000

25,541,377

Matsushita Electric Industrial Co. Ltd.

3,467,000

56,234,742

Millea Holdings, Inc.

3,469

45,374,522

Mitsubishi Electric Corp.

4,852,000

25,587,942

Mitsubishi Tokyo Financial Group, Inc. (MTFG)

7,000

58,100,002

Mitsui & Co. Ltd.

3,000,000

28,920,807

Mitsui O.S.K. Lines Ltd.

6,085,000

39,017,165

Mizuho Financial Group, Inc.

28,500

128,502,828

Murata Manufacturing Co. Ltd.

1,900,000

91,920,498

Net One Systems Co. Ltd.

1,634

4,185,086

Nikko Cordial Corp.

16,000,000

68,584,644

Nintendo Co. Ltd.

327,000

34,315,444

Nippon Electric Glass Co. Ltd.

3,716,000

55,783,790

Nitto Denko Corp.

3,200,000

175,872,655

Nomura Holdings, Inc.

3,000,000

35,670,001

Nomura Research Institute Ltd.

205,000

19,890,169

OMC Card, Inc.

388,000

5,162,062

ORIX Corp.

1,291,100

190,831,809

Rakuten, Inc.

65,000

49,828,807

Rohm Co. Ltd.

984,500

89,304,997

Seiyu Ltd. (a)

8,922,000

16,107,128

SFCG Co. Ltd.

150,160

33,785,834

Sharp Corp.

3,100,000

46,922,497

Sony Corp.

3,000,000

97,530,003

Sumitomo Electric Industries Ltd.

1,000,000

11,214,372

Sumitomo Forestry Co. Ltd.

1,963,000

18,190,636

Sumitomo Mitsui Financial Group, Inc.

25,000

164,747,215

Sumitomo Rubber Industries Ltd.

1,500,000

15,087,377

T&D Holdings, Inc.

1,192,550

56,528,007

Takefuji Corp.

1,000,000

64,742,765

The Keiyo Bank Ltd.

1,000,000

5,024,679

TIS, Inc.

350,000

10,271,689

Shares

Value

Tokuyama Corp.

2,000,000

$ 16,078,973

Tokyo Electron Ltd.

2,000,000

108,141,762

Toyota Motor Corp. sponsored ADR

3,250,000

246,545,000

UFJ Holdings, Inc. (a)

3,000

15,474,232

USS Co. Ltd.

90,330

6,041,012

Yahoo! Japan Corp.

40,000

86,086,534

Yamato Transport Co. Ltd.

2,000,000

26,590,779

TOTAL JAPAN

3,198,270,312

Korea (South) - 2.5%

AmorePacific Corp.

255,950

70,409,420

Cheil Communications, Inc.

75,000

14,658,465

CJ Home Shopping

100,000

9,039,387

Hana Bank

1,000,000

31,906,592

Hyundai Motor Co.

1,148,596

79,805,741

Kookmin Bank sponsored ADR

2,600,000

136,968,000

Korea Electric Power Corp. sponsored ADR

1,000,000

17,470,000

Korea Exchange Bank (a)

3,961,310

38,711,149

LG Household & Health Care Ltd.

400,000

19,192,817

LG.Philips LCD Co. Ltd. sponsored ADR

1,000,000

23,020,000

Samsung Electronics Co. Ltd.

225,000

124,230,491

Samsung SDI Co. Ltd.

100,000

9,967,756

Shinhan Financial Group Co. Ltd.

3,599,840

109,581,814

TOTAL KOREA (SOUTH)

684,961,632

Luxembourg - 0.1%

Tenaris SA sponsored ADR

400,000

37,548,000

Mexico - 0.8%

America Movil SA de CV Series L sponsored ADR

2,700,000

60,102,000

Cemex SA de CV sponsored ADR

1,000,000

47,160,000

Fomento Economico Mexicano SA de CV sponsored ADR

1,500,000

97,500,000

TOTAL MEXICO

204,762,000

Netherlands - 4.0%

ASML Holding NV (NY Shares) (a)

9,500,000

167,200,000

EADS NV

2,500,000

84,056,563

Fugro NV (Certificaten Van Aandelen) unit

2,123,600

57,522,484

ING Groep NV sponsored ADR

6,500,000

196,560,000

Koninklijke Numico NV (Certificaten Van Aandelen) (a)

3,413,357

144,026,599

Koninklijke Philips Electronics NV
(NY Shares)

2,000,000

54,240,000

OPG Groep NV (A Shares)(Certificaten Van Aandelen) unit

523,600

40,631,360

QIAGEN NV (a)

4,000,000

53,120,000

Reed Elsevier NV sponsored ADR

3,594,100

98,047,048

TomTom Group BV

1,250,000

41,331,094

VNU NV

6,000,000

172,126,500

TOTAL NETHERLANDS

1,108,861,648

Common Stocks - continued

Shares

Value

Netherlands Antilles - 0.2%

Schlumberger Ltd. (NY Shares)

600,000

$ 50,244,000

Norway - 1.0%

DnB NOR ASA

16,300,000

170,784,509

Odfjell ASA:

(A Shares)

749,300

15,355,336

(B Shares)

673,000

12,443,664

Storebrand ASA (A Shares)

7,051,661

70,081,453

Yara International ASA

1,000,000

17,257,186

TOTAL NORWAY

285,922,148

Philippines - 0.1%

Philippine Long Distance Telephone Co. sponsored ADR

500,000

14,535,000

Poland - 0.1%

Polski Koncern Naftowy Orlen SA

1,000,000

16,125,427

Portugal - 0.1%

Brisa Auto-Estradas de Portugal SA

5,000,000

38,496,875

Russia - 0.1%

Novatek JSC GDR (a)(e)

1,190,000

24,633,000

Singapore - 0.1%

Want Want Holdings Ltd.

18,000,000

21,240,000

South Africa - 0.3%

African Bank Investments Ltd. (a)

4,500,000

13,670,176

Edgars Consolidated Stores Ltd.

3,000,000

14,557,790

Massmart Holdings Ltd.

3,000,000

22,452,767

Nedbank Group Ltd.

1,900,000

24,567,221

Steinhoff International Holdings Ltd.

3,000,000

7,575,527

TOTAL SOUTH AFRICA

82,823,481

Spain - 3.6%

Actividades de Construccion y Servicios SA (ACS)

4,500,000

130,131,563

Altadis SA (Spain)

2,976,473

125,808,817

Antena 3 Television SA

2,522,272

49,757,806

Banco Bilbao Vizcaya Argentaria SA sponsored ADR

7,350,000

123,480,000

Banco Popular Espanol SA (Reg.)

5,000,000

59,715,625

Compania de Distribucion Integral Logista SA

647,820

33,862,118

Fomento Construcciones y Contratas SA (FOCSA)

1,000,000

56,369,125

Gestevision Telecinco SA

3,384,696

80,232,103

Grupo Ferrovial SA

1,200,000

86,863,500

Inditex SA

1,697,000

45,349,779

Prosegur Comp Securidad SA (Reg.)

1,277,771

29,901,439

Telefonica SA sponsored ADR

3,336,000

168,301,200

TOTAL SPAIN

989,773,075

Sweden - 2.2%

Assa Abloy AB (B Shares)

2,000,000

27,305,337

Atlas Copco AB (A Shares)

5,000,000

85,007,180

Gambro AB (A Shares)

3,158,000

45,962,352

Shares

Value

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

2,200,000

$ 78,489,963

Securitas AB (B Shares)

681,072

11,535,341

Skandia Foersaekrings AB

11,000,000

62,338,599

Skandinaviska Enskilda Banken AB
(A Shares)

2,022,000

35,939,490

SKF AB (B Shares)

6,454,000

76,268,764

Telefonaktiebolaget LM Ericsson
(B Shares) sponsored ADR

5,000,000

171,800,000

TOTAL SWEDEN

594,647,026

Switzerland - 11.0%

ABB Ltd. (Reg.) (a)

32,000,000

218,060,460

Actelion Ltd. (Reg.) (a)

536,311

57,525,073

Alcon, Inc.

700,000

80,185,000

Compagnie Financiere Richemont unit

3,200,000

112,755,637

Credit Suisse Group sponsored ADR

4,100,000

171,790,000

INFICON Holding AG (a)(d)

137,886

13,430,628

Logitech International SA (Reg.) (a)

1,000,000

38,612,286

Nestle SA (Reg.)

1,200,000

329,232,799

Nobel Biocare Holding AG (Switzerland)

640,000

135,108,076

Novartis AG sponsored ADR

10,400,000

506,584,000

Phonak Holding AG

1,000,000

39,582,444

Roche Holding AG (participation certificate)

4,500,000

611,898,009

Schindler Holding AG (Reg.)

128,116

52,401,825

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

175,000

131,475,804

Swiss Life Holding

217,662

30,695,165

Syngenta AG sponsored ADR

2,100,000

43,680,000

Tecan Group AG (d)

800,000

25,953,665

The Swatch Group AG (Reg.)

3,600,000

106,313,788

UBS AG (NY Shares)

4,000,000

327,840,000

TOTAL SWITZERLAND

3,033,124,659

Taiwan - 0.5%

Cheng Shin Rubber Industry Co. Ltd.

4,000,000

4,461,876

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

3,000,000

25,770,000

United Microelectronics Corp. sponsored ADR

27,700,000

106,645,000

TOTAL TAIWAN

136,876,876

Thailand - 0.0%

Thai Oil PCL (For. Reg.)

3,959,500

5,655,750

Turkey - 0.1%

Petrol Ofisi AS

8,904,571

31,967,537

United Kingdom - 17.9%

AMEC PLC

4,500,000

27,246,419

AstraZeneca PLC sponsored ADR

2,300,000

104,512,000

BAE Systems PLC

33,000,000

178,637,382

BG Group PLC

20,000,000

165,649,087

Big Yellow Group PLC (d)

6,703,627

24,859,935

BP PLC sponsored ADR

7,300,000

480,924,000

Common Stocks - continued

Shares

Value

United Kingdom - continued

British American Tobacco PLC sponsored ADR

4,500,000

$ 179,730,000

Cadbury Schweppes PLC sponsored ADR

4,300,000

166,152,000

Capita Group PLC

20,000,000

127,246,620

Carnival PLC sponsored ADR

1,359,600

72,942,540

Daily Mail & General Trust PLC Class A

3,000,000

34,878,580

Enterprise Inns PLC

6,932,132

99,661,591

Filtrona PLC (a)(d)

11,321,340

45,814,733

GlaxoSmithKline PLC sponsored ADR

1,700,000

80,648,000

Group 4 Securicor PLC (Denmark)

12,816,124

36,037,212

Hilton Group PLC

22,000,000

112,131,690

HSBC Holdings PLC sponsored ADR

3,200,000

259,168,000

Imperial Tobacco Group PLC

1,000,000

25,712,957

Inchcape PLC

977,240

34,745,999

Intertek Group PLC

4,933,747

61,826,419

ITV PLC

35,000,000

73,817,100

Kesa Electricals PLC

7,300,000

32,492,266

Maiden Group PLC

1,585,000

5,460,005

Meggitt PLC

9,160,800

49,911,749

National Grid Transco PLC

11,000,000

101,305,182

Next PLC

2,250,000

62,243,633

Provident Financial PLC

2,500,000

28,340,494

Prudential PLC

5,000,000

47,146,279

Punch Taverns Ltd.

2,894,500

38,077,905

Rank Group PLC

7,445,473

34,284,773

Reckitt Benckiser PLC

6,000,000

180,324,630

Reuters Group PLC sponsored ADR

1,000,000

40,840,000

RHM PLC

500,000

2,548,448

Rio Tinto PLC (Reg.)

1,792,061

59,429,223

Rolls-Royce Group PLC

5,000,000

29,395,024

Royal Bank of Scotland Group PLC

10,000,000

297,728,970

Royal Dutch Shell PLC Class A sponsored ADR (a)

600,000

36,768,000

Serco Group PLC

9,997,000

42,827,429

Signet Group PLC

26,900,800

55,317,016

Smith & Nephew PLC

2,257,872

21,684,603

Smiths Group PLC

4,000,000

67,384,467

Sportingbet PLC (a)

5,000,000

32,558,614

Standard Chartered PLC (United Kingdom)

7,740,949

151,016,665

T&F Informa PLC

5,600,000

38,237,258

Taylor Nelson Sofres PLC

5,062,020

17,837,990

Tesco PLC

43,000,000

245,995,486

Vodafone Group PLC sponsored ADR

18,500,000

477,855,000

William Hill PLC

4,671,790

47,376,919

Wolseley PLC

400,000

8,337,817

WPP Group PLC

9,000,000

94,805,998

Shares

Value

Xstrata PLC

5,000,000

$ 106,331,775

Yell Group PLC

10,000,000

79,309,444

TOTAL UNITED KINGDOM

4,925,515,326

United States of America - 3.8%

AES Corp. (a)

3,400,000

54,570,000

Cisco Systems, Inc. (a)

1,000,000

19,150,000

Corning, Inc. (a)

3,825,000

72,866,250

Covance, Inc. (a)

761,000

37,707,550

Evergreen Solar, Inc. (a)

600,000

4,230,000

Freeport-McMoRan Copper & Gold, Inc. Class B

1,000,000

40,280,000

Halliburton Co.

1,600,000

89,680,000

Harte-Hanks, Inc.

200,000

5,440,000

Mettler-Toledo International, Inc. (a)

800,000

42,000,000

Newmont Mining Corp.

2,500,000

93,875,000

News Corp. Class A

4,500,000

73,710,000

NTL, Inc. (a)

230,133

15,333,762

Pentair, Inc.

1,000,000

40,170,000

Pfizer, Inc.

1,000,000

26,500,000

Phelps Dodge Corp.

600,000

63,870,000

Rockwell Automation, Inc.

1,185,000

61,039,350

Shaw Group, Inc. (a)

1,000,000

19,120,000

Synthes, Inc.

1,289,660

139,931,288

Telewest Global, Inc. (a)

6,100,000

136,274,000

TOTAL UNITED STATES OF AMERICA

1,035,747,200

TOTAL COMMON STOCKS

(Cost $20,802,448,792)

26,908,373,404

Preferred Stocks - 0.6%

Convertible Preferred Stocks - 0.0%

Canada - 0.0%

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

198,000

2

Nonconvertible Preferred Stocks - 0.6%

Germany - 0.4%

Porsche AG (non-vtg.)

130,000

103,088,326

Italy - 0.2%

Banca Intesa Spa (Risp)

11,000,000

50,455,763

TOTAL NONCONVERTIBLE PREFERRED STOCKS

153,544,089

TOTAL PREFERRED STOCKS

(Cost $121,293,284)

153,544,091

Money Market Funds - 2.8%

Fidelity Cash Central Fund, 3.31% (b)

384,578,515

384,578,515

Fidelity Securities Lending Cash Central Fund, 3.32% (b)(c)

382,889,176

382,889,176

TOTAL MONEY MARKET FUNDS

(Cost $767,467,691)

767,467,691

Cash Equivalents - 0.0%

Maturity Amount

Value

Investments in repurchase agreements (Collateralized by U.S. Government Obligations, in a joint trading account at 3.27%, dated 7/29/05 due 8/1/05)
(Cost $3,905,000)

$ 3,906,065

$ 3,905,000

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $21,695,114,767)

27,833,290,186

NET OTHER ASSETS - (1.3)%

(358,296,558)

NET ASSETS - 100%

$ 27,474,993,628

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 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) Affiliated company

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $24,633,000 or 0.1% of net assets.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,504,502 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

ITF Optical Technologies, Inc. Series A

10/11/00

$ 1,999,935

MetroPhotonics, Inc. Series 2

9/29/00

1,980,000

OZ Optics Ltd. unit

8/18/00

1,505,520

Other Information

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period with companies which are or were affiliates are as follows:

Affiliates

Value, beginning of period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Apex Silver Mines Ltd.

$ 35,081,200

$ 14,068,356

$ -

$ -

$ 37,129,000

Big Yellow Group PLC

-

25,082,879

-

182,717

24,859,935

BYD Co. Ltd. (H Shares)

27,497,039

4,678,849

4,874,061

681,319

20,582,484

Clear Media Ltd.

26,325,687

-

-

-

24,426,833

Filtrona PLC

-

47,317,727

-

-

45,814,733

INFICON Holding AG

9,662,513

-

1,011,157

-

13,430,628

Ipsos SA

22,409,769

23,355,721

-

509,086

52,168,437

Tecan Group AG

15,117,843

3,551,943

-

250,958

25,953,665

TOTALS

$ 136,094,051

$ 118,055,475

$ 5,885,218

$ 1,624,080

$ 244,365,715

Income Tax Information

At July 31, 2005, the aggregate cost of investment securities for income tax purposes was $21,789,386,263. Net unrealized appreciation aggregated $6,043,903,923, of which $6,384,539,211 related to appreciated investment securities and $340,635,288 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Emerging Markets Fund

July 31, 2005

1.804872.101

EMF-QTLY-0905

Investments July 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%

Shares

Value

Argentina - 0.5%

Inversiones y Representaciones SA sponsored GDR (a)

287,000

$ 3,521,490

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

180,900

1,845,180

TOTAL ARGENTINA

5,366,670

Austria - 1.1%

Bank Austria Creditanstalt AG

46,918

4,974,862

Raiffeisen International Bank Holding AG

120,400

6,791,222

TOTAL AUSTRIA

11,766,084

Bermuda - 1.2%

Aquarius Platinum Ltd. (Australia)

529,700

2,863,207

Central European Media Enterprises Ltd. Class A (a)

207,700

10,036,064

Sinochem Hong Kong Holding Ltd. (a)

3,265,400

604,890

TOTAL BERMUDA

13,504,161

Brazil - 9.8%

AES Tiete SA (PN)

129,767,300

2,416,300

Banco Bradesco SA:

(PN)

408,900

14,267,343

(PN) sponsored ADR (non-vtg.)

15,800

550,156

Banco Itau Holding Financeira SA (PN)

49,910

9,398,025

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

817,400

22,764,590

Diagnosticos da America SA

269,200

3,386,874

Lojas Renner SA

148,400

2,862,822

Natura Cosmeticos SA

144,500

4,847,977

NET Servicos de Communicacao SA sponsored ADR

493,200

1,247,796

Petroleo Brasileiro SA Petrobras:

(PN)

165,000

7,542,462

(PN) sponsored ADR (non-vtg.)

424,100

19,389,852

sponsored ADR (a)

126,600

6,655,362

Uniao de Bancos Brasileiros SA (Unibanco):

unit

317,600

2,340,211

GDR

101,700

3,741,543

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

288,700

5,157,735

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

313,750

3,780,688

TOTAL BRAZIL

110,349,736

Canada - 0.4%

PetroKazakhstan, Inc. Class A

92,200

3,897,047

Cayman Islands - 0.7%

Foxconn International Holdings Ltd.

3,724,500

3,066,379

Kingboard Chemical Holdings Ltd.

782,500

2,234,679

Lifestyle International Holdings Ltd.

1,475,500

2,609,875

TOTAL CAYMAN ISLANDS

7,910,933

Shares

Value

China - 1.8%

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

5,291,800

$ 2,195,386

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

2,088,206

2,127,533

China Petroleum & Chemical Corp.
(H Shares)

20,863,600

9,056,889

China Shenhua Energy Co. Ltd.
(H Shares)

2,141,000

2,272,210

China Techfaith Wireless Communication Technology Ltd. sponsored ADR

47,200

881,696

Xinao Gas Holdings Ltd.

4,468,000

3,534,810

TOTAL CHINA

20,068,524

Czech Republic - 0.9%

Komercni Banka AS

41,900

5,574,320

Philip Morris CR AS

5,400

4,114,089

TOTAL CZECH REPUBLIC

9,688,409

Egypt - 2.1%

Commercial International Bank Ltd. sponsored GDR

301,200

2,472,852

Lecico Egypt S.A.E. GDR (d)

81,500

1,161,375

Misr International Bank Sae GDR

230,200

1,058,920

Orascom Construction Industries SAE GDR

123,734

7,331,240

Orascom Telecom SAE GDR

242,410

11,785,974

TOTAL EGYPT

23,810,361

Hong Kong - 1.8%

Chaoda Modern Agriculture (Holdings) Ltd.

15,333,500

6,016,154

China Overseas Land & Investment Ltd.

24,085,200

5,576,999

China State Construction International Holdings Ltd. (a)

1,338,066

146,310

Kerry Properties Ltd.

1,548,500

4,003,917

Solomon Systech Ltd.

3,406,000

1,084,420

Television Broadcasts Ltd.

542,900

3,264,971

TOTAL HONG KONG

20,092,771

Hungary - 1.2%

OTP Bank Rt.

360,000

13,542,207

India - 4.3%

Apollo Hospitals Enterprise Ltd. GDR (a)(d)

54,800

477,736

Bank of India

2,361,500

7,749,351

Bharat Forge Ltd.

389,255

2,797,098

Bharti Televentures Ltd. (a)

183,220

1,227,118

Crompton Greaves Ltd.

209,128

2,669,945

Infrastructure Development Finance Co. Ltd. (a)

185,941

145,534

ITC Ltd.

100

3,874

Larsen & Toubro Ltd.

158,041

4,613,167

Oil & Natural Gas Corp. Ltd.

327,283

7,070,790

Common Stocks - continued

Shares

Value

India - continued

Reliance Industries Ltd.

789,544

$ 12,783,743

State Bank of India

432,374

9,155,997

TOTAL INDIA

48,694,353

Indonesia - 1.3%

PT Astra International Tbk

3,655,800

4,921,638

PT Bank Central Asia Tbk

13,515,500

5,031,278

PT Bank Danamon Indonesia Tbk Series A

7,489,000

4,277,255

TOTAL INDONESIA

14,230,171

Israel - 4.6%

Bank Hapoalim BM (Reg.)

2,311,445

7,776,394

ECI Telecom Ltd. (a)

330,700

2,681,977

ECtel Ltd. (a)

122,700

515,340

Israel Chemicals Ltd.

1,826,100

6,640,364

Koor Industries Ltd. sponsored ADR (a)

231,300

2,655,324

M-Systems Flash Disk Pioneers Ltd. (a)

219,000

5,661,150

Nice Systems Ltd. sponsored ADR (a)

98,200

4,131,274

Orckit Communications Ltd. (a)

43,500

1,054,875

RADWARE Ltd. (a)

279,300

4,756,479

Teva Pharmaceutical Industries Ltd. sponsored ADR

504,800

15,850,720

TOTAL ISRAEL

51,723,897

Korea (South) - 21.4%

Asiana Airlines, Inc. (a)

611,423

2,897,882

CJ Home Shopping

76,950

6,955,808

Core Logic, Inc.

68,100

2,329,230

Daegu Bank Co. Ltd.

646,540

6,476,144

Daelim Industrial Co.

196,590

12,103,172

Daewoo Shipbuilding & Marine Engineering Co. Ltd.

471,830

8,945,086

Hanjin Shipping Co. Ltd.

170,390

4,420,851

Hynix Semiconductor, Inc. (a)

58,360

1,363,046

Hyundai Heavy Industries Co. Ltd.

98,660

5,563,065

Hyundai Mipo Dockyard Co. Ltd.

71,400

4,458,577

Hyundai Motor Co.

250,550

17,408,496

Hyundai Securities Co. Ltd. (a)

632,800

6,554,953

Industrial Bank of Korea

597,080

6,564,207

Kia Motors Corp.

327,310

5,021,762

Korean Air Co. Ltd.

172,590

3,322,608

Kyeryong Construction Industrial Co. Ltd.

133,600

3,368,398

LG Chemical Ltd.

98,330

3,651,463

LG Electronics, Inc.

187,000

12,170,630

LG Engineering & Construction Co. Ltd.

199,390

7,589,411

MegaStudy Co. Ltd.

55,167

2,242,694

POSCO

61,380

12,296,400

Pusan Bank

226,010

2,296,985

Pyung Hwa Industrial Co.

215,620

1,325,369

S-Oil Corp.

89,990

6,876,988

Samsung Electronics Co. Ltd.

137,065

75,678,454

Samsung Heavy Industries Ltd.

327,800

3,763,952

Shares

Value

Shinhan Financial Group Co. Ltd.

270,280

$ 8,227,525

SK Corp.

45,520

2,250,868

Woori Finance Holdings Co. Ltd.

323,160

3,994,895

TOTAL KOREA (SOUTH)

240,118,919

Lebanon - 0.3%

Solidere GDR (a)

212,900

3,012,535

Luxembourg - 1.2%

Evraz Group SA GDR (d)

145,100

2,212,775

Orco Property Group

44,500

2,565,620

Tenaris SA sponsored ADR

87,900

8,251,173

TOTAL LUXEMBOURG

13,029,568

Malaysia - 0.1%

Southern Bank BHD (For. Reg.)

1,405,400

1,199,115

Mexico - 7.5%

America Movil SA de CV Series L sponsored ADR

1,520,500

33,846,330

Cemex SA de CV sponsored ADR

354,500

16,718,220

Grupo Aeroportuario del Sureste SA de CV Series B sponsored ADR

77,800

2,673,208

Grupo Mexico SA de CV Series B

3,005,265

5,139,241

Grupo Modelo SA de CV Series C

1,568,500

5,179,484

Grupo Televisa SA de CV (CPO) sponsored ADR

65,100

4,294,647

Sare Holding SA de CV Series B (a)

2,104,700

1,678,437

Urbi, Desarrollos Urbanos, SA de CV (a)

1,055,400

6,582,804

Wal-Mart de Mexico SA de CV Series V

1,864,037

8,356,149

TOTAL MEXICO

84,468,520

Philippines - 0.9%

Ayala Land, Inc.

17,269,800

2,521,812

Philippine Long Distance Telephone Co.

255,750

7,400,832

TOTAL PHILIPPINES

9,922,644

Russia - 4.8%

Lukoil Oil Co. sponsored ADR

527,140

21,823,596

Mobile TeleSystems OJSC sponsored ADR

245,800

8,716,068

Novatek JSC GDR (a)(d)

57,300

1,186,110

OAO Gazprom sponsored ADR

159,558

6,382,320

RBC Information Systems Jsc (a)

289,900

1,449,500

Sberbank RF GDR

27,900

2,105,495

Seventh Continent (a)

141,500

2,122,500

Sibneft sponsored ADR (a)

218,400

3,352,440

Vimpel Communications sponsored ADR (a)

129,200

4,958,696

VSMPO-Avisma Corp. (a)

12,100

1,573,000

TOTAL RUSSIA

53,669,725

South Africa - 10.6%

Absa Group Ltd.

341,018

4,749,186

Aeci Ltd.

289,400

2,115,317

Aflease Gold & Uranium Resources Ltd. (a)

2,240,589

1,663,281

African Bank Investments Ltd. (a)

3,314,926

10,070,138

Common Stocks - continued

Shares

Value

South Africa - continued

DRDGOLD Ltd. sponsored ADR (a)

851,300

$ 797,668

Edgars Consolidated Stores Ltd.

1,914,390

9,289,763

Harmony Gold Mining Co. Ltd.

573,607

4,703,577

Impala Platinum Holdings Ltd.

85,466

7,911,111

JD Group Ltd.

555,900

6,232,290

Lewis Group Ltd.

453,278

2,861,516

MTN Group Ltd.

2,487,900

17,586,892

Naspers Ltd. Class N sponsored ADR

546,200

8,078,298

Sasol Ltd.

579,375

17,296,289

Standard Bank Group Ltd.

1,264,500

13,599,463

Steinhoff International Holdings Ltd.

2,073,300

5,235,447

Telkom SA Ltd.

348,614

6,665,974

TOTAL SOUTH AFRICA

118,856,210

Taiwan - 11.1%

Acer, Inc.

2,581,000

4,915,805

Cathay Financial Holding Co. Ltd.

3,216,000

6,427,964

China Motor Co. Ltd.

2,350,000

2,418,575

Chinatrust Financial Holding Co. Ltd.

5,474,804

5,797,761

Chipbond Technology Corp.

3,836,035

4,465,544

Delta Electronics, Inc.

3,884,614

6,764,860

E.Sun Financial Holdings Co. Ltd.

4,526,000

3,692,375

Evergreen Marine Corp. (Taiwan)

3,792,000

3,129,263

Far EasTone Telecommunications Co. Ltd.

5,242,500

6,448,259

First Financial Holding Co. Ltd. (a)

7,337,000

6,135,270

Formosa Chemicals & Fibre Corp.

1,808,400

2,842,825

High Tech Computer Corp.

694,000

10,049,608

Hon Hai Precision Industries Co. Ltd.

2,582,797

14,506,453

MediaTek, Inc.

216,000

2,280,640

Motech Industries, Inc.

109,000

1,935,802

Novatek Microelectronics Corp.

1,113,855

4,683,294

Taiwan Semiconductor Manufacturing Co. Ltd.

16,376,343

27,336,726

United Microelectronics Corp.

11,313,000

8,004,649

United Microelectronics Corp. sponsored ADR

657,600

2,531,760

XAC Automation Corp.

463,050

486,733

TOTAL TAIWAN

124,854,166

Thailand - 1.4%

Major Cineplex Group PCL (For. Reg.)

1,280,300

368,830

PTT PCL (For. Reg.)

831,400

4,630,532

Siam Cement PCL (For. Reg.)

1,059,700

6,207,341

Siam Commercial Bank PCL (For. Reg.)

3,867,400

4,526,125

TOTAL THAILAND

15,732,828

Turkey - 4.0%

Akbank T. A. S.

1,336,800

7,410,423

Boyner Buyuk Magazacilik AS (a)

691,000

1,532,197

Dogan Yayin Holding AS

2,423,839

6,800,423

Enka Insaat ve Sanayi AS

305,307

3,154,616

Finansbank AS

1,427,130

6,242,819

Shares

Value

Koytas Tekstil Sanayi ve Ticaret AS (a)

26,770

$ 0

Petrol Ofisi AS

787,950

2,828,752

Turk Sise ve Cam Fabrikalari AS

704,700

2,572,402

Turk Traktor ve Ziraat Makinalari AS

285,100

1,429,908

Turkcell Iletisim Hizmet AS sponsored ADR

199,328

2,742,753

Turkiye Is Bankasi AS Series C unit

925,482

5,269,922

Yapi ve Kredi Bankasi AS (a)

1,031,029

4,510,120

TOTAL TURKEY

44,494,335

Ukraine - 0.1%

Stirol sponsored ADR (a)

4,560

497,610

Ukrnafta Open JSC sponsored ADR (a)

4,150

890,642

TOTAL UKRAINE

1,388,252

United States of America - 1.6%

Central European Distribution Corp. (a)

224,596

8,384,169

CTC Media, Inc. (e)

93,240

1,400,073

DSP Group, Inc. (a)

123,200

3,073,840

NII Holdings, Inc. (a)

40,400

3,007,376

Zoran Corp. (a)

112,300

1,617,120

TOTAL UNITED STATES OF AMERICA

17,482,578

TOTAL COMMON STOCKS

(Cost $850,032,944)

1,082,874,719

Nonconvertible Preferred Stocks - 0.4%

Korea (South) - 0.4%

Samsung Electronics Co. Ltd.
(Cost $3,955,937)

12,430

4,688,735

Money Market Funds - 3.7%

Fidelity Cash Central Fund, 3.31% (b)

33,273,764

33,273,764

Fidelity Securities Lending Cash Central Fund, 3.32% (b)(c)

8,208,100

8,208,100

TOTAL MONEY MARKET FUNDS

(Cost $41,481,864)

41,481,864

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $895,470,745)

1,129,045,318

NET OTHER ASSETS - (0.8)%

(8,430,211)

NET ASSETS - 100%

$ 1,120,615,107

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 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 exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $5,037,996 or 0.4% of net assets.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,400,073 or 0.1% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

CTC Media, Inc.

1/26/05

$ 1,400,073

Income Tax Information

At July 31, 2005, the aggregate cost of investment securities for income tax purposes was $896,317,202. Net unrealized appreciation aggregated $232,728,116, of which $248,978,750 related to appreciated investment securities and $16,250,634 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Europe Capital Appreciation Fund

July 31, 2005

1.804821.101

ECA-QTLY-0905

Investments July 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%

Shares

Value

Canada - 1.0%

Eldorado Gold Corp. (a)

893,200

$ 2,414,744

Hydrogenics Corp. (a)

617,900

2,200,387

TOTAL CANADA

4,615,131

Denmark - 0.9%

Novo Nordisk AS Series B

81,900

4,233,109

Finland - 3.2%

Kemira GrowHow Oyj

400,082

3,478,163

Metso Corp.

226,500

5,451,430

Nokia Corp. sponsored ADR

432,500

6,898,375

TOTAL FINLAND

15,827,968

France - 12.9%

AXA SA

153,400

4,187,820

BNP Paribas SA

80,900

5,851,143

France Telecom SA sponsored ADR

121,300

3,748,170

Lagardere S.C.A. (Reg.)

86,600

6,252,899

Michelin SA (Compagnie Generale des Etablissements) Series B

50,200

3,095,112

Pernod-Ricard

40,339

6,754,614

Renault SA

50,900

4,665,749

Sanofi-Aventis sponsored ADR

81,000

3,507,300

Total SA sponsored ADR

200,300

25,037,498

TOTAL FRANCE

63,100,305

Germany - 12.8%

Adidas-Salomon AG

16,600

3,007,049

Allianz AG (Reg.)

83,300

10,604,090

BASF AG

109,860

7,778,088

Bayer AG

255,300

9,109,104

Bilfinger & Berger Bau AG

54,400

2,803,300

DAB Bank AG

230,754

1,927,748

Deutsche Boerse AG

33,910

2,978,434

E.ON AG

102,100

9,434,040

Linde AG

84,600

5,952,572

MAN AG

100,800

4,695,692

SAP AG

26,200

4,487,536

TOTAL GERMANY

62,777,653

Greece - 0.6%

Greek Organization of Football Prognostics SA

93,700

3,049,326

Ireland - 0.6%

C&C Group PLC

626,200

3,052,255

Israel - 0.4%

Emblaze Ltd. (a)

770,300

2,098,453

Italy - 7.3%

Banca Intesa Spa

949,403

4,616,116

Banca Italease Spa

369,900

6,705,131

ENI Spa

551,881

15,607,195

ENI Spa sponsored ADR

7,400

1,046,360

Shares

Value

FASTWEB Spa (a)

128,780

$ 5,574,403

Gemina Spa (a)

995,679

2,160,997

TOTAL ITALY

35,710,202

Luxembourg - 1.2%

Millicom International Cellular SA unit (a)

266,710

5,633,714

Netherlands - 3.7%

Akzo Nobel NV sponsored ADR

45,800

1,883,754

Completel Europe NV (a)

93,655

4,360,577

ING Groep NV (Certificaten Van Aandelen)

186,598

5,642,724

Koninklijke Philips Electronics NV
(NY Shares)

218,577

5,927,808

TOTAL NETHERLANDS

17,814,863

Norway - 6.4%

Ocean RIG ASA (a)

561,400

6,228,118

Petroleum Geo-Services ASA (a)

126,450

3,058,936

Statoil ASA

377,300

8,197,056

TANDBERG ASA

182,700

2,076,120

TANDBERG Television ASA (a)

917,100

11,693,288

TOTAL NORWAY

31,253,518

Poland - 1.5%

Polski Koncern Naftowy Orlen SA

223,801

3,608,887

Powszechna Kasa Oszczednosci Bank SA

469,000

3,900,237

TOTAL POLAND

7,509,124

Russia - 0.8%

Mobile TeleSystems OJSC sponsored ADR

104,800

3,716,208

South Africa - 0.6%

Steinhoff International Holdings Ltd.

1,048,300

2,647,142

Spain - 2.2%

Banco Bilbao Vizcaya Argentaria SA

167,300

2,810,640

Banco Santander Central Hispano SA

206,400

2,540,784

Telefonica SA sponsored ADR

107,536

5,425,191

TOTAL SPAIN

10,776,615

Sweden - 1.9%

Modern Times Group AB (MTG)
(B Shares) (a)

59,200

1,784,223

OMX AB (a)

204,700

2,451,955

Skandia Foersaekrings AB

884,700

5,013,724

TOTAL SWEDEN

9,249,902

Switzerland - 8.2%

Actelion Ltd. (Reg.) (a)

28,837

3,093,076

Baloise Holdings AG (Reg.)

39,552

2,065,932

Credit Suisse Group (Reg.)

131,690

5,517,811

Novartis AG:

(Reg.)

253,058

12,326,455

sponsored ADR

46,400

2,260,144

Phonak Holding AG

116,790

4,622,834

Common Stocks - continued

Shares

Value

Switzerland - continued

Syngenta AG (Switzerland)

69,053

$ 7,208,373

UBS AG (NY Shares)

37,300

3,057,108

TOTAL SWITZERLAND

40,151,733

Turkey - 6.1%

Akenerji Elektrik Uretimi Otoproduktor Grubu AS (a)

1,125,996

5,010,466

Petkim Petrokimya Holding AS (a)

541,865

2,452,063

Petrol Ofisi AS

1,350,575

4,848,584

Turkcell Iletisim Hizmet AS sponsored ADR

395,159

5,437,388

Turkiye Garanti Bankasi AS

1,778,869

4,910,371

Yapi ve Kredi Bankasi AS (a)

1,682,000

7,357,719

TOTAL TURKEY

30,016,591

United Kingdom - 23.7%

Amlin PLC

1,078,469

3,506,607

AstraZeneca PLC sponsored ADR

174,800

7,942,912

Axis Shield PLC (a)

385,175

2,382,914

BAE Systems PLC

851,000

4,606,679

Barratt Developments PLC

148,400

1,879,211

BG Group PLC

754,500

6,249,112

British Land Co. PLC

309,100

4,560,657

BT Group PLC

1,298,200

5,257,710

Chaucer Holdings PLC

3,704,500

3,939,061

Easynet Group PLC (a)

818,400

1,294,541

Expro International Group PLC

167,900

1,435,626

George Wimpey PLC

380,000

2,846,792

GlaxoSmithKline PLC

351,800

8,344,696

GlaxoSmithKline PLC sponsored ADR

88,900

4,217,416

Hilton Group PLC

888,900

4,530,630

ITV PLC

2,563,159

5,405,856

Prudential PLC

578,900

5,458,596

Royal Dutch Shell PLC:

ADR Class B (a)

33,273

2,118,492

Class A

161,600

4,951,424

Standard Chartered PLC (United Kingdom)

503,600

9,824,634

Ted Baker PLC

336,775

2,929,900

Vodafone Group PLC

3,190,800

8,241,836

Vodafone Group PLC sponsored ADR

247,100

6,382,593

William Hill PLC

566,353

5,743,422

Wilson Bowden PLC

103,500

2,091,924

TOTAL UNITED KINGDOM

116,143,241

United States of America - 2.3%

Forest Oil Corp. (a)

152,900

6,843,804

Telewest Global, Inc. (a)

206,361

4,610,105

TOTAL UNITED STATES OF AMERICA

11,453,909

TOTAL COMMON STOCKS

(Cost $429,123,291)

480,830,962

Nonconvertible Preferred Stocks - 1.5%

Shares

Value

Germany - 1.5%

Porsche AG (non-vtg.)
(Cost $5,916,304)

9,132

$ 7,241,558

Money Market Funds - 4.0%

Fidelity Cash Central Fund, 3.31% (b)

978,863

978,863

Fidelity Securities Lending Cash Central Fund, 3.32% (b)(c)

18,899,911

18,899,911

TOTAL MONEY MARKET FUNDS

(Cost $19,878,774)

19,878,774

TOTAL INVESTMENT PORTFOLIO - 103.8%

(Cost $454,918,369)

507,951,294

NET OTHER ASSETS - (3.8)%

(18,653,678)

NET ASSETS - 100%

$ 489,297,616

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 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.

Income Tax Information

At July 31, 2005, the aggregate cost of investment securities for income tax purposes was $455,040,847. Net unrealized appreciation aggregated $52,910,447, of which $62,468,578 related to appreciated investment securities and $9,558,131 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Europe Fund

July 31, 2005

1.804873.101

EUR-QTLY-0905

Investments July 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%

Shares

Value

Belgium - 4.9%

Belgacom SA

1,466,500

$ 51,956,995

KBC Groupe SA

933,900

74,452,259

TOTAL BELGIUM

126,409,254

France - 18.4%

Carrefour SA

1,056,000

49,858,776

Dassault Systemes SA

1,651,506

84,563,507

Financiere Marc de Lacharriere
SA (Fimalac)

783,403

43,855,781

Gaz de France

1,469,000

48,233,881

Renault SA

660,600

60,553,899

Sanofi-Aventis

1,197,748

103,724,976

Total SA Series B

320,800

80,200,000

TOTAL FRANCE

470,990,820

Germany - 15.4%

Aareal Bank AG (a)

1,379,310

48,516,712

Deutsche Boerse AG

979,300

86,015,347

Deutsche Post AG

4,242,600

105,249,361

Premiere AG

2,008,718

68,707,446

SAP AG

491,500

84,184,120

TOTAL GERMANY

392,672,986

Italy - 9.7%

Banca Popolare di Milano

5,491,680

54,194,850

Mediobanca Spa

2,822,098

53,927,471

Pirelli & C. Real Estate Spa

1,045,757

62,879,146

Unicredito Italiano Spa

14,275,500

75,640,521

TOTAL ITALY

246,641,988

Netherlands - 7.8%

Efes Breweries International NV unit

114,800

4,075,400

Euronext NV

2,199,344

86,401,229

Rodamco Europe NV

654,352

55,458,786

VNU NV

1,823,400

52,309,243

TOTAL NETHERLANDS

198,244,658

Poland - 5.6%

Polski Koncern Naftowy Orlen SA

5,319,930

85,786,141

Powszechna Kasa Oszczednosci Bank SA

6,747,418

56,112,002

TOTAL POLAND

141,898,143

Russia - 8.9%

Mobile TeleSystems OJSC:

GDR (Reg. S)

1,382,164

51,140,068

sponsored ADR

1,049,000

37,197,540

Surgutneftegaz JSC sponsored ADR

1,978,557

80,804,268

Transneft warrants (UBS Warrant Programme) 11/1/05 (a)

56,811

58,904,395

TOTAL RUSSIA

228,046,271

Shares

Value

South Africa - 2.7%

MTN Group Ltd.

9,933,148

$ 70,217,133

Spain - 4.0%

Antena 3 Television SA

5,188,720

102,359,825

Switzerland - 10.9%

ABB Ltd. (Reg.) (a)

10,631,448

72,446,826

Compagnie Financiere Richemont unit

2,454,715

86,494,673

Roche Holding AG (participation certificate)

552,440

75,119,320

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

60,377

45,360,655

TOTAL SWITZERLAND

279,421,474

Turkey - 3.3%

Turkiye Garanti Bankasi AS

30,619,478

84,521,675

United Kingdom - 3.2%

AstraZeneca PLC (United Kingdom)

1,823,100

82,841,664

United States of America - 1.9%

Synthes, Inc.

435,675

47,271,811

TOTAL COMMON STOCKS

(Cost $2,046,702,715)

2,471,537,702

Nonconvertible Preferred Stocks - 3.1%

Italy - 3.1%

Banca Intesa Spa (Risp)
(Cost $46,214,859)

17,079,297

78,340,814

Money Market Funds - 1.0%

Fidelity Cash Central Fund, 3.31% (b)

8,081,492

8,081,492

Fidelity Securities Lending Cash Central Fund, 3.32% (b)(c)

19,070,000

19,070,000

TOTAL MONEY MARKET FUNDS

(Cost $27,151,492)

27,151,492

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $2,120,069,066)

2,577,030,008

NET OTHER ASSETS - (0.8)%

(20,783,557)

NET ASSETS - 100%

$ 2,556,246,451

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 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.

Income Tax Information

At July 31, 2005, the aggregate cost of investment securities for income tax purposes was $2,120,451,045. Net unrealized appreciation aggregated $456,578,963, of which $477,403,940 related to appreciated investment securities and $20,824,977 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Global Balanced Fund

July 31, 2005

1.804837.101

GBL-QTLY-0905

Investments July 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 59.7%

Shares

Value

Australia - 0.4%

BHP Billiton Ltd.

19,134

$ 283,375

Downer EDI Ltd.

43,300

189,470

Macquarie Airports unit

131,363

333,152

TOTAL AUSTRALIA

805,997

Austria - 0.1%

Oesterreichische Elektrizitaetswirtschafts AG (Verbund)

300

89,384

OMV AG

2,000

93,120

TOTAL AUSTRIA

182,504

Belgium - 0.1%

Roularta Media Group NV

900

62,474

Umicore SA

1,100

97,364

TOTAL BELGIUM

159,838

Brazil - 0.0%

Uniao de Bancos Brasileiros SA (Unibanco) GDR

1,650

60,704

Canada - 1.8%

Alcan, Inc.

700

23,670

EnCana Corp.

32,600

1,343,833

Newmont Mining Corp. of Canada Ltd. (exchangeable shares)

400

15,028

Novelis, Inc.

140

3,888

Talisman Energy, Inc.

47,010

2,061,475

TOTAL CANADA

3,447,894

China - 0.1%

Beijing Media Corp. Ltd. (H Shares)

64,500

138,565

Denmark - 0.5%

Coloplast AS Series B

1,700

99,886

East Asiatic Co. Ltd.

600

47,200

GN Store Nordic AS

14,900

165,892

Novo Nordisk AS Series B

2,750

142,137

Novozymes AS Series B

2,400

122,487

Sondagsavisen AS (Reg.) (a)

10,900

64,665

TDC AS

3,600

161,788

Vestas Wind Systems AS (a)

7,500

137,749

TOTAL DENMARK

941,804

Egypt - 0.0%

Orascom Telecom SAE GDR

1,800

87,516

Finland - 0.3%

Neste Oil Oyj

3,875

107,735

Nokia Corp. sponsored ADR

24,200

385,990

TOTAL FINLAND

493,725

France - 2.4%

Accor SA

3,500

178,238

BNP Paribas SA

2,700

195,279

Boursorama (a)

12,300

93,211

Carrefour SA

4,600

217,188

Shares

Value

CNP Assurances

1,900

$ 127,858

Credit Agricole SA

4,700

128,849

Financiere Marc de Lacharriere SA (Fimalac)

2,100

117,560

France Telecom SA

2,100

64,890

Gaz de France

1,500

49,252

Ipsos SA

500

55,108

L'Oreal SA

2,100

165,761

Lafarge SA (Bearer)

1,600

151,514

Lagardere S.C.A. (Reg.)

2,000

144,409

Laurent-Perrier Group

1,000

52,380

Louis Vuitton Moet Hennessy (LVMH)

1,100

91,429

Nexity

1,800

75,951

Orpea (a)

4,034

206,263

Pernod-Ricard

1,065

178,330

Safran SA

4,700

104,401

Sanofi-Aventis

6,000

519,600

Silicon On Insulator TEChnologies SA (SOITEC) (a)

7,800

104,316

Thomson SA

5,000

113,369

Total SA:

Series B

3,051

762,750

sponsored ADR

2,100

262,500

Vallourec SA

200

72,702

Vivendi Universal SA sponsored ADR

8,200

260,596

TOTAL FRANCE

4,493,704

Germany - 2.1%

Adidas-Salomon AG

770

139,484

Allianz AG:

(Reg.)

600

76,380

sponsored ADR

13,600

173,128

BASF AG

3,200

226,560

Bayer AG

4,800

171,264

Bijou Brigitte Modische Accessoires AG

500

103,153

DAB Bank AG

11,500

96,072

DaimlerChrysler AG (Reg.)

5,400

261,468

Deutsche Bank AG (NY Shares)

800

69,200

Deutsche Telekom AG (Reg.)

17,600

348,128

E.ON AG

4,200

388,080

ESCADA AG (a)

15,200

368,600

GFK AG

2,100

82,779

Hugo Boss AG

4,800

161,796

Hypo Real Estate Holding AG

2,600

105,609

Infineon Technologies AG (a)

7,600

74,632

K&S AG

1,200

75,296

Metro AG

2,400

120,707

MPC Muenchmeyer Petersen Capital AG

2,800

202,104

Pfleiderer AG (a)

6,890

147,450

SAP AG sponsored ADR

7,300

312,586

Siemens AG (Reg.)

1,900

146,243

Software AG (Bearer)

1,000

45,166

Common Stocks - continued

Shares

Value

Germany - continued

SolarWorld AG

600

$ 58,440

United Internet AG

2,200

68,688

TOTAL GERMANY

4,023,013

Greece - 0.1%

Greek Organization of Football Prognostics SA

5,450

177,362

Jumbo SA (a)

6,100

62,424

TOTAL GREECE

239,786

Hong Kong - 0.7%

Cheung Kong Holdings Ltd.

31,000

334,382

Esprit Holdings Ltd.

70,000

522,281

Hong Kong & China Gas Co. Ltd.

67,000

139,626

Shun Tak Holdings Ltd.

412,000

368,349

TOTAL HONG KONG

1,364,638

Ireland - 0.5%

Allied Irish Banks PLC

11,800

255,529

C&C Group PLC

35,100

171,086

IAWS Group PLC (Ireland)

9,300

135,541

Irish Life & Permanent PLC

8,100

146,337

Paddy Power PLC (Ireland)

13,236

239,125

TOTAL IRELAND

947,618

Israel - 0.2%

Nice Systems Ltd. sponsored ADR (a)

1,200

50,484

Teva Pharmaceutical Industries Ltd. sponsored ADR

10,700

335,980

TOTAL ISRAEL

386,464

Italy - 1.0%

Amplifon Spa

1,900

124,287

Azimut Holdings Spa

14,600

100,108

Banca Intesa Spa

33,100

160,936

Banca Popolare di Milano

9,900

97,699

Banche Popolari Unite Scarl

7,200

145,704

Bulgari Spa

5,300

62,328

El.En. Group Spa

3,500

125,021

ENI Spa

3,500

98,980

ENI Spa sponsored ADR

2,500

353,500

Geox Spa

7,800

70,695

Luxottica Group Spa sponsored ADR

4,700

107,912

Mediaset Spa

12,200

148,517

Telecom Italia Spa

27,700

90,481

Unicredito Italiano Spa

34,000

180,153

TOTAL ITALY

1,866,321

Japan - 9.3%

Aeon Co. Ltd.

17,100

277,384

Aisin Seiki Co. Ltd.

8,900

208,560

Asahi Glass Co. Ltd.

25,000

241,451

Astellas Pharma, Inc.

12,500

406,866

Canon, Inc.

5,200

255,684

Shares

Value

Create SD Co. Ltd.

2,200

$ 60,065

Daifuku Co. Ltd.

11,000

116,119

Daimei Telecom Engineering Corp.

16,000

169,185

Daiwa House Industry Co. Ltd.

18,000

202,179

Diamond Lease Co. Ltd.

4,500

176,086

East Japan Railway Co.

58

284,726

First Juken Co. Ltd.

3,600

67,713

Fujitsu Ltd.

60,000

335,631

Fuyo General Lease Co. Ltd.

5,200

132,260

Hirose Electric Co. Ltd.

1,100

114,260

Honda Motor Co. Ltd.

8,700

448,398

Itochushokuhin Co. Ltd.

9,300

330,001

Japan Asia Investment Co. Ltd.

11,000

57,424

Japan Retail Fund Investment Corp.

14

119,525

Juroku Bank Ltd.

17,000

96,607

Kamigumi Co. Ltd.

17,000

129,566

Kaneka Corp.

10,000

112,944

KDDI Corp.

55

265,107

KOEI Co. Ltd.

3,900

88,964

Kose Corp.

1,600

55,636

Kuraray Co. Ltd.

35,000

313,753

Kuraya Sanseido, Inc.

7,600

97,057

Mars Engineering Corp.

2,300

63,409

Matsushita Electric Industrial Co. Ltd.

30,000

486,600

Mercian Corp.

49,000

129,859

Millea Holdings, Inc.

6

78,480

Mitsui & Co. Ltd.

37,000

356,690

Mitsui Fudosan Co. Ltd.

26,000

296,198

Mizuho Financial Group, Inc.

259

1,167,798

Nikko Cordial Corp.

56,000

240,046

Nippon Oil Corp.

154,000

1,057,299

Nippon Steel Corp.

202,000

510,187

Nitto Denko Corp.

3,100

170,377

NOK Corp.

8,100

206,021

NTT DoCoMo, Inc.

92

147,752

Obic Co. Ltd.

800

137,525

ORIX Corp.

1,500

221,708

Parco Co. Ltd.

13,000

93,299

Promise Co. Ltd.

2,250

136,867

Renown D'urban Holdings, Inc. (a)

4,700

46,271

Sega Sammy Holdings, Inc.

10,700

661,346

Seiyu Ltd. (a)

133,000

240,109

Shinagawa Refractories Co. Ltd.

24,000

79,185

Sho-Bond Corp. (a)

6,700

55,235

SMC Corp.

1,500

170,350

Softbank Corp.

1,800

73,796

Sony Corp.

5,200

169,052

Stanley Electric Co. Ltd.

16,300

257,449

Sumitomo Corp.

21,000

177,047

Sumitomo Electric Industries Ltd.

21,000

235,502

Sumitomo Forestry Co. Ltd.

38,000

352,137

Sumitomo Mitsui Financial Group, Inc.

72

474,472

Sumitomo Rubber Industries Ltd.

5,000

50,291

T&D Holdings, Inc.

8,350

395,798

Common Stocks - continued

Shares

Value

Japan - continued

Takara Holdings, Inc.

32,000

$ 200,062

Takeda Pharamaceutical Co. Ltd.

6,600

337,498

Takefuji Corp.

7,950

514,705

Teijin Ltd.

23,000

104,931

Tokyo Electric Power Co.

25,700

614,816

Tokyo Tomin Bank Ltd.

5,800

143,137

TonenGeneral Sekiyu KK

3,000

31,909

Toray Industries, Inc.

22,000

102,913

Toyota Motor Corp.

34,500

1,308,585

Trend Micro, Inc.

2,500

89,599

USS Co. Ltd.

2,080

139,104

Yokogawa Electric Corp.

9,000

111,254

TOTAL JAPAN

17,799,819

Korea (South) - 0.2%

Kookmin Bank

3,650

194,396

S-Oil Corp.

2,490

190,284

TOTAL KOREA (SOUTH)

384,680

Luxembourg - 0.1%

SES Global unit

6,600

103,552

Stolt-Nielsen SA

2,100

72,157

Tenaris SA sponsored ADR

600

56,322

TOTAL LUXEMBOURG

232,031

Netherlands - 0.7%

ASML Holding NV (NY Shares) (a)

6,300

110,880

EADS NV

5,400

181,562

ING Groep NV (Certificaten Van Aandelen)

5,400

163,296

Koninklijke Ahold NV sponsored ADR (a)

15,300

134,487

Koninklijke KPN NV

4,000

34,823

Koninklijke Numico NV (Certificaten Van Aandelen) (a)

3,370

142,197

Koninklijke Philips Electronics NV

3,200

86,784

OPG Groep NV (A Shares)(Certificaten Van Aandelen) unit

1,000

77,600

STMicroelectronics NV

1,900

32,775

Trader Classified Media NV (A Shares)

6,600

97,230

Unilever NV (Certificaten Van Aandelen)

2,100

140,808

VNU NV

5,500

157,783

TOTAL NETHERLANDS

1,360,225

Norway - 0.6%

DnB NOR ASA

20,400

213,743

Fred Olsen Energy ASA (a)

2,400

66,933

Norsk Hydro ASA sponsored ADR

1,300

123,162

Ocean RIG ASA (a)

13,900

154,205

Schibsted ASA (B Shares)

2,500

68,374

TANDBERG Television ASA (a)

21,400

272,856

Shares

Value

Telenor ASA

12,300

$ 106,132

Yara International ASA

7,300

125,977

TOTAL NORWAY

1,131,382

Panama - 0.2%

Carnival Corp. unit

7,100

372,040

Poland - 0.1%

Polski Koncern Naftowy Orlen SA

5,100

82,240

Powszechna Kasa Oszczednosci Bank SA

7,300

60,707

TVN SA

3,500

52,683

TOTAL POLAND

195,630

Portugal - 0.1%

Media Capital SGPS SA (a)

19,600

158,275

South Africa - 0.1%

Nedbank Group Ltd.

9,100

117,664

Spain - 0.8%

Antena 3 Television SA

9,200

181,492

Banco Bilbao Vizcaya Argentaria SA

15,800

265,440

Banco Espanol de Credito SA (Reg.)

8,000

109,125

Banco Pastor SA (Reg.)

3,700

156,794

Banco Santander Central Hispano SA

27,800

342,218

Telefonica SA sponsored ADR

8,840

445,978

TOTAL SPAIN

1,501,047

Sweden - 0.3%

Eniro AB

10,200

114,624

Gambro AB (A Shares)

8,900

129,533

Skandia Foersaekrings AB

25,800

146,212

Skandinaviska Enskilda Banken AB
(A Shares)

5,800

103,091

Telefonaktiebolaget LM Ericsson
(B Shares) sponsored ADR

4,700

161,492

TOTAL SWEDEN

654,952

Switzerland - 2.2%

Alcon, Inc.

5,200

595,660

Clariant AG (Reg.)

4,800

66,685

Compagnie Financiere Richemont unit

9,440

332,629

Credit Suisse Group sponsored ADR

7,800

326,820

Nestle SA (Reg.)

1,827

501,257

Nobel Biocare Holding AG (Switzerland)

660

139,330

Novartis AG (Reg.)

13,120

639,075

Phonak Holding AG

5,023

198,823

Roche Holding AG (participation certificate)

4,170

567,026

Sika AG (Bearer)

200

132,252

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

243

182,564

Syngenta AG (Switzerland)

1,100

114,828

UBS AG (NY Shares)

4,700

385,212

TOTAL SWITZERLAND

4,182,161

Common Stocks - continued

Shares

Value

Taiwan - 0.2%

Far EasTone Telecommunications Co. Ltd.

188,000

$ 231,239

United Microelectronics Corp.

250,000

176,890

TOTAL TAIWAN

408,129

Thailand - 0.0%

Advanced Info Service PCL (For. Reg.)

23,100

56,010

United Kingdom - 6.4%

ARM Holdings PLC

6,500

13,595

AstraZeneca PLC:

(United Kingdom)

8,100

368,064

sponsored ADR

1,600

72,704

Autonomy Corp. PLC (a)

11,900

53,437

BAE Systems PLC

41,310

223,622

Barclays PLC

23,500

232,121

BG Group PLC

23,700

196,294

Big Yellow Group PLC

16,400

60,818

Blacks Leisure Group PLC

11,800

89,800

Body Shop International PLC

37,000

149,568

BP PLC sponsored ADR

17,800

1,172,664

Brambles Industries PLC

22,600

124,425

British Land Co. PLC

11,700

172,629

BT Group PLC sponsored ADR

5,000

202,500

Cable & Wireless PLC

12,400

34,706

Cadbury Schweppes PLC

20,800

200,333

Caffe Nero Group PLC (a)

55,700

191,386

Coffeeheaven International PLC (a)

2,051,700

44,173

Corin Group PLC

19,802

134,862

Diageo PLC

19,200

267,216

Dicom Group PLC

2,900

48,319

Eircom Group PLC

33,000

67,421

EMI Group PLC

18,400

78,179

Flomerics Group PLC

35,700

46,745

Gallaher Group PLC

6,200

88,700

GCAP Media PLC

16,082

83,381

GlaxoSmithKline PLC

29,500

699,740

HBOS PLC

8,900

135,227

Hilton Group PLC

26,000

132,519

HSBC Holdings PLC (United Kingdom) (Reg.)

58,679

950,482

Intec Telecom Systems PLC (a)

42,600

47,918

Intertek Group PLC

3,600

45,113

Inventive Leisure PLC

47,700

89,284

ITE Group PLC

29,321

53,079

ITV PLC

47,700

100,602

Lloyds TSB Group PLC

15,400

130,459

Man Group PLC

5,500

157,178

Marconi Corp. PLC sponsored ADR (a)

3,000

29,100

Matalan PLC

22,800

82,248

Mothercare PLC

21,100

125,345

O2 PLC

34,900

85,414

Peacock Group PLC

15,200

70,126

Prudential PLC

20,900

197,071

Shares

Value

Reckitt Benckiser PLC

4,639

$ 139,421

Reed Elsevier PLC

10,700

98,918

Reuters Group PLC

37,200

252,860

Rio Tinto PLC (Reg.)

6,200

205,608

Royal Bank of Scotland Group PLC

12,972

386,214

Royal Dutch Shell PLC:

Class A

3,000

91,920

Class A sponsored ADR (a)

7,800

477,984

Class B

13,131

418,025

Schroders PLC

10,300

153,692

Signet Group PLC

46,800

96,236

SkyePharma PLC (a)

63,100

65,986

Spirent PLC sponsored ADR (a)

11,000

39,710

Sportingbet PLC (a)

15,100

98,327

Standard Chartered PLC (United Kingdom)

10,500

204,842

SVG Capital PLC (a)

5,400

64,347

T&F Informa PLC

9,900

67,598

Taylor Nelson Sofres PLC

13,100

46,163

Ted Baker PLC

13,600

118,318

Tesco PLC

14,000

80,092

Thorntons PLC

20,000

54,484

Unilever PLC

6,750

65,863

Vodafone Group PLC sponsored ADR

38,000

981,540

Whatman PLC

25,000

122,150

Wolseley PLC

7,900

164,672

Yell Group PLC

13,900

110,240

TOTAL UNITED KINGDOM

12,153,777

United States of America - 28.1%

AES Corp. (a)

13,500

216,675

Alexander & Baldwin, Inc.

5,100

272,748

Allegheny Energy, Inc. (a)

9,300

265,050

Allergan, Inc.

6,300

563,031

Altria Group, Inc.

23,300

1,560,168

American Dental Partners, Inc. (a)

19,100

526,396

American Express Co.

9,300

511,500

American International Group, Inc.

15,987

962,417

AMR Corp. (a)

16,200

227,610

Analog Devices, Inc.

8,100

317,520

Apple Computer, Inc. (a)

12,500

533,125

aQuantive, Inc. (a)

15,000

282,900

Aspect Medical Systems, Inc. (a)

8,400

277,200

Avon Products, Inc.

16,700

546,257

Bank of America Corp.

21,600

941,760

BioMarin Pharmaceutical, Inc. (a)

29,600

251,600

Blue Nile, Inc. (a)

8,500

282,710

Buffalo Wild Wings, Inc. (a)

6,900

226,113

Caterpillar, Inc.

8,200

442,062

Cephalon, Inc. (a)

5,600

234,640

Coca-Cola Enterprises, Inc.

18,600

437,100

Colgate-Palmolive Co.

6,900

365,286

ConocoPhillips

4,200

262,878

Corn Products International, Inc.

10,500

252,735

Common Stocks - continued

Shares

Value

United States of America - continued

Covad Communications Group, Inc. (a)

33,300

$ 44,955

Crown Castle International Corp. (a)

19,300

419,968

CVS Corp.

17,800

552,334

Dell, Inc. (a)

13,400

542,298

E*TRADE Financial Corp. (a)

47,800

741,378

eBay, Inc. (a)

27,380

1,143,936

Equity Lifestyle Properties, Inc.

6,800

299,676

Exelon Corp.

12,600

674,352

Exxon Mobil Corp.

28,900

1,697,875

FARO Technologies, Inc. (a)

8,400

198,912

Federated Department Stores, Inc.

12,100

918,027

FedEx Corp.

4,700

395,223

Fluor Corp.

5,000

319,000

GameStop Corp. Class A (a)

14,300

491,205

Genentech, Inc. (a)

6,900

616,377

General Electric Co.

59,400

2,049,300

General Growth Properties, Inc.

10,540

484,629

Golden West Financial Corp., Delaware

5,900

384,208

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

3,300

949,608

Halliburton Co.

17,100

958,455

Harris Corp.

14,600

541,222

Headwaters, Inc. (a)

8,600

367,650

Health Net, Inc. (a)

6,900

267,720

Highwoods Properties, Inc. (SBI)

6,000

189,900

Honeywell International, Inc.

13,800

542,064

Hudson City Bancorp, Inc.

5,000

59,150

Intel Corp.

56,700

1,538,838

Janus Capital Group, Inc.

17,000

255,340

JCPenney Co., Inc.

5,800

325,612

Johnson & Johnson

19,000

1,215,240

JPMorgan Chase & Co.

21,500

755,510

Juniper Networks, Inc. (a)

7,500

179,925

KB Home

12,000

982,920

Lamar Advertising Co. Class A (a)

10,900

479,709

Lehman Brothers Holdings, Inc.

4,200

441,546

MedImmune, Inc. (a)

17,000

482,970

Microsoft Corp.

60,400

1,546,844

Monsanto Co.

8,900

599,593

National Semiconductor Corp.

12,900

318,759

Newmont Mining Corp.

6,500

244,075

optionsXpress Holdings, Inc.

14,400

233,568

PepsiCo, Inc.

15,790

861,029

Praxair, Inc.

8,900

439,571

Prudential Financial, Inc.

6,400

428,160

QUALCOMM, Inc.

13,900

548,911

Quicksilver Resources, Inc. (a)

7,950

336,762

Red Robin Gourmet Burgers, Inc. (a)

4,600

276,184

Robert Half International, Inc.

10,100

342,289

Saks, Inc.

13,800

292,836

Sepracor, Inc. (a)

4,900

256,515

Service Corp. International (SCI)

29,700

257,499

Staples, Inc.

19,800

450,846

Shares

Value

Starbucks Corp. (a)

4,100

$ 215,455

State Street Corp.

6,700

333,258

Symantec Corp. (a)

13,900

305,383

Synthes, Inc.

1,720

186,624

Telewest Global, Inc. (a)

137,962

3,082,071

The Boeing Co.

3,600

237,636

The Coca-Cola Co.

11,200

490,112

THQ, Inc. (a)

5,400

188,892

Toll Brothers, Inc. (a)

13,200

731,544

TradeStation Group, Inc. (a)

68,000

652,120

UnitedHealth Group, Inc.

13,200

690,360

Urban Outfitters, Inc. (a)

7,400

449,254

Valero Energy Corp.

8,200

678,796

Walgreen Co.

18,800

899,768

Walt Disney Co.

11,600

297,424

Watts Water Technologies, Inc. Class A

7,500

273,750

WebMD Corp. (a)

11,800

125,198

Wells Fargo & Co.

14,000

858,760

Whole Foods Market, Inc.

2,200

300,322

Wireless Facilities, Inc. (a)

31,300

201,572

Wm. Wrigley Jr. Co.

8,500

604,690

XM Satellite Radio Holdings, Inc.
Class A (a)

8,300

295,729

Yahoo!, Inc. (a)

30,200

1,006,868

TOTAL UNITED STATES OF AMERICA

53,805,540

TOTAL COMMON STOCKS

(Cost $92,565,367)

114,153,453

Government Obligations - 24.1%

Principal
Amount (d)

France - 1.5%

French Government 3.5% 1/12/08

EUR

2,300,000

2,866,835

Germany - 3.3%

German Federal Republic 4.5% 8/18/06

EUR

5,125,000

6,363,200

Italy - 0.6%

Italian Republic 4.25% 8/1/14

EUR

900,000

1,170,911

Japan - 9.9%

Japan Government:

0.1% 6/20/07

JPY

1,500,000,000

13,342,258

1.9% 3/20/08

JPY

600,000,000

5,577,394

TOTAL JAPAN

18,919,652

Norway - 0.7%

Kingdom of Norway 6.75% 1/15/07

NOK

8,500,000

1,387,493

Spain - 1.1%

Spanish Kingdom 3% 7/30/07

EUR

1,600,000

1,968,130

Government Obligations - continued

Principal
Amount (d)

Value

United Kingdom - 0.6%

United Kingdom, Great Britain & Northern Ireland 7.5% 12/7/06

GBP

650,000

$ 1,191,714

United States of America - 6.4%

U.S. Treasury Bills, yield at date of purchase 3.08% to 3.2% 9/29/05 to 10/13/05 (e)

$ 500,000

497,052

U.S. Treasury Notes:

3.375% 12/15/08

4,000,000

3,910,000

3.5% 5/31/07

7,950,000

7,878,577

TOTAL UNITED STATES OF AMERICA

12,285,629

TOTAL GOVERNMENT OBLIGATIONS

(Cost $46,173,010)

46,153,564

Money Market Funds - 15.8%

Shares

Fidelity Cash Central Fund, 3.31% (b)

30,060,393

30,060,393

Fidelity Securities Lending Cash Central Fund, 3.32% (b)(c)

240,600

240,600

TOTAL MONEY MARKET FUNDS

(Cost $30,300,993)

30,300,993

TOTAL INVESTMENT PORTFOLIO - 99.6%

(Cost $169,039,370)

190,608,010

NET OTHER ASSETS - 0.4%

695,746

NET ASSETS - 100%

$ 191,303,756

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/(Depreciation)

Purchased

Equity Index Contracts

14 DAX 100 Index Contracts (Germany)

Sept. 2005

$ 2,079,225

$ 93,031

19 Nasdaq 100 Index Contracts

Sept. 2005

3,061,850

163,155

TOTAL EQUITY INDEX CONTRACTS

$ 5,141,075

$ 256,186

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

Currency Abbreviations

EUR

-

European Monetary Unit

GBP

-

British pound

JPY

-

Japanese yen

NOK

-

Norwegian krone

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 listing of the fund's holdings as of its most recent quarter end is available upon request.

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

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $497,052.

Income Tax Information

At July 31, 2005, the aggregate cost of investment securities for income tax purposes was $169,168,101. Net unrealized appreciation aggregated $21,439,909, of which $23,789,731 related to appreciated investment securities and $2,349,822 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Discovery Fund

July 31, 2005

1.804822.101

IGI-QTLY-0905

Investments July 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%

Shares

Value
(000s)

Australia - 4.8%

ABC Learning Centres Ltd.

1,714,100

$ 7,007

AMP Ltd.

699,000

3,588

Babcock & Brown Japan Property Trust

6,743,900

6,994

BHP Billiton Ltd.

1,731,800

25,648

Billabong International Ltd.

565,928

6,097

Caltex Australia Ltd.

272,100

3,630

Commonwealth Bank of Australia

241,000

7,126

Computershare Ltd.

1,432,900

6,682

ConnectEast Group

10,640,382

6,404

CSL Ltd.

269,050

7,105

Downer EDI Ltd.

1,633,476

7,148

Macquarie Airports unit

3,858,903

9,787

Macquarie Bank Ltd.

391,000

18,648

Macquarie Capital Alliance Group (a)

3,560,200

5,660

Macquarie Communications Infrastructure Group unit

1,632,940

7,850

Macquarie Infrastructure Group unit

2,029,000

6,129

QBE Insurance Group Ltd.

547,792

7,021

Rinker Group Ltd.

984,100

11,242

Transurban Group unit

918,000

4,976

Westfield Group unit

676,200

9,215

TOTAL AUSTRALIA

167,957

Austria - 0.7%

Erste Bank der Oesterreichischen Sparkassen AG

208,400

10,613

OMV AG

259,000

12,059

TOTAL AUSTRIA

22,672

Brazil - 0.6%

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

302,300

10,526

Banco Itau Holding Financeira SA (PN)

55,107

10,377

TOTAL BRAZIL

20,903

Cayman Islands - 0.3%

Foxconn International Holdings Ltd.

4,277,000

3,521

Kingboard Chemical Holdings Ltd.

2,727,000

7,788

TOTAL CAYMAN ISLANDS

11,309

China - 0.6%

Beijing Media Corp. Ltd. (H Shares)

1,124,000

2,415

China Techfaith Wireless Communication Technology Ltd. sponsored ADR

153,400

2,866

Li Ning Co. Ltd.

7,030,000

2,984

Common Stocks - continued

Shares

Value
(000s)

China - continued

Weichai Power Co. Ltd. (H Shares)

2,798,000

$ 6,749

Xinao Gas Holdings Ltd.

5,392,000

4,266

TOTAL CHINA

19,280

Denmark - 1.0%

GN Store Nordic AS

1,347,000

14,997

Novo Nordisk AS Series B sponsored ADR

236,500

12,267

Vestas Wind Systems AS (a)

472,800

8,684

TOTAL DENMARK

35,948

Finland - 2.4%

Citycon Oyj

576,935

2,232

Fortum Oyj

538,600

9,842

Kemira GrowHow Oyj

656,900

5,711

Neste Oil Oyj

174,750

4,859

Nokia Corp. sponsored ADR

2,500,600

39,885

Nokian Tyres Ltd.

500,300

10,143

Sampo Oyj (A Shares)

695,900

10,648

TOTAL FINLAND

83,320

France - 9.2%

AXA SA

572,300

15,624

BNP Paribas SA

167,327

12,102

Eiffage SA

129,693

11,912

Financiere Marc de Lacharriere SA (Fimalac)

94,958

5,316

France Telecom SA sponsored ADR

329,107

10,169

Gaz de France

25,500

837

Groupe Danone

73,800

7,302

Lagardere S.C.A. (Reg.)

248,900

17,972

Louis Vuitton Moet Hennessy (LVMH)

102,800

8,544

Neopost SA

210,900

19,613

Nexity

381,200

16,085

Orpea (a)

249,764

12,771

Pernod-Ricard

81,900

13,714

Renault SA

190,300

17,444

Sanofi-Aventis sponsored ADR

670,900

29,050

Suez SA (France)

559,900

15,377

Thomson SA

184,500

4,183

Total SA Series B

261,544

65,386

Vinci SA

169,100

13,696

Common Stocks - continued

Shares

Value
(000s)

France - continued

Vivendi Universal SA

75,000

$ 2,383

Vivendi Universal SA sponsored ADR

662,000

21,038

TOTAL FRANCE

320,518

Germany - 9.0%

Adidas-Salomon AG

38,054

6,893

Allianz AG (Reg.)

257,030

32,720

Bayer AG sponsored ADR

459,000

16,377

Bijou Brigitte Modische Accessoires AG

57,984

11,962

Cewe Color Holding AG

81,100

4,602

Continental AG

93,400

7,248

Deutsche Boerse AG

136,000

11,945

Deutsche Telekom AG sponsored ADR

759,400

15,021

Deutz AG (a)

1,121,500

6,051

E.ON AG

310,100

28,653

ElringKlinger AG

29,150

2,194

ESCADA AG (a)

134,277

3,256

Fielmann AG

87,559

6,476

GFK AG

288,897

11,388

Hypo Real Estate Holding AG

347,168

14,102

Infineon Technologies AG sponsored ADR (a)

850,000

8,347

K&S AG

75,900

4,762

Krones AG

38,000

4,124

Linde AG

156,800

11,033

Merck KGaA

180,100

16,037

Metro AG

111,400

5,603

MPC Muenchmeyer Petersen Capital AG

44,338

3,200

MTU Aero Engines Holding AG

79,100

2,484

Pfleiderer AG (a)

938,180

20,078

RWE AG

255,519

17,120

SAP AG

120,100

20,571

Siemens AG sponsored ADR

100,000

7,697

SolarWorld AG

112,700

10,977

TOTAL GERMANY

310,921

Greece - 0.7%

EFG Eurobank Ergasias SA

311,750

10,002

Greek Organization of Football Prognostics SA

494,030

16,077

TOTAL GREECE

26,079

Hong Kong - 2.7%

Chaoda Modern Agriculture (Holdings) Ltd.

12,600,000

4,944

Common Stocks - continued

Shares

Value
(000s)

Hong Kong - continued

China Merchants Holdings International Co. Ltd.

1,642,000

$ 3,337

Cosco Pacific Ltd.

2,556,000

5,031

Esprit Holdings Ltd.

2,846,000

21,234

Hong Kong & Shanghai Hotels Ltd.

2,381,500

2,788

Hutchison Whampoa Ltd.

1,234,000

12,056

Kerry Properties Ltd.

2,577,000

6,663

Li & Fung Ltd.

4,172,000

8,829

Paul Y-ITC Construction Holdings Ltd.

13,154,000

2,047

Shun Tak Holdings Ltd.

5,742,000

5,134

Techtronic Industries Co. Ltd.

6,707,500

16,653

Wharf Holdings Ltd.

1,509,000

5,668

TOTAL HONG KONG

94,384

India - 1.6%

ABB Ltd. India

108,979

3,663

Bajaj Auto Ltd.

106,295

3,546

Bank of Baroda

69,307

420

Bharat Forge Ltd.

471,555

3,388

Cipla Ltd.

511,165

3,965

Crompton Greaves Ltd.

222,464

2,840

Geodesic Information Systems Ltd.

34,156

143

Infosys Technologies Ltd.

296,842

15,501

Infrastructure Development Finance Co. Ltd. (a)

581,885

455

Pfizer Ltd.

218,539

4,080

State Bank of India

721,022

15,268

Yes Bank Ltd.

820,650

1,180

TOTAL INDIA

54,449

Ireland - 1.6%

Allied Irish Banks PLC

776,300

16,811

C&C Group PLC

2,043,700

9,962

Independent News & Media PLC (Ireland)

3,153,642

9,712

Jurys Doyle Hotel Group PLC (Ireland)

341,800

6,755

Paddy Power PLC (Ireland)

623,197

11,259

TOTAL IRELAND

54,499

Italy - 2.2%

Autostrade Spa

345,500

8,714

Banche Popolari Unite Scarl

263,700

5,336

Cassa Di Risparmio Di Firenze

2,248,700

6,099

ENI Spa

288,800

8,167

ENI Spa sponsored ADR

149,700

21,168

Common Stocks - continued

Shares

Value
(000s)

Italy - continued

Lottomatica Spa New

227,400

$ 7,886

Mediobanca Spa

391,500

7,481

Pirelli & C. Real Estate Spa

122,800

7,384

Unicredito Italiano Spa

922,800

4,890

TOTAL ITALY

77,125

Japan - 15.1%

Aiful Corp.

160,850

11,601

Aisin Seiki Co. Ltd.

241,900

5,669

Asahi Breweries Ltd.

839,400

9,466

Asahi Glass Co. Ltd.

1,004,000

9,697

Astellas Pharma, Inc.

249,300

8,115

Canon, Inc.

376,100

18,493

Credit Saison Co. Ltd.

408,800

13,633

Don Quijote Co. Ltd.

45,500

2,594

E*Trade Securities Co. Ltd.

2,590

7,509

FamilyMart Co. Ltd.

281,200

8,203

Fuji Photo Film Co. Ltd.

169,000

5,276

Fullcast Co. Ltd.

1,334

3,369

Hokuto Corp.

144,400

2,864

Honda Motor Co. Ltd.

200,100

10,313

Hoya Corp.

111,400

13,731

JAFCO Co. Ltd.

116,400

6,294

JSR Corp.

396,600

7,848

Kose Corp.

165,200

5,744

Matsushita Electric Industrial Co. Ltd.

1,492,000

24,200

Mitsui & Co. Ltd.

1,155,000

11,135

Mitsui Trust Holdings, Inc.

1,414,000

14,310

Mizuho Financial Group, Inc.

4,023

18,139

Murata Manufacturing Co. Ltd.

101,100

4,891

Nidec Corp.

37,100

4,012

Nippon Chemi-con Corp.

777,000

4,416

Nippon Oil Corp.

1,072,000

7,360

Nishi-Nippon City Bank Ltd.

1,065,000

4,347

Nishimatsuya Chain Co. Ltd.

70,900

1,835

Nitto Denko Corp.

399,900

21,979

OMC Card, Inc.

42,000

559

Omron Corp.

499,000

10,651

ORIX Corp.

162,300

23,989

Rakuten, Inc.

5,472

4,195

Sanken Electric Co. Ltd.

332,000

3,859

Sega Sammy Holdings, Inc.

306,600

18,950

Common Stocks - continued

Shares

Value
(000s)

Japan - continued

SFCG Co. Ltd.

64,890

$ 14,600

Sharp Corp.

1,094,000

16,559

Sompo Japan Insurance, Inc.

729,000

6,931

Sumitomo Electric Industries Ltd.

1,487,000

16,676

Sumitomo Forestry Co. Ltd.

448,000

4,152

Sumitomo Mitsui Financial Group, Inc.

3,604

23,750

Sumitomo Rubber Industries Ltd.

677,000

6,809

T&D Holdings, Inc.

146,200

6,930

Takeda Pharamaceutical Co. Ltd.

90,300

4,618

THK Co. Ltd.

228,200

5,053

TIS, Inc.

92,600

2,718

Tokuyama Corp.

1,435,000

11,537

Tokyo Electron Ltd.

481,000

26,008

Tokyo Tomin Bank Ltd.

284,400

7,019

Toyo Ink Manufacturing Co. Ltd.

829,000

3,332

Toyota Motor Corp.

895,200

33,955

USS Co. Ltd.

82,540

5,520

TOTAL JAPAN

525,413

Korea (South) - 1.5%

Daegu Bank Co. Ltd.

385,260

3,859

LG Household & Health Care Ltd.

76,490

3,670

LG.Philips LCD Co. Ltd. sponsored ADR

232,400

5,350

S-Oil Corp.

90,830

6,941

Samsung Electronics Co. Ltd.

22,413

12,375

Shinhan Financial Group Co. Ltd.

418,100

12,727

Shinsegae Co. Ltd.

15,900

5,648

TOTAL KOREA (SOUTH)

50,570

Luxembourg - 0.7%

SES Global unit

1,048,962

16,458

Stolt-Nielsen SA Class B sponsored ADR

195,300

6,656

TOTAL LUXEMBOURG

23,114

Mexico - 0.1%

Urbi, Desarrollos Urbanos, SA de CV (a)

604,900

3,773

Netherlands - 3.8%

ASM International NV (Nasdaq) (a)

281,500

4,352

ASML Holding NV (NY Shares) (a)

1,388,900

24,445

Axalto Holding NV (a)

180,900

6,251

EADS NV

369,500

12,424

ING Groep NV (Certificaten Van Aandelen)

588,444

17,795

Common Stocks - continued

Shares

Value
(000s)

Netherlands - continued

Koninklijke Numico NV (Certificaten Van Aandelen) (a)

325,300

$ 13,726

Koninklijke Philips Electronics NV (NY Shares)

436,700

11,843

Randstad Holdings NV

198,700

8,102

TomTom Group BV

332,800

11,004

Unilever NV (NY Shares)

187,200

12,526

VNU NV

388,575

11,147

TOTAL NETHERLANDS

133,615

Norway - 1.6%

DnB NOR ASA

1,648,600

17,273

Schibsted ASA (B Shares)

418,100

11,435

TANDBERG ASA

585,300

6,651

TANDBERG Television ASA (a)

950,400

12,118

Yara International ASA

501,600

8,656

TOTAL NORWAY

56,133

Philippines - 0.4%

Philippine Long Distance Telephone Co.

106,000

3,067

Philippine Long Distance Telephone Co. sponsored ADR

338,000

9,826

TOTAL PHILIPPINES

12,893

Poland - 0.3%

Powszechna Kasa Oszczednosci Bank SA

200,700

1,669

TVN SA

503,842

7,584

TOTAL POLAND

9,253

Portugal - 0.7%

Impresa SGPS (a)

2,493,400

16,174

Media Capital SGPS SA (a)

1,046,093

8,447

TOTAL PORTUGAL

24,621

Russia - 0.2%

Mobile TeleSystems OJSC sponsored ADR

146,700

5,202

Novatek JSC GDR (a)(d)

66,900

1,385

TOTAL RUSSIA

6,587

Singapore - 0.5%

HTL International Holdings Ltd.

5,750,000

4,595

Keppel Corp. Ltd.

1,166,000

8,828

STATS ChipPAC Ltd. (a)

4,624,000

3,195

TOTAL SINGAPORE

16,618

Common Stocks - continued

Shares

Value
(000s)

South Africa - 1.1%

FirstRand Ltd.

2,255,900

$ 5,439

JD Group Ltd.

522,600

5,859

MTN Group Ltd.

1,019,800

7,209

Nedbank Group Ltd.

404,000

5,224

Standard Bank Group Ltd.

522,700

5,622

Steinhoff International Holdings Ltd.

3,205,100

8,093

TOTAL SOUTH AFRICA

37,446

Spain - 2.0%

Altadis SA (Spain)

372,200

15,732

Antena 3 Television SA

554,756

10,944

Banco Bilbao Vizcaya Argentaria SA

494,200

8,303

Banco Santander Central Hispano SA

576,700

7,099

Gestevision Telecinco SA

339,915

8,057

Telefonica SA sponsored ADR

416,079

20,991

TOTAL SPAIN

71,126

Sweden - 1.4%

Eniro AB

1,035,700

11,639

Gambro AB (A Shares)

549,550

7,998

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

456,450

16,285

Skandia Foersaekrings AB

836,080

4,738

Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR

215,900

7,418

TOTAL SWEDEN

48,078

Switzerland - 8.9%

ABB Ltd. sponsored ADR (a)

2,803,300

19,090

Actelion Ltd. (Reg.) (a)

61,976

6,648

Bucher Holding AG

90,000

6,322

Compagnie Financiere Richemont unit

605,187

21,324

Credit Suisse Group (Reg.)

552,006

23,129

Logitech International SA (Reg.) (a)

246,526

9,519

Nestle SA (Reg.)

115,376

31,655

Nobel Biocare Holding AG (Switzerland)

80,701

17,036

Novartis AG (Reg.)

1,145,924

55,818

Phonak Holding AG

213,528

8,452

Roche Holding AG (participation certificate)

412,094

56,035

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

10,415

7,825

Syngenta AG (Switzerland)

77,508

8,091

Common Stocks - continued

Shares

Value
(000s)

Switzerland - continued

The Swatch Group AG (Reg.)

311,573

$ 9,201

UBS AG (NY Shares)

335,950

27,534

TOTAL SWITZERLAND

307,679

Taiwan - 1.6%

Acer, Inc.

5,824,000

11,092

Advanced Semiconductor Engineering, Inc.

14,421,000

11,312

Holtek Semiconductor, Inc.

1,725,371

1,960

Hon Hai Precision Industries Co. Ltd.

1,053,498

5,917

Siliconware Precision Industries Co. Ltd.

6,948,746

7,152

Taiwan Semiconductor Manufacturing Co. Ltd.

860,132

1,436

United Microelectronics Corp.

25,240,272

17,859

TOTAL TAIWAN

56,728

Thailand - 0.3%

PTT Exploration & Production PCL (For. Reg.)

924,900

9,414

United Kingdom - 17.2%

3i Group PLC

546,541

6,839

AstraZeneca PLC sponsored ADR

585,000

26,582

BAE Systems PLC

4,125,009

22,330

BG Group PLC

1,368,000

11,330

BG Group PLC sponsored ADR

200,000

8,334

Big Yellow Group PLC

1,078,700

4,000

Body Shop International PLC

694,700

2,808

BP PLC sponsored ADR

1,168,900

77,007

British Land Co. PLC

627,900

9,264

BT Group PLC

3,170,000

12,838

Cadbury Schweppes PLC sponsored ADR

183,000

7,071

Carnival PLC

212,200

11,385

CLS Holdings PLC (a)

623,893

5,014

Enterprise Inns PLC

505,225

7,263

GlaxoSmithKline PLC sponsored ADR

493,000

23,388

HSBC Holdings PLC:

(Hong Kong) (Reg.)

2,335,677

37,833

(United Kingdom) (Reg.)

700,000

11,339

Inchcape PLC

274,800

9,771

Man Group PLC

228,400

6,527

NDS Group PLC sponsored ADR (a)

83,800

3,036

Prudential PLC

1,386,100

13,070

Reckitt Benckiser PLC

221,900

6,669

Reuters Group PLC sponsored ADR

315,700

12,893

RHM PLC

1,045,700

5,330

Common Stocks - continued

Shares

Value
(000s)

United Kingdom - continued

Rio Tinto PLC sponsored ADR

58,400

$ 7,747

Rolls-Royce Group PLC

996,410

5,858

Royal Bank of Scotland Group PLC

760,800

22,651

Royal Dutch Shell PLC:

Class A sponsored ADR (a)

250,000

15,320

Class B

1,861,659

59,266

SIG PLC

536,100

6,195

Smiths Group PLC

573,500

9,661

Sportingbet PLC (a)

1,264,800

8,236

Standard Chartered PLC (United Kingdom)

588,500

11,481

T&F Informa PLC

1,379,400

9,419

Ted Baker PLC

617,700

5,374

Tesco PLC

2,887,000

16,516

Vodafone Group PLC

24,328,312

62,840

Whatman PLC

489,600

2,392

William Hill PLC

1,104,700

11,203

TOTAL UNITED KINGDOM

596,080

United States of America - 0.9%

Macquarie Infrastructure Co. Trust

131,000

3,720

Synthes, Inc.

96,588

10,480

Telewest Global, Inc. (a)

811,103

18,120

TOTAL UNITED STATES OF AMERICA

32,320

TOTAL COMMON STOCKS

(Cost $2,825,290)

3,320,825

Nonconvertible Preferred Stocks - 1.7%

Germany - 0.8%

Fresenius AG

91,800

11,793

Porsche AG (non-vtg.)

20,595

16,332

TOTAL GERMANY

28,125

Italy - 0.9%

Banca Intesa Spa (Risp)

4,374,046

20,063

Telecom Italia Spa (Risp)

4,242,485

11,425

TOTAL ITALY

31,488

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $45,322)

59,613

Government Obligations - 0.1%

Principal Amount (000s)

Value
(000s)

United States of America - 0.1%

U.S. Treasury Bills, yield at date of purchase 2.85% to 2.97% 8/18/05 to 9/8/05 (e)
(Cost $1,545)

$ 1,550

$ 1,545

Money Market Funds - 2.9%

Shares

Fidelity Cash Central Fund, 3.31% (b)

64,974,173

64,974

Fidelity Securities Lending Cash Central Fund, 3.32% (b)(c)

35,133,177

35,133

TOTAL MONEY MARKET FUNDS

(Cost $100,107)

100,107

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $2,972,264)

3,482,090

NET OTHER ASSETS - (0.4)%

(13,396)

NET ASSETS - 100%

$ 3,468,694

Futures Contracts

Expiration Date

Underlying Face Amount at Value (000s)

Unrealized Appreciation/
(Depreciation) (000s)

Purchased

Equity Index Contracts

450 Nikkei 225 Index Contracts (Japan)

Sept. 2005

$ 26,730

$ 1,336

The face value of futures purchased as a percentage of net assets - 0.8%

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 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 exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $1,385,000 or 0.0% of net assets.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $1,545,000.

Income Tax Information

At July 31, 2005, the aggregate cost of investment securities for income tax purposes was $2,972,997,000. Net unrealized appreciation aggregated $509,093,000, of which $550,721,000 related to appreciated investment securities and $41,628,000 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2005

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

1.805999.101

AISC-QTLY-0905

Investments July 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%

Shares

Value (000s)

Australia - 9.9%

ABC Learning Centres Ltd.

2,621,000

$ 10,715

Aristocrat Leisure Ltd.

163,900

1,544

Australian Stock Exchange Ltd.

604,239

11,756

Aztec Resources Ltd. (a)

10,374,447

1,335

Babcock & Brown Japan Property Trust

2,007,900

2,083

Baycorp Advantage Ltd.

432,538

1,261

Billabong International Ltd.

660,900

7,120

BlueScope Steel Ltd.

185,009

1,319

Bradken Ltd.

2,202,829

4,703

Caltex Australia Ltd.

397,800

5,306

Centamin Egypt Ltd. (a)

7,820,178

1,821

Centennial Coal Co. Ltd.

1,296,619

4,888

Coates Hire Ltd.

654,200

2,377

Cochlear Ltd.

216,400

6,623

Computershare Ltd.

1,370,972

6,393

ConnectEast Group

5,178,429

3,117

CSL Ltd.

24,500

647

CSR Ltd.

3,008,000

5,966

DB RREEF Trust unit

1,850,000

1,940

DCA Group Ltd.

3,404,900

10,182

Dominos Pizza Australia New Zealand Ltd.

1,116,060

2,416

Downer EDI Ltd.

1,741,600

7,621

Dwyka Diamonds Ltd. (a)

6,329,853

3,616

Elixir Petroleum Ltd. (a)

3,666,540

1,257

Elkedra Diamonds NL (a)

3,000,000

712

Elkedra Diamonds NL warrants 8/31/07 (a)

3,000,000

171

Fox Resources Ltd. (a)(d)

4,514,836

1,299

Fox Resources Ltd. warrants 6/30/07 (a)

342,636

18

Gunns Ltd.

820,100

2,365

Hardman Resources Ltd.:

(Australia) (a)

2,002,781

3,715

(United Kingdom) (a)

480,653

885

Iluka Resources Ltd.

789,500

4,925

Macquarie Communications Infrastructure Group unit

1,949,300

9,371

Macquarie Infrastructure Group unit

965,700

2,917

Metcash Ltd.

913,700

2,836

Mineral Deposits Ltd. (a)

4,920,000

2,458

Mortgage Choice Ltd.

650,000

630

Novera Energy Ltd. (a)

856,600

956

Paladin Resources Ltd. (a)

2,061,600

2,645

Publishing & Broadcasting Ltd.

547,300

6,381

QBE Insurance Group Ltd.

627,523

8,043

Common Stocks - continued

Shares

Value (000s)

Australia - continued

Rinker Group Ltd.

306,300

$ 3,499

Roc Oil Co. Ltd. (a)

7,820,792

13,745

Seek Ltd.

1,260,102

2,404

SFE Corp. Ltd.

336,800

2,823

Sigma Co. Ltd.

197,600

1,399

Sphere Investments Ltd. (a)(d)

4,767,317

2,436

Stockland unit

375,701

1,630

Sylvania Resources Ltd. (a)(d)

5,145,679

1,558

Tap Oil Nl (a)

391,700

824

Transurban Group unit

115,600

627

UNiTAB Ltd.

182,682

1,947

United Group Ltd.

1,737,221

12,126

Virotec International Ltd.:

(Australia) (a)

1,852,832

1,185

(United Kingdom) (a)

5,185,500

3,554

WorleyParsons Ltd.

980,600

5,939

Zinifex Ltd. (a)

321,800

782

TOTAL AUSTRALIA

212,811

Belgium - 0.8%

Euronav NV

57,000

1,901

Melexis NV

93,199

1,130

Omega Pharma SA

84,500

4,769

Punch International NV (a)

15,200

1,198

Recticel SA

577,444

5,370

Roularta Media Group NV

37,576

2,608

TOTAL BELGIUM

16,976

Bermuda - 0.6%

Aquarius Platinum Ltd. (United Kingdom)

780,305

4,320

Asia Aluminum Holdings Ltd. (a)

5,348,000

605

Jinhui Shipping & Transportation Ltd.

512,000

1,862

Petra Diamonds Ltd. (a)

1,708,906

1,952

Ports Design Ltd.

1,088,500

868

Ship Finance International Ltd. (NY Shares)

10,188

192

Tanzanite One Ltd.

1,949,701

2,896

TOTAL BERMUDA

12,695

Brazil - 0.2%

Petroleo Brasileiro SA Petrobras sponsored ADR (a)

86,900

4,568

British Virgin Islands - 0.0%

Albidon Ltd. unit (a)

1,000,000

395

Common Stocks - continued

Shares

Value (000s)

Canada - 2.1%

Adastra Minerals, Inc. (a)

893,900

$ 1,296

Altius Minerals Corp. (a)

400,000

1,078

Azure Dynamics Corp. Class A (a)

1,425,700

1,153

Bankers Petroleum Ltd. (a)

3,467,000

3,794

Banro Corp. (a)

623,400

3,437

BDI Mining Corp. (a)(d)

4,282,600

2,032

Brazilian Diamonds Ltd. (a)

1,300,000

398

First Quantum Minerals Ltd.

164,600

3,563

Grove Energy Ltd. (a)

3,049,240

1,769

La Mancha Resources, Inc. (a)

561,000

472

Oilexco, Inc. (a)

5,440,500

13,597

Starfield Resources, Inc. (a)(d)

10,822,531

4,155

StrataGold Corp. (a)

2,229,000

983

Uruguay Mineral Exploration, Inc. (a)

245,200

801

Visual Defence, Inc.

1,478,900

1,235

Western Canadian Coal Corp. (a)

834,718

3,327

Western Canadian Coal Corp.:

warrants 2/9/06 (a)

84,359

33

(United Kingdom) (a)

548,286

2,240

TOTAL CANADA

45,363

Cayman Islands - 1.1%

Foxconn International Holdings Ltd.

2,076,000

1,709

Hong Kong Economic Time Holdings Ltd.

1,100,000

241

Hutchison Telecommunications International Ltd.

2,170,000

2,498

Kingboard Chemical Holdings Ltd.

3,986,180

11,384

Norstar Founders Group Ltd.

12,156,000

3,112

SinoCom Software Group Ltd.

5,326,000

3,700

TOTAL CAYMAN ISLANDS

22,644

China - 0.2%

Anhui Expressway Co. Ltd. (H Shares)

1,710,000

1,188

Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)

376,000

3

Tong Ren Tang Technologies Co. Ltd. (H Shares)

360,000

667

Vision Grande Group Holdings Ltd.

1,162,000

732

Xinao Gas Holdings Ltd.

1,680,000

1,329

TOTAL CHINA

3,919

Czech Republic - 0.2%

Komercni Banka AS unit

84,634

3,775

Common Stocks - continued

Shares

Value (000s)

Denmark - 0.0%

Coloplast AS Series B

4,630

$ 272

Estonia - 0.0%

Tallinna Vesi AS

14,100

193

Finland - 1.9%

Aldata Solutions Oyj (a)

2,065,976

4,509

Alma Media Corp. (a)

133,020

2,226

Capman Oyj (B Shares)

426,937

1,418

Citycon Oyj

258,000

998

Inion OY

1,957,900

4,284

Neste Oil Oyj

564,300

15,689

Nokian Tyres Ltd.

546,580

11,081

Vacon Oyj

73,381

1,246

TOTAL FINLAND

41,451

France - 1.3%

Altamir et Compagnie SA (a)

6,100

1,131

Bongrain SA

1,900

116

Bourbon SA

15,638

1,109

BVRP Software SA (a)

144,796

3,274

Constructions Industrielles dela Mediterranee SA

11,500

1,001

Damartex SA

21,485

714

Groupe Open SA

52,500

808

Groupe Open SA warrants 10/21/06 (a)

14,809

10

Guerbet SA

4,100

413

Ipsos SA

16,003

1,764

Lagardere S.C.A. (Reg.)

21,700

1,567

Maisons France Confort

31,494

1,384

Nexity

49,900

2,106

Orpea (a)

25,207

1,289

Sechilienne-Sidec

8,346

3,592

Signaux Girod

11,346

849

SPIR Communication SA

9,447

1,923

Stedim SA

5,187

141

Tessi SA

24,066

1,517

The Lisi Group

22,500

1,629

Toupargel-Agrigel

12,096

431

Vivendi Universal SA

48,632

1,546

TOTAL FRANCE

28,314

Germany - 5.7%

Advanced Photonics Technologies AG (a)

48,552

87

Common Stocks - continued

Shares

Value (000s)

Germany - continued

Articon-Integralis AG (Reg.) (a)

495,185

$ 2,282

AWD Holding AG

45,300

2,072

Bijou Brigitte Modische Accessoires AG

13,791

2,845

Deutsche Boerse AG

43,900

3,856

Deutz AG (a)

1,676,400

9,045

ElringKlinger AG

9,142

688

Fielmann AG

19,100

1,413

Freenet.de AG

305,919

8,680

Fresenius AG

43,586

5,206

Grenkeleasing AG

32,618

1,610

Hawesko Holding AG

31,800

1,234

K&S AG

482,300

30,263

Kontron AG (a)

154,264

1,203

Merck KGaA

48,441

4,313

Norddeutsche Affinerie AG

43,300

914

Parsytec AG (a)

188,871

630

PC-Spezialist Franchise AG

93,800

977

Pfleiderer AG (a)

1,540,759

32,973

PSI AG (a)

228,043

1,106

Pulsion Medical Systems AG (a)

98,511

549

Rational AG

17,800

1,964

Suedzucker AG (Bearer)

285,000

5,957

United Internet AG

40,352

1,260

TOTAL GERMANY

121,127

Gibraltar - 0.3%

PartyGaming PLC

2,183,900

6,640

Greece - 1.6%

Alfa-Beta Vassilopoulos SA (Reg.) (a)

148,500

2,193

Autohellas SA

238,800

1,013

Fourlis Holdings SA

252,000

2,218

Greek Organization of Football Prognostics SA

135,742

4,418

Hellenic Exchanges Holding SA

166,195

1,419

Hyatt Regency SA (Reg.)

309,882

3,855

Intralot SA

148,600

2,522

Motor Oil (HELLAS) Corinth Refineries SA

155,420

2,412

Sarantis SA (Reg.)

1,633,418

13,071

Technical Olympic SA (Reg.)

80,896

539

TOTAL GREECE

33,660

Common Stocks - continued

Shares

Value (000s)

Hong Kong - 0.8%

ASM Pacific Technology Ltd.

935,000

$ 4,378

Cafe de Coral Holdings Ltd.

538,000

612

Chen Hsong Holdings Ltd.

1,060,000

617

China Insurance International Holdings Co. Ltd. (a)

2,940,000

993

Fong's Industries Co. Ltd.

346,000

247

Hong Kong & Shanghai Hotels Ltd.

1,286,000

1,505

JCG Holdings Ltd.

880,000

928

Linmark Group Ltd.

200,000

57

Lung Kee (Bermuda) Holdings

978,000

711

Next Media Ltd. (a)

3,230,000

1,434

Shanghai Industrial Holdings Ltd. Class H

339,000

717

Shun Tak Holdings Ltd.

1,376,000

1,230

Solomon Systech Ltd.

8,094,000

2,577

Vtech Holdings Ltd.

199,000

540

TOTAL HONG KONG

16,546

Hungary - 0.4%

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

44,200

4,430

OTP Bank Rt.

127,473

4,795

TOTAL HUNGARY

9,225

India - 1.0%

Bank of Baroda

41,138

249

Geodesic Information Systems Ltd.

350,568

1,482

Indian Hotels Co. Ltd.

154,400

2,330

Infrastructure Development Finance Co. Ltd. (a)

359,030

281

IVRCL Infrastructures & Projects Ltd.

114,145

1,632

Max India Ltd. (a)

3,784

48

State Bank of India

697,026

14,760

TOTAL INDIA

20,782

Ireland - 0.8%

Aminex PLC (a)

3,160,919

437

Donegal Creameries PLC

223,100

1,150

IAWS Group PLC (Ireland)

38,059

555

Independent News & Media PLC (Ireland)

482,464

1,486

Kenmare Resources PLC (a)

7,306,500

3,820

Kenmare Resources PLC warrants 7/23/09 (a)

1,712,500

489

Minco PLC (a)

1,818,181

399

Minco PLC warrants 12/3/05 (a)

909,090

0

Paddy Power PLC (Ireland)

137,311

2,481

Petroceltic International PLC (a)

12,421,734

2,511

Common Stocks - continued

Shares

Value (000s)

Ireland - continued

Providence Resources PLC (a)

32,044,800

$ 2,098

Trinity Biotech PLC sponsored ADR (a)

227,325

1,523

TOTAL IRELAND

16,949

Israel - 0.3%

Advanced Vision Technology Ltd. (a)

165,400

1,424

Leadcom Integrated Solutions (d)

5,160,100

3,537

Metal-Tech Ltd.

920,000

2,272

TOTAL ISRAEL

7,233

Italy - 1.0%

Amplifon Spa

38,350

2,509

Brembo Spa

282,800

2,182

Cassa Di Risparmio Di Firenze

2,942,982

7,982

Lottomatica Spa New

112,000

3,884

Saipem Spa

79,800

1,187

Teleunit Spa (a)(d)

9,675,858

3,401

TOTAL ITALY

21,145

Japan - 31.3%

Able, Inc.

83,600

3,093

Adtec Plasma Technology Co. Ltd.

31

179

Advanced Media, Inc. Japan

314

2,776

Aeon Fantasy Co. Ltd.

7,400

170

Aichi Steel Corp.

1,634,000

9,111

Ain Pharmaciez, Inc.

68,800

1,585

Ariake Japan Co. Ltd.

92,300

2,134

ARRK Corp.

46,700

2,230

Asahi Broadcasting Corp.

6,030

536

Asahi Denka Co. Ltd.

143,000

1,456

ASICS Trading Co. Ltd.

54,900

692

Axell Corp.

660

2,635

Bando Chemical Industries Ltd.

249,000

1,107

Casio Computer Co. Ltd.

335,000

4,314

Central Glass Co. Ltd.

288,000

1,790

Chiyoda Corp.

157,000

2,178

Chiyoda Integre Co. Ltd.

138,300

2,983

Chugoku Marine Paints Ltd.

432,000

2,493

CMIC Co. Ltd.

1,950

642

Commuture Corp.

132,000

1,102

COMSYS Holdings Corp.

626,000

5,951

Create SD Co. Ltd.

44,700

1,220

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Credit Saison Co. Ltd.

77,400

$ 2,581

Cyber Agent Ltd.

3,159

13,738

cyber communications, Inc. (a)

3,629

8,068

Cyber Firm, Inc. (a)

315

896

Daihatsu Diesel Mfg. Co. Ltd.

32,000

114

Daiso Co. Ltd.

927,000

2,968

Daiwabo Information System Ltd.

203,500

3,363

Dip Corp. (a)

1,132

2,909

Doshisha Co. Ltd.

130,700

3,173

Doshisha Co. Ltd. New (a)

34,350

834

Dynic Corp.

568,000

1,788

E*Trade Securities Co. Ltd.

1,320

3,827

Endo Manufacturing Co. Ltd.

9,000

80

Enshu Ltd. (a)

1,018,000

3,495

Excite Japan Co. Ltd.

137

994

Faith, Inc.

1,816

4,667

Fancl Corp.

15,700

700

Finance All Corp.

2,636

2,977

FinTech Global, Inc.

49

588

First Juken Co. Ltd.

63,000

1,185

Forval Corp.

162,200

2,370

FT Communications Co. Ltd.

1,645

8,397

Fuji Seal International, Inc.

60

2

Fuji Spinning Co. Ltd. (a)

3,143,000

3,969

Fujikura Ltd.

1,304,000

6,541

Fujitsu Business Systems Ltd.

28,500

432

Fullcast Co. Ltd.

241

609

Gourmet Navigator, Inc.

79

369

Gourmet Navigator, Inc. New (a)

316

1,475

Hikari Tsushin, Inc.

502,000

34,644

Hogy Medical Co.

29,000

1,527

Hokuto Corp.

227,900

4,520

HUNET, Inc.

507,000

816

I-CF, Inc. (a)

1,087

3,219

Ibiden Co. Ltd.

467,600

12,559

Index Corp.

3,371

9,833

Infocom Corp.

1,461

2,274

Innotech Corp. Japan

329,800

2,502

Intelligent Wave, Inc.

543

1,304

Ishihara Chemical Co. Ltd.

49,000

854

Itochushokuhin Co. Ltd.

10,000

355

J Bridge Corp. (a)

145,000

2,669

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Japan Asia Investment Co. Ltd.

269,000

$ 1,404

Japan Communications, Inc.

402

697

Japan Digital Contents Trust, Inc. (a)

214

590

Japan Vilene Co. Ltd.

46,000

282

Jastec Co. Ltd.

151,900

2,680

Juroku Bank Ltd.

175,000

994

KAGA ELECTRONICS Co. Ltd.

187,200

3,804

Kagome Co. Ltd.

131,700

1,347

Kakaku.com, Inc.

70

604

Kawasaki Heavy Industries Ltd.

999,000

1,990

Kenedix, Inc.

1,330

4,530

Kibun Food Chemifa Co. Ltd.

136,500

3,478

KK daVinci Advisors (a)

769

2,606

Kobe Steel Ltd.

1,718,000

3,545

Koito Manufacturing Co. Ltd.

226,000

2,518

Kura Corp. Ltd. (d)

2,721

11,083

Kuraray Co. Ltd.

240,500

2,156

Kurita Water Industries Ltd.

200,000

3,166

Link Theory Holdings Co. Ltd.

242

2,690

livedoor Co. Ltd. (a)

4,360,414

18,303

Lopro Corp.

140,100

988

LTT Bio-Pharma Co. Ltd.

112

245

Mars Engineering Corp.

94,700

2,611

Maruei Department Store Co. Ltd.

376,000

1,080

Maruha Group, Inc.

466,000

1,334

Meganesuper Co. Ltd.

101,120

1,402

Misumi Group, Inc.

109,200

3,574

Mitsubishi Materials Corp.

1,132,000

2,809

Mitsui & Associates Telepark Corp.

1,082

3,512

Mitsui & Co. Ltd.

145,000

1,398

Mitsui O.S.K. Lines Ltd.

1,080,000

6,925

Mitsui Trust Holdings, Inc.

261,000

2,641

Nabtesco Corp.

97,000

707

Nachi-Fujikoshi Corp.

185,000

717

Net One Systems Co. Ltd.

3,531

9,044

NextCom KK

468

2,031

NGK Insulators Ltd.

207,000

2,093

NHK Spring Co. Ltd.

820,000

6,607

Nidec Corp.

81,300

8,792

Nidec Tosok Corp.

173,400

2,065

Nihon Ceratec Co. Ltd.

141

760

Nihon Chouzai Co. Ltd.

61,500

1,832

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Nihon Dempa Kogyo Co. Ltd.

639,800

$ 16,102

Nihon Micro Coating Co. Ltd. (a)

150,600

1,540

Nihon Trim Co. Ltd.

151,500

8,596

Nihon Unicom Corp.

99,200

1,147

Nikko Cordial Corp.

409,000

1,753

Ninety-Nine Plus, Inc.

4

20

Nippon Chemi-con Corp.

263,000

1,495

Nippon Denwa Shisetsu

201,000

785

Nippon Electric Glass Co. Ltd.

87,000

1,306

Nippon Mining Holdings, Inc.

105,500

628

Nippon Oil Corp.

465,000

3,192

Nippon Seiki Co. Ltd.

252,000

3,900

Nippon Suisan Kaisha Co. Ltd.

854,000

3,433

Nissin Co. Ltd.

806,080

1,706

Nissin Kogyo Co. Ltd.

503,600

18,721

Nissin Servicer Co. Ltd.

2,001

3,577

Nitta Corp.

432,400

6,207

Nitto Denko Corp.

51,000

2,803

NOK Corp.

114,400

2,910

Ogaki Kyoritsu Bank Ltd.

261,000

1,483

Opt, Inc. (a)

59

261

Opt, Inc. New (a)

177

782

Oracle Corp. Japan

16,100

710

Orient Corp. (a)

706,000

2,631

Oriental Yeast Co. Ltd. Tokio

338,000

2,194

Otaki Gas Co. Ltd.

16,000

62

Otsuka Corp.

184,500

15,916

Pacific Metals Co. Ltd.

1,308,000

5,374

Parker Corp.

49,000

492

Pigeon Corp.

253,900

3,681

Point, Inc.

58,400

2,446

Pro-Ship, Inc.

1,000

23

Rex Holdings Co. Ltd.

2,190

10,322

Rohto Pharmaceutical Co. Ltd.

461,000

5,965

Sammy NetWorks Co. Ltd.

945

13,783

SBI Holdings, Inc.

4,583

1,539

Sega Sammy Holdings, Inc.

255,200

15,773

Seikagaku Corp.

281,500

3,082

Sekisui Chemical Co. Ltd.

172,000

1,114

Sekisui Plastics Co. Ltd.

335,000

1,132

Shin Nippon Biomedical Laboratories Ltd.

24,300

622

Shinohara Systems of Construction Co. Ltd.

233

810

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Showa Denko KK

1,063,000

$ 2,675

Silex Technology, Inc.

269

856

Simplex Investment Advisors, Inc.

15

155

Simplex Investment Advisors, Inc. New (a)

60

619

Softbrain Co. Ltd.

278

638

Software Research Association (SRA)

53,400

1,178

Soken Chemical & Engineer Co. Ltd.

25,500

627

Square Enix Co. Ltd.

23,200

658

Stanley Electric Co. Ltd.

232,000

3,664

Sumitomo Corp.

232,000

1,956

Sumitomo Metal Mining Co. Ltd.

378,000

2,612

Sumitomo Rubber Industries Ltd.

797,000

8,016

Sun Frontier Fudousan Co. Ltd.

1,019

4,323

Sunx Ltd.

69,700

1,028

Taisei Corp.

366,000

1,214

Taiyo Kagaku

85,500

1,080

Take & Give Needs Co. Ltd. (a)

1,139

1,327

Tamron Co. Ltd.

42,000

687

Tamron Co. Ltd. New (a)

42,000

687

Tanabe Seiyaku Co. Ltd.

137,000

1,288

Teijin Ltd.

842,000

3,841

Teikoku Oil Co. Ltd.

262,000

1,983

Telewave, Inc.

784

3,598

The First Energy Service Co. Ltd.

39

968

The Keiyo Bank Ltd.

185,000

930

Token Corp.

47,300

1,590

Tokuyama Corp.

644,000

5,177

Tokyo Cathode Laborator Co. Ltd.

110,200

1,887

Tokyo Seimitsu Co. Ltd.

67,100

2,894

Tokyo Steel Manufacturing Co. Ltd.

52,100

659

TonenGeneral Sekiyu KK

134,000

1,425

Toppan Printing Co. Ltd.

172,000

1,681

Toray Industries, Inc.

2,185,000

10,221

Tosoh Corp.

1,326,000

5,259

Toyo Corp.

106,200

1,322

Toyo Ink Manufacturing Co. Ltd.

3,247,000

13,052

Toyo Suisan Kaisha Ltd.

98,000

1,595

Trancom Co. Ltd.

155,000

3,343

Trend Micro, Inc.

39,500

1,416

Uniden Corp.

237,000

3,851

Usen Corp.

616,650

17,659

USS Co. Ltd.

38,650

2,585

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Warabeya Nichiyo Co. Ltd.

129,800

$ 2,067

Works Applications Co. Ltd. (a)

3,340

3,624

Yachiyo Industry Co. Ltd.

121,000

1,926

Yamada Denki Co. Ltd.

287,900

16,258

Yamaichi Electronics Co. Ltd.

310,300

4,418

Yaskawa Electric Corp. (a)

375,000

2,441

Yasuragi Co. Ltd. (a)

70,400

2,066

Yoshimoto Kogyo Co. Ltd.

136,000

2,086

Zakkaya Bulldog Co. Ltd.

24,100

558

TOTAL JAPAN

669,882

Korea (South) - 0.2%

Doosan Heavy Industries & Construction Co. Ltd.

111,330

2,013

NHN Corp. (a)

16,137

2,003

TOTAL KOREA (SOUTH)

4,016

Luxembourg - 0.9%

Stolt-Nielsen SA

572,390

19,667

Netherlands - 0.2%

Axalto Holding NV (a)

98,800

3,414

New Zealand - 0.7%

Auckland International Airport Ltd.

2,438,048

3,881

Fisher & Paykel Healthcare Corp.

2,225,596

5,299

Pumpkin Patch Ltd.

359,751

698

Sky City Entertainment Group Ltd.

1,663,489

5,489

TOTAL NEW ZEALAND

15,367

Norway - 2.4%

ABG Sundal Collier ASA

2,442,000

2,446

Camillo Eitzen & Co. ASA

257,400

2,657

Catch Communications ASA (a)

633,000

2,253

Expert ASA

114,800

1,420

Mamut ASA (a)

1,685,500

2,470

Norman ASA (a)

65,300

574

Norsk Hydro ASA

75,960

7,196

Odfjell ASA (A Shares)

55,400

1,135

P4 Radio Hele Norge ASA

141,400

479

Pertra Midt-Norges AS (e)

60,000

924

Petroleum Geo-Services ASA (a)

116,250

2,812

Profdoc ASA (a)

113,200

1,413

Schibsted ASA (B Shares)

54,100

1,480

Common Stocks - continued

Shares

Value (000s)

Norway - continued

Solstad Offshore ASA

114,000

$ 1,511

Songa Offshore ASA (a)(e)

192,308

593

Songa Offshore ASA warrants 5/20/08 (a)(e)

177,778

315

Statoil ASA

275,500

5,985

Stepstone ASA (a)(d)

4,710,000

5,276

TANDBERG ASA

334,300

3,799

TANDBERG Television ASA (a)

483,000

6,158

TOTAL NORWAY

50,896

Papua New Guinea - 0.1%

Oil Search Ltd.

517,100

1,315

Poland - 1.2%

Pfleiderer Grajewo SA

55,100

3,662

Polski Koncern Naftowy Orlen SA unit

577,200

18,644

Powszechna Kasa Oszczednosci Bank SA

103,000

857

TVN SA

154,400

2,324

TOTAL POLAND

25,487

Portugal - 0.6%

Impresa SGPS (a)

984,753

6,388

Media Capital SGPS SA (a)

880,576

7,111

TOTAL PORTUGAL

13,499

Russia - 1.6%

Mobile TeleSystems OJSC:

GDR (Reg. S)

74,000

2,738

sponsored ADR

145,500

5,159

Novatek JSC GDR (a)

41,300

855

Sibirtelecom Open Joint Stock Co. sponsored ADR (a)

104,700

4,732

Sistema Jsfc sponsored GDR

479,100

8,490

Uralsvyazinform sponsored ADR

614,100

4,268

VolgaTelecom sponsored ADR

1,000,400

7,128

TOTAL RUSSIA

33,370

Singapore - 1.9%

Ascendas Real Estate Investment Trust (A-REIT)

1,119,000

1,587

Cosco Investment (Singapore) Ltd.

501,000

701

CSE Global Ltd.

1,536,000

757

First Engineering Ltd.

655,000

543

GES International Ltd.

1,630,000

754

HTL International Holdings Ltd.

1,422,500

1,137

Jardine Cycle & Carriage Ltd.

170,000

1,369

Common Stocks - continued

Shares

Value (000s)

Singapore - continued

Jurong Technologies Industrial Corp. Ltd.

1,112,000

$ 1,203

Keppel Land Ltd.

930,000

1,799

Mapletree Logistics Trust (REIT)

1,351,000

727

Olam International Ltd.

1,927,000

1,262

Osim International Ltd.

1,627,000

1,193

Parkway Holdings Ltd.

3,765,000

4,751

SembCorp Industries Ltd.

2,707,000

4,473

SembCorp Logistics Ltd.

596,000

652

Sembcorp Marine Ltd.

1,572,000

2,531

SIA Engineering Co. Ltd.

3,791,000

5,740

Singapore Exchange Ltd.

4,137,000

5,419

Singapore Petroleum Co. Ltd.

1,501,000

4,600

TOTAL SINGAPORE

41,198

South Africa - 3.7%

Aflease Gold & Uranium Resources Ltd. (a)

2,182,800

1,620

African Bank Investments Ltd. (a)

3,710,751

11,273

Discovery Holdings Ltd. (a)

2,751,919

8,879

JD Group Ltd.

239,400

2,684

MTN Group Ltd.

1,729,902

12,229

Nedbank Group Ltd.

415,200

5,369

Steinhoff International Holdings Ltd.

13,516,732

34,132

Wilson Bayly Holmes-Ovcon Ltd.

446,856

2,175

TOTAL SOUTH AFRICA

78,361

Spain - 0.3%

Antena 3 Television SA

274,232

5,410

Construcciones y Auxiliar de Ferrocarriles

9,500

1,057

TOTAL SPAIN

6,467

Sweden - 1.9%

Consafe Offshore AB (A Shares) (a)

1,010,000

15,562

Eniro AB

153,028

1,720

Gambro AB (A Shares)

486,000

7,073

Hexagon AB (B Shares)

213,129

4,008

Intrum Justitia AB (a)

375,200

2,755

Mekonomen AB

136,000

1,673

Modern Times Group AB (MTG) (B Shares) (a)

105,200

3,171

Observer AB

1,180,035

5,472

VBG AB (B Shares)

6,710

121

TOTAL SWEDEN

41,555

Common Stocks - continued

Shares

Value (000s)

Switzerland - 0.9%

Actelion Ltd. (Reg.) (a)

18,108

$ 1,942

Amazys Holding AG

54,100

3,525

Barry Callebaut AG

2,861

751

Bucher Holding AG

42,072

2,955

Escor Casino & Entertainment SA

19,770

324

Micronas Semiconductor Holding AG (a)

15,752

624

Mobilezone Holding AG

462,199

1,934

Roche Holding AG (participation certificate)

30,328

4,124

Sulzer AG (Reg.)

2,648

1,268

Swissquote Group Holding SA (a)

18,811

1,790

TOTAL SWITZERLAND

19,237

Taiwan - 0.2%

Motech Industries, Inc.

77,000

1,367

Sino-American Silicon Prds, Inc.

1,099,220

2,394

TOTAL TAIWAN

3,761

Thailand - 0.0%

Bumrungrad Hospital PCL (For. Reg.)

2,330,500

1,085

Turkey - 1.9%

Alarko Gayrimenkul Yatirim Ortakligi AS (a)

49,000

1,681

Atakule Gayrimenkul Yatirim Ortakligi AS

1,033,000

748

Dogan Gazetecilik AS (a)

3,601,955

8,367

Dogan Sirketler Grubu Holding AS (a)

329,500

959

Dogan Yayin Holding AS

689,787

1,935

Efes Sinai Yatirim Holding AS Class B (a)

871,100

6,964

Enka Insaat ve Sanayi AS

633,950

6,550

Is Gayrimenkul Yatirim Ortakligi AS

1,147,700

1,904

Tupras-Turkiye Petrol Rafinerileri AS

525,600

7,690

Turkiye Sinai Kalkinma Bankasi AS

853,754

1,803

Yapi ve Kredi Bankasi AS (a)

515,000

2,253

TOTAL TURKEY

40,854

United Kingdom - 15.2%

Accuma Group PLC

335,366

905

Advanced Technology (UK) PLC (a)(d)

7,355,000

0

AeroBox PLC (a)

5,694,657

575

Afren PLC (d)

13,078,000

8,160

African Copper PLC

1,742,884

1,715

Air Partner PLC

45,000

473

Alba PLC

749,800

5,377

Alliance Pharma PLC (a)(d)

9,299,400

3,065

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Alterian PLC (a)

1,714,000

$ 3,434

Amlin PLC

157,014

511

Andor Technology Ltd.

444,444

820

Anglo Asian Mining PLC (a)

2,605,500

4,053

Appian Technology PLC (a)

1,916,178

278

Appian Technology PLC warrants 2/28/08 (a)(e)

479,045

11

Ascent Resources PLC (a)(d)

12,000,000

1,055

Ascent Resources PLC warrants 6/2/07 (a)

6,000,000

0

Asia Energy PLC (a)

1,532,651

15,650

Atrium Underwriting PLC

257,060

967

BG Group PLC

441,600

3,658

Bioprogress PLC (a)

3,446,213

1,999

Body Shop International PLC

800,000

3,234

BowLeven PLC

842,100

9,102

Caffe Nero Group PLC (a)

282,978

972

Cambrian Mining PLC (a)(d)

6,039,800

16,613

Cambrian Mining PLC warrants 1/25/06 (a)

350,000

0

Cardpoint PLC (a)

345,300

880

Central African Mining & Exploration Co. PLC (a)

16,622,700

3,141

Centurion Electronics PLC (d)

1,751,839

616

Ceres Power Holding PLC

514,200

877

Chaucer Holdings PLC

4,502,400

4,787

Clapham House Group PLC (a)

407,450

913

Cobra Biomanufacturing PLC (a)

701,900

604

Corac Group PLC (a)(d)

4,849,104

2,983

Corin Group PLC

1,122,914

7,648

CSS Stellar PLC (a)

623,908

543

CustomVis PLC (a)

375,215

38

DA Group PLC (a)(d)

2,187,865

2,615

Daniel Stewart Securities PLC (a)

4,229,000

1,022

Domino's Pizza UK & IRL PLC

344,636

2,023

Dream Direct Group PLC (a)

145,000

217

Eclipse Energy Co. Ltd. (e)

102,000

1,345

Entertainment Rights PLC (a)

2,152,089

1,087

Europa Oil & Gas Holdings PLC

1,000,000

475

Europa Oil & Gas Holdings PLC warrants 11/11/07 (a)

500,000

75

European Diamonds PLC (a)

499,300

316

Faroe Petroleum PLC (a)

1,288,906

2,401

Firestone Diamonds PLC (a)

687,000

1,835

Flomerics Group PLC

449,658

589

Forum Energy PLC (e)

499,970

984

Freeport PLC

256,276

1,982

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Future PLC

1,717,169

$ 2,437

Gaming Corp. PLC (a)

9,702,913

2,473

GMA Resources PLC (a)(d)

8,119,274

1,213

Goals Soccer Centres PLC

827,000

1,882

Golden Prospect PLC (a)

5,270,000

3,450

Goldshield Group PLC

416,400

2,031

GTL Resources PLC (a)

13,669,072

649

Gyrus Group PLC (a)

434,400

2,329

Hardide Ltd. (d)

12,401,000

2,588

Healthcare Enterprise Group PLC (a)

6,554,114

8,870

Highbury House Communications PLC

713,914

12

Hydrodec Group PLC

6,231,100

2,820

Ideal Shopping Direct PLC

130,339

739

Imperial College Innovations Ltd. (e)

19,300

2,714

Inchcape PLC

30,122

1,071

Intertek Group PLC

116,310

1,458

ITE Group PLC

4,436,717

8,032

ITM Power PLC (a)

3,042,500

4,920

Jubilee Platinum PLC (a)(d)

4,286,043

2,561

Lambert Howarth Group PLC (d)

1,320,284

6,010

Landround PLC

104,400

532

Lawrence PLC

1,073,124

6,648

London Clubs International PLC (a)

1,172,500

2,246

LTG Technologies PLC (a)

11,517,168

2,404

Manpower Software PLC (a)

258,824

96

Meridian Petroleum PLC

2,747,000

664

Metal Bulletin PLC

820,688

3,595

Mice Group PLC

4,432,324

2,473

Microgen PLC (a)

289,948

415

N Brown Group PLC

439,410

1,259

NDS Group PLC sponsored ADR (a)

105,154

3,810

NETeller PLC (a)

263,100

3,889

NeuTec Pharma PLC (a)

120,000

1,128

Ocean Wilsons Holdings Ltd.

205,311

1,137

Oil Quest Resources PLC (a)(d)

2,362,285

685

Oystertec PLC (a)

7,009,687

1,324

P&MM Group PLC (d)

2,035,000

2,700

Phytopharm PLC (a)

936,820

1,383

Pilat Media Global PLC (a)(d)

2,880,000

2,455

Platinum Mining Corp. of India PLC (d)

12,520,800

3,191

PlusNet Technologies Ltd.

1,312,355

6,170

Premier Oil PLC (a)

159,291

2,019

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Primary Health Properties PLC

80,000

$ 451

Proteome Sciences PLC (a)

1,339,442

2,119

Psion PLC

871,973

1,011

Punch Graphix PLC

909,100

1,909

Pureprofile Media PLC (e)

680,000

598

Pureprofile Media PLC warrants 7/31/06 (a)(e)

680,000

0

QA PLC (a)

13,554,656

405

Rambler Metals & Mining PLC

1,300,000

1,131

Rheochem PLC (d)

8,728,300

2,148

Rheochem PLC warrants 12/21/07 (a)

4,364,150

0

Royalblue Group PLC

45,073

449

Sanctuary Group PLC

763,757

282

Scapa Group PLC

3,660,400

1,351

SDL PLC (a)

1,450,000

3,568

Sibir Energy PLC (a)

116,280

494

Sinclair Pharma PLC (a)

1,786,758

4,098

SkyePharma PLC (a)

124,100

130

Sondex PLC

260,100

1,184

Spark Networks PLC unit (a)

536,133

4,843

Spice Holdings PLC

1,362,100

5,327

Sportingbet PLC (a)

345,100

2,247

Stem Cell Sciences PLC

721,649

1,268

Sterling Energy PLC (a)

3,843,700

1,368

SubSea Resources PLC (d)

8,644,100

4,330

SubSea Resources PLC warrants 11/4/09 (a)

1,805,625

452

Synergy Healthcare PLC

314,553

2,535

Taghmen Energy PLC (a)(d)

2,578,673

2,606

Taghmen Energy PLC warrants 7/30/06 (a)

2,279,573

343

Tanfield Group PLC (a)

7,300,000

2,566

Teesland PLC (a)

1,380,000

1,674

Tikit Group PLC (d)

785,062

2,580

Toledo Mining Corp. PLC (a)

480,000

801

Triple Plate Junction PLC (a)

3,638,000

1,343

Triple Plate Junction PLC warrants 12/31/05 (a)

1,818,750

0

Tristel PLC

673,918

492

UK Coal PLC

1,087,069

2,637

ukbetting PLC (a)

2,517,419

2,599

Unibet Group PLC unit

474,256

10,690

Urbium PLC

70,655

1,121

Whatman PLC

514,900

2,516

White Nile Ltd. (a)

200,000

355

William Hill PLC

333,186

3,379

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

William Ransom & Son PLC

3,629,500

$ 3,413

Windsor PLC

700,000

560

Wolfson Microelectronics PLC (a)

685,250

2,084

World Gaming PLC (a)

1,332,300

4,449

XN Checkout Holdings PLC (a)

160,000

820

ZincOx Resources PLC (a)

970,000

2,208

TOTAL UNITED KINGDOM

324,039

United States of America - 2.0%

121Media, Inc. (d)

460,705

1,607

Central European Distribution Corp. (a)

49,300

1,840

Chindex International, Inc. (a)

138,900

656

Cyberscan Technology, Inc.

65,500

814

Frontera Resources Corp.

2,300,000

4,790

Frontier Mining Ltd. (d)

6,115,691

2,714

Gatekeeper Systems LLC

224,350

177

Marathon Oil Corp.

39,900

2,329

NTL, Inc. (a)

49,300

3,285

Private Media Group, Inc. (a)

283,400

822

ResMed, Inc. CHESS Depositary Interests (a)

809,763

5,382

Solar Integrated Technologies, Inc. (a)

1,160,973

3,132

Trico Marine Services, Inc. (a)

67,200

1,381

UTEK Corp. (Reg. S)

43,442

510

Valero Energy Corp.

41,400

3,427

XL TechGroup, Inc.

1,442,680

9,255

TOTAL UNITED STATES OF AMERICA

42,121

TOTAL COMMON STOCKS

(Cost $1,720,901)

2,082,274

Nonconvertible Preferred Stocks - 0.6%

Germany - 0.4%

Fresenius AG

57,705

7,413

Italy - 0.2%

Buzzi Unicem Spa (Risp)

483,900

5,144

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $7,876)

12,557

Investment Companies - 0.1%

Shares

Value (000s)

United Kingdom - 0.1%

Black Sea Property Fund Ltd. (a)
(Cost $1,882)

4,900,000

$ 2,024

Nonconvertible Bonds - 0.0%

Principal Amount (000s)

Norway - 0.0%

Songa Offshore ASA 6.5% 6/8/10
(Cost $800)

$ 800

740

Money Market Funds - 7.1%

Shares

Fidelity Cash Central Fund, 3.31% (b)

34,645,095

34,645

Fidelity Securities Lending Cash Central Fund, 3.32% (b)(c)

116,642,223

116,642

TOTAL MONEY MARKET FUNDS

(Cost $151,287)

151,287

TOTAL INVESTMENT PORTFOLIO - 105.2%

(Cost $1,882,746)

2,248,882

NET OTHER ASSETS - (5.2)%

(110,206)

NET ASSETS - 100%

$ 2,138,676

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 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) Affiliated company

(e) 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 $7,484,000 or 0.3% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Appian Technology PLC warrants 2/28/08

2/18/05

$ 0

Eclipse Energy Co. Ltd.

4/28/05

$ 1,459

Forum Energy PLC

5/10/05

$ 941

Imperial College Innovations Ltd.

4/27/05

$ 2,942

Pertra Midt-Norges AS

6/28/05

$ 911

Pureprofile Media PLC

5/3/05

$ 644

Pureprofile Media PLC warrants 7/31/06

5/3/05

$ 0

Songa Offshore ASA

5/19/05

$ 193

Songa Offshore ASA warrants 5/20/08

6/8/05

$ 0

Other Information

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period 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

121Media, Inc.

$ -

$ 2,195

$ -

$ -

$ 1,607

Advanced Technology (UK) PLC

558

-

-

-

-

Afren PLC

-

3,214

328

-

8,160

Alliance Pharma PLC

1,812

835

214

-

3,065

Ascent Resources PLC

-

994

-

-

1,055

Aztec Resources Ltd.

-

5,036

2,816

-

-

BDI Mining Corp.

-

2,456

-

-

2,032

Cambrian Mining PLC

-

17,979

-

-

16,613

Centurion Electronics PLC

-

1,979

-

15

616

Corac Group PLC

2,460

92

-

-

2,983

DA Group PLC

-

2,300

113

-

2,615

Fox Resources Ltd.

487

1,126

-

-

1,299

Frontier Mining Ltd.

1,443

774

-

-

2,714

GMA Resources PLC

1,955

427

-

-

1,213

Hardide Ltd.

919

992

-

-

2,588

Hudbay Minerals, Inc. (formerly Ontzinc Corp.)

1,841

-

1,328

-

-

Jubilee Platinum PLC

1,823

728

463

-

2,561

Kura Corp. Ltd.

2,689

6,151

-

1

11,083

Lambert Howarth Group PLC

6,551

-

-

276

6,010

Leadcom Integrated Solutions

-

3,139

-

-

3,537

Oil Quest Resources PLC (formerly Hereward Ventures PLC)

167

874

-

-

685

P&MM Group PLC

2,300

-

-

-

2,700

Pilat Media Global PLC

2,196

-

-

-

2,455

Platinum Mining Corp. of India PLC

-

4,947

-

-

3,191

Rheochem PLC

-

2,692

-

-

2,148

Sphere Investments Ltd.

-

2,582

-

-

2,436

Starfield Resources, Inc.

-

4,654

-

-

4,155

Stepstone ASA

-

5,430

-

-

5,276

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

SubSea Resources PLC

$ 2,654

$ 560

$ -

$ -

$ 4,330

Sylvania Resources Ltd.

-

1,895

-

-

1,558

Taghmen Energy PLC

1,482

376

-

-

2,606

Tanfield Group PLC

-

2,429

-

-

-

Teleunit Spa

2,572

1,019

-

-

3,401

Tikit Group PLC

2,155

-

111

22

2,580

William Ransom & Son PLC

2,393

686

-

26

-

Total

$ 38,457

$ 78,561

$ 4,045

$ 340

$ 107,272

Income Tax Information

At July 31, 2005, the aggregate cost of investment securities for income tax purposes was $1,884,106,000. Net unrealized appreciation aggregated $364,776,000, of which $441,707,000 related to appreciated investment securities and $76,931,000 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Small Cap Fund

July 31, 2005

1.804839.101

ISC-QTLY-0905

Investments July 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%

Shares

Value (000s)

Australia - 9.9%

ABC Learning Centres Ltd.

2,621,000

$ 10,715

Aristocrat Leisure Ltd.

163,900

1,544

Australian Stock Exchange Ltd.

604,239

11,756

Aztec Resources Ltd. (a)

10,374,447

1,335

Babcock & Brown Japan Property Trust

2,007,900

2,083

Baycorp Advantage Ltd.

432,538

1,261

Billabong International Ltd.

660,900

7,120

BlueScope Steel Ltd.

185,009

1,319

Bradken Ltd.

2,202,829

4,703

Caltex Australia Ltd.

397,800

5,306

Centamin Egypt Ltd. (a)

7,820,178

1,821

Centennial Coal Co. Ltd.

1,296,619

4,888

Coates Hire Ltd.

654,200

2,377

Cochlear Ltd.

216,400

6,623

Computershare Ltd.

1,370,972

6,393

ConnectEast Group

5,178,429

3,117

CSL Ltd.

24,500

647

CSR Ltd.

3,008,000

5,966

DB RREEF Trust unit

1,850,000

1,940

DCA Group Ltd.

3,404,900

10,182

Dominos Pizza Australia New Zealand Ltd.

1,116,060

2,416

Downer EDI Ltd.

1,741,600

7,621

Dwyka Diamonds Ltd. (a)

6,329,853

3,616

Elixir Petroleum Ltd. (a)

3,666,540

1,257

Elkedra Diamonds NL (a)

3,000,000

712

Elkedra Diamonds NL warrants 8/31/07 (a)

3,000,000

171

Fox Resources Ltd. (a)(d)

4,514,836

1,299

Fox Resources Ltd. warrants 6/30/07 (a)

342,636

18

Gunns Ltd.

820,100

2,365

Hardman Resources Ltd.:

(Australia) (a)

2,002,781

3,715

(United Kingdom) (a)

480,653

885

Iluka Resources Ltd.

789,500

4,925

Macquarie Communications Infrastructure Group unit

1,949,300

9,371

Macquarie Infrastructure Group unit

965,700

2,917

Metcash Ltd.

913,700

2,836

Mineral Deposits Ltd. (a)

4,920,000

2,458

Mortgage Choice Ltd.

650,000

630

Novera Energy Ltd. (a)

856,600

956

Paladin Resources Ltd. (a)

2,061,600

2,645

Publishing & Broadcasting Ltd.

547,300

6,381

QBE Insurance Group Ltd.

627,523

8,043

Common Stocks - continued

Shares

Value (000s)

Australia - continued

Rinker Group Ltd.

306,300

$ 3,499

Roc Oil Co. Ltd. (a)

7,820,792

13,745

Seek Ltd.

1,260,102

2,404

SFE Corp. Ltd.

336,800

2,823

Sigma Co. Ltd.

197,600

1,399

Sphere Investments Ltd. (a)(d)

4,767,317

2,436

Stockland unit

375,701

1,630

Sylvania Resources Ltd. (a)(d)

5,145,679

1,558

Tap Oil Nl (a)

391,700

824

Transurban Group unit

115,600

627

UNiTAB Ltd.

182,682

1,947

United Group Ltd.

1,737,221

12,126

Virotec International Ltd.:

(Australia) (a)

1,852,832

1,185

(United Kingdom) (a)

5,185,500

3,554

WorleyParsons Ltd.

980,600

5,939

Zinifex Ltd. (a)

321,800

782

TOTAL AUSTRALIA

212,811

Belgium - 0.8%

Euronav NV

57,000

1,901

Melexis NV

93,199

1,130

Omega Pharma SA

84,500

4,769

Punch International NV (a)

15,200

1,198

Recticel SA

577,444

5,370

Roularta Media Group NV

37,576

2,608

TOTAL BELGIUM

16,976

Bermuda - 0.6%

Aquarius Platinum Ltd. (United Kingdom)

780,305

4,320

Asia Aluminum Holdings Ltd. (a)

5,348,000

605

Jinhui Shipping & Transportation Ltd.

512,000

1,862

Petra Diamonds Ltd. (a)

1,708,906

1,952

Ports Design Ltd.

1,088,500

868

Ship Finance International Ltd. (NY Shares)

10,188

192

Tanzanite One Ltd.

1,949,701

2,896

TOTAL BERMUDA

12,695

Brazil - 0.2%

Petroleo Brasileiro SA Petrobras sponsored ADR (a)

86,900

4,568

British Virgin Islands - 0.0%

Albidon Ltd. unit (a)

1,000,000

395

Common Stocks - continued

Shares

Value (000s)

Canada - 2.1%

Adastra Minerals, Inc. (a)

893,900

$ 1,296

Altius Minerals Corp. (a)

400,000

1,078

Azure Dynamics Corp. Class A (a)

1,425,700

1,153

Bankers Petroleum Ltd. (a)

3,467,000

3,794

Banro Corp. (a)

623,400

3,437

BDI Mining Corp. (a)(d)

4,282,600

2,032

Brazilian Diamonds Ltd. (a)

1,300,000

398

First Quantum Minerals Ltd.

164,600

3,563

Grove Energy Ltd. (a)

3,049,240

1,769

La Mancha Resources, Inc. (a)

561,000

472

Oilexco, Inc. (a)

5,440,500

13,597

Starfield Resources, Inc. (a)(d)

10,822,531

4,155

StrataGold Corp. (a)

2,229,000

983

Uruguay Mineral Exploration, Inc. (a)

245,200

801

Visual Defence, Inc.

1,478,900

1,235

Western Canadian Coal Corp. (a)

834,718

3,327

Western Canadian Coal Corp.:

warrants 2/9/06 (a)

84,359

33

(United Kingdom) (a)

548,286

2,240

TOTAL CANADA

45,363

Cayman Islands - 1.1%

Foxconn International Holdings Ltd.

2,076,000

1,709

Hong Kong Economic Time Holdings Ltd.

1,100,000

241

Hutchison Telecommunications International Ltd.

2,170,000

2,498

Kingboard Chemical Holdings Ltd.

3,986,180

11,384

Norstar Founders Group Ltd.

12,156,000

3,112

SinoCom Software Group Ltd.

5,326,000

3,700

TOTAL CAYMAN ISLANDS

22,644

China - 0.2%

Anhui Expressway Co. Ltd. (H Shares)

1,710,000

1,188

Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)

376,000

3

Tong Ren Tang Technologies Co. Ltd. (H Shares)

360,000

667

Vision Grande Group Holdings Ltd.

1,162,000

732

Xinao Gas Holdings Ltd.

1,680,000

1,329

TOTAL CHINA

3,919

Czech Republic - 0.2%

Komercni Banka AS unit

84,634

3,775

Common Stocks - continued

Shares

Value (000s)

Denmark - 0.0%

Coloplast AS Series B

4,630

$ 272

Estonia - 0.0%

Tallinna Vesi AS

14,100

193

Finland - 1.9%

Aldata Solutions Oyj (a)

2,065,976

4,509

Alma Media Corp. (a)

133,020

2,226

Capman Oyj (B Shares)

426,937

1,418

Citycon Oyj

258,000

998

Inion OY

1,957,900

4,284

Neste Oil Oyj

564,300

15,689

Nokian Tyres Ltd.

546,580

11,081

Vacon Oyj

73,381

1,246

TOTAL FINLAND

41,451

France - 1.3%

Altamir et Compagnie SA (a)

6,100

1,131

Bongrain SA

1,900

116

Bourbon SA

15,638

1,109

BVRP Software SA (a)

144,796

3,274

Constructions Industrielles dela Mediterranee SA

11,500

1,001

Damartex SA

21,485

714

Groupe Open SA

52,500

808

Groupe Open SA warrants 10/21/06 (a)

14,809

10

Guerbet SA

4,100

413

Ipsos SA

16,003

1,764

Lagardere S.C.A. (Reg.)

21,700

1,567

Maisons France Confort

31,494

1,384

Nexity

49,900

2,106

Orpea (a)

25,207

1,289

Sechilienne-Sidec

8,346

3,592

Signaux Girod

11,346

849

SPIR Communication SA

9,447

1,923

Stedim SA

5,187

141

Tessi SA

24,066

1,517

The Lisi Group

22,500

1,629

Toupargel-Agrigel

12,096

431

Vivendi Universal SA

48,632

1,546

TOTAL FRANCE

28,314

Germany - 5.7%

Advanced Photonics Technologies AG (a)

48,552

87

Common Stocks - continued

Shares

Value (000s)

Germany - continued

Articon-Integralis AG (Reg.) (a)

495,185

$ 2,282

AWD Holding AG

45,300

2,072

Bijou Brigitte Modische Accessoires AG

13,791

2,845

Deutsche Boerse AG

43,900

3,856

Deutz AG (a)

1,676,400

9,045

ElringKlinger AG

9,142

688

Fielmann AG

19,100

1,413

Freenet.de AG

305,919

8,680

Fresenius AG

43,586

5,206

Grenkeleasing AG

32,618

1,610

Hawesko Holding AG

31,800

1,234

K&S AG

482,300

30,263

Kontron AG (a)

154,264

1,203

Merck KGaA

48,441

4,313

Norddeutsche Affinerie AG

43,300

914

Parsytec AG (a)

188,871

630

PC-Spezialist Franchise AG

93,800

977

Pfleiderer AG (a)

1,540,759

32,973

PSI AG (a)

228,043

1,106

Pulsion Medical Systems AG (a)

98,511

549

Rational AG

17,800

1,964

Suedzucker AG (Bearer)

285,000

5,957

United Internet AG

40,352

1,260

TOTAL GERMANY

121,127

Gibraltar - 0.3%

PartyGaming PLC

2,183,900

6,640

Greece - 1.6%

Alfa-Beta Vassilopoulos SA (Reg.) (a)

148,500

2,193

Autohellas SA

238,800

1,013

Fourlis Holdings SA

252,000

2,218

Greek Organization of Football Prognostics SA

135,742

4,418

Hellenic Exchanges Holding SA

166,195

1,419

Hyatt Regency SA (Reg.)

309,882

3,855

Intralot SA

148,600

2,522

Motor Oil (HELLAS) Corinth Refineries SA

155,420

2,412

Sarantis SA (Reg.)

1,633,418

13,071

Technical Olympic SA (Reg.)

80,896

539

TOTAL GREECE

33,660

Common Stocks - continued

Shares

Value (000s)

Hong Kong - 0.8%

ASM Pacific Technology Ltd.

935,000

$ 4,378

Cafe de Coral Holdings Ltd.

538,000

612

Chen Hsong Holdings Ltd.

1,060,000

617

China Insurance International Holdings Co. Ltd. (a)

2,940,000

993

Fong's Industries Co. Ltd.

346,000

247

Hong Kong & Shanghai Hotels Ltd.

1,286,000

1,505

JCG Holdings Ltd.

880,000

928

Linmark Group Ltd.

200,000

57

Lung Kee (Bermuda) Holdings

978,000

711

Next Media Ltd. (a)

3,230,000

1,434

Shanghai Industrial Holdings Ltd. Class H

339,000

717

Shun Tak Holdings Ltd.

1,376,000

1,230

Solomon Systech Ltd.

8,094,000

2,577

Vtech Holdings Ltd.

199,000

540

TOTAL HONG KONG

16,546

Hungary - 0.4%

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

44,200

4,430

OTP Bank Rt.

127,473

4,795

TOTAL HUNGARY

9,225

India - 1.0%

Bank of Baroda

41,138

249

Geodesic Information Systems Ltd.

350,568

1,482

Indian Hotels Co. Ltd.

154,400

2,330

Infrastructure Development Finance Co. Ltd. (a)

359,030

281

IVRCL Infrastructures & Projects Ltd.

114,145

1,632

Max India Ltd. (a)

3,784

48

State Bank of India

697,026

14,760

TOTAL INDIA

20,782

Ireland - 0.8%

Aminex PLC (a)

3,160,919

437

Donegal Creameries PLC

223,100

1,150

IAWS Group PLC (Ireland)

38,059

555

Independent News & Media PLC (Ireland)

482,464

1,486

Kenmare Resources PLC (a)

7,306,500

3,820

Kenmare Resources PLC warrants 7/23/09 (a)

1,712,500

489

Minco PLC (a)

1,818,181

399

Minco PLC warrants 12/3/05 (a)

909,090

0

Paddy Power PLC (Ireland)

137,311

2,481

Petroceltic International PLC (a)

12,421,734

2,511

Common Stocks - continued

Shares

Value (000s)

Ireland - continued

Providence Resources PLC (a)

32,044,800

$ 2,098

Trinity Biotech PLC sponsored ADR (a)

227,325

1,523

TOTAL IRELAND

16,949

Israel - 0.3%

Advanced Vision Technology Ltd. (a)

165,400

1,424

Leadcom Integrated Solutions (d)

5,160,100

3,537

Metal-Tech Ltd.

920,000

2,272

TOTAL ISRAEL

7,233

Italy - 1.0%

Amplifon Spa

38,350

2,509

Brembo Spa

282,800

2,182

Cassa Di Risparmio Di Firenze

2,942,982

7,982

Lottomatica Spa New

112,000

3,884

Saipem Spa

79,800

1,187

Teleunit Spa (a)(d)

9,675,858

3,401

TOTAL ITALY

21,145

Japan - 31.3%

Able, Inc.

83,600

3,093

Adtec Plasma Technology Co. Ltd.

31

179

Advanced Media, Inc. Japan

314

2,776

Aeon Fantasy Co. Ltd.

7,400

170

Aichi Steel Corp.

1,634,000

9,111

Ain Pharmaciez, Inc.

68,800

1,585

Ariake Japan Co. Ltd.

92,300

2,134

ARRK Corp.

46,700

2,230

Asahi Broadcasting Corp.

6,030

536

Asahi Denka Co. Ltd.

143,000

1,456

ASICS Trading Co. Ltd.

54,900

692

Axell Corp.

660

2,635

Bando Chemical Industries Ltd.

249,000

1,107

Casio Computer Co. Ltd.

335,000

4,314

Central Glass Co. Ltd.

288,000

1,790

Chiyoda Corp.

157,000

2,178

Chiyoda Integre Co. Ltd.

138,300

2,983

Chugoku Marine Paints Ltd.

432,000

2,493

CMIC Co. Ltd.

1,950

642

Commuture Corp.

132,000

1,102

COMSYS Holdings Corp.

626,000

5,951

Create SD Co. Ltd.

44,700

1,220

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Credit Saison Co. Ltd.

77,400

$ 2,581

Cyber Agent Ltd.

3,159

13,738

cyber communications, Inc. (a)

3,629

8,068

Cyber Firm, Inc. (a)

315

896

Daihatsu Diesel Mfg. Co. Ltd.

32,000

114

Daiso Co. Ltd.

927,000

2,968

Daiwabo Information System Ltd.

203,500

3,363

Dip Corp. (a)

1,132

2,909

Doshisha Co. Ltd.

130,700

3,173

Doshisha Co. Ltd. New (a)

34,350

834

Dynic Corp.

568,000

1,788

E*Trade Securities Co. Ltd.

1,320

3,827

Endo Manufacturing Co. Ltd.

9,000

80

Enshu Ltd. (a)

1,018,000

3,495

Excite Japan Co. Ltd.

137

994

Faith, Inc.

1,816

4,667

Fancl Corp.

15,700

700

Finance All Corp.

2,636

2,977

FinTech Global, Inc.

49

588

First Juken Co. Ltd.

63,000

1,185

Forval Corp.

162,200

2,370

FT Communications Co. Ltd.

1,645

8,397

Fuji Seal International, Inc.

60

2

Fuji Spinning Co. Ltd. (a)

3,143,000

3,969

Fujikura Ltd.

1,304,000

6,541

Fujitsu Business Systems Ltd.

28,500

432

Fullcast Co. Ltd.

241

609

Gourmet Navigator, Inc.

79

369

Gourmet Navigator, Inc. New (a)

316

1,475

Hikari Tsushin, Inc.

502,000

34,644

Hogy Medical Co.

29,000

1,527

Hokuto Corp.

227,900

4,520

HUNET, Inc.

507,000

816

I-CF, Inc. (a)

1,087

3,219

Ibiden Co. Ltd.

467,600

12,559

Index Corp.

3,371

9,833

Infocom Corp.

1,461

2,274

Innotech Corp. Japan

329,800

2,502

Intelligent Wave, Inc.

543

1,304

Ishihara Chemical Co. Ltd.

49,000

854

Itochushokuhin Co. Ltd.

10,000

355

J Bridge Corp. (a)

145,000

2,669

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Japan Asia Investment Co. Ltd.

269,000

$ 1,404

Japan Communications, Inc.

402

697

Japan Digital Contents Trust, Inc. (a)

214

590

Japan Vilene Co. Ltd.

46,000

282

Jastec Co. Ltd.

151,900

2,680

Juroku Bank Ltd.

175,000

994

KAGA ELECTRONICS Co. Ltd.

187,200

3,804

Kagome Co. Ltd.

131,700

1,347

Kakaku.com, Inc.

70

604

Kawasaki Heavy Industries Ltd.

999,000

1,990

Kenedix, Inc.

1,330

4,530

Kibun Food Chemifa Co. Ltd.

136,500

3,478

KK daVinci Advisors (a)

769

2,606

Kobe Steel Ltd.

1,718,000

3,545

Koito Manufacturing Co. Ltd.

226,000

2,518

Kura Corp. Ltd. (d)

2,721

11,083

Kuraray Co. Ltd.

240,500

2,156

Kurita Water Industries Ltd.

200,000

3,166

Link Theory Holdings Co. Ltd.

242

2,690

livedoor Co. Ltd. (a)

4,360,414

18,303

Lopro Corp.

140,100

988

LTT Bio-Pharma Co. Ltd.

112

245

Mars Engineering Corp.

94,700

2,611

Maruei Department Store Co. Ltd.

376,000

1,080

Maruha Group, Inc.

466,000

1,334

Meganesuper Co. Ltd.

101,120

1,402

Misumi Group, Inc.

109,200

3,574

Mitsubishi Materials Corp.

1,132,000

2,809

Mitsui & Associates Telepark Corp.

1,082

3,512

Mitsui & Co. Ltd.

145,000

1,398

Mitsui O.S.K. Lines Ltd.

1,080,000

6,925

Mitsui Trust Holdings, Inc.

261,000

2,641

Nabtesco Corp.

97,000

707

Nachi-Fujikoshi Corp.

185,000

717

Net One Systems Co. Ltd.

3,531

9,044

NextCom KK

468

2,031

NGK Insulators Ltd.

207,000

2,093

NHK Spring Co. Ltd.

820,000

6,607

Nidec Corp.

81,300

8,792

Nidec Tosok Corp.

173,400

2,065

Nihon Ceratec Co. Ltd.

141

760

Nihon Chouzai Co. Ltd.

61,500

1,832

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Nihon Dempa Kogyo Co. Ltd.

639,800

$ 16,102

Nihon Micro Coating Co. Ltd. (a)

150,600

1,540

Nihon Trim Co. Ltd.

151,500

8,596

Nihon Unicom Corp.

99,200

1,147

Nikko Cordial Corp.

409,000

1,753

Ninety-Nine Plus, Inc.

4

20

Nippon Chemi-con Corp.

263,000

1,495

Nippon Denwa Shisetsu

201,000

785

Nippon Electric Glass Co. Ltd.

87,000

1,306

Nippon Mining Holdings, Inc.

105,500

628

Nippon Oil Corp.

465,000

3,192

Nippon Seiki Co. Ltd.

252,000

3,900

Nippon Suisan Kaisha Co. Ltd.

854,000

3,433

Nissin Co. Ltd.

806,080

1,706

Nissin Kogyo Co. Ltd.

503,600

18,721

Nissin Servicer Co. Ltd.

2,001

3,577

Nitta Corp.

432,400

6,207

Nitto Denko Corp.

51,000

2,803

NOK Corp.

114,400

2,910

Ogaki Kyoritsu Bank Ltd.

261,000

1,483

Opt, Inc. (a)

59

261

Opt, Inc. New (a)

177

782

Oracle Corp. Japan

16,100

710

Orient Corp. (a)

706,000

2,631

Oriental Yeast Co. Ltd. Tokio

338,000

2,194

Otaki Gas Co. Ltd.

16,000

62

Otsuka Corp.

184,500

15,916

Pacific Metals Co. Ltd.

1,308,000

5,374

Parker Corp.

49,000

492

Pigeon Corp.

253,900

3,681

Point, Inc.

58,400

2,446

Pro-Ship, Inc.

1,000

23

Rex Holdings Co. Ltd.

2,190

10,322

Rohto Pharmaceutical Co. Ltd.

461,000

5,965

Sammy NetWorks Co. Ltd.

945

13,783

SBI Holdings, Inc.

4,583

1,539

Sega Sammy Holdings, Inc.

255,200

15,773

Seikagaku Corp.

281,500

3,082

Sekisui Chemical Co. Ltd.

172,000

1,114

Sekisui Plastics Co. Ltd.

335,000

1,132

Shin Nippon Biomedical Laboratories Ltd.

24,300

622

Shinohara Systems of Construction Co. Ltd.

233

810

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Showa Denko KK

1,063,000

$ 2,675

Silex Technology, Inc.

269

856

Simplex Investment Advisors, Inc.

15

155

Simplex Investment Advisors, Inc. New (a)

60

619

Softbrain Co. Ltd.

278

638

Software Research Association (SRA)

53,400

1,178

Soken Chemical & Engineer Co. Ltd.

25,500

627

Square Enix Co. Ltd.

23,200

658

Stanley Electric Co. Ltd.

232,000

3,664

Sumitomo Corp.

232,000

1,956

Sumitomo Metal Mining Co. Ltd.

378,000

2,612

Sumitomo Rubber Industries Ltd.

797,000

8,016

Sun Frontier Fudousan Co. Ltd.

1,019

4,323

Sunx Ltd.

69,700

1,028

Taisei Corp.

366,000

1,214

Taiyo Kagaku

85,500

1,080

Take & Give Needs Co. Ltd. (a)

1,139

1,327

Tamron Co. Ltd.

42,000

687

Tamron Co. Ltd. New (a)

42,000

687

Tanabe Seiyaku Co. Ltd.

137,000

1,288

Teijin Ltd.

842,000

3,841

Teikoku Oil Co. Ltd.

262,000

1,983

Telewave, Inc.

784

3,598

The First Energy Service Co. Ltd.

39

968

The Keiyo Bank Ltd.

185,000

930

Token Corp.

47,300

1,590

Tokuyama Corp.

644,000

5,177

Tokyo Cathode Laborator Co. Ltd.

110,200

1,887

Tokyo Seimitsu Co. Ltd.

67,100

2,894

Tokyo Steel Manufacturing Co. Ltd.

52,100

659

TonenGeneral Sekiyu KK

134,000

1,425

Toppan Printing Co. Ltd.

172,000

1,681

Toray Industries, Inc.

2,185,000

10,221

Tosoh Corp.

1,326,000

5,259

Toyo Corp.

106,200

1,322

Toyo Ink Manufacturing Co. Ltd.

3,247,000

13,052

Toyo Suisan Kaisha Ltd.

98,000

1,595

Trancom Co. Ltd.

155,000

3,343

Trend Micro, Inc.

39,500

1,416

Uniden Corp.

237,000

3,851

Usen Corp.

616,650

17,659

USS Co. Ltd.

38,650

2,585

Common Stocks - continued

Shares

Value (000s)

Japan - continued

Warabeya Nichiyo Co. Ltd.

129,800

$ 2,067

Works Applications Co. Ltd. (a)

3,340

3,624

Yachiyo Industry Co. Ltd.

121,000

1,926

Yamada Denki Co. Ltd.

287,900

16,258

Yamaichi Electronics Co. Ltd.

310,300

4,418

Yaskawa Electric Corp. (a)

375,000

2,441

Yasuragi Co. Ltd. (a)

70,400

2,066

Yoshimoto Kogyo Co. Ltd.

136,000

2,086

Zakkaya Bulldog Co. Ltd.

24,100

558

TOTAL JAPAN

669,882

Korea (South) - 0.2%

Doosan Heavy Industries & Construction Co. Ltd.

111,330

2,013

NHN Corp. (a)

16,137

2,003

TOTAL KOREA (SOUTH)

4,016

Luxembourg - 0.9%

Stolt-Nielsen SA

572,390

19,667

Netherlands - 0.2%

Axalto Holding NV (a)

98,800

3,414

New Zealand - 0.7%

Auckland International Airport Ltd.

2,438,048

3,881

Fisher & Paykel Healthcare Corp.

2,225,596

5,299

Pumpkin Patch Ltd.

359,751

698

Sky City Entertainment Group Ltd.

1,663,489

5,489

TOTAL NEW ZEALAND

15,367

Norway - 2.4%

ABG Sundal Collier ASA

2,442,000

2,446

Camillo Eitzen & Co. ASA

257,400

2,657

Catch Communications ASA (a)

633,000

2,253

Expert ASA

114,800

1,420

Mamut ASA (a)

1,685,500

2,470

Norman ASA (a)

65,300

574

Norsk Hydro ASA

75,960

7,196

Odfjell ASA (A Shares)

55,400

1,135

P4 Radio Hele Norge ASA

141,400

479

Pertra Midt-Norges AS (e)

60,000

924

Petroleum Geo-Services ASA (a)

116,250

2,812

Profdoc ASA (a)

113,200

1,413

Schibsted ASA (B Shares)

54,100

1,480

Common Stocks - continued

Shares

Value (000s)

Norway - continued

Solstad Offshore ASA

114,000

$ 1,511

Songa Offshore ASA (a)(e)

192,308

593

Songa Offshore ASA warrants 5/20/08 (a)(e)

177,778

315

Statoil ASA

275,500

5,985

Stepstone ASA (a)(d)

4,710,000

5,276

TANDBERG ASA

334,300

3,799

TANDBERG Television ASA (a)

483,000

6,158

TOTAL NORWAY

50,896

Papua New Guinea - 0.1%

Oil Search Ltd.

517,100

1,315

Poland - 1.2%

Pfleiderer Grajewo SA

55,100

3,662

Polski Koncern Naftowy Orlen SA unit

577,200

18,644

Powszechna Kasa Oszczednosci Bank SA

103,000

857

TVN SA

154,400

2,324

TOTAL POLAND

25,487

Portugal - 0.6%

Impresa SGPS (a)

984,753

6,388

Media Capital SGPS SA (a)

880,576

7,111

TOTAL PORTUGAL

13,499

Russia - 1.6%

Mobile TeleSystems OJSC:

GDR (Reg. S)

74,000

2,738

sponsored ADR

145,500

5,159

Novatek JSC GDR (a)

41,300

855

Sibirtelecom Open Joint Stock Co. sponsored ADR (a)

104,700

4,732

Sistema Jsfc sponsored GDR

479,100

8,490

Uralsvyazinform sponsored ADR

614,100

4,268

VolgaTelecom sponsored ADR

1,000,400

7,128

TOTAL RUSSIA

33,370

Singapore - 1.9%

Ascendas Real Estate Investment Trust (A-REIT)

1,119,000

1,587

Cosco Investment (Singapore) Ltd.

501,000

701

CSE Global Ltd.

1,536,000

757

First Engineering Ltd.

655,000

543

GES International Ltd.

1,630,000

754

HTL International Holdings Ltd.

1,422,500

1,137

Jardine Cycle & Carriage Ltd.

170,000

1,369

Common Stocks - continued

Shares

Value (000s)

Singapore - continued

Jurong Technologies Industrial Corp. Ltd.

1,112,000

$ 1,203

Keppel Land Ltd.

930,000

1,799

Mapletree Logistics Trust (REIT)

1,351,000

727

Olam International Ltd.

1,927,000

1,262

Osim International Ltd.

1,627,000

1,193

Parkway Holdings Ltd.

3,765,000

4,751

SembCorp Industries Ltd.

2,707,000

4,473

SembCorp Logistics Ltd.

596,000

652

Sembcorp Marine Ltd.

1,572,000

2,531

SIA Engineering Co. Ltd.

3,791,000

5,740

Singapore Exchange Ltd.

4,137,000

5,419

Singapore Petroleum Co. Ltd.

1,501,000

4,600

TOTAL SINGAPORE

41,198

South Africa - 3.7%

Aflease Gold & Uranium Resources Ltd. (a)

2,182,800

1,620

African Bank Investments Ltd. (a)

3,710,751

11,273

Discovery Holdings Ltd. (a)

2,751,919

8,879

JD Group Ltd.

239,400

2,684

MTN Group Ltd.

1,729,902

12,229

Nedbank Group Ltd.

415,200

5,369

Steinhoff International Holdings Ltd.

13,516,732

34,132

Wilson Bayly Holmes-Ovcon Ltd.

446,856

2,175

TOTAL SOUTH AFRICA

78,361

Spain - 0.3%

Antena 3 Television SA

274,232

5,410

Construcciones y Auxiliar de Ferrocarriles

9,500

1,057

TOTAL SPAIN

6,467

Sweden - 1.9%

Consafe Offshore AB (A Shares) (a)

1,010,000

15,562

Eniro AB

153,028

1,720

Gambro AB (A Shares)

486,000

7,073

Hexagon AB (B Shares)

213,129

4,008

Intrum Justitia AB (a)

375,200

2,755

Mekonomen AB

136,000

1,673

Modern Times Group AB (MTG) (B Shares) (a)

105,200

3,171

Observer AB

1,180,035

5,472

VBG AB (B Shares)

6,710

121

TOTAL SWEDEN

41,555

Common Stocks - continued

Shares

Value (000s)

Switzerland - 0.9%

Actelion Ltd. (Reg.) (a)

18,108

$ 1,942

Amazys Holding AG

54,100

3,525

Barry Callebaut AG

2,861

751

Bucher Holding AG

42,072

2,955

Escor Casino & Entertainment SA

19,770

324

Micronas Semiconductor Holding AG (a)

15,752

624

Mobilezone Holding AG

462,199

1,934

Roche Holding AG (participation certificate)

30,328

4,124

Sulzer AG (Reg.)

2,648

1,268

Swissquote Group Holding SA (a)

18,811

1,790

TOTAL SWITZERLAND

19,237

Taiwan - 0.2%

Motech Industries, Inc.

77,000

1,367

Sino-American Silicon Prds, Inc.

1,099,220

2,394

TOTAL TAIWAN

3,761

Thailand - 0.0%

Bumrungrad Hospital PCL (For. Reg.)

2,330,500

1,085

Turkey - 1.9%

Alarko Gayrimenkul Yatirim Ortakligi AS (a)

49,000

1,681

Atakule Gayrimenkul Yatirim Ortakligi AS

1,033,000

748

Dogan Gazetecilik AS (a)

3,601,955

8,367

Dogan Sirketler Grubu Holding AS (a)

329,500

959

Dogan Yayin Holding AS

689,787

1,935

Efes Sinai Yatirim Holding AS Class B (a)

871,100

6,964

Enka Insaat ve Sanayi AS

633,950

6,550

Is Gayrimenkul Yatirim Ortakligi AS

1,147,700

1,904

Tupras-Turkiye Petrol Rafinerileri AS

525,600

7,690

Turkiye Sinai Kalkinma Bankasi AS

853,754

1,803

Yapi ve Kredi Bankasi AS (a)

515,000

2,253

TOTAL TURKEY

40,854

United Kingdom - 15.2%

Accuma Group PLC

335,366

905

Advanced Technology (UK) PLC (a)(d)

7,355,000

0

AeroBox PLC (a)

5,694,657

575

Afren PLC (d)

13,078,000

8,160

African Copper PLC

1,742,884

1,715

Air Partner PLC

45,000

473

Alba PLC

749,800

5,377

Alliance Pharma PLC (a)(d)

9,299,400

3,065

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Alterian PLC (a)

1,714,000

$ 3,434

Amlin PLC

157,014

511

Andor Technology Ltd.

444,444

820

Anglo Asian Mining PLC (a)

2,605,500

4,053

Appian Technology PLC (a)

1,916,178

278

Appian Technology PLC warrants 2/28/08 (a)(e)

479,045

11

Ascent Resources PLC (a)(d)

12,000,000

1,055

Ascent Resources PLC warrants 6/2/07 (a)

6,000,000

0

Asia Energy PLC (a)

1,532,651

15,650

Atrium Underwriting PLC

257,060

967

BG Group PLC

441,600

3,658

Bioprogress PLC (a)

3,446,213

1,999

Body Shop International PLC

800,000

3,234

BowLeven PLC

842,100

9,102

Caffe Nero Group PLC (a)

282,978

972

Cambrian Mining PLC (a)(d)

6,039,800

16,613

Cambrian Mining PLC warrants 1/25/06 (a)

350,000

0

Cardpoint PLC (a)

345,300

880

Central African Mining & Exploration Co. PLC (a)

16,622,700

3,141

Centurion Electronics PLC (d)

1,751,839

616

Ceres Power Holding PLC

514,200

877

Chaucer Holdings PLC

4,502,400

4,787

Clapham House Group PLC (a)

407,450

913

Cobra Biomanufacturing PLC (a)

701,900

604

Corac Group PLC (a)(d)

4,849,104

2,983

Corin Group PLC

1,122,914

7,648

CSS Stellar PLC (a)

623,908

543

CustomVis PLC (a)

375,215

38

DA Group PLC (a)(d)

2,187,865

2,615

Daniel Stewart Securities PLC (a)

4,229,000

1,022

Domino's Pizza UK & IRL PLC

344,636

2,023

Dream Direct Group PLC (a)

145,000

217

Eclipse Energy Co. Ltd. (e)

102,000

1,345

Entertainment Rights PLC (a)

2,152,089

1,087

Europa Oil & Gas Holdings PLC

1,000,000

475

Europa Oil & Gas Holdings PLC warrants 11/11/07 (a)

500,000

75

European Diamonds PLC (a)

499,300

316

Faroe Petroleum PLC (a)

1,288,906

2,401

Firestone Diamonds PLC (a)

687,000

1,835

Flomerics Group PLC

449,658

589

Forum Energy PLC (e)

499,970

984

Freeport PLC

256,276

1,982

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Future PLC

1,717,169

$ 2,437

Gaming Corp. PLC (a)

9,702,913

2,473

GMA Resources PLC (a)(d)

8,119,274

1,213

Goals Soccer Centres PLC

827,000

1,882

Golden Prospect PLC (a)

5,270,000

3,450

Goldshield Group PLC

416,400

2,031

GTL Resources PLC (a)

13,669,072

649

Gyrus Group PLC (a)

434,400

2,329

Hardide Ltd. (d)

12,401,000

2,588

Healthcare Enterprise Group PLC (a)

6,554,114

8,870

Highbury House Communications PLC

713,914

12

Hydrodec Group PLC

6,231,100

2,820

Ideal Shopping Direct PLC

130,339

739

Imperial College Innovations Ltd. (e)

19,300

2,714

Inchcape PLC

30,122

1,071

Intertek Group PLC

116,310

1,458

ITE Group PLC

4,436,717

8,032

ITM Power PLC (a)

3,042,500

4,920

Jubilee Platinum PLC (a)(d)

4,286,043

2,561

Lambert Howarth Group PLC (d)

1,320,284

6,010

Landround PLC

104,400

532

Lawrence PLC

1,073,124

6,648

London Clubs International PLC (a)

1,172,500

2,246

LTG Technologies PLC (a)

11,517,168

2,404

Manpower Software PLC (a)

258,824

96

Meridian Petroleum PLC

2,747,000

664

Metal Bulletin PLC

820,688

3,595

Mice Group PLC

4,432,324

2,473

Microgen PLC (a)

289,948

415

N Brown Group PLC

439,410

1,259

NDS Group PLC sponsored ADR (a)

105,154

3,810

NETeller PLC (a)

263,100

3,889

NeuTec Pharma PLC (a)

120,000

1,128

Ocean Wilsons Holdings Ltd.

205,311

1,137

Oil Quest Resources PLC (a)(d)

2,362,285

685

Oystertec PLC (a)

7,009,687

1,324

P&MM Group PLC (d)

2,035,000

2,700

Phytopharm PLC (a)

936,820

1,383

Pilat Media Global PLC (a)(d)

2,880,000

2,455

Platinum Mining Corp. of India PLC (d)

12,520,800

3,191

PlusNet Technologies Ltd.

1,312,355

6,170

Premier Oil PLC (a)

159,291

2,019

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

Primary Health Properties PLC

80,000

$ 451

Proteome Sciences PLC (a)

1,339,442

2,119

Psion PLC

871,973

1,011

Punch Graphix PLC

909,100

1,909

Pureprofile Media PLC (e)

680,000

598

Pureprofile Media PLC warrants 7/31/06 (a)(e)

680,000

0

QA PLC (a)

13,554,656

405

Rambler Metals & Mining PLC

1,300,000

1,131

Rheochem PLC (d)

8,728,300

2,148

Rheochem PLC warrants 12/21/07 (a)

4,364,150

0

Royalblue Group PLC

45,073

449

Sanctuary Group PLC

763,757

282

Scapa Group PLC

3,660,400

1,351

SDL PLC (a)

1,450,000

3,568

Sibir Energy PLC (a)

116,280

494

Sinclair Pharma PLC (a)

1,786,758

4,098

SkyePharma PLC (a)

124,100

130

Sondex PLC

260,100

1,184

Spark Networks PLC unit (a)

536,133

4,843

Spice Holdings PLC

1,362,100

5,327

Sportingbet PLC (a)

345,100

2,247

Stem Cell Sciences PLC

721,649

1,268

Sterling Energy PLC (a)

3,843,700

1,368

SubSea Resources PLC (d)

8,644,100

4,330

SubSea Resources PLC warrants 11/4/09 (a)

1,805,625

452

Synergy Healthcare PLC

314,553

2,535

Taghmen Energy PLC (a)(d)

2,578,673

2,606

Taghmen Energy PLC warrants 7/30/06 (a)

2,279,573

343

Tanfield Group PLC (a)

7,300,000

2,566

Teesland PLC (a)

1,380,000

1,674

Tikit Group PLC (d)

785,062

2,580

Toledo Mining Corp. PLC (a)

480,000

801

Triple Plate Junction PLC (a)

3,638,000

1,343

Triple Plate Junction PLC warrants 12/31/05 (a)

1,818,750

0

Tristel PLC

673,918

492

UK Coal PLC

1,087,069

2,637

ukbetting PLC (a)

2,517,419

2,599

Unibet Group PLC unit

474,256

10,690

Urbium PLC

70,655

1,121

Whatman PLC

514,900

2,516

White Nile Ltd. (a)

200,000

355

William Hill PLC

333,186

3,379

Common Stocks - continued

Shares

Value (000s)

United Kingdom - continued

William Ransom & Son PLC

3,629,500

$ 3,413

Windsor PLC

700,000

560

Wolfson Microelectronics PLC (a)

685,250

2,084

World Gaming PLC (a)

1,332,300

4,449

XN Checkout Holdings PLC (a)

160,000

820

ZincOx Resources PLC (a)

970,000

2,208

TOTAL UNITED KINGDOM

324,039

United States of America - 2.0%

121Media, Inc. (d)

460,705

1,607

Central European Distribution Corp. (a)

49,300

1,840

Chindex International, Inc. (a)

138,900

656

Cyberscan Technology, Inc.

65,500

814

Frontera Resources Corp.

2,300,000

4,790

Frontier Mining Ltd. (d)

6,115,691

2,714

Gatekeeper Systems LLC

224,350

177

Marathon Oil Corp.

39,900

2,329

NTL, Inc. (a)

49,300

3,285

Private Media Group, Inc. (a)

283,400

822

ResMed, Inc. CHESS Depositary Interests (a)

809,763

5,382

Solar Integrated Technologies, Inc. (a)

1,160,973

3,132

Trico Marine Services, Inc. (a)

67,200

1,381

UTEK Corp. (Reg. S)

43,442

510

Valero Energy Corp.

41,400

3,427

XL TechGroup, Inc.

1,442,680

9,255

TOTAL UNITED STATES OF AMERICA

42,121

TOTAL COMMON STOCKS

(Cost $1,720,901)

2,082,274

Nonconvertible Preferred Stocks - 0.6%

Germany - 0.4%

Fresenius AG

57,705

7,413

Italy - 0.2%

Buzzi Unicem Spa (Risp)

483,900

5,144

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $7,876)

12,557

Investment Companies - 0.1%

Shares

Value (000s)

United Kingdom - 0.1%

Black Sea Property Fund Ltd. (a)
(Cost $1,882)

4,900,000

$ 2,024

Nonconvertible Bonds - 0.0%

Principal Amount (000s)

Norway - 0.0%

Songa Offshore ASA 6.5% 6/8/10
(Cost $800)

$ 800

740

Money Market Funds - 7.1%

Shares

Fidelity Cash Central Fund, 3.31% (b)

34,645,095

34,645

Fidelity Securities Lending Cash Central Fund, 3.32% (b)(c)

116,642,223

116,642

TOTAL MONEY MARKET FUNDS

(Cost $151,287)

151,287

TOTAL INVESTMENT PORTFOLIO - 105.2%

(Cost $1,882,746)

2,248,882

NET OTHER ASSETS - (5.2)%

(110,206)

NET ASSETS - 100%

$ 2,138,676

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 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) Affiliated company

(e) 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 $7,484,000 or 0.3% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Appian Technology PLC warrants 2/28/08

2/18/05

$ 0

Eclipse Energy Co. Ltd.

4/28/05

$ 1,459

Forum Energy PLC

5/10/05

$ 941

Imperial College Innovations Ltd.

4/27/05

$ 2,942

Pertra Midt-Norges AS

6/28/05

$ 911

Pureprofile Media PLC

5/3/05

$ 644

Pureprofile Media PLC warrants 7/31/06

5/3/05

$ 0

Songa Offshore ASA

5/19/05

$ 193

Songa Offshore ASA warrants 5/20/08

6/8/05

$ 0

Other Information

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period 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

121Media, Inc.

$ -

$ 2,195

$ -

$ -

$ 1,607

Advanced Technology (UK) PLC

558

-

-

-

-

Afren PLC

-

3,214

328

-

8,160

Alliance Pharma PLC

1,812

835

214

-

3,065

Ascent Resources PLC

-

994

-

-

1,055

Aztec Resources Ltd.

-

5,036

2,816

-

-

BDI Mining Corp.

-

2,456

-

-

2,032

Cambrian Mining PLC

-

17,979

-

-

16,613

Centurion Electronics PLC

-

1,979

-

15

616

Corac Group PLC

2,460

92

-

-

2,983

DA Group PLC

-

2,300

113

-

2,615

Fox Resources Ltd.

487

1,126

-

-

1,299

Frontier Mining Ltd.

1,443

774

-

-

2,714

GMA Resources PLC

1,955

427

-

-

1,213

Hardide Ltd.

919

992

-

-

2,588

Hudbay Minerals, Inc. (formerly Ontzinc Corp.)

1,841

-

1,328

-

-

Jubilee Platinum PLC

1,823

728

463

-

2,561

Kura Corp. Ltd.

2,689

6,151

-

1

11,083

Lambert Howarth Group PLC

6,551

-

-

276

6,010

Leadcom Integrated Solutions

-

3,139

-

-

3,537

Oil Quest Resources PLC (formerly Hereward Ventures PLC)

167

874

-

-

685

P&MM Group PLC

2,300

-

-

-

2,700

Pilat Media Global PLC

2,196

-

-

-

2,455

Platinum Mining Corp. of India PLC

-

4,947

-

-

3,191

Rheochem PLC

-

2,692

-

-

2,148

Sphere Investments Ltd.

-

2,582

-

-

2,436

Starfield Resources, Inc.

-

4,654

-

-

4,155

Stepstone ASA

-

5,430

-

-

5,276

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

SubSea Resources PLC

$ 2,654

$ 560

$ -

$ -

$ 4,330

Sylvania Resources Ltd.

-

1,895

-

-

1,558

Taghmen Energy PLC

1,482

376

-

-

2,606

Tanfield Group PLC

-

2,429

-

-

-

Teleunit Spa

2,572

1,019

-

-

3,401

Tikit Group PLC

2,155

-

111

22

2,580

William Ransom & Son PLC

2,393

686

-

26

-

Total

$ 38,457

$ 78,561

$ 4,045

$ 340

$ 107,272

Income Tax Information

At July 31, 2005, the aggregate cost of investment securities for income tax purposes was $1,884,106,000. Net unrealized appreciation aggregated $364,776,000, of which $441,707,000 related to appreciated investment securities and $76,931,000 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Japan Fund

July 31, 2005

1.804854.101

JPN-QTLY-0905

Investments July 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%

Shares

Value

CONSUMER DISCRETIONARY - 28.6%

Auto Components - 1.2%

Bridgestone Corp.

11,000

$ 215,216

NOK Corp.

10,800

274,694

Riken Corp.

528,000

3,099,115

Stanley Electric Co. Ltd.

253,300

4,000,719

Tokai Rika Co. Ltd.

82,700

1,419,458

9,009,202

Automobiles - 4.8%

Honda Motor Co. Ltd.

24,100

1,242,114

Mazda Motor Corp.

4,134,000

16,507,324

Toyota Motor Corp.

452,700

17,170,912

34,920,350

Diversified Consumer Services - 0.7%

Benesse Corp.

109,100

3,638,446

Riso Kyoiku Co. Ltd.

14,251

1,219,215

4,857,661

Hotels, Restaurants & Leisure - 0.5%

H.I.S. Co. Ltd.

75,600

1,536,271

Taito Corp.

1,601

2,235,377

3,771,648

Household Durables - 6.1%

Casio Computer Co. Ltd.

1,050,200

13,523,853

Matsushita Electric Industrial Co. Ltd.

1,188,000

19,269,361

Sekisui Chemical Co. Ltd.

670,000

4,337,765

Sony Corp.

128,800

4,187,288

Sumitomo Forestry Co. Ltd.

376,000

3,484,299

44,802,566

Internet & Catalog Retail - 1.1%

Rakuten, Inc.

10,124

7,761,028

Leisure Equipment & Products - 3.0%

Bandai Co. Ltd.

198,800

4,340,380

Sega Sammy Holdings, Inc.

281,900

17,423,674

21,764,054

Media - 0.4%

cyber communications, Inc. (a)

292

649,206

Usen Corp.

76,170

2,181,221

2,830,427

Multiline Retail - 2.4%

The Daimaru, Inc.

1,900,000

17,251,990

Specialty Retail - 6.4%

Fast Retailing Co. Ltd.

150,500

8,820,268

FT Communications Co. Ltd.

242

1,235,342

Otsuka Kagu Ltd.

391,700

9,370,564

Toys R Us Japan Ltd.

42,300

584,966

United Arrows Ltd.

175,900

6,179,066

Yamada Denki Co. Ltd.

371,700

20,990,663

47,180,869

Shares

Value

Textiles, Apparel & Luxury Goods - 2.0%

Onward Kashiyama Co. Ltd.

945,000

$ 12,816,266

Renown D'urban Holdings, Inc. (a)

179,000

1,762,222

14,578,488

TOTAL CONSUMER DISCRETIONARY

208,728,283

CONSUMER STAPLES - 5.0%

Beverages - 0.1%

Asahi Breweries Ltd.

31,700

357,469

Food & Staples Retailing - 3.2%

Ito-Yokado Ltd.

517,100

17,199,111

Matsumotokiyoshi Co. Ltd.

232,100

6,068,514

23,267,625

Food Products - 0.8%

Hokuto Corp.

66,500

1,318,823

Kibun Food Chemifa Co. Ltd.

181,200

4,616,817

5,935,640

Household Products - 0.6%

Kao Corp.

35,000

799,947

Uni-Charm Corp.

89,700

3,454,142

4,254,089

Personal Products - 0.3%

Fancl Corp.

54,500

2,428,254

TOTAL CONSUMER STAPLES

36,243,077

ENERGY - 6.8%

Oil, Gas & Consumable Fuels - 6.8%

INPEX Corp.

1,823

11,786,394

Nippon Mining Holdings, Inc.

1,776,500

10,569,421

Nippon Oil Corp.

2,692,000

18,482,139

TonenGeneral Sekiyu KK

862,000

9,168,501

50,006,455

FINANCIALS - 17.2%

Capital Markets - 2.0%

Nikko Cordial Corp.

1,859,000

7,968,678

Nomura Holdings, Inc.

410,700

4,883,223

SMBC Friend Securities Co. Ltd.

393,500

1,949,215

14,801,116

Commercial Banks - 9.2%

Juroku Bank Ltd.

369,000

2,096,945

Mitsui Trust Holdings, Inc.

721,000

7,296,883

Mizuho Financial Group, Inc.

5,084

22,923,101

Nishi-Nippon City Bank Ltd.

826,300

3,372,953

Ogaki Kyoritsu Bank Ltd.

317,000

1,801,441

Sumitomo Mitsui Financial Group, Inc.

3,993

26,313,425

The Keiyo Bank Ltd.

246,000

1,236,071

Tokyo Tomin Bank Ltd.

88,000

2,171,728

67,212,547

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Consumer Finance - 3.4%

Credit Saison Co. Ltd.

214,600

$ 7,156,832

Nissin Co. Ltd.

4,420,500

9,356,388

OMC Card, Inc.

299,000

3,977,981

SFCG Co. Ltd.

17,040

3,833,981

24,325,182

Insurance - 1.0%

T&D Holdings, Inc.

156,550

7,420,619

Real Estate - 1.6%

Mitsui Fudosan Co. Ltd.

475,000

5,411,312

Sumitomo Realty & Development Co. Ltd.

563,000

6,218,560

11,629,872

TOTAL FINANCIALS

125,389,336

HEALTH CARE - 5.7%

Health Care Equipment & Supplies - 0.8%

Hogy Medical Co.

93,000

4,896,261

Terumo Corp.

31,700

888,034

5,784,295

Pharmaceuticals - 4.9%

Astellas Pharma, Inc.

376,400

12,251,537

Sankyo Co. Ltd.

682,500

13,474,588

Takeda Pharamaceutical Co. Ltd.

204,100

10,436,881

36,163,006

TOTAL HEALTH CARE

41,947,301

INDUSTRIALS - 9.6%

Building Products - 0.2%

Asahi Glass Co. Ltd.

150,000

1,448,708

Toto Ltd.

18,000

138,948

1,587,656

Construction & Engineering - 3.8%

Chiyoda Corp.

106,000

1,470,586

JGC Corp.

2,132,000

26,525,575

27,996,161

Machinery - 5.3%

Koyo Seiko Co. Ltd.

985,000

13,866,824

Mitsui Engineering & Shipbuilding Co.

5,942,000

12,259,719

Nabtesco Corp.

518,000

3,777,491

Nikkiso Co. Ltd.

792,000

4,916,324

Shinmaywa Industries Ltd.

403,000

2,390,511

THK Co. Ltd.

68,600

1,519,089

38,729,958

Road & Rail - 0.2%

East Japan Railway Co.

264

1,295,994

Shares

Value

Transportation Infrastructure - 0.1%

Kamigumi Co. Ltd.

53,000

$ 403,940

TOTAL INDUSTRIALS

70,013,709

INFORMATION TECHNOLOGY - 16.1%

Computers & Peripherals - 0.8%

Fujitsu Ltd.

1,061,000

5,935,071

Electronic Equipment & Instruments - 5.8%

Hoya Corp.

59,400

7,321,660

Nidec Corp.

36,900

3,990,431

Nihon Dempa Kogyo Co. Ltd.

119,200

3,000,009

Nippon Chemi-con Corp.

281,000

1,596,861

Nippon Electric Glass Co. Ltd.

245,000

3,677,887

Yamatake Corp.

558,500

10,231,758

Yaskawa Electric Corp. (a)

1,632,000

10,624,074

Yokogawa Electric Corp.

127,200

1,572,395

42,015,075

Internet Software & Services - 3.2%

Index Corp.

1,020

2,975,321

livedoor Co. Ltd. (a)

758,373

3,183,352

Softbank Corp.

153,000

6,272,667

Yahoo! Japan Corp.

5,119

11,016,924

23,448,264

IT Services - 2.3%

ITOCHU TECHNO-SCIENCE Corp. (CTC)

54,500

1,798,168

NTT Data Corp.

2,146

7,099,578

Otsuka Corp.

93,200

8,039,842

16,937,588

Office Electronics - 0.1%

Canon, Inc.

10,600

521,202

Semiconductors & Semiconductor Equipment - 0.8%

Sanken Electric Co. Ltd.

534,000

6,206,928

Software - 3.1%

Nintendo Co. Ltd.

150,900

15,835,476

Square Enix Co. Ltd.

235,000

6,666,815

22,502,291

TOTAL INFORMATION TECHNOLOGY

117,566,419

MATERIALS - 8.8%

Chemicals - 4.6%

JSR Corp.

73,900

1,462,293

Kuraray Co. Ltd.

721,000

6,463,320

Nitto Denko Corp.

29,900

1,643,310

Teijin Ltd.

3,756,000

17,135,738

Toho Tenax Co. Ltd. (a)

1,485,000

6,444,751

33,149,412

Containers & Packaging - 0.2%

Fuji Seal International, Inc.

56,300

1,747,405

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - 4.0%

Sumitomo Light Metal Industries Ltd.

1,812,000

$ 3,110,107

Sumitomo Metal Industries Ltd.

1,882,000

3,431,100

Sumitomo Metal Mining Co. Ltd.

2,287,000

15,803,273

Sumitomo Titanium Corp.

11,300

1,442,083

Toho Titanium Co. Ltd.

139,000

5,587,443

29,374,006

TOTAL MATERIALS

64,270,823

TOTAL COMMON STOCKS

(Cost $673,868,864)

714,165,403

Money Market Funds - 9.9%

Fidelity Cash Central Fund, 3.31% (b)

6,982,132

6,982,132

Fidelity Securities Lending Cash Central Fund, 3.32% (b)(c)

65,319,226

65,319,226

TOTAL MONEY MARKET FUNDS

(Cost $72,301,358)

72,301,358

TOTAL INVESTMENT PORTFOLIO - 107.7%

(Cost $746,170,222)

786,466,761

NET OTHER ASSETS - (7.7)%

(56,327,250)

NET ASSETS - 100%

$ 730,139,511

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 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.

Income Tax Information

At July 31, 2005, the aggregate cost of investment securities for income tax purposes was $746,429,520. Net unrealized appreciation aggregated $40,037,241, of which $71,635,053 related to appreciated investment securities and $31,597,812 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Japan Smaller Companies Fund

July 31, 2005

1.804823.101

JSC-QTLY-0905

Investments July 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%

Shares

Value

CONSUMER DISCRETIONARY - 24.8%

Auto Components - 3.5%

Alpha Corp.

76,600

$ 3,011,000

Fine Sinter Co. Ltd.

458,000

1,816,604

Fuji Kiko Co. Ltd.

1,139,000

4,396,158

Kuriyama Corp.

74,100

271,503

NHK Spring Co. Ltd.

2,220,000

17,887,145

Nissin Kogyo Co. Ltd.

65,600

2,438,597

NOK Corp.

334,700

8,512,980

Pacific Industrial Co. Ltd.

184,000

811,632

Suncall Corp.

96,000

529,325

Teikoku Piston Ring Co. Ltd.

210,700

2,398,470

42,073,414

Distributors - 0.2%

Crymson Co. Ltd.

954

1,908,933

Diversified Consumer Services - 1.9%

Best Bridal, Inc.

248

4,080,217

Human Holdings Co. Ltd.

509

837,432

Human Holdings Co. Ltd. New (a)

517

850,594

Studio Alice Co. Ltd.

383,000

7,493,441

Take & Give Needs Co. Ltd. (a)

8,000

9,320,112

22,581,796

Hotels, Restaurants & Leisure - 3.1%

H.I.S. Co. Ltd.

264,500

5,374,917

Kazokutei Co. Ltd.

11,000

47,250

Rex Holdings Co. Ltd.

4,752

22,398,151

Tenpo Ryutsuu Net, Inc.

823

3,732,758

Zensho Co. Ltd.

250,000

5,769,488

37,322,564

Household Durables - 0.4%

Sanrio Co. Ltd. (a)

466,800

4,641,224

Internet & Catalog Retail - 0.4%

Netprice Ltd.

177

901,961

Prime Network, Inc. (a)

2,108

2,287,127

Rakuten, Inc.

2,377

1,822,201

5,011,289

Leisure Equipment & Products - 0.6%

Endo Manufacturing Co. Ltd.

346,000

3,077,060

Kimoto Co. Ltd.

170,900

1,831,424

Sankyo Co. Ltd. (Gunma)

53,800

2,497,541

7,406,025

Media - 4.6%

Cyber Agent Ltd.

2,828

12,298,386

cyber communications, Inc. (a)

1,190

2,645,738

Gakken Co. Ltd.

118,000

312,722

Gendai Agency, Inc.

484

1,949,860

KG Intelligence Co. Ltd.

88,200

676,139

Opt, Inc. (a)

479

2,117,151

Opt, Inc. New (a)

2,022

8,937,116

Oricon, Inc.

469

700,716

Shares

Value

Usen Corp.

869,460

$ 24,898,051

Zenrin Co. Ltd.

66,300

1,101,413

55,637,292

Specialty Retail - 9.6%

Arc Land Sakamoto Co. Ltd.

445,500

7,079,982

Culture Convenience Club Co. Ltd.

311,900

8,099,498

FT Communications Co. Ltd.

525

2,679,977

Hikari Tsushin, Inc.

539,100

37,204,112

Meganesuper Co. Ltd.

281,200

3,898,713

Nihon Optical Co. Ltd.

87,300

567,533

Nishimatsuya Chain Co. Ltd.

441,200

11,417,956

Pal Co. Ltd.

94,050

4,274,050

USS Co. Ltd.

377,280

25,231,408

Yamada Denki Co. Ltd.

275,800

15,574,993

116,028,222

Textiles, Apparel & Luxury Goods - 0.5%

Seiren Co. Ltd.

550,000

5,791,276

Workman Co. Ltd.

20,100

461,185

6,252,461

TOTAL CONSUMER DISCRETIONARY

298,863,220

CONSUMER STAPLES - 4.7%

Food & Staples Retailing - 2.4%

Cosmos Pharmaceutical Corp.

253,000

8,099,960

Itochushokuhin Co. Ltd.

70,900

2,515,817

Kirindo Co. Ltd.

97,900

1,017,787

Kraft, Inc.

128,600

3,145,093

Nihon Chouzai Co. Ltd.

241,900

7,206,768

Plant Co. Ltd.

57,800

698,566

Valor Co. Ltd.

206,300

5,742,532

28,426,523

Food Products - 2.0%

Frente Co. Ltd.

90,100

3,990,378

Hokuto Corp.

320,000

6,346,214

Kameda Seika Co. Ltd.

59,000

527,324

Kibun Food Chemifa Co. Ltd.

350,000

8,917,693

Nippon Suisan Kaisha Co. Ltd.

509,000

2,046,049

Warabeya Nichiyo Co. Ltd.

113,400

1,806,211

23,633,869

Household Products - 0.1%

Pigeon Corp.

108,100

1,567,015

Personal Products - 0.2%

Fancl Corp.

65,500

2,918,360

TOTAL CONSUMER STAPLES

56,545,767

ENERGY - 1.7%

Energy Equipment & Services - 0.2%

Modec, Inc.

79,100

1,906,363

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - 1.5%

Japan Petroleum Exploration Co. Ltd.

51,200

$ 2,303,989

Teikoku Oil Co. Ltd.

2,135,000

16,157,989

18,461,978

TOTAL ENERGY

20,368,341

FINANCIALS - 7.5%

Capital Markets - 1.2%

E*Trade Securities Co. Ltd.

2,185

6,334,742

Matsui Securities Co. Ltd.

535,100

4,834,911

SMBC Friend Securities Co. Ltd.

685,000

3,393,170

14,562,823

Commercial Banks - 2.9%

Bank of Yokohama Ltd.

1,361,000

7,722,158

Chiba Bank Ltd.

546,000

3,520,388

Ehime Bank Ltd.

400,000

1,501,178

Juroku Bank Ltd.

326,000

1,852,586

Mitsui Trust Holdings, Inc.

1,285,000

13,004,847

The Keiyo Bank Ltd.

300,000

1,507,404

Tokyo Tomin Bank Ltd.

206,300

5,091,223

34,199,784

Consumer Finance - 0.6%

Credit Saison Co. Ltd.

84,600

2,821,379

Pocket Card Co. Ltd.

106,300

2,183,761

SFCG Co. Ltd.

11,090

2,495,238

7,500,378

Diversified Financial Services - 0.3%

Sumisho Lease Co. Ltd.

97,600

3,506,639

Real Estate - 2.5%

Apamanshop Network Co. Ltd.

7,956

12,735,828

Kenedix, Inc.

314

1,069,518

KK daVinci Advisors (a)

4,166

14,115,755

Yasuragi Co. Ltd. (a)

80,000

2,347,815

30,268,916

TOTAL FINANCIALS

90,038,540

HEALTH CARE - 2.9%

Health Care Equipment & Supplies - 1.9%

Asahi Intecc Co. Ltd.

42,300

959,269

Asahi Intecc Co. Ltd. New (a)

42,300

959,269

Hogy Medical Co.

320,700

16,884,202

Nakanishi, Inc.

42,000

4,108,676

22,911,416

Health Care Providers & Services - 0.4%

Tokai Corp.

298,700

4,491,989

Shares

Value

Pharmaceuticals - 0.6%

Fuji Pharmaceutical Co. Ltd.

167,600

$ 1,660,424

Sawai Pharmaceutical Co. Ltd.

195,100

5,569,576

7,230,000

TOTAL HEALTH CARE

34,633,405

INDUSTRIALS - 21.0%

Air Freight & Logistics - 0.9%

Kintetsu World Express, Inc.

261,800

4,900,965

Yusen Air & Sea Service Co. Ltd.

158,300

5,757,900

10,658,865

Building Products - 0.3%

Comany, Inc.

78,300

1,295,193

Wavelock Holdings Co. Ltd.

282,500

2,522,389

3,817,582

Commercial Services & Supplies - 6.8%

ARRK Corp.

331,500

15,831,340

Career Design Center Co. Ltd. (d)

1,752

13,493,104

Certo Corp.

77,200

2,183,254

Fullcast Co. Ltd.

1,082

2,732,785

Gakujo Co. Ltd.

25,200

1,474,641

Ichinen Co. Ltd.

696,000

4,134,715

Intelligence Ltd.

3,000

8,083,952

J Bridge Corp. (a)

400,000

7,363,600

Moc Corp.

926

3,285,820

Nac Co. Ltd.

170,000

2,706,212

Nisca Corp.

71,900

1,320,410

Prestige International, Inc. (a)

2,534

6,377,536

Relo Holdings Corp.

305,900

4,189,480

TFP Consulting Group Co. Ltd.

496

3,065,677

The First Energy Service Co. Ltd.

203

5,036,863

81,279,389

Construction & Engineering - 3.2%

Chiyoda Corp.

595,000

8,254,703

COMSYS Holdings Corp.

867,000

8,242,457

Kyowa Exeo Corp.

857,000

7,560,532

Token Corp.

415,000

13,950,821

38,008,513

Electrical Equipment - 1.9%

Chiyoda Integre Co. Ltd.

544,500

11,742,741

Endo Lighting Corp.

470,000

5,897,728

Iwabuchi Corp.

247,000

1,647,472

Sansha Electric Manufacturing Co. Ltd.

149,000

800,356

Sumitomo Electric Industries Ltd.

260,000

2,915,737

23,004,034

Machinery - 4.7%

Fuji Seiko Ltd.

89,000

565,921

Kitz Corp.

1,091,000

5,608,057

Koyo Seiko Co. Ltd.

826,000

11,628,423

Nihon Ceratec Co. Ltd.

688

3,707,840

Nihon Trim Co. Ltd.

63,350

3,594,406

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Machinery - continued

Nitta Corp.

572,600

$ 8,218,920

NTN Corp.

2,240,000

12,609,899

Obara Corp.

81,700

3,320,459

THK Co. Ltd.

355,100

7,863,391

57,117,316

Marine - 0.6%

Mitsui O.S.K. Lines Ltd.

1,171,000

7,508,480

Road & Rail - 0.7%

Hamakyorex Co. Ltd.

235,100

7,986,856

Trading Companies & Distributors - 1.9%

IBJ Leasing Co. Ltd.

298,500

5,322,536

Itochu Corp.

1,670,000

8,688,248

Marubeni Corp.

1,833,000

6,813,945

Parker Corp.

86,000

864,245

STB Leasing Co. Ltd.

58,900

966,956

22,655,930

TOTAL INDUSTRIALS

252,036,965

INFORMATION TECHNOLOGY - 28.6%

Communications Equipment - 1.3%

Allied Telesis Holdings KK

400,000

3,091,289

Tamura Taiko Holdings, Inc.

1,488,000

12,121,553

15,212,842

Computers & Peripherals - 1.1%

Meiko Electronics Co. Ltd.

377,800

13,237,868

Electronic Equipment & Instruments - 9.7%

A&D Co. Ltd.

127,400

2,220,677

EM Systems Co. Ltd.

109,400

654,775

Excel Co. Ltd.

171,600

3,838,090

Forval Corp.

395,600

5,780,344

Hamamatsu Photonics KK

546,000

11,750,812

Honda Tsushin Kogyo Co. Ltd.

285,200

1,699,355

Ibiden Co. Ltd.

695,300

18,674,072

Iriso Electronics Co. Ltd.

11,900

268,807

KAGA ELECTRONICS Co. Ltd.

533,300

10,837,214

Nagano Keiki Co. Ltd.

269,000

4,210,414

Nexus Co. Ltd.

1,009

3,015,021

Nippon Chemi-con Corp.

594,000

3,375,570

Nippon Electric Glass Co. Ltd.

1,250,000

18,764,730

Optex Co. Ltd.

133,100

3,403,108

Optoelectronics Co. Ltd.

93,100

3,195,927

Shibaura Electronics Co. Ltd.

115,200

1,475,281

Siix Corp.

372,300

4,714,796

SK-Electronics Co. Ltd.

1,042

3,484,299

Sokkia Co. Ltd.

151,000

443,150

Sunx Ltd.

370,900

5,468,916

Tietech Co. Ltd.

324,000

3,457,691

Yokogawa Electric Corp.

455,700

5,633,181

116,366,230

Shares

Value

Internet Software & Services - 8.6%

Club iT Corp. (a)

250,000

$ 5,469,341

eAccess Ltd.

4,125

2,861,399

Excite Japan Co. Ltd.

550

3,991,285

Excite Japan Co. Ltd. New (a)

550

3,991,285

Gourmet Navigator, Inc.

139

648,984

Gourmet Navigator, Inc. New (a)

620

2,894,749

I-CF, Inc. (a)

4,900

14,511,095

Index Corp.

5,800

16,918,494

livedoor Co. Ltd. (a)

5,952,487

24,986,206

Sammy NetWorks Co. Ltd.

389

5,673,529

Telewave, Inc.

4,723

21,673,423

103,619,790

IT Services - 3.1%

Cyber Firm, Inc. (a)

600

1,707,502

Faith, Inc.

2,099

5,394,735

Future System Consulting Corp.

1,690

3,892,659

Net One Systems Co. Ltd.

2,000

5,122,505

Otsuka Corp.

206,500

17,813,598

TIS, Inc.

106,600

3,128,463

37,059,462

Office Electronics - 1.2%

Canon Fintech, Inc.

454,000

9,649,696

Riso Kagaku Corp.

138,700

5,254,676

14,904,372

Semiconductors & Semiconductor Equipment - 0.6%

AOI Electronics Co. Ltd.

27,800

405,460

Elpida Memory, Inc.

20,000

679,443

Sanken Electric Co. Ltd.

218,000

2,533,914

Yamaichi Electronics Co. Ltd.

295,900

4,213,046

7,831,863

Software - 3.0%

Advanced Media, Inc. Japan

521

4,605,576

Intelligent Wave, Inc.

3,402

8,168,794

KOEI Co. Ltd.

30,700

700,302

Square Enix Co. Ltd.

24,300

689,377

VIC Tokai Corp.

403,200

4,016,044

Works Applications Co. Ltd. (a)

16,146

17,518,005

35,698,098

TOTAL INFORMATION TECHNOLOGY

343,930,525

MATERIALS - 6.5%

Chemicals - 3.6%

Asahi Denka Co. Ltd.

418,000

4,256,392

C. Uyemura & Co. Ltd.

251,000

9,129,708

JSP Corp.

404,600

4,137,934

Lintec Corp.

603,200

9,908,048

Nihon Micro Coating Co. Ltd. (a)

47,000

480,679

Osaka Organic Chemical Industry Ltd.

386,700

2,978,187

Soken Chemical & Engineer Co. Ltd.

72,800

1,790,137

Taiyo Kagaku

363,400

4,592,391

Common Stocks - continued

Shares

Value

MATERIALS - continued

Chemicals - continued

Tohcello Co. Ltd.

731,500

$ 4,410,663

Tokai Carbon Co. Ltd.

313,000

1,389,008

43,073,147

Containers & Packaging - 0.5%

Fuji Seal International, Inc.

185,000

5,741,918

Sun A Kaken Co. Ltd.

70,300

862,769

6,604,687

Metals & Mining - 2.3%

Aichi Steel Corp.

1,100,000

6,133,666

Kobe Steel Ltd.

3,000,000

6,189,693

Sumitomo Metal Industries Ltd.

3,066,000

5,589,666

Sumitomo Metal Mining Co. Ltd.

761,000

5,258,544

Sumitomo Titanium Corp.

40,000

5,104,718

28,276,287

Paper & Forest Products - 0.1%

Kokusai Chart Corp.

69,100

709,774

TOTAL MATERIALS

78,663,895

TELECOMMUNICATION SERVICES - 0.3%

Diversified Telecommunication Services - 0.3%

Mitsui & Associates Telepark Corp.

1,227

3,982,881

TOTAL COMMON STOCKS

(Cost $889,496,855)

1,179,063,539

Money Market Funds - 19.1%

Fidelity Cash Central Fund, 3.31% (b)

26,538,864

26,538,864

Fidelity Securities Lending Cash Central Fund, 3.32% (b)(c)

203,759,609

203,759,609

TOTAL MONEY MARKET FUNDS

(Cost $230,298,473)

230,298,473

TOTAL INVESTMENT PORTFOLIO - 117.1%

(Cost $1,119,795,328)

1,409,362,012

NET OTHER ASSETS - (17.1)%

(206,007,740)

NET ASSETS - 100%

$ 1,203,354,272

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 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) Affiliated company

Other Information

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period with companies which are or were affiliates are as follows:

Affiliates

Value, beginning of period

Purchases

Sales
Proceeds

Dividend Income

Value,
end of
period

Career Design Center Co. Ltd.

$ -

$ 9,166,362

$ 742,782

$ -

$ 13,493,104

Chiyoda Integre Co. Ltd.

14,601,757

-

5,596,133

-

-

I-CF, Inc.

-

16,287,616

-

-

-

Total

$ 14,601,757

$ 25,453,978

$ 6,338,915

$ -

$ 13,493,104

Income Tax Information

At July 31, 2005, the aggregate cost of investment securities for income tax purposes was $1,120,183,032. Net unrealized appreciation aggregated $289,178,980, of which $326,991,017 related to appreciated investment securities and $37,812,037 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Latin America Fund

July 31, 2005

1.804841.101

LAF-QTLY-0905

Investments July 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%

Shares

Value

Argentina - 0.5%

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

77,400

$ 926,478

Telecom Argentina SA Class B sponsored ADR (a)

271,000

3,414,600

TOTAL ARGENTINA

4,341,078

Brazil - 50.6%

AES Tiete SA (PN)

217,900,000

4,057,354

Aracruz Celulose SA (PN-B) sponsored ADR

156,000

5,804,760

Banco Bradesco SA:

(PN)

547,177

19,092,106

(PN) sponsored ADR (non-vtg.)

557,550

19,413,891

Banco Itau Holding Financeira SA:

(PN)

179,504

33,800,502

sponsored ADR (non-vtg.)

50,000

4,698,000

Braskem SA (PN-A)

2,800

26,655

Caemi Mineracao E Metalurgia SA (PN)

9,665,400

10,417,311

Centrais Electricas Brasileiras SA (Electrobras) (PN-B)

628,865,300

8,107,075

Companhia de Bebidas das Americas (AmBev):

(PN) sponsored ADR

412,026

12,818,129

sponsored ADR

74,145

1,838,796

Companhia de Concessoes Rodoviarias

90,800

2,041,048

Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) sponsored ADR

183,500

2,774,520

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

116,300

3,775,098

Companhia Siderurgica de Tubarao (CST) (PN)

49,305,700

2,863,845

Companhia Siderurgica Nacional SA (CSN) sponsored ADR

1,058,300

19,769,044

Companhia Vale do Rio Doce:

(PN-A)

214,000

6,008,513

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

968,600

26,975,510

sponsored ADR

939,300

30,583,608

Diagnosticos da America SA

411,500

5,177,186

Embratel Participacoes SA sponsored ADR (a)

829,000

7,875,500

Empresa Nacional de Comercio Redito e Participacoes SA (PN) (a)

11,465,310

57,747

Energias do Brasil SA

462,000

4,214,091

Gerdau SA

170,550

1,405,455

Gerdau SA sponsored ADR

1,520,230

15,795,190

Lojas Renner SA

344,800

6,651,625

Natura Cosmeticos SA

63,900

2,143,846

Petroleo Brasileiro SA Petrobras:

(PN)

448,470

20,500,411

(PN) sponsored ADR (non-vtg.)

877,300

40,110,156

Shares

Value

sponsored ADR (a)

773,000

$ 40,636,610

Sadia SA (PN)

1,194,300

2,379,084

Tam SA (PN) (a)

516,000

4,003,355

Tele Norte Leste Participacoes SA

223,100

4,668,773

Tele Norte Leste Participacoes SA sponsored ADR (non-vtg.)

846,600

13,266,222

Uniao de Bancos Brasileiros SA (Unibanco):

unit

150,700

1,110,421

GDR

562,200

20,683,338

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

1,441,000

25,744,013

Votorantim Celulose e Papel SA:

(PN)

96,565

1,158,213

sponsored ADR (non-vtg.)

1,102,550

13,285,728

TOTAL BRAZIL

445,732,729

Canada - 1.0%

Gerdau AmeriSteel Corp.

756,900

3,820,510

Meridian Gold, Inc. (a)

277,800

4,980,365

TOTAL CANADA

8,800,875

Chile - 3.9%

Compania Acero del Pacifico SA

472,341

6,009,319

Empresa Nacional de Electricidad SA sponsored ADR

389,000

10,114,000

Enersis SA sponsored ADR

966,300

10,107,498

Lan Chile SA sponsored ADR

191,800

6,962,340

Vina Concha y Toro SA sponsored ADR

16,500

1,567,500

TOTAL CHILE

34,760,657

Luxembourg - 1.6%

Tenaris SA sponsored ADR

149,169

14,002,494

Mexico - 38.1%

America Movil SA de CV Series L sponsored ADR

3,725,900

82,938,535

Cemex SA de CV sponsored ADR

1,323,057

62,395,368

Consorcio ARA SA de CV

602,400

2,203,570

Corporacion Geo SA de CV Series B (a)

3,588,300

9,902,028

Fomento Economico Mexicano SA de CV sponsored ADR

434,465

28,240,225

Grupo Mexico SA de CV Series B

9,935,049

16,989,721

Grupo Modelo SA de CV Series C

3,562,300

11,763,390

Grupo Televisa SA de CV (CPO) sponsored ADR

487,400

32,153,778

Industrias Penoles SA de CV

687,600

3,213,472

Sare Holding SA de CV Series B (a)

4,061,100

3,238,608

Telefonos de Mexico SA de CV Series L sponsored ADR

2,145,400

41,341,858

Urbi, Desarrollos Urbanos, SA de CV (a)

1,097,700

6,846,640

Wal-Mart de Mexico SA de CV Series V

7,642,593

34,260,397

TOTAL MEXICO

335,487,590

Common Stocks - continued

Shares

Value

United States of America - 0.4%

Southern Peru Copper Corp.

69,300

$ 3,548,160

TOTAL COMMON STOCKS

(Cost $630,460,479)

846,673,583

Money Market Funds - 6.8%

Fidelity Cash Central Fund, 3.31% (b)

26,916,411

26,916,411

Fidelity Securities Lending Cash Central Fund, 3.32% (b)(c)

32,899,800

32,899,800

TOTAL MONEY MARKET FUNDS

(Cost $59,816,211)

59,816,211

TOTAL INVESTMENT PORTFOLIO - 102.9%

(Cost $690,276,690)

906,489,794

NET OTHER ASSETS - (2.9)%

(25,626,422)

NET ASSETS - 100%

$ 880,863,372

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 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.

Income Tax Information

At July 31, 2005, the aggregate cost of investment securities for income tax purposes was $692,372,975. Net unrealized appreciation aggregated $214,116,819, of which $221,169,893 related to appreciated investment securities and $7,053,074 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Nordic Fund

July 31, 2005

1.804855.101

NOR-QTLY-0905

Investments July 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%

Shares

Value

Bermuda - 1.5%

Frontline Ltd.

40,600

$ 1,739,093

SeaDrill Ltd. (a)(d)

119,983

818,060

Ship Finance International Ltd.
(NY Shares)

7,525

141,470

TOTAL BERMUDA

2,698,623

Denmark - 7.8%

Coloplast AS Series B

27,250

1,601,117

Danske Bank AS

209,120

6,525,972

GN Store Nordic AS

115,100

1,281,487

Kobenhaven Lufthave AS

1,100

263,714

Novo Nordisk AS Series B

40,795

2,108,543

Novozymes AS Series B

29,200

1,490,256

Rockwool International AS Series B

5,600

413,230

TOTAL DENMARK

13,684,319

Estonia - 0.3%

Tallinna Vesi AS

42,962

587,070

Finland - 13.4%

Kesko Oyj

28,600

778,510

Marimekko Oyj

36,500

663,844

Metso Corp.

57,200

1,376,697

Neste Oil Oyj

72,000

2,001,789

Nokia Corp.

981,095

15,648,465

Nokian Tyres Ltd.

116,900

2,369,914

TietoEnator Oyj

21,160

690,160

TOTAL FINLAND

23,529,379

Iceland - 1.0%

Ossur Hf (a)

1,319,142

1,762,660

Luxembourg - 3.2%

Millicom International Cellular SA unit (a)

42,160

890,546

Oriflame Cosmetics SA unit

18,250

430,156

SBS Broadcasting SA (a)

27,400

1,309,446

Stolt Offshore SA (a)

192,200

2,212,222

Stolt-Nielsen SA

13,900

477,608

Transcom WorldWide SA Series B (a)

30,900

228,843

TOTAL LUXEMBOURG

5,548,821

Norway - 27.1%

Aker Kvaerner ASA (a)

42,550

2,075,034

Awilco Offshore ASA

107,200

528,563

Camillo Eitzen & Co. ASA

186,400

1,924,300

DnB NOR ASA

515,400

5,400,143

Farstad Shipping ASA (a)

55,800

739,409

Fred Olsen Energy ASA (a)

71,800

2,002,419

Havila Shipping ASA (a)

57,300

441,445

Leroy Seafood Group ASA (a)

121,300

995,250

Norsk Hydro ASA

58,980

5,587,765

Norwegian Air Shuttle AS (a)

109,600

504,933

Ocean RIG ASA (a)

287,800

3,192,826

Orkla ASA (A Shares)

70,135

2,755,668

Shares

Value

Otrum Electronics ASA (a)

168,500

$ 869,754

Rocksource ASA (a)

2,344,700

675,586

Schibsted ASA (B Shares)

74,200

2,029,337

Sevan Marine ASA (a)

456,900

1,478,402

Solstad Offshore ASA

91,600

1,213,797

Statoil ASA

166,454

3,616,307

Steen & Stroem ASA (a)

4,800

133,127

Storebrand ASA (A Shares)

443,700

4,409,619

TANDBERG ASA

468,700

5,326,095

TANDBERG Television ASA (a)

67,400

859,369

Telenor ASA

83,300

718,762

TOTAL NORWAY

47,477,910

Sweden - 37.2%

Assa Abloy AB (B Shares)

125,602

1,714,802

Atlas Copco AB (A Shares)

76,400

1,298,910

Capio AB (a)

76,800

1,315,602

Cherryforetagen AB (B Shares) (a)

35,000

127,575

Concordia Maritime AB (B Shares)

171,700

829,303

Elekta AB (B Shares)

39,300

1,850,085

Getinge AB (B Shares)

66,760

889,956

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

168,990

6,029,100

Hexagon AB (B Shares)

180,000

3,384,831

Intrum Justitia AB (a)

256,700

1,884,571

Investor AB (B Shares)

84,800

1,266,968

JC Aktiebolag

12,000

187,789

Karlshamns AB

9,400

170,710

Lundin Petroleum AB (a)

85,600

879,258

Mekonomen AB

178,000

2,189,450

Modern Times Group AB (MTG)
(B Shares) (a)

43,300

1,305,015

NCC AB Series B

49,800

846,672

NeoNet AB (a)

112,000

128,387

Nordea Bank AB

546,100

5,240,107

Peab AB

27,600

337,710

Pergo AB (a)

109,500

521,828

Readsoft AB (B Shares) (a)

36,556

147,372

Sandvik AB

65,500

2,619,477

Securitas AB (B Shares)

131,500

2,227,220

Skandia Foersaekrings AB

296,900

1,682,575

Skanska AB (B Shares)

51,500

666,630

SKF AB (B Shares)

148,000

1,748,958

Studsvik AB (a)

1,800

36,399

Svenska Handelsbanken AB (A Shares)

154,516

3,333,496

Swedish Match Co.

141,000

1,766,121

Telefonaktiebolaget LM Ericsson
(B Shares)

5,346,200

18,369,540

Uniflex AB

11,580

74,276

Wihlborgs Fastigheter AB (a)

3,260

90,485

TOTAL SWEDEN

65,161,178

Switzerland - 3.1%

Nobel Biocare Holding AG (Switzerland)

25,790

5,444,433

Common Stocks - continued

Shares

Value

United Kingdom - 3.3%

AstraZeneca PLC (Sweden)

106,300

$ 4,812,495

Axis Shield PLC (a)

12,300

76,095

Group 4 Securicor PLC (Denmark)

184,418

518,559

Unibet Group PLC unit

14,000

315,557

TOTAL UNITED KINGDOM

5,722,706

TOTAL COMMON STOCKS

(Cost $136,789,447)

171,617,099

Money Market Funds - 8.6%

Fidelity Cash Central Fund, 3.31% (b)

9,268,204

9,268,204

Fidelity Securities Lending Cash Central Fund, 3.32% (b)(c)

5,925,300

5,925,300

TOTAL MONEY MARKET FUNDS

(Cost $15,193,504)

15,193,504

TOTAL INVESTMENT PORTFOLIO - 106.5%

(Cost $151,982,951)

186,810,603

NET OTHER ASSETS - (6.5)%

(11,467,170)

NET ASSETS - 100%

$ 175,343,433

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 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) 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 $818,060 or 0.5% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

SeaDrill Ltd.

6/6/05 - 6/8/05

$ 414,412

Income Tax Information

At July 31, 2005, the aggregate cost of investment securities for income tax purposes was $153,269,653. Net unrealized appreciation aggregated $33,540,950, of which $37,526,130 related to appreciated investment securities and $3,985,180 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Overseas Fund

July 31, 2005

1.804876.101

OVE-QTLY-0905

Investments July 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%

Shares

Value

Canada - 2.5%

Alcan, Inc.

1,050,800

$ 35,531,605

EnCana Corp.

1,134,800

46,778,581

Inmet Mining Corp. (a)

494,700

7,434,541

Talisman Energy, Inc.

680,900

29,858,718

TOTAL CANADA

119,603,445

China - 0.1%

Global Bio-Chem Technology Group Co. Ltd.

13,324,000

6,684,625

Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)

1,054,250

9,765

TOTAL CHINA

6,694,390

Denmark - 0.3%

TDC AS

261,200

11,738,610

Finland - 1.8%

Neste Oil Oyj

310,300

8,627,155

Nokia Corp.

4,676,110

74,583,954

TOTAL FINLAND

83,211,109

France - 12.5%

Accor SA

486,309

24,765,286

Alcatel SA sponsored ADR (a)

1,400,100

17,081,220

AXA SA

1,226,960

33,496,008

BNP Paribas SA

365,898

26,463,802

France Telecom SA

597,483

18,462,225

L'Oreal SA

306,516

24,194,457

Lagardere S.C.A. (Reg.)

289,400

20,895,946

Louis Vuitton Moet Hennessy (LVMH)

375,300

31,193,763

Pernod-Ricard

212,900

35,649,307

Renault SA

191,000

17,508,015

Sanofi-Aventis sponsored ADR

1,128,800

48,877,040

Thomson SA

341,500

7,743,086

Total SA Series B

911,369

227,842,252

Vinci SA

147,600

11,954,862

Vivendi Universal SA sponsored ADR

1,262,100

40,109,538

TOTAL FRANCE

586,236,807

Germany - 7.6%

Allianz AG (Reg.)

1,305,900

166,241,070

BASF AG

403,678

28,580,402

Deutsche Boerse AG

165,996

14,580,010

Deutsche Telekom AG sponsored ADR

1,145,800

22,663,924

E.ON AG

398,591

36,829,808

GFK AG

127,360

5,020,324

Hypo Real Estate Holding AG

292,100

11,864,737

Infineon Technologies AG sponsored ADR (a)

4,481,700

44,010,294

SAP AG sponsored ADR

363,700

15,573,634

SolarWorld AG

101,200

9,856,893

TOTAL GERMANY

355,221,096

Shares

Value

Hong Kong - 1.9%

ASM Pacific Technology Ltd.

4,601,500

$ 21,546,594

Esprit Holdings Ltd.

1,671,500

12,471,313

Hong Kong Exchanges & Clearing Ltd.

5,138,000

15,962,064

Hutchison Whampoa Ltd.

917,300

8,962,249

Techtronic Industries Co. Ltd.

3,154,000

7,830,632

Television Broadcasts Ltd.

1,539,000

9,255,461

Wharf Holdings Ltd.

3,014,000

11,321,498

TOTAL HONG KONG

87,349,811

India - 2.5%

Cipla Ltd.

921,496

7,147,746

Housing Development Finance Corp. Ltd.

2,136,540

45,534,271

Infosys Technologies Ltd.

652,705

34,084,454

Satyam Computer Services Ltd.

1,944,236

23,354,106

State Bank of India

363,400

7,695,397

TOTAL INDIA

117,815,974

Ireland - 0.3%

Allied Irish Banks PLC

125,300

2,713,372

Ryanair Holdings PLC sponsored ADR (a)

235,300

11,014,393

TOTAL IRELAND

13,727,765

Italy - 1.5%

Banca Intesa Spa

4,463,100

21,700,150

ENI Spa

1,729,942

48,922,760

TOTAL ITALY

70,622,910

Japan - 21.2%

Advantest Corp.

512,900

41,052,071

Aeon Co. Ltd.

2,536,300

41,141,993

Asahi Glass Co. Ltd.

2,923,000

28,230,496

Canon, Inc.

427,300

21,010,342

Credit Saison Co. Ltd.

298,300

9,948,197

Dainippon Screen Manufacturing Co. Ltd.

840,000

5,625,150

Daiwa Securities Group, Inc.

7,018,000

41,192,407

Honda Motor Co. Ltd.

478,600

24,667,045

JAFCO Co. Ltd.

589,700

31,885,598

Millea Holdings, Inc.

702

9,182,160

Mitsui & Co. Ltd.

1,368,000

13,187,888

Mizuho Financial Group, Inc.

10,586

47,730,910

Murata Manufacturing Co. Ltd.

666,700

32,254,419

Nikko Cordial Corp.

23,229,000

99,572,043

Nikon Corp.

1,041,000

11,738,966

Nippon Electric Glass Co. Ltd.

735,000

11,033,661

Nitto Denko Corp.

936,700

51,481,224

Nomura Holdings, Inc.

2,581,200

30,690,469

ORIX Corp.

178,800

26,427,641

Sega Sammy Holdings, Inc.

233,000

14,401,263

Sompo Japan Insurance, Inc.

1,988,000

18,899,658

Sumitomo Mitsui Financial Group, Inc.

13,093

86,281,412

T&D Holdings, Inc.

329,700

15,628,094

Takefuji Corp.

241,210

15,616,602

Common Stocks - continued

Shares

Value

Japan - continued

TDK Corp.

307,200

$ 21,091,059

Tokuyama Corp.

823,000

6,616,497

Tokyo Electron Ltd.

2,208,200

119,399,319

Toyota Motor Corp.

1,648,700

62,535,193

USS Co. Ltd.

67,830

4,536,277

Yahoo! Japan Corp.

23,752

51,118,184

TOTAL JAPAN

994,176,238

Korea (South) - 4.3%

Honam Petrochemical Corp.

563,240

25,043,909

Hyundai Motor Co.

174,386

12,116,535

Kookmin Bank

993,690

52,923,025

LG Electronics, Inc.

365,880

23,812,782

LG.Philips LCD Co. Ltd. sponsored ADR

949,100

21,848,282

Samsung Electronics Co. Ltd.

52,420

28,942,944

Shinhan Financial Group Co. Ltd.

832,082

25,329,197

Shinsegae Co. Ltd.

34,000

12,077,598

TOTAL KOREA (SOUTH)

202,094,272

Netherlands - 7.8%

Aegon NV

1,362,200

19,522,710

ASML Holding NV (a)

11,499,005

202,382,488

EADS NV

698,800

23,495,490

ING Groep NV (Certificaten Van Aandelen)

1,626,564

49,187,295

Koninklijke Philips Electronics NV
(NY Shares)

1,037,100

28,126,152

STMicroelectronics NV (NY Shares)

326,700

5,635,575

TomTom Group BV

265,700

8,785,337

VNU NV

1,056,239

30,301,120

TOTAL NETHERLANDS

367,436,167

Norway - 0.3%

Statoil ASA

662,300

14,388,841

Philippines - 0.2%

Philippine Long Distance Telephone Co. sponsored ADR

245,900

7,148,313

Singapore - 0.9%

STATS ChipPAC Ltd. (a)

54,008,000

37,319,633

United Test & Assembly Center Ltd. (a)

16,416,000

7,052,690

TOTAL SINGAPORE

44,372,323

Spain - 1.2%

Banco Bilbao Vizcaya Argentaria SA

1,838,300

30,883,440

Telefonica SA

1,480,874

24,903,364

TOTAL SPAIN

55,786,804

Sweden - 0.5%

Gambro AB (A Shares)

966,800

14,071,058

Telefonaktiebolaget LM Ericsson
(B Shares) sponsored ADR

331,700

11,397,212

TOTAL SWEDEN

25,468,270

Shares

Value

Switzerland - 8.8%

ABB Ltd. (Reg.) (a)

5,631,961

$ 38,378,375

Actelion Ltd. (Reg.) (a)

166,745

17,885,179

Compagnie Financiere Richemont unit

602,090

21,215,325

Credit Suisse Group (Reg.)

1,171,252

49,075,459

Nestle SA (Reg.)

175,545

48,162,643

Novartis AG (Reg.)

1,794,383

87,404,396

Roche Holding AG (participation certificate)

548,099

74,529,042

The Swatch Group AG (Reg.)

250,929

7,410,337

UBS AG (Reg.)

819,493

67,165,646

TOTAL SWITZERLAND

411,226,402

Taiwan - 8.5%

Acer, Inc.

15,256,000

29,056,768

Advanced Semiconductor Engineering, Inc.

48,496,000

38,042,046

ASE Test Ltd. (a)

440,300

3,060,085

AU Optronics Corp.

7,691,040

12,005,938

Chi Mei Optoelectronics Corp.

7,360,000

10,819,454

Chi Mei Optoelectronics Corp. GDR (d)

760,800

11,145,720

Hon Hai Precision Industries Co. Ltd.

2,115,495

11,881,820

King Yuan Electronics Co. Ltd.

13,486,595

11,256,461

Siliconware Precision Industries Co. Ltd.

40,681,752

41,868,888

Sunplus Technology Co. Ltd.

8,944,000

11,997,364

Taiwan Semiconductor Manufacturing Co. Ltd.

27,180,226

45,371,447

United Microelectronics Corp.

177,658,560

125,704,441

United Microelectronics Corp. sponsored ADR

6,957,300

26,785,605

Yageo Corp. (a)

52,150,000

18,981,487

TOTAL TAIWAN

397,977,524

United Kingdom - 9.4%

3i Group PLC

464,781

5,816,156

Admiral Group PLC

1,016,300

6,608,933

AstraZeneca PLC (United Kingdom)

337,900

15,354,176

BAE Systems PLC

2,089,200

11,309,370

BHP Billiton PLC

1,984,475

28,129,220

BP PLC

7,708,160

84,635,596

HSBC Holdings PLC (United Kingdom) (Reg.)

3,203,070

51,883,328

ITV PLC

8,564,797

18,063,671

Man Group PLC

1,178,702

33,684,666

O2 PLC

4,991,600

12,216,384

Reckitt Benckiser PLC

324,100

9,740,535

Reuters Group PLC

1,000,150

6,798,344

Rio Tinto PLC (Reg.)

666,938

22,117,331

Smiths Group PLC

645,500

10,874,168

Standard Chartered PLC (United Kingdom)

623,500

12,163,740

Tesco PLC

2,616,835

14,970,456

Common Stocks - continued

Shares

Value

United Kingdom - continued

Vodafone Group PLC

31,026,259

$ 80,140,823

Xstrata PLC

751,600

15,983,792

TOTAL UNITED KINGDOM

440,490,689

United States of America - 3.9%

Applied Materials, Inc.

1,214,300

22,415,978

Freeport-McMoRan Copper & Gold, Inc. Class B

677,700

27,297,756

Honeywell International, Inc.

595,400

23,387,312

Lyondell Chemical Co.

1,905,700

53,245,258

NTL, Inc. (a)

251,000

16,724,130

Synthes, Inc.

204,882

22,230,202

Telewest Global, Inc. (a)

421,282

9,411,440

Teradyne, Inc. (a)

570,400

8,858,312

TOTAL UNITED STATES OF AMERICA

183,570,388

TOTAL COMMON STOCKS

(Cost $4,154,420,862)

4,596,358,148

Money Market Funds - 4.6%

Fidelity Cash Central Fund, 3.31% (b)

132,131,303

132,131,303

Fidelity Securities Lending Cash Central Fund, 3.32% (b)(c)

82,776,521

82,776,521

TOTAL MONEY MARKET FUNDS

(Cost $214,907,824)

214,907,824

TOTAL INVESTMENT PORTFOLIO - 102.6%

(Cost $4,369,328,686)

4,811,265,972

NET OTHER ASSETS - (2.6)%

(120,184,865)

NET ASSETS - 100%

$ 4,691,081,107

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 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 exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $11,145,720 or 0.2% of net assets.

Income Tax Information

At July 31, 2005, the aggregate cost of investment securities for income tax purposes was $4,410,069,572. Net unrealized appreciation aggregated $401,196,400, of which $605,586,771 related to appreciated investment securities and $204,390,371 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Pacific Basin Fund

July 31, 2005

1.804825.101

PAF-QTLY-0905

Investments July 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%

Shares

Value

Australia - 12.7%

ABC Learning Centres Ltd.

410,618

$ 1,678,635

AMP Ltd.

326,008

1,673,334

BHP Billiton Ltd.

726,230

10,755,468

Billabong International Ltd.

269,567

2,903,997

Bradken Ltd.

1,137,342

2,428,090

Cochlear Ltd.

52,300

1,600,774

Computershare Ltd.

862,200

4,020,808

ConnectEast Group

4,190,868

2,522,294

CSL Ltd.

123,269

3,255,029

DCA Group Ltd.

764,300

2,285,523

Downer EDI Ltd.

899,232

3,934,814

Fosters Group Ltd.

140,033

578,825

Macquarie Airports unit

610,266

1,547,706

Macquarie Bank Ltd.

100,798

4,807,475

Macquarie Communications Infrastructure Group unit

539,300

2,592,559

Macquarie Infrastructure Group unit

1,913,791

5,780,854

Newcrest Mining Ltd.

224,987

2,791,650

PaperlinX Ltd.

600,000

1,603,432

QBE Insurance Group Ltd.

260,135

3,334,113

Seek Ltd.

1,169,800

2,231,705

Sonic Healthcare Ltd.

220,899

2,147,254

United Group Ltd.

346,894

2,421,320

WorleyParsons Ltd.

229,300

1,388,733

TOTAL AUSTRALIA

68,284,392

Bermuda - 1.2%

Asia Aluminum Holdings Ltd. (a)

9,088,000

1,028,795

GOME Electrical Appliances Holdings Ltd.

1,079,000

666,255

Macquarie International Infrastructure Fund

1,752,000

1,189,581

Ports Design Ltd.

998,000

795,976

Sinolink Worldwide Holdings Ltd.

13,736,000

2,226,428

Skyworth Digital Holdings Ltd.

3,418,000

510,044

TOTAL BERMUDA

6,417,079

Cayman Islands - 1.7%

Foxconn International Holdings Ltd.

2,559,000

2,106,823

Hong Kong Economic Time Holdings Ltd.

276,000

60,358

Hutchison Telecommunications International Ltd.

1,796,000

2,067,794

Kingboard Chemical Holdings Ltd.

1,066,400

3,045,446

Norstar Founders Group Ltd.

2,036,000

521,205

SinoCom Software Group Ltd.

2,250,000

1,562,982

TOTAL CAYMAN ISLANDS

9,364,608

China - 4.0%

Beijing Capital Land Ltd. (H Shares)

2,876,000

767,688

Beijing Media Corp. Ltd. (H Shares)

363,000

779,832

Chitaly Holdings Ltd.

2,700,000

1,736,647

Dongfang Electrical Machinery Co. Ltd. (H Shares)

1,384,000

1,548,935

Shares

Value

Global Bio-Chem Technology Group Co. Ltd.

4,060,000

$ 2,036,894

Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)

221,500

2,052

Li Ning Co. Ltd.

3,044,000

1,292,220

People's Food Holdings Ltd.

2,120,000

1,178,309

PetroChina Co. Ltd. (H Shares)

3,586,000

3,199,788

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

1,111,500

1,858,791

Tencent Holdings Ltd.

1,522,000

1,194,324

Tong Ren Tang Technologies Co. Ltd.
(H Shares)

567,000

1,050,324

Vision Grande Group Holdings Ltd.

1,204,000

758,928

Weichai Power Co. Ltd. (H Shares)

638,000

1,538,862

Wumart Stores, Inc. (H Shares)

85,000

144,335

Xinao Gas Holdings Ltd.

706,000

558,544

Yantai Changyu Pioneer Wine Co.
(B Shares)

1,135,700

1,671,350

TOTAL CHINA

21,317,823

Hong Kong - 7.3%

ASM Pacific Technology Ltd.

296,000

1,386,025

China Overseas Land & Investment Ltd.

6,722,000

1,556,499

CNOOC Ltd.

4,853,000

3,387,879

Esprit Holdings Ltd.

1,098,500

8,196,074

Hanny Holdings Ltd.

2,624,000

1,147,679

Hengan International Group Co. Ltd.

522,000

416,332

Hong Kong & China Gas Co. Ltd.

966,000

2,013,121

Hutchison Whampoa Ltd.

240,000

2,344,860

Lung Kee (Bermuda) Holdings

296,000

215,138

Paul Y-ITC Construction Holdings Ltd.

14,648,000

2,280,035

Shanghai Industrial Holdings Ltd. Class H

692,000

1,464,367

Shun Tak Holdings Ltd.

3,136,000

2,803,746

Solomon Systech Ltd.

6,428,000

2,046,581

Techtronic Industries Co. Ltd.

2,085,500

5,177,801

Television Broadcasts Ltd.

419,000

2,519,843

Wharf Holdings Ltd.

582,000

2,186,169

TOTAL HONG KONG

39,142,149

India - 6.6%

ABB Ltd. India

28,016

941,574

Alembic Ltd.

194,510

1,231,135

Apollo Hospitals Enterprise Ltd. GDR (a)(d)

28,400

247,586

Aztec Software & Technology Services Ltd.

345,143

970,913

Bajaj Auto Ltd.

30,383

1,013,536

Bharat Electronics Ltd.

59,779

1,004,917

Bharti Televentures Ltd. (a)

5,922

39,663

Cipla Ltd.

161,176

1,250,190

Crompton Greaves Ltd.

259,001

3,306,675

Geodesic Information Systems Ltd.

1,363,080

5,764,222

Housing Development Finance Corp. Ltd.

63,800

1,359,715

Indiabulls Financial Services Ltd.

287,086

1,694,825

Indiabulls Financial Services Ltd. GDR (a)

161,570

952,958

Common Stocks - continued

Shares

Value

India - continued

Infrastructure Development Finance Co. Ltd. (a)

90,310

$ 70,685

IVRCL Infrastructures & Projects Ltd.

120,891

1,728,903

Kotak Mahindra Bank Ltd.

104,029

1,020,533

Max India Ltd. (a)

235,578

2,977,263

Pantaloon Retail India Ltd.

36,124

1,250,536

Pfizer Ltd.

85,600

1,598,202

State Bank of India

276,684

5,859,089

Zee Telefilms Ltd.

225,024

980,854

TOTAL INDIA

35,263,974

Indonesia - 1.5%

PT Mitra Adiperkasa Tbk

32,799,000

4,281,776

PT Semen Gresik Tbk

469,500

952,888

PT Telkomunikasi Indonesia Tbk Series B

5,140,000

2,909,440

TOTAL INDONESIA

8,144,104

Japan - 39.5%

Aisin Seiki Co. Ltd.

101,200

2,371,488

Aruze Corp.

75,800

1,574,041

Asahi Breweries Ltd.

168,700

1,902,367

Astellas Pharma, Inc.

122,800

3,997,048

Bandai Visual Co. Ltd.

412

1,410,645

Bridgestone Corp.

174,000

3,404,331

Casio Computer Co. Ltd.

153,000

1,970,243

Central Glass Co. Ltd.

191,000

1,187,327

Chiyoda Corp.

188,000

2,608,209

Chugai Pharmaceutical Co. Ltd.

124,100

2,100,247

Commuture Corp.

234,000

1,954,075

Cosmo Oil Co. Ltd.

393,000

1,751,016

Credit Saison Co. Ltd.

68,700

2,291,120

Cyber Agent Ltd.

700

3,044,155

Daikin Industries Ltd.

78,900

1,919,085

Don Quijote Co. Ltd.

22,600

1,288,328

Doshisha Co. Ltd.

27,800

674,943

E*Trade Securities Co. Ltd.

328

950,936

East Japan Railway Co.

698

3,426,529

Fujitsu Ltd.

545,000

3,048,646

Fullcast Co. Ltd.

662

1,672,000

Geomatec Co. Ltd.

38,800

577,281

H.I.S. Co. Ltd.

60,700

1,233,488

Hamakyorex Co. Ltd.

111,200

3,777,705

Hikari Tsushin, Inc.

55,600

3,837,040

Hokuhoku Financial Group, Inc.

530,000

1,522,433

Hokuto Corp.

40,500

803,193

Honda Motor Co. Ltd.

50,300

2,592,462

Hoya Corp.

44,400

5,472,756

Intelligent Wave, Inc.

1,107

2,658,100

Ise Chemical Corp.

248,000

1,204,215

JAFCO Co. Ltd.

37,300

2,016,844

Japan Logistics Fund, Inc.

247

1,581,573

Japan Single Residence (REIT), Inc.

2

9,000

JSR Corp.

102,300

2,024,256

Shares

Value

Kamigumi Co. Ltd.

200,000

$ 1,524,301

Kaneka Corp.

155,000

1,750,634

KOEI Co. Ltd.

19,400

442,536

Konica Minolta Holdings, Inc.

227,000

2,075,290

Koyo Seiko Co. Ltd.

131,000

1,844,217

livedoor Co. Ltd. (a)

676,108

2,838,036

livedoor Marketing Co. Ltd. (a)

15,647

730,551

Mars Engineering Corp.

55,900

1,541,109

Matsushita Electric Industrial Co. Ltd.

255,000

4,136,100

Millea Holdings, Inc.

163

2,132,040

Miraca Holdings, Inc.

114,500

2,413,313

Mitsubishi Corp.

177,000

2,528,009

Mitsui & Co. Ltd.

362,000

3,489,777

Mitsui Trust Holdings, Inc.

407,000

4,119,045

Mizuho Financial Group, Inc.

703

3,169,736

Monex Beans Holdings, Inc.

1,100

1,085,864

Nidec Corp.

16,000

1,730,268

Nikko Cordial Corp.

249,000

1,067,349

Nippon Chemi-con Corp.

439,000

2,494,740

Nippon Electric Glass Co. Ltd.

519,000

7,791,116

Nippon Mining Holdings, Inc.

464,500

2,763,578

Nishi-Nippon City Bank Ltd.

266,000

1,085,811

Nissin Co. Ltd.

1,381,800

2,924,705

Nitto Denko Corp.

91,600

5,034,355

Nittoku Engineering Co. Ltd.

140,500

1,219,512

NOK Corp.

90,500

2,301,837

Oracle Corp. Japan

23,700

1,045,418

Oricon, Inc.

754

1,126,524

ORIX Corp.

38,300

5,660,954

Sankyo Co. Ltd. (Gunma)

31,400

1,457,673

Sega Sammy Holdings, Inc.

64,600

3,992,797

SFCG Co. Ltd.

15,610

3,512,233

Softbank Corp.

109,900

4,505,661

Sony Corp.

106,100

3,449,311

Square Enix Co. Ltd.

31,200

885,126

Stanley Electric Co. Ltd.

284,900

4,499,821

Sumitomo Electric Industries Ltd.

151,000

1,693,370

Sumitomo Forestry Co. Ltd.

325,000

3,011,695

Sumitomo Mitsui Financial Group, Inc.

882

5,812,282

Sumitomo Rubber Industries Ltd.

240,000

2,413,980

T&D Holdings, Inc.

61,600

2,919,899

Takara Holdings, Inc.

280,000

1,750,545

Teijin Ltd.

691,000

3,152,501

Telewave, Inc.

291

1,335,373

Terumo Corp.

72,800

2,039,397

TIS, Inc.

43,000

1,261,950

Tokyo Tomin Bank Ltd.

36,400

898,306

Toyota Motor Corp.

345,100

13,089,639

Trend Micro, Inc.

43,500

1,559,029

Tsutsumi Jewelry Co. Ltd.

19,900

534,466

USS Co. Ltd.

33,060

2,210,958

TOTAL JAPAN

211,909,862

Common Stocks - continued

Shares

Value

Korea (South) - 12.0%

Binggrea Co. Ltd.

38,230

$ 1,569,101

Core Logic, Inc.

54,100

1,850,387

Daegu Bank Co. Ltd.

172,810

1,730,972

Daum Communications Corp. (a)

94,338

2,539,835

Doosan Heavy Industries & Construction Co. Ltd.

127,390

2,303,055

Edubox, Inc. (a)

1,263,722

1,062,056

GS Holdings Corp.

40,951

900,418

Hyundai Mipo Dockyard Co. Ltd.

22,070

1,378,162

Hyundai Motor Co.

101,540

7,055,113

INSUN ENT Co. Ltd.

51,900

803,885

Keangnam Enterprises (a)

50,830

491,759

Kia Motors Corp.

214,590

3,292,353

Kookmin Bank

57,800

3,078,375

Korea Investment Holdings Co. Ltd.

29,590

679,532

Kumho Electric Co. Ltd.

38,179

2,093,074

LG Corp.

71,178

1,951,084

LG Electronics, Inc.

30,000

1,952,508

LG Household & Health Care Ltd.

36,340

1,743,667

Lightron Fiber-Optic Devices, Inc.

106,600

955,265

NCsoft Corp. (a)

20,960

1,571,028

NHN Corp. (a)

20,781

2,579,095

Phoenix PDE Co. Ltd.

335,533

1,829,644

S1 Corp.

34,900

1,630,236

Samsung Electronics Co. Ltd.

10,320

5,698,039

SFA Engineering Corp.

158,200

3,903,598

Shinhan Financial Group Co. Ltd.

95,862

2,918,111

Taewoong Co. Ltd.

120,811

1,257,342

TSM Tech Co. Ltd.

163,400

1,995,994

Woori Finance Holdings Co. Ltd.

133,280

1,647,604

Yedang Entertainment Co. Ltd. (a)

133,625

2,043,616

TOTAL KOREA (SOUTH)

64,504,908

Malaysia - 1.4%

Commerce Asset Holding BHD

1,191,700

1,763,481

PLUS Expressways BHD

2,101,400

1,860,191

Public Bank BHD (For. Reg.)

1,177,656

2,323,598

Southern Bank BHD

328,600

301,396

Southern Bank BHD (For. Reg.)

1,733,400

1,478,971

TOTAL MALAYSIA

7,727,637

Philippines - 1.0%

Philippine Long Distance Telephone Co.

92,000

2,662,274

Philippine Long Distance Telephone Co. sponsored ADR

102,200

2,970,954

TOTAL PHILIPPINES

5,633,228

Singapore - 3.0%

Ascendas Real Estate Investment Trust (A-REIT)

1,494,000

2,118,576

CapitaLand Ltd.

1,113,000

1,892,618

Citiraya Industries Ltd. (a)

1,791,000

11

Shares

Value

Fortune (REIT)

1,250,700

$ 1,069,923

GES International Ltd.

1,104,000

510,789

HTL International Holdings Ltd.

3,177,000

2,538,927

Hyflux Ltd.

153,000

354,863

Keppel Corp. Ltd.

468,000

3,543,218

Mapletree Logistics Trust (REIT)

1,308,000

703,416

Pertama Holdings Ltd.

5,313,000

909,842

Petra Foods Ltd.

1,444,000

919,718

Raffles Education Corp. Ltd.

3,469,000

1,782,181

TOTAL SINGAPORE

16,344,082

Taiwan - 5.3%

Acer, Inc.

1,024,000

1,950,323

Asia Optical Co., Inc.

232,045

1,652,784

Chipbond Technology Corp.

1,431,231

1,666,102

Far EasTone Telecommunications Co. Ltd.

1,380,700

1,698,257

Formosa Petrochemical Corp.

664,694

1,211,758

Holtek Semiconductor, Inc.

1,098,258

1,247,472

Hon Hai Precision Industries Co. Ltd.

392,599

2,205,059

King Yuan Electronics Co. Ltd.

1,251,643

1,044,672

Kinik Co.

236,000

696,078

MediaTek, Inc.

164,000

1,731,597

Optimax Technology Corp.

502,707

1,011,093

Pihsiang Machinery Manufacturing Co.

427,000

857,484

Springsoft, Inc.

954,000

2,092,394

Taiwan Secom Co.

713,000

1,123,081

Tong Yang Industry Co. Ltd.

1,197,000

1,671,368

Tsann Kuen Enterprise Co. Ltd.

1,363,000

2,095,607

United Microelectronics Corp.

3,933,000

2,782,841

Yageo Corp. (a)

4,407,000

1,604,054

TOTAL TAIWAN

28,342,024

Thailand - 1.6%

Advanced Info Service PCL (For. Reg.)

1,045,500

2,535,002

Asia Credit PCL (For. Reg.) (a)

5,887,800

784,475

Bangkok Bank Ltd. PCL (For. Reg.)

520,600

1,324,777

Bumrungrad Hospital PCL (For. Reg.)

505,600

235,473

Italian-Thai Development PCL

2,645,400

533,462

Thai Oil PCL (For. Reg.)

992,000

1,416,973

Total Access Communication PCL (a)

172,000

533,200

True Corp. PCL (a)

4,760,100

1,079,893

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

206,113

0

TOTAL THAILAND

8,443,255

United States of America - 0.3%

ResMed, Inc. CHESS Depositary Interests (a)

207,151

1,376,912

TOTAL COMMON STOCKS

(Cost $457,441,313)

532,216,037

Nonconvertible Preferred Stocks - 0.2%

Shares

Value

Korea (South) - 0.2%

LG Electronics, Inc.
(Cost $845,811)

26,450

$ 992,554

Money Market Funds - 3.1%

Fidelity Cash Central Fund, 3.31% (b)

82,098

82,098

Fidelity Securities Lending Cash Central Fund, 3.32% (b)(c)

16,291,799

16,291,799

TOTAL MONEY MARKET FUNDS

(Cost $16,373,897)

16,373,897

TOTAL INVESTMENT PORTFOLIO - 102.4%

(Cost $474,661,021)

549,582,488

NET OTHER ASSETS - (2.4)%

(12,762,035)

NET ASSETS - 100%

$ 536,820,453

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 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 exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $247,586 or 0.0% of net assets.

Income Tax Information

At July 31, 2005, the aggregate cost of investment securities for income tax purposes was $478,191,484. Net unrealized appreciation aggregated $71,391,004 of which $95,913,509 related to appreciated investment securities and $24,522,505 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Southeast Asia Fund

July 31, 2005

1.804844.101

SEA-QTLY-0905

Investments July 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.8%

Shares

Value

Australia - 1.6%

Caltex Australia Ltd.

410,000

$ 5,469,081

ConnectEast Group

5,683,722

3,420,775

DB RREEF Trust unit

636,500

667,379

Seek Ltd.

1,215,300

2,318,508

TOTAL AUSTRALIA

11,875,743

Bermuda - 0.2%

Titan Petrochemicals Group Ltd.

18,000,000

1,690,337

Cayman Islands - 3.9%

China Shineway Pharmaceutical Group Ltd.

3,516,000

1,175,980

Dynasty Fine Wines Group Ltd.

12,440,000

4,600,828

Foxconn International Holdings Ltd.

9,410,000

7,747,247

Hong Kong Economic Time Holdings Ltd.

372,000

81,352

International Entertainment Co. (a)

300,000

279,793

Kingboard Chemical Holdings Ltd.

4,500,500

12,852,617

Kingboard Chemical Holdings Ltd. warrants 12/31/06 (a)

175,000

78,792

New World China Land Ltd. (a)

3,900,000

1,329,500

TOTAL CAYMAN ISLANDS

28,146,109

China - 7.3%

Anhui Conch Cement Co. Ltd. (H Shares)

2,400,000

2,269,219

Anhui Expressway Co. Ltd. (H Shares)

5,800,000

4,029,021

Beijing Capital Land Ltd. (H Shares)

8,800,000

2,348,976

Beijing Media Corp. Ltd. (H Shares)

609,500

1,309,387

China Mengniu Dairy Co. Ltd.

5,500,000

4,139,009

China Resources Land Ltd.

18,060,000

3,833,359

China Shipping Development Co. Ltd.
(H Shares)

4,860,000

3,626,119

Dongfang Electrical Machinery Co. Ltd. (H Shares)

3,300,000

3,693,270

Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)

665,000

6,159

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

400,000

589,174

Li Ning Co. Ltd.

6,580,000

2,793,300

PetroChina Co. Ltd. (H Shares)

10,480,000

9,351,304

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

1,500,000

2,508,490

Shanghai Electric (Group) Corp.
(H Shares)

23,176,000

5,783,863

Shanghai Forte Land Co. Ltd. (H Shares)

11,500,000

3,328,574

Sinopec Zhenhai Refining & Chemical Co. Ltd. (H Shares)

3,058,000

3,265,077

TOTAL CHINA

52,874,301

Hong Kong - 16.8%

BOC Hong Kong Holdings Ltd.

3,300,000

6,664,866

Cheung Kong Holdings Ltd.

579,000

6,245,388

CNOOC Ltd.

11,800,000

8,237,580

Cross-Harbour Holdings Ltd.

2,500,000

2,299,449

Denway Motors Ltd.

3,030,000

1,188,831

Esprit Holdings Ltd.

1,836,000

13,698,672

Shares

Value

Great Eagle Holdings Ltd.

2,007,000

$ 5,834,903

Hong Kong & China Gas Co. Ltd.

3,480,000

7,252,238

Hong Kong Land Holdings Ltd.

3,320,000

10,823,200

Hutchison Whampoa Ltd.

1,852,000

18,094,499

Jardine Matheson Holdings Ltd.

290,000

5,307,000

Jardine Strategic Holdings Ltd.

437,000

5,069,200

Joyce Boutique Holdings Ltd.

16,000,000

1,461,356

Mandarin Oriental International Ltd.

1,000,000

985,000

Paul Y-ITC Construction Holdings Ltd.

4,000,000

622,620

Solomon Systech Ltd.

10,200,000

3,247,530

Swire Pacific Ltd. (A Shares)

844,000

8,066,945

Techtronic Industries Co. Ltd.

3,460,000

8,590,357

Television Broadcasts Ltd.

1,063,000

6,392,823

YGM Trading Ltd.

1,370,000

2,211,781

TOTAL HONG KONG

122,294,238

Indonesia - 6.7%

PT Bakrie & Brothers Tbk (a)

307,576,000

4,391,712

PT Ciputra Development Tbk (a)

18,000,000

1,101,481

PT Citra Marga Nusaphala Persada Tbk

4,000,000

420,195

PT Energi Mega Persada Tbk

43,000,000

3,464,566

PT Gadjah Tunggal Tbk (a)

17,000,000

1,283,022

PT Hexindo Adiperkasa Tbk

2,696,500

1,485,072

PT Indosat Tbk

5,100,000

3,016,835

PT Jakarta International Hotel & Development Tbk (a)

43,000,000

2,806,737

PT Medco Energi International Tbk

14,166,000

4,623,284

PT Mitra Adiperkasa Tbk

1,029,000

134,332

PT Pabrik Kertas Tjiwi Kimia Tbk (a)

8,700,000

2,795,009

PT Perusahaan Gas Negara Tbk Series B

29,400,000

9,670,087

PT Perushahaan Perkebunan London Sumatra Tbk

6,000,000

1,438,045

PT Telkomunikasi Indonesia Tbk Series B

12,300,000

6,962,279

PT United Tractors Tbk

11,430,500

5,187,744

TOTAL INDONESIA

48,780,400

Korea (South) - 28.0%

Ace Digitech Co. Ltd. rights 8/12/05 (a)

7,198

27,222

ADP Engineering Co. Ltd.

190,000

1,799,180

AmorePacific Corp.

20,000

5,501,811

Cheil Communications, Inc.

20,000

3,908,924

CJ Home Shopping

67,000

6,056,389

Daewoo Heavy Industries & Machinery Ltd.

460,790

4,367,893

Daewoo Securities Co. Ltd. (a)

300,000

3,195,545

DSLCD Co. Ltd.

120,000

972,149

Hanjin Shipping Co. Ltd.

306,450

7,950,993

Hanwha Chemical Corp.

38,000

462,328

Hyundai Department Store Co. Ltd.

62,060

3,299,194

Hyundai Heavy Industries Co. Ltd.

167,000

9,416,500

Hyundai Industrial Development & Construction Co.

71,000

1,949,674

Hyundai Mipo Dockyard Co. Ltd.

104,000

6,494,286

Hyundai Mobis

60,500

4,434,186

Common Stocks - continued

Shares

Value

Korea (South) - continued

Hyundai Motor Co.

68,948

$ 4,790,585

Kookmin Bank

322,000

17,149,427

Korea Exchange Bank (a)

480,000

4,690,709

Korea Investment Holdings Co. Ltd.

98,000

2,250,563

Kumho Electric Co. Ltd.

30,000

1,644,680

LG Card Co. Ltd. (a)

147,000

5,351,073

LG Electronics, Inc.

41,000

2,668,427

LG Telecom Ltd. (a)

839,701

4,143,938

LG.Philips LCD Co. Ltd.

55,000

2,555,703

LG.Philips LCD Co. Ltd. sponsored ADR

199,500

4,592,490

Meerecompany, Inc.

95,000

1,373,987

NCsoft Corp. (a)

50,000

3,747,681

S-Oil Corp.

98,000

7,489,107

Samsung Electronics Co. Ltd.

86,574

47,800,579

Samsung Electronics Co. Ltd. GDR

8,200

2,261,150

Shinhan Financial Group Co. Ltd.

802,670

24,433,873

Shinsegae Co. Ltd.

11,600

4,120,592

Ssangyong Engineering & Construction Co. Ltd. (a)

100,000

918,597

STX Shipbuilding Co. Ltd.

91,000

1,925,292

TOTAL KOREA (SOUTH)

203,744,727

Malaysia - 2.6%

Bintulu Port Holdings BHD

500,000

626,583

Bursa Malaysia BHD

2,500,000

2,932,942

DRB-Hicom BHD

1,004,500

455,313

KLCC Property Holdings BHD

3,400,000

1,994,401

Kurnia Asia BHD

3,000,000

919,877

Landmarks BHD

852,800

226,246

Lion Corp. BHD (a)

3,000,000

707,906

Lion Industries Corp. BHD

2,500,000

813,225

Malaysian International Shipping Corp. BHD (For. Reg.)

260,000

1,282,496

PLUS Expressways BHD

667,600

590,970

Public Bank BHD (For. Reg.)

3,420,625

6,749,133

Southern Bank BHD (For. Reg.)

1,232,400

1,051,508

Star Publications (Malaysia) BHD

300,000

595,921

TOTAL MALAYSIA

18,946,521

Philippines - 0.5%

Philippine Long Distance Telephone Co.

124,000

3,588,282

Singapore - 8.8%

Ascendas Real Estate Investment Trust (A-REIT)

3,488,000

4,946,180

Chartered Semiconductor Manufacturing Ltd. (a)

4,950,000

3,777,377

City Developments Ltd.

400,000

2,079,015

Cosco Investment (Singapore) Ltd.

4,550,000

6,370,137

CSE Global Ltd.

2,451,000

1,207,643

Hotel Properties Ltd.

1,840,000

1,647,349

Hyflux Ltd.

217,500

504,461

Shares

Value

Jurong Technologies Industrial Corp. Ltd.

1,535,000

$ 1,660,207

Keppel Corp. Ltd.

1,095,000

8,290,221

Neptune Orient Lines Ltd.

1,310,000

2,833,709

Overseas Union Enterprises Ltd.

190,000

1,084,573

Raffles Holdings Ltd.

5,300,000

2,977,618

Sembcorp Marine Ltd.

2,400,000

3,864,804

Singapore Land Ltd.

790,000

2,753,192

Singapore Petroleum Co. Ltd.

2,640,000

8,090,131

Singapore Telecommunications Ltd.

1,800,000

2,995,944

Starhub Ltd.

1,150,000

1,312,904

STATS ChipPAC Ltd. (a)

5,846,000

4,039,597

The Ascott Group Ltd.

3,200,000

1,076,761

United Test & Assembly Center Ltd. (a)

5,100,000

2,191,077

TOTAL SINGAPORE

63,702,900

Taiwan - 15.5%

Acer, Inc.

3,160,000

6,018,575

Asia Optical Co., Inc.

335,267

2,388,002

AU Optronics Corp.

6,087,900

9,503,390

AU Optronics Corp. sponsored ADR

78,698

1,248,150

Cheng Uei Precision Industries Co. Ltd.

1,452,000

4,382,880

Chi Mei Optoelectronics Corp.

3,765,000

5,534,680

China Steel Corp.

7,035,000

5,893,772

E.Sun Financial Holdings Co. Ltd.

2,955,847

2,411,422

EVA Airways Corp.

4,550,000

2,148,651

Far East Department Stores Co. Ltd.

3,700,000

2,426,420

Far EasTone Telecommunications Co. Ltd.

8,350,000

10,270,474

Formosa Chemicals & Fibre Corp.

463,000

727,841

Formosa Petrochemical Corp.

1,643,183

2,995,574

Formosa Petrochemical Corp. warrants (UBS Warrant Programme) 11/18/05 (a)

1,993,022

3,630,778

Foxconn Technology Co. Ltd.

893,000

4,160,982

Hon Hai Precision Industries Co. Ltd.

1,702,695

9,563,301

King Yuan Electronics Co. Ltd.

7,462,720

6,228,690

KYE Systems Corp.

1,300,000

1,085,033

Nien Made Enterprise Co. Ltd.

1,481,078

1,975,080

Novatek Microelectronics Corp.

1,475,484

6,203,792

Siliconware Precision Industries Co. Ltd.

4,643,296

4,778,792

Taiwan Semiconductor Manufacturing Co. Ltd.

4,591,637

7,664,735

United Microelectronics Corp.

5,900,000

4,174,616

Vanguard International Semiconductor Corp. (a)

3,562,731

3,163,643

Yang Ming Marine Trnsport Corp.

5,368,000

4,396,134

TOTAL TAIWAN

112,975,407

Thailand - 0.8%

Advanced Info Service PCL (For. Reg.)

910,000

2,206,458

Asia Credit PCL (For. Reg.) (a)

6,000,000

799,424

True Corp. PCL (a)

11,200,100

2,540,894

TOTAL THAILAND

5,546,776

Common Stocks - continued

Shares

Value

United Kingdom - 1.1%

HSBC Holdings PLC (Hong Kong) (Reg.)

476,743

$ 7,722,283

TOTAL COMMON STOCKS

(Cost $548,333,315)

681,888,024

Nonconvertible Preferred Stocks - 4.0%

Korea (South) - 4.0%

Hyundai Motor Co.

105,000

4,227,501

Hyundai Motor Co.

302,730

13,460,590

LG Electronics, Inc.

68,000

2,551,746

Samsung Electronics Co. Ltd.

24,000

9,053,068

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $18,288,242)

29,292,905

Money Market Funds - 2.6%

Fidelity Cash Central Fund, 3.31% (b)

13,478,201

13,478,201

Fidelity Securities Lending Cash Central Fund, 3.32% (b)(c)

5,398,726

5,398,726

TOTAL MONEY MARKET FUNDS

(Cost $18,876,927)

18,876,927

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $585,498,484)

730,057,856

NET OTHER ASSETS - (0.4)%

(3,016,014)

NET ASSETS - 100%

$ 727,041,842

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 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.

Income Tax Information

At July 31, 2005, the aggregate cost of investment securities for income tax purposes was $585,988,757. Net unrealized appreciation aggregated $144,069,099, of which $154,752,408 related to appreciated investment securities and $10,683,309 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Worldwide Fund

July 31, 2005

1.804829.101

WLD-QTLY-0905

Investments July 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%

Shares

Value

Bermuda - 0.6%

ACE Ltd.

60,000

$ 2,772,600

Cooper Industries Ltd. Class A

12,000

774,960

Foster Wheeler Ltd. (a)

25,000

577,500

Lazard Ltd. Class A

28,600

682,396

PartnerRe Ltd.

25,000

1,620,500

Platinum Underwriters Holdings Ltd.

9,700

336,299

TOTAL BERMUDA

6,764,255

Canada - 1.6%

Alcan, Inc.

207,400

7,012,995

EnCana Corp.

168,200

6,933,519

Inmet Mining Corp. (a)

193,400

2,906,489

Talisman Energy, Inc.

42,400

1,859,318

TOTAL CANADA

18,712,321

Cayman Islands - 0.2%

GlobalSantaFe Corp.

45,000

2,024,550

China - 0.1%

China Mengniu Dairy Co. Ltd.

100,000

75,255

Global Bio-Chem Technology Group Co. Ltd.

2,934,000

1,471,982

Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)

212,250

1,966

TOTAL CHINA

1,549,203

Denmark - 0.2%

TDC AS

45,800

2,058,302

Finland - 0.9%

Neste Oil Oyj

68,000

1,890,578

Nokia Corp. sponsored ADR

563,000

8,979,850

TOTAL FINLAND

10,870,428

France - 6.7%

Accor SA

74,734

3,805,829

Alcatel SA sponsored ADR (a)

229,700

2,802,340

AXA SA

129,240

3,528,252

BNP Paribas SA

40,220

2,908,937

L'Oreal SA

63,168

4,986,087

Lagardere S.C.A. (Reg.)

45,300

3,270,858

Louis Vuitton Moet Hennessy (LVMH)

49,500

4,114,285

Pernod-Ricard

33,600

5,626,194

Renault SA

22,200

2,034,963

Sanofi-Aventis sponsored ADR

183,300

7,936,890

Thomson SA

42,100

954,565

Total SA Series B

115,924

28,981,000

Vinci SA

25,900

2,097,771

Vivendi Universal SA sponsored ADR

219,500

6,975,710

TOTAL FRANCE

80,023,681

Germany - 4.5%

Allianz AG (Reg.)

206,100

26,236,530

BASF AG

43,776

3,099,341

Deutsche Boerse AG

30,900

2,714,055

Shares

Value

Deutsche Telekom AG sponsored ADR

134,100

$ 2,652,498

E.ON AG

40,300

3,723,720

GFK AG

32,577

1,284,132

Hypo Real Estate Holding AG

51,200

2,079,680

Infineon Technologies AG sponsored ADR (a)

785,900

7,717,538

SAP AG sponsored ADR

39,700

1,699,954

SolarWorld AG

22,200

2,162,283

TOTAL GERMANY

53,369,731

Hong Kong - 0.9%

ASM Pacific Technology Ltd.

762,500

3,570,418

Esprit Holdings Ltd.

173,500

1,294,510

Hong Kong Exchanges & Clearing Ltd.

550,000

1,708,668

Techtronic Industries Co. Ltd.

185,000

459,311

Television Broadcasts Ltd.

315,000

1,894,393

Wharf Holdings Ltd.

457,000

1,716,631

TOTAL HONG KONG

10,643,931

India - 1.1%

Housing Development Finance Corp. Ltd.

203,053

4,327,497

Infosys Technologies Ltd.

85,295

4,454,131

Satyam Computer Services Ltd.

220,255

2,645,697

State Bank of India

55,300

1,171,039

TOTAL INDIA

12,598,364

Ireland - 0.2%

Allied Irish Banks PLC

31,600

684,298

Ryanair Holdings PLC sponsored ADR (a)

45,700

2,139,217

TOTAL IRELAND

2,823,515

Italy - 0.7%

Banca Intesa Spa

822,800

4,000,556

ENI Spa

156,351

4,421,606

TOTAL ITALY

8,422,162

Japan - 11.0%

Advantest Corp.

59,500

4,762,328

Aeon Co. Ltd.

391,100

6,344,136

Asahi Glass Co. Ltd.

297,000

2,868,442

Canon, Inc.

43,600

2,143,812

Credit Saison Co. Ltd.

46,400

1,547,423

Daiwa Securities Group, Inc.

948,000

5,564,321

Honda Motor Co. Ltd.

75,900

3,911,886

JAFCO Co. Ltd.

36,200

1,957,366

Millea Holdings, Inc.

140

1,831,200

Mitsui & Co. Ltd.

163,000

1,571,364

Mizuho Financial Group, Inc.

1,464

6,600,987

Murata Manufacturing Co. Ltd.

105,300

5,094,331

Nikko Cordial Corp.

3,085,000

13,223,977

Nippon Electric Glass Co. Ltd.

77,000

1,155,907

Nitto Denko Corp.

147,800

8,123,118

Nomura Holdings, Inc.

419,200

4,984,288

ORIX Corp.

26,000

3,842,946

Sega Sammy Holdings, Inc.

46,300

2,861,710

Common Stocks - continued

Shares

Value

Japan - continued

Sompo Japan Insurance, Inc.

393,000

$ 3,736,200

Sumitomo Mitsui Financial Group, Inc.

1,464

9,647,597

T&D Holdings, Inc.

62,500

2,962,560

Takefuji Corp.

39,210

2,538,564

TDK Corp.

28,700

1,970,421

Tokuyama Corp.

207,000

1,664,174

Tokyo Electron Ltd.

292,300

15,804,919

Toyota Motor Corp.

115,300

4,373,329

USS Co. Ltd.

13,300

889,466

Yahoo! Japan Corp.

3,823

8,227,720

TOTAL JAPAN

130,204,492

Korea (South) - 2.6%

Honam Petrochemical Corp.

88,070

3,915,945

Hyundai Motor Co.

39,431

2,739,710

Kookmin Bank

148,540

7,911,105

LG Electronics, Inc.

36,296

2,362,274

LG.Philips LCD Co. Ltd. sponsored ADR

137,000

3,153,740

Samsung Electronics Co. Ltd.

5,219

2,881,595

Shinhan Financial Group Co. Ltd.

170,506

5,190,330

Shinsegae Co. Ltd.

6,750

2,397,758

TOTAL KOREA (SOUTH)

30,552,457

Marshall Islands - 0.0%

OMI Corp.

25,000

450,750

Netherlands - 4.2%

Aegon NV

202,300

2,899,313

ASML Holding NV (NY Shares) (a)

1,684,214

29,642,167

EADS NV

81,600

2,743,606

ING Groep NV (Certificaten Van Aandelen)

220,500

6,667,920

Koninklijke Philips Electronics NV (NY Shares)

109,200

2,961,504

STMicroelectronics NV (NY Shares)

57,000

983,250

TomTom Group BV

46,500

1,537,517

VNU NV

98,855

2,835,928

TOTAL NETHERLANDS

50,271,205

Netherlands Antilles - 0.2%

Schlumberger Ltd. (NY Shares)

35,000

2,930,900

Norway - 0.1%

Statoil ASA

69,400

1,507,754

Panama - 0.1%

Carnival Corp. unit

11,000

576,400

Philippines - 0.1%

Philippine Long Distance Telephone Co. sponsored ADR

29,200

848,844

Singapore - 0.6%

STATS ChipPAC Ltd. (a)

9,521,000

6,579,030

Spain - 0.2%

Banco Bilbao Vizcaya Argentaria SA

127,500

2,142,000

Shares

Value

Sweden - 0.4%

Gambro AB (A Shares)

223,800

$ 3,257,243

Telefonaktiebolaget LM Ericsson
(B Shares) sponsored ADR

53,300

1,831,388

TOTAL SWEDEN

5,088,631

Switzerland - 5.0%

ABB Ltd. (Reg.) (a)

790,627

5,387,640

Actelion Ltd. (Reg.) (a)

65,809

7,058,717

Alcon, Inc.

13,000

1,489,150

Compagnie Financiere Richemont unit

100,381

3,537,039

Credit Suisse Group (Reg.)

195,246

8,180,807

Nestle SA (Reg.)

34,583

9,488,215

Novartis AG sponsored ADR

103,000

5,017,130

Roche Holding AG (participation certificate)

87,775

11,935,411

The Swatch Group AG (Reg.)

54,993

1,624,032

UBS AG (NY Shares)

71,920

5,894,563

TOTAL SWITZERLAND

59,612,704

Taiwan - 4.8%

Acer, Inc.

1,893,000

3,605,431

Advanced Semiconductor Engineering, Inc.

6,089,000

4,776,436

ASE Test Ltd. (a)

76,900

534,455

AU Optronics Corp.

1,348,330

2,104,782

Chi Mei Optoelectronics Corp.

1,290,000

1,896,345

Chi Mei Optoelectronics Corp. GDR (d)

95,100

1,393,215

Hon Hai Precision Industries Co. Ltd.

294,799

1,655,758

King Yuan Electronics Co. Ltd.

1,269,245

1,059,364

Siliconware Precision Industries Co. Ltd.

4,953,209

5,097,749

Sunplus Technology Co. Ltd.

1,069,000

1,433,943

Taiwan Semiconductor Manufacturing Co. Ltd.

4,911,886

8,199,320

United Microelectronics Corp.

21,326,240

15,089,636

United Microelectronics Corp. sponsored ADR

1,633,100

6,287,435

Yageo Corp. (a)

9,346,000

3,401,745

TOTAL TAIWAN

56,535,614

United Kingdom - 3.9%

3i Group PLC

120,696

1,510,360

Admiral Group PLC

256,700

1,669,303

AstraZeneca PLC sponsored ADR

30,600

1,390,464

BAE Systems PLC

406,900

2,202,653

BHP Billiton PLC

283,270

4,015,250

BP PLC

711,575

7,813,093

HSBC Holdings PLC (United Kingdom) (Reg.)

251,020

4,066,022

ITV PLC

1,115,149

2,351,916

Man Group PLC

179,999

5,143,969

O2 PLC

875,200

2,141,954

Reckitt Benckiser PLC

24,200

727,309

Reuters Group PLC

252,200

1,714,285

Rio Tinto PLC (Reg.)

51,162

1,696,660

Common Stocks - continued

Shares

Value

United Kingdom - continued

Smiths Group PLC

125,000

$ 2,105,765

Standard Chartered PLC (United Kingdom)

81,700

1,593,869

Tesco PLC

181,900

1,040,618

Vodafone Group PLC sponsored ADR

123,200

3,182,256

Xstrata PLC

86,200

1,833,160

TOTAL UNITED KINGDOM

46,198,906

United States of America - 48.5%

3M Co.

20,000

1,500,000

99 Cents Only Stores (a)

45,000

552,150

AES Corp. (a)

50,000

802,500

Affiliated Computer Services, Inc.
Class A (a)

30,000

1,499,100

Agilent Technologies, Inc. (a)

150,000

3,936,000

AirTran Holdings, Inc. (a)

55,000

629,200

Akamai Technologies, Inc. (a)

40,000

610,800

Alcoa, Inc.

65,000

1,823,250

Alkermes, Inc. (a)

40,000

620,000

Allergan, Inc.

20,000

1,787,400

ALLTEL Corp.

20,000

1,330,000

Altria Group, Inc.

75,000

5,022,000

AMBAC Financial Group, Inc.

8,000

574,720

Amerada Hess Corp.

11,000

1,296,460

American International Group, Inc.

365,000

21,973,000

American Tower Corp. Class A (a)

75,000

1,723,500

Amgen, Inc. (a)

75,000

5,981,250

Amkor Technology, Inc. (a)

5,000

23,300

Amphenol Corp. Class A

20,000

890,800

Analog Devices, Inc.

60,000

2,352,000

Anteon International Corp. (a)

25,000

1,173,750

Apartment Investment & Management Co. Class A

20,000

880,000

Apollo Group, Inc. Class A (a)

8,000

601,200

Applied Materials, Inc.

30,000

553,800

Ashland, Inc.

8,000

491,600

Avaya, Inc. (a)

75,000

774,750

Avnet, Inc. (a)

15,000

392,700

Bank of America Corp.

164,974

7,192,866

Baxter International, Inc.

300,000

11,781,000

BEA Systems, Inc. (a)

80,000

724,800

Bear Stearns Companies, Inc.

8,000

816,880

Biogen Idec, Inc. (a)

25,000

982,250

BioMarin Pharmaceutical, Inc. (a)

140,000

1,190,000

BJ Services Co.

45,000

2,744,550

Burlington Resources, Inc.

27,000

1,730,970

Cabot Microelectronics Corp. (a)

40,000

1,202,800

Capital One Financial Corp.

11,000

907,500

Centex Corp.

15,000

1,109,700

Cephalon, Inc. (a)

120,000

5,028,000

Ceridian Corp. (a)

50,000

1,046,500

Chevron Corp.

65,000

3,770,650

Cisco Systems, Inc. (a)

65,000

1,244,750

Shares

Value

Citigroup, Inc.

15,000

$ 652,500

Clear Channel Communications, Inc.

40,000

1,305,600

CMS Energy Corp. (a)

115,000

1,821,600

Coca-Cola Enterprises, Inc.

100,000

2,350,000

Colgate-Palmolive Co.

110,000

5,823,400

Comverse Technology, Inc. (a)

65,000

1,643,850

CONMED Corp. (a)

15,000

451,650

ConocoPhillips

20,000

1,251,800

Cooper Companies, Inc.

20,000

1,374,000

Corn Products International, Inc.

45,000

1,083,150

Covad Communications Group, Inc. (a)

1,000,000

1,350,000

Crown Holdings, Inc. (a)

40,000

631,600

Cytec Industries, Inc.

10,000

453,800

Dade Behring Holdings, Inc.

11,000

833,800

Dell, Inc. (a)

140,000

5,665,800

Delphi Corp.

125,000

662,500

Digital Realty Trust, Inc.

9,700

183,718

Doral Financial Corp.

60,000

925,800

Dow Chemical Co.

35,000

1,678,250

Dycom Industries, Inc. (a)

25,000

610,000

E.I. du Pont de Nemours & Co.

150,000

6,402,000

Eastman Kodak Co.

210,000

5,615,400

eBay, Inc. (a)

147,000

6,141,660

EchoStar Communications Corp. Class A

20,000

574,400

Ecolab, Inc.

45,000

1,511,100

EGL, Inc. (a)

40,000

805,200

El Paso Corp.

70,000

840,000

Electronic Arts, Inc. (a)

20,000

1,152,000

Eli Lilly & Co.

30,000

1,689,600

EMC Corp. (a)

155,000

2,121,950

Encore Acquisition Co. (a)

30,000

946,200

ENSCO International, Inc.

23,000

928,740

Entergy Corp.

18,000

1,402,920

Exxon Mobil Corp.

140,000

8,225,000

Fannie Mae

90,000

5,027,400

Federated Department Stores, Inc.

15,000

1,138,050

Ferro Corp.

45,000

1,012,500

Fluor Corp.

40,000

2,552,000

Freddie Mac

35,000

2,214,800

Freeport-McMoRan Copper & Gold, Inc. Class B

37,000

1,490,360

Freescale Semiconductor, Inc. Class A

170,000

4,338,400

Genentech, Inc. (a)

24,000

2,143,920

General Electric Co.

760,000

26,220,000

General Growth Properties, Inc.

10,000

459,800

Georgia Gulf Corp.

15,000

475,950

Gillette Co.

75,000

4,025,250

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

14,500

4,172,520

Grant Prideco, Inc. (a)

60,000

1,926,000

Guidant Corp.

10,000

688,000

Halliburton Co.

145,000

8,127,250

Hartford Financial Services Group, Inc.

35,000

2,819,950

Hewlett-Packard Co.

170,000

4,185,400

Hexcel Corp. (a)

40,000

691,200

Common Stocks - continued

Shares

Value

United States of America - continued

Hilb Rogal & Hobbs Co.

35,000

$ 1,186,150

Home Depot, Inc.

130,000

5,656,300

Honeywell International, Inc.

502,300

19,730,344

IAC/InterActiveCorp (a)

44,100

1,177,470

Intel Corp.

500,000

13,570,000

International Business Machines Corp.

30,000

2,503,800

Interstate Bakeries Corp. (a)

50,000

485,000

Investors Financial Services Corp.

20,000

688,400

ITC Holdings Corp.

2,100

58,800

ITT Industries, Inc.

25,000

2,660,000

Jacobs Engineering Group, Inc. (a)

25,000

1,472,000

JCPenney Co., Inc.

20,000

1,122,800

Johnson & Johnson

83,000

5,308,680

JPMorgan Chase & Co.

190,000

6,676,600

Juniper Networks, Inc. (a)

80,000

1,919,200

KB Home

12,000

982,920

KKR Financial Corp.

3,800

93,024

Kohl's Corp. (a)

30,000

1,690,500

Kroger Co. (a)

50,000

992,500

Lam Research Corp. (a)

45,000

1,280,250

Lamar Advertising Co. Class A (a)

104,000

4,577,040

Leap Wireless International, Inc. (a)

15,000

465,750

Lear Corp.

65,000

2,780,050

Lehman Brothers Holdings, Inc.

15,000

1,576,950

Lockheed Martin Corp.

15,000

936,000

Lyondell Chemical Co.

190,000

5,308,600

Maidenform Brands, Inc.

4,500

82,125

Marathon Oil Corp.

1,891

110,359

Martin Marietta Materials, Inc.

10,000

726,900

Masco Corp.

50,000

1,695,500

MasTec, Inc. (a)

88,800

870,240

Maxim Integrated Products, Inc.

43,000

1,800,410

Maxtor Corp. (a)

140,000

826,000

MBNA Corp.

10,000

251,600

McDonald's Corp.

35,000

1,090,950

McKesson Corp.

20,000

900,000

MedImmune, Inc. (a)

100,000

2,841,000

Medtronic, Inc.

70,000

3,775,800

Merrill Lynch & Co., Inc.

40,000

2,351,200

MetLife, Inc.

40,000

1,965,600

Micron Technology, Inc. (a)

50,000

594,000

Microsoft Corp.

685,000

17,542,850

Monsanto Co.

55,000

3,705,350

Morgan Stanley

80,000

4,244,000

Motorola, Inc.

87,500

1,853,250

National Oilwell Varco, Inc. (a)

130,904

6,852,824

National Semiconductor Corp.

50,000

1,235,500

NAVTEQ Corp.

44,472

1,955,434

Newmont Mining Corp.

65,000

2,440,750

News Corp.:

Class A

40,800

668,304

Class B

267,400

4,636,716

Shares

Value

Nextel Communications, Inc. Class A (a)

220,000

$ 7,656,000

Nordstrom, Inc.

30,000

1,110,300

Norfolk Southern Corp.

90,000

3,348,900

Northwest Airlines Corp. (a)

130,000

604,500

NTL, Inc. (a)

35,000

2,332,050

Nuveen Investments, Inc. Class A

20,000

760,000

Occidental Petroleum Corp.

30,000

2,468,400

Omnicom Group, Inc.

10,000

848,700

Oracle Corp. (a)

170,000

2,308,600

Owens-Illinois, Inc. (a)

105,000

2,693,250

Packaging Corp. of America

65,000

1,381,250

Palm, Inc. (a)

30,000

856,200

PalmSource, Inc. (a)

22,000

171,600

PepsiCo, Inc.

60,000

3,271,800

PerkinElmer, Inc.

45,000

944,100

Pfizer, Inc.

305,001

8,082,527

PG&E Corp.

45,000

1,693,350

PMC-Sierra, Inc. (a)

93,300

917,139

Praxair, Inc.

37,000

1,827,430

Precision Castparts Corp.

8,000

719,840

Pride International, Inc. (a)

125,000

3,252,500

Procter & Gamble Co.

50,000

2,781,500

QUALCOMM, Inc.

5,000

197,450

Raytheon Co.

50,000

1,966,500

Robert Half International, Inc.

80,000

2,711,200

Rohm & Haas Co.

25,000

1,151,500

Safeway, Inc.

95,000

2,308,500

SBC Communications, Inc.

280,000

6,846,000

Schering-Plough Corp.

350,000

7,287,000

Service Corp. International (SCI)

190,000

1,647,300

Siebel Systems, Inc.

135,000

1,134,000

Sierra Health Services, Inc. (a)

8,500

573,240

Smith International, Inc.

25,000

1,698,500

Smurfit-Stone Container Corp. (a)

225,000

2,729,250

Southwest Airlines Co.

100,000

1,419,000

Sovereign Bancorp, Inc.

50,000

1,199,500

SPX Corp.

2,000

97,760

State Street Corp.

20,000

994,800

Symantec Corp. (a)

95,000

2,087,150

Symbol Technologies, Inc.

175,000

2,037,000

Synthes, Inc.

31,459

3,413,379

Telewest Global, Inc. (a)

105,000

2,345,700

The Boeing Co.

45,000

2,970,450

The Chubb Corp.

10,000

888,200

The Coca-Cola Co.

130,000

5,688,800

The Reader's Digest Association, Inc. (non-vtg.)

30,000

487,200

Thermo Electron Corp. (a)

30,000

895,800

Time Warner, Inc. (a)

100,000

1,702,000

Toll Brothers, Inc. (a)

19,000

1,052,980

TradeStation Group, Inc. (a)

75,000

719,250

Transocean, Inc. (a)

30,000

1,692,900

Trimble Navigation Ltd. (a)

8,000

311,680

TXU Corp.

400

34,656

Common Stocks - continued

Shares

Value

United States of America - continued

Tyco International Ltd.

435,000

$ 13,254,450

Tyson Foods, Inc. Class A

80,000

1,491,200

UnitedHealth Group, Inc.

100,000

5,230,000

Univision Communications, Inc.
Class A (a)

180,300

5,098,884

Valero Energy Corp.

45,000

3,725,100

Varian, Inc. (a)

10,000

374,700

Verizon Communications, Inc.

40,000

1,369,200

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

30,000

1,004,700

Vishay Intertechnology, Inc. (a)

75,000

1,051,500

Wachovia Corp.

55,009

2,771,353

Wal-Mart Stores, Inc.

155,000

7,649,250

Walgreen Co.

35,000

1,675,100

Walt Disney Co.

110,000

2,820,400

Waters Corp. (a)

90,000

4,075,200

Watsco, Inc.

25,000

1,184,000

Weatherford International Ltd. (a)

54,999

3,480,337

WESCO International, Inc. (a)

45,000

1,532,700

Western Digital Corp. (a)

65,000

974,350

Wyeth

120,000

5,490,000

Xerox Corp. (a)

50,000

660,500

Yahoo!, Inc. (a)

150,000

5,001,000

York International Corp.

20,000

854,600

TOTAL UNITED STATES OF AMERICA

575,089,079

TOTAL COMMON STOCKS

(Cost $1,017,322,629)

1,178,449,209

Money Market Funds - 1.3%

Fidelity Cash Central Fund, 3.31% (b)

10,245,105

10,245,105

Fidelity Securities Lending Cash Central Fund, 3.32% (b)(c)

5,422,800

5,422,800

TOTAL MONEY MARKET FUNDS

(Cost $15,667,905)

15,667,905

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $1,032,990,534)

1,194,117,114

NET OTHER ASSETS - (0.7)%

(7,813,547)

NET ASSETS - 100%

$ 1,186,303,567

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 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 exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $1,393,215 or 0.1% of net assets.

Income Tax Information

At July 31, 2005, the aggregate cost of investment securities for income tax purposes was $1,036,686,584. Net unrealized appreciation aggregated $157,430,530, of which $182,785,592 related to appreciated investment securities and $25,355,062 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Investment Trust

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

September 20, 2005

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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

September 20, 2005

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

September 20, 2005